The Sun.
London, England, 1842-09-19 00:00:00

THE SUN, LONDON, MONDAX MORNING, SEPTEMBER t 9, 1842

LONDON

MONDAY MORNING, SEPTEMBER 19, [S42.

We have copied from the Manchester Guardian.
sit. Wednesday an interesting letter on limning
in the Lothians, of Mr. 11.• HYDE Giu;c, the
brother, we believe, of the late Member for
Manchester, which we consider to be well
worthy. of the attention of the agriculturists, and
of all persons who take an interest in agriculture
throughout the empire. We especially recom-
mend •it to the consideration of our Tory Con-
temporaries, who frequently rave and rail, as we
think, in favour of agriculture and against manu-
factures, without much reflection, and without
any knowledge of the subject. For example,
they continually talk about employing. more
hands -in agriculture, while Mr. GREG shows
that the agriculture of the Lothians is much
superior to that of Engiand ; • that it employs
fewer hands; that it is carried on manufacture-
wise, and that it is essential to the improvement
of agriculture in England to economise labour, or
to employ in proportion to the produce still
fewer hands.

The rent of the 'Lothian farms (he 'saysl is
fr..nn 31. los. to 71. per acre ; and these high rents the
farmers not only pay, but thrive upon.: indeed, a more
thriving set of men 1 never met with. They are
enabled to pay these rents, and thrive ; partly by the'
hector/ crops arisiagg. from shi.fill cultivation, and partly
by economy of m nagentent in every department.
Actual wages, however, are as high as in England.
namely, 10f;. to I Is. a-week for a common labourer; •
12s. for a ploughman, and ninepence a-day for wo-
men ' • ten hours to the day. As to the great amount
of produce, it must be remembered, that all the land is
under the plough. Five quarters of wheat are reckoned
a good average ; but • some fields turn out six to the
acre
Ten or eleven quarters of oats, eight to ten
26 to 30 tons of turnips, are
tons of potatoes, and.
reckoned good lair crops. Economy of management
is shown in many ways
1. In the position and quality of farm buildings,
in having no land lyinging
idle or unproductive, and in
the use of -machines and horses, instead of manual
labour, wherever circumstances admit. of
- • -

He mentions also that steam-engines of six or
eight horse power are erected on almost every
farm ; and we know from other authorities that
where the farms do not contain sufficient arable
land to justify erecting- a steam-engine, or a
water-.
Power thrashing-machine on each farm,
that ale steam or water-power is let out, and a
man sends hi& cern to be thrashed as he sends it
to the miller to be ground. In the improved
system..ol§cotland, which agricultural societies,
composed of landlords, are properly striving to
introduce into England, less, not more, labour is
cinpleyed than in th -p, r d for
e system, an
our agriculture to Pay those who carry it on it is
indispensible that it become less costly, or cm-
ploy fewer hands and. produce more.
It is a fact, however, that, agriculture can-
not,employ all the hands which •
now -
ployment in the agricultural district-
seek em
s. m
n In the
both the poor-rates and the
umber of labo
are excessive. At present the interest of revs
on such good security as landlords and far:7s
can in general offer, is not more than 3 lel
or 4 per
cent. For several years the average has not been
above that; and no other reason, we believe, can
be assigned why capital,. which hunts after profit
with an almost ruinous eagerness, has not gone
in great masses into the agricultural districts, and
there set to work the labourers wanting employ-
ment, but the simple yet powerful reason that
profit is trY be made by employing more labour
in agriculture. In the present condition of
society, however, where profit cannot be made,
labour will not, and cannot be employed;
and to,employ more hands in agriculture, obtain
more.produce to feed an increasing population,
and preserve the present right of property, all
of which are aimed at by the Tories, arc incom-
patible, one with another, if not absolutely im-
possible..
The mode of carrying on agriculture manufac-
ture-wise, is thus alluded to by Mr. GREG•
Economy of management is-shown—

