The Sun.
London, England, 1842-01-10 00:00:00

EVENING SUN

PRICE 5d

MONEY MARKET and CITY NEWS. 4)

FROM THE MORNING PAPERS OF TilIS DAY.
TIMES.—The mercantile circular of Messrs. True-
man and Cook, of London, and the mercantile circular
of Messrs. Buchanan and Co., of Liverpool, in review-
ing the state of trade during the past year, agree in
most points as to the causes which have made it one
of so little profit to those engaged in business. Both
firms appear to carry their observation back to the
date of the establishment of joint-stock banks, and the
redundancy in circulation created by their reckless
advances of monies as one of the chief causes which
have produced the late extreme depression of trade.
These advances, they say, called into existence mills
and machinery to an extent which carried production
far beyond reasonable bound. A succession of bad
harvests is also quoted as having had a powerful in-
fluence in bringing about so much derangement ; for
the quantities of foreign wheat and flour on which duty
has been paid for consumption in the United Kingdom
were, in 1838, equal to 1,834,43 quarters ; in 1839,
2,681,390 quarters ; in 1840, 2,436,665 quarters ; in
1841, 2,413,216 quarters ; making together 9,365,724
quarters in four years, for which little short of
20,000,0001. sterling were paid to exporting countries,
whereas in the four preceding years the amount in i
value was not more than 500,000/. Reference s also
strongly and pointedly made to the suspension by the
American States, and the failure of houses in that
trade, which, having a large amount of capital locked
up on the other side of the Atlantic, have been re-
duced to the necessity of winding up till the derange-
ment in trade has passed ; while also the state of our
foreign relations is indicated as having pressed heavily
on business in all departments. With respect to the
future, Messrs. Truernan and Cook write—" It is
highly satisfactory to observe, in regard to the position
of our monetary affairs, upon which a return to prospe-
rity much depends, that the year commences with a
change for the better, so decided as to form quite a con-
trast to what has been long experienced. The Bank
of England was never more at ease, for bullion is flow-
ing in from all quarters ; and their stock in about two
or three months has increased 2,000,000, being now
6,000,000, and even allowing for some check from fur-
ther imports of corn, it is not unreasonable to expect
that by the month of April the accumulation will have
reached at least 7;000,000.
Messrs. Buchanan and Co. take much the same view
of the effect of the late large influx of specie upon the
stock of bullion in the Bank, although they hardly give
so high an estimate of the amount by nearly 1,000,000/.,
and form a similar opinion as to a favoui•able return in
business, it it is foliowed with prudenc,t and caution.
On the subject of foreign investineats they state—
Previous to this period (alluding to about 11 years
ago, which was the period when the disposition sprang
up to seek a new system fur the employment of capital)
surplus money had been very generally lodged in the
hands of experienced private bankers at a moderate in-
terest, and was employed by them with prudence and
judgment, the more so because it was loaned on their
individual responsibility. So soon however as the vari-
ous foreign and domestic joint-stock projections began
to come in favour with the British public, more parti-
cularly those of the United States of America, then
these deposits were gradually withdrawn, and invested
from time to time, together with constant and
enormous annual accumulations, in undertakings ren-
dered tempting, net, as it should have been, by the
reasonable prosp, ct of ultimate success, because based
on solid foundations, hut by the temptation afforded in
the shape of high interest or a quick premium. This
species of gambling in time produced reflection on the
part of some, and woe correct information of the real
state of affairs on the part of others, induced the
initi-
atcd, from one or the other of these motives, to pocket
the early bonuses, and leave the unwary in the lurch
Ruinous as man) of our local schemes have been, in the
United States of America, where a a ery large amount
of British money i,as invested, the results are disastrous
in the extreme. Tue absolute extinction of capital by
many of these projections is enormous, and the buoy-
ancy of trade and commerce necessarily crippled there-
by. These remarks, though applying to the monied
interest generally, do particularly so to business men
having moderate: surplus means, and a class of people
not concerned with trade.

ADVEltTisEll.—Our private letters from Ports-
mouth mention that the freight cf specie brought by
her Majesty's ship Conway, from China, forming part
of the sum guaranteed to Captain Elliot as the ran-
som for Canton, cansiwts of Sycee silver, and not of
Spanish dollars, as has been stated. The freight con-
sists of sixty-two ions of silver, and is worth 550,000/.
It must have been a source of infinite pain to the
Emperor of China and his High Commissioner, to
have parted with this the first instalment of the
amount of the ransom, in a metal, to retain which
withi❑ the empire has always been a source of the
greatest anxiety to the authorities. In fact, had not
the opium trade a direct tendency to drain China
of the Sycee silver, there might, perhaps, not have been
a ban placed upon it. 11 we recollect rightl:., in some
of the earlier proclamations against the opium trade,
the morals of the people received but slight considera-
tion ; the great reason why the drug should be pro-
hibited being that it tended to cause large exportations
of this precious metal in favour of the barbarians.
There is no preced,nt for such a large amount of Sycee
silver being received into this country. The coffers of
the Bank of England will next weer receive this valu-
able consignment. The value of this, the favourite and
much cherished metal of the Celestial Government, is
intrinsically greater than that of British silver. Other
consignments are expected to leach this country soon
on the same account.

