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

MONEY MARKET AND COMMERCIAL
INTELLIGZNCE-(THIS DAY.)

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday were
estimated at 10,000 bales, 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 bid. to Bd. ; 150 Bahia, at 61d. to
6d. ; 1,000 Egyptian, at 6d. to 12d. ; 700 Surat,
at nd. to 41d. ; and 120 Sea Island, at is. 10(1.
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, Fkqe, John
Sherrock, Esq., Thomas Grant, Esq., John Mac-
gregor, Esq., M.P., Sir James Anderson,
M.P., Charles Cowan, Esq., M.P., and several
other members of the leffislature. 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 view 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 3/.
58, per cent., to 2/. 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.
" 3. If the reduction is sanctioned, the wealthy capi-
talist will he 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—
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
Bank 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.
--Strew 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
and
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-
'elusive and satisfactory to the Government than the
has received
by the bill."
is a rumour that the French Government
11-.8 received intelligence from the English Govern-
Inent that the Fleet is not yet to enter the Darda-
nelles.
.The
English Securities have been fluctuating
and there is compartively strong support
I;ev,en, notwithstanding the official order from St.
owrrsburgh to enter the Turkish principalities,
anal to the cordial co-operation between England
97 7 rall_;e• Consuls have been for the account at
havelia„ll`l are now 94-3 Z- The New per cents.
to i --pen 11-)0,7 to 101 and the 3 per Cents. 98i
xcaequer Bills
E 2; Bank Stock has'been firm at 228 k to 2291.
premimn a have been weaker •a t .1- .8 to 4s.
taium. and India Bonds aro at 235. to 30s. pre-

Foreign Securities have been variable, but there
is still no extensive selling. Mexican Bonds have
been done at 26-, and Brazilian New 41: per
Cents. at 98i. The Swedish Loan has been in re-
quest,
and is 'lto 1 premium. Sardinian Bonds
are at 931, and. Russian 5 per Cents. have been
fully supported. at 116; to 117. Dutch 2-k per
Cents, have been at 6:33 to i• Spanish 3 per
Cents. have been steady at 45 to 461 ex div., and
the Deferred Bonds at Y),,,,-
l_tailvay Shares have moderately dealt in,
and
have
not varied much. South-Western
The Go1(1117' "1114 also the French shares.
—axle shares
have been very quiet,
and nominally axe
The shares of tilTP,°rted.
valiced. 0 "'and. Companies have ad-
BRITISii FUND
rlii--
( From toe gscica LiaISDAY •

Bank
Stock
..
......
.....„.... ...... ....... 'Businss done.
3 per Cent. Reduced Annuitie5..............;;; 228 A 9,1
3 per Cent. Cousols Annuities . ....... ... 98 i
E A I
New 31 per Cent. Annuities......... 1
•" shut
Long Annuities, Expire sth Jan., 18.6. Kl' i 100 k li
Ditto 30 Years, Expire 10th Oct., 1850.,,, •••5 1-93.i1.66
India Stock
India Bonds, £lOOO 25
...•••• • •
Ditto, under £l000
Consols for Account
Exchequer Bills, id.
1 4
£l000
£5OO .......................................... 4
5ma11.......................................... 0 I
PRICE OF FOREIGN FUNDS THIS DAY.
Brazilian Bonds, 5 per Cent
Ditto Small
Ditto 5 per Cent. (Rothchild's) 99
Ditto New, 1852, 44 per Cent 984 x d
Ditto New Bonds, 1829 & 39, 5 per Cent —
Ditto Small
Mexican 3 per Cent. .
Russian Bonds, 5 per..CenZ...
Saspiaxnliinsihanßod Bonds,s,3 5 per Cen t ..
931
per Cent 45 61 x d
Spanish New Deferred, 3 per Cent 22 x d
SDitto Passive (Converted)
Pwanin,:_sh, Committee Cert. of Coup. not fun. 5S P c
-`"'n Loan ...........,...... ...........
tei Dividends on the above payable in London.
glen 4
.Dutch E i Per Cent.
Dl u
4 per *chan Cent Ce perrtifica Centes 1
4 i x d
"95

eallsols for Opening 19th July THREE O'9CB.TCf. d
.

.r IRA "
Trid t
liverieng de-
, BOARD THE TRIDENT STEAMER.—WhiIe. the
fire broke
's
-wharf, a
(bfre°lll Edinburgh) was yesterday evening
nis ,cargo alongside St. Katharine
entirely 414(...in
from thevessel was filled with water
the. after hold, which could not be
fire
elZinuntil the
a
fined to the hold The fire was con-
hies in attendance.
originated.
third of the cargo had
VESSELS IN beenLIRTREs I
nication rec . n consequence
discharged when it occurred.
eived from the Board of Trade, the Commis-
andsioners of Customs have issued orders to the collectors
comptrollers, at the eral ports throughout the
-United Kingdom, directing v them to report whether
vessels driven into their respective ports by stress of
Weather are exempted from alldues,both on the cargo
and the ships, and what are the regulations as regards
as the cargoes of ships entering in distress, and condemned
as unseaworthy, in the event of reshipment and expor-
tation in other vessels.