2. 85, confining attention to as few poinis. as pos-
sible. Thus, instead of buying stock to feed off the
tgrass (luring the two. :years the land is seeded. down,
it is let off to stock:-feeders- or initaers, at. generally
about 64 per .annittn tbe-46,0, and thelarmeei atten-
tion and capital. is thereby saved-from distraction and

division. Thy contract, in like manner, tor supply
turnips, or both stalls and turnips, &c., for the winter,
at so much the ton for turnips, or at so much the
head, to the stock-feeder ; and so the stock-feeder, in
hiS turn, becomes limited to his own peculiar branch
of business. The dairyman, in the same way, hires
the fields-in grass by the year, or for the summer, and
contracts for his turnips during winter : thus at-
tending.to nothing but his cows, which, by the bye,
he scrupulously milks three times a day for, at least,
half the year. In a similar spirit also, instead of get-
ting up,his potatoes himself, and with a fork as is done
with us, the Lothian fanner sells his crop of potatoes
at 141. t 0,201. per acre, according to the crop and state
of markets, to a dealer. The farmer then turns up
do potatoes with the plough; the dealer appears with a
hundred women and children, and sacks and scales ;
and the whole crop is transferred from the field to the
market, or shipped for London, in one-tenth the time,
and at one-tenth the expense, which would be required
in England.
It is clear that a part of this system depends
on a town population. The butcheri, the dairy-
man, the potatoe-dealer in the large way de-
scribed by Mr. GREG, are all rather inhabitants
of towns than of the agricultural districts; and
when we know how •_►umerous is the town
population of Lancashire, and of England gene-
rally, our surprise is increased to learn that such
a system should prevail in the Lothians and not
in LanCashire. We are not much acquainted
with the agriculture of that county, but in the
following -passage Mr. GREG implies that the
1 mode of carrying on agriculture manufacture-
wise is not known there :

The general conviction which remains upon my
mind. is, that with a system equal to that of the
LotluanS, established throughout England, landlords
might receive double rents, farmers be rich and pros-
perous, and the country be rendered, for two genera-
tions,
independent of foreign supplies, notwithstanding
an abolition of- all protective duties. lam confident
the agricultural. produce of England, Wales, and the
West .;of Scotland, might be doubled ; and that of
LaneaS hire and' Cheshire be tripled; and this without
an v material addition to the agricultural population.

In Kent, end the counties in the neighbour-
hood of the metropolis, some specimens of it may
be fbund. It is common for the fruit-growers to
sell their fruit on the trees, while the buyer
gathers it, and brings it to market. Food for

cattle is sold in the same way. 'We are iuclined
to suppose that this sort of division of labour
must be extended in agriculture to make it more
profitable. Farmers will then require less
capital to follow out one branch of business, and
will be able to carry that one out more effectually.
Why must nearly every farmer in Kent, for
example, be a corn-farmer, a grazier, and a hop-
grower He must, moreover, be, to a certain
extent, a manufacturer, and he must apply the
principles of chemistry in drying hops awl in
making cyder. Such a multitude of occupations)
while, in fact, the man has a very limited educa-
tion, requires a most enlarged knowledge, and we
cannot feel much surprise at the slow progress of
men whose attention is distracted by many pur.
suits. - According to Dr. SMITH'S remark they
lose time by changing their tools, and can never
acquire skill by dissipating their attention.

Would it not be wiser for the apple-growers
and the hop-growers, instead of each man hav-
ing a press and an oast-house on his own pre-
mises, to sell his fruit to some cydenmanufac-
turer and his hops to some dryer ? The build-
ing and the machine,. with all the casks and
sacking he must keep, make a so much larger
capital necessary for farmers, and to that extent
prevent competition, which is the soul of im-
provement. The capital for manufacturing
cyder and manufacturing hops, and probably
for supplying cattle, ought to be supplied by
another class of capitalists, and the farmers in
England, as in Scotland, should direct their
attention to one pursuit. The public at large
.is
deeply indebted to Mr. GREG for bringing this
important principle clearly into light, and it is
only, we believe, by acting on it, and extending
division of labour in agriculture as in manufac-
tures, that the art can be effectually improved.

