The Sun.
London, England, 1842-06-28 00:00:00

MONEY MARKET and CITY NEWS•

FROM THE MORNING PAPERS OF THIS DAY.
TIM ES. -The subject of the calling in of the light sovereigns
continues to excite considerable interest ; and much difference
of opinion still exists respecting the proper allowance which
ought to be made for any given deficiency in weight. 'lbis
matter is of great importance ; and the following observations
may perhaps serve to throw some light on the discussion :-
The principal source of the error into which many persons
have fallen when calculating the allowance to be made on light
sovereigns, appears to have been the taking the weight of 5 dwt.
2% grains, under which they are not allowed by the proclama-
tion to pass current, as being the full weight of the coin ; and
then supposing that if a sovereign weighs fully 5 dwt. 2 grains,
that there is only a loss of half a grain, the value of which is
Id.' and so on in proportion for other deficiences, a very short
explanation will suffice for pointiug out this error.
By the English Mint regulations, one ounce Troy of stand-
ard gold (that is, of 22 carats pure gold and 2 carats of all-•y) is
to be coined so as to represent a value in money of 31. 17s. 100.
sterling ; and agreeably to this principle, the Coinage Act of
1817 enacts that 46 29.40 sovereigns are to be coined out of
1 pound Troy. This, when reduced to integral numbers, is
the same as saying that 1,869 sovereigns are to to be coined
from 40 pounds Trny. The calculated Mint weight of one sove-
reign should, therefore, be 5 dwt. 3.2745 grains, or rather more
than 123 Si grains. The half-sovereign, in proportion, should
weigh 2 dwt. 13i grains. The value of 1 grain of standard
gold is therefore equal to 1.94688 pence, which, f,,r practical
purposes, must be called 2 pence sterling, when used for buying
and selling small quantities of gold.
But as slight errors in the coinage are unavoidable, the Mat-
ter of the Mint is allowed a variation in the weight of 12 grains
in each pound Troy ; that is, if the 46 29-40 sovereigns weigh
within 12 grains of the pound Troy, the coin is suffered to pass
into circulation as full weight.
This allowance is equal to 0.2568 grains on each sovereigns
being rather more than a quarter of a grain, the value of
which is 0.49996 d., or as nearly as possible one halfpenny
sterling.
The full weight of a sovereign being as before Grains.
stated 1212745
Dedect Mint ... .2568
123,0177
The IN eight, therefore, at which it may be suffered to issue
from the Mint is as nearly as possible 123 grains ; equal"
5 dwt. 3 grains.
The loss by wear and tear of the coin, and which by law
is to be borne by the public, must, therefore be the difference
between the actual weight of a worn sovereign and the
weight when issued from the Mint, and not the difference
between the present weight and the weight of 5 dwt. 2Agrain"
which is the lowest sufferance weight allowed by the proolti-
mation.
But here a difficulty occurs. In selling back the old coin'
to the Government as mere bullion, ought the public to be
charged with the difference arising from comparirg the pre'
sent weight with the full estimated coinage weight of 5 deft'
3.i grains, or with the allowed weight of 5 dwt. 3 grains, atF
which it may be suffered to issue from the Mint? '
The difference between the two methods is only of a graios.
or one halfpenny sterling on a single sovereign ; but becoMOsi.
of some importance when the old coinage is considered.
It cortainly would appear to be the snore equitable course to,
claim of the public only that weight of standard gold which
by
law they may have received a few years back from the G°:,;
vernment, viz., the allowance weight of 5 dwt. 3 grains, as 4"
is to be presumed that whatever error may arise in the coinage
will most probably be on what the Government would call the'right side-that is, an error of deficiency within the limits o's;
the law. .
The following would then be the scale of loss on light Ws
vereigns :-
Allowed weight when issued from the Mint, sdwt. 3gr.
Minimum weight for circulation, as fixed by the proclitor
tion, sdwt.
Short of this not exceeding %gr., say weight above sdsrt"
2gr., loss lgr.=2d.
Short of this not exceeding lgr., say weight above sdet'r ,
ligr., loss ligr.oo-3ti.
Short of this not exceeding ligr., say weight above sos'Aeg''
lgr., loss 2gr.s-_-4d., &c.
