The Sun.
London, England, 1838-10-22 00:00:00

MONEY- AND CITY NEWS.

(FROM THE MORNING PAPERS 02 THIS DAY.)
TlMES.—Extensive business has been done to-day in
stocks, which is an unusual circumstance on the last day o:
the week.
Some curious proceedings have taken place at the an•
nual meeting of the proprietors of the Bank of Manches-
ter. One of the Directors, it appears, had been expelled,
and in consequence addressed a letter to the Manager, sub-
sequently sent round in the shape of a circular, giving no-
tice of his intention to move for the production of books
of account and balance-sheets, with a view to verify cer-
tain accusations made, that the returns exhibited on former
occasions were not fa;rly made out, but were purposely
exaggerated on the favourable side, and that certain fa-
vouritism had been shown with respect to money advances
on account of shares in one instance.
Other charges were made, it seems, reflecting on one in-
dividual in the management. As reporters were excluded,
the account given in the Manchester papers may be in some
respects inaccurate, but it may be inferred from the general
tenor of what took place, as given from hearsay, that the
information thus sought was not granted. The meeting
generally seem to have approved of :the conduct of the
management, and, so far as that may be taken as evidence,
the charges were disproved. The more material feature
in the whole case is however the fact that, so far as ap-
pears, the ex-Director complaining was expelled the Board
for insisting,. on his right as Director to inspect whenever
he chose the books and accounts of the concern, which, as
one responsible for his trust, he considered himself entitled
to do, and declining to be held responsible without such
privilege.
This part of the affair will, however, be best explained by
the following resolutions, moved by himself and seconded
by a co-Director, but negatived by the Board :
" In order to better the condition of the Bank of Man-
chester, and effectually to raise all the Directors to such a
state in the management as to be independent in the ma-
nagement of any officer under them, it is moved by George
Wood, and seconded by Mr. G. R: happen—that all Di-
rectors of the Bank be shown, when desired, any or all
books, bills, papers, or things that may be required to form a
sound discretion, on the ground that it is morally wrong
that a Director is to be held responsible for any action of
his, when he is disabled to get at a right conclusion, by facts
being concealed from him."
The direction of the Bank of Manchester has generally
enjoyed a good repute, and therefore should be the less dis-
posed to discourage inquiry.
An extraordinary general meeting of those unfortunately
interested in the Northern and Central Bank of Manchester
was lately held, at which the Chairman prefaced the pro-
ceedings with the singular declaration that he had " the
greatest satisfaction in being able to inform the Share-
holders that the Bank was now out of danger, and that its
present circumstances were such as to insure its stability
and success."
Letters from Lima have been received to the 12th of
July, in which it is stated that through the intervention of
Admiral Ross the blockade of the Peruvian coast, declared
by Chili, had been taken off. It was, in fact, a non-effective
blockade. It is fair to state that this empty blockade was
proclaimed, as stated on the part of Chili, in retaliation for
a paper blockade, more puerile still, of all Chili by Peru.
The usual average return of the liabilities and assets of
the Bank of England, embracing the period from the 24th
of July to the 16th inst., which appeared in last night's
Gazelle, gives the following results—viz., that the average
theltri(l
7of the month ending the 16th inst. as compared with the aver-
age of the month ending the 24th of July, shows a decrease in
the circulation of 918,0001., a decrease in the deposits of
2,390 liabilities
,ooafool
od/
o.e.
oceraeynalsned
ti thisnh
eretpmbreoenssetthnotceskntdhof bullion of
534,0004 Wherefore it appears that the decrease in the
ien(glecthree 6tasleiln
total O O
quantity i/
.s,
3, anti i
inst., as compared with the month ending the 24th of July,
in so far as regards the administration of the currency by
the Bank of England.
The yearly comparison is as follows :—The average of
the month ending the 16th instant, as compared with the
average of the month ending the 14th of November, 1837,
shows an increase in the circulation of 1,008,000/. a de-
crease in the deposits of 2,091,000/, and an increase in the
stock of bullion of 1,119,0001. Wherefore it appears that
the decrease in the liabilities is 1,083,000/., and this re-
presents the decrease in the total -quantity of money in
the month ending the 16th instant, as compared with the
month ending the 14th of November, 1837, in so far as
regards the administration of the currency by the Bank of
England.
The variations in the stock of bullion have taken place in
the following manner and proportions :
In the month ending the 6th of February, 1838
as compared with the month ending the 14th of
November, 1837, there is an increase of
In the month ending the Ist of May, as compared
With the month ending the 6th of February,
there is a decrease of
In the month' ending the 24th of July, as com-
pared with the month ending the Ist of May,
there is an increase of
And in the month ending the 16th instant, as com-
pared with the month ending the 24th of July,
there is a decrease of
Which leaves upon balance an increase of 1,119,000/.
The changes and fluctuations in the circulation will appear
from the following statement :
In the month ending the 6th of February, 1838,
as compared with the month ending the 14th of £
November, 1837, there is an increase of 918,000
In the month ending the Ist of May, as compared
with the month ending the 6th of February,
there is an increase of
In the month ending the 24th of July, as com-
pared with the month ending the Ist of May,
there is an increase of
And in the month ending the 16th instant, as com-
pared with the month ending the 24th of July,
_
there is a decrease of 918,000
Which leaves upon balance an increase of 1,008,000/.
The following are the changes and.fluctuations that have
taken place in the deposits:—
In the month ending the 6th of February. 1838
as compared with the month ending the 14th of
November. 1837, there is an increase of 822,000
In the month ending the 11th of May, as compared
with the month ending the 6th of February
there is a decrease of
• .........
In the month ending the 24th of July, as compared
with the month ending the Ist of May, there is a
decrease of ......................
And in the month ending the 16th instant, as com-
pared with the month ending the 24th of July,
there is a decrease of 2,139,000
Which leaves upon balance a decrease of 2,091.000/.
The following are the average amounts of the circulation,
the deposits, and the stock of bullion during the period from
the 14th of November, 1837, to the 16th inst. inclusive
Circulation £l 8.983,750
Deposits 10,505.750
Bullion
From the preceding statement it will be seen that the
decrease in the stock of bullion as compared with the
month of July last is 534,0004, and had the Bank during
the same period continued to hold the same unvaried
amount of securities to this extent of 534,000/., would
there also have been a diminution in the total quantity of
money. But the diminution in the quantity of money is
is 3,057,0004, and so that while 534,000/, of paper money
has been cancelled, by the abstraction of bullion to the
tov trhi
a 4 yearlyo
as
s co°
mtcomparison.hpias
rseaim with
same
extent TheNo
-
same amount, there has been a further cancelling of
of 252,0004, by a diminution to the same extent in the
securities held by the Bank of England,
eoi bullion,oferOtseo/a.l,soanh
al v
eh had e then
an
increase
is
the f
otvi increase
,eßblnaeaelsrne9, sk:ioinmroBeoe3tmih7.ac: remarknqwi
set dauini
without
yth,pho,ol
f
t haerrdesis
of al,dwe cor,eoaosoeLoiflals,ObBe3en,ooaodd/.e,
dantod
thsoe
ethoarrteowelyiilhey
tuhpe-
the total quantity of money. But quite the reverse of this ;
iwnflux of bullion, there has, on the other hand, been more
than 2,000,000/, taken from it by a corresponding diminu-
tion in the amount of securities held by the Bank. What
a beautiful, s) stem ! and how finely all this squares with
the evidence given by the Bank Directors in 1832, and
upon the foundation of which they obtained a renewal of
the charter !

