The Sun.
London, England, 1842-01-06 00:00:00

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MONEY MARKET and CITY NEWS.

FROM THF. 'MORNING PAPERS OF THIS DAY.
TIMES.—The following notice relative to Exche-
quer bills has been issued from the Treasury :
" Applications having been made to this office by
holders of unstamped Exchequer bills, who have hitherto
omitted or been prevented from sending in such bids for
xamination, notice is hereby given, that on Friday next,
the ith inst., all such bills as shall be presented between
the hours of ten and three, under the regulations pre-
viously in force, will be examined, and where found ge-
nuine, nal be stamped and returned to the owners.
" MONTEAGLE, Comptroller-General.
" Exchequer, Jan. 4, 1842."
There is another rumour to-day concerning Exchequer
bills, which is supposed to contribute towards their sus-
taining their present high price. This is to the effect,
that by an alteration in the system, Exchequer bills, in-
stead of being payable for duties at stated periods only,
will be continually payable, and bear interest from the
day of their date to the date of such payment. As
such an arrangement will give an additional facility for
making use of the unfunded securities, the rumour in
question naturally increases their value. If the altera-
tion should actugy be made, it will be a return to sound
principles, from the system of jobbing with Exchequer
bills, introduced by Mr. Spring Rice. The partial de-
cline observable in Exchequer bills to-day is not to be
attributed to any change in public opinion, but merely
to sales in consequence of their high price.
H ERAL D.—Notwithstanding the approaching pay-
ment of dividends, and the abundance of money which
is usually anticipated to follow the payment and partial
dispersion of several millions among the public, which
is usually an clement in the calculations of speculators
and capitalists for a rise in stocks, the home funds have
presented but an unsteady appearance for the last two
or three days, and the previous improvement has been
followed by a gradual decline. The cause of this de-
pression of prices is variously accounted for. By some
it is attributed to the belief that various foreign loans
are in preparation, the weight of some of which
is likely to fall upon this market. In France,
it is well known, that largo amounts of money
will be wanted, not only to make good the
past, the present, and the prospective defi-
ciency of revenue, as compared with expenditure
arising out of the late warlike preparations, but also for
the purpose of those vast internal improvements, such
as the great lines of railroad, announced to be under-
taken on account of the State. From Austria there
are similar advises ; there alio the Governmeat has for-
mally notified the intention to execute on its own ac-
count all the preliminary and expensive• workings of a
general railway system, so far as the great lines, after-
wards to be farmed out to public competition so far as
the conve)ance of goods and passengers, and the supply
of locomotive carriages and machinery. These enter-
prises for France and Austria alone, independent of
what may be intended by other Sovereign Powers in
Germany and in Prussia, or elsewhere in Europe, will
necessarily require the outlay of many millions sterling,
which can only be raised by way of loans to be con-
tracted, or by the more simple and direct process of an
emission and gradual sale of State bonds upon the stock
and money markets here and abroad for the account of
the different States, and without the intromission of ca-
pitalists and contractors, as upon the old system. It is
understood that the Hebrew party have been the chief
operators for the fall.
SUN.—The market for the English funds was again
rather depressed, but it cannot be said that any anxiety
prevailed to effect sales. When the dividends are paid,
we may anticipate a rally in the quotations. The value
of Consols was 894- to 89'4- ex-dividend, the last bargain
being at 89i sellers. Exchequer Bills receded slightly
from the extreme advance of yesterday, viz., 225. and
18s. premium. India Bonds were supported at 6s. to Bs.
premium. The Three per Cents. were at 89i to
Bank Stock fluctuated from 168 to 167, and East India
Stock for the opening was at 246.
Although the price of Spanish Bonds came 1 per cent.
higher from Paris, the market here was in a listless con-
dition, and the quotations realized were not quite so good.
The Active Bonds were done at 25 to 25k; Portuguese Old
Five per Cents. at 54 ; Mexican Bonds at 28i to
.1, a fall
of kto per cent.; and Colombian at 21 to 21i. Brazil
Bonds were at 63f, and Dutch Two-and-a-Half per Cents.
at 51 to
There was no rally in value of the Railway Shares.
Great Western were at 22i, New ditto at 11, London
and Birmingham at 79 to York and North Midland at
42, and South Western at 191- prem. Brighton were 111,
and South Eastern 201 discount. British North Aine-
rican Bank Shares were 41 discount.