The Sun.
London, England, 1842-09-24 00:00:00

MONEY MARKET and CIT y NEW
CITY, FRIDAY EVENIN
FROM THE MORNING PAPERS OF THIS oAT.
TIMES.—The Stock Market was in rather
excited state to-day, owing to some reported faih,
said to have taken place at Manchester; but, thoui
every possible inquiry has been made among par*
who were most likely to be acquainted; with such
news had it reached town, nothing of a satisfactory
tenour could he learned. The mystery observed re-
specting the names of these firms, or any mention -Of
tie trade in which they were engaged, 'rendered
almost nugatory the effect which these report's were
otherwise calculated to have upon prices, since, not-
withstanding some little fluctuation was occasioned
by them and the heavy appearance of business, no
great depression ever presented itself, while at the
close of the day's transactions quotatins • had almost
recovered their former position. The few sales of
stock made during the day were in Consols and New
Three-and-if-Half per Cents., and cash during the
temporary excitement created commanded a rate
varying from 3 to :34. per cent.
simitii:'lliriea(r)tfei
imperatively
cEmaillastifiiyninsc(oiireima
eucmnosmottapainceeteis3o,f, aatthnedprfiet
hlsieeaillitseti:wiletipocohi
s.soloitimb.ri monetaryeect, calculations
whichsa cti cin
have
withale lndiabeen
fugern iiisehreda 117),
it appears that a most extraordinaronfatillel
tonhilige
pporriii,raectieitapsrws
etoaonku
otfreeaxseuhraiensgeindrathise-nfotyr
taken place
eynaTenie(lialisinl the amount remitted
months that have elapsed since last April, as corn-
rrldesswtihthan al,sli:nili,l:a3rl6plli;D:l.
Gil. 1841, being indeed
i
This reductjon of
the amount of remittancesisattrlibutedtothe lgll
r offoerntilliaenirg6 hills;lls') fixed by the, Court of Direc-
tors and the correspondent who
furnishes the calculations observes, that the Go-
vernment, having advanced the rate of exchange
to a prohibitory degree, without notice, will pro-
biddy pursue the same course in India, the effect
of which would be to depreciate the value of all
merchandise, by the producer and merchant being
forced to rely for the sale of hills against goods, upon
the funds of private individuals, the supply of which
would be by no means adequate to the demand. The
object, it is said, which the Directors had in view in
raising the rate of exchange was to force private per-
sons to send out bullion to India; but this, our Corres-
pondent says, has proved a failure, as the whole afuount
remitted in bullion during the four months referred
to has not exceeded 150,0001., while the value of trea-
sure drawn from India within the last three years is
estiMated at 13,000,000/. This drain, our correspon-
dent remarks, has quite deranged the currency of the
country; and the only way to reform it would be for
the Government itself to make shipment .of bullion,
the Treasury again being thrown open for sale of
hills, at a rate not worse than bullion shipment ' would
yield. Thus the Government might remit liiillion to
,IseNs
the amount of 2,000,000/., and replace that value in
the home-treasury . by passing draughts at such rates
as the bullion when coined would realize; or the bul-
lion might be replaced by the purchase of bills collate-
rally secured by the shipments of merchandise from
India.
POST.—The American correspondence received
from New York by the Cambridge, the arrival of
which at Liverpool has been already announced, being
but one day later than that last received—namely,
to the 2d instant—possesses no novelty of importance
to commercial readers. States' stocks were still heavy
in the Wall-street market, as well they might be, so
poor as was the prospect of any immediate atirention,
on the part of the States' Governments in 'default,
being paid bathe liquidation of the dividends. The
stocks of the suspended banks, of which a large pro-
portion is, unfortunately, held in Europe, more par-
ticularly in England, were in scarcely better odour
than the State securities, although, in the case of the
latter, the observation is made, that " the neglect 'of
several . of the States to discharge their dividends
has assumed the character of a settled disease."
Such an admission, coming, as it does,' from
the pen of an American, will not fail to be regarded
by the European stockholders with feelings of
mingled disappointment and indignation, for the
only rational interpretation that can be put upon so
discouraging a statement is, that not only do the de-
linquent Governments omit to provide the moneys re-
quisite for the payment of the interest due on their
external debt, but the omission itself, and the effect it
may be supposed to have upon American credit abroad,
are alike viewed with a calm impenetrable indifference
betokening no disposition whatever to return to a more
honest course of proceeding. It is acknOwledged, it
is true, that " the conduct of the non-paying State
Governments may be expected to have a very serious
bearing on the American character in Europe, and
give rise to bitter and unrelenting denuncihkans of
American probity, honour, and integrity ;" but this,
is, perhaps, an acknowledgment that includes but little
of the actual feeling of the creditors of Ameriea io
this country, who are so shamelessly deprived of their
due. Of the great principles named, " probity,
honour, and integrity," nothing has been uttered
fur 'some time in connection with American
finances. The repudiation system has effectually ex-
tinguished the notion of the - existence of either one or
the other; nor is an expression of opinion
,On.the sub-
ject of the defalcations of the American States the
policy adopted by British capitalists in treating' of the
past. The market for their stocks and bank shares is

totally impracticable here, and the contempt evinced
for such commodities far more intelligibly explains
the feeling, of the sufferers towards their callous
debtors, and the course of proceeding that may, at
their hands, be expected for the future. A paper,
claiming to stand high as a mercantile authority, says,
" What the result of European public 41pinion on
American sensitiveness may be, it is immible to
predict ; but, as a nation, it must be felt as a humi-
liation, that so many rich and prosperous'States
should give examples of such faithlessness; di honour,
and disgrace. This state of things cannot labt for
ever." The only thing that need be said, in reply to
such an observation as the concluding one, is, that it
has lasted much too long already.
SI N.—lf there were any alteration to be noticed in
the market at the close of business, it would be thsit
prices were not quite so firm. As if to confirm tht,

