The Sun.
London, England, 1838-01-30 00:00:00

MONEY MARKET.

CITY, MONDAY EVENING.—II will he recollected that A
statement appeared in a Morning Paper a few week,
since, the object of which was to show that the Di-
rectors of the Bank of England had got themselves
into a very serious dilemma, in consequence of the part
they took in the embarrassed affairs of the Northern and
Central Bank at Manchester. The public were given to un-
derstand that the settlement of the outstanding engagements
of the joint-stock bank in question was proceeding very slowly
and unsatisfactorily, and that the Directors of the Bank of
England would, in the end, have to proceed against the indivi-
dual shareholders of the Northern and Central Bank for a
heavy deficiency, which, in the existing state of the law, they
would have much difficulty in recovering. The correctness of
this statement was denied by us at the time it first appeared,
and subsequently by the solicitor of the Northern and Central
Bank, so that it is perhaps hardly necessary to say anything
further upon the subject. • Seeing, however, that the assisted
bank has at length paid off the balance of the advances made
to it by the Bank of England, as well as the amount due from
it to the London and Westminster Bank, we are induced to copy
the following announcement to that effect, which appeared in
the Manchester Guardian of Saturday:—
" We understand that the debt due from the Northern and
Central Bank to the Bank of England was fully paid in cash
on Thursday last, when the Directors of the Bank of England
gave up the various hills and securities belonging to the Nor-
thern and Central Bank which they previously held, and the
warrant of attorney, which had been given as a further securtv
for the advances of the Bank of England, was cancelled. A
considerable part (about 50,000/., we believe) of the debt due
by the Northern and Central Bank to the London and Weft.
minster Bank has also been discharged.—Morning Post."
MONDAY EVENING.—The abundance of money is producing
the greatest inconvenience to all those who live upon their
capital, or upon the lending out of money which is deposited
with them by others. That which is usually distinguished by
the term of the " monied interest" has become in fact, for a
time, the distressed interest of the city. Contrasted with
what was passing less than twelve months ago, the change in
the state of money is a very remarkable one. Then five per
cent. was currently obtained on all bills, and on those for
short dates, and not the very best credit, a much higher rate
of interest was paid, amounting to ten or twelve per cent, or
more. The bankers and capitalists made an excellent harvest
on that occasion, and can afford a little reverse, if that were
the only matter to be considered. The evil is, what has been
often pointed out, to our commerce and our industry, which
are reduced, instead of a steady pursuit, to a state of gambling
or mere chance, by these vicissitudes in the currency. The
period which is about to come on must be one of violent ex-
citement. The transactions in the Consol-market have been
unimportant. The price at one period touched 92;1, and
finally closed at 92,1 to i for money and the account. The
funds are supported entirely by the abundance of money, but
for which there is little doubt but that the price would be
much lower. But stock is actually scarce, becomes more so
from day to day, and on the principle of all markets, those
who want the commodity must pay for it. In the unfunded
debt the same high prices ase maintained. Exchequer Bills
were 625. to 645. ; India Bonds 565. to 605., and those to be
paid off, 15s. to 16s. premium.-7'imes.
The Commercial letters from New York, dated the Ist
instant, mention that there had been a good deal of business
transacted in Cotton during the previous week, but that the
Market had ultimately left off rather dull, which seems, how-
ever, to be attributable to very large supplies. The Jefferson
steam vessel arrived at New York on the 22d, with a cargo of
1,580 bales, which, it is said, was the largest load ever con-
veyed to that city in a single boat. The exportation of this
article from New York since the Ist of October, consisted of
73,004 bales to foreign ports, and 16,548 bales coastwise,
making a total of 91,522 bales ; whereas, during the same
period last season, there were 121,678 bales shipped, showing
a deficiency of 30,126 bales, hut this amount includes au
excess coastwise of 4,258 bales, as compared with last year.
The deficiency in British ports is 5,833 ; to French ditto,
26,885 ; to the north of Europe, 1,296 ; and to other foreign
ports, a falling off of 3.J0 bales. The prices ranged from nine
to eleven cents. per lb., and the qualities were from middling
to fair. The stock of cotton on hand at Mobile on the Ist of
October was 1,977 bales, since which period 48,010 bales bed
arrived, making a total of 49,987 bales to be disposed of, and
of which 23,329 bales had been sold, making the stock on
hand, on the 22d of December, consist of 26,658 bales.
There was very little business going on in Tobacco. A state-
ment of this article from New York is also furnished, by which
it appears that since the Ist of October 3,492 hhds. were ex-
ported against 3,176 last season, making an excess in favour
of the present period of 1,248 coastwise, and a falling of to
foreign ports of 943 bales.—Chronicle.
MONDAY EVENING.—The
,attention of our men of business
is at present turned with no inconsiderable degree of interest
to the existing state of our Money Market. The great diffi-
culty
of employing capital in commercial transactions to ad-
vantage has created a disposition for speculation, not only in
Government Securities, but, as is usual when superfluous
capital is abundant, and to be borrowed at low rates of inte-
rest, it has turned much of the tide of speculation towards
shares of every class, without reference to any circumstances
that would originate a fair expectancy of profit beyond those
accidental chances which hover over all gambling transac-
tions, in which all
doubtful,
m joint-stockay bc included. schemes wherein e
mu lit)itma thase
to impugn the joint-stock banks, as again be-
bsteaebnilimtyadise
comine- the authors of the artificial speculation which
certainly prevails in all the share markets, but we cannot
learn that they have travelled out of the usual course of busi-
ness for some time past, at any rate to a degree likely to
foster artificial speculation. That the Scotch joint stock
banks have had a large surplus of capital at their command,
may be readily inferred from the large purchases of Consols
which they have made during the past ten days or a fortnight,
amounting to full three quarters of a million, in addition to
the purchase of Long Annuities, to the amount of about
7,0001. per annum. The general character of these transac-
tions may be taken as bona fide investments, made, not for
the sake of ephemeral speculation, but rather as a mode of
securing a certain rate of interest not easily obtainable at pre-
sent in North Britain, upom commercial bills and loan ac-
counts, with so little risk, of which there cannot be better
evidence than the heavy purchases in the Long Annuities.
There has been a good deal done in the Share Market to-day,
but the quotations are not so strong as they were towards the
close of last week, in consequence of many parties having at-
tempted to realise. The principal quotations in Railway
Shares arc—Great Western, at 17 a s pm. ; Brighton are
al pm. ; Birmingham are 73 pm. ; and the Quarter Shares
2!21 pm. ; Southampton are 10 dis. ; the New ditto are 161;
Croydon are 2 pm. ; Manchester and Leeds arc 61 pm;
Manchester and Birmingham are si pm. ; and North Mid-
land are at par. Colonial Bank Shares are at par.—Herald.