We must not omit to state that Mr. GREG is
on these subjects an excellent authority, for he
is, as the Manchester Guardian says, A man.
not only familiar with the art and my story of
the cotton trade, but also a very -considerable
farmer and landowner; and who .may therelbre
be regarded as free from any undue bias in the
view he takes of this question."

In the conclusion of his letter Mr. GREG ad-
verts to the difficulties of introducing the Scotch
system into England, a subject which is worthy
of consideration, but on which we shall reserve
our remarks till a fitture day.

The state of the manufacturing districts still
causes uneasiness, not on account • of any serious
appreheusions of another outbreak, but from the
want of demand for labour, the lowness of wages,
and the consequent starving condition of the
working population. At danchester, Salford,
Glossop, and some other places, a feeling of irri-
tation against the masters prevails to a great ex-
tent, many of the hands refuse to work without an
advance of wages, and in some instances acts of
violence have been repressed only by the active
interference of the police and military. This state
of the manufacturing districts would give less
cause for regret if there were any well-grounded
prospects of improvement in trade, but even the
operations of our own tariff, and the passing of
the American tariff, seem to produce little effect
th,. market. In some places there has been
incrcme of business, but not to a great extent;
the supply in general fltr exceeds the demand,
the manuti.cturers are unable to find employ-
ment for the workmen, many mills have been
closed, others are only partially at work, high or
even average wages cannot be paid, and the un-
fortunate operatives are compelled to work almost
night and day to make up a miserable subsis-
tence, or are walking the streets as mendicants in
the hope that the masters will at last be
obliged to take them on at better wages. Under
present circumstances, we fear this is a vain
hope; for what ground is there for expecting
better wages without better demand? The sys-
tem Of " strikes" has now been tried for years,
yet without producing any other result than ad-
ditional poverty and wretchedness, or wasting '
thelittle property that the more prudent and in-
dustrious had laid up against accidents or bad
health. The amount wasted in this way must
have been very great, though we have no accu-
rate means of ascertaining it; but according to
a statement made by the Secretary of Dele-
gates, at a meeting held lately in Manchester,
upwards of 3,000,0001. had been expended by
mechanics during the last fifteen years in an
endeavour to advance wages, and without sue-
ecss. This is a lamentable picture, not so much
for the loss of property as the hopeless condition
of those who have been driven to the necessity
of making such a fruitless and desperate experi-
ment. No strike, so far as we are aware, has in
the end benefited any considerable number;
for though the masters iu some peculiar trades
may, for a time, be compelled to yield, a bad
feeling prevails; and unless they find it for their
advantage to retain the hands, owing to brisk-
they take the first opportunity
wages or engaging other hands.
Wsallole°vsteriitiinrigl.de
ti:.e
fact, are regulated by the demand,
and the two bear exactly the same relation as
cause and effect. " A little reflection," says " A
Friend to the Working Classes" to the mill ope-
ratives of Stockport, "will convince you that
the manufacturers are but the instruments or
`)gents by whose means the market value of your
labour is
ascertained, and the remuneration of it
(suiveyed to you. In the event of an increased
ca(l,lulitiliclll.coaslendoredepurleavnednt,foervetyl
demand for the production of your industry, they
uate,
they could prevent oitfrthleaybotuvris,hetdhaitn,
the ebb or flow of
there can be no dissp
the tide." This •
' factarid
fural3 out
the
h e wshaikc
lt
e
of the distressed operatives
we recommend it to
their earnest consideration. Even if the masters,
out of humanity, or for the sake of preserving
peace, were to work their mills at a loss, they
could not long sustain a co
nipention on such un-
equal terms, and consequently would either be
ruined, or compelled to -transport I
their capital to
another district, or perhaps another country. In
the mean time, the unfortunate
- people, who
have in general displayed such patience -under
Suffering-, must not be left to starve, or even

beg in the streets. By the work of their
hands they have raised the value of ,
property around every ma►►uf'acturing town
to an enormous extent, and it is only just and,
merciful to make the owners contribute out of
their wealth to Vie necessities of those by whose
labour they have been enriched. The Poor-law
Commissioners have the power of relaxing many
of the restrictions of the new Act, and never on
any occasion was there a concurrence of cir-
cuu►sta►►ces that could so fully justify them in
adopting such a course.

