The Press. — London, England, 1856-09-13 00:00:00

money should always be at hand for safe and proper rise ; their debtors always hard in hand. No debtors of banks should have opportunities of laughing at them for months while mis-spending their money. Long-dated transac tions are, I say again, for money-lenders commonly so called, not banks ; and these money-lenders should by law be allowed to make their own terms, for long locking up of capital as well as for risks ; though Lord Althorp, with the stolidity peculiar to himself, and the ignorance of actual business peculiar to his tribe, would have reversed this, and did reverse it; and so enables the usurer to grind down the estates of struggling and well-meaning, though often miscalculated tradesmen, by striking for heavy in terest, commission, &c. d- c., once in every two, or three, or perhaps every one month; while the hands of the capitalist, who upon a fair representation and remunera tion would have given time, are comparatively tied. But my object is not at present to teach the principles of banking, but merely to say that in this instance, in the instance of the Northern Bank of England in Man chester, and in that of the Liverpool bank in particular, all the principles of banking have been outraged, and so obviously, that the astonishment should be that the facts are not considered and treated as crimes rather than as error of judgment ; for no directors can consider them selves legally entitled to take their seats merely to help themselves, or to conceal the effects of their management, or mismanagement, by keeping double sets of books ; and yet this has been the conduct in several of the gross failures of the last few years. You desire a proper audit of the affairs of banks ; and most properly ; but you do not suggest how, fur it would be difficult to any one uninitiated. In the case of savings•banks in particular, I have long urged, and I think earned, the principle of inspectors, re• sponsible to the Government and depositors, and indepen- dent of the directors. Such an officer would be equally useful in railroads. Had such a one existed and known and done his duty, the Hudsons of the day could never have cooked their ac• counts, and the failure of the Cuffey-street Bank could not have happened. The inspector, if honest and capable, would have insisted on signing the balance-sheet and report of the railways, perhaps on reading and comment ing upon it ; and certainly the partners should have in sisted on having him present and answering all questions upon his oath and honour. Such an officer seems to be indispensable in public banks ; but both in banks and railroads he must be one of the staff. He cannot be brought in at special periods— the transactions would overwhelm him; he must be ever present ; but, to be certainly efficient, he must be indepen dent of the directors. He must be the sworn servant of the companies, and a very judicious man. The directors would thus act under a gag? Not at all ; but under a guide and guarantee. Most public companies in Scotland have such inspectors, who minutely examine all transactions, and draw up and read the reports ; and instead of being odious to either managers or directors, very few of either would consent to act without them. And no wonder ; for their signatures form the releases of directors and managers and the guarantees of the securities of all officers finding security. Such officers exist in Scottish banks, but not so promi nently as in other companies ; but there has not been an instance of their being tampered with. And in Scottish Banks there are no juntas of " acting directors." AU the directors act there; and are so tenacious of character, and so alive to responsibility, that were any ride in the con tract to be departed from but once, even at the instigation of eleven•twelfths of the directors, the twelfth would in all probability throw down his pen ; and he would need no long protests nor procedure whatever ; the contract would act like iron ; and if, as is the universal rule in Scotland, and seems to have been adopted in the instance of the Royal British Bank, one fourth of