The Sun.
London, England, 1853-07-05 00:00:00

MONEY MARKET AND COMMERCIAL
INTELLIGENCE=-(THIS DAY.)

CITY, TWO O'CLOCK.
The sales of cotton at Liverpool yesterday were
estimated at 10,000 bales 2 of which 4,000 American
were taken for export and on speculation The mar-
ket was very firm, and closed with prices of Ame-
rican tight. Other kinds without alteration. The
sales comprised 8,000 American ; 200 Pernam and
Maranham, at 6-gd. to Bd. ; 150 Bahia, at bid. to
6/d. ; 1,000 Egyptian, at 6d. to 12d. ; 700 Surat,
at 3d. to 4id. ; and 120 Sea Island, at ls. 10d.
to 2s. 6d. per lb. Railway shares were very dull,
at a decline of one per cent. on all the leading
stocks.
The Savings Banks' deputation from Scotland,
which waited upon the Chancellor of the Exchequer
a day or two since, was composed of very influen-
tial parties in Glasgow practically conversant with
the management of such establishments, and there-
fore entitled to have their opinions treated with
due consideration. Among the gentlemen who at-
tended were James Drummond, Esq., William
Meikle, Esq., Melville Jamieson, Eq.,
James Mac-
gregor,anjihnndseevrseoranl
Sherrock, Esq., Thomasm.p.,
Essqir Grant,mj
Esq.,
M.P., Charles Cowan,
other members of the legislature. The object of
the deputation was to induce the Chancellor of the
Exchequer to modify some of the stringent pro-
visions of his new bill, so as not to interfere too
much with the existing managers and trustees, who
at the same time appear to be conscious that a
more stringent system must be adopted in order to
give full security to depositors. It is admitted that
all the banks are not equally well managed, and
therefore a check is
_indispensable, but the views of
the deputation may be gleaned from the follow-
ing :
" Without going into the details of the measure, the
following may be stated as the more prominent of the
provisions to which the memorialists are instructed to
object:—

I.—CONSTANT PERSONAL ATTENDANCE OF TRUSTEES
(clauses 11, 13, and 32).—This regulation is objected to
as being wholly impracticable, unnecessary, and inexpe-
dient. It is utterly inconsistent with the benevolent and
gratuitous nature of their office, and would demand a
sacrifice of their time and attention to which they could
not submit. The other securities and checks which will
be obtained under a proper system of audit and inspec-
tion, render the requirement unnecessary. The proposed
enactment is inexpedient, in so far as it is calculated to
deter the working classes from becoming depositors,
when they are called on to make their deposits and
withdraw their funds in the presence of their masters
and other employers, to which they are generally re-
luctant.

" IL—REDUCTION OF THE RATE OF INTEREST (clause
18).—,The bill proposes to reduce the present rate of 31.
ss. per cent., to 21. 10s. with an allowance of 6s. Bd.
per cent. for expenses of management, subject to the
control of the Commissioners for the Reduction of the
National Debt.

"1. The memorialists object to this reduction. From
the results of long practical experience they confidently
maintain that the present rate of interest forms one of
the most powerful attractions to the working classes to
become depositors ; while it is not so high as to offer
any temptation to abuse on the part of those classes not
designed as beneficiaries under the savings' bank
system.

"2. The cost to the country involved in the mainte-
nance of the present rate is insignificant compared to
the national benefits derived from a liberal encourage-
ment and extension of savings' banks, and the important
influences they exert on the morality and industry of
the people.

If the reduction is sanctioned, the wealthy capi-
talist will be enabled to derive a better return from the
public funds than the working man, and Government
will make a small annual gain of the investments of the
working classes—thus in both way reversing the prin-
ciple of all previous legislation on the subject.
"4. If a uniform fixed rate is enacted for depositors,
there is the greater necessity for a rate more nearly
approximating an average rate than 2/. 10s. per cent. ;
and it should not be less than 2/. 155.. per cent. ; which
would involve no expense to the country.
" The trustees of the savings banks in Scotland deem
immediate legislation necessary, with the view of giving
increased security to depositers.
" Besides urging the above objections, they would
respectfully suggest— 4"
I.—That in place of appointing receivers, which
would entail a, heavy expense, and create an anomaly in
the management of the Bank, the Government might
with perfect safety interpose their guarantee for the
repayment of all deposits-
1. The appointment by the Government of the
chief officer of the Bank, on the recommendation
of the trustees and managers, with power to the
Government to remove him at pleasure.
2. On being satisfied of the extent and sufficiency
of the security bonds of the present office-
bearers.

