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, 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 eid. to
; 1,000 Egyptian, at 6d. to 12d. ; 700 Surat,
at 3d. to 4id. ; and 120 Sea Island, at Is. 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
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 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
l
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 !holly 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.

" lI—REDUCTION OF THE RATE OF INTEREST (clause
18).—The bill proposes to reduce the present rate of 3/.
58, 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.
"3. 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—
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.
" 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
ilas received intelligence from the English Govern-
Ment that the Fleet is not yet to enter the Darda-
nelles.
41;he English Securities have been fluctuating
trland there is compartively strong support
,7,en, notwithstanding the official order from St.
o_elnersburgh. to enter the Turkish principalities,
1147; to the cordial co-operation between England
97;5' panes. Consols have been for the account at
hat-giaand are now 9
irre 7/ The New 31 per cents.
to 100 i to 101 k, and the 3 per Cents. 981
Bills Stock has been firm at 2281 to 2291.
Exchequer
premium _ have been weaker at
.Is. to 4s.
&lid India Bonds are at 255. to 30s. pre-
is sFtlrenigle leBxteeenuisl
been don a. vtiees have been variable, but there
Cents, atet 261
selling. Mexican Bonds have
quest, and is and Brazilian Newper
The Swedish Loan has been in re-
are at ,31,
and R
A premium. Sardinian Bonds
fumy 8 Russian 5 per Cents. have been
upported at 116 t to 117. Dutch per
Cents, have been at 63 to / Spanish 3 per
Cents, have been steady aat 451- to. 46i ex div., and
the Deferred Bonds at 22k 4
Rai ilw. ay Shares have bo.en moderately dealt in,
and prices have
have been varied much. South-Western
The oißcirin,..er, not
:nd also the French shares.
and nonanally-alina. Shares have been very quiet,
The shares re suPPerted.
vanced. of the Land Companies have ad-
_

BRITISH FUNDS TRIS (From the 021ciaY DA AT .
ONE O'CLOCK.
l List)

Busines s done.
Bank Stock
3 per Cent. Reduced Annuities. ••"••••••• 2284 g
3 per Cent. Consols Annuities
"" • ••• 08A al
New 31 per Cent. Annuities shut
. Long Annuities, Expire sth Jan., lOl elOO7
Dittc 30 Years, Expire 10th Oct., 1859 5.. -16
India Stock .................................. 046
India Bonds, £lOOO ..... ................ ;het
Ditto, under £lOOO 25 30
Consols for Account 97 a
Exchequer Bills, ld.
.21000 .
£5OO
Small .

... 1 4

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, 4} per Cent
Mexican 3 per Cent. 26
Itursian Bonds, 5 per Cent.
Sardinian Bonds, 5 per Ct 11361 17
Spanish Bonds ,
, 3 per Centen 4si
Spanish New Deferred, 3 per Cent 22k 6}
Ditto Passive (Converted)
8
Swedish Loa
B n ....
nu.
.... .
Bern Dividends on the above payable in London.
4i per Cent.
Dutch Exchange, 21 per Cont.
HALF-PAST TWO.
Consols for Opening 19th July 971 ii 7 x d
Pirtu "-

TA ox BOARD THE TRIDENT STEAMER.--While the
ri ent Morn Edinbur,h) was yesterday. evening f a
livering her ,
aloe *de St. Kathrine s-w ar ,
fire broke out cargo
irthe ff,esri hold, which could not be
entirely 1,
c'ecked until athe vessel was filled with water
from the fire engines in attendance. The fire was con-
fined to the ho
third of the cargld
in which it originated. About one-
VESSELS IN o had been discharged when it occurred.
SS'—ln consequence of a commu-
sioners.nication received from the Board of Trade, the Commis-
of Customs have issued orders to the collectors
Commis-
and comptrollers, at the several ports throughout the
United Kingdom, directing them to report whether
vessels driven into their respective ports by stress of
weather are exempted from all dues, both on the cargo
and the ships, and what are the regulations as regards
the cargoes of ships entering in distress, and condemned
as unseaworthy, in the event of reshipment and expor-
tation in other vessels.