TRIAL OF A YOUNG -LADY ON A CHARGE
OF FELONY.—At the Gloucestershire Sessions, on Fri-
day, the trial of Miss Allen, the daughter of the wealthy
Col. Allen, well known in the county of Gloucester, i
took place n the Court-house. Miss Allen, on her name
being called, presented herself, attended by her mother
and some male friends, who manifested great anxiety on
her behalf. She was elegantly attired, but kept her
face closely enveloped in a thick crape veil. When called
upon to plead she trembled violently, and would have •
fallen to the ground, had she not received the support of
the turnkey. The Chairman ordered that she might be
accommodated with a chair, and she then, in a feeble
voice, pleaded " Not guilty." The charge against the
prisoner was, that she had, on Nov. 22, one into the shop
of a chemist and druggist, named Joslin, in the High-street,
Cheltenham, and asked if Mr. Joslin was within. On being
answered in the negative, she went away, but subsequently
returned, and asked liberty from the apprentice to sit
down. The apprentice went up stairs, and toak his po-
sition near a glass which was suspended. from the ceil-
ing, and upon which was reflected all the things in the.
shop. Whilst so occupied, he (the apprentice boy) ob-
served the prisoner go towards the counter and take up
a packet of perfunie and place it under her cloak. Mr.
Joslin shortly afterwards returned, who, when told by
his apprentice of what had occurred, took the prisoner
up stairs, and charged her with the robbery. She de-
nied it at first, but upon Mr. Joslin's sending for a po-
liceman, - the prisoner gave up the packet of per-
fume, remarking that her head was so distracted that
she did not know what she was doing. It was contended
on behalf of the prisoner that she was subject to fits of
abstraction and weakness of intellect, and that she was
not at all times mistress of her own actions. Medical
and other testimony having been adduced in support of
this defence, the Jury, after a short deliberation, re-
turned a verdict of acquittal.
PROPOSED ESPLANADE IN PICCADILLY.—
We have heard it stated, and we believe on good grounds,
that a great and striking improvement is about to be
made in the appearance of .Piccadilly consequent upon
the removal of the ranger's • house in the Green Park,
which will be demolished early in the spring. The
tasteful suggestion, we have heard, was made by the
Premier, and is to consist of a noble terrace and public
walk from the gate into the Palace gardens at Hyde
Park-corner to the junction of the houses at the lower
end of the basin. The form of the ground on this line
is particularly favourable to picturesque effect in laying
out and planting; and to architectural beauty of design
in the esplanade. Fountains and statues, too, are likely
to be introduced to add to the grandeur of the plan, give
encouragement to the arts, and combine the whole with
the palatial residence of the Sovereign by carrying it,
perhaps, farther on hereafter along the line opposite, to
Grosvenor-place. The magnificent equestrian statue of
Wellington, now casting by Wyatt, will surmount the
arch facing Apsley House ; and we see no reason why
it should not be balanced at the other termination by a
statue of Sir Robert Peel, together with his name to the
work, the idea of which, as we have mentioned, is under-
stood to have emanated from him. At all events, it will
be a splendid embellishment of this principal street in
entering the capital from the west.—Literary Gazette.—
[Should the suggestion of our learned Contemporary be
adopted, we confidently hope the statue will not be eques-
trian, for if made true to life, the one statue would form
a sad contrast with the other.];
We find the following in the Presse :—" Infor-
mation received from a credible source has given us the
key to the mission with which, according to the Augs-
burg Gazette, M. de Pahlen is intrusted to Mehemet AIL
It is known that all the commercial treaties between the
Porte and the other powers of Europe establish an import
ditty of 10 per cent. on all merchandise brought into the
Turkish provinces. Russia, better advised, has made a
treaty with the Porte in virtue of which this duty shall
not exceed 3 per cent., as prescribed by the koran itself.
When,' after the treaty of July, the English wished to
force the Paella of Egypt to allow the execution of the
treaty of commerce between them and the Porte, Mehemet
Ali made no opposition. On the contrary ; as before all
the other nations had paid him only the 3 per cent. duty
established by the koran, it was to his, own interest to
accede to the treaty of Commerce between England
and
the Porte, which insured him a duty of 10 per cent. The
English, when it was too late, learnt from the represent-
ations of their merchants that they had committed a great
mistake, and have demanded the same commercial faci-
lities as were granted to Russia, which power has re..
mained in this respect, more favoured any oth
nation. Alarmed by the application of England,
Russia
has thought fit to send M. de Pahlen to Alexandria,
in
order to counteract it." The Sleek mentions a report of
the King of Prussia intending to visit St. Petersburg next
summer, ostensibly on occasion of the e 25th an!uversar y of
the Emperor's marriage With his si?ter, butm reality to
igbor ar tuars
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