A private letter from New York, mentions that the
Phoenix Bank of New York, which some time ago resumed
still continued to make its payments in cash.
the medium of the negociation of most of the
Thiscah pbaaynmk es‘n.at,s
State loans of the United States.

DEATH OF SIR H. PALMER.—Died suddenly, on
the 26th instant, at Willey-house, near Farnham, Surrey,
most deservedly esteemed and lamented by a numerous circle
of friends, and leaving a disconsolate widow and young
family, Sir Ralph Palmer, Knight, aged 54, who but lately
returned from India, having filled for many yerirs the very
honourable and important post of Chief Judge of the Supreme
Court of Madras. An inquest waf held the following day
before Mr. Henry Woods, Coroner for the county, and a re-
spectable Jury, when it appeared, from the evidence of two of
the principal domestics, that Sir Ralph (who was represented
to have been in good health) had been shooting with some
friends visiting at his house,
and, having complained at the
dinner table of some degree of uneasiness at his chest, had
retired to his library, attended by Lady Palmer, to compose
himself on a sofa, who as well as the butler visited him at in-
tervals, till about half-past 9in the evening, when her Lady-
ship having come out of the library in great alarm, under the
impression that Sir Ralph had fainted, the butler immediately
went in and discovered that he was a corpse. For the guid-
ance' of the Jury a post mortem examination was performed by
Mr. Bury, the attending surgeon, who being of opinion that a
diseased state of the heart was the immediate cause of death, a
verdict was pronounced accordingly.—Counly Chronicle.
LORD CLONCURRY.-The following is an extract
from a letter written by this nobleman and published in the
Dublin _Evening post of Saturday last:—" lam quite con-
vinced that the new English system of Poor-law is inappli
cable to Ireland. We want employment in compensation for
absenteeism. Ireland has more resemblance to the England
of Elizabeth than of Victoria. Every able bodied man of
good character can get employment in England ; our people
cannot obtain it though they seek it as a favour in a country
abounding in land, which only requires labour to make it re-
pay tenfold the outlay. I would therefore try Colonel Bur-
goyne in preference to Mr. Nicholl. I would urge employ-
ment—l would facilitate emigration, and I would support the
helpless ; with good management and fair play no others
could be destitute in Ireland. These were my original opi-
nions, and I hold them still, after all the ink which has been
shed upon the subject. As a last resource I would fly to Mr.
Nicholl. I think O'Connell mistaken in his opposition to
Poor-jaws, but I give him full credit for the pprest motives,
as I do for the most ardent and disinterested patriotism in his
present exertions to put down the, hydra of combination."
THE BALLOT.--Within these few days a petition
for the Ballot has been numerously signed 84 chapel-en-le-
Frith, Derbyshire, the first
name on wl7.ich is that of Thomas
Gisborne,' Eso. late INM f9r tO9 9010 i. '