The Sun.
London, England, 1839-12-05 00:00:00

The circular itself is in these terms :--
"TO THE SHAREHOLDEkd IN THE BANK OF THE UNITED

STATES.

" London, December 4, 1839.
" Gentlemen_ Herewith I hand you a copy of a con-
densed statement, which I have received from the Bank of
the United States, of its assets and liabilities on the 4th
ultimo :

" A Special Committee, consisting of five members of
the Board of Directors, was appointed on the 12th of
November to examine into the situation of the bank. On
the 15th of November, the .day before the sailing of the
Great Western steamer, they made a report, that the
limited time allowed them precluded an investigation of all
the items of the account, and that they therefore directed
their attention to the least perspicuous items, viz. :,-
4' The bills discounted on other than per- Dollars.
sonal security (A), amounting to
The Steck accounts (B), amounting to 13,422,074 34
;' And the balance due by State banks (C) 4,619,947 74
4' The Committee estimated the probable loss on these
items as follows :

A
" B, including 375,000 dollars subscribed
under the charter, the loss on which
forms a part of the bonus ,paid to the
State
" C, considered good.
" The other items had, however, been investigated by
the ' Committee on the State of the Bank,' a Standing
Committee of Five Directors, who estimated the probable
loss on the remainder of the bills discounted to be less
than 1,000,000 dollars,' and upon the real estate and bank-
ing houses 3,000,000 dollars. All the remaining assets
were considered good.
" The following is given as the result

Dollars.
‘' ' A surplus, as shown by the statement.. 4,86909 67
" ' Probable gain on the circulation of the late
bank, estimated at 600,000 dollars in the Re-
port of the Commissioners of the United States 300,000 0
" Interest accrued on debts considered good,
but not charged on the books

5,679,613 6

“ I Deduct losses estimated A Dol. 475,077 62
Ditto ditto B 2,833,531 10
Ditto Bills discounted 1,000,000 00
Ditto Real estate 300,000 00

4,608,608 72

" ' Probable surplus beyond the capital of
35,000,000 dollars D. 1,071,004 34
" It should be recollected, that the bonus of 2,500,000
dollars paid in cash for the charter has already being
charged to the surplus fund, and that if this sum had been
distributed in annual payments over the whole period of
the charter, as was done by the late Bank of the United
States, this fund would stand 2,000,000 dollars higher
than it now does.

" It may not be unimportant to the shareholders to
know, that it is the practice of the bank to send all its
monthly statements to the Government at the end of the
year, in time to be laid before the Legislature, and that
this practice has never been objected to by the State au-
thorities. " I am. very respectfully,
" Your obedient humble servant,
' S. JAUDON,
" Agent of the Bank of the United States.' "
Commercial men, who are perfectly aware what value
is to be attached to " balance-sheets" put in by parties who
have an interest in making the account appear as good
as possible, will need no warning on the subject of these
documents ; but the public at large require protection,
and cannot be too much on their guard on this occasoin.
Nothing could be more absurd on their part than the
x?ectation of an approach even to a realization of the
views of the Philadelphia Committee, whose integrity it
Is not necessary to call in question, but who may pos-
sibly deceive themselves as much as they certainly do
the shareholders in this very flattering statement. Some
other " balance-sheets," rendered in 1837, also in a
case where the result was dependent on an American
realization, might be made use of as a guide upon.
this occasion, but it has happened unfortunately, somehow
or other, that it has never been thought expedient to let
the public know the subsequent working of those accounts.
But the silence maintained is itself condemnatory, and
after the vigilance used, by sending out on that occasion
a special mission from the Bank of England, it is idle
to expect that more can be done by Mr. Jaudon and his
masters of the Philadelphia institution. The particu-
lar items of the account arc hardly worth remark until
an inquisition has been made into it of a more indepen-
dent character.

The accounts from Jamaica by the Alert packet,
with the West India mail, are to the 29th of October.
The new Governor's speech on opening the Session of
the House of Assembly had produced a favourable im-
pression. The island had latterly been in a less agi-
tated state, and it may be hoped that the absence of
exasperating causes in consequence may lead to better
feelings amongst the different classes towards each other.
Many of the labouring class had been purchasing land
on their own account, as was natural when they had
or could procure the means, and it is stated that gene-
rally the proper quantity of labour had not been be-
stowed upon the sugar plaptations, so as to insure fair
crops for the next year, but, on the contrary, the coffee
estates had been well attended to, and were likely to
turn out well.