In the Number of the Quarterly Review just
published, there is an article on the policy of
Sir ROBERT PEEL, in which that policy is lauded
to the skies, as exhibiting the highest order of
statesmanlike sagacity. The Reviewer is par-
ticularly; struck 'with the Budget, which he says,
" is as striking for the novelty of its principle, as
for the admirable simplicity of its structure,
and, as we believe, for the ultimate convenience
and efficiency of its .practical working." The
"striking novelty" of the Budget is a phrase
perfectly preposterous, when we bear in
mind that its two leading features, the
Income-tax and the Tariff, are both Whig
inventions, and that the former is a stale, hack-
nied project, which has Dever yet fUlfilled the
sanguine expectations of those who conceived it.
As for the future efficient working of this impost,
on which the Reviewer calculates, we have no
reason to expect that it will work better hence-
forth than it formerly _did; true, it will return
a handsome revenue to Government, and so far
will answer its purpose; but, on the other hand,
it will occasi.on a world of perplexity and annoy-
ance to the people ; engender countless
discontents and heart-burnings; and go far to
destroy whatever confidence the majority of the
middle classes may have till now had in the
principles of a Tory Government. We con-
fidently predict that the Income-tax gatherer
will prove a more formidable foe to Sir ROBERT
PEEL'S Ministry, than all the Whigs, Radicals,
and Chartists combined. The Reviewer goes on
to observe :—" The principle of an income-tax
is this, that in great emergencies, which in
an especial degree endanger property, it is
just .and natural to ask property to make
special exertions to protect itself. Hitherto
such emergencies had arisen only in war, but ten
years of Whig misrule had brought the public
revenue and public credit into a more serious
jeopardy than our most gigantic war had done.
We had had for six or seven years a growing
and accumulating deficit—a deficit larger than
that which had occasioned the
.first Revolution
in France—a deficit which, if not extirpated,
would, like a cancer, have eaten into the vitals
of every species of property." The impudent
spirit of exaggeration that pervades this passage,
is by no means its chief characteristic, for it is still
more remarkable for the cool effrontery of its
mis-statements. In the first place, the Reviewer
observes, evidently with reference to the present
Income-tax, that its principle is to make pro-
perty protect itself, by inducing it to furnish Go-
vernment with the ways and means for carrying
on the business of the nation. This would be
a perfectly just principle, if restricted in
its operation to property, which certainly ought
to make sacrifices in seasons of emergency; but
unfbrtunately the principle is not so restricted.
Not property only, but income, is taxed—in-
come, too, of the most precarious and fluctuating
nature, which, in a great degree, is at the mercy
of the chapter of accidents, and which is placed
on the same lel, el with substantial, permanent,
bona,fide property, and called on to make an
equal amount, of pecuniary sacrifice. Now this
is a crying injustice, yet it fbrms, notwithstand-
ing, the "fundamental feature"—to quote Lord
CASTLEREAOH'S refined expression—of the Tory
income-tax. The Reviewer's remark that the
Whig deficit is " larger than that which
occasioned the first Revolution in France,"
is an unblushing perversion of fact. In
1789 France was riot simply deficient in her
financial resources, but she was absolutely bank-
rupt. The machine of Government stood stock-
still, and nothing was left but to assemble the
States-General, .and proclaim a national bank-
ruptcy. The remainder of the article is penned
in this careless and exaggerated spirit, with the
exception of some observations on the Tariff,
which display not a little cool and judicious rca-

suziing.

