The Sun.
London, England, 1842-10-24 00:00:00

THE NEW TARIFF AND MONEY

MARKET.
The working of the new tariff upon agricultural
produce is closely watched in the City, and the opinion
being that many of the "gentlemen" farmer—and
the term will be readily understood by practical men
—will sell their lands, and invest the proceeds in the
public securities, there is but little doubt entertained,
but that the advance that has taken place of one-half
per cent. this week will be steadily followed by a
further enhancement of prices. It is now clearly
established—and we take the general average of quo-
tations that have ruled for Stock at the principal
autumnal provincial fairs, now all but brought to a
conclusion—that cattle and sheep, as well as pigs,
have been sold at a depression, as compared with last
year, of from 10 to 15, and in some instances 20 per
cent. This is a change that must work rapidly
upon that large class of persons called amateur
agriculturists, who, having other resources to sustain
t! e r position, whether as a fundholder or an annui-
tant, are able to farm at a loss for pleasure, while the
practicaland working land occupier can scarcelymake
both ends meet. In this way-, therefore, it is the opi-
nion of very many, that the new tariff will work well
for the poor farmers. Of course, it must be expected
that the value of the land will go down, but this will
but render the transition from a sliding-scale to a
fixed duty more easy—a sort of stepping-stone to that
depreciation which must occur when foreigners are
certain that their grain will he admitted at an impost
that neither varies in times of abundant or of deficient
crops in this country. These considerations incline
to the belief that the National-Securities will be en-
hanced before long to as high a price as they have at-
tained for the last quarter of a century, namely, not
far short of 96 for the Three per Cent. Consols.
Should this be the case, the policy of the Govern-
ment would unquestionably be to set about re-
ducing the interest of the Three-and-a-Half per
Cent. Old, New, and Reduced Stock, into Three
per Cent . Consols ; a plan of easy accom-
plishment, when the great abundance of capital is
considered. In fact, the belief is in many quarters
that the Directors of the Bank of England are ope-
rating for the attainment of this object, by purchases
of Stock and Exchequer bills, through their brokers,
and thus adding to the circulation of notes; a cir-
cumstance hardly deemed advisable, unless a special
object in view is sought to be accomplished, at a period
when it is unfortunately too much a matter of cer-
tainty that capital is not in demand for extensive
commercial operations. If with all the steam pres-
sure of the Income-tax, the Premier finds the revenue
not up to his mark, the principle of reduction in the
expenditure of the country, and especially the annual
interest upon the debt, must, however disliked, be
adopted. If our recollection be correct, the holders of
the New Three-and-a-Half per Cents. have a Parlia-
mentary pledge that their interest should not be re-
duced, but we fear that Sir Robert Peel will not stick
at trifles, and we therefore anticipate with much confi-
dence that the Spring of next year may see all the
Three-and-a-Half per Cents. converted into Three per
Cent. Consols, and Three per Cent. Reduced. Nor
will it be any advantage for the fundholders to dis-
sent to the conversion, if money continues so plentiful
as at present, as out of doors scarcely 2i per cent. can
be obtained for it, when first class security is held.
Besides, there are, no doubt, many of the dissentients
to the conversion of the Navy Fives, and the Four
per Cents., living, who have not forgot the loss they
made by taking their cash at the Bank of England,
instead of the New Stocks. The amount of Stock
registered in the Bank, comprising the old Three-and-
a-Half per Cents., is 10,725,2321.; of the Reduced
Three-and-a-Half per Cents., 66,273,320/. ; and of the
Ne w Three-and-a-Half per Cents., 146,229,6821.—
Sunday Paper.