The Sun.
London, England, 1839-10-15 00:00:00

EVENING EDITION.

dONEY MARKET and CITY NEWS.

(MONDAY ii:VgNING.)
TIMES.—It is understood that the Bank Directors
have refused to rescind or modify their recent order, by
which all bills drawn by or bearing thz indorsement ;If
such banks, whether public or 'private, as issue their
own notes, are excluded from discount by the 131- At of
England. This is the practice to be adhered to in fu-
ture, whatever the respectability of the other names
maybe which appear on such bills. This must be taken
by the public as the commencement of that hostility be-
tween the other banks of issue and the Bank of Eng-
land, the approach of which has been indicated by fre-
quent acts and intimations on the part of the latter.
The deputation of hankers from Lancashire, which
was adverted to last week as having come up for the
purpose of trying to change the determination of the
Bank Directors, has left town consequently without
having effected that object, and a few days will show
t'Jat the wealthy merchants and traders of the great
manufacturing districts are not disposed to acquiesce
quietly,in any such interdict. It is remarkable that
banks which do not issue their own notes, but circulate
those of the Bank of England, and do not come there-
fore, in appearance, within the range of the practice ob-
jected to, are moving, in concert with the banks which
do issue their own notes, to get it rescinded. It is ob-
vious, that neither any trader nor bank in that district,
whose business is extensive, can be wholly removed be-
yond its operation, as bills of all descriptions are con-
stantly passing from one hand to another, and among
them some of the objectionable bills mnst occasionally
be found, so that persons of the best credit may sud-
denly be cut eff from resources on which they had re-
lied as certain—a contingency which every merchant
cannot but regard with apprehension, and as a wanton
and capricious addition to the dangers with which com-
merce is constantly surrounded.
What adds to the very strong feeling on this sub-
ject among the bankers and traders of the north is
the conviction that they arc made in this matter to
pay the penalty, not of their own imprudences, but
of those of the Bank Directors, who, having locked
up their capital in inconvertible securities fur the
sake of a large profit, are unable with safety to
themselves to afford that assistance to commerce in
case of need, which would be the sole redeeming
quality in their monopoly, and are now compelled
for their own protection, instead of assisting, to de-
stroy it.

Some foretaste of the feeling in the manufacturing
districts may be gathered from what passed at a meet-
ing of the proprietors of the Bank of Manchester held
in the course of last week, when the result, too, of the
deputation to London was not known. In the report
submitted by the Directors to the meeting above referred
ti-.e following passages occur :
" Through a period of commercial embarrassment
and depression of trade, the proceedings of this institu-
tion have been steadily and uniformly conducted with a
view to promote the important interests committed to
its care. The monetary concerns of this country being
so intimately connected with its trade and prosperity, '
the value of every description of property being tlepen-
dunt on the administration:of the currency, the Directors
deem it desirable to call the attention of the proprietors
to some circumstances deeply affecting their interests,
not only as stockholders, but as merchants, manufac-
turers, and traders.

Within the past seven years there have been three
distinct periods in which the industry of the country has
been paralyzed by sudden and violent changes in the
value of property. These occurrences clearly indicate
the necessity for inquiry into the operation of the laws
relating to our monetary system, in order to secure such
a revision thereof as will place the standard of value
upon a mere certain and uniform basis.
" Hitherto the Directors of this bank, in their re-
ports to the proprietors, have avoided any allusion to
the principles upon which the Bank of England has
usually acted. But the resolution recently adopted by
that Company, and now in operation, of refusing to dis-
count any bills drawn or endorsed by private and joint-
stock banks of issue, is one of such an extraorainary
character, that the Directors cannot allow it to pass
without observation. The decision on the part of the
Bank of England must create great dissatisfaction in a
powerful and influential body throughout the kingdom ;
and, as it involves important consequences to the com-
mercial community, it will require much circumspec-
tion on the part of those whose interests are at stake, in
the adoption of any measures which may be considered
necessary to counteract its effects.
" The Directors of this Bank are not prepared or dis-
posed to compromise or surrender any of these great or
independent principles upon which it has been conducted
for so many years, and the proprietors r.nay confide in
their employing whatever experience or, judgment they
possess to prevent the measures of 4.:be Bank of Eng-
land from operating injuriously to y'ur interests."
The further progress of this 4,:eering will be watched
with much interest in Lom:Y.4 which does not wholly
escape the consequences of 'this exclusive system. The
public, on the whole, are to look for benefit rather
than otherwise from the, contest.

POST.--We un.aeTstand that the Stock Exchange
Committee have come to the determination, in the ease
of Mr. W. Ta7.,Aor, of which we gave the particulars
three or four days since, of excluding the defaulter, and
putting his name on the black list. This course seems
to be no more than proper under the circumstances ;
but we believe the friends of Mr. Taylor are making
an effat to prevent it by an assurance that explanations
may presently be made which will render such a mea-
sure wholly unnecessary. We shall be glad to hear,
for the credit of the individual, and, we may add, for
that of the Stock Exchange also, that some arrange-
ment is entered into which will be satisfactory to all the
parties concerned. There appear certainly to be many
extenuatinz circumstances connected with this unfortu-
nate business.

CHRONICLE.—In the English Stock Market the
transactions were limited. The payment of the October
dividends having commenced to-day (Monday), it was
thought that more investments would have been made,
although the jobbers and brokers were, of course, much
engaged in making up their accounts prior to the set-
tlement in Consols to-morrow, and in preparing for that
in the foreign house on, "Wednesday. The dividends
have not as yet produced any very perceptible effect on
the value of money, which, in the discount houses in
Lombard-street, is still held at 6 per cent. and com-
mission, and the continuation on Consols being from 5
to J 4 per cent, At the opening the markets generally
showed much firmness, but became flat in the course of
the day, in cransequence of several large sales having
been effecte-,11, and closed heavily.
HER' -

-- AL D.—honey has been somewhat more in re-
quest v, the Discount Markets to-day, whilst on the Stock
Lxel.tange there has been a considerable scarcity of it ;
may be accounted for, by the fact that the arrange-
ment of the English and Foreign accounts fall so closely
together. The greatest proportion of the business which
has been effected in either department of the Stock
Exchange has evidently arisen out of the usual prepa-
rations for the settlement. The features which the
English Stock Market has presented during the past
account have been alternately of the Bull and Bear cha-
racter, and the Contango remains at about per cent.
on Consols. The settling of the Foreign Market will,
probably, exhibit somewhat of the Bull character, at
present the continuation on Spanish Stock is per cent.