The Sun.
London, England, 1854-05-17 00:00:00

The foreign exchanges were rather higher again
Yesterday afternoon. Bills on Paris, 90 days, were
taken at 25 25 to 30, on Amsterdam at 11 151 to
16, on Hamburgh at 13 5 to si, and on Frankfort
at 1181 to I. On Trieste 13 36 to 13 42 were the
(potations, being a shade lower.
The law of Joint Stock Companies can never be
pronounced perfect, as far as the shareholders are
concerned, until they have a fuller control over
the affairs of any undertaking to which they sub
scribe. The Chartered Bank of India, Australia,
and China illustrates this view more forcibly per-
aps than any other case which has of late come
under notice, because this bank has an influential
and respectable board of direction, first-class solici-
tors, and was established for bona fide purposes.
Where spe'ulative concerns like gold companies,
and others got up for the mere purpose of selling
shares, fall, or the directors are found carrying out
the project contrary to the wishes of the shareholders,
fear will manifest surprise, but we do confess that
in the present instance we hoped and expected
sot nething better. Out of the entire subscribed
shares a large majority of the proprietors are un-
wi to proceed with the company, and the
grounds of their disinclination are perfectly natural.
In. the interim between the undertaking being set
cn. foot and the obtainment of the charter, various
other Banks have succeeded in getting into opera-
tion, and the field for the employment of capital to
astything like the extent previously existing, is
occupied sufficiently, at least for some years to
come. A local Bank started at Melbourne has
made enormous strides, being supported by all the
merchants and traders, who identify themselves as
a matter of feeling as well as policy with the colony
in -which they reside. If this were not a sufficient
reason, we mightcite the greatercaution with which
commercial shipments will now be made, and the
consequent smaller facilities for banking profits,
although we admit there will be greater soundness
ultimately. Upon the gold buying the chance of
profit is almost entirely gone, and the metal is in-
deed purchased at a rate which frequently leaves a
loss after paying freight and charges. This Bank
has but 21. paid up on its shares, and yet the direc-
tors are forcing it on, endeavouring to obtain the
payment of " calls," which at any rate in the present
state of the money market the subscribers cannot
be expected to meet. It has been objected that
.after so much trouble it would be a pity to give up
(the charter, but really English charters are of but
ittle moment to Banks having their seat of opera-
t ions in Australia, the Union Bank having worked
s uccessfully for years without making any attempt
obtain one. The only advantage gained is a
limitation of liability, for privileges in the colony
it self an English charter will not confer. There
*lv( )re suggestions a short time back for an amalga-
mr ),tion between the Melbourne and Sydney Bank
am I the Chartered Bank of India, Australia, and
,ina, but these do not appear to have been en-
tei taimed, and the struggle is now fierce between
thl s directors and the shareholders. The commit-
tee, which represents the latter are not taking pre-
cisoly the course which we should recommend. It
is s t ated to be always difficult to get an injunction
again ast a chartered company, the Court of Chan-
cery having no inclination to in erfere with the
Prer agative of the Crown. If it be true that the deed
itsel f was not properly filled up, we imagine that
that would be the proper issue to try. At present
an a dvertisement appears in the papers, threaten-
ing the forfeiture of the shares in case the " call"
18 11(14 paid. Probably the deed gives power to the
direct ors to act thus ; but then comes the question,
are •Che allottees thereby relieved from further
liability, supposing the shares are already in the
bands of other parties who object to pay ? To-
raorl:ow an injunction will be applied for to restrain
this forfeiture, and we shall then see what view the
legal aiuthorities take upon this further applica-
tion, the first, with regard to the attempt to stay
the ". call," having failed.
The allusion made above to the prosperity of the
Bank of Victoria, may be illustrated by selecting
the principal items of the balance-sheet for the
half-year ending 31st December last. The capital
is given at 217,5801., and the circulation at
330,19.8/. The current accounts amounted to
11081,`A00/., the Reserve Fund was 28,4241., and
P the Profit and Loss 19,7281. On the Cr. side
there axe 644,133/. in the precious metals, 142,0391.
due b y other banks, and bills receivable and ad-
vance:; on security, 914,4441. It should be ob
served, perhaps, as one reason of the rapid success
and popularity of this Bank, that its affairs are
auperintended by Mr. J. Matheson, a most able
Officer, formerly of the Union Bank of Australia.
The dividend declared by the Bank of Victoria
Was at .the rate of 10 per cent. per annum, and
would have been far greater but for the necessary
precaution in the onset, of adding largely to the
reserve fund.

The shares of the British Australian Gold Mining
Comp-my are very properly to be excluded from
quotations in the official lists, published by the
Stock Exchange, the original insertion having been
obtained under representations which are proved
to have been unfounded. We can scarcely imagine
any more signal disgrace to befal any undertaking
than i;his ignominious erasure, after the prelimi-
naries. were not only settled, but the quotations
had taken place ; and if there is the least sense of
propriety existing, the directors, who may them-
Selves have been misled by the promoters and others,
will take steps for winding up. It is extraordi-
nary to hear, on all hands, the deception that has
been practised, not only in the case of many of the
gold illompanies started, but likewise in that of
many which were projected and never brought out,
the di: erence being that the individual buyers of
lands uffered, instead of associated shareholders.
In on se case brought under our notice, a large
sum of money was received by a gentleman for
some property in Australia, for which he had
already mortgaged far beyond its value, and the
buyer. is wholly without remedy, it would seem,
owing; to the insolvency of the vendor. The ne-
cessit.V for a registration of mortgages upon Colo-
nial property, if such does not already exist, can
scarcely be denied after this.
The English funds have recovered a little from
the decline which they experienced yesterday,
" after hours," when Consols were done at 88i
They have been 88i this morning, and are now
quoted 881 1. The satisfactory news of the defeat
of the Russians has imparted some stability, but
the value of money in the discount market has in-
creased to au extent that is against a decided
improvement in either the permanent or
floating debt, unless some important political
intelligence reaches us. The price of Exchequer
,Bonds is 1 premium on 981. 16s. East India Bonds
have been 5s to lOs discount, and Exchequer Bills
Par to 2s premium. The New Three-and-a-Quarter
Per Cents. have been 88 to 88g. East India Stock
Las been at 237.
Foreign Securities have been very inactive, and
the prices are without material change. Russian
Five per Cents. have been done at 95 to 96, being
firm. Dutch Four per Cents. are BTh Brazilian
New Stock is at 90. Mexican Bonds have been
24 g.
The market for railway shares is not enlivened
by either real or speculative transactions of any
magnitude, but the prices are very well supported.
The French lines have been slightly in favour of
u yers, but the Strasburg are now dealt in ex
dividend. Great Western of Canada are not quite
so good.
The Gold Mine Shares have been heavy. Impe-
rial Brazilian Shares and the Cocaes have advanced.
In all the Australian Bank Shares there is a little
improvement and with increased dealings. Union
are up 10s. to 11., and the EngliSh Banks are ss. to
10s, higher, several purchases having been mad©.
The Oriental Bank have risen about 10s.
The Australian 'Agricultural Company, being