the capital of the bank had been lost, and not replaced, the bank would be dis solved by contract, and that dissolution would be acknow ledged and yielded to by some one director; and that would be a signal for the inevitable yielding of the whole. How have any failures arisen then in Scotch banks? I could explain that also without impeaching the system or even implicating the directors as bodies; though in some instances they had all so deeply dipped into the funds, and became so nearly the companies, that their efforts to re trieve the banks were like the efforts of private individuals to retrieve themselves. As a general position, public banking, conducted with intelligence and integrity, ought never to disappoint the public. In the present instance, had the directors met their con stituents, as they ought to have done, and fairly represented the state of matters, even though the directions of the con• tract or charter bad been neglected, there ought to have been no failure, though the bank might in due time have been dissolved. First. Those who have overstepped the limits of the charter are personally liable in the consequences. That is one ground of retrieval. Next. The partners ought instantly to have replaced the deficient capital, or such as were capable should have done so, pro ruin, on the faith, as they were entitled to calculate, of general indemnity. All this might have been done without any public expo sure. This would m os t p ro b a bl y h ave qu i ete d t h e waters, and i n the meantime the business might have bern handed over to another bank. This last should have been easy if the business has not been wholly misconducted, for an accession of customers is an aoccssion t) a bank as to other establishments money being forthcoming so far as required, very little would have been required; distrust would have ceased, en d very pro perly, unless the charter has been so ill•considered as to have left no adequate responsibility, and, if that shall prove the case, it will be a lesson in the matter of charters. It is not for the public to interfere with the creditors of this bank. If they will take their money gradually, very well. But it would be for the honour of the system that some bank or public body, having money dormant or at inferior interest, should step forward and pay at least the minor creditors without the delay of an liotu•.—l am, sir, your ve►y obedient servant, Edinburgh, 9th Sept., 184, D. B. BANK OF ENGLAND. An Account, pursuant to the Act 7th awl Rth Victoria, cap. 32 for the week ending on Saturday, the Gth day of Sept., 1836. IR,tJI PTPARTMENT. ..... . _______.... Notes issued .... 4126;001,765 Government Debt /11,015,100 Other Securities .. 3,459,000 Gold Coin & Bullion 11,526.765 Silver Bullion .... -- 526,001,765 i . BANKING DEPARTMENT. Proprletors'CapitalSl4,3s9,ooo Government Seen. Rest Public Deposita* 6,087,0 61 Dead WeightAn.l 42.114.079 Other Deposits Seven Day di other Notes 6,021,600 Bills A26,G01,765 £34,914,691 1 £54,914,t•91 • Including Exchequer, Commissioners of National Debt, Savings' Banks, and Dividend Accounts. THE PRESS. BRITISH FUNDS. Closing Prices. OFFICIAL QUOTATIONS. 3 per Cent. Consols Ditto for Account 3 per Cents Reduced 3 per Cents Long Annuities Bank Stock, 7 per Cent Ottani= F.s.ch. Bills, 24d. India Bonds, (1,000 L) FOREIGN FUNDS. Per Ceut. Mond. Brazilian Dauish Dtch. (F. 119 bail ' French Do. Do. Bank titocl Inf 15c 1 f c Mexican 3 Peruvian 4i Portuguese 4 Russian 5 Spanish 3 Turkish Ace. t; 45 441 Mit 1034 ,70: sae I LI 103 i Mond. need. Wed. Thum ! Friday 94i 941 94e :941 4'931 941 1 92 , 1 94i 1.941 t V4l 95; linsi 9 - 51 1941 -- - - - - - 16 13p 14 17p 13 6p l 15 pl 7 15p -p 13 p{ 16 p, - p 1 - rrianw. 1032 Ira 8001 - I LO Si ?alttmolitait ffiarhtts. Alder. & Rttrdm. Belgian East. J. Dutch Rhenish East I naian Ot. Indian Pen. O. Can.,Sh Lyons a lielleVe Madras Na. h Lge.(w.in ) Nrthrn.of Frac( . Norw. Truk. Prf. Paris a Lyons Paris a Orleans Paris it Rouen RA ILIVAIII- Aberdeen Birm.Wolv.et BtourVal. Bristol a•sti Exeter .... • Caledontan Chester and Holynead Cork and Bandon Dublin I Belfast Juno East Anglian Eastern Unior.