The Sun.
London, England, 1837-03-16 00:00:00

LLOYD'S SHIPPING.--(THIS DAY,

DEAL, MARCH 15.—Wind N. E., strong breezes.—No ar-
rivals or sailings.
PORTSMOUTH, MARCH 15.—Wind E. N. E.—Arrived the
Iberia, Lisk, from Para; Britannia, Mitchell, from Cadiz.
PLYMOUTH, MARCH 14.—Wind E.N.E.—Arrived the
Brisk, Artes, from London, cargo shifted, bound to Madeira ;
Raj Rance, Phillips, from Calcutta, Oct. 14, and St. Hele-
na, Jan. 14 ; Montrose, , from the Mauritius ; Welling-
ton, Chadwick, from New York ; Bermudas, Phillips, from
Barbadoes.

FALMOUTH, MARCH 14.—Arrived the Orienten, Pike, from
Rio Janeiro; Kate, Cumming, from St. Michael's.
BELFAST, MARCH 12.—Arrived the Ariadne, Baird, from
St. John's, Newfoundland.
PENZANCE, MARCH 14.—Arrived the Iris, —, from Dart-
mouth, with mainsail split and loss of bulwarks, having been in
contact with the Dart in the Bay this morning.
DUNBAR, MARCH 13 —The Hero, Davey, from Lynn to
Grangemouth, lost her masts last night in a heavy squall off
this port.

S;ARBOROUGH, MARCH 14.—Arrived the Chance, Burton,
from Yarmouth for Leith, with pumps choked.

Vessels spoken with—Reliance, of Liverpool, for Charles-
ton, 22d ult., lat. 34, long 43, by the Iberia, arrived at
Portsmouth; the Sion, from London to Montserra!, and Nelson,
to South Seas, sth inst., lat. 44, long. 12, by the Britannia,
arrived at Portsmouth; the Racer, Bell, from the Clyde to
St. Michael's, and Science, ---, to Jamaica, on the 3d inst.,
lat. 46, long. 15, by the Margaretta, arrived in the River.
The Aurora, from Pcrnumbuco to Maranbam, has been
abandoned by the crew off Para River.
The Beau Pere, from Marseilles to New York, was on
sliore on Fire Island beach on the Bth oh., and bilged.
The Margaret, bound to Liverpool, has put back to Mobile
on the 6th ult., being too crank.
The Victory, from Jamaica to Norfolk, was on shore near
Cape Henry on the 6th ult.
The Mary, of Jersey, from Honduras, arrived at Key West,
having been on shore on Mlle's 'Reef.

The Hamilton, from Waterford to Dublin, sunk at Milford,
14th inst. ; cargo discharging.

THE FUNDS.-(THIS DAY.)

CITE 'l'll'EL VE O'CLOCK.
Our arrivals this morning are two French mails and one
Ostend ; ship letters from Para, Pernambuco, Demerara,
and Mauritius ; Calcutta, 11th Oct., and New York, 23d Feb.,
Ly the Wellington, Chadwick, off Plymouth.
We have received New York papers to the 21st February,
from which we make the following extracts
TIIE FLORIDA \VAR.-Colonel Andrews, from the United
States' army, arrived at St. Augustine the 11th inst. by ex-
press, and states that General Jesup had an engagement with
the Indians, which lasted two days. On the second day the
Juniper and Alligator came in under a flag of truce, and sur-
rendered themselves, stating that the Indians were in a dis-
tressed situation, and anxious for peace. During the engace-
ment the United States' troops had four killed ; also four In-
dians. Colonel Andreas informs us that the Juniper and
Alligator appointed the 18th inst. as the day to conclude a
Treaty, and had despatched expresses to the Indians to in-
form them of the arrangement.
" Mexico —Mr. Buchanan,- from the Committee of Fo-
reign Relations, to whom was referred the Message of the
United States on tile subject of Mexico, made a report, which
responds to that part of the President's Message which ex-
presses the opinion that it may be proper to give to Mexico
one more opportunity to make reparation for the injuries which
she had inflicted upon our country. The Committee sug-
gested, that in conformity to one of the provisions of the
Treaty an actual statement of these injuries shall be made, ac-
companied by proofs, and that the President be left to do this
is the way he may think best, and make a report of the result.
The Committee concluded with some strictures on the con-
duct of the Mexican Minister in this country, and expressed
regret that the Mexican Government should have been in- '
duced by this misrepresentation to approve of his course.
The report was ordered to be printed.
" MONEY MARKET. —Last week terminated in an unusual
pressure in the Stock and Money Markets, a fall in the
Stock, and a general disturbance in internal specie operations.
On Saturday the discount at premium on commercial paper
rose to 2 and 24 per cent ; and the accounts yesterday state
that a singular state of things took place, and the same day
at Philadelphia. It is generally believed that the cause of,
these disturbances is partly natural and partly anticipated.
The circulation of the old United States Bank is believed to
be now reduced to six milliJus. When the New Bank went
into operation, its circulation was nearly twenty-one millions.
This extraordinary reduction has caused, in part, these specie
operations, and payment of balance. Another cause is un-
questionably the distribution of the surplus revenue. The
States generally are demanding their several shares in specie,
probably in order to build their new banking system. Every
day convinces us that we have reached a singular and remark-
able crisis in the history of commerce. United Bank Stock 117."
In the afternoon of yesterday there was rather a gloom in
the Consol market, and at the same time money became scarce
for commercial transactions. At first this receding of Con-
sols was attributed to the idea that Ministers would be in the .
minority in the adjourned debate, regarding Church-rates.
Consols closed at 901- for Money, and 901 s for'the Account.
Exchequer Bills, 26 23 prem. ; India Bonds, 27 29 prem. ;
Bank Stock shut.

