The Sun.
London, England, 1839-10-22 00:00:00

MONEY AI4IRKET and CITY NEWS.

(MONDAY EVENING.)
CHRONICLE.—The accounts from the country
received this morning continue to give the same bad re-
ports of the state of trade. The Manchester Chronicle
says that the gloomy aspect of the markets had deepened
to a still darker hue during the past week. The spin-
ners and manufacturers threatened recourse to short
time, and limitation of production is referred to as the
only means of escape from fearful disaster. The low
rate of wages thus produced, taken in connection with
the high price of food, must render the condition of the
manufacturing classes deplorable in the approaching
winter. The Corn-laws must be given up, and until this
be done, we shall have frequent panics in our Money
Market, and wide-spread distress among the great
masses of the people. Under these circumstances, we
look anxiously to America as a market from
which to draw supplies of foreign corn. They have
plenty to spare, and would gladly take payment in
commodities instead of gold. The difference in fa-
vour of wheat imported from Poland, as compared with
New York, is given in the American Papers at 35.10 d.
a quarter—taking the average price at New York at
10 dollars a quarter, and allowing for expence of con-
veyance, making the cost at London 48s. 11d. sterling
per quarter. In Mark-lane to-day the average price of
foreign wheat will be quoted the same as last Monday,
but the qualities of English wheat of the last crop
shown were generally inferior, and it is expected that
the averages will come so low that the duty will soon
rise to 13s. Bd. Here, we repeat, we have an instance
of the injurious working of the Corn-laws. A
large supply of an inferior article, which sells
at a comparatively low price, redaces the average
rates, forcing up the duties on foreign corn, and
thus increasing the price of food, while that
necessary of life is just as scarce as ever. The
samples of malting barley shown to day were deficient,
and held firm at last prices, but there was a full supply
of inferior qualities, which were quoted at a decline of Is.
par quarter. Oats firm at the prices of last Monday.
The failure of the Joint Stock Company at Manchester,
called the " Imperial Bank of England," still excites
much discussion ; and in a proposal of settlement made
to a Committee of Inspection, we find it stated in the
Manchester papers that the present shareholders are
willing to sacrifice at once all the money they have paid
upon their shares, which will come from the pockets of
comparatively few individuals, and will amount to con-
' siderably more than 60,0001. The same parties also
state their readiness to pay a further call upon their
shares, if properly responded to by other partners in the
concern, so as to get the affairs wound up.

POST.—The Paris exchange came more favourably
quoted this morning. We understand that the Direc-
tors of the Bank of France refuse for the present to
increase their stock of bullion, and this would appear
to be the cause. Such a move on the part of the na-
tional institution at Paris, will rather disconcert the
anti-Bank of England school of writers ; but we doubt
not it is one which has been dictated by the soundest
policy.

HERALD.—There is snch a mischievous tendency
in one or two of the propositions which were advanced
in the letters, on the subject of the refusal of the Bank
of England to discount paper bearing the indorsements
of joint-stock banks of issue, which appeared in the co-
lumns of a Morning Contemporary on Saturday last,
that it has created much surprise with many parties that
" the celebrated journal" should give them even the
shadow of its countenance by admitting them.
itness the following modest proposition in the first
letter, dated Liverpool :
" What some of the leading joint-stock banks are said
to meditate by way of retribution, is that such an amount
of Bank of England notes should be collected in the coun-
try and presented for payment in London, and at the
branches, as will cause the old lady' to beg for quarter,
or to resort to an Order in Council for the issue of 11.
notes. I feel persuaded that in preference to the dilatory
course of petitioning for an alteration in the charter of the
Bank, some course founded on this principle will almost
immediately be taken."

Did it never strike the noodle who wrote the above
pretty piece of incendiarism, that if the joint-stock
banks were to adopt this wicked course, they would
certainly place themselves in the position of the man
who cut off his nose to be revenged of his face ? In
fact, if they adopted this plan they might cause the
Bank of England temporarily to stop payment, but
they, as certainly as they make the attempt, will
bring themselves into discredit, if they do not also
cause their own downfall. But we have reason to
know that the Bank of England direction will cam
on their own affairs under the system they have adopted
lately, and that they will not resort to the most ulte-
rior modes of bringing things about without dire ne-
cessity.

We are ❑o enemies to the joint-stock bank system
of the country, nay, we have ala ays maintained that
under our existing currency system they have been, and
yet may be, the safety valve of banking in this country.
The system of joint-stock banking, however, is ver)
far from being perfect ; there are many of these bank.
which had sadly departed from the sound principles of
banking in conducting their business, with a view to
make showy dividends, and they are amongst the many
who deal in such violent--often uncalled for—wholesale
strictures upon the conduct of the Bank of England ;
in fact, they have, as we have said before, like all igno-
rant and prejudiced people, abused their great rival,
instead of the system which disenables the Bank to aid
them ; but we cannot see that, under all circumstances,
the Bank 15 bound to extricate them at all times, from
the result of their own indiscreet modes of transacting
what they falsely call " business."

