The Sun.
London, England, 1827-07-07 00:00:00

SPIRIT or THE PUBLIC JOURNALS

Lord 'William Bentinck, it is finally settled,
goes out to India. Whoever recollects his Lord-
ship's services in the Mediterranean, and his
honourable and manly conduct when he could
not serve his country, will augur well of the ap-
pointment. The public will be aware that the
nomination does not wholly rest with Ministers :
the Company itself, through its Directors, have
a negative voice. We believe that when a cer-
tain Ministry had appointed, or would have ap-
pointed, the present Lord Lauderdale Gover-
nor-General, no power upon earth could induce
the Directors to take him. They would not
have him at any rate. Their indignation at the
sound of his name was something like that of a
man, who, when he is expecting to inhale the
perfume of the rose of Sharon, suddenly finds
the carrion-flower rudely thrust up against his
organ of smell. It is not altogether singular,
perhaps, that the probable author of that abor-
tive appointment, and his elegant protege,
should now be acting in concert against a Mi-
nistry by whom so very different a nomination
has been made.--Times.

The return of the quarter's revenue, and the
new measure adopted by the Bank for the re-
duction of discounts, furnished an ample field
for discussion in to-day's money-market. The
surplus of this quarter over the corresponding
quarter of 1826 is so much less than had been
anticipated, as to create in many quarters a feel-
ing of disappointment. There are circumstances
however, not apparent on the face of the return,
but which ought in fairness to be taken into the
account, which make it much better evidence
than it seems to be of a substantial improvement
in the condition of the country. At the corres-
ponding financial period of last year, affairs
were, it cannot be denied, in a most desperate
and alarming state. The system at the Treasury
—now, we trust, altered for the better—then
was to keep people in the dark as to the real
condition of the revenue, which was consequently
bolstered up by every device and shifting expe-
dient ; and one effect of that temporizing policy
is, that as the public were ignorant of the real dan-
ger, they are now equally uninformed of the real
improvement that has occurred. In the July
quarter of 1826 took place that memorable
,‘ contortion" (a term, which at the time was
applied very felicitously to it) of the tea duty,
which we then duly exposed, by which a real
deficiency of more than a million was made to
appear less than half a million. The contingency
of the general election, which happened in
that quarter, further served to conceal the weak-
ness of the national resources. It follows, there-
fore, that on a fair comparison of the permanent
sources of revenue existing at both periods, there
is now a genuine and very considerable surplus
to be carried to the credit of the Treasury. It
is sincerely to be hoped that this is but the com-
mencement of an era of steady prosperity, although
the late calamities are still too recent to allow the
reflecting merchant and banker to look forward to
the future with perfect confidence. It will be
observed, from inspection of the return of income
and charge on the Consolidated Fund for the
July quarters of 1826 and 1827, that a diminu-
tion had taken place in the amount of deficiency
bills to be provided for by the growing produce
of the approaching quarter, while that amount in
1826 was augmented. From this it may be in-
ferred that the Treasury has been supplied with
means by the sale of Exchequer-bills to the
Bank, the slight difference between the revenue
for the two quarters not being adequate to the
reduction of the deficiency bills without further
assistance.-There need be no expectation, there-
fore, especially if the revenue continues to im-
prove, that the Minister will come into the open
money-market for any aid whatever during the
present year. There is another view of the pre-
sent financial return, suggested by an intelligent
friend, which ought not to be lost sight of: we
mean that to be taken in reference to Mr. Can-
ning's statement on the delivery of the budget.
He then took into his calculation a certain de-
ficiency in the revenue for the present year as
compared with the last. Any improvement,
therefore, which takes place lessens the amount
of that deficiency, and supposing the revenue
only to keep up to its present rate of production,
a great portion of that deficiency will vanish
before the end of the year. If the Minister
formed his estimate on a defalcation of about
half a million in each quarter, an equal return
places him to the extent of that sum in a better
financial position ; while any actual surplus,
however small, will tell further in his favour.
The quarter ending the sth of April last was de-
ficient little less than half a million, compared with
the corresponding quarter of 1826 ; but this
quarter gives a surplus of 40,0001.; the im-
provement in this quarter, therefore, taking the
official returns as they stand, and without any
regard to their intrinsic merits, may be stated at
500,000/. The incidents connected with the
sudden determination which emanated yesterday
from tie Bank parlour, creep out by degrees,
but are still very imperfectly disclosed. It was
reported this morning, that some of the elders of
the direction have taken such serious offence at
the carrying of the measure for reducing the rate
of discount, in opposition to their declared will
and pleasure, that they have resolved on retiring
from all management of the affairs of the Bank ;
but the truth of this rumour, with all the inquiry
we have been able to make, is far from being
well established, and even if they have adopted
Such a determination, a little more reflection
Bankon
the good things which are placed by
the
direction within their reach may induce them to
alter it. The mortification of the party at their
defeat is, however, extreme. Subjection to the
will of a certain junta at the Bank has so long
been established as a rule within its walls, that
any deviation from it seems little short of rebel-
lion, or, at all events, to amount to rank ingra-
titude. Having assumed, among other exer-
tions of power, that of naming without con-
troul all those on whom the honour of a seat
in the direction was to be conferred, they ex-
pected, as a matter of course, implicit obedience
to
lay
to all the principles they were pleased
down for the government of the Bank. It is
strongly suspected, that out of the last batch of
noviciates, in the selection of whom a peculiarly
careful regard was had to the maintenance of
the system, the active opposition has arisen which
has forced on them the measure for the reduction of
discounts. The successful party, on the other hand
do not affect to conceal the gratification they feel at
their triumph. The tone of exultation with which
some of them announced it to their friends when
the meeting broke up, could not be mistaken. They
contrived, it is affirmed (though we wish to repeat
with becoming doubt all we hear respecting so se.
cret a conclave), to take their opponents completely
by surprise. The sure majority which had been
calculated upon was broken by the inopportune ab-
sence of two of the senior members from town, and
their defeat was sealed. An attempt has been made
this morning rather industriously, to spread the no-,
xi= that a new muster of forces and a new discus-
Owl may yet take place, and the resolution of yes-

