The Sun.
London, England, 1830-05-31 00:00:00

GERMAN PAPERS.

VIENNA, MAY 16.—The Austrian Observer of this
date contains a letter from Constantinople of the 26th of
April, which merely confirms the truth of facts already
known through other channels.
A frigate was getting ready to go to some Russian port
in the Black Sea, to take on board the Turkish Ambae-
sadors and their suites, on their return from St. Peters-
burgh. A number of men-of-war were also being fitted
out in the arsenal, supposed to be intended for Candia,
the Governor of which has very urgently applied for rein-
forements, his troops being greatly reduced by the conti-
nual engagements with the insurgents.
M. Gordon gave a splendid ball and illumination in ho-
nour of the birth-day of his Britannic Majesty. The Fo-
reign Ministers and a great number of the European inha-
bitants of the capital were invited, but no member of the
Turkish Ministry, or officer of the Imperial household,
was present on this occasion. The sanitary state of the
c pita' and the vicinity continued to be satisfactory, and
the cases of plague at Adrianople were much less numerous.
ALEXANDRIA, MARCH 28.—Along the whole sea-coast
of Egypt an extraordinary degree of activity is observed.
Fortifications are erecting at different points, and those
which already existed are repaired. A corps of 8,000 in-
fantry is assembled at Damietta. The fleet frequently goes
to sea, to exercise the seamen. Though it seems that the
Pacha, yielding to the representations of England, has at pre-
sent resolved to refrain from all active co-operation in the
French expedition to Africa ; this extraordinary activity
must, however, have some important object. Some per-
sons think that the Viceroy has been alarmed by the arm-
ing of the Turkish fleet of Constantinople, others conjec-
ture that it is intended to strengthen the military force in
Candia, to effect the complete subjection of the island.
MUNICH, MAY 16.—We have received very satisfac-
tory accounts from Greece, which come down to the end
of April. The Greeks begin to confide in the stability of
the new order of things since the acceptance of the crows
by Prince Leopold is officially known, and since it is un-
derstood that the President will not retire. The pro-
duce of the indirect taxes increases ; much business is
doing in the towns and sea-ports ; the country people
pursue with ardour their agricultural labours, and expect
an abundant harvest. The Turks are preparing to quit
Attica, the Greek inhabitants of which are returning to
it without being molested. Many Turks come also to
Egina and Napoli to look for relations who had remained
there prisoners of war, and are delivered up without
ransom.

BERLIN, MAY 18.—The Duke de Montemart, Ambas-
sador to the Court of Russia, has arrived here from St.
Petersburgh, and.the Marquis de Rezende, Minister of
Brazil, at Petersburgh, from Paris.
VIENNA, MAY 12.—Our Government is doing every
thing to afford all possible facilities to our foreign com-
merce, and to moderate the prohibitive system as far as can
be done consistently with the interest of the Emperor's
subjects, and an ordinance has lately been published, by
which the importation of many foreign articles, which
were hitherto rigorously prohibited, is ;allowed on the pay-
ment of a moderate duty.
FRANKFORT, MAT 19.—Exchange on London, two
months, 152.

LEirsic, MAT 14.—The great purchases made by
Armenians, Greeks, and Asiatics of earietts kinds of goods
continue without intermission ; those goods are such as
have hitherto been kept out of Russia by the rigorous
Custom-house regulations, for the purpose of protecting
the home manufactures, which are dearer in price and worse
in quality. The Austrian transit duties to Trieste
are extremely moderate, and the carriage by sea very
cheap through the Dardanelles to Trebisond, which seems
likely to become an important trading town, or to one of
the northern ports on the desolate Russian comet, where
the goods are smuggled into the interior of Russia, so that
the sale of European manfactures for Asia and even Russia
seems to be secured.

The sale of Russian manufactures at the fair has
amounted to five millions of dollars, Austrian gods,
especially silks, have been in great demand. The sale of
English ma❑ufactures has been extremely great. Great
numbers of sheep have been purchased by the English to
send to Australia. The Merino sheep sent to North
America have not arrived.

METROPOOTAN COUNTRY BANK OF

ENGLAND.

