The Sun.
London, England, 1839-09-06 00:00:00

EVEN ING EDITION.

MANCHESTER ELECTION.

MANCHESTER, THURSDAY NIGHT.
The second nomination of a fit person to represent
this town in Parliament took place under the precept
of the Mayor and Municipal Corporation this morning,
on the hustings in St. Ann's-square, erected by the
Boroughreeve and constables. Shortly after nine
o'clock the proclamation was made for the election.
Mr. THOMAS POTTER then said, this day we are met
to elect a Member to serve in Parliament in the place
of the Right Hon. Charles Poulett Thomson, in pur-
suance of a precept I received on the 28th day of last
month, which the clerk will now read. Mr. Joseph
Heron then read the precept.
Mr. MAUDE, the stipendiary Magistrate, next ad-
ministered the oath taken by the returning officer to
Mr. Thomas Potter. The Act of Parliament against
bribery and corruption at elections was then read.
Mr. POTTER—I am sure you will hear the proposers
and seconders of every candidate, and the candidates
themselves, with patience, and that you will not inter-
rupt any of them. I now call upon the electors to pro-
pose a candidate for the representation of this borough
in Parliament.—(Cheers and hisses.)
Mr. JOHN BROOKES proposed Robert Hyde Greg
as a fit and proper person to represent the borough in
Parliament. He delivered a long speech in favour of
Mr. Greg's pretensions, which was received with min-
gled hisses and cheers.
Mr. DAVID PRICE briefly seconded the nomination.
The friends of Colonel Thompson here entered a pro-
test against the nomination of Mr. Gregg, on
.the
ground of his not being present to prove his qualification.
GEORGE CLARKE, Esq., then proposed the Right
Hon. Sir George Murray, G.C.8., as a fit and proper
person to represent the borough. The nomination was
received with enthusiastic cheers.
JAMES HIBBERT WANKLYN, Esq., seconded the no-
mination.

Colonel THOMP3ON was not put in nomination, his
friends protesting against the authority of " the Mayor"
to hold the election, against the whole of the present pro-
coedings, against Mr. Greg being put in nomination in his
absence, and without making the declaration of quali-
ficat ion.

- This declaration made by Colonel Thompson's Com-
mittee, it is said, was received with great cheering by
the crowd, amongst whom were a great number of the
working classes.
Sir G. MURRAY then addressed the electors in a
speech, in the course of which he was repeatedly inter-
rupted by general cheering. A number of questions
were then put to the Right Hon. and Gallant Candidate.
Mr. POTTER called for a show of hands, and declared
It to be in favour of Sir George Murray.
Mr. BROOKES demanded a poll, and Mr. Potter fixed
it to commence to-morrow (this day).
A vote of thanks having been given to Mr. Potter,
the meeting separated.
The poll opened this morning at eight o'clock, in
conformity with the nomination yesterday, and conti-
nued throughout the day. Sir George Murray was
ahead of Mr. Greg until about two o'clock, when he
gradually began to lose ground, and it was evident that
he Could not retain the position which he had taken.
The town has been in a good deal of excitement, but
the most perfect order and decorum prevailed through-
out the day. The following were the numbers at the
close :
Mr. Greg
Sir George Murray

3,102
2,962
-----140

Majority for Mr. Greg
The poll has closed, but the declaration will not be
made by the Boroughreeve until to-morrow morning.
There is no doubt, however, that the result is in favour
of Mr. Greg.

MONEY MARKET and CITY NEWS.

(THURSDAY EVENING.)
POST.—The reports which prevailed in the money
circles yesterday, with regard to the probable move-
ments of thc Bank of England at their weekly meeting
of to-day, have been verified in every panicular. Oa
the breaking up of the Court of Directors the following
notice was issued for the regulation of the public :
'• The Governor and Company of the Bank of England
are ready, until further notice, to receive applications for
loans, upon deposit of approved bills of exchange, net
having more than six months to run. Such loans to be
repaid on or before the 18th October next, with interest
at the rate of 61. per cent. per annum, and to be for sums
not less than 2,0001. each.

