The Sun.
London, England, 1842-12-22 00:00:00

MONEY MARKET and CITY NEWS.

FROM THE MORNING PAPERS OF YESTERDAY.
TIMES.—The following was posted today at the
Stock Exchange :
"FROM THE COMMITTEE OF SPANISH AMERICAN
BONDHOLDERS.
" Austinfriars, Dec. 19, 1842.
" SlR,—Herewith we beg to accompany a translation
of a decree issued by the Mexican Government, rati-
fying the agreement made by us in behalf of the said
Government with the holders of Mexican bonds, dated
the 10th of October last, whereby an additional pro-
portion of the Custom-house revenues of Vera Cruz
and Tampico is appropriated to the discharge of the
foreign debt. We think it right at the same time to
state, that we are empowered by the Mexican Go-
vernment either to issue stock for the amount of our
commission and expenses under the said assignment,
or to deduct the same from the proceeds of the new
assignment made on the Custom-house revenues by
the aforesaid degree. We remain, &c.,
" F. DE LIZARDI and CO.
" G. R. Robinson, Esq., Chairman, &c."
" Palace of the Nation, Mexico, Oct. 10, 1842.
" DEPARTMENT OF STATE AND FINANCE FOR THE
Stir. GOVERNMENT OF TUB MEXICAN REPUBLIC,
IST SECTION.
" llis Excellency the Provisional President of the
Republic has been pleased to issue the following
decree :
" Antonio Lopez de Santa Anna, General of Divi-
sion of the National Armies, and now President of the
Mexican Republic, hereby makes known to all the
inhabitants thereof—
" That in consideration of the advantages which
result from the agreement made in London on the
11th of February, 1842, with the holders of Mexican
bonds, whereby a saving of 2,500,000 dollars is effected
in favour of the National Treasury ; taking also into
consideration the circumstance that the decree in
virtue whereof said agreement was made, although
a ppar
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exe-
cution according to the forms prescribed by the Con-
stitution which was then in force ; and, finally, taking
into consideration the wants of the National Treasury
at the present moment ; in use and exercise of the
powers granted me by the seventh article of the settle-
ment of Taenbaga, as sworn to by the Representa-
tives of the Departments, I have seen fit to issue the
following decree :
" Article 1. The additional amount of 34 per cent.
of all the duties receivable at the custom-houses of
Vera Cruz and of Santa Anna de Tamaulipas shall be
set aside and reserved for the redemption of the
foreign debt, in pursuance of the agreement made by
the agents of the Republic on the 11th of February,
1842, with the holders of Mexican bonds.
" Article 2. The additional amount of the custom
duties spoken of in the preceding article shall be set
aside, and preserved for the purposes therein stated,
on and after the Ist of January, 1843.
" Wherefore I orderand direct that this decree be
printed, published, and circulated, for its due fulfil-
ment and observance.
" Palace of the National Government, in Mexico,
Oct. 10, 1842.
" ANTONIO LOPEZ DE SANTA ANNA.
" Y. FaIGUEUOS, Minister of Finance.'
"All which I communicate to you for your in-
formation and government. " FRIGUEROS.
" Messrs. F. de Lizardi and Co., London."
The impression from the perusal of this decree has
been of a satisfactory kind, since it is an act proceed-
ing from the Mexican Government without any
knowledge of the differences between the house of
agency and the shareholders relative to the surplus
issues of stock which have taken place, and of such
a nature too as to create an additional provision to
meet those issues. At the same time it is proper to
remark, that it does not afford a complete justifica-
tion to the agents, who only now receive the authority
to pay themselves by a portion of the remittances or
by an issue of new bonds. On the whole it is to be
hoped that the Mexican Government will stand in
point of credit in as good a position as before these
occurrences have taken place ; and that they will not
relax in their efforts, not only to maintain, but to im-
prove that position.