On Saturday a meeting of .Noblemen and Gentlemen
was held at the City of London Tavern, for the purpose of
taking into consideration the propriety of forming a Bank-
ing Company, Sir HENRY PARNELL, Bart., M.P., in
the Chair.

The CHAIRMAN, on taking the Chair, read a note from
Sir Rowland Hill, apologizing for his absence (apologies
were also sent from Sir Edward Knatchbull, Sir T.
Lethbridge, Mr. Colville, and others), and proceeded to
state that the object of the present meeting was to carry
into effect a resolution which had been passed at their last
meeting on the 27th of March, for the establishment of a
Joint-stack Banking Company in London, to conduct the
business of banking in the country. A Committee had
been appointed for the purpose. From that period they
had waited to ascertain the result of Mr. Huskisson's mo-
tion, and what course Government had determined to
take on the subject, as well as the result of the confe-
rences which several gentlemen had with his Grace the
Duke of Wellington. The Hon. Baronet concluded by
observing, that the business of the day would be chiefly
confined to the passing of a resolution to increase the num-
ber of their Committee, and he had no doubt but that a
plan would be arranged of carrying on and working the
scheme to a successful issue.

The Hon. Mr. Llonet.o, M.P., would yield to none in
his seal for the success of this measure, and particularly to
when that success was likely to promote the prosperity of
the country. When they considered the great fluctuations
in trade, and the evils to which the country was exposed
under the present system of banking, it was but right to
inquire whether that system, which must be considered as
the basis of commercial credit—(Hear)—were set deep
in a rock, or rested only on a sandy foundation—whether,
like the house in the parable, it stood firm amidst storms
and tempests, or whether in practice it was found able to
sustain their shocks. If experience proved the latter, it
was high time that that system should be placed on some
firmer and here it was fortunately in their power to
pro-ie theory by experience by turning their eyes to a
neighbouring country. If the banking system in Scot-
land, established upon sound principles, produced effects so
beneficial to that country, why need they doubt that, under
a similar system in England, results would be beneficial ?
The Hon. Member then read some resolutions which bad
been adopted at Brown's coffee-house, Westminster, on the
sth of March last, the consideration of which was calcu •
fated to inspire the best hopes of the efficacy of a public
banking company on joint stock principles, and concluded
after many valuable observations, by expressing his convic-
tion that a measure like the present would greatly promote
the general security and prosperity of the country.
Sir WILLIAM CoawAY considered that if the Scotch
system of banking was modified to. English wants and
English prejudices, it would produce most beneficial results
to this country ; and as a proof of it, it was only neces-
sary to observe, that during the panic of 1825 not even
one Scotch bank failed.

