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

MONEY MARK ET 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 6d. to Bd. ; 150 Bahia, at bid. to
; 1,000 Egyptian, at 6d. to 12d. ; 700 Surat,
at 31d. to 44d. ; 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, Esq., 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
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
lB)•—The bill proposes to reduce the present rate of 3/.
os. 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
arly 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.
e" 11. For the still more complete protection of the
overnment, 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,
about previous intimation, and examine into every
letail, and especially to compare the ledgers with the
tztojr.s' books produced in the ordinary course of
,17..10his audit and inspection could be accomplished
Itstl ut difficulty, and at the same time be more con-
Zd:o and satisfactory to the Government than the
'`There by the bill."
hay received
is a rumour that the French Government
nelles.
itlelAlielived intelligence from the English Govern-
at the Fleet is not yet to enter the Darda-
lhe tll 1.
Still wad 5, ish Securities have been fluctuating
petersbilr
gives, there is compartively strong support
withstanding the official order from St.
owing to jh to enter the Turkish principalities,
and France. cordial cordial co-operation between England
97g i and Consols have been for the account at
have been arep_ow 971 i. The New 31 per cents.
to i. Bank sZ L'°,_ 1011, and the 3 per Cents. 9811
Exchequer
and 1- 1-la
131Z' has been firm at 2281 to 2291.
Premium, n weakerto 4s.
"Ilium.
Foreign Securities Bondsh are at 255. to 30s. pre-.
is still no extensive have
.
es ave been variable, but there
bees
Cents.daotn9e4a, 26 g. Mexican Bonds have
The and Brazilian New 45 per
are at 931,
quest, and is g to Swedish Loan has been in rev-
are „ 4 premium. Sardinian Bonds
fully suppo:-,Lne nussian 5 per Cents. have been
haven
itte at 1164 to 117. Dutch 2i- per
Cents.
Cents. have beDeneust at 63i to /. Spanish 3
aped
Railway eady at 45i to 46i ex div., and
the Deferred to
a ndpr e
e s hsahvaer on,
is:,;tve22bie.
en moderately dealt in,
have been , anaari.Fd much. South-Western
The Mine Shares the French shares.
been very quiet,
and nominally are supported
have
The shares of the La'''.
na co_
vanced. "'Pallies have ad-

BRITISH FUNDS TIIIS rwir
( From the Oftelai List.) •

.....
......
.... jinsiness done.
Bank Stock
..„. ..... z2l 9,
89118ut a 44
33 perpper
Cent.oeut. Reduced
Consols Annuities.
.Annuities .. . . .. . ... .. . ...
101 i lo
oz 1,
1860
New 34 per Cent. Annusittihesjan.,
Long Annuities, Expire
shut
India Dittc 30 Years, Expire 10th Oct., 1859
India Stock
25
........
India Bonds, £lOOO ........• • ...... 25 30
Ditto, under 21000
97i i a I 86.
Consols for Account
Exchequer Bills, ld.
14
21000
--,
4
2500
54
Small
PRICE OF FOREIGN FUNDS THIS DAY.
Brazilian Bonds, 5 per Cent
Ditto Small
Ditto 5 per Cent (Rothchild's) 99
Ditto
x d New, 1852, 4i per Cent
Ditto Small
103
Mexican 3 per Cent. ......... 261 74
lls4iall Bonds, 5 per Cent. 62 17 i
Sardinian Bonds, 5 per Cent 934
Spanish Bonds, 3 per Cent 464 64 x d
Spanish
PilaswsivDee(feerrenevde,rte3 pcie; Cent. 221 x d
4
EiZeuid.Bh, CDumittee Cert. of Coup. not fun 5l Pop
tepuitgiache.:42llv.tpdeerndeseonnt
184 Loan .. ........... ... ........... ...... $ i
.the above payable in London.
96i
Ditto , etlange, 2i per Cent.
* Per Ceat. Certificates ........ ..• •• • 95;

Cole for °polling 19th July—.

THREE O'CLOCK.
98 i xd

-"MI
ar
33°A)1"— ---------------.-------
While the
Trident TRIDENT STEAMER.—
(frolxt EdinTbiluEr h) wasyesterday evening de-
firelivering her carg g -
broke out in the
be
ongEnci: Sty. Katharine's-wharf; a
after hold, which could not
entirely :..hecked until the vessel was filled with water
from thefire engines in attendance. The fire was con-
fined to the hold in which it originated. About one-
third of tie cargo l,
II had "een discharged when it occurred.
VESSEIS IN ..,ISTIIESS.---/n
zieation ieceived from the Board of Trade, the Commis-
consequence of a commu-
sioner of Customs have issued orders to the collectors
and comprollers, at the
'United kingdom several ports throughout the
vessels , directing them to report whether
erecting into their weather we exempted from all dues, both on the cargo
resi3ective ports by stress of
and the slips, and what are the regulations as regards
the carpcs of shipsteetering in distress, and condemned
as unseaarthy, in event of reshipment and expor-
tation in other Venel4.