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

rency, and much benefit to individuals, as also to the
community at large, is expected from the circumstance
that such a mode of doing business ensures low prices,
which will yield better profits than have been realised
for the last ten years. The price of cotton isexpected
to average from five to ten cents. per lb., being lower
than it has been these fifteen years past. Imme-
diately after the great crash of 1836-7 cotton fell to
seven cents., but the speculative proceedings of the
United States Bank, the directors of which at that
time came into the market, caused a rise in prices in
less than a year, and a consequent fluctuation that
only heaped ruin upon ruin, a condition of things
which, it will be recollected, was confidently pre-
dicted on this side of the water as the inevitable re-
sult of the bank's interference. The delinquency and
destruction of the banks in the south are considered
fortunate events, inasmuch as they have the effect of
clearing the way for a more healthy state of trade.
The exportation of north-western wheat from New
Orleans will be very large, the estimated quantity
being as ten bushels for every one of former years.
The abundance of the crops had brought down the
price to an average •f 50 cents. per bushel, flour
selling at a proportionate reduction. The aggregate
of exports from New Orleans alone is estimated at
40,000,000 dollars, which will be paid to producers
in a sound or metallic currency, with a restricted
admixture of paper. It is added that preparations
upon a vast scale were making by the large
commission houses of Europe and America.
Messrs. Brown, Messrs. Baring, and Messrs. Nichol-
son, are understood to be of the number in the field,
and who are furnished with many millions of dollars.
It was hoped that the old system of accommodation
bills would be somewhat broken up. Large arrivals
of specie from England to pay for southern produce
were looked for. Exchange, now at 4 dolls. 55c.,
was expected to go down to 4 dolls. 37c., and this
branch- of business would, it was believed, assume a
steadiness and yield a profit suck as have not been
witnessed for a'very long time past. It is admitted
that legislation, in the United States is running in a
direction diametrically opposite to that of England,
and the worst consequences are prophecied as likely
to flow from the adoption of so high a standard of
rates as that which pervades the measure. It is not
thought that even the manufactures of the United
States themselves will derive any real benefit from
The
excessive protection afforded them by Congress.
Influence of an active foreign competition will,
at all events, be cut off, and, in this way, improve-
ment in the useful arts will cease to be encouraged.
SUN.—The extent of business in the English-Mar-
ket was to-day exceedingly small, but prices were
very well maintained, Conz,ols leaving off at 92i 93 for
Money, and 93 to 93f for the Account. India Stock,
249 251 ; Exchequer Bills, Old, 51 53; New, 49 61
prem.

The prices of Foreign Securities were—Belgian,
102.103; Dutch Two-and-a-Halfper Cents., 52i 52i;
the Five per Cents., 1024 103 ; Danish 83 84 ; and
Brazilian, 671684. The quotation for Mexican that
is to say the rate at which it may be fairly negotiated,
was 3.54 359, still rather lower than yesterday.
Shares were—London and Birmingham, 191 19S;
Birmingham and Gloucester, 42 44 ; Great Western,
82k 834 ; the Half Shares, 59 60; South Western,
57 58 ; North Midland, 56 58 ; the New Shares,
27 28; South Eastern and Dover, 22 224; Eastern
Counties, 84 8:I; Northern and Eastern, 36 37 ;
Blackwall, 61 7 ; and Brighton, 33 334 per share.
The quotations for the Bonds were :—Colombian,
204 21 ; Peruvian, 15 16 ; Portuguese Five per Cents.,
35 ; the Three per Cents., 21 214-; SpaniSh Five
per Cents., 164 164; the Three per Cents., 21i 21f,.
A:Correspondent wishes to know how it is that the
quotation for Buenos Avrean Bonds is so much below
the price which other South American Stocks beir 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-
ment 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, and hence the
money which should be paid to the foreign 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 buyer's or sellers; and to these operations the
depreciation of property may be traced. It is a ivell
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 what they now are. The great evil which has to be
guardrd against is conversion • and for the reason
tbat.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 31inister
of Spain gave orders to his agents, " Sell so long as
the market will take the bonds off," and upon th
sale of the surreptitious bonds the price fell from 60
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.