terday be cancelled, but it is quite evident that the
matter has gone too far to recede. Such a retroces-
sion would cover the Board with ridicule, and pro-
claim to the world as true all that surmise and ru-
mour are circulating as the secret history of the pro-
ceedirgs of the Bank parlour. A tolerable number
of believers will still be found; but at present all
may, if it is thought proper, be denied. A ques-
tion, which connects itself very naturally with the
preceding statement, was much argued to-day in the
city, viz.—Do or do not Bank Directors, who ac-
quire, virtzde gfficii, such important secrets, specu-
late in the funds ? No measure could be devised so
certain as the reduction of the rate of discount to

produce an improvement in the value of Government
securities. The experience of what occurred at the
last reduction has established that as an almost in-
fallible consequence; and the money-market has
been, since the rising of Parliament, in a state of ex-
citement, which must have rendered the effect, if
possible, still more certain. From the Bank parlour
to the Stock Exchange is but a step ; time bargains
to the amount of millions might in a few minutes be
effected, and a large profit, or even a splendid for-
tune, become the necessary consequence. We are
far from affirming that Bank Directors do speculate
in the funds. Such a fact could only be disclosed
by a breach of confidence on the part of the broker
employed, who, if he could commit that crime, would
be a bad evidence, and little worthy of belief at all.
It is only proper that the nature of the temptation
to which the Bank Directors are exposed should be
well understood, in order that if they do not specu-
late, they may obtain the full credit due to their for-
bearance. If the general opinion in the city is
against them, it argues as much for the depressed
state of moral feeling there as for the supposed crimi-
nality of the Directors.—lbid.

The advancement of Lord Binning to the
Peerage, by the title of Baron Melros (as an-
nounced in our paper of Tuesday last,) our rea-
ders will see, is confirmed by the London Ga-
zette of last night. When allusion to this and
some other intended creations (which will doubt-
lessly soon follow), was made by Mr. Hume in
the House of Commons, Mr. Canning declared
the report to be " not only wild and idle, but at
the same time most mischievous—circulated, as
he well knew, to create that very mischief—a re-
port in which there was not one syllable of truth."
Let the veracity of this solemn assertion be

judged of by the official statement in a preced-
ing part of our paper of this day. Lord Bin-
ning being raised to the Peerage under the very
title we some days ago announced ! ! When,
in the first instance, we ventured to express a
doubt in regard to the assertion of Mr. Can-
ning, that " there was not a syllable of truth
in the report of the day," we were most
vigorously assailed by some of our cotempo-
raries, who in terms the most unceremonious re-
peated from authority the positive contradiction of
the Prime Minister! For the present we deem it
unnecessary to offer " a single syllable" of com-
ment upon this candid and most honourable species
of conduct on the part of the Prime Minister of
England and his obedient supporters. But we
should deem it a dereliction of what we feel to be
our bounden duty, did we not again call public at-
tention to the subject, and endeavour to prepare the
friends of the Constitution in Church and State for
the obviously meditated attempt to undermine the
Protestant strength, by the introduction among the
Peers of men who will be ready to act upon the
Catholic Question, in a manner congenial to the
views and wishes of Mr. Canning and his Whig
Radical Associates in power.—Morning Post.

