The Sun.
London, England, 1854-04-25 00:00:00

THE SUN; LONDON, TUESDAY EVENING, APRIL 25, 1854.

hand to hand, and, in fact, discharge the duty of
a national currency just as well as Bank of Eng-
land, or any other notes of similar denominations.
He will thus find that he may safely reduee to the
lowest scale, or abolish altogether, the interest ;
they will still be readily accepted. If, then, he
issue 1/. bills, receivable in payment of taxation,
or any description of debts to the Crown, he will
liberate some thirty or forty millions of gold that
' is now in use for the daily transactions of life, at
an expense of some 6 or 7 per cent. ; that is to
say, about 3 to 3i percent. for interest, and an equal
amount for wear, and tear, and depreciation.
A really national note would, as we have stated
on many occasions, be just as valuable for domes-
tic circulation as specie, and care might easily be
taken to prevent serious, or, indeed, any depreci-
ation in the value. Our monetary code must be
modified. Mr. GLADSTONE would be more or
less than man if he endured patiently the slights
and indignities inflicted on him, or sanctioned the
continuance of exclusive privileges which have
been used with such tremendous power for his
own discomfiture.

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.

The ides of cotton at Liverpool yesterday
were estimated at 6,000 bales, including 500 Ame-
rican talon for export. The market was tame but
steady, it previous rates. The sales comprised
4,500 Anerican ; 200 Bahia, at NA. to 6gd. ;
250 Egyitian at 6d. to 81d. ; 1,000 Surat, at 2d.
to 31d. ; and 100 Sea:lsland, at ls. to 2s. 2d. per
lb. Railvay Shares were fiat, at lower prices.
At thefirst ordinary general meeting of the Com-
mercial Credit Mutual Assurance Society, the possi-
bility of carrying out a system of in iurance against
bad debts was fully exemplified. Many erroneous
opinions lave prevailed upon this subject, and it
has been ""oncluded by some persons, that scarcely
any plan •ould be devised which would work safely
and advantageously for all parties. In a period of
excitement and panic, the losses, it has been con-
tended, would be overwhelming, and the satisfaction
of the numerous claims extremely problematical. It
needs onlyaperusal however ofthe stringent but very
necessary and wholesome provisions upon which
the society is based, to convince the most sceptical
that no apprehension need be entertained on this
score. The object studiously kept in view is the
inculcation of cautious trading ; and, so far from
holding ou, a premium to the careless or unprin-
cipled, the highest possible inducements are offered
for preliminary inquiry and mutual co-operation
in the avoidance of bad debts. A party insuring '
becomes immediately interested in diminishing the
losses that may arise, because they are met by the
common fund ; and there is so little excuse for
trusting unknown or suspected individuals, that
we doubt whether the society would be acting in
the least illiberally if it excluded from com-
pensation those who opus new accounts with-
out first seeking infornation from what is
termed its " Reference Department." If the
manager reported the person about whom
inquiry was made to be untrustworthy, credit ought
naturally to be declined, and the annals of the
Bankruptcy Court would reveal fewer tales of gra-
dual but ruinous involvement, in which, though the
guilty may suffer, the innocent become involved.
The assured have such ample control that there is
every guarantee for the fair administration of the
undertaking, while a Council of Reference, elected
by themselves, and comprising mercantile and pro-
fessional gentlemen, who, being neither directors
nor shareholders, are wholly disinterested, sits in
judgment upon all claims, and in a special report
to the Board assigns its reasons for their admission
or rejection. The assured have no liability
beyond the payment of their premium and
the Management Commission. In the general ba-
lance sheet from May, 1852, to the close of 1853, as
submitted to the meeting of the assured, it appeared
that the premiums received amount to 31,0321.,
and the admitted claims, less 10 per cent. to the
reserved fund, to 24,527/. The manager's report
states that, on the 31st Dec. last, there were 217
houses insured :
" These 217 houses may be classified as to the amount of
their respective annual returns, as follows :-
44 houses annual returns, under 10,500
80 JP 10,000, and not exceeding. 15,000
28 „ above 15,000, 20,000
25 „ 20,000, IP 30,000
11
22 30,000, 31 49,000
14 „ 40,000, 50,000
15 „ 50,000,

" The premiums payable for the year 1854, by the 217
houses, whose policies existed on 31st Dec. 1853, amount
to 31,0961. ls.

" Further Policies have been issued by the Society since
the Ist January this year ; and (after allowing also for
policies which have been cancelled) there are on this day
228 houses on the books of tho Society, who are Policy
holders, and whose aggregate annual returns amount in the
whole to: 4,925,0001.
"The Manager further reports, that the Claims admitted
since the commencement of the Society, and up to the 31st
December, 1853, are 781 in number, and amount in the
whole to the sum of 27,2521. 6s. 11d.

" These admitted claims may be classified according to
their respective amounts, as under :-
190 claims under £lO
283 „ £lo and not exceeding 25
163 „ above 25 IP 50
93 „ „ 50 ~ 100
44 ,6 V 9 100 ~ 250
8 „ „ 250

781
" The manager further reports, that in the reference de-
partment, since the formation of the society and up to
31st December, 1853, there have been, independent of the
general register of bankruptcies and insolvencies kept by
the society, 3,288 special inquiries made on behalf of tho
assured, and 2,617 answers given to inquiries made by the
assured."