The following extracts froni the Paris journals
include the only news they contain of any in-
terest:—

We find the following statements in a report made
by Captain Andoir, of the'ship Diane, which has ar-
rived at Bordeaux, from Monte Video, which place it
left on the 16th of June :

" The Argentine army, under the command of
General Oribe, was at la Bajade de Parana, threaten-
ing to invade the Oriental territory.
" The Argentine squadron, commanded by Brunn,
aften appears, and anchors before Monte Video, in
order to inducethe Oriental squadron, which remained-
at anchor, to come out of port.
"The English merchants had just advanced to the
Government 600,000 piastres, and had obtained from
it permission to establish a line of steam-boats, under
their own colours, on the river Uruguay. This pri7
vilege is for fifteen years, under the direction ofMessrs.
Stanley, Black, and Co.
"The English Consul, and the Oriental Govern-
ment, continue to be on the best terms,
where a certain coolness was manifested to-
wards Rosas; the reason is plain enough, for they
have something to obtain of Monto Video, and after
having so powerfully contributed to bring. about the
treaty of 29th October, to exclude French influence,
they are going to exert themselves to arrange the dif-
ferences existing between the two Governments. There
is no doubt that to indemnify themselves, they will
take possession of the island of Martin Garcia, which
commands the mouth of the Uruguay and the Parana.
An English Minister Plenipotentiary has just
arrived on the shores, which to this time had been
closed against all nations."
The lifarseilles Journal of the 12th announces the
arrival in that city of the family of General Bugeaud,
who are going to Africa.—Commerce.
BOURSE—PARIS, THURSDAY, SEPT. 15.

HALF •PAST THREE.—The following were the prices
at the close :

French Five per Cents. 1191.,
1181.5
0.
9csc; ~1h
20c.1,19rfe.e1e
,
Four-and-a-Half per Cents.,lo6l. r
Cents., 801. 30c., 25c., 20c. ; Bank Actions, 3,270 f. ; Obl.
or the City of Paris, 1,285f.'; Bente de Naples, 1071 20b. ;*
Roman Loan, Five per Cents., 10.4 -7;; Spanish Active,
22A-, 22 22i ; Belgian Loan (1M), 105 ; Belgian Bank,
7sof. : 'Haitian Loan, 5201.
Exchange on London.—One month, money, 25f. 450.
three months, paper, 25f. 33c. ; money, 25f. 35c.

-------
DUTCH AND •FLANDERS MAIL.
LIE HAcirx, 13.—Iiis Rdyal Highness
Prince 'Henry set out on Sunday for Flushing.
We understand that the marriage of her Royal
Highness Prince,s Sophia of the Netherlands to his
Royal Highu6s the Hereditary Grand Duke of Saxe.
Weimar, is to take place at the beginning of next
month. The august bridegroom is expected here on
the 24th of this mouth.

THE HAGrk, SErr. 15"."—Ilis Majesty the. King is
expected to return from Cologne to-morrow evening.
Prince Henry has already returned from Flushing.
The Prince and Princess of Orange are expected
here the day after to-morrow, and Prince and Prin.•
cesS Frederick on the 20th of this month.

Antonio Baviano, who was advertised for having
passed off forged coupons of the Act Debt, was
arrested this morning early, on his arrival at Leyden.
AMSTERDAM, SEPT. 16. Yesterday afternoon
another corn mill was destroyed by fire, not fax from
this city. Though several fire engines were soon on
the spot, they could not save the mill or the miller's
house, which were almost wholly destroyed. No
lives were lost.