3. On a periodical examination of the books of the
Eauk by the trustees and managers.
4. On the appointment, by the Government, of an
efficient body of auditors and inspectors, acting
independently of the trustees and managers.
" Such a system would afford more practical safe-
guards against fraud and mismanagement than the pro-
posed appointment of receivers. It would have no
injurious effect on those institutions which have been
uninterruptedly prosperous, and well managed ; and the
saving effected in the expenses would form a sufficient
fund for a guarantee against every possible loss.
" 11. For the still more complete protection of the
Government, the memorialists would suggest, that in-
stead of the provision in the bill which sanctions only
one audit in the year, on specified days previously known
to the officers in attendance, power be given to the
auditors and inspectors to enter the bank at any time,
-without previous intimation, and examine into every
detail, and especially to compare the ledgers with the
depositors' books produced in the ordinary course of
business.

"This audit and inspection could be accomplished
'without difficulty, and at the same time be more con-
clusive and satisfactory to the Government than, the
mode suggested by the bill."
There is a rumour that the French Government
has received intelligence from the English Govern-
ment that the Fleet is not yet to enter the Darda-
nelles.
stiThe English Securities have been fluctuating
and there is compartively strong support
given, notwithstanding the official order from St.
Petersburgli to enter the Turkish principalities,
owing to the cordial co-operation between England
and France. Consols have been for the account at
97 , and are now 971 The New 3t per cents.
have been 1001 to 104, and the 3 per Cents. 981
to• Bank Stock has been firm at 2281 to 2291.
Exchequer Bills have been weaker at .1 s. to 4s.
premium, and India Bonds are at 255. to 30s. pre-
-731111131.
is Foreign Securities have been variable, but there
still no extensive selling. Mexican, Bonds have
liceeu done at 26, and Brazilian New per
ciuene,t,ts. at 98i. The Swedish Loan has been in re-
are at Zll, tad .to premium. Sardinian Bonds
fcuelnlytsnalvoertebd lan 5 per Cents. have been
Russian
to 117. Dutch per
Cei:tasilhwaavy
shaereens
shaaattv:623l;jetno 1. Spanish 3 per
the D.eferr:d.beel3,llThistea.dy at 45i to 46i ex div., and
moderately dealt in,
and prices have not vari
have been firmer, and or much- South-Western
The Gold Mine sharTs French shares.
and nominally are supportere been very quiet,
The shares of the .I.and
C"Vames have ad-
vanced.

BRITISH FUNDS THIS DAY AT ov„
(From the Oficial List.)7-4 Moog.

Bank Stock 22fF done.
3 per Cent. Reduced Annuities . ...... 9B
3 per Cent. Consols Annuities shut
New 31 per Cent. Annuities lOl 1001
Long Annuities, Expire sth Jan., 1860 ..• 5 13-16
Dittc 30 Years, Expire 10th Oct., 1859
India Stock
India Bonds, £lOOO ..
Ditto, under £lOOO.
Consols for Account ...
Eachequer Bills, ld.
£lOOO ....
2500
Small .

25 30
97i i a i

PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cent
Ditto Small
Ditto 5 per Cent. (Rothchild's) 99
Ditto New, 1852, 4i per Cent 9B 7
Mexican 3 per Cent.
Russian Bonds, 5 per Cent. ll6, 17
Sardinian Bonds, 5 per Cent 93
Spanish Bonds, 3 per Cent 452/ 64
Spanish New Deferred, 3 per Cent 24
... Ditto Passive (Converted) -
,131)a.uish Committee Cert. of Coup. not fun si
'weclish Loan .
v,_, . Dividends on the above payable in London.
tegl.yl 4t per Cent.
'h Exchange, 24 per Cent.
Console for HA LP-PAST TWO.
Opening 19th July 97i li. x d

-_________
Trident Mom
Flll4 oN 130ARD TEE TRIDENT STEAMER.—WhiIe the
livening her cargo g
Edinbur h) was yesterday evening de-
alongside St. Katharine's-wharf, a
fire broke out in the after hold, which could not be
entirely checked until the vessel was filled ith wat
from the fire engines in attendance. The fire w
was con-
er
fined to the hold in which it originated. About one-
third of the cargo had been discharged when it occurred.
VESSELS IN IDISTRESS.---e
T
Au consequence of a commu-
nication received from the
sioners of Customs have is -
sand of Trade, the Commis-
and comptrollers sued orders to the collectors
, at the several ports throughout the
United Kingdom, directing them to report whether
vessels driven into their respective weather are exempted from all dues,
and the ships, and what are there
gu
ports by stress of
both on the cargo
the cargoes of ships entering in lations as regards distress, and as unseaworthy, in the event of a
tation in other vessels, reshipmentnd expor-
condemned