In the Foreign Market, Spanish Active coming higher
from Paris, owing to the success of the combined operations
of General Evans, Espartero, and Saarsfield on the fortified
lines of the Carlists, has caused the Spanish Active in our
Market to improve from 261 to 271 1 ; Passive, 71 1 ; De-
ferred, Ili 3; Portuguese, 49.} Three per Cents., 321;
Columbian, 231 241 ; Mexican, 231 241-; Dutch Two-and-a-
Half per Cents., 53 1-.
The news from New York is of a gloomy cast respecting
commercial affairs and the Money Market.
The Exchange comes in the private letters from New York
at 9i to 91 lower than the last :accounts ; for first-rate bills,
10 prem.

HALF-PAST ONE 0' CL 0 CK.
This is settling day in the Foreign Market. We do not
hear of any failures to the present hour. We may presume
that the Account will terminate well.
It appears that there are great Bulls in Spanish Stock.
Consols have been during the morning. at 902 3 for the Ac-
count; Money, 904 1, with little doing. Exchequer Bills,
27 29 prem. ; India Bonds, 26 28 prem. ; Bank Stock shut.
In the Foreign Market Spanish Active continues firm, at
273 ; Passive, 7a • Deferred, 114 ; Portuguese, 49,1 ;
Three Per Cents., 321 ; Dutch Two-and-a-Half per Cents.,
533 ; Colombian, 24. f.
A report prevails that an express has brought the continua-
tion of the telegraphic despatch of the 13th inst. ; but the
particulars have not as yet transpired.

THREE O'CLOCK
Consols for the Account, 90-j I.

Yesterday a painful sensation prevailed throughout
the borough of Southwark, by a report that Mr. John M'Cabe,
of the opulent and respectable firm of Gilbert M'Cabe and
Co.. wholesale furriers, in Union-street, had committed sui-
cide. The deceased was in partnership with his uncle, and
highly and deservedly respected. About ten o'clock yester-
day morning, the report of fire-arms was heard from an apart-
ment adjoining Mr. M'Cabe's bed-room, and his uncle, on
proceeding to the spot, with the foreman, discovered his un-
fortunate nephew on the flofloorquite dead, and his remains pre-
senting an appalling exhibition. There was a rifle which had
been just discharged, lying by his side; and it appeared that
the deceased had placed the end of the barrel against his fore-
head, fired the piece, and blown away the upper part of his
head. It appears that the mind of Mr. M'Cabe had been
wrought upon by an intense application to business, the busi-
ness of the Establishment being of a most extensive nature,
which, operating on an ardent temperament, produced tempo-
rary insanity. The deceased was in his 30th year, and un-
married.

A somewhat curious circumstance took place in
Keighly Church on Sunday last, during the solemnization of
marriage between a loving couple. On coming to the part in
which he says, " until death us part," the bridegroom refused
to proceed until the Clergyman would answer whether mar-
riage could continue binding till death, since Parliament had
put it in the power of the Commissioners under the Poor Law
Act to separate man and wife long before that period, and he
considered that the marriage service should be amended by
inserting " until death or the Poor Law Commissioners do us
part." The Minister wished to evade answering, by saying he
would satisfy him in the vestry afterwards ; but all would not
do—lie persisted in his determination to have the important
question decided at the time, and would have gone home as
unshackled as he came, if the Clergyman had not assured him,
that notwithstanding he thought to the contrary, marriages
continued nosy until death.— TVest Riding Herald.
The severe operation of extirpation of the eye was
performed at the Cornwall Infirmary, on Friday last, by Mr.
Spry, the globe of the eye having been attacked by a rapidly
destructive disease called fungus licematedes, or soft cancer—a
form of disease rarely occurring in this structure, as it was the
first time such an operation had been called for since the esta-
blishment of the infirmary. Constant agony, and the necessi-
ties of a wife and a young family, induced the sufferer, a tailor,
residing at Truro, to seek relief in the only mode offering a
chance for the preservation of life. He bore the operation, at
which 13 medical gentlemen were present, with the greatest
fortitude, and is recovering in the most favourable manner.._
West Briton,

BANK OF ENGLAND.-(THIS DAY.)

