The Sun.
London, England, 1836-10-22 00:00:00

MONEY MARKET.

FRIDAY EVENlNG.—Muchstress seems to be laid in the
city on an interview which has taken place between the
Directors of the Bank and the heads of some of the leading
commercial houses on the subject of the difficulties in which
both are placed, and which certainly may have important
results. Something has been gained even at the outset by
the reconciliation which has taken place between the parties,
for it is always most desirable for the community at large
that these interests should move on harmoniously together.
The original ground of offence was, as city people cannot
fail to remember, the throwing out of an immense amount
of bills offered for discount by houses of whose credit no
doubt could be entertained, and it was done so abruptly as to
aggravate by it the inconvenience and the affront. On this
proper explanations were afforded, the necessity of the case
pointed out, and proper apologies made for the manner in
which the thing was done. In what mode this cordiality
is to operate remains to be proved, but more is expected
from it than can perhaps possibly be produced. No com-
bination of merchants can prevent the exportation of bul-
lion, if there is such a demand for it abroad as will yield
a profit to the exporter, but some of the merchants who
attended this interview were able to offer ndvice to the
Bank on the measures most likely to prevent any such
profit from being made. In general their assurances on
this head, derived from the actual position of commerce,
e said to have been encouraging, and at all events a de-
cided opinion was given, that owing to the few (in compa-
rison) outstanding engagements among the merchants there
could hardly occur any very serious pressure for money
among them for the remainder of this year. They were
candid enough to acknowledge to the Bank Directors that
the contraction and refusal of discounts about two months
ago had been of use in compelling the merchants to lessen
their engagements, without which a much more severe crisis
would, as the year advanced, have become inevitable,
though the Bank might have obviated the necessity for any
such sudden contraction, had they but foreseen, as they
ought to have done, the tendency of the great operations
in American Securities which were entered on in the spring
of the year. The merchants, on the whole, are now clearly
in a better position than the Bank ; it remains to be seen
what effect these late lessons of experience will have had
upon both parties.

The action of the Sinking Fund upon Exchequer-bills is
of some importance at this moment. The purchases on
that account arc 8,5001. daily, and on two days of the week
9,000/. is laid out in the same manner for the account of
the Saving Banks. The purchases are chiefly made in
December bills, which are the class liable to be paid in for
the duties.

The Report read at the half-yearly meeting of the Agri-
cultural and Commercial Bank of Ireland, which is just
published, contains more matter of general interest than is
usual in such documents. One of the effects of the late
restrictive measures at the Bank of England upon this
concern has been that of inducing them to increase their
paid-up capital, in order, as they remark, that "no caprici-
ous exercise of power, or abuse of privilege by the Bank
Corporation, could mar the progress of an important under-
taking." They also anticipate another good from this in-
crease of capital as connected with the Parliamentary in-
quiry on Joint-stock Banks, as they infer that superior
privileges will be assigned to those Banks who pay up the
whole of their capital. The operations of this Bank are
chiefly conducted in the province of Ulster for the service
of those towns where the linen manufacture is established,
and where there appears to be abundant employment for
capital.

We have seen letters from Scotland, descriptive of the
state of trade throughout that country generally ; and, the
subject being of great interest at this moment, we subjoin
an outline of their contents. In the cotton trade, the im-
ports from America of ordinary qualities have not been,
but those of finer qualities have been, profitable. The
spinners, it appears, have an excellent trade ; the finer qua-
lities of twist fetch high prices. The steam-loom manu-
factures have not much stock on hand, the high prices of
twist making profits moderate. The hand-loom weavers
are represented to be fully employed, and at prices compa-
ratively high ; but their efforts become more and more re-
stricted by the exertion of steam-loom weavers, and thoso
of the north of Ireland. This competition keeps wages in
Scotland down. The prices of muslins have advanced full
50 per cent. from the lowest point. The general observa-
tion, however, is, that the amount of goods consigned by
the manufacturers is recently greatly reduced. The
silk trade is described as being less active as compared
wit last year, and the price of the raw material being
high, the manufacturers are cautious about buying. The
fine wools used in the Paisley manufacture have fetched
high prices, and that is said to have greatly benefited the
Highlands. The iron trade of Scotland is in a state of
unexampled prosperity, although a fall has recently taken
place of 71. to 61. per ton ; but at the latter price the iron-
works are alleged to be yielding a profit of 300,000/. per
annum above the returns of six years ago. It is further
mentioned, that the mineral on the estate of Ardru was
lately let for 12,000/. per annum, and that such amount
would, not long ago, have purchased the whole estate.
The shipping interests, including steam-packets, ship-build-
ing, and engine and machine making, are flourishing ; but
sugar-refining is dull, and many works are doing little or
nothing. The linen trade of the north of Scotland has
been very active and profitable, a large portion of the sales
being for the home trade. On the subject of the foreign
trade of Scotland, these letters also speak favourably ; and
speaking of the North American timber trade, they ob-
serve that it is almost entirely possessed by one firm, which
employs in it 10,000 or 12,000 tons of shipping, and has
acquired great wealth.-11Iorning Paper.

In Bristol the result of the municipal registration
has been to give the Liberals a clear majority of 8! over
their Tory antagonists.

M. John Barton, Engineer, Providence•-row, Fins-
bury, has recommended that every steam vessel should be
compelled to have a bell on board to be rung on dark
nights and in foggy weather, by which simple means all
danger would be avoided. The bell might be easily attached
to the machinery, and kept in motion by the power of the
steam, without causing the least extra trouble to any indivi-
dual connected with the vessel.

The aurora borealis was strikingly observable in
Dublin last night about eight o'clock. The shifting sheets
of varied light, in all the modifications of amber, purple,
and silver hue, attracted much attention ; and the crimson
was so decidedly marked, that many thought it was the re-
flection of a conflagration.—Dublin Morning Register.
LIVERPOOL COTTON MARKET, OCT. 20.—
The Cotton Market continues flat ; the sales about 1,200
bags. Bahia, 114 d. to 12d. ; Pernams, 13d. ; Egyptian,
16d. to 17d. ; American, Bd. to 11d,