The firms that insure, include manufacturers,
founders, corn-dealers, retailers, factors, coal,
iron, provision, leather, stone, and timber mer-
chants, paper stainers, jewellers, gold beaters, &c.
The Council of Reference report that when a
claim is made, immediate steps are taken to assist
the party in recovering the debt, even beforo it is
shown that the society funds are answerable for
the payment, and that an assured house has con-
siderable advantages over an uninsured one, in
other respects similar. In the winding up
of many estates, thanks to the zeal and ability of
its officials, this society has done far better for
creditors than they could have hoped to have done
for themselves, and excellent dividends have been
realised where the asserted assets were exceedingly
small.

The Overland Mail is telegraphed as having
arrived. The rebellion in China appears still' to
be spreading.
A feeling of greater anxiety prevails in the city
respecting the continuous drain upon the bullion
of the Bank of England. We hear that the return
for the week to Saturday last will show a total of
less than 13,250,0001., and it is certain, from the
amounts withdrawn this week, that the balance-
sheet to next Saturday will look still worse. The
gold by the recent vessels from Australia is al
bespoken, and the question is naturally asked, "can
the drain be arrested, and how ?" It is confidently
stated that the Bank will, on Thursday, raise its
rate of discount to 6 per cent., but if the remit-
tances are for Government account, and the war
must be carried on, it will be idle to suppose that
the bullion can be retained. We trust sincerely
the excellent plan of Exchequer Bonds will suc-
ceed, as these documents may possibly become in
favour abroad, and attract specie hither, as even
Consols would do now but for the fear of a greater
depression in prices, and the absence of any gua-
rantee that they will hereafter be liquidated at
been
.
31
par.
Stocks are weaker this morning, although the
foreign political news is good on the whole, and it
is probable that the decline in the bullion, and the
intention to invest in Exchequer Bonds induces
the sales. Consols have been done at 86i for
money, after having been quoted 87/ j. For ac-
count the lowest price has been 87. Exchequer
Bills have been at par to 4s. premium. India
Stock is marked 230 to 233.
Foreign Stocks have been rather tending down-
wards. Russian 5 per Cents. have been at 92 to
at i
flatter
Mexi-
can93i a
t,sbeootin3kl
gsvs,ery firm. Spanish 3 per Cents. have
been
waodrsthha
th
The Railway
The Gold Mine Sharesand
haveEqu firm,
and
about per cent.
rth
Aqua Fria better. The Land Companies' and
Banks are steady. 2ree3Ngielawrkpeetfe has
sdd
o beenl 4.
by

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
( Prom the Official List.)
RUSinetin done

3 per Cent. Reduced Annuities. ............ B6 51 6k 51
3 per Cent. Consols Annuities B7l 1 6i 7i
Neff 31 per Cent. Annuities ........ 8..6 . B6l 7i 61
Long Annuities, Expire sth Jan., 1 ..
4 11-16 i
India Stock
Consols for Account 11th May
Exchequer Bills, 2d.
21000
2500 par 4 p
Small par 4 p
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Chilian Bonds, 6 per Cent. lOO
Equador Bonds
Grenada Bonds, Ex. Dec., 1849 .Coupon— 161
Grenada Bonds, Deferred .......
Greek Bonds, Red
Ditto, Blue
Mexican 3 per Cent.
Peruvian Bonds, 41 per Cent
Russian Bonds, 1822, 5 per Cent. £ . 92 31 2A 3
.
..Ditto 4) per Cent BO 791
Sardinian Bonds, 5 per Cent... ..... .... •-••• I? 8
1
Spanish Bonds, 3 per Cent .... .. .. .
Spanish New Deferred, 3 per bent.
Dividends on the above payable in London.
lIALF•PA ST TWO.
Consols B7 i
Ditto May 6mo:wit- ..... 1111111 ..... .1 .. 1 87 EA

LATEST FOREIGN NEWS.

DEFEAT OF THE RUSSIANS.

FIVE HUNDRED MEN KILLED.

The Moniteur of this morning (Tuesday) states,
that on the 16th inst. a sharp engagement took
place before Kalafat, between the Russian and
Turkish forces. The Russians were driven back as
far as Maglavitz, with a loss of nearly 500 men.
The Turks had 14 men killed and 33 wounded.

BOMBARDMENT OF ODESSA.
The Lloyd has advices from Brody of the 21st,
in which it states that a steamer and 12 ships of
the line were off Odessa, and that 3 Russian coast-
ers had been captured. An English steamer, sent
with a flag of truce to fetch the English and French
Consuls, had been fired into.
The Consuls had been sent away by the Russians,
and reached Constantinople on the Bth.
The Presse states that Odessa has been bom-
barded, that the Russian strand batteries caused
some damage to the ships, but were at last
silenced. A part of the city was in flames. This
requires confirmation.
ODESSA, April 12.—A division of the Allied Fleet
has re-appeared in force before this town. A
blockade is evidently intended ; and the inhabi-
tants fully expect it.