BOIS-LE-DUC, SEPT. 15.—Yesterday evening, at
half-past seven o'clock, we bad the pleasure- of seeing
the King in an open carriage with four horses pass
through this town, on his way to Tilburg. As soon
as it was known that his Majesty was expected, a
great crowd as3embled, who received him with re-
pated acclamations. His Majesty proceeded without
stopping to Tilburg, where he was received with
every demonstration of loyalty and attachment.
His Majesty was to leave Tilburg on the 16th for
the Hague.
.BRUSSELS, SEPT. 15.—We do not know whether
the King and Queen of the Belgians are really going
to Paris, as the letters from that city announce, but
we have just learned that King Leopold intends to
make another visit to his estate at Ardenne, after
having been to the Camp at Beverloo.
We learn that the citadel of Bouillon is now ready
caused
Vanydeneen will permit.
l b
to receive.the prisoners as soon as the health of Ge-
. The four persons con-
demned ftv the .-ednepirao of 20th. October will be
immediately conveyed to Boat!lun. Much surpriseis
se
the delay of the Govern:went. and the -Ma-

gistrates in publishing the programme of the fil ,s of
September.'
The Editor of the ilkssturer de Gaud has just re-
ceived notice from M. Conte,b the French Postmaster-
General, that his' journal definitively excluded from
the French-territory.
The Echo dualowle Sweat states that a person
possessing a large flock of sheep has cured the whole
of them, which had the pleurisy, by giving to each
animal an ounce of arsenic mixed with salt; and that
he has tried the same remedy on a cow without the
least indication of poison.
BRUSSELS, SEPT. 16.—The King set, out for Ar-
denne yesterday.

The'working./. population of Flanders will soon ex-
perience a great relief. More than 10,000 workmen
are sure of employment for some years. on the . iron
railroad from Ghent to. Antwerp, for which all the
preliminary preparations are made.
ANOVE a, SEPT.B.—The statement given in those
papers as communicated from Magdeburg, that the
King has contracted a marriage with the widow of
the Chief President, Von lieulurtz, is unfounded.
The King has lately several times honoured with a
visit this lady, who, notwithstanding her advanced
age, retains her beauty and graceful manners. The
journals, ton, have spoken of the elevation of a lady
to the rank of Countess of Dieplitz ; and there was a
general .report here, too, of an intended marriage of
the King with this lady, but up to this time, at least,
no such marriage has taken place.

DUTCH FUN W.—AMSTERDAM, Siirr. Is.
None;. RP's.
Actual Deb , 234 per Cent
Jittn, ditto h per cent.
Amon Svndic,44 1,e-cent. 94 94
Ditto, ditto. 3%, per cent 77 7741
Conarn,rcial Coxipmy, 414 per cent '39 1.4 14 114
Ditto (1535 and 18.17) 5 per cent. ......
boon 1837,,5 ner Cent. 94.As) 10 ;
Exchange on London, One month iti I_,N
Twomonths
liamburgh, One month 35 t,7%
Two months ...
Dutch Papers, Sept. 17.
BELGIAN FUNDS.—Baussets, Seer. 17.
Actual Debt, 9.4 per Cent,
Rothschild's Loan, Five per Cent 10;:s
Loan of Thirty Millions, Four per Cent........ 9l
__—...— Three per Cent ....
--Thirty-seven Millions, ditto . ....... ..... 71%
-- —-- 11840) ll2
Loan of City, 1802, Four per Cent 92
Society of Commerce, Four and a Half per Cent Sil
Bank of Belgium, Five per Cent 75
National Society . . —
Exclia,,g • on London (short) . —
—Brussels Papers, Sept 17.