A General Quarterly Meeting of the Proprietors of Bank
Stock was held to-day for the purpose of considering a divi-
dend, and other special affairs.
The minutes of the last Court having been read,
The GOVERNOR said he had to acquaint the Court that this
was one of the half-yearly General Courts, appointed by the
by-laws to consider of a dividend, and he had to acquaint the
Court that the Directors, having considered the state of the
Bank accounts, were of opinion that a dividend might be made
if the Court thought fit, of four pounds per cent. interest and
profit for the half year ending the sth of April next.
Mr. SELWYN said that as no doubt the worthy Governor was
suffering under severe fatigue from his arduous Parliamentary
duties during the last week, he would not trouble him with
many questions, but as he had stated that the Court of Direc-
tors were of opinion that the dividend should be 4 per cent.,
but had not stated the general ground upon which the Direc-
tors had come to that decision, he felt it incumbent on him to
ask, in tile first place, wh'at was the amount of rest at the time
the account was taken upon which it was settled that that should
be the amount of the dividend ?
The GOVERNOR said that the Court of Directors had only
that moment come to the determination to announce to the
Court of Proprietors the dividend of four per cent. ; lie had,
therefore, no objection to state, for tile information of the Court,
that the rest was 2,878,3161.
Mr. SELWYN wished to know whether that rest did not
exceed largely in amount the rest at the time when the last
dividend was declared ?
The GOVERNOR—By about 150,000/.
Mr. SELWYN said the next question he wished answered
was, whether since the last meeting there had been any exten-
sion of Branch Banks ?
The GOVERNOR—None whatever.
Mr. SELWYN said that his reason for asking that question
was, that there was a most important consideration which he
wished to impress upon the Directors with respect to the
Branch Banks., As far as it became a question of law—it
became a maxim of law, that notice to the principal was notice
to the agent, and under that maxim it was held that notice
given to that concern in London was notice to all
the Branch Banks, the consequence of which was, that unless
that notice given here was transmitted within a reasonable
time to the Branch Banks, the concern might be involved in
very serious responsibility. He believed that had happened in
one instance, owing to some inadvertence in London, in not
transmitting the notice to a Branch Bank, and the consequence
was, that concern had sustained a considerable pecuniary loss ;
that loss might be increased by a second inadvertence, and he
therefore begged to impress this subject upon the attention of
the Directors, who he trusted would take the advice of their
eminent Counsel upon the subject. To that Learned Gentle-
man he felt bound personally to offer his best thanks for his
most able argument in the Court of Common Pleas, on the
question between that Company and the London and West-
minster Bank. That question had been argued by him with
so much talent, ability, and industry, that if any gentleman
would second his proposition before the meeting closed, he
would move a vote of thanks to that Learned Gentleman.
The GOVERNOR believed that what the Hon. Proprietor had
alluded to with reference to a pecuniary loss was a circum-
stance relative to a bill of exchange?
Mr. SELWYN said it was.
The GOVERNOR said that that transaction had undoubtedly
caused a loss to the Bank ; in future, however, any node_ s
given in London would be immediately forwarded to all the
branches by the same night's post, by which means a repeti-
tion of the circumstances alluded to would not take place.
The GOVERNOR then put the question that the Court do
order a dividend of four per cent. interests and profits for the
half year ending the sth of April next.
Mr. WINTER said that he had a few observations to make,
but he was doubtful whether lie should make them now, or
postpone them until the motion of adjournment.
Mr. YOUNG said, that he also intended to make a few ob-
servations, and, perhaps, the better course would be to put
the question of dividend, and then upon tile adjournment any
observations might be made that Hon. Proprietors thought fit.
The GOVERNOR then again put the question of dividend,
which he declared to be carried. He also acquainted the
Court that the dividends would be delivered and paid on tile
6th of April next, and that a list of the Proprietors would he
reaJy on the 25th of the present month, to be delivered to
Proprietors when applied for.
Upon the question of adjournment,
Mr. WINTER rose. Though he was aware of the value of
the time of all present, he could not refrain from making a few
statemente, as ha thought that no subject required more consi-
deration than that with reference to the position in which the
Bank stood to the public and its own concerns. He was fully
aware how much the Proprietors were indebted to the arguments
of their able Counsel which had been called forth on a ques-
tion upon which no person entertained a doubt for a century.
Since the renewal, however, of the Bank Charter, a question