(B) East Lancashire Eastern Counties Great Northern " " Gt. Bth. and Wit of Ire Great Western Lancashire& Yorkshire Lon., Tilbury,& S. Brkg. Lon., Brighton, Sc London and Blackwell i London and Nrth•West. Midland Newmarket Newry and Enniskillen Norfolk Nrthrn. Counties Union North British North Staffordshire North-Western Oaf., Wrestr., and Wulv. Scottish Central Scottish Midland South Devon South-Eastern and Dov South- Western South Wales I Waterford a Limerick Miscst.t.txsors— AnstralianAgriculturali Canada I Crystal Palace Crystal Palace of Francel North British Aus. Laud' Peel River Land A NI .n. Scottish Aust. Invest. South Australian Land Yea Diemen'a Land .• J Tue:d. Wed. FOREIGN RAILWAYS Mond. Tuesday. Wednes. 7 1 7 1 1 7 1. i, If 4 i If 2 1 1g g 2i P 221 1 2 it i 2 IP 21 3 1 221 21 . 2 I ! 21( !2l 1 1 24 ! 24 t f 1 * 0 lo 1 20 1 1 p1 1 201 1 , 244 1 1 2 0 11 p 1 2 1 1 ! 2 1 i 2 1 i 3of 91 40 1 391 44, 6 1 2 4 8 1 9 i. ei 22 52$ 3 33 * 163 e ! 42 4 52 4 62 4 SHARES. Mond. Tiferd. 71otr. 8j 9 8j 9 181 9 itti 9 4: 93 393 3.92 4192 94 51t St 52 52j 54* I 16 7j , 161 7. 16, 74 141 115 11 re V 25 27125 27 U 7 U 80 980 2 80 SO 2 96 ;1 6 ;1:1 9i l U 7 9 , 117 9 117 64 4 44f flii . f -' •04 71 96f f 106 10 106 10 1 106 1 1 . t P P 1 6/ 7 61 7 1 6f 7 110913 f 101} 9 1091 f! 79f fp j 17s f 152 4 ;53 4 159 31 id 3} }di} 40 1 -40 146 5 414 5 } 4215 i 7 6 30 9 29 31 , " Loa 10 105 101 77 79 77 79, 15 4 !14} 5} 73 373 10131.104641 $1 63 81 53 24 6 :34 6 4 25} ,254 64 123 6'134 8 2 4 4 24 1 1 1 11. 2+ l !1i 35i 6ii 31e 6 164 64 164 6} ,25 108 10' 1 77 79 I l i } 94 17 . ". ;„ 1.1 ; 1 i 104 8 1181 81 11$8 8 I* If 2i I f_ ,S3f 110 i et 417 91 IN 4 WSJ i 105 Idi I 1011 1 78 i Tiers. 3 Li. 21 10k 9 k 3se 3 93 5/13 3 11,11 b 1021 a Friday 7 1 i Id i If 2ip 22f 2lf 24 Ilsp 281 t 9 i i 39f * 8t 9 52f 3 12 4 Frid. 81 9 0 4 62 k i lon - P 16 7 25 7 80 2 Si i 23} 4} 117 9 631 4 96 4 - p 10 7 61 7 1011 2} 77* 1 51 3 4 }d 40 4 4id 82 7 27 9 108 10 14i 5 71 2 251 Gj 123 2 21 f i f vi 61 Gi Iff Gt 14 GI 152 4 1 34 id 1 84 i 40 1 I 4 i d& ,28 30 los iol bi 71 3 101151 60 2 34 36 116 i 13i $1 1 411 7 SATURDAY, (Reportedexclusively for "Tux Pains.") CORN EXCHANGE—The receipts of English wheat up to our market this week have been but moderate, yet the show of samples—chietly of the new crop and in middling oondition— has been tolerably good. All kinds have sold heavily, at a further reduction in the quotadous of from 5s to 7s per quarter. The trade on Friday, however, was firm, at is advance. In foreign wheat very little has been doing, and prices have given way 2e to is per quarter. Floating cargoes of grain have been drooping. Fine making barley has mostly realised previous rates; but other qualities have fallen is to 2a per quarter. Malt has changed hands slowly, on former terms. There has been a good consumptive demand tif oats, at very full prices. Both beans and peas have sold at MD enrrencies; but flour has continued to give way—the top price of English having fallen to 60s per 2SOlks. XNOLIIIH—Wheat, F.sses and Kent red, 60s to 655; white, 63s to 725; Norfolk and Lincoln red, 388 to 6.55. Malting barley, 42s to 601; grinding ditto, 33s to 38s : distilling, 40s to 435. Malt, 62s to 775. Feed oats, 26s to 28s; potato, 28s to 335. Rye, 428 to 445. Tick beans, 364 to 3as; Harrow, 3as to 40s; pigeon, 40s to 445. Grey peas, 37s to 39s ; maple, 40s to 41s. white boilers, 42s to 45s per quarter. Town•made hour, bils to 60s; country marks, 45s to 48s; households, 36. to bes per 2801bs. ARRIVALS THIS WEEK. Wheat. Barley. Malt. Oats. Flour. English 1530 .. 650 .. 1760 .. 120 .. 420 Irish Freign.. 7360 .. 1440 3220 .. 7240b15. eke. LONDON AVERAGES DECLARED ON FRIDAY—Wheat, 3,101 quarters, 70s 3d ; barley, 609 quarters, 451423 ; oats, 3,232 quarters, 22s 111; rye, 16 quarters, 44s ; beans, la quarters, 35s 9d; peas. 175 quarters, 40s &d. IMPERIAL WEEKLY AVERAGES—Wheat, 73s 2d, bar ley, 47s 6d; oats, 27. 4d; rye, 43s Id ; beans, 43s bd; peas, 40s 9d. THK SIX WEEKS' AVERAGES—Wheat, 72s Ild; barley, 44a Id; oats, 27s 3d; rye, 44s Ild; beaus, 45. 2d; peas, 40. 