CHRONICLE.—AIthough this was the shutting
day for Consols and Three-and-a-Half per Cents., there
were no sales of importance, or pressure for money ex-
hibited, and the market was steady, but was not quite
so firm as yesterday. The bills which fell due to-day,
this being the 4th of the month, were understood to
have been well met, and the amount, owing to the
great curtailment of business, was not considerable.
Consols for the opening closed at 9 ; Three per
Cents. Reduced, 89j to 90 ; Three-and-a-Half per
Cents. Reduced, 98* to ; Bank Stock, 178 to 179 ;
Exchequer Bills, 43. to 2s. dis.
In the Foreign Market the Spanish Active have re-
ceded a shade, it being generally believed, in well-
informed quarters, that the rumours of a convention be-
tween Cabrera and Espartero are without foundation ;
on the other hand, a slight advance took place in Por-
tuguese securities in consequence of the report gaining
ground of a change of Ministry in that country.
Business is still languid in the Share Market ; but in
some few instances an advance has been obtained.
The Manchester Guardian of yesterday, in alluding
to the accounts brought by the Great Western, observes
that the news is uninteresting, except upon one point,
which certainly is of great importance to the people of
Lancashire. It appears by all the accounts, public and
private, that the crop of cotton will be exceedingly
abundant, and, to all appearances, of excellent quality.
The estimates of its probable amount are so various and
altogether so uncertain, that wo shall not trouble our
readers with them ; merely observing that the prospect
of the crops is understood to have caused the holders
of cotton on American account in this country to offer
their stocks freely in the market, and we believe that all
hopes of an extravagant and speculative advance have
now been abandoned by the Americans themselves.
The sales of cotton at Liverpool on Monday
amounted to 5,000 bags at a decline of * pee lb., while
yesterday it appears only 2,500 bags were sold at the
same rates ; showing that the expected importations
have had the effect of lowering the demand, which must
procuce a further decrease in the price of manufactured
goods.

POST.—The business transacted at the Royal Ex-
change was of very little importance. Indeed, if it had
not been for the shutting of the books in several of the
markets, the day would have proved almost a total
blank. Money is comparatively easy, and the English
Funds left off at what were considered by speculators
satisfactory prices.
We trust that the continued impudence of the Por-
tuguese Government in buying up and cancelling their
bankrupt stock under the very eyes of the plundered
bondholders, instead of appropriating whatever money
they
may have to spare to the liquidation of the divi-
dends, is duly noticed. Senhor A. de Paira Pereira
da Silva, the Portuguese financial agent, publishes
in the journals the disgraceful fact, that on the
2d instant Three per Cent. Portuguese Stock of
1835, to the. extent of 5,5001. further, was cancelled and
deposited in the Bank of England, in the presence of
Baron Moncorvo, by virtue of the law of the 11th of
July last. The contract price of these bonds was 72
per cent., but the rate given for them in the market was
at one time, if we recollect rightly, upwards of 80, and

to this is to be added three years' arrear of interest, so
that the actual cost to many may be estimated at, or
about, 90 per cent. The value of the same mock se-
curity to-day was 231 to 234. The Government at
Lisbon, therefore, while they pay the home creditor in
full, and quarrel with and caricature Lord Palmerston
about a bagatelle of three or four thousand pounds which
his Lordship has taken the liberty to distribute out of a
small slave-trade fund balance to Sir John Milley Doyle
and others who fought their battles for them, take advan-
tage of the necessities of the poor foreign creditor, whose
securities have been depreciated by their own abo-
minable bad faith and treachery to the tune of little
short of 70 per cent. W/ hat are the Goldsmids and
the Thorntons, who are bespattered with the praises of
Donna Maria's Ministry about, that they should suffer
a crying injustice like this to proceed ? As parties who
were instrumental in letting the British public into the
ruinous losses they have sustained by Spain and Portu-
gal, surely it behoves these gentlemen, as well as Messrs.
Rothschild and others interested, to demonstrate, and,
if possible, to put a stop to the depredations of those
countries on British property. A hue and cry has been
raised against the Americans, but, while those who are
absolutely raving about the United States Bank, which
will apparently settle honestly with everybody, we cannot
but be struck at the uniform tactiturnity that is observed
with regard to common robbers. This one-sided, or
rather wrong-sided acrimony, cannot but fail in its effect
on the minds of reasonable people.
We quite agree with one of our correspondents, that
it is unworthy of the Bank Directors to suffer acts like
those to which we have now called attention over and
over again to be perpetrated on their premises. To
afford facilities for the commission of dishonesty is, in a
manner, to countenance and encourage it.