Before dismissing this subject it may be observed
that the members of the Stock Exchange have ex-
pressed much dissatisfaction that the decree did not
make its appearance earlier in the market than was
actually the case. Indeed, the delay requires some
explanation, as it is generally believed that the above
correspondence was in the possession of parties at such
an hour yesterday as would have enabled them, with
the least forethought and diligence, to have m's.de it
public at the first opening of the market. As such
delays invariably lead to the suspicion that some un-
fair advantage is taken of the exclusive possession of
information of this description, they should be avoided
as much as possible. It will be seen that the fluctua-
tions which have taken place since the appearance of
the decree have produced a considerable impression on
the market; and hence we cannot wonder that those
who sold stock the first thing in the morning, and at
the lowest price of the day, should consider themselves
In the English funds today nothing remarkable has
occurred, farther than the continued heaviness in
prices, originating with the unpleasant aspect of af-
fairs between France and England relative to the
Barcelona insurrection. The "time bargain" dealers
appear doubtful of operating either way, and hence, in
the general suspense, business is almost at a stand.
Mexican has fluctuated between 3O and 32k, the
two extreme points of the market, under the influence
of the announcement of the decree of Santa Anna re-
gulating the payment of the dividend to the foreign
creditor. There was not a great deal of business
transacted, and nothing like enough to support the ad-
vance which in the first instance occurred in the quota-
tion. From 32i, the highest quotation gained, a re-
action followed, and 311 to was the final one noted
in the lists of the day. In other securities no new
feature was observable.

The premium on gold at Paris is 121 per mille,
which, at the English Mint price of 3/. 17s. 101 d.
per ounce for standard gold, gives an exchange of
25 461, and the exchange at Paris on London at
short being 25 671, it follows that gold is 0.84 per
cent. dearer in London than in Paris.

By advices from Hatnburgh, the price of gold is
4311 per mark, which, at the English Mint price of
3/. 17s. 10%d. per ounce for standard gold, gives an
exchango of 13 84, and the exchange at Hamburgh
on London at short being 13 94, it follows that gold
is 0.68 per cent. dearer in London than in Hamburgh.
The course of exchange at New York on London
is 1064 per cent., and the par of exchange between
England and America being 109 23-40 per cent., it
follows that the exchange is 3.07 per cent. against
England ; but the quoted exchange at New York
being for bills at 60 days' sight, the interest must
be deducted from the above difference.
POST.—In the foreign house, Mexican Stock was
the principal interest dealt in. Some further explana-
tions afforded by Messrs. Lizardi and Co., respecting
the conversion, served to give a new impulse to the
market for such securities. The Actives were done,
at one moment, as high as 321, but, along with
Consols and the other descriptions of stock in which
there were transactions, they eventually receded,
leaving off at 311 to 1.
The explanations of Messrs. Lizardi and Co. will
suffice, it is hoped, to dissipate the suspicions enter-
tained, or said to be entertained, in certain quarters,
as to the fact of the late conversion of Mexican Bonds
having been in accordance with the instructions of the
Government of the Republic. Messrs. Lizardi and Co.
having obtained, through the embassy, the documents
requisite for the substantiation of their perfect right to
proceed on the principle they have done, even in the
mode of settlement of their charge for expenses and
commission, lost no time in laying the same before the
Committee of Spanish American Bondholders. The
correspondence appears above.
The agreement entered into between the bondhold-
ers and Messrs. Lizardi and Co., is fully recognised,
and it is of importance that the appropriation of reve=
nue at the Custom-houses of Vera Cruz and Tampico
should be extended in the manner proposed. This is
an advantage that the bondholders have been long de-
sirous of securing, and, in acceding to their wishes,
the Mexican Government are believed to do the very
utmost the financial situation of the Republic will
admit of. _ _

