The Sun.
London, England, 1842-11-05 00:00:00

MONEY MARKET and CITY NEWS.

FROM THE MORNING PAPE/IS OF TIIIS DAY.
CITY, FRIDAY EVENING.
CHRONlCLE.—Abundance of money, and no
demand for it, is the general complaint in the neigh-
bourhood of the Bank of England and the Stock Ex-
change, while poverty and no means of getting money
is the general complaint in the provinces. Money is
heaped in large lumps in few hands who do not know
what to do with it, and thus we have the anomaly of
a great cheapness of money with a great depression in
prices—a most unhealthy state of things. The job-
bers on the Stock. Exchange were taking in Stock
Yesterday at one per cent., and the bill discounters in
Lombard-street cannot do business at more than a
fraction above two per cent. Yet the prices of commo-
dities are extremely low, and are.showing a tendency
to further decline. The circulation of the Bank of
England is 19,503,000/. by
.the last returns, which
is greater than it has been at any period since the
last renewal of the charter, with the exception
of the memorable year 1838, when it was as high as
20;249,4004 in July, and 19,782,0001. in August of
that year. These large amounts were produced by
the attempts made -at that time to stop the drain of
bullion required to pay for foreign corn by an ex-
pansionah b
oasv
England,ne o
-ont a
above-named,
of paper.
cedellioatrpri
dl repeated. prnnegaa tt eet dos The.
now
theWitherror
the
t discovered,w o e xcept iaonnds
li
ans
tissue
ibi3s-hteldi e Ir3eattai kr
no,!
'
exceed any former amount that appears in the returns
since the charter was last renewed. In no one in-
stance since that renewal has the same high amount
of paper issues, with a large store of bullion, been co-
existent with a general paralysis of trade, absence of
all commercial enterprise, and a serious and inveterate
fall in prices. Plenty of money has generally been
first felt in the metropolis, from which it has spread
naturally and quickly to the provinces; but this pre-
sent year of 1842 is an exception to the general rule.
Money is a drug in London, where it remains. There
is
.no sympathetic action towards the provinces, and
an increase of 2,163,000/. in Bank of England notes
within the last twelve months 'has been counteracted
by a decrease of 1,882,3001. in the notes of other
. banking establishments. Here we have a key to
the anomaly—a solution of the problem that couples
the
.cry of too much money in. London, with that
of no money at all in other parts of the kingdom.
I But then comes the question, "Why is this ?
I What is the cause that abundance exists in one
part _of the kingdom,: and that scarcity _..pe..r-
vades every other ?—That. prices *fall lower and
lower, while money is to be had at 2 per cent ? The
answer is, that it arises from wide-spread poVerty
amongst the masses, and want of confidence amongst
the manufacturers. Those who have goods in hand
cannot sell, and those who have not are afraid to get
into stock, for, as we have frequently observed before,
prices seem to find no bottom. This state of things is
replete with anxiety, and it is fool-hardiness for men
in power to look calmly on and do nothing to brighten
the melancholy picture which is presented by this
rough survey of the present condition of the country.
But the leading members of the Cabinet point to the
funds as a triumphant reply. Consols are at 94, they
say, and such a high state of public credit is ample
proof of the substantial prosperity of the nation. We
have already exposed the fallacy of that argument,
and shall not repeat it. The funds are high, owing
to the total stagnation of trade, and Consols were done
this day at 94, but closed at 931 to i. The Bank
broker made his usual operation of 10,000/., and a
strong manifestation was evident for a further rise,
but the advance does not suit the jobbers, and they are
doing their utmost to obstruct a further improvement..
It remains to be seen whether they can carry out.their
purpose.
TIMES.—By accounts just received, it appears
that a new tariff has been promulgated by the Sar-
dinian Government of the most favourable charaiter
as regards British commerce, and possessing at the
same time a very liberal character as regards other
nations. The reductions on the old duties are said
to vary from 20 to 50 per cent., but the full particu-
lars are not yet made known. The decree is dated
the 24th of September, and will come into operation
on the Ist of January.
From the intelligence recently received by the
merchants connected with the United States, as well
as from such commercial surveys as the one noticed
under this head the other day, it may be gathered
that the American tariff has failed, not only as a pro-
tective, but also as a financial measure ; for it is un-
dersto;)d, that foreign produce is imported at so high
a price, that purchasers cannot be found, and there-
fore it has to be re-exported, when a return of the
duty is obtained. If this, is the case, the expense of
the Customs' establishment must be nearly a total
loss to the Government. The Democratic Relive,
already referred to, most 'distinctly asserts that the
want of a tariff has not been the cause of the depres-
sion of American trade, but that the difficulty has
rather arisen from a great revolution not only in the
manner of doing business, but in the direction of
business itself.
SUN.—The Foreign Exchanges were not so firm this
afternoon as on last post (lay, but the variation is
scarcely worth attention. The rate upon Paris was
last quoted on 'Change 2.5 f. 82c. to 871 f. ; that oh
Amsterdam, at 12 6-1- ; that on Hamburgh, at 13 11:*
to 12 ; and that on Antwerp, at 12 5.
We have not heard that any bills of importance
were sent back for protest. There Was a very large
amount,of paper presented, this being the 4th of the
month.. We are happy to remark that there are no
reports of additional difficulties in the commercial
world. The public sales of Colonial and other pro-
duce were but small this afternoon.
The high price realised for Consols for Account,
was not maintained up to the end of business. Some
sales for Money were made this afternoon at 93.1, and
for Account the market left off at 934 i. Reduced
Annuities (Three per Cents.) were sold at a fraction
lower. Exchequer Bills closed at 60s. premium.
Since our morning report, there has been but few
bargains done in the Foreign Stocks. New Portu-
guese offered at 32}', Colombian at 21, Dutch Two-
arid-a-Half per Cents. at 52i, and Mexican deferred