In another part of our paper will be found the
quarterly and yearly statement of the revenue, by
which it will be seen that on the last quarter, as
compared withthe corresponding quarter in 1826,
there has been a trifling increase—say 4.5,0001.;
but this has been brought about by the Custom-
house duties for the quarter for 1827 having been
better by 200,0001_ th m -fca ItSZO. In the
Excise, 2+amps, and the Post-office there has
been a falling off. The latter defalcation does
not look well. 'faking the account by the year,
there appears to have Ileen a falling off of about
one million. We suspectea, when we read Mr.
Canning's financial speech, that there would be
this quarter nothing to boast of so far as the re-
venue was concerned, for we thought at the time
he made his speech, and mentioned it then, that
if there had been, he would have been ready
enough to have made it a principal feature of his
speech. With the present revenue, and consi-
dering that the fallacious addition to the revenue
derived from Lord Bexley's 'locus pocus or dead-
weight contrivance, will fall off, in rather a rapid
ratio, every year, till at length there will be, on
that account, no revenue at all ; but on the con-

trary, more to pay than there will be to receive
—we do not see how the present expences of the
Government and the interest for the debt are to
be provided for, and any Sinking Fund left for
the purpose of paying off any part of the debt.
The interest of the debt will, therefore, have to
be reduced—or the expences of the Government
will have to be lessened—that is, provided the
revenue continues merely as it is. This statement
does not include Ireland. The revenue of the lat-
ter country has been for some time on the increase,
and our opinion is, and has been, that the revenue
of Ireland will go on increasing. We hope that it
may, and that what we may lose from English re-
venue, we may make up by Irish revenue. This,
however, would be rather singular after the outcry
that has been heard for a great length of time past,
in Dublin and other places in Ireland, respecting the
poverty-stricken state of that country. But as we
have repeatedly mentioned, we believe that Ireland
will gradually, but eventually supersede, compara-
tively, Great Britain as a manufacturing country;
and it is highly probable, that in proportion as ma-
nufactures are established in Ireland, so will her re-
venue be increased. If we had money to speculate
with in land, we would rather speculate with it in
Ireland than in England—for Ireland, we think
will be the rising country, At the same time, ab-
senteeism operates materially against her.—Morning
&raid.

It is equally out of place to blame or to praise
the conduct of the Bank Directors for lowering
the rate of discounts from five to four per cent.,
as announced by our City Correspondent yester-
day. It is evident that in coming to that reso-
lution, they are followers, not leaders. The fall
of discounts is a necessary consequence of the
fall of interest generally, and to the same cause
we may attribute the rise of Government Se-
curities. We cannot say, that we contemplate
either withoth some anxiety. We cannot for-
get that at the beginning of our troubles, two
years ago, the same appearances were observable.
The terrible lesson that has been read to the
public will, it is probable, prevent the recurrence
of such utter wildness of company speculation, as
was witnessed in 1825; we wish, though our confi-
dence on that head is not so strong, that it may
equally repress the extravagance of private spe-
culation. Our contemporary, the illorntng
Chronicle, opinion, that the measures adopt-
alb by
is of
the
Banie
will tend to heighten prices,
teasily procured, merchants
are
whenecatuhsebetterambloentey is
to hold their goods. But a little
reflection will show, that facility in procuring money,
enables merchants to manufacture goods, as well as
to hold them ; and that what encourages trade, ne-
cessarily produces reduction of prices. Our only
fear is, that by enabling men to obtain credit, who
ought not to obtain it, and thus creating a competi-
tion of fictitious, in addition to the competition of
real capital, which has already reduced the prate

of-the manufacturer and merchant to a minimum—
the lowering of the discounts may lead to a glutted
market, and ruinously low prices. Much will, how-
ever, depend on the caution of the Bank ; low dis-
counts are not injuriouv, unless they are inconsi-
derately granted.—New Times.