10,1. ENGLISH GRAIN SOLD LAST WEEK—Wheat, 80,368; barley, 4,900; oats, ;al; rye, 967; beans, 2,091; peas,B63 quarters. BREAD—The prices of wheaten bread in the metropolis are from 9d to 9sd; of household ditto, 8.1 to did per albs loaf. TEA—Small public sales have been held this week. They Lave gone oil slowly, and green qualities hate produced rather less money : Congou, Bgd to 2s 6d; Ring Yong and Oolong, 10.1 to is 10d; souchong, 9d to 25 6d; Flowery Pekoe, is 54 to Ss 6d; Caper,— to —; Scented Caper, 15 Id to Is 10d; Orange Pekoe, lid to is 2d; Scented Orange Pekoe, Is 4d to 25 tki ; Twankay, 6d to 15 2d ; Hyson Skin, 6d to 15 2d: Hyson, 1s 2d to 3s 6d ; Young Hyson, 6g.1 to 25 4d; Imperial, lld to 25 4d; Gunpowder, 8d to Ss 6d; Assam, Is Id to 45 4d per lb. Up to Saturday last duty was paid on 32,743,8171b5, against 54,293,8971bs in 1805. SUGAR—The supply in the market is seasonably good, yet the demand has improved, and prices have advanced tid per cwt. West India has realised Us to Oda ; Mauritius, 40s to 495; Bengal, 40s to 52ii per cwt. Relined goods are firm, at from 54s 61 to 55s per cwt. MOLASSES—The amount of business doing in our market is by no mesas extensive, yet prices are supported. Antigua has sold at 23a to 23a Gd; Cuba and Porto Rico, 2Ua Gd to 42s per cwt. COFFEE—Since our last report more business has been transacted in coffee, and prices have advanced Is per cwt. Good ordnative Ceylon is worth lifts per cwt. COCOA—Very high rates continue to be paid for all kinds with an active inquiry. lied Trinidad is 'worth Z.es to 659 6d . grey, 555 to Ms; Guayaquil, 56s to 575; Bahia and Para, 50a to 54e; and Granada, 52s to Ses per cwt. RICE—We have to report a slow sale for this article, yet very little change has taken place in the quotations. Bengal, lore to 135; Medias, tis 6d to 105; Cargo,Bs 6d to 9s 6d; Java, lls ud to 15s ; Penang, 8s to 9s; and Arracan, 9a t o 10 9 p er cw t. PROVISIONS —AII kinds of Irish butter moves off slowly, and the late advance in the quotations is barely supported. Foreign qualities are dull, and rather cheaper. English may be purchased on lower terms. The demand for bacon, hams, and lard is less active. COTTON—There is a alight improvement in the demand, bat the business doing is not exten s i ve . Surat has realised 4td to Sid; Bengal, 34c1 to 41d; and Madras. 40 to qd per lb. WOOL—Most English wools continue in good request, at fully last week's currency; but forei g n a n d co l on i a l parcels are dull. The imports are under 1,000 bales. HEMP AND FLAX—Baltic hemp has become heavy, yet very little change has taken place in the quotations. East India qualities, including flax, command very little attention. INDlGO—Although large public sales will be held next month, there is more firmness in the demand, and prices are well supported. SILK—We continue to have a very firm market for all kinds of 4ilk, at full quotations. METALS—Scotch pig iron has sold at 72s to 72s Gd. Manufactured parcels are steady. Rails, at the works, 7112* thi to 71 ; and nail rods, 91 per ton. Tin is very firm, and 41 per ton dearer. Tin plates have an upward ten. deuey. I.C. coke, 31s; I.X. ditto, 37a; I.C. charcoal, 8711 ; I.Y. ditto, 42s Gd to 43s per box. Lead moves off freely, at 1,',1 10s to 241 for English pig. Spelter, on the spot, is worth 231 lOs ; and zinc, 321 to 321 lus per ton. SALTPETRE—The demand is bteady, and last week's prices are well supported. SPIRITS—N• have less doing in rum, yet the quotations rule about stationary. Proof Leeward., 2* 3d to 2s 44 ; East India, is 3d per gallon. Brandy is active, at fully late rates. Malt spirit, proof, Its ; Geneva, Is to S s 10d per gallon. HOPS—About 1,100 pockets of new hops have come to hand, and sales have been effected at very low prices. Old hops may be purchased at a great decline in value. Duty, 280,0001. POTATOES —The supplies are extensive, and prices range from 7us to dis per toa. OlLS—Linseed oil. on the spot, has advanced to 41s per cwt. Most other oils are steady. Turpentine rules about stationary. TALLOW—The demand Is steady. P.T.C., on the spot. 51s 6d to 52s • and for the last th ree mont h s , 49 s 6.1 per cwt , Town iallow, 14s net cash. The stock is under d,OQO casks. 886