IMPORTANT TO CIRCULATING LIBRARIES AND Boot.
CLUEs.—These establishments are placed in a very serious
position by the 17th section of the New Copyright Act
(5 and 6 Victoria, c. 45.) It is well known that most of
them have for years been in the habit of obtaining and
letting out to hire foreign editions of English works, in-
finitely to the prejudice of English authors and pub-
lishers, who are now, however, most amply protected,lby
the Act in question. The mere "having them in their
possession for sale or hire" ex poses them to the penalty
of 10/. for every such offence, together with double the
value of every such copy of the work. This very strin-
gent provision is no more than has long been called for,
and threatens those who disregard it with almost imme-
diate ruin. It is not only by the lending out such
pirated copies, but the mere having them in their posses-
sion for such purposes, that this penalty is incurred.
There are many libraries, especially in the country, that
keep almost exclusively such cheap and foreign editions ;
but we trust that this prompt intimation of the conse-
quences of such acts will enable them to avoid the
ruinous visits of the informers—for those gentry are, no
doubt, on the alert. The penalty is to be divided between
the informer and the author.
DUTY ON RUM.—Friday night's Gazette contains
an Order in Council, fixing the duty upon rum from Ma-
dras according to the following schedule :—For every
gallon of rum, of any strength not exceeding the strength
of proof by Sikes's hydrometer, and so in proportion for
any greater or less strength than the strength of proof,
and for every greater or less quantity than a gallon.
being the produce of the territory subject to the govern-
ment of the Presidency of Fort saint George, in Madras,
not being sweetened, or mixed with any article so that
the degree of strength thereof cannot be exactly ascer-
tained by such hydrometer, nine shillings and fou
thec
e.
For every gallon of rum shrub, however, sweetened,
produce of and imported from such territories, and so
in
proportion for any greater or less quantity than a gallon,
nine shillings and fourpence.
Loan COTTENHAM.—We underst and that Lord
and Lady Cottenham and their fair daughters
They intend,
North of Devon, enjoying the beautiful
are in the
scenery and the
bracing breezes of that romantic region.
it is said, to pay visits in the south of the county before
they leave it. Lord Cottenham's presence_ will belmiled
with pleasure wherever he appears. He is one of the
few Lord Chancellors who discharged the duties of that
important office with unmixed satisfaction to the suitor
and whose retirement was followed by the universal ex-
pression of approval of his conduct alike by political foes
and friends.—Exeter Times.
OXFORD-STREET PAVING.— QII Saturday the Mary -
lebone Vestry re-assembled after the purification amid
re-decoration of the Court-house, which occupied six
weeks, and the principal business was the presentation
of a memorial from the rate_payers of that portibn of
Oxford-street lying between ilathbone-place and
high-street, St. Giles's, praying that as, they had ex-
perienced all the inconvenience of the trial of the van
ous bituminous pavements, they might, when the road-
way required new paving, participate in the advan-
tages derived by their neighbours from the wood
pavement, and have a similar material laid down in
front of their houses. After very violent speeches
from Mr. Clapp and others, who said that if the vestry
acceded, and thus spent an additional 3,000 L, they
would, by their mad-headed conduct, ruin the parish,
it was agreed that when the eastern end of Oxford-
street required repair, the matter should be taken
into consideration.
DISCOVERY OF THE BODIES
Thursday evening, about severhi
perambulating
00%
o'clock,
lasNK,krNhTosm.—as
the causeway
Jones, a waterman,
a large box, which
near Whitehall-stairs, be observed
wall. Having secured
the tide had washed against Shore, when to his infinite
the box,
he conveyed
dit thait its coqjfents were those of
nmweiatlht(i.m,, tees aiecnohligl wrappedfht a t
was peramed
surprise he discovereants_
ono a Mile, the other a fe-
male, bodies of two infants—ono
piece of coarse linen. He lost
giving infroermcoantivoenyetdo
ttohespt.ei‘liicaer,gaanrcel
tt,hs ewborokx:
house, where present remain. The bodies were
subsequent.), examined,
but, from their state of decom-
position, it was impossible to ascertain with any degree
of certainty II healer the infan.ts were still-born, or were
born alive,-l-I.oleswor 1%1 th,
and had— beenhs
seat u n f a
oi
fr ysdi
ret
,t,t
in. with.
PENCARRO
Bart., has recently undergone considerabletm
provement
A piece of ground has been prepared, in which is planted
of the worthy Baronet.
a very interesting collection of New Zealand plants
lately sent home by the brother
From the present appearance of_ the foliage, there seems
to be many
new plants among them ; and there is reason
to expect that they will be of great benefit to our shrub-
beries and ornamentalplantations,—CornicullAdver