The Express.
London, England, 1847-12-17 00:00:00

MONEY MARKET.

THURSDAY BUSHING.
The Bank broker, in continuation of previous sales,
disposed of 20,0001. in Three-and-a-Quarter per Cents.
this morning. Prices were slightly depressed by the
circumstance in the absence of any active transactions,
and Consols became 1 lower for a time at 851 to for
account., but they left off exactly 851 say 1-16 below
the closing rates of yesterday. Ite4ced Threes 84;
to 5. Three-and-a-Quarter per Cents., 86„ to 1.
Long Annuities, 8 9-16 to I. Exchequer Bills. Be.
to 10s. pm. India Boat; 21s. to 15a. discount.',
Bank Stock, 186 i to 81.
The settlement of account in foreign stocks led to
a greater variety of transactions for the balance of
differences, as a somewhat larger speculative business
had been done during the account now ended in view
of larger fluctuations being contemplated than what
have occurred. Mexican may be barely quoted 18
to 4, and therefore rather in decline. Brazilian
done at 80 was quoted still 79 to 81. Milian
at 88 to 92 were sold at 891. New Granada
were bought at 18, called 18 to 19. Peruvian at 29
to 32, were delivered at 29. Spanish Fives 171 to ;
the Threes, 281 to 91; Deferred 101 to 114; Passive,
31 to I. Portuguese Fours, 22 to 3. Dutch Two-
and-a-Half per Cents., 55 to 4 ; the Fours, 84 to 6.
A quarterly general court of proprietors was held
at the Bank of England to-day, at which it was
rather expected some questions might have been
asked, and some discussion raised, in reference to
what passed on a former occasion, about the mode of
electing directors by what is called the " house list,"
put forth by the court of directors. Scarcely a pro-
prietor however wan present, and so nothing was
said. The minimum rate of discount was not dis-
turbed by the weekly board to-day.
We are glad to be enabled to say that Mesas.
Douglas and Son's estate is so far realised as to en-
able the inspectors to declare a first dividend of 38.1
in the pound, being equal to about a moiety of the
amount exhibited as the statement of affairs originally
submitted to the creditors. This house suspended
payment on the sth of August. The amount of
claims on which the dividend becomes payable is
from 250,000/. to 260,0001. The dividend, it. is un-1
deretood, is to be payable on and after the 6th of
January next, at the offices of Messrs. Parnther and
Fisher, the solicitors, in Fencharch-street. Timely
notice will be given to the creditors.
It may be hoped, and there is reason to believe,
that assets are realising as speedily as may be, with
a view to declare dividends on other insolvent estates
as soon as possibly can be.
The balance-sheet of the great estate of Truemsn
and Cooke will, it is understood, be shortly submitted
for inspection to the creditors at large. It is stated,
on what should be competent authority, that the con-
cern will exhibit and perform much more than what
might be expected from statements already gone
forth. That 20s. in the pound will be forthcoming is
no longer the question ; the longer or less time in
which the amount will be realised is the matter of
more particular interest to the parties interested. We
have reason to believe that, instead of the long dates
at which the instalments of the fall amount are re-
ported as to be paid, the condition of the estate is such
as will enable the partners to pay down at once ss.
in the pound, and between now and next. March two
instalments more of 55. in the pound each. The re-
mining ss. to be discharged within a short time
afterwards, instead of the February, 1849, as asserted
in a contemporary paper.
Two small failures are reported from Glasgow to-
day, one of them said to be in the oil and tallow
trade. But such unimportant events, at a period of
the year when so many usually occur from the re-
gular winding up of affairs, are scarcely worth
mention.

The meeting of the creditors of Messrs. Tanner
and Ward, leather factors, held to-day, requires no-
tice much less from the magnitude of the values in-
volved, than from circumstances which will best be
explained by the facts presented upon the balaace-
sheet, or evolved in the course of explanations. The
liabilities of the firm were stated at 22,0001. ; the
assets at between 5,0001. and 6,000/. only. The ex-
planations of the debits were—that 6,000/. were lost
in speculations in railway shares; that the senior
partner married, but without family, had drawn
6,0001. for private, or say family, expenses, in four
years ; that the junior partner, unmarried, had
taken the more moderate sum of 2,0001.
during the same term. Losses and expenses for four
years, 14,0001. ; profits and commissions for the last
five years were given at 4,0001. only. A proposition
was made, on the part of the firm, to pal, 6s. in the
pound, in equal instalments, at three, six, and nine
months; the last instalment to be secured. To this
the creditors demurred ; but intimated that, if good
security were offered for the whole, the affair might
be taken into consideration. Some of the creditors
declined, however, to come to any arrangement, un-
less some leather, which had been delivered to par-
ilties on the eve before the stoppage, was returned to
the estate. The solicitor for the insolvent', Mr. D.
Wire, declared it to be doubtful whether security for
the whole of the instalments could be obtained, and
so the business was lift over.
It is the most painful part of a public duty to seem
to bear bard upon those of fallen estate, but it is no
less a day to be performed in the interests of mo-
rality, and in vindication of the honour and integrity
of British commerce. Here we have a firm acknow-
ledging to speculations, and a loss, of 6,0001. in rail-
ways, when in reality they must have been insolvent,
or nearly so, seeing that contemporaneously they were
expending, or had mostly expended, about 8,0001.
more in personal expenses, whilst all their profits for
five year, or one year beyond the loss and the ex-
penditure charged, are only made out at 4,0001. That
uti they gained 4,0001., expended in leas time 8,0001.,
and loot by speculation, gambling, oat of their regu-
lar business, 6,0001. more, together 14,0001. against
4,0001. It is difficult to conceive more reckless trading
speculation and over-living than is presented by such
an account.