372,000

81,000

534,000

291,000

717,000

768,000

6,000

Business Bills,le.
cB us ionnC FIRON ICLE.—Consols are a shade lower, hut there
a" an
improvement in the market for Exchequer
be
IsinfotrliemEonnegylislheiiStooffckatM9:3letto ii,asanit3
not,cxiten
to 1- for the Account ; New Three-and-a-HaT per Cents.,
101
65 to R 7
Foreign to i
- - Prem.; Bank Stnck, •203 i to 204 f ; and India
SeEexuerliiteieqsu,egreßneirllasl,ly6,sartedl6a7ngpureidm.. ;India Bends,
Stock, 261 to 262.
)
Shares gonerally are unaltered, but there is a slight im-
provement in the Birmingham Railway, the old having
closed at 84 to 85 prem., and the
new nt 241 to 251 prem.;
Southampton (old) was la,t marked at 461 to 47 per share,
ditto (new , 21
i. to 22 prem. ; Great Western, 13i to 14i
prem. : Leeds and Manchester, 16 to 18 prem. ; Biiming-
barn and Derby, 9 to 8 dis. ; and Eastern, 2 to li dis.
British Iron Shares are 91 to 101 per share.
The official monthly return of the quarterly average of
the weekly liabilities and assets of the Bank of Engiand for
three months ending the 16th instant has been published.
The most important circumstance connected with this
return is the large decrease in the deposits, which, being
to the amount of 713,000/., exhibits the extensive
withdrawal of capital which has been required by
the increase of general trade. The decrease in the
stock of bullion is, however, less by 535,0001. than
the decrease in the deposits, and therefore the Bank has
apparently sold out Exchequer Bills to a corresponding
amount. This is considered to have been imprudent ma-
nagement at the present time, when the stock of bullion is