If, however, the full calculated weight of sdwt. 3igr• Igo
taken, instead of the allowed issuing weight, then the loss in a",
cases becomes grain more, whore value is one halfpenny'
which sum must be added to each of the above rates.
For half sovereigns, the allowed weight is 2dwt. 13140"
minimum weight for circulation, 2dwt. 13hgr.
Short not exceeding Sgr., say weight above 2dwt. 12Itgr"
loss 3gr.=lid.
Short, not exceeding lgr., say weight above 2dwt. 12Agr"
loss I%gr.=-.2Sd.
Short, not exceeding I igr., say weight above 2dwt. 11W
loss 13gr.--31d.
If the full calculated weight of 2dwt. 135 gr. is used for tbtei
half-sovereign, then the loss becomes in all cases one-eighth,,'
a grain more, value one farthing sterling, which must be add"
to cash of the above rates.
. It must here be observed, that the Government have_
_suet
called in the defective coinage, nor do they offer to take it ban
from the holder; they have merely reminded the public, tbsat
by law no sovereigns can be a legal tender if under the weig,e
of 5 dwt. 2i gr. each ; and they leave them to make the MT.
of all coin below that weight by selling it as mere bullion Obi"
best price they can obtain.
The Bank of England has offered to buy light coin at tl"
legal Mint price of 31. 17s. 101/2d. per ounce for standard gold;
This is l isSd. higher than the present market price of standee
gold, which is 31. 17s. 9d. If, therefore, a person were to take
to them for sale 50 sovereigns, weighing on an average 5 dwiti
2 gr. each, they would form an aggregate weight of 12 Os.
_s„
dwt. 4 gr., which, at the above price of 31. 17s. 1030. rs,
ounce, would be equal to 49/. 9s. Bd., showing a loss to o'
seller on 50 sovereigns of 10s. 4d.
Each of the above sovereigns being supposed to weigh enT
average 5 dwt. 2 gr., the deficiency on each, as compared lei
the strict legal weight, is 11% grain, that is in all 62% gal°
which, at 2d. per grain, is worth 10s. sd.
The above difference of Id. arises from taking the valnes,
1 grain of gold as being worth 2d., when in fact, as shown "SI
the previous calculations, it is worth only 1.94688 d.
oat
The English funds have remained unchanged through
the day, and business continues extremely limited.
SUN.-The Funds, which were very steady yesterday,
without any transactions of moment, suddenly became et
tremely flat ; and although the last official price for Copse:.
was 913, sellers for the opening, ex dividend, some sales wed.
made, after business hours, at 91i ; Reduced, 94 91#: Bet
Stock, 166} 167* ; Exchequer,Bills, Old, 44 46 ; New,
42 premium.
Foreign Securities are also dull, but prices, except for Thy
zilian, were not materially varied. The accounts from lte,
latter country are not such as would appear to warrant si‘,.s
cline, although some unpleasant feeling was stated to exist opt,
subject of theslave question, which was solely caused by the Ant!{
Slavery Society. The propositions sent out from thiscoll;
offering to make concessions in the rates of duty now paYs
if a relaxation were granted in the slave trade, had not cone "-
for discussion, but they would doubtless be granted by the Por,
cutive, though the tone of the lower classes appeared to be int.
mical to them. The closing prices were :-Belgian, 102 ISt
Dutch Two-and-a-Half per Cents. 52# 523; the Fie° 51
Cents., 1601 1011; Danish, 80i 81*; Brazilian, 64
Mexican was quoted :3714 37#.
London and Birmingham Railway Shares were, 175 1718 i
Birmingham and Gloucester, 49 51 ; Great Western, 1;
88 ; the Half Shares, 61i 61i ; South Western, also."„ss
North Midland, 61 63; the New Shares, 30 31 •
Eastern and Dover, 24 25 ; the Scrip, 5 ; Eastern antiLs;
8i 9* ; Northern and Eastern, 39 40 ; Blackwall, 91 "la
and Brighton, 34 36. slob'
All the Bonds are quoted lower, and after the lists were r ass
lished time bargains were made even below the qnotationtlio,
nexed. Colombian, were last marked 22* 24; Per nee
see
17 18; Portuguese Five per Cents., 3.5 i 36; the
0,11
' per Cents. 20i 21i ; Spanish Five per Cents., 21 21} and
Three22i 22%.
The produce markets were more animated than is usual eed.°l
Monday, and a greater disposition for business was evinekss
From the uncertainty in which this description of business
_„iff
been for some time, in consequence of the discussions on the tts,
being nosy at an end, it may be expected that a decidesl;t
provement will take place, as the generality of dealers Pi
necessarily be very short of stock.

