The Sun.
London, England, 1841-01-11 00:00:00

EVENING EDITION

MONEY MARKET and CITY NEWS,

(SATURDAY gYkNING.)
CHRONlCLE.—Arrangements have been completed
with Mr. Morrison, of ti,le late firm of Morrison, Cryder,
and Co., for the tra.‘asaction of the general business of the
Bank of the Un:;.ed States in London. It is understood
that Mr. Morrison will associate his two sons with him in
the tkency, which will soon bo definitively announced as
'established and in operation. We hear that Mr. Morrison
has also secured the co-operation of a gentleman possessed
of great knowledge and experience in American affairs.
It has been formerly stated as an objection to the agency
of Mr. Jaudon, that he afforded no check against an un-
due extension of the operations of the bank, and that
hia acceptances gave no additional security to the
holders of the bills in London. These objections
will certainly be now effectually removed, as the un-
doubted wealth and prudence of Mr. Morrison af-
ford full security to the holders of the bills which
he may accept, independent altogether of the drawers, and
e would not authorise operations to any extent that would
imprudently involve his house, and thus impair his own
private fortune. The appointment of Mr. Morrison can-
not fail to give great satisfaction to those interested in
American affairs, and more particularly to the shareholders
of the Bank of the United States. Connecting this arrange.
meet with the resumption of specie payments by the bank
t!sls month, which we consider definitely settled, we cannot
tint infer that en improvement in the general business of
the bank and of the currency of the United States may be
oenUently expected. A gentleman of Mr. Morrison's
rudence aed sound practical business knowledge would
mla7ily have engaged in such a responsible agency without
ring well sa•isfied of the means of the Bank to resume
and sustain specie payments. A sum of from 700,000/. to
800‘000/. has recently been placed at the disposal of the
Bank of the United States, to bo applied for its engage-
ments here, or to increase its power in the United States,
ski Director: may decide. Mr. Jaudon remain in
some aienths for the purpose of closing the bust-
-I,t,s heretofore ,:nder his charge, and of assisting in corn-
p'rting the arr,,ngements with the new agency, and gene-
Ta 11.7 superintending the interests of the batik in Europe..

TIME is underetcod in the city that Mr. James
Morrison,pf the firm of Morrison, Cryder, and Co., has
accepted the agencsy in London of the United States
Bank, formerly held by Messrs. Baring, end of late years,
since tho stoppage, by Mr. Jaulon, the cashier of thatin-
stitution, who had an office in London for the transaction
of that lousiness. The high character of Mr. Morrison as
e :Pio chant will naturally cause his acceptance of the
eajaeeey to be regarded as a good omen by the English
shareholders who have placed their trust in this infamously
to,naged bank. and whose interests have appeared to want
protection during the whole progress of its difficulties; but
ehmethieg mare than character will he required before the
confidence which has been thus severely shaken can be re-
arored. A total change of system is the management of the
Beek must be resorted to. Cash payments must
be resu.ned, trading speculations in cotton and other
eaters abandoned; post-notes called in and redeemed and
no more issued, so as to restore to the concern its legiti-
mate functions of a lender, and not of a borrower ; all the
aeccunta with the other banks must be wound up, and the
practice of loose credit with all rotten institutions put an
end to, with many other obvious reforms, the list of which
mit:ht be extended to a much greater l'ngth. There
nor, at to he, further, some plan adopted for girinot to Eng-
lisa and European shareholders generally some itfluence in
the choice of directors at the chief station in Philadelphia,
and arrangements made by which honest and intelligible
accounts shall be peiiodically snbmitted to theirinspec-
tion. The Ruropean holders of stock in this bank exceed,
in fac-, the An erican, bring estimated at 4,000 0001. out
of the 7,000,0001. which constitutes its capital. The new
agent has therefore a moat d:ffieult and responsible part to
play, for, ueless he has both the will and the influence to
effect all this, and more than this, he would have done well
to -abstain from undertaking the agency.
At a meeting of the Agricultural Society in Calcutta,
mentioned in the papers received by the overland mail, a
reply was read from the Government, stating that the ap
plicatien of the Society for a reduction of the duty on
sugae and tobacco grown in India was approved by the
Governor-General in Council, and would be sent, with a
strong recommendation, to the home authorities. The
military Board bad sent a communication, asking for in-
formation relative to the growth of hops, since it was
found desirable that beer should be provided for the sol-
diers in preference to spirits, but the price of English beer
had precluded its use. A letter, dated as far back as 1839,
was read, to show that the hop had been found to thrive
in the Dhoon. It was sa'd that there was no
doubt that the hop would succeed at Dorjeeliog
and elsewhere, mobile, in the mean time, dried
hops might k.e obtained from New Scuth Wales.
A plant from St. Domingo, called in Spanish
" Ldndibbe" ( Cisalpina Carraria), and abounding in
astringent matter, which renders it useful for tanning pur-
pubes, bad been introduced into the botanic garden in
1338, tut it had blossomed this year for the first time.
Some inn specimens of potatoes and other plants were at
the tame time exhibited.
An improvement in the trade of the towns of Scinde
is, according to the Indian journals, looked forward to
with some degree of confidence. All the river duties
towards the northern frontier arc abolished, and a state-
ment of revised duties to be levied on the merchandise on
the India: and the Sutlej, between that frontier and
the Himalaya mountains, has been published. It is
seid that nothing can exceed the security from mo-
lestation experienced by boats gcing up and down since
the commencement of traffic on the rivers in 1838.
The late impulse to trade has been given, by the consent
tit the two Chieftains through whese territories the
line of navigation runs, to a remission of their duties
on certain specified articles. The result of this concession
is a moderate rate assessed conveniently for trade instead
of the toll of a fixed amount, which used to be levied
without reference to the size of the boat that was taxed.
Lahore was the first to reduce the toll, a reduction which
took place last May, and the effect has been that the
boats that have left Ferozepore since that time have been
more