The Sun.
London, England, 1838-04-12 00:00:00

ROYAL YACHT SQUADRON INTELLIGENCE.

COWES, APRIL 11.—The Amazon cutter, 75 tons, Captain
George Keane, is nearly ready for sea. The Kestrel cutter,
150 tons, the Right Hon. Lord Yarborough, is undergoing
some alterations in her cabins, and is to be fitted with every
possible dispatch. The following yachts are also in a forward
state :—The Iris cutter, 75 tons, Sir R. B. W. Bulkeley,
Bart. ; Witch cutter, 70 tons, Joseph Copley, Esq. ; Sul-
tana cutter, 49 tons, H. Robinson, Esq. ; and Therese cutter,
121 tons, Lord Clonbrock.
The Nautilus cutter, 103 tens, Earl de Grey, is hauled off
the mud.

The Menai brigatine yacht, E. N. Harvey, Esq., sailed
a few adays go for Brighton; she will proceed, in about a
week, to the Weztern Islands and Madeira.

Viscount Canning is daily expected here ; his schooner
yacht, Gondola, is nearly ready for launching, from Mr. Jo-
seph White's slip, East Cowes, after undergaing some altera-
tions. The Duke of Newcastle's frigate yacht, fitted in the
same yard, has been taken to pieces, to be carried round to
Hull in the Ajax trader.
Mr. Joseph White has a new cutter yacht in frame, of about
70 tons, for Mr. Delafield; she is to be ready by the Ist of June.
,On Tuesday last a yacht of 25 tons was launched from Mr.
Hanson's yard, West Cowes, for James Saunderson, Esq.,
R. Y. S. ; and on Wednesday one of the same tonnage, and
from the same yard, for T. L. Lane, Esq.
Colonel Madden's yawl, the Dandy, and Mr. Cooper's
cutter, the Eudorc, 60 tons, will be launched from Mr.
Ratsey's slip, the latter end of the month. Colonel Buck's
cutter, building in the same yard, is in a very forward state.
We understand there are six candidates to be balloted for
as Members, and nine as Honorary Members, at the next
:.Teneral meeting, on the 12th of May, at the Thatched House
Tavern, St. James's-street.
POST OFFICE ARRANGEMENTS.—WC have been a long time
promised that the island mails should be brought by a steamer,
we are told that Government has entered into contracts for
the conveyance by steam of two mails a day from Southamp•
ton to Cowes ; but we know that there is but one mail
brought, and that, during this week, in a boat, which does not
reach Cowes till after nine o'clock in the morning, and many
in the town of course cannot get their letters much before ten,
and the letters cannot be delivered at Newport till after that
hour, although the London and Bristol mails reach Southamp-
ton soon after four o'clock, which allows about five hours for

twelve miles—rather slow work certainly; but nothing com-
pared With the Brighton mail, which is delayed in South-
ampton from the preceding day.
I some time since sent you an account that the Government
was about to contract for two mails a day being brought from
Southend to Cowes, which the Southern. Advertiser thought
proper to contradict, as they said by authority, as without the
leest foundation. They have since been obliged to acknow-
ledge their ignorance, and that they had been deceived by their
informant.

MONEY and COMMERCIAL. MARKET.

(From the Morning Papers of this day.)

MORNING POST. —We understand the commercial letters
from the United States contain orders to a greater amount
than heretofore for British manufactured goods. An inquiry
into the conduct of the Phmnix Bank at New York, which
was charged with usurious and improper practices in the
management of it:: discounting business during the late crisis,
was going forward, but it is not likely that other banking
establishments so fortunately circumstanced as the Vr.ceaix
Bank are wholly free from such an imputatioi. The Phcen;x
is known to he one of the most solid establishments in the
Union as regards its pecuniary resources. The investigation
to which we have alluded is said, in the Liverpool and other
papers, to have been rendered necessary in consequence of its
failure ; but this is altogether a mistake. The Phoenix is, on,
the contrary, one of the very few of the New York banks
which have continued paying their notes in specie from the
first of the recent explosion.