We are reminded that at the period of the stoppage
of this house, some weeks ago, a letter appeared In
the Thus stating that they never had any capital to
begin with but accommodation paper. These insol-
vent parties,. moreover, as we recollect, were, with
another leather factor, an insolvent also since, the
leaders in a movement to bring the hide brokers
under the interdict of some old obsolete by-law of
the City corporation, which should bar them from
exercising their business according to long-established
usage. With the Economist paper we took some
share in disposing of the groundlessness of such a
pretension. But on occasion of a public sale we re-
member it was stated that the brokers were alwaysl
in the habit, short as their brokerage was, of accom-1
modating the leather factors with credit for several
months, to the extent in many instances of 20,0001.
more or less, for which they were held reeponsible to
their principals, by paying cash to them on interest
allowed. It is clear now that leather factors, such as
Messrs. Tanner and Ward, could never have carried
on but for such credits, and it is to be lamented that
better discrimination was not exercised by creditors
in such cases. The great balk, and all indeed, of the i
more respectable leather factors were with the
brokers on that occasion, so that eventually the dis-
puted question was quashed before the Court of
Aldermen.
ENGLISH FUNDS.
Book Stock, 1888 8 India Bow* DOOO. 18 11 IS
S par Heat. Bad. Anna, 841 16 48 India Bonds, ander A 000,23 18 lb
per it Gino Anne. (Wadi, 86 Corools for Arc 18
with dir. for mono) ca. Buy,, 8 8 t lo 810
Elm SI Par tkoi Ana. 86844 ifi DIG° spoo. IT
Load
fahJam, IffdPL Ditto Bona. 10 LS
di 8-16

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,Dll4O New &ad% INS I

6 per Oast
I per Peat.
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Ditto Small, so
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Pemba Bonds.
lat Ma, day. tram
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Ditto. from la
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3 par CUM. l6 U 1 41 ;Th-,
3 Do. Now ?SW 1 f 6 I
6 Do. .1.....8.1 lib n us Ts ui 1
49 Da. .... 111 .
Do.
B• 19160 6.1 1
29 .... a 391D....' 01.1 Mar. " iaglial
h1a1t.... 19....
Do. . 1 Durk
'Ra'''' Lo" 001111 ;II al
1169116. Doc. 9.—Tbres par Cada. 111 au
lir= C1idA6.16..A.64a1 so ts.a.. ; 11.1. :...
„,„... , smolt. 130. Doak of at labor*
London, 4 66.100 paper.
balls
Doc. 13.-131 Ileirald flak.. Thrum'
bal. ; eli Pinney. No essalagse
1,11/111,t. Dec. 9.—ies Fire per Cl
Nam,. 93 ; Ditto, Thy,. par Oisa., 16; 19
Ceuta, 63j ; Liao of 1131.1616 ; Ditto. DP/a. I
Kaerhasfr loam. EL
Hsr sr se, Dee. 11.—Anotrisit Pies pee
Shama I,We bills ; Reran ameba Low H
I Leoubure Certif.. 101 bills; Ditto. 91st Series
moue! ; Ditto, Hops a Os.. Thal sae A
Ditto. In certif., 96 mousy; Ni. Poor ...
motor - Ditto &keit.. 261 KU ; Spardra Lie
bills . Ditto, Three per Cents.. 23 bills ; Pe
Ts., sod *Half per Ceuta, 22 Ms; Dab*
DO per Canis. 55 bills; Past. Sew Four per
Dugan Englisb loan. Three Per 01011.. sii
months, 3.6 bills, 3.4 moose , amnia, D
eee. 111
Doc. 7. 3 mouths. 10 1 ; Frankfort. Dae. .3 la
Pavony Dec. I.6.—Lava of 1610 ta en
Data, DIA a 441 GaL lam. 184, Of b
POilybila..„ laDnEfiradeamisa, 27.631..„
25 35 ilia. .