It is true that there are a great many errors in the
constitution of the Bank, as well as in its management,
but during the existence of the celebrated Restriction
Act very iew complaints were made against the conduct
of the Bank of England. Ba it also remembered that
when the Directors presented their celebrated protest in
the year 1816 to the Government against the principles
of Sir Robert, then Mr,, Peel's contemplated Currency
Bill, they were hardly listened to, their practical expe-
rience was totally unheeded (for in those days practical
men presided in the Bank parlour),and the late Earl of Li-
verpool literally told them to mind their own business. The
result has proved that since that cruel measure came into
operation the commercial and monetary interests of this
country have been kept in a constant state of fluctuation,
and a gradual decline in the profits of legitimate commer-
cial pursuits has opened the door for jobbing and spe•
culating in the trashy bonds of the banks of the United
States and state stocks, until an enormous amount of

l3ristish capital has been absorbed by them, which ope-
rates as a dead weight upon the industry of this coun-
try, whilst on many occasions they have brought on se-
rious monetary crises wholly unconnected with our own
international, commercial, or monetary operations. All
this has been brought about by the system of our fixed
gold standard, and our monetary institutions as well as
individuals have since its establishment been constantly
at its mercy.
Money has been somewhat easier to-day both for

commercial purposes and on the Stock Exchange. In
the early part of the day the British funds opened
heavily, but towards the close they rallied considerably.
Consols have closed at the improved quotation of 905
a for Money, and 904 a for the Account; the
Three-and-a-Half Reduced Annuities are 97-e ; and the
New Three-and-a-Half per Cents. at 98i money ;
Bank Stock has advanced to 1781 a 179 for money ;
Exchequer Bills of the first class are 1 dis., the second
arc par to 12 dis., and the smallest class 3 to 4 prem.

The Times asserts, " on the most positive au-
thority," that her Majesty refuses to transact business,
except by deputy, with Mr. Macaulay, the Secretary
at War. Well—we assert this to be " a lie"—a lie
which embodies all the peculiarly offensive characteris-
tics so elegantly expressed in its classic columns.—Globe.
39, ALBEMARLE-STREET, PICCADILLY, AND
96, CEEAPSIDE.—DEAFNESS AND DEFECTIVE VISION.
A 'greater proof of the value of the Messrs. S. and B.
Solomon's Invisible Operative Voice-Conductor, and
newl!Xinvented Spectacle Lenses, cannot be adduced, than
the circumstance of the many thousands of individuals who
have obtained the greatest benefit and instant relief, and
the constant immense demand there is for them from all
quarters of the globe, and the patronage they have, and
daily continue to receive, from persons of the highest dis-
tinction and the principal members of the medical profes-
sion. After their general use to deaf persons and those
with defective vision, no observation is required to set
forth their merits. The Messrs. Solomons disclaim al
connection with persons of the same name, and the sale of
amber spectacles. Dr. Andrew Ure, Esq., M.D. F. R. S.,
&c., states amber.
IS most powerfully electrical by friction,
very hot, to such
The workmen, too, are subject
as to explode into fragments.
wrists,
arms,
they encounter
to a nervous tremor in their
ynieetnrunter great danger by hand-
' ling such dreadfully.exelectrics. Amber is of such
a soft and sticky nature, thats, it apt to take fire ; and
when exposed to warmth, it n
t is bubblesfurther
confirmed
mwill
burn away with flame. This stawtaeeamllasf
andso by Parks and Herns
by Sir D. Brewster and Pliny,
a destructivei use of
on Chemistry. The pernicious
imperfect vision may be
such a material for spectacles to
ascertained at any respectable optician') London._ 96,
Cheapside, and 39, Albemarle-street. No agents nor
OF
tra-
vellers are employed.
CAPTAIN MARRYAT AND THE AUTHOR
" CAVENDIsH."— will
The author of " Peter Simple," it
be remembered, recently published a naval novel, ca
" The Phantom Ship," founded on a well-known nauti-
caled
superstition ; and the author of " Cavendish" is
about to produce his story on the same subject, called
" The Flying Dutchman." The fact of two popular
writers making choice of a similar theme for illustra_
tion, at nearly the same period of time, is almost unex-
ampled in the annals of literature, and has given rise to
much excitement in the reading circles. Captain
Marryat's work has had the advantage of priority of
appearance, but this circumstance is not likely to detract
from the interest which Mr. Neale's book will doubtless
create, as every body will be desirous of contrasting his
production with that of his celebrated contemporary.
Our readers will recollect the importance that was at-
tached to " The Flying Dutchman," on occasion of the
late trial in the Court of Chancery.

THE RGYAL EXCHANGE.