HERALD.—The general advices which have been
received from Jamaica and our other possessions in the
West Indies this day, by her Majesty's packet Alert,
have caused more than the usual interest.

From Jamaica the intelligence is considered to be
decidedly more favourable, and so with the Leeward
Islands and British Guiana. The inaugural address of
Sir Charles Metcalfe, on the meeting of the House of
Assembly, appears, from the private letters, to have
given much satisfaction throughout the island;where, in
fact, they have long looked up to the new Governor,
whoever he might be, for a reform or amelioration of the
stipendiary system. Here, at home, also, his Excellency's
opening address has created much interest and consi-
derable approbation. He is considered to promise
a great deal, of which, if one half is achieved,
much good will most probably follow, but all parties
well informed upon the social condition of the Island of
Jamaica, maintain that Sir Charles Metcalfe has a most
difficult course to pursue, in consequence of the number-
less errors which have for several years crept
into the administration of the government of
that important settlement. The letters, however, state
that in a great many instances the negroes had improved
in their conduct ; but from the north side of the island
the reports are not so favourable, and the stipendiary
magistrates are much blamed for perverting the law,
and giving the negroes bad advice. The seasons on the
north side have been generally fine, and if the labourers
would give continuous labour, it is said the crops ought
not to be so lamentably deficient as was expected, though
it is admitted that the quantity of cane plants holed on
the sugar estates has been very limited as compared with
former years.

A large public meeting had been held at George
Town, Demerara, for the purpose of expressing the
opinion of the resident merchants and planters, in
favour of an extensive plan of emigration into that
colony, when great promises were made if the Govern-
ment would but accede to the projectors' scheme for a
system of emigration from all parts of the world to the
swamps of Guiana.

It seems that in Jamaica and the smaller islands
agents continued to distribute printed statements to
the free negroes of the most enticing character, which
were calculated to mislead them, and are said, in many
instances, to cause discontent among the negroes.
There has been a little more pressure for money to-
day upon the commercial discount maket, in conse-
quence of this being the fourth day of the month, and
in the early part of the morning it threw some little
dampness over the Consol market, some parties beio.
desirous to make money sales before the Bank books
shut ; but towards the close a slight improvement took
place.

SUN.—The Commercial Markets were in an active
state to-day in consequence of the large amount of pro-
duce (East Indies, China, and West Indies) which was
offered for competition, the greater proportion of which
found buyers. Of Tea the quantity now passed is
about 30,000 packages. Prices rose again to-day Id.
and lid. per lb. The appearance of commercial affairs
is improving.
The Funds left off at very nearly the same prices as
in the middle of the day. Consols for Account at 911
Exchequer Bills at 2s. discount, India Bonds at 7s.
discount, and Bank Stock at 1781.
Spanish Stock was flat at 25 this afternoon, and
Portuguese Five per Cents., after rising to 34, left off
at 334. Dutch Two-and-a-Half per Cents. have ad-
vanced to 52i, but Colombian fell from 3q- to 30, and
Mexican to 29-4 11.
London and Brighton Railway Shares have improved
to 1.5 i discount, but most of the other Shares have fallen
in value. Greenwich are at 7i discount. Manchester
and Leeds at 7i premium. Manchester and Birming-
ham at 114 discount, and the North Midland at 8 dis-
count. For Joint Stock Bank Shares there was an im-
proved demand this afternoon.