MONEY and COMMERCIAL NE WS
CITY, SATURDAY EVEIMG.
The extent of business in the English Market was
to-day exceedingly small, but prices were very well
maintained, Consols leaving off at 92*- 93 for Money,
and 93 to 931 for the Account. India Stock, 249
251 ; Exchequer Bills, Old, 51 53 ; New, 49 51 prem.
The prices of Foreign Securities were—Belgian,
102 103 ; Dutch Two-and-a-Half per Cents., 521 52+;
the Five per Cents., 102'1 103 ; Danish, 83 84 ; and
Brazilian, 671681 x. The quotation fbr Mexican, that
is to say the rate at which it may be fairly negotiated,
was 354 35a, still rather lower than yesterday.
Shares were—London and Birmingham, 191 193 ;
Birmingham and Gloucester, 42 44 ; Great Western,
821 83,3 ; the Half Shares, 59 60; South Western,
57 58 ; North Midland, 56 58 ; the New Shares,
27 28 ; South Eastern and Dover, 22 22+ ; Eastern
Counties, 81 8 ; Northern and Eastern, 36 37 ;
Blackwall, 61 7 ; and Brighton, 33 33+ per share.
The quotations for the Bonds were :—Colombian,.
204. '2l ; Peruvian, 15 16 ; Portuguese Five per Cents.,
35 35i} ; the Three per Cents., 21 211 ; Spanish Five
per Cents., 16+ 161; the Three per Cents., 21+ 21*.
A Correspondent wishes to know how it is that the
quotation for Buenos Ayrean Bonds is so much below
the price which other So,:th American Stocks bear in
this market ? To those who are conversant with the -
working of it, the discrepancy is easy of solution. It
is perfectly correct that the amount of bonds which
were issued in the first instance was so small, that it
would appear that no nation could hesitate for a mo-
m ent to redeem them upon the plea of a want of
means ; but there is no single country in that part
of the globe but what is torn by intestine struggles,
each party striving for the mastery, an& hence the
money which should be paid to the fore:gn creditor
is absorbed to further these disputes. But the great
source of the evil is to be found at home. Time bar-
gains are made in this or other description of bonds,
each speculator fleecing the other as they may have
been buyers or sellers; and to these operations the
depreciation of property may be traced. It is a well
understood fact, that the agents of many of- these
countries are now, and have been long in the market.
buying up the bonds at the present rates ; and to such
an extent has it been carried, that it would raise•
the quotation of many of them at least ten per
cent. were the delivery insisted upon on the
account day. The original holders have nothing
to fear for their money, all doubtless will be ultimately
paid, but it is speculation which has reduced prices
to wkint they now are: The great evil which has to be
guarded against is conversion ; and for the reason
that it affOrds the opportunity of emitting an amount
of spurious issues, • which it is impossible' to guard
against. If it be ordered that new bonds shall be
given for old, it is Merely, the engraving of five in-
stead of two hundred copies, the extra three hundred
being sold in. the market without a possibility of a
cheque. Some few years since, a Finance Minister
of Spain gave orders to his agents, " Sell so long as
the market will take the bonds off," and upon the
sale of the surreptitious bonds the price fell from 50
to 16. A similar game is now being played, and so
long as speculation is encouraged, so long will- it be
to the interest of the various debtors to keep it up, to
the loss of the individuals who may have been en-
gaged in it.
(From The Sun of Saturday Evening.) -
The improvement in the prices of the Funds con-
tinues, though but little has been done to-day. Con-
sols.are93fbad..lan
r3,reyif
per and 93k for the Account ;
New Three.n
Cents., 101+ ; India
Bonds, 36 ; Exchequer Bills, Old, 53 ; New 49 51 pm.
Business in Foreign Securities has been rather
been i ;
more brisk. Dutch Two -and-a-Half per Cents. have
. -
sold at 521; the Five per Cents. 102 Danish,
831 and Brazilian 671:
peen ,
The speculators for a fall in Mexican Bonds have
quotationoperating
downeX
extensively, and succeeded in driving
the quotation down to +; it has, however, since
rallied, and is now 351-.
Ter 'l.
; South Eastern and
Do and Birmingham at 23.
The Share Market has been inactive. Brighton
hav‘cere,h:a3lg.e.clanldiaiNnidaic ahte
s-1
A single ;and
in Spanish Five par Cents, at 16+
is all that' has been done in the Bonds.

The quarterly average of the Weekly Liabilities and
and Assets of the Bank of England, for the twelve
weeks ending on the 12th instant, shows a large in-
crease on each item, when compared with the return
for a similar period, terminating on August 13th :

LIABILITIES.
Circulation Now £19,714,000
Last time £18,952,000
Increase

£762,000

Deposits Now £9,833,000
Last time . • • • £9,330,000

Increase

ASSETS.