.• • hell this morning, a few sales of a very
opinion
trifling extent caused Consols to leave off-at •92 921„
for Money, and 93 sellers for the Account. India
Stock, 249 251 ; Exchequer Bills Old, 51 53; New,
49 51 premium.
The chief feature in Foreign Securities was a fur-
the depression in Dutch Bonds, upon the supposition
that a further loan is about to be contracted for. The
highest amount of it which has yet boill). ',named
is half a million sterling, and as there can be no
doubt but that if it be actually required it would be
easily raised in the country itself, it is somewhat
.litlieult to ascertain the precise cause for the -prices
declining here. Two-and-a-Half per. Cents., closed
at 524 523 ; the Five per Cents., 102 102-; Bel-
gian, 102 103;- Danish, 83 84 ; and Braziliau,•66 67.
The quotation for Mexican was 34:1 354.
Brighton Railway Shares advanced to 331 34 ;
London and Birmingham were 181 183; Birming-
ham And Gloucester, 40 4`2 ; Great Western, 82 11;1
the Ball Shares, 59 59) ; South Western, 57i
oas%
North Midland, 56 58; th New Shares,
27l
Counties,
South Eastern and Dover, 22 2241;
8 8:, ; Northern and Eastern, 3C, 38 ;
lii 7 per share.
and a shade
The rates of the Exchanges wereflat,..
Amsterdam, 121), to l' tter-
below those of Tuesday. _
~ _
Ilantburgh,.
41nnt, 12 61 ; Antwerp, 12 -I:4', 1;21
,4
1 Irtt.rig, Zit'. 75c.,
Eaterlll3ll ck wall,
13 11, .13 111 ; Frankfort, 15..(q(0.2.1 : Vienna, 9 sii,
25f. SOc. ; Gunon, 25 90, 2"
,*
,? 37 ; Lisuni, 52i;
9 56; Madrid, 37 37A ; Olin'', ;::!1..
Spanish
and Naples, 40k, all at threeiniw months.
t,re—Colembian, 20i
The quotations of th.e Bondsi'ortngue.se Five pet Cents.,
21 ; Peruvian, 15',
35-1 35:4' ; the Three i
2e Three per Cent;.; 21i ' '
16''' ; r Cents., 21 21i ;.
Five per Cents., 161 161 ; . .41-t.
An Evening wary in referring to-the n• •
Contempt , 1 . . ,
navy
' contract mentioned in the ..econ4 edition of The
sun
of this evening, concludes that the decline In prices
b, tween the present and former Contracts into .be
solely attributed to the effect of the tariff Upon the
home market. Such, however, is incorrect, it may
be stiii,iy considered that a large proportion of the
N44'1111(1 pork thus about to be supplied will really be
of foreign and not of British curing From all that
has been ascertained of the quality of the one and of
the other, but little difference exists, and when the
duty is once paid, and the contents of the easki repacked
into suitable tierces and barrels, it will not lie an easy
task to discriminate between American and English
pork. From the retied when America was a Go-
vernment monopoly to the present time, many thou-
sands of simulated packages and marks 'have been
annually imported and shipped to and from this
country, and the practice cannot now be easily stopped.
But this contract has been more especially noticed,
from the fact, that it demonstrates that the poorer
arises will for the future be enabled to purchase pro-
visions at a much lower rate than formerly, in con-
sequence of the importation of foreign Produce.
COURSE OF EXCHANGE—( YESTERDAY. 1
Amsterdam CF. 12 9 'Gibraltar ... ....... ' 46
Ditto, at sight
Rotterdam .2 U. 12 9/'Genoa , 'l6 5
Antwerp
12 70 Milan ...... ; . .... 31.
Ilamburgh 51.11. 13 14/ Venire ................. ... 47
Aliens
13 15 Naples ......... ..... 40
Paris, 3 days' sight ... 25 65 Palermo, per oz ..........1.20
120
25 90 Lisbon ,- 52
Ditto, 3 months
Marseilles ........ ... . 25 90 Oporto 54i
9.5 95 Rio Janeiro
Bout deaux 23/
Frankfort on Maine... 151/ Bahia
Petersburg h, 3Us ... 36/ Buenos Ayres - • —
Berlin. ........... 7 New York,2ldays sight 414
1 Vienna, effec. 11. 3M. 959 Philadelphia........:...;
Trieste, ditto
10 PRICES OF BULLION, 'PER OZ.
Madrid
Cadiz
- 5
Bilbao 36 New Doubloons : 00 0
Barcelona
Seville 36 ,Saver in Bars... ..... Q 4 11#

The Earl of Devon arrived at Powderham Castle
on Wednesday, from visiting his estates in Ireland.