The renewed attacks on Messrs. Lizardi at the pre-
sent moment are curiously ill-timed, and equally so
are the strictures passed on the conduct of those who
have defended them. It had been asked why, instead
of commencing their investigations with this Mexican
affair, the Committee.of the Stock' Exchange did not
look a little into the more serious matter of the
clandestine issues of Spain ? The reply to this in-
quiry-, is, that "two blacks do not make a white,"
and although there can be little desire to question the
accuracy of the proposition, it may be observed, that
a house of high standing, like that of Messrs. Lizardi
and Co. show but a proper degree of self-esteem in
refusing to treat with parties who, in pursuance of
their interested purposes, assume first one colour and
then another, as the occasion may require. The Com-
mittee of the Stock Exchange and the assailants of
Messrs. Lizardi and Co. present a fair specimen of
this chameleon-like species in connexion with the
Mexican business, while, in his inconsistent treatment
of the two cases in which he is acting as agent, a lead-
ing capitalist and contractor furnishes another.
CHRONICLE.—A. shopkeeper and subscriber
sent us some useful observations lately on the subject
of the tea duties. Our Correspondent remarks that—
" About 1836 it was represented by the importers
and merchants that the difficulty of distinguishing
Bohea from Congou tea was so great, that it would be
better to have a fixed duty on all teas, which was ac-
ceded to by Government. What was the next thing
applied for ? Why, that Bohea tea should be admitted
at a duty of ls. 6d. per lb. till July. By July such
an immense quantity of Bohea was imported that, I
believe, some may yet be on hand. At all events,
Bohea tea that cost 9d. per lb. in 1836, was sold by
the merchants in March, 1840, at 4s. 9d. per lb., hav-
ing only paid Is. 6d. duty. If it had been at the ori
ginal duty, 95 per cent., it might have been sold at
20d. per lb., and that might now be the wholesale
price. We were told such stuff as Bohea would not be
imported at 2s. Id. duty, and that the poor would
have a better article.

"Was that immense importation before July a
proof of giving the poor better tea ? But what is now
the fact ? Why, that instead of about 10,000,0001b5.
of Bohea tea (as usual) being landed in 1842, only
about 570,000 are imported as Bohea, and the rest as
Congou, Pouchong, or some such change of name,
the article being the same, or, like most other things
of modern manufacture, worse."

The most important fact brought out in the above
letter is the extraordinary falling off in the importa-
tion of Bohea tea, which has been diminished from
10,000,0001b5. to 570,0001b5. The actual quantities
imported this year up to the 30th of November last,
were of Bohea (Canton) 478,0001b5., and of Bohea
(Fokien) 107,0001b5., being in all 585,0001b5. ; the
great bulk of the entire imports for this year of
29,305,0001b5. being imported as "Congou " to the
amount of 19,300,0001b5. Why is this ? The;:jan-
swer is, that as all teas pay the same duty, the im-
porters class their teas as of the higher qualities, so
that the poor are robbed, and " Congou " has nearly
driven "Bohea " out of the market. Yet a great
part of the teas imported as " Congou," consists of
nothing but "Bohea' under another name. At least
10,000,0001b5. of the 19,000,0001b5. imported as
" Congou," most probably would be more correctly
classified as " Bohea," and would be so classified if
the duty were taken on the ad valorem principle.
On looking back to the list sent us by.a City house,
of their retail prices before and after the treaty, we
observe that " Bohea" is sold at 3s. 4d. and 3s. 3d. per
lb., while " Congou," with its varieties, rises from a
minimum price of 3s. 7d. up to ss. per lb., the latter
being the tea generally in use amongst the families of
the middle classes. Merchants avoid the blunder of
putting a low-priced name upon their chests. They
have a very sparing supply of "Bohea," but " Con-
gou" they have to any quantity, and this " Congou,"
too, is disguised by a pleasing variety of qualities and
flavour. 'Chas
we have first of all, " ordinary
Congou," then 4, useful Congou ;" next, " good Con
,
gou, full flavour ;" after that " strong Congou blackish
leaf;" next,
`fine Congou, Pekoe Souchong kind .
following that comes " finest Congou, wiry blblackish—
leaf, full rich Pekoe Souchong flavour." This last
grandiloquent combination of unintelligible words
which, being.-
interpreted, means simply a pound
of good black tea, fit for family use—closes the
amusing catalogue of " Congous. The list then
begins again
with 4, Souchongs, Pouchongs," and
other assimilations to " hongs," until the reader is
lc'stin„
nomenclature. Now all this artificial
a Babylon of names, and reaches the green tea
" on
scale of"Congous" has been invented by the tricks
of trade, to enhance the price of black tea. The im-
porters, we presume are the first inventors, and the
retail dealers improve upon their ideas until poor
" black tea"
is expelled almost from society, a victim
of this endless transmigration into the vitality of
" Congous." These examples show the manner in
which the uniform dutyoneous the opinion is, " that
of 2s. id. per lb. has worked
in practice, and how err
the poor have thus obtained a better article." They
have got, to be sure, an article with a better name, but
it is simply
an old friend with a new face, looking
down upon them from a pinnacle of price which they
are totally unable to reach.