TIMES.-The Gazette of last night gives the official report
on the state of the revenue, and informs the public that the
excess of expenditure over the revenue for the year ending the
sth instant is 655,7601. There cannot therefore be any out-
lay in the current quarter for the purpose of a sinking fund,
and as no purchases are yet made on account of the saving-
banks, it is to be taken for granted that the whole of the sums
derived from that source are applied in aid of the revenue.
That Mr. Spring Rice is now driven to nearly his last shift
is apparent enough ; he lives on the hope, perhaps, of some
turn in affairs which may extricate him from his difficul-
ties, but lie may be assured that the soundest judges in the
City can discern no such prospect, and that they do, on the
contrary, think very despondingly of the present situation of
our financial affairs. The anuuul budget, which cannot now
be much longer delayed, will afford him the opportunity of ex-
plaining what his own view of the case may be.
The private letters from New York by packet do not afford
any sanguine anticipations among commercial men of an early
change for the better in trade. The remark still is, among
those who are best informed, that a comparatively small
amount has yet been paid by those houses who failed in the
early part of last year, and that a great number of them can
never succeed in regaining their former position. Thus it be-
comes inevitable that a great change must take place in New
York, and trade pass, in a great measure, into new hands, be-
fore it can be pronounced in a healthy state. What seems to
be further required for that purpose is, that the cotton crop of
this, and perhaps that of the next year, may be exported
into Europe, and be realized at good prices, without, at
the same time, leading to any importations of manufac-
tured goods beyond the actual wants of the country. This
may be very difficult to carry into practice ; but if it
succeeds, though it may set America right, it is a
very bad omen for the manufacturing interest of Eng-
land. The great and absorbing question of the resumption of
specie payments by the Banks is still agitated in the mercantile
correspondence from New York, and the opinion gains
strength, that, at least as regards the latter class of them, it
cannot be long delayed. There are still some who doubt this,
and more who look upon it, whenever it may occur, as an
event to be dreaded and deplored. Of this latter party are
the unsound banks, and all their adherents, whose weakness
cannot fail in such a case to be fully exposed. There is an
amusing game of etiquette going on between the New York
and the Pennsylvania Banks, which still take the lead ; but
the order of precedence is reversed, both wishing to be last in-
stead of first.
The s!atement of the failure of the Phoenix Bank, which
appears in the Papers this morning, is erroneous, and seems
to have arisen from a belief entertained in New York that its
charter was vitiated, and would be forfeited, on account of
usurious transactions on a very large scale, in which it has
been engaged since the commencement of the commercial
crisis in the United States. An investigation was ordered by
the Legislature, at the request of the Board of Trade, into
the truth of the charges, which would seem to hare been first
brought to light by certain proceedings in Chancery against
the Bank, by some one or more of the parties which had deal-
ings with it. This investigation lasted several days, and al-
though the result was still unknown and undecided, and what
it might end in, so far as the Bank was concerned, was still a
question, yet a mass of evidence was produced of a most curi-
ous and startling description. In order to a better compre-
hension of the brief notice of the bank system developed on
this occasion, it will be useful to give here the notice issued
by the Phoenix Bank, as the rule of its operations during the
suspension of specie payments:—
" PMENIX BANK.
" NOTICE.

" It is hereby declared, that until further notice, the conditions on
which this Bank deals with all persons are as follows

" All deposits, other than of specie, will be repaid in notes of solvent
Banks of this State, current in this City. Deposits made in specie will
be repaid in kind.
" The proceeds of all securities deposited with this Bank for collec-
tion, except when paid to this bank in specie, will be repaid in the man-
ner above stated. If such securities are c9llected out of this City, the
Bank reserves the right of giving its checks for the proceeds, payable at
the place of collection in Bank notes there current.
" All discounts will be paid in the notes of solvent Banks of this City,
and the same will be received in payment of discounted paper.
" By order of the Board,
" J. DEL AFIELD, Cashier.',

