The Sun.
London, England, 1842-10-20 00:00:00

MONEY MARKET and CITY NEWS.
FROM TUE MORNING PAPERS OF TIIIS DAY.

CITY, WEDNESDAY EVENING.
TIMES. The market for English securities re •
mains unchanged. The bargains entered into were
few, but the aspect of quotations continues as firm as
previously rated.
On 'Change 'to-day the merchants assembled at
three o'clock, and it then presented as busy an appear-
sapee.as formerly, when the old hours of attendance
.*.eTe in full force. The Committee appointed at the
litt,blic meeting it at the London Tavern, to frame
„.,
regulations to carry out the plan : and it is believed
that when the public sales in Mincing-lane and the
vicinity are conducted at an earlier hour, a corre-
spondence will be opened with the Gresham Com-
mittee, who will probably give their consent to the
plan. The subject of an alteration in the sales of pro-
duce, the commencement of them at about 11, or half-
past 11 o'clock a.:n., instead of between one and two
o'clock p.m., the hours at which, according to present
regulations, the great bulk of goods are disposed of,
is understood to receive the support of the chief
houses, and it only requires the example to be set to
make it general. If this is accomplished, there can
be but little doubt of the result.
The Penguin packet has arrived with. dates from
Rio Janeiro to the 15th of August, Monte Video to
the 29th of July, and Buenos Ayres to the 13th of
July. It appears that none of the Brazilian Mining
Companies, although this packet 'is stated to have
brought 30,0001. in gold on freight, have received any
intelligence, the communication with the interior
being stopped. The gold the produce of the mines
of several of these Companies, which should have been
received by this arrival, will therefore have to be sent
down under joint escort to wait the next packet. The
political news from the Brazils is not of interest. The
Money Market. was suffering much from the over
issue of paper by the Government, and the exchange,
which had been down to 24/, had, however, since re-
covered to 25+ to The depressed condition of busi-
ness was unfavourable to a revival of confidence, and
hence there was a good deal of uncertainty prevailing
as to whether the exchange would maintain the point
now quoted. • The estimate of the new crop of coffee
was on the side of an advance in price. Local Stock
was quoted 69i. to 70.
The Monte Video papers announce a variety of
facts connected with the dispute at present pending
between the Uruguay and Argentine Republics, but
none of which arc of sufficient importance to de-
monstrate the progress of hostilities between the two
Governments, and only serve to illustrate the partial
manner in which the press is conducted in those coun-
tries. Rivera was in the capital, and this was pre-
sumed to be indicative of the little fear entertained
respecting the assault which, in the shape of an in-
vasion, had been threatened by the force of Rosas.
The presence of his Excellency at the seat of Govern-
ment was considered to be a sufficient guarantee for
the permanent welfare of the nation. The Corri-
entes, according to the accounts in these papers,
have taken up arms against the Buenos Ayreans,
to arrest the aggressions Rosas seems inclined to
make upon that province. Some allusion is made
to • a mediation by the English and French repre-
sentatives between the belligerents, but it does
not appear that they are inclined for a settlement
without a decided conquest is declared either on one
side or the other. Trade at Buenos Ayres and Monte
Video was not, as regards British manufactures, in
a thriving condition, and the latest reports were, that
though extensive sales had been made, they were all
at lower prices. Under the head of "Exports" we
find allusion made to the increasing business of Monte
Video in hides and horns, and, with the assistance of
the new treanes concluded with England, Spain, and
Sardinia, it bids fair in this respect to become a for-
midable rival with the Buenos-Ayres market. The
severance of friendly intercourse with Buenos Ayres
by the Chilian Government is also alluded to, but
only in the same indefinite terms stated on the last
arrival. It is further aseerted, that La Madrid, with
other leaders, had already stirred up a revolt in the
provinces, and that Tucuman, Salta, Jujui, and La
Rioja, were subversed.
The Buenos Ayres papers give the circulation of
Treasury Nils on the Ist of July at 4,385,600 dollars,
and the number of vessels in port at the latest date
as 52. The exchange on London was 3 1-16 d. per
paper dollar.
