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

BRITISH FUNDS THIS DAY.—CLOSING PRICES.
( Prom, the Officiat List.)
Business done.

CITY, TWO O'CLOCK
The sales of cotton at Liverpool yesterday
Were estimated at from 6,000 to 7,000 bales, of
Which 2,000 American were taken for export and
ca. speculation. The market closed heavily with-
out change in prices. The sales include 200
EgYptian at 6d. to 10d., 300 Surat at 3hd. to 3d.,
and the remainder nearly all American. Railway
shares were dull, at rather lower prices.
Wheat in Mark-lane to-day was quiet, at Mon-
day's prices.
The wool auctions are progressing much the
sable as at the opening. Some of the favourite
"Marks" even are less carefully got up than for-
merly, owing to the scarcity of labour.
The indigo auctions went off more heavily up to
the Close yesterday. Of 9,319 chests passed to that
date, 2,717 were sold.
The accounts by the steamer Magdalena, with
the West India and Pacific mails, have not yet been
delivered. The amount of specie brought is
1)600,000 dollars, and will prove very seasonable.
The delay in the arrival of the steamer Aus-
tralian causes much disappointment, as she has,
besides,_ the specie, a large number of letters. The
alarm Polo brought a good deal of correspondence;
but there are mails on board the steamer.
The foreign exchanges were rather higher again
Yesterday afternoon. Bills on Paris, 90 days, wero
taken at 25 25 to 30, on Amsterdam at 11 15/ to
16, on Hamburgh at 13 5 to 51, and on Frankfort
at 1181 to On Trieste 13 36 to 13 42 were the
quotations, 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,
Slid China illustrates this view more forcibly per-
liaPs than any other case which has of late come
'tinder notice, because this bank has an influential
and respectable board of direction, first-class solici-
Sand was established for bona fide purposes.
where speculative concerns like gold companies,
~mod 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,
few will manifest surprise, but we do confess that
in the present instance we hoped and expected
'something better. Out of the entire subscribed
shares a large majority of the proprietors are un-
willing to proceed with the company, and the
grounds of their disinclination are perfectly natural.
In the interim between the undertaking being set
en 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
Anything 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 might cite the greater caution 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 2/. 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
little moment to Banks having their seat of opera-
tions in Australia, the Union Bank having worked
successfully for years without making any attempt
to obtain one. The only advantage gained is a
limitation of liability, for privileges in the colony
Aself an English charter will not confer. There
were suggestions a short time back for an amalga-
nation between the Melbourne and Sydney Bank
and the Chartered Bank of India, Australia, and
:'China, but these do not appear to have been en-
tertained, and the struggle is now fierce between
the directors and the shareholders. The commit-
tee which represents the latter are not taking pre-
cisely the course which we should recommend. It
is stated to be always difficult to get an injunction
'against a chartered company, the Court of Chan-
cery having no inclination to interfere with the
prerogative of the Crown. If it be true that the deed
itself was not properly filled up, we imagine that
that would be the proper issue to try. At present
an advertisement appears in the papers, threaten-
ing the forfeiture of the shares in case the " call"
is not paid. Probably the deed gives power to the
directors to act thus ; but then comes the question,
are the allottees thereby relieved from further
liability, supposing the shares are already in the
bands of other parties who object to pay 'I To-
morrow an injunction will be applied for to restrain
this forfeiture, and we shall then see what view the
legal authorities 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
Rank of Victoria, may be illustrated by selecting
the principal items of the balance-sheet for the
ila• lf-year ending 31st December last. The capital
• given at 217,5801., and the circulation at
',330,1981. The current accounts amounted to
1)081,2001., the Reserve Fund was 28,4241., and
the Profit and Loss 19,7281. On the Cr. side
there are 644,1331. in the precious metals, 142,0391.
due by other banks, and bills receivable and ad-
vances on security, 914,4441. It should be ob-
served, perhaps, as one reason of the rapid success
slid popularity of this Bank, that its affairs are
superintended 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
Company 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. VS e can scarcely imagine
• any more signal disgrace to befal any undertaking
than this 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 bythe promoters and others,
Will take steps for winding up. It is extraordi-
nary to hear, on all hands, the deception that has
°een practised, not only in the case of many of the
gold companies started, but likewise in that of
Many which were projected and never brought out,
the difference being that the individual buyers of
'and suffered, instead of associated shareholders.
111 one 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-
cessity for a registration of mortgages upon Colo-
Mal 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 is
They have been 88. a this morning, and are now
quoted 881 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 an 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
Ilonds is / premium on 98/. 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
has 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 87i . 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
buyers, but the Strasburg are now dealt in ex
dividend. Great Western of Canada are not quite
Bo 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
withincreased dealings. Union
are up 10s. to 11., and the English Banks are ss. to
10s. higher, several purchases having been made.
The Oriental Bank have risen about 103.
The Australian Agricultural Company, being

Bank Stock
4 per Cent. Reduced Annuities B7
4
3 per Cent. Consols Annuities BBl Aiii
]haw 34 per Cent. Annuities BBf 3 8 4 ii
New 21 per Cent. Annuities
India Stock 237
India Bonds, £lOOO _ 5 d
Ditto, under £lOOO lO 5 d
Consols for Account tlth June BBa 4 i 1
Exchequer Bills, 2d.
21000
£5OO par 2 p
Rmall 3 p par
Exchequer Bonds Scrip
PRICE OF FOREIGN FUNDS THIS DAY.
nrazilian Bonds, 5 per Cent.
Ditto New, 1852, 4A per Cent 9O
Chilian Bonds, 6 per Cent looi
Danish Bonds, 1825, 3 per Cent —
I. itto 5 per Cent .....
iexican 3 per Cent.
Peruvian Bonds, 44 per Cent. 62 2
lusgian Bonds, I tint, 5 per Cent. £St 95 6
Ditto for the Account 95
Sardinian Bonds, 5 per Cent. . • 82
Spanish New Deferred, 3 per Cent.
Dividends on the above payable in London.
French Rentes, 44 per Cont.
Dutch Exchange, 24 per Cent. 12 Gull 594 9
Ditto 4 per Cent. Certificates . ...... 871 iB4 71
THREE O'CLOCK.
881 1
gsa i

Consols ...................................
Ditto Jun* A ccoun t ................. .

Ex. 25

rinfb lEDttioni

SUN OFFICE, Seven o'clock.

NEWMARKET RACES.

(THIS DAY.)

(BY ELECTRIC TELEGRAPB.)
10 SOVS. SWEEPSTAKES.

Freckle
Handsome Buck
HANDICAP SWEEPSTAKES

Diomedia
Kenny side Hero
Five ran.
SUFFOLK STAKES.

Sharavogue

Domino

Six ran.
HANDICAP PLATE.

Sabra

Anteverta

Five ran.

SWEEPSTAKES OF 50 SOVS.