at 91.
There were several bargains made in Shares, shortly
before the market closed. The Edinburgh and Glas-
gow Railway Shares were bought at 31 discount ; the
Birmingham and Derby (New) at .5 discount. The
Great Western New at 11* * premium; the Man-
chester and Birmingham at 19i discount; the Northern
and Eastern Scrip at 2 premium ; the Paris and Rouen
at 2f premium; and the South Eastern and Dover
Scrip at 2f discount.
COURSE OF EXCHAN
Amsterdam CF. 12 9 1
Ditto, at sight
Rotterdam OU. 12 911
Antwerp
Hamburgh M.B. 13 15
Altona
Paris, 3 days' Fight ... 25 75
Ditto, 3 months 26 0
Marseilles
Bourdeaux
Frankfort on Maine l2: 5
2
Petersburgh, 3 Us.
Berlin
Vienna, effec. ft. 3117 lO 2
Trieste, ditto
Madrid
36i Cadiz
Bilbao lO 3
36
Barcelona
Seville .. 36
_____

GE-(YESTERDAY.

Gibraltar
Leghorn
Genoa 26 10
Milan
31
Venice ... 47
!Naples
Palermo, per az 120
Lisbon
Oporto .... . ....... —....., bn
Rio Janeiro
Bahia
Buenos Ayres .....
New York, 21 days sight 461
Philadelphia
PRICES. OF BULLION, TEE Ot.
Foreign Gold, bars £3 17 9
Portugal Gold C0in...3 17 5
New Doubloons OO 0
New Dollars... • 4 91
Silver in Bars... ..•••0 4 111

Hector O'Halloran dashes on through a host of
startling and dramatically told incidents. The attempt
to assassinate him fails by the unexpected appearance
of the hero's foster-brother O'Toole and Shemus Rhua,
the rat-catcher ; and the defeated assassins, being dis-
appointed of the price of their villany, way-lay,
der, and rob the lawyer who had engaged them to
wciciuerrrN‘,ed'
psg of
attack Hector. In the sequel Hector is ordered to
join his regiment abroad, and there is a love-scene be-
tween him and the fair daughter of the mysterious
ofauest
Hartley, in the midst of which that genntulemmbrnaneamdaekaesd.
his appearance, sanctions their attachment, and then
electrifies the young Irishman by .
since
. disclosingdee the
that he is Hector 's uncle, long
morning,,At°ioanbethh-1
Then comes the termination of the
regret, but we console ourselves with expectation
when
eenr our
again meeting our gallant
lies next do congregate.—Derbi .31 •
ix ee ears of age,
FATAL ACClDENT.—YeSteljas"ret Courier.
nour3jeer.
in High-
twelve o'clock, a fatal RCycioduenngt
It appears that the lad was going
rough in
street, Borough, to a lad about
alongnanl e d t Sullivan.h
e iio
a ewiartti,l
tallow, was
opposite' the
Town-hall, he had occasion
a waggon, heavily laden . to pull up at the moment
the opposite directionute s '
the ,
and
the wheels becoming en-
tangled,
under the unfortunate
wheel, lad was thrown out, fall-
ingcould be
a few minof the waggon, which, before he
conveyed to St. extricated,Thomas's passed over his chest. He was
omas's Hospital, where he died in
after his admission.,
MARRIAGE OF TIIE MARQUIS OF DOUGLAS.—The
preliminaries of a marriage between the Marquis of
Douglas Duke
of
, the eldest son of the Hamilton, and
a Princess of Baden, have been finally arranged, and
it is -
expected that the ceremony will take place in the
course of the present or earlN• in the ensuing month.
The noble and illustrious bride elect is about 22 Years
and
rare age, and is possessed of extraordinary beauty ci
rare accomplishments. Letters reached the
members
of the family of the Duke of Hamilton yesterday
morning, announcing the conclusion of the arrange-
ments relating marriage.
to the The ceremony will
take place in Germany.
The Marquis of Breadalbaue went on Saturday
from Taymouth Castle, Perthshire,
to Glasgow. On
Monday the Noble Marquis
IT Rector of Glasgow niversity, consequent On his
by Lordship's re-electionthe students of that Uni-
versity. The Noble Marquis, after taking the cus-
tomary oaths, addressed
the Professors and students.
The Affghanistan deer,
recently brought from Judi*,
have been.presentedto the Marquis, and are forthwith
to be removed to the grounclaig
chateau of the
r u, extensive forest .. ur
his Lordship, in Terthshire.