The Express.
London, England, 1847-12-28 00:00:00

The yearly compansoo shows the following differ-
ences in the circulation :

Gant of Baalaed kr. 1612,859
Private basks IN.
Joint Nook los 611,904
Iriab basks lees 2,316,799
Scotch basks kis—. ...... „.... ' 264,376

Le circulation 012 maw Dan 4 ISO X 3,136,082
The yearly comparison for coin and bullion stands
thus :

Bank of rantisisi it. £4,735,628
Irbil banks ism
Scotch bambini 231,206

Len; coin and bullion, Dec. 4, 1847 £5,945,659
It follows, from the figures here exhibited that, in
respect of the note circulation, there was on the year
a diminution of the amount by nearly I. per cent.,
which to some considerable extent may be accepted
as demonstrative of the diminished quantity and
reduced prices of the industrial exchanges operated
in the two periods respectively. Adding II million
of specie lees in the Scotch and Irish banks, leaving
out of question the coin and bullion in the Bank of
England, whose decrease would be followed by that
of note issues aloe, we have a still more significant
measure of commercial depression, diminished values
of commodities, and restricted industrial exchanges,
during the year now closing than last year at the
same period.
ENGLISH FUNDS.
3 Der Ct. Bed. Anna., 86f 4 Ex. Bilk, £l.OOO. 3d., 912 pr.
New 34 per Cent. Anna. 864 / I Ditto £lOO,lO 12 pro.
India Benda, under £1.00.1, b dls. Ditto Small, 12 11 14 10 pm.
Como'. for Ace. 854 i i 4 1
'UREIC FUNDS.
3 per Cent. Milian Bonds,* 3 per Cent, Spanish Bonds, Acct.,
6 per Cent Mexican, 1846. 181,..u. Dee. 31, 304
4 per Contilortuguato per Cent. French Bents, Mt
3Fa., 26f. 50c. 70c. Account, 22 A
, °et...Dec.3l3lH 4 per Ct. Dutch CerUticatos, 854 i
6Drtfolaelive Beads, 4
1 EXCHANGES AND STOCKS ABROAD.
' Harare. Die. 10.—Threo per Cents., TY/ at W day. 274 6-16 cash ;
1 Fin per Cent., 14/ peao 164 mob ; Pamirs, 6 paper, ; Coupons,
104 mad Rank of A. Ferdinand, 173 at 50 days. of St. babas.
123 paper. Etchings oe London, 4b 30-100.
Recasts, Dec. lA—Lean of 1810. 9711: Ditto, 1142. 974 • Ditto. 1944.
Ifni; Dino, 1g36,80 ; cib Lela, 1032, OH ; Ditto, 1843, SH. Bank of
Tolgium. 304.
ANTWIIII, Dec. IL—Esc:bongo on London, 26 65; two months,
26 36 40.
, Teem. Dec. It —Ausliiia Fund. :_llve per
_Cents., 104 f ; Four
1 r.r...oenta. nit' rage per 1 .1.1,4b.5= et.,:?1,r7.14f U.' 92*;
,1 Ifoi'faciee,lBDk. It-Auairtan hire per Conte% 104 bilk; Bank
' Sharee, LOW bilk ; Ruadan English Loan, 104 bilk ; Ditto Fine. Series
Inenip., 1014 bilk ; Ditto Hope a Co., Third and Fourth Seri eA 95
money ; Ditto, In certif., 96 money- New Four per Canto., Hope
I 00., 864 money ; Ditto Stkerlita, del bilk. 86 mosey ; Spanish New
Fire per ..uto.. 13 Ulla, 110 mosey ; D tto, Three per Cenci., tit bilk ;
lilterksit Loan, Twoe-a-Half per Cent., 66 hills; Polish Bonds, 79
bills; Danish English Loan. Three per Cento, ICH Ws, 82
Exchanrce on London: 'lsenberg, Dec. 14, 13 11A 1 month., 13 ;
Chrirtlanin Doc. 16, 3 monde., 4 72; Stockholm, Dec. 17, 17 daps, Li
1_10: Frankfort, Dee. It 3 months. 1211.
THE UNION BANKING COMPANT.—We (the New-
castle Guardian) are authorised to state that the following
details may be considered en the basis of a plan for resuming
the business of the Newcastle, Shields, and Sunderland
Union Joint Stock Bank:—The existing engagements of
the bank shall be provided for and discharged out of its
funds and securities, and by means of calls on the present
shareholdere, who shall guarantee the new shareholders
against all liability in respect of these engagements.
The bank shall be reopened on the Ist February. 1848,
and the accounts from that time shall be kept
distinct and separate from all previous transactions.
The impala for prosecuting the business shall he pro-
vided by the creation and issue of thirty thousand pre-
ference shares, which will amount to one preference share
for each original share in the bank. These preference
shares, like the existing shares, shall be shares of 101. each,
but fil. only shall be called for, which will produce a capital
of 150,000,., on which a dividend of 71. per cent. out of the
profits shall be paid before any general division of property.
Each holder of original shares having contributed his pro.
portion of the funds required for the payment of the debts of
the bank, shall have the option of taking a like number of
preference shares, continuing, at the same time, to hold his
original shares ; or, if he declines to take preference shares,
be may sell the privilege of taking them to any purchaser
approved by the directors, and may retain, sell, or sur-
render, his original shares in respect of which all liability
shall have been discharged, at his option. With re-
spect to original shares on which the payment of
calls cannot be obtained, they shallsfantalrbedolit:bdse:necu:liriarnenvinefitdtodnenspenftuourpori--f
for-
feited, and disposed of with the preference shares in-
tended to be attached to them by the directors, for the
benefit of the company. The result will be, that there will
be 30,000 preference shares, and 30,000 original shares, a
very large proportion of the former being held by holders of
the letter ; and it is proposed that the surplus profits, after
payment of the preferential dividend of a. per cent.,
.shad
belong to the holders of preference shares, and of original
shares, without distinction. By this arrangement substan-
tial justice will be done to the existing shareholders, they
will have the option of advancing the additional capital on
which a dividend of 71. per cent. it secured, and those to
whom it is inconvenient to make the further advance of ca-
pita', 'may retain their original shares, to which a positive
value is given by a right to an equal participation in the sur-
plea profits, which, by the exercise of ordinary care and
prudence, it is quite expected will exceed what is re-
quired for the fixed dividend on the preferential shores.
The following changes are proposed to be made in the
constitution of the hank. The office of general director shall
he abolished, the number of seven directors remaining at
present. There shall be one manager, sad two of the seven
aireetors, who shall be responsible, and paid directors asso-
ciated wish him in authority, one of whom shall be in daily
attendance at the banking.house in Newcastle. In case of
difference of opinion amongst these three on any point, it
shall be decided by the directors generally, who shall be spe-
cially convened, if necessary, but who shall meet regularly
once *month. The guarantee or reserve fund shall be in-
vested in exchequer bills, or in government securities, ses as
alsb4walhwomaysthaety ed'ominannot deo:laid:7 eloncaigifkpnbitaimalete47ou.f :oh,seeoodoheirilo.yeledt::d.
the a unakalipbethrotelideepobinh Bank
ewbanote
lyethatanano=of circulation
t ifabwincre.increasing
i business England tein
clear vote
feitoconstitutionothpfutt notes ethtd the
-.3ooeubankbappsaonly,o 0
01 shall b e circulated,
With these
conducted. The deposits and balances due to the