Gap all d
ra
rDd
en .
Dover,
Some
and
STRANDED WINE.—One hundred and forty-five
bheoegnshpeiac.n
the dksedof claret (being about 700 gallons) have
lodged 1
of the claret is of superior quality. Itis supposed to
have formed part of the cargo of a polacre-ridged
up
store-houses between
of Jury's the Lord G''
vessel, from the circumstance of a mast and rigging
belonging to such a description of vessel have also been
picked up. As yet no part of the wine has been claimed.
The marks can be ascertained at the Custom-house,
Dover, and possibly the owners or consignees may yet
come forward.—Dover Telegraph.

LAW INTELLIGENCE.

COURT OF CHANCERY, Dec. 21

The Court was occupied to-day with hearing cause
and lunatic petitions.

CAMPBELL V. BROWNRIGG

This was a petition under an appeal from an order
of the Vice-Chancellor of England, and related to
the right construction of the terms of the will of
Lionel Hook, Esq., late in the service of the Hon.
East India Company, by which he left to his daughter
Isabella the sole use and right of a sum of 50,000
sicca rupees to be invested either in Indian or English
Government Stock, but both principal and interest to
be at her own disposal. In case she married and had
children the said 50,000 rupees were to go to such
children in equal shares. She did marry, but died
without issue, and the question was whether her vested
right still continued, the contingency by which it
was to have been affected never having occurred.

VICE. CHANCELLORS' COURT, Dec. 21.
(Before the VICE-CIIANCELLOR Of ENGLAND.)

The Court disposed of a long list of cause petitions,
all of which were unopposed, and then proceeded with
motions, of which the case of Feld 'v. Simpson, already
part heard, occupied the greater part of the morning.
(Before Vice-Chancellor Sir JAMES 'VIGRAM.)

COOPER V. TURNER

His HONOUR gave judgment in this case. The facts
were strictly these :--On the 25th of, May, 1829,
the defendant became bound by a covenant to pay
5001. upon a certain day. The covenantee died in the
year 1837. The personal representitive of the co-
venantee had filed his bill against the covenanter to
recover the 5001., and the arrears of the annuity which
was to be paid by the covenanter. The covenantee,
by his will, had given the covenanter a legacy of 5001.,
payable out of the 5001., stating by his will that that
sum was due to her with interest. The covenanter
contended that the money due upon the covenant would
not carry interest. The relation in which these parties
stood to each other was that of mother and
son. He thought it impossible, under all the circum-
stances, to doubt that no claim was ever intended to
be made. It appeared that during the life of the mo-
ther accounts were from time to time settled between
the mother and the son ; and although the mother
lived with the son, no charge was made by the latter
either for rent or wages ; and, on the other hand, no
claim was made by the covenanter for interest. His
decree would be to declare that at the time of the
death of Elizabeth Turner, Richard Turner was in-
debted to her in the sum of 5001., and also to the ar-
rears, if any, of the annuity of 3001., secured to her
by the same indenture. The Master to take an
account.

COURT OF COMMON PLEAS, Dec. 21
BEALE V. LEAF-SLANDER.

The parties in this case are both surgeons, prac-
tising in the neighbourhood of Stepney, and this
action was brought to recover damages for certain
slanderous words spoken by the defendant to the in-
jury of the professional character of the plaintiff. The
alleged slanderous words were to the effect that the
plaintiff was not a regularly educated surgeon, that
he was ignorant of his profession, and that the death
of one of his patients was owing to his unskilful treat-
ment. For the plaintiff, a number of eminent sur-
geons,:Mr. Aston Key, Mr. Wallis, Mr. Tyrrell and
others were called, who gave him a very high
character as a surgeon, and testified to the diligence
with which he had pursued his studies as a pupil.
They also Astified the practice which he had pursued
in the case of the deceased patient alluded to by the
defendant. Mr. Tyrrell particularly said that it was
a case beyond the reach of art. It was also proved
that the plaintiff passed his examination at the Col-
lege of Surgeons, and obtained his diploma in 1841.
Mr. Sergeant TALFOURD having addressed the Jury
for the defendant,
The Jury retired to consider their verdict, and in
about half an hour found for the plaintiff—Da-
mages, 1001.