The Sun.
London, England, 1838-04-10 00:00:00

MONEY ad COMMERCIAL MARKET

(From the Morning Papers of this day.)
TlMES.—Attempts are making to introduce the speculative
fever which now rages in Paris into this country, and it has be-
come highly necessary to direct public attention to them. As
a specimen there cannot be a better chosen than a pros-
pectus which has been put forth for making a " Rail
way between Paris and Belgium." The capital required
is 3,200,0001., in 160,000 shares of 201. or 500 francs
each. An agent has arrived in London to manage the
subscriptions here, and a London banker is appointed to
receive them. A deposit of 3/. each share, or 480,0001.,
is to be made in the first instance, and 21. more is to be
called for as soon as the law for making [the railway has
passed the French Legislature, with 4s. on each share
to cover the preliminary expenses. There will thus be
a sum of 800,0001. in the hands of the Managers before the
work is commenced. The inquiry will naturally be who the
Managers or Directors are of this vast undertaking. Only:tivo
names, those of Messrs. Maurenq and Drouillard, appear in
the prospectus in either capacity. The nature of the trust and
of the powers confided to them will be best explained by the
following extract from the prospectus, which we consider to be
perfectly unique, even in matters of this nature :
" Messrs. Maurenq and Drouillard will have the right to
remain Managers of the Societe Anonyme' until the ap-
proval of the railway by the authorities : they will unite to this
capacity that of Directors-General, and will be charged with
the management of the Company.
" They shall have a fixed appointment, of which the Board
of Direction shall determine the amount.

" They shall also be allowed, as original founders, the
tenth of the profits of the Company, after payment of ex-
penses, and of 5 per cent. per annum on the capital of the
Company.
" The allowance shall continue as long as the Company
itself subsists.

" If the Company shall think fit to appropriate a part of
the profit to a reserved fund, the tenth of this fund shall also
belong to them.

" All other conditions and by-laws of the Company are left
to the judgment of Messrs. Maurenq and Droullard."
It would be useless to enter into any further details of this
precious scheme, for the above would be sufficient to deter
any man of the least sense or knowledge of business from en-
gaging in it. About 800,000/., or one-fourth of the whole, is
the sum, it seems, which the projectors expect to raise in
London.

There is a prevalent disposition to sell Dutch stock in the
foreign market, and some considerable sales were effected on
English, and bought for foreign account. It is sufficiently
clear that a strong determination exists with some certain
party, who may be guessed at, abroad to support the prices of
these securities, which but for that counteraction could hardly
fail to give way to the continual sales here, and the desiro,
almost general, to get out of this stock. The market is evi-
dently not in a healthy state. The Dutch Five per Cents.
closed at 99,1 to ;2- ; the Two-and-a- Half per Cents., 54 to

MORNING CHRONICLE.-The only change in the English
Stock Market is a slight improvement in the value of Consols
for Money, the prices having now assimilated, and the closing
quotations being 93i to 93k, both for Money and the May
Account. Exchequer Bills remain also at 645. to 665. prem.
Shares on the whole were rather heavy, but there was no
very material change in the quotations, and business in them
was limited. Birmingham, old, left off at 88 to 90 prem. ;
ditto new, 261 to 27f prem. ; Southampton, 46 to 47 per
share ; ditto new, 211 to 225- prem. ; Great Western, 26 to 27
prem. ; Leeds and Manchester, 16 to 18 prem. ; Manchester
and Birmingham, 2 to 3 prem. ; Birmingham and Derby, 21
to 1f dis. ; Brighton, 2i to 3 prem. ; Blackwall, 2 to +prem. ;
Greenwich, 4to 3 dis. ; Croydon, 3f to 2f dis. ; ditto new,
31 to 45 prem. ; and Eastern, dis. to k prem. British Iron
Shares are lof to 16f per share, and Asphalte de Seyssel, 14f
to 151 prem.

MORNING PosT.--The gentleman charged with the City
department of the Morning Chronicle, who talks to us some-
times about " mares' nests," has in his article of to-day one of
those curiosities, which cannot have failed to afford much diver-
sion to his commercial readers, more especially to the under-
writers at Lloyd's. He says, with respect to the shipments of
specie which the Bank of England came to the determination
of making a short time since to the United States, and which
he now discovers have not been carried to the extent contem-
plated in the first instance—
The Bank, we understand, has suspended any further ex-
portation on their account. It is said that, apprehensive of
the consequences of the misunderstanding with the Bank of
the United States, the Directors have absolutely forfeited the
policies of insurance upon a very large amount. Taken at the
lowest calculation at one.per cent., there is a dead loss on this
head, we are informed, of 15,0001."
If this is not a " mare's nest" we are quite at a loss to know
what a mare's nest is. We have nothing further to say at
present of the warlike letter reported to have been received by
the Bank Directors from Mr. Biddle, of the United States
Bank, except that we have again much later advices from
Philadelphia, in which no allusion is made to the alleged
ejectment of Mr. Cowell from the offices he had been invited
to occupy in the latter establishment (for we are still of opinion
that a peremptory notice to quit the premises may be fairly so
considered), nor do we purpose entering into any controversy as
to the precise amount of gold which the Bank of England may
consider it expedient to send to America, but we cannot very
well refrain from informing the correspondent of the Morning
Chronicle what is the practice of the underwriters in case of the
non-shipment of property insured against sea risk, so as to
move from his anxious mind all apprehension lest the Bank
proprietors should suffer to the extent named by him from the
forfeiture of policies. The practice is where short interest is
declared on a policy to return the whole of the premium ap-
plicable to such short interest, and a full allowance is made at
the policy office for the duty ; na loss whatever is conse-
quently incurred by the insurer, except the trifling- charge
made by the broker. Let the correspondent of the Morning
Chronicle make inquiry upon the subject of any merchant's
clerk, and he will find the facts to be as we have stated. This
is a simple matter of usage among mercantile men, and one
that admits of no cavil or equivocation.

MORNING ADVERTISER.-An improvement in Consols, both
for Money and Account, has taken place to-day, the closing
quotation being 93k. Business has been transacted to a con-
siderable amount both for money and for to-morrow, which is
the settling day. Consols for the month of May have been
sold currently at 93g.
The Railway Shares have been heavy throughout the day,
with the exception of the Edinburgh and Glasgow, which
have advanced to 2 pm. The Brighton Shares have receded
to 11 pm., the Manchester and Birmingham to 2i pm., the
Greenwich to 31 dis., but the Paris, Harve, and Rouen
Shares are in demand at 1 pm. The Asphalte Shares re-
main at 15 pm.