The Sun.
London, England, 1839-02-01 00:00:00

MONEY AND CITY NEWS.

(FROM THE MORNING PAPERS OP THIS DAY.)
TIME S.—Some accounts received this morning from
Manchester, respecting the transactions between the cotton-
houses which have lately failed and the Liverpool and Man-
chester District Bank, will serve further to elucidate the
mode of doing businesa by those establishments, and in some
measure, perhaps, to exculpate the firms in question from a
part of the disastrous consequences which have followed the
connexion. With respect to Messrs. Brown and Powell, it
is stated that their embarrassments, so far back as October,
1836, induced the Bank to insist on better security for their
advances, which at that time amounted to about 58,000/.
only. This was accordingly given to an extent valued by
the parties at 52,000/., but by the Bank at 40,000/. only,
according to the estimate of the persons employed by
themselves, who were presumed to be competent, and
the loss, consequently, to which the Bank could at
that time be exposed was not more than 18,000/.
In order to lessen this risk, the Bank came to the deter-
mination of carrying on the business themselves, thus making
Messrs. Brown and Powell, according to the statement in
circulation, passive instruments in their hands, and an allow-
ance was made to each partner of 2501. per annum for ma-
nagement. Three Directors were appointed as a sub. Com-
mittee to manage the concern ; and so completely were the
partners divested of all influence, that they were not even per-
mitted to sign a check upon the bank. Under this arrange-
ment, the debt to the Bank had increased to 248,0001., and
the assets of the concern at the last taking of stock amounted
cnly to 153,000/., leaving therefore a balance or supposed
loss of 95,0001.

Less is known of the arrangements of the Bank with Messrs.
Taylor, Son, and Gibson, the other house which has stopped
payment, but it is supposed that they have been placed under
similar superintendence. The balance due to the Bank by
this house is 260,0001., which was put down at the late
meeting of the Directors as a bad debt, making the whole es-
timated loss 375,0001.

POST.—.We have no novel feature to report in the state of
the Share Market. There are still but very few transactions
in that branch of the Stock Exchange. Great Western Rail-
way were done at 114 to 12 prem., London and Brighton at
4to 34 dis., London and Blackwall at 2 to 14 die., Kyan's
Anti-Dry- Rot Company Registered at 10i discount, and ditto
( Scrip), at 134 discount per share. A meeting of the proprie-
tors of these shares was held to-day for the purpose of re-
ceiving the report of the Committee appointed to investigate
the circumstances relating to the case of defalcation of which
the public were informed some weeks ago. The report seems
to have been of a more favourable character than was generally
looked for, although a number of important facts bearing upon
the matter, have yet to be inquired into. The Company have
evidently not suffered by the misconduct of their late mana-
ging director to the extent originally stated ; and it is equally
evident, from what transpired to-day, that, under prudent ma-
nagement, the concern would be an extremely good one.
Some further examination into the Company's affairs by com-
petent parties will forthwith take place.

HERALD.—In the Nfoney Market there has not been any
alteration of importance beyond the fact that, for commercial
purposes, it is not so readily obtained at the late rates of interest.
In the British Funds there has not been much business,
yet the quotations have not materially altered. Consols
have closed at 921 a for money and account. The
Three-and-a- Half per Cent. Reduced Annuities are 100}
a and the New Three-and-a-Half per Cents. 997 a 100.
Bank Stock is 2021 ; and India ditto 2551 for money. The
premium upon Exchequer Bills has ranged from 64 a 67 ;
but at the close there were bu3ers at 66. On India Bonds
the quotation is 63.

This has been—settling-day in the Foreign Market, and
though the account has been of a positive Bull character,
and a heavy one to boot, it has, we understand, been arranged
without much difficulty. This portion of the Money Maret
has, however, been regulated in rather an unusual manner.
The jobbers seem to have had a large supply of Peninsular
Bonds upon their hands, and the public have also delivered a
large amount of these precious securities, which has very much
interferred with their operations, and no sales to any extent
could have been made to-day under the growing impresiim
that money will be scarce early next month.
The settlement of the Dutch and Belgian question, accord-
ing to private letters, is said to be far from ratification ; there-
fore it is probable that much of the respective securities of
those two countries will he thrown upon this market. Spanish
Bonds, with the May Coupons, are now 19i a 20; Passive
are 5 ; and Deferred 8.1- a 9. Portuguese New Five per
Cents. have receded to 35. a ; and the Three per Cent.
ditto 221 a Brazilian Bonds are 79- a ; Colombian
281 ; and Mexican Six per Cents. 24. Belgian Bonds are
99f. Dutch Two-and-a- Halt per Cents. are 54i a 55 ; the
Old Five per Cents. are 1021, and the New Loan 1001.
The Share Market continues very dull. Great Western
Railway arc 11i prem. ; 13:-iehton are 4 dig., and 131ackv, all
131 dis. Birmingham are 76 prem. ; Greenwich 3 dis. ;
Croydon are 4/. 81. dis. ; and the New Scrip l premium.
National Bank of Ireland are dis. to par. Provincial Bark
of Ireland arc 18 prem. ; tire New ditto are 6i premium; and
the Worthing Tunti!ie 15s. prem.

LAW INTELLIGENCE.

COURT OF CHANCERY, J4N. 31.