" Bank of England, Sept. 5, 1839."
This notification has given much satisfaction, but its
appearance had jieen so generally anticipated, that it
created but little surprise. The arrangements of the
Directors are calculated to afford the requisite assis-
tance to the commercial classes, but to them almost
exclusively. The Stock Exchange people consider it
desirable, perhaps, that Exchequer bills, and other
" approved securities," should have been comprehended
in the announcement ; but such a course at a moment
like the present, when speculation cannot but have a
very mischievous operation on the national interests, was
greatly to be deprecated ; and, as regards Exchequer
bills in particular, those who have taken a share in
the late conversion would, we presume, think it very
inconsiderate in the Bank authorities to be making
advances on, and withdrawing from circulation, that
species of security when so large an amount is needed
to enable them to make goad their engagements to Go-
vernment. We state this much rather to meet than
to answer the objections of those who, without troubling
themselves to reflect on the state of the exchanges and
other circumstances peculiar to the period, are disposed
to insist upon long-established usages being rigidly per-
severed in. If Stock Exchange gentlemen embark in
undertakings which are too large for their means it is
their own fault, and when the day comes round for the
adjustment of differences arising out of time bargains
they must be content to provide for their deficiencies
out of their ordinary resources.

CHRONICLE.—By the above it will be seen that
the accommodation to the public on this occasion, con-
trary to custom, is confined to the deposit of " ap-
proved bills ;" " Exchequer Bills, India Bonds, and
other approved securities," which arc gene►ally inserted,
being rendered of no utility as guarantee for loans from
the Bank of England. The determination of the Di-
rectors has not surprised any body ; for, from what has
occurred recently, and the line of policy which has
been adopted by the Board for some time, it was almost
certain that the issue of bank notes would be as limited as
possible. There is, however, a peculiar feature in
the present notice which was quite unexpected,
and to which particular attention ought to be paid. It
will be observed that the Directors reserve to them
selves the right of rescinding this resolution whenever
they think proper, for they expressly state that they will
only receive applications " until further notice," and not
during the whole period, which has hitherto been the
case, except in the recent instances when they so suddenly
increased the rate, and refused to take in Exchequer bills.
It is, consequently, quite possible that next week, or at
some other period, the Directors will make some further
change, according as events may arise. On this occasion
no blame can be attached to the board ; for, as they openly
declare that they do not consider the present notice bind-
ing for the whole period, the public will be able to act
and make arrangements accordingly ; and, as monetary and
commercial matters are in such a critical and deranged
state, there is of course no telling what may occur from
week to week, thereby justifying certainly a departure
from usual practice, especially when openly and fairly
declared. Indeed the Bank Directors have acted on
this occasion in a manner quite extraordinary, for they
have displayed foresight and prudence. The present
notice at any other period of the year would no doubt
have produced considerable depression in the Exchequer
Bill market ; but as a very large amount has yet to be
' brought to complete the terms of the funding opera-
tion, the premium has been, and possibly may, be
maintained.

js has been rather a tranquil day in the Eng.

lisp Stock Market, and matters remain there much
in the same state as yesterday. The demand for
Money was certainly much less than it has been
for some time, and loans upon Government Secu-
rities could be readily effected at five per cent., but this
cannot be taken as any criterion of the value of money
generally, for circumstances have occurred to ren-
der money more abundant at the Stock Ex-
change. There has, in fact, been a considerable
amount of bank notes invested in Consols and other Bri-
tish stocks, in small sums, during the last few days,
which, indeed, is almost invariably the case, when any
marked depression in the value of the Funds continues
fora short time, without any other cause than the ope-
ration of the market. This circumstance consequently
brought a good deal of money to the Stock Exchange,
and rendered Stock much less abundant ; but at the
same time depriving the market for some time of the
feature of acting as the barometer of money matters ge-
nerally. In Lombard-street, however, we are happy to
say money has been much more easy, and the bills which
fell due yesterday were, we understand, all liquidated.
Of course the amount of first-rate paper afloat is now
comparatively very small indeed, and the 4th of the
month is not looked for with so much interest or appre-
hension as on some occasions. Consols closed at 90i

to 4 for money, and 90i to 3-3- for the account ;
Ex-
chequer bills, 6 to 8 prem. ; India Stock, 247 to 249 ;
and Long Annuities 3 per cent. reduced, ditto 8 per
cent., and Bank Stock are now shut, preparatory to the
payment of the dividends.