" Oct. 28, 1837."
The abuses charged against the Phoenix Bank are in sub-
stance charges for discounts of a most extortionate character,
and a gross evasion of the rules laid down in their own pub-
lic notice. Thus, customers who presented for discount bills
or bank paper, suppose upon New Orleans, or any other State

Sr?"
of the Union, were obliged to be content in Exchange, k7.--I_Fr.:l-, .-.
with the notes of the Phoenix Bank itself, or with its cheeei.>/::k-::' 5-;
receivable in notes current at New Orleans, where the; 'faiil=';'-- ,
discounted were payable, but with checks or notes upon *a ''',tte:..4r
. - 7.7.e„e, e', .,,•
u4or parties in some totally different Sta-e in a different q
~....4.V, -)k-ft.., -...---,
of the Union. By this Operatic:la the Baek reklized a dOwl4.\?---.... '--',.:-.5..:
usurious advantage ; for the rate of Exchatige on N. TV 10...... '''l
,i ) --7441Z'
!cans being below par, the party applying for ea.sh wae elierwickiTi ‘.7,,T--- .....:
with the rate of discount to which the exchange had falfell `'`"'"4o,:'"Vki
besides the regular interest, amounting together, as the ccse
might be, to 7,8, or 10 per cent. This, hcwe,-er, was net
the worst, for the Bank paid the unforemate customer, as be-
fore said, in bills or notes upon other Banks in dis-
tant quarters, which he could only dispose of in the
market upon another discount of three or four per cent., as
the rate of exchange might happen to be. Ceses were like-
wise adduced where the Bank had charged for cellt- etiee, by
means of its correspondents, of hills eret notes payeb!e wt
other parts of the Union deposited with it, at the r; to of (; and
8 per cent., when the regular charge was no more time !,- per
cent., and such notes being receivable with the current rates
of exchange added at the place where demandable, the Bank
took to account besides the 3 or 4 per cent. thus receied.
Thus, for a bill delivered in for payment at Chichago, 8 per
cent. was taken for collection ; and the exchange bcieg 3 '
per cent. against that place, to be paid as expressed on the '
face of the bill by the acceptor, the Bank took that 3 per
cent. in addition. To account for these extr.ordinary
transactions, and stave off the odium attaching to the Plum-
nix Bank and the forfeiture of its Charter, Mr. Delafield,
the President and late Cashier, was examined, end be
proceeded to state, that being financial agent for several
States of the Union, as well as distant Corporations,
and also that private capitalists were in the habit of placing
large sums in his hands fur investment, the large amount of
usurious transactions of which alone proof had been given wss
was for his own account in respect of his agencies, and in no
way connected with the Bank, or his position.: s Piesident of it.
In his capacity as such agent, he stated that he was charged
with collecting bills and other obligations of his employer,; in
New York, and cf remitting the amounts, in the course of
which, and to wake the best of the funds for his principles, he
considered himself justified in availing himself of all such ad-
vantages as the state of the times and the money-market put
in his power. Altogether this affair has caused a great sensa-
tion, and an unfavourable impression, not only against the
Phoenix, but the banks generally, which were judged to have
more or less pursued the same practices. The investigation
was going on when theSe accounts left New York. The
shares of the Bank had fallen in a few days about 9 per cent.

MiklitilNG HERALD. —o.vr merchants .have not attached
much'importance to the commercial-information which they
have received from the United States to-day. It appears.
however, that in New York, there has been improved demand
for British fabrics; at the same time money had become, ac-
cording, to the Yankee term, rather tighter, in consequence of
the determination of the banks to resume specie payments ;
on which subject many of" the letters speak with much confi-
dence as to their general capability, whilst some rather doubt
the issue.