One of the papers from Monte Video contains an
article, the design of which is to prove that it is the
interest of Europe in general, and of this country in
particular, to oppose the tyranny of Rosas. The
" brutal system" of Rosas has, it is said, caused a loss
to British commerce, which may be easily ascertained
by comparing its increase under the republic of Uru-
guay, with its decline under the Argentine republic,
as governed by Rosas. Before he had attained the
Dictatorship, there was double the number of British
establishments, and double the number of British
vessels navigated the River Plate. But the lass sus-
tained by England is not merely indirect, and the
writer of the article computes 14,350,000 dollars as
direct loss. Among the items which compose this
sum, are 9,800,000 dollars for debts and arrears ;
1,250,000 dollars for the mines of Uspallata and
Rioja; and 1,000,000 dollars for losses sustained in
consequence of the prohibitory duties imposed by
Rosas on British manufactures. But the worst act of
Rosas, in a financial point of view, is his seizure of
the lands pledged for the security of the public debt.
He is stigmatised as the first who has ventured to
commit this breach ofspublic faith.
It has been stated to-day in the City, on authority
which leaves no doubt of the fact, that Mr. Dowding
and Mr, Perming, Surveyors-General of the Customs,
have been suspended ; also that the Treasury have
now taken the investigation into their own hands.
Some inquiry is made by different correspondents
as to the present position of a loan entered into some
time back by Mr. Jaudon, agent for the United
States Bank, with the house of Denison and Co.,
when a deposit was made, as collateral security, of
Certificates of Pennsylvania 5 per Cents., Michigan
6 per Cents., and Mississippi 5 per Cent. Bonds.
These securities were retained by the contractors,
who issued debentures for the amount of the loan,
(400,0000 bearing 6 per cent. interest, which de-
bentures were to be paid off in April, 1842. The
ruin of the United Sates Bank followed very
shortly after the conclusion of this contract, and
some of the States, whose bonds were appended as
security for the final payment, having at the same
time adopted the " repudiation " system, the value
of them fell rapidly, so that it became
.necessary to
ask for an additional deposit, which was given. At
that time, according to the market rate, the securi-
ties in the hands of the contractors were considered
worth $2,450,000, or about 500,0001.,—sufficient to
cover the whole loan and the interest upon it. But
the state of Pennsylvania having since " repudiated,"
or rather declared her inability to pay, Michigan
being bankrupt, and it being uncertain whether the
Mississippi bonds so deposited stand within the range
of Governor INl‘Natt's inderdict, the value of the whole
deposit has become very uncertain, though it may be
safely affirmed that it falls very short of the sum bor-
rowed. So far from the debentures being paid off in
April last, when at maturity, a correspondent states
that on applying for his half-year's dividend, which
was 301., he received only 191. 15s. Bd., which he was
told was the produce of the interest upon the Penn-
sylvania stock only. The question is, of course, to
what quarter the holders of the debentures are to
look in future for the payment of the interest and
of the principal. A suggestion is made that Messrs.
Denison and Co. should sell or divide, at the
value of the day, according to the amount for
which the debenture was granted, a propor-
tion of each' stock which they hold as se-
curity, among the holders of the debentures, and
further give to them a certificate that they would
use their best exertions to recover the deficiency in
value from the parties by whom the securities were
deposited. A sale of these stocks to any extent is
now out of the question, and the prospect a very
doubtful one of recovering any assets from the wreck
of the United States Bank, so that a division of the
securities among the holders of the debentures seems
to be the only course open for consideration, and that
to be taken as a final winding up of the affair. As it
is understood that Messrs. Denison and Co. have exe-
cuted a trust deed, declaring that they hold these
securities, which 'are particularly enumerated in a
schedule to the deed, for the benefit of the parties in-
terested, it may be safely assumed that a house of
such high character is prepared to fulfil that trust in
any manner that they may be called upon to do, pro.
vided all the parties agree upon the course to be taken.