bad been started by the present Attorney-General, and dis-
cussions had arisen with respect to it in both a Court of Com-
mon Law and the Court of Chancery. It was a little singu-
lar that upon questions, on which till latterly no doubt had
been entertained, such discussions should be required, and
should not be settled at the present moment. More. it had
been thrown out that if the Master of the Rolls had
given judgment in the case, it would go to the House
of Lords. The question involved in that discussion was
whether the Bank of England had any privileges or
not? There was another point with reference to that
Corporation which was the decision of the Committee
now sitting with respect to joint-stock Banks. It was of the
first importance that that Court should come to some deter-
mination, in order to urge upon the consideration of the Com-
mittee, or of Parliament, the necessity of coming to some re-
solution with reference to joint-stock Banks of issue, as it was
impossible for any body at all acquainted with the subject not to
be fully aware of the great difference of the nominal capital
of these Banks and the capital raised. In almost every in-
stance the actual capital raised was an insignificant capital for
a private individual. Under such circumstances, he would
ask, was it right that that Corporation should not be protected,
whenit had the burthen of supplying the whole bullion of the
country, because by the Act that had been passed, the Bank-
note was declared a legal tender except to the Bank itself ?
The consequences of such a system as he had adverted to must
be evident to all. Individuals with a very small capital might issue
notes to any extent, and ruin might be brought upon thousands.
It was, therefore, of the utmost importance, not only for the
welfare of that Corporation, but for the protection of the
public, that that Corporation which was the pivot on which the
whole currency of the country turned, should be protected.
They had been told that they were a monopoly—that the Bank
had great advantages over every body else—that it was a mo-
nopoly that ought to be put an end to—and that they had re-
fused that accommodation which the commercial world re-
quired, because they were fearful it would entrench upon their
gains. He would boldly assert, that if that Corporation was a
monopoly, it was a monopoly for the public good.—( Hear.)
Since the year 1807. the Bank derived no further benefit
than 10 per cent. What, however, was the position of the
Joint Stock Banks, those ephemeral productions of yester-
day ? Why some of them were declaring dividends of 10, 12,
15, and as high as 16 per cent. ; but where those Joint Stock
Banks were acting bona fide, their dividends were much less.
There was another subject which he wished to press upon the
consideration of the:Court ;.that was, the manner in which the
accounts of the Bapk were advertised in the Gazette. In his
opinion those accounts were calculated to mislead rather than
to give information. If such was the case, why, he
would ask, sbbuld they be printed ?—(Hear, hear, hear.)
—On former occasions lie had put himself forward
as the strenuous advocate for the production of accounts ; and
lie only regretted that that request had not been attended to.
Assuming that those accounts were not to be relied upon, that
they did not give a clear complexion to the state of the affairs
of the Bank, he had a motion to bring forward on the subject.
He brought it forward rather in the shape of a recommendation
than a motion—it was to request the Directors to represent to
his Majesty's Ministers that it was inexpedient to publish in the
London Gazette tile accounts of the Bank, and, therefore, that
that provision of the Act which compelled them to do so,
should be repealed. He trusted that the Directors would
urge this question upon his Majesty's Ministers, and would
also strenuously point out to them the necessity of placing
joint-stock banks under sound regulations.
Mr. SELWYN wished to know whether the Hon. Proprietor
proposed it as.a recommendation, or as a motion upon which
the sense of the Proprietors ought to be taken.
Mr. WINTER considered it more as a recommendation than
a motion.

Mr. SELWYN considered that the Hon. Proprietor could not
do that without the sanction of the Court of Proprietors al
large.
___

Mr. WINTER observed that he had submitted it only for the
consideration of the Court.
Mr. YOUNG considered that no motion was necessary on the
subject.

The GOVERNOR would like to know whether be was to re-
ceive it as a suggestion or a motion ? If it was a suggestion,
of course, coming from the Honourable Proprietor, it would
receive its due weight ; if it was to be considered
as a motion, it must appear in the minutes of the Court, if
it was a suggestion it would not.
Mr. WINTER wished it to be considered as a suggestion
merely.
Mr. VERNON HARCOURT considered that the Bank being
the public_ body instituted for the public good, it was the
duty of the public to protect them against joint stock banks,
as they were at present constituted. With respect to the ac-
counts the observations of the Hon. Proprietor were most true,
that the accounts published in the Gazettes were fallacious
and calculated to mislead.