• It seems that a good deal of sensation had prevailed at New
York in consequence of some charges of usurious dealings
which had been made against the Phoenix bank by the
Board of Trade, but the report of the Committee appointed
to investigate them, was not expected to be made public
until a week after the last dates. We believe that we are
acting but fairly in stating, however, that the Phoenix Bank
is not of that insolvent character which was given to it by a
morning contemporary.
With respect to the statements lately made by another
morning contemporary respecting the ejectment of Mr.
Cowell from the apartments provided for him in Philadelphia,
at the instance of Mr. Biddle, in consequence of some angry
c!wrcspondencc between the Bank of the United States and
the Bank of England, we arc enabled now to state that there
has been no foundation for either statement. All that has
passed between the two Banks have been letters of mutual
regret, that the nroposition of the United States Bank could
not be acceded to by the Bank of England in conformity with
the By-laws of the latter eGrporation.

MORNING CHRONICLE.-All improvement of per cent. has
again taken place to-day in Consols, although there was very
little business transacted.

There is very little alteration in the quotations for Shares,
and this has been altogether rather a quiet day in the Market
fur them.

Spanish Securities have again receded slightly, under an
impression that there was some difficulty in the way of the
Spanish Government raising a loan through the agency of M.
Aguado ; but this seems to r.-st entirely upon the reports at
the Paris Bourse. Dutch Stocks have risen ; but this is
always the case, as tve befi,re detailed upon or soon after the
arrival of advices from Holland, espeeidrly when there has
been any marked depression in this market. The purchases
were extensive, and made in large amounts; but the public
continue to sell in small sums. MilliCh is sufficient to show
that confidence in them was lbsing ground, and that the
greatest exertions ;re required to maintain the price of the
stock.

It has been stated that accoMing to merc,Mtile usage only
one-half of the policy and freight a7e forfeited when the ship-
ments are withdrawn, and thence it, has been attempted to
make it appear that the Bank has not lestAs,o9o/ , as we
asserted, but only one-half that amount. We represented the
loss as one per cent. upon the bullion Withdrawn from ex-
portation, and as the money is chiefly in -silver, which is
twenty times more bulky than gold, and the freight and
surance upon gold are well kn.iwn to be nearly 2 per cant.
Letween London and Now York, it is clear that we have very
much understated the loss to the Bank when taken at per
cent., or one-half of the insurance and f;eight.

S P RT IN G IN T- LLI GEN CE

LATEST BETTING AT MANCHESTER.

CHESTER TRADE cur.
5 to 1 agst Mr. Mostyn's Birdlime—offered
6 to 1 agst General Yates's Sylvan—taken
15 to 2 agst Mr. Price's Wentworth—taken
8 to 1 agsE Mr. Robinson's Whaley—taken
,11 to 1 agst Mr. Ciarke's Magician—offered
14 to 1 agst Mr. Fowler's Mersey
16 to I agst Mr. Fairlie's Zohrab
100 to 6 agst Lord Derby's Parolles—offered
100 to 6 agst Mr. Bower's Lord Stafford—taken
20 to 1 agst Mr. Barrow's Catharina —offered
20 to 1 agst Mr. Houldsworth's Combat
27 to 1 agst Mr. B. Collett's Conservative
Offers were made to-day (Tuesday) to take 100 to 5 that either
Chit Chat or Galewood win ; at the same time, the word was 7 to
1 on the field, bar two.

IRELAND.

DUBLIN, APRIL 10.

Ton REGISTRY.—Owing to the apathy of the professing
Liberals, their more active opponents obtained a considerable
majority yesterday.
TIPPEIIAR Y TIIAGEDI. —The Government has offered a
reward of 3001. for the apprehension of the murderers of Mr.
Austin Cooper. The indi-cency displayed upon the occasion
by Lord Glengal, and the Tory Magistrates sill, no doubt,
meet with its merited reproof by the Press of this country.
TILE CONSTABULARY.—Curious enough—but, after all, not
so very strange—the Extremes are quite angry at the appoint-
ment of Colonel M‘Gregor to the office vacant by the resigna-
tion of Colonel Shaw Kennedy. We believe we can satisfy
the public, that few men in the service are mere fitting for the
appointment than the brave and humane Colonel of the 93d
Regiment. With all our nationality, we arc delighted that
the appointment has not gone to a "native."—Dublin Even-
ing Post.
TITHES —Scarce a day passes but the provinciJ papers
bring under notice seine oppressive and el.:id case connected
with the collection of Tithes. In the last number of the
Wevqn-1 Independent the case of a widow, Mrs. Kchoe, who
has been sued by the Rev. Mr. Robinson, is a particularly
hard one. The costs nearly eaual the demand for tithe.
THE POST-OFFICE —The Dublin Evcuiay Post complains
of this department in Dublin. Papers, it is said, are daily
detained—for the particular pleasure and especial perusal, we
presume, of some of the official minnows. That the Dublin
papers do not always duly reach theirdestination, weourselves
well know ; for on more than one occasion when they have
contained intelligence of importance, The Sun has either not
seen them at all, or not until they were unfit for use.