SPRING Iltcx, Esq. M.P. begged to assure the meeting
of his cordial assent to all that had been so ably stated by
his Hon. Friend Mr. Liddell, both as to the utility and
practicability of the important project in contemplation,
as also to the grounds upon which it had been recom-
mended ; yet he thought that, in forming an estimate of
its probable advantage., it would be better if the order of
recommendation were reversed, His Hon. Friend had
recommended it first on the score of public good, and
next on the score of private advantage. He (Mr. Rice)
thought that the private advantage was the first point to
he assured of; fur it was only from ascertaining the cer-
tainty of that that we could hope to effect any ultimate
and permanent good to the public. Having said thus
much, he would assure the meeting that he concurred
with the most ardent supporters of the undertaking, hav-
ing not the slightest doubt of its success, and he said this
as one who had no little experience in undertakings of the
same nature. In the next place, it was very necessary to
be explicit not only as to what they intended to do, hut
what they intended not to do, that the public might riot
be drawn to a wrong conclusion. It unfortunately hap-
pened that there were very opposite opinions on the ques-
tion of currency; some were for all gold, others were for
all paper. But the promoters of this undertaking must
not be supposed to enroll themselves with either party.
I❑ the attempt to render useful the operation of that great
discovery of modern commerce—the circulation of paper—
which to a certain extent is indispensable, and within
certain limits is beneficial to commercial intercourse,
great care should be taken, not only against abusing, but
of being supposed to contemplate the abuse of a
good principle. On the question of issues, the
great mischief of the present system of country,
banking is the want of connection, and con-
scious dependence on the great focus of foreign ex-
changes, front whence arose imprudent expansions and
contractions of the currency, the existence of which was
not even known to the bankers until the pressure and re-
vulsion which they produced made them acquainted with
the fact. It should not therefore for a moment go abroad,
that they made themselves parties to producing an expels--
siou of the currency, further than the prudence which men
of business would dictate. Next, as to the present banks.
There ought to be no misapprehension of their views.
Their rrocreding arose from no distrust or j,alousy of the
Batik of Engand. If that were the case, he should not
have been found amongst them. Neither did it sr:se front
any hostility to the private bankers. The better sort bad
nothing to fear ; their connections were established, and
their security well known. As to the weaker banks, it
might not be expected that they would, like Blackstone's
Judge, cry, out of conviction, .‘ Judico me cremare." If
it was proposed to burn their out-standing notes, as some
of his wrong-headed countryme❑ did during thi rebellion,
they might have no objection ; but it was only natur,tl that
they should exclaim against the intr duetion of es•ablish-
ments which must affect their interests. But he could not
help conceiving that the extinction of their banks would be
effected in a way advantageous to themselves. They should,
in fact, form an association with and merge in the more
secure establishments which were contemplated, as was
the case in his own country, and derive mote benefit from
their dividends in that shape than from the precarious
profits at present. He would venture one word more of
advice. Let them proceed industriously but cautiously,
and they must succeed.
Lord DARNLEY-Having witnessed the great extinc-
tion of the poorer sort of banks, and the miseries which
they had produced, he could not but feel that Government
had no alternative but to take the measures they had done.
Still he was aware that the most serious inconvenience had
arisen from them, and from all that he bad heard from his
Honourable Friends, Mr. Liddell and Mr. Rice, he was
perfectly convinced that the present undertaking would
prove of the greatest use and benefit to the public ; and
though he could not profess himself to be so well acquainted
practically with the subject as his honourable friends, he
begged to assure the chairman, that so far as his efforts and
sanction could go, nothing should be wanting to promote
it. The contemplated measure, he was satisfied, would do
much to alleviate and remedy the distress which existed,
and he hoped to prevent its recurrence; and although, per-
haps, he might be more sanguine than others, he looked for
the same beneficial results throughout the whole country.
The Marquis of Bure assured them, that he took a
great interest in the business of the meeting, from a sense
of its importance.
Mr. STEWARD next addressed the meeting, and concurred
with the preceding speakers as to the benefits likely to
arise from the contempt ited measure.
Sir H. PARNRLL said it was unnecessary, after the able
statements they had heard from gentlemen so well qua-
lified on the subject, for him to trouble the meeting at any
length. With regard to the currency, he would s. y to
those gentlemen who were anxious for the benefits of a
more extended currency, which should be regulated on
proper principles, that as the best and the only way to at-
tain it, they should promote such undertakings as that
now proposed. The Scotch system of cash credits (which
few English banks had the means to adopt) would do a
vast deal more to facilitate local dealings than an extension
of paper, and the allowing sufficient interest on deposits
(which they were equally unable to do) womb' prevent the
possibility of an over issue of paper, for this simple reason
—that when the paper money in circulation became more
abundant than was wanted, it would be returned to the
banks in the shape of deposits. The banks would thus act
as a reservoir which would keep itself, and the channels
through which it distributed and received the circulating
medium, at a level without the risk of those fatal issues
and contractions, of which the effects were too well known.
Scotland had made as much use of paper as England, but
with this difference—in all stagnation. of trade the Scotch
banks had relieved and revived it with safety. In Eng-
land the reverse generally occurred. Neither in 1793 nor
in the subsequent panic', including that of 1825, had any
distrust been caused by the unprepared condition or in-
adequate means of the Scotch banks, and he hoped that,
with the assistance of commercial men, who seemed, from
what he had heard to appreciate the present undertaking,
that the same !security and facilities would very soon be
enjoyed in this country. He would wish to say a few
words more: he was well aware of the objection in the
public mind against what was called " joint stock com-
panies," but the respectability of the parties who supported
the undertaking was a guarantee that it was not evert
brought forward upon slight grounds, much less that it