THE ARCHITECTS TO WHOM THE PRE-

MIUMS HAVE BEEN ADJUDGED.
We now have it in our power to mention the names
of the architects to whom the premiums have been
awarded for those designs which appear to be the roost
closely bordering upon the practicable, and not likely to
involve an expense beyond the sum mentioned in the
instructions.
No. 36,-3001. to Mr. William Grellier, District Sur-
veyor, 20, Wormwood-street.
No. 43,--'2OO/., to Mr. Alexis De Chateauneuff, of
Hamburg, and Mr. Arthur Mee, of Carlton Chambers.
No. 37,-100/., to Mr. Sidney Smirke, 12, Carlton
Chambers.
Not one of these plans will be acted upon. They are
reported as being more in conformity to the printed in-
structions than any of the others, and as coming within
the limited sum of 150,0001. as to the cost. But the
architects to whose judgment the designs were sub-
mitted, and the Committee, consider that without many
alterations they will be neither practicable, advisable,
nor capable of being made durable edifices.

PRESENTATION OF PLATE TO
MR. JOHN CLEATON, OF LLANIDLOES.

On the 11th instant a public meeting of the manufac-
turers and other inhabitants of this town was held at
the Angel Inn, for the purpose of presenting Mr. John
Cleaton, flannel-merchant, of Llanidloes, with a hand-
seme gold snuff box, as a mark of gratitude for his sup-
port of the trade of the town.
After the usual loyal toasts had been drank, the
Chairman, Mr. OWENS, addressed Mr. Cleaton in a
very long speech, in which he showed the folly of division
among the parties concerned in the Welsh flannel trade,
while they had such powerful opponents in the north of
England, the necessity of their uniting to have one com-
mon centre for the flannel market, which ought to be
at Newtown, because it is situate in the centre of the
trade, and then showed that this was the principle that
governed the establishment of the market for all manu-
factured articles in the North and other parts of the
kingdom. He then adverted to an error which had
made way to this town, that the removal of the market
from Welshpool to this place had introduced a class of
manufacturers without capital, who were necessitated
to dispose of their goods every fortnight to meet their
engagements, which was the means of keeping down
the price of flannels. A more superficial error he had
never known, and he was sorry that he had not had an
earlier opportunity to state his views, which he flattered
himself were correct. He then proceeded to say, that
at the time of the removal of the market to this town
there sprung up a mighty engine in the monetary system
of this kingdom—he meant joint stock banks. The
result was, credit was given by them, and the banks
whom they were rivalling, to an enormous extent. The
bills of these mushroom manufacturers were taken not
only by the bankers, but by wool merchants, and card-
ers, and slobbers, and what could not be raised by these
means were made up by a system of accommodation bills.
The result was, credit was gradually withdrawn from
them, and they were continually obliged to make sacri-
fices in goods to meet their engagements, till they one
after another sunk into their original station of work-
men ; and before the trade of this town has had suffi-
cient time to recover from the effects, the most ex-
traordinary scarcity of money has arisen that ever
affected this kingdom. He urged the company pre-
sent to pause before they, by the faintest hope of pre-
, sent gain, sacrificed the trade by divisions. The Chair-
man then, on behalf of the manufacturers of Newtown,
presented the gold box to Mr. Cleatcn, saying, " I
have, Sir, a pleasing duty to perform in presenting this
box to you. I know thereby I shall be the instru-
ment of conferring pleasure upon you and your family,
and future generations after them, as they will read with
pleasure the inscription engraven thereon, and follow
your example." The health of Mr. Cleaton was then
drank with the most rapturous applause.
Mr. CLEATON, in returning thanks, said his feelings
completely overpowered him, but he felt deeply indebted
to them for the proud honour conferred upon him.
He quite agreed with what had fallen from their
Learned Chairman, but he would add that he be-
lieved at present the trade of Montgomeryshire was
in a more healthy state than it had been for many
years. He thanked them from the bottom of his heart,
and would do all he could to deserve their future con-
fidence.

The inscription on the box is as follows .—" Pre-
sented to Mr. John Cleaton, jun., of Llanidloes, by the
manufacturers of Newton, Montgomeryshire, as an ac-
knowledgment of their gratitude for the great support
he has invariably given to this town and its trade."
The following healths were drank during the even-
ing :—Lord Powis, the Flannel Merchants generally,
the Chairman, Mr. and Mrs. Owen, William Pugh,
Esq., Co'onel W. W. Wynn, and better health to him,
David Pugh, Esq., Sir John Edwards, Bart., Mr. C.
and Mrs. Woosnam, Mr. and Mrs. Drew, Mrs. Lu-
tener, Dr. Johnes, Wythen Jones, Esq., Mr. Jones,
solicitor, Inc.
Many excellent speeches were made during the even-
ing, but it would be invidious to give part without set-
ting forth the whole. The comp any did not separate
till a late hour, and the evening passed off with the
greatest conviviality and good humour.