We have reason to think that the negocia-
tions which have for some time been carrying on
between the Emperor of Brazil and the Govern-
ment of Buenos Ayres, under the auspices of
Lord Ponsonby, are now very far advanced ; and
it is probable the late battle in Rio Grande, in
which both parties have suffered considerably,
without any decisive result having been obtained
by either, may tend to hasten the return of
peace, by impressing both parties with the im-
policy of exhausting their resources in so unpro-
fitable a contest. We certainly should be glad
to hear that hostilities had ceased on the eastern
bank of the River Plate. That district has been
the theatre of anarchy and desolation nearly ever
since its independence was declared, and during
that period the inhabitants have been the victims
of many outrages. Our readers, however, may per-
haps be surprised when we inform them, that it is
most likely they will now pass under the immediate
protection of Great Britain, and that an Administrar
tion will be instituted for them, similar to the one
we have in the lonian Islands. We must, never-
theless, confess, that there is one material difficulty
yet to be overcome, and this is—how the Brazilians
are to be repaid for the sums of money they have
expended in keeping possession of a country which
they originally entered as pacificators, and have since
retained under the plea of preventing the contagious
spread of anarchy.—Morning Chronicle.

LONDON MARKETS.

(From th. London New Price Current of Friday.)

TOBACCO.—The Tobacco Market is without alteration ;
some ordinary Strips and Leaf have been sold for export at
38d. to Sid. ; some Irish at 7d. per lb.
HEMP, FLAX, and TALLOW.—The accounts from St.
Petersburgh are to the 20th ult. Exchange 10d. 13-32.
Tallow, 100 to 102 rubles, 31,000 casks shipped off. The
Tallow Market here is in a very depressed state, and the
prices again lower. Hemp and Flax are nominal. The
Public Sale to-day, 400 casks, 345. 9d. a 365.
Rust, BRANDY, and HOLLANDS.—There is little al-
teration in the Rum Market this week ; fine Jamaica Rums
maintain the late advance, others rather heavy ; Deme-
rara, 25 over, 3s. 2d. Brandies are without the slightest
alteration; very few purchases arelately reported. Geneva
is higher, on account of the advanced prices in Holland.
At a late hour to-day the sales of Rum appear to be exten-
sive; about 500 puncheons Leewards, 2 and 3 over, at
2s. 2d., and no parcels under proof offer below 2s. 1d...._
An importer of Jamaica Rums has realised 4s. 6d. for the
fine, and 4s. 4d. for his inferior marks.
PROVISIONS.—In Irish Beef or Pork there is little al-
teration. The holders of Foreign Provisions are paying
the duties to sell their parcels for home consumption.—
Bacon is less inquired after.
Isnico.—There are no sales of Indigo to report. Se-
veral foreign buyers have arrived to attend the India sale
on Tuesday next.
CoeroN._There was little doing in Cottons this week,
on account of the India sale. The East India Company's
sale of Cotton this day, consisting of 12,850 bales, did not
attract a large attendance of buyers ; it opened steadily for
Surat at the same prices as by private, the desire to pur-
chase rather increasing as it proceeded ; the Bengals went off
less equally at a decline of id. to id. per lb. from previous
rates ; the buying was equally divided between the trade,
exporters, and speculators.

Per lb. in bond.

Sold.

1793 Surat, ordinary to
middling 4d. a qd. 1600b1s.
3429 ditto fair to full good
fair, nearly good a 4-id.
101 ditto damaged a 4d.
6845 Bengal, fair ordinary
to middling '
686 ditto fair to good fair • a •
281 ditto damaged O. d. a 4
140 Madras, very ordinary
to very good 4d. a 51d.
40 Manilla, good to very
good 6d. a 6P.
35 Bourbon, very ordi-
nary to good 7d. a lOid.

4200
400
281

12,850 Bales, of which were sold about... Bales 8,487
DUTY ON FOREIGN SUGAR.--The privilege granted for
admitting Foreign Muscovades and Clayed is only for six
weeks. The Ministers informed the West India Deputa-
tion that their plans were to propose, on the meeting of
Parliament, to admit foreign, on a duty of ss. per cwt.
higher than British Plantation Sugar.
TEA.---The Market is firm, but not quite so much
doing.

WHITECHAPEL HAY MARKET.—JuIy 5.
Hay.............., 84s. Od. to 115 s. Od. I Clover .......... 935. Od. to 150 s. Od.
Straw ......---.....365. Od. to 425. Od.