TIMES.—The Bank notice for temporary loans has
appeared, qualified exactly in the manner which has
been anticipated.
Thus the Directors have adhered to their practice
in regard to the continuance of these accommodations,
but have confined the range of them within the nar-
rowest limit possible. The rise of the Funds which has
taken place within the last two days seems to have been
connected with this notice, and there was an expectation
in some quarters that the advances would be extended
to Exchequer bills, which renders .it probable that a
division of opinion prevailed in the Rank parlour as to
the securities to be included in it. The bad principle of
these accommodations as an occasional part of Bank
practice has been frequently pointed out ; but since they
have now been so long in use as to make their discon-

tinuance a source of uneasiness to the monied interest,
many persons appear to wish that they should become,
under some modifications, permanent, so far at least as
to have it understood that the Bank are always open
to propositions for advances on good security, at the
same rate of interest as for absolute discounts. It is
believed that among the favoured connexions of the
Bank this is already the case, and it would be but fair,
therefore, to make it general. This would put an end to
the excitement which commonly prevails, in critical
periods, at about the time when the notices are issued
as well as near to their expiration, when it happens
to be material whether the Bank will or will not
enforce repayment at the exact day appointed.
They have often been compelled by circumstances to
grant indulgence in that respect ; and when it is
considered that these notices, in four periods of six
weeks each extend already nearly over one-half of
the year, the transition cannot be difficult to some uni-
form system to regulate advances which shall embrace
the whole of the year. These notices had their origin
in stock-jobbing, which they were manifestly fitted to
encourage, by including, as they did at first, Govern-
ment securities as well as Bills of Exchange ; in any
shape they never can be frz,e from that taint, and have
in consequence often led to imputations against the Di-
rectors themselves, of being influenced by such motives.
They can never be altogether approved of as sound
banking practice ; but the custom, having been so long
continued, cannot easily, or perhaps at all, be got rid of,
and the only palliative would appear to be that of incor-
porating them avowedly, under certain restrictions and
regulations, with the general business of the Bank.

HERALD.—A Morning Contemporary appears to
consider that the late transactions of the Bank of Eng.
lard in the exchanges, &c., have necessarily deranged
all the money markets of Europe, and grounds his re-
marks upon the assumption that there has been a great
rise in the value of money in the northern commercial
markets of Europe. " Had the trade with England,"
says our able Contemporary, " pursued its regular
course, and had the balance due to them (the fo-
reigners) been remitted in bullion, instead of these
artificial bills of exchange, thr,ir situation would
have been wholly different." We do not doubt this,
but the expressions of our Contemporary in favour
of a foreign preponderance of trade, which has
affected our commerce seriously, excite but little
sympathy for his opinions. Continental artificial
bills of exchange seldom or ever are saleable in
our Money Market ; but what a pretty predica-
ment our foreign commerce must be in, if, to en-
sure the safety of the Bank of England, we must pay
for our imports in bullion, which the paragraph we have
quoted intimates as being the basis of a better mode of
composing the feelings of the leading money interests of
the Continent.
This would, were it the fact, be free trade with
vengeance ; and though foreign merchants undoubtedly
watch the operations of the Bank of England with
much solicitude, it does not follow that the commerce of
this country is to he crippled by continental anxiety, be
cause the Bank of England is fettered by our currency
laws, in a manner frog which the monetary and corn
mercial interests of the whole Continent are free.

AN IRISII L .
ETTER-WRITER, For some time
past, an Irishman, named Ward, has made several applica-
tions at the Gateshead post.office,
to ascertain if a letter
had arrived for him, promising not only to pay the post-
age, but also to ‘• thrate" the Postmaster ,c like a jintle-
man," when the expected epistle was forthcoming. At
length, on Tuesday, a letter came, bearing the following
address :—" Barne Ward Gateshid Post
offiis if Borne
Ward cant be found by the same token, the post man may
open it and tell Game what it manes 1 ! 1 "