POST•OFFICE
INDIAN MAIL.
The following notice was posted up yesterday at the Gen.6„....4
Post-office, St. Martin's-le-Grand, and the branch offices' to
" The Tagus steamer for Gibraltar, Malta, Greece' vo
lonian Islands, Egypt, and Indian mails of the 30th lest.'
Falmouth. Letters in time en Thursday evening. alO
" Many mistakes having occurred with letters address its
India, Malta, the lonian Islands, Greece, and Alexandria of
requested that all letters intended to be sent by the roiled
Falmouth, shall be marked via Falmouth. If not so 110,
they will be retained to be sent by the Overland India 00,
which is conveyed under the new convention through Polito
and forwarded from Marseilles in British packets once a in
which will be made up here on the 4th et July. Toni°
" The letters intended to be sent to India, Malta, the - spy
Islands, and Alexandria, via Marseilles, by the French St; the
packets sailing from that port on the Ist, 11th, and 21st
month in the ordinary French mail from London, should be .
dressed per French packet. d Ales'" Letters to Malta, Greece, the lonian Islands) en-
andria, Is. Bd. ; newspapers, 2d."

13ALLOON ASCENT.—Yesterday evening the ye,ter°lo;
aeronaut, Mr. Green, made his 279th ascent, and first tb,..00.
son, from the gardens attached to the Standard Salooto4 tbei
in the neighbourhood of Shepherdess-fields, City-road, InotiOf
present' of a vast concourse of persons. The ascent W IP
the most beautiful that has for some time been witnesseuiv
stantly upon the machine being liberated it rose 51°1 aegi
majestically above the gardens, almost perpendiculeq'oolis,
afterwards bore away over the eastern portion of the se_et,l 0
At an elevation of not more than 1,000 feet, and renie'D-esrli
sight for manly half an hour, owing to the horizon being Kept.
cloudless. The course that the balloon took was towardsu,
It was stated that it was Mr. Green's last ascent prior
_erica
aeronautic voyage across the a ide Atlantic Ocean from A;c,
to Europe, in an immense machine expressly constsa
the purpose. Ai pelt'
ELABORATE ASTRONOMICAL CLOCKS .----r.of
of 82, Strand, having had the distinguished hononrastroor
strutting, by command of the Emperor of Russia, two :jogs ?I'
micas clocks, invites a public inspection of them Pr'. -,
their departure.

BIRTHS. ag04119
On the 21st of April, at Pernambuco, the lady of Il• -,hter-
Cowper, Esq., her Britannic Majesty'e Consul, of a elauttft oit
, -
Oa the 21st inst., at Limehouse, the lady of the
Rawlins, of a daughter. • bt p tbe
On the 21st inst., at College House, Haromersull
lady of Assistant-Comoissary-General Mylrea, of a 5°,11...peer
On the 22d inst., at Biooklande, Hants, tbe lady or br -
Smith, Estp, of a son. b Wild
On the 24th inst., at Upper Tooting, Mrs. JoseP
i Of
Goodhart, of a daughter. ,iirsrur -
On the 24th inst., at Pimlico, the lady of Major J.
the Madras Army, of a son. a . f lII' S.
.0n the 26th inst. in the Clapham-road, the via e
rlighop, Esq., of a daughter.
MARRIED.
Oa the 25th inst., at St. Mary's, Brranston-square i
, t_hreVillirib;
and Rev. George :_ustavus Chetwynd.Talbot, Rector tio` zoily
ington, Gloucestershioz, fourth son of Earl Talbtowboarn,
Sarah, second daughter or Ilenry Elwes, Esq., d
----------
in the same county.

Dr ------e411:-../' ill
On the 26th inst., at CoanOt-a -place West, •'-'dyistrr- It
his 66th year, Hugh nn
Jones, Esq., oz arkbill, near
ban:". prat
On Old
.22d inst., Jonas Binns, Esq., of Sienser lll's'
Brixton, ,::::irre,Y. d-
Brixton,
On the 25t..: inst., Jane L. Antt, of NS cstbo
Pimlico.
On the 26th inst.. in GI:
On the lath inst., at Readu;,;. Frederic Clarkfiliaice, lo
On the 26th inst., John Corpe, gsq-, of s°ut -P
Sir
nington.cornmon, aged 84. goo, ,
eight _ on $
On the 26th in in Bedford-square,
eat Portland-street, G. Jenkins'
Pimlico. :
Joser.ll Littledale, late one of the Judg --- ..
Bench, aged 75. ---- 01
---,LING, ,
man ,A.........r.r ........,.....0,........,,rw.' _____---------0, lbJ 04 ....
London : Printed and The
by Mir% S
No. 112, Strand, at The Sun Office, ;2_ j.OO,
the County of Middens, Tueedsr,,JOl
0 of ththeeCourt of GP