COURT OF REQUESTS.

CASTLE STREET, APRIL iO.

CAUTION TO THE PUBLIC AGAINST THE BUYING (,F TICKETED
GOODS —This was a case of considerable interest to the
public at large.
Mr. Wiicoxou, shoemaker and vendor, who has time shops,
was summoned by Mr. Hunt, of No. 105 Regent-street, to
reimburse the amount of 6s. 6d. for a pair of Ladies' shoes,
purchased in Regent's Quadrant, at one of the defendant's
shops. It appeared that upon Mts. Hunt's putting on the
shoes, they immediately rent, being rotten, in consequence of
which she returned them, and requested to have them ex-
changed for another pair, or the money ; but instead of so
doing, Mr. Wilcoxon had the damaged shoes vamped up, and
sent them again to Mrs. Hunt, who now returned them upon
the vender's hands.
The opinion of the Commissioners was, after their hearing
the parties, that as the shoes in question were ticketed goods,
exhibited and priced, the complainant had no remedy, but
must abide by her purchase, she having bought what is com-
monly called " a pig in a poke."

This morning, about twenty minutes before eleven
o'clock, as a gentleman, with two ladies, was crossing the
Strand, opposite. to Wellington.street, one of the Chelsea
umnibusscs, proceeding in the direction of Charing-cross, ran
against him and knocked him down, the horses trampling. upon
him, and both wheels passing over his loins. Assistance was
instantly procured, and the unfortunate gentleman was con-
veyed in a cab to Charing-cross Hospital in a very dangerous
condition. The two ladies escaped unhurt.
HULL ELECTION.—The proceedings during the
week on the Hull Scrutiny are most satisractory ; a great
number of voters have been struck off on the ground of treat-
ing and bribery, and on the rising of the Committee on Satur-
day, the counsel for the petitioners had commenced with the
objection.to Mr. R. Catticy, vgainst whom bribery is alleged.
The class of Barton voters who were struck cff wcrie.ogproved
to have received drink at a beer-house and at the White Swan,
in Barton, in addition to breakfasts, dinners, and grog,
their wives, at the Humber Tavern, Hull. Up to Saturday
evening there had been struck off—Paupers, 16; bribld and
treated, 35 ; total, 51. The result of the scrutiny up to that
period had been to place Mr. Hutt 34 above Wilber orce and
43 above James; Mr. Wood was 33 below Wilber:orce and
24 below James. —Hull Observer.

i..,~ __.

ELECTION COMMITTEES.
(YESTERDAY.)

(From our Second Edition of last night.)
HULL.

The Committee retained the vote of Robert Gibson.

George Young was then objected to. Thos. Grant stated
tllat the voter is a shipwright, residing in the Groves. That
at the latter end of November he met him and a person named
Eggleston, at the Sir John Falstaff public-house, when the con-
eversation turned on the scrutiny. Eggleston advised Young, if
"he came to London to speak the truth. Young replied that he
would if he came, for he knew more than many people were
aware of, and that he should like to come. Eggleston said he
would stand a very good chance of going. Young said, "If
I go, you'll have to go too, because Mr. Charles Hammond
told me he had given you the same as me." Eggleston
then said, " George, you've blown us both."
The Committee struck off the vote.

William Eggleston was objected to on the same ground as
George Young, and the evidence was the same as in the last
case. The arguments of Counsel had not been concluded,
when the Committee adjourned.