-_-..;,-2eurities Now £23,159,000

Last time £22,525,000
Increase • • • • •
Bullion Now £9,177,000
Last time
Increase

X 503,000

£634,000

X 681,000
Rest Now • • •
Last time ±:.) 739 000
increaSe ' £50,000
By compiring these returns with those of the gene-
ral circulation last pUblished, it is to be perceived
that the Bank has of late been largely increasing its
issues, since the average of twelve weeks gives a cir-
culation or but 19,714,0001., while that of four weeks
ending the 20th ult. is 20,351,0001., a difference of no
less,than 637,0001. At the corresponding period of
1841 the circulation Ava, 17,481,000!., or 2,233,000/.
less. than at present; the.dep
curOsits were 8,052,0001., or
1,781,000/. less ; the seities were 23,567,000/., or
408,000/. more than they are ; and the bullion is
greater by 4,102,0043/• the stock then being but
4,975,0001.

MANCHESTER Sroc ExCHINGE' SEPT. 16.—There
is very. little business doing in our Market, but prices
are tolerably steadv_MancheSter and. Birmingham,
03-to 23?,: ; Manchester and Leeds, 73 to 74; Ditto
Half-shares, 311 to 3,-,z ;
to 162 ; 'Edinburgh and Glas-
Ditto QUarters, 4§; London
and Birminghamgow, 471. to 48; ,
181
Lancaster and Preston, 2sl- to 29 ;
Ditto Three-fourth SbareF 181 to 181.
•
CLOSING' PRICES.
nRITISH FUNDS.
Bank Stock ............... !India Stock —pm
3 per Cent. Cons ..... . .... 93 - Ditto Old Annuities —
3 per Cent. Red. ....,... Ditto Bonds ...... 3B pm
3i per Cent. 11ed..• ...... ' Ditto New Annuities
New 3i per Cent..• ...... 1011 'Ex. Bills, 1,000/....V 49 pm
D•kw 5 per Cen', .......... - Ditto 5001_ 44 pm
Long Annuities to expire Ditto Small 49 pm
Jan. 1860 ... ...... ___ Rank Stock for Openg —
Oct. 1859 ......... ...... 'lndia Stock for Acct...
Jan. 1860 ......
_.---- Consols for Acct. •••••• 93i
____

FOREIGN FUNDS.
Austrian, 5 per cent. iporttguese, 5 per cent.
Belgian, 5 per cent....,, iDitto, New Ditto 3si
Brazilian 80nd5.....,,,,, 674 ,Prussian, 5 per cent.
Buenos Ayres6 percent 'Russian, 5 pei cent 1121
Chilian, 6 per cent.,,,,,. 'Ditto, Metallic ...... .
Colombian, 6 per cent... Spanish, 5 per cent ll3l
Ditto, 1824 ............... .Ditto, Deferred. .
Danish, 3 per cent......, 834 French, 5 per cent.llBl. 50c.
Greek, 1825, 5 per cent. Exchange.--
Mexican, 5 per cent,,,. 35 French,
3 percent. —l.
Ditto, 6 per cent. 1837 Dutch, 24 per cent. 524
Peruvian, 1825, 6 per ct. ,Ditto, 5 per cent. 102:1

Eastern Counties ISIaIIiIwAaRYEO4:SINP3- id).
... .. .. :::: Bl 4s 2d
,New Shares ( 5°..11,1:.
Ditto New Shares (--:- paid) '...
83_
Great Western Railway. (th' paid)~
MI
Ditto
London and Brighton (50 1!,„.ar,"1"' 1 ti .
London and Birniingliatn-e-wi: '' ..... - •
•- - - - - -
- Ditto New Share, ( ,-, paid.) ........ 304.
London and Smith West', u. (41/ cis 1011,1). 58_
.11anohester.ancUltr.,2,4,,a,,k --' :f2'^' -"- • - - l''' ":
South 'Eaiteiff and -DoNiur 00
, rraitt):: -'22-
Ditto Scrip (to paid)