This is one difficulty; and another obviously is how
to settle the value of an article for which there is lite-
rally no market, and which is not to be got over,
unless the parties, which is hardly likely, would agree
to take Them indiscriminately at their nominal value.
They might in that mode finally close the affair, and
even retain their original debentures for what they
were worth; but Messrs. Denison will naturally re-
quire to be satisfied that they all agree to accept such
stock as an acquittance of the claim, so far as they
are concerned ; for many holders might prefer leaving
the securities in their hands and under their manage-
ment, until an opportunity was afforded of realizing
them for the general advantage.
It were greatly to be desired, as is remarked by
this correspondent, that houses engaged in loan con-
tracts for foreign States and Governments would
take a more prominent part than they usually do in
protecting the rights of the creditors, under any
breach of faith that may be committed. The con-
tractors, almost uniformly, derive great advantages
from all transactions of the kind ; they are very fre-
quently the only persona who do so ; and yet in a
time of danger, when a struggle is to be made for the
keep
entirely aloof, instead of
creditors, they usually
occupying a prominent place, which their character
and standing as capitalists would enable them, with
great benefit, to do. If this was felt more than it. is
to be a moral and honourable obligation among them,
contracts would not be so inconsiderately entered

CHANCERY REFORMS.—It is d
un erstood that the
Lord Chancellor and the other Judges of the Court of
Chancery, have had it in contemplation for some time
past, in addition to the extensive alterations which
will come into operation on the 26th inst., to remodel
many of the subordinate branches of their respective
Courts, with a view of placing them on such a footing
as cannot fail to ensure their practical utility. The
functions of the six clerks and sworn clerks, or, in
common language, the clerks in court, will cease on
the day in question, and their t o successors
reo o s a , ,Ildr e
taxingto be
officers. designated clerks
of
masters, who will perform the duty at, it is said, one-third
of the cost at present charged to the suitors. Amongst
the departments expected to be improved are the Ac-
countant-General and Registrar's offices. These
offices are to be kept open from ten to four o'clock,
instead of from eleven to two, as at present, and which
has been a source of complaint in the profession. The
mode now adopted of taking the depositions of wit-
nesses, which is open to serious objection, will be
thoroughly sifted and examined, with a view to its
amendment. The Masters' offices, and the Affidavit
office, are likewise destined to undergo very consider-
able alteration, in order to curtail the charges and to
facilitate the.operations of the practitioners.
THE BOY JONES AGAIN.—The boy Jones, who, on
several occasions intruded himself into Buckingham
Palace, has again made his appearance in London. It
was stated some time since that he had been sent out
to South Australia ; such, however, it now seems was
not the fact. After his last examination at the Home-
office, the boy was sent to Portsmouth, where, we
understand, he was apprenticed, or, at all events, he
was sent on board the Warspite man-of-war, which
ship carried out Lord Ashburton to the United States.
On the return of the Warspite to Portsmouth, about
three weeks since, he was allowed occasionally to go
on shore. Information was sent to the station-house
in Gardiner's-lane, on Monday evening, that the boy I.
Jones was returned to London. This information
was communicated to the proper authorities, and in-
structions were given to take him into custody, h•
promptly obeyed,
father's
'-es,tle'rdiae3ll'.
house,
instructions were
morning he was apprehended at his
Notice of
Bell-yard, York-street, Westminster. N •
prisoner being in custody was sent the
offices, and in the course of the afternoont. a Govern-
to the public
hat he should be fr
ment order was received directing
ui as it was not con-
at once taken back to Portsmouth,
sidered necessary that any in should be insti-
tuted in town. Accordingly Jonescirywas conveyed, in
the custody of a police-oflicer fthe A division, by
the South-western railrozd, to Portsmouth.
For stopping a man's mouth, when he is in the habit
of uttering disagreeable truths,
gold. Complaint having h there is no gag like
shop, that a vicar in his 'd• been made to a certain bi-
against pluralities, " I diocese was always preaching
will silence him in less than a ,
week," said the prelate;
and so be did, by giving the
vicar an additional b
Dispatches Were received yesterday at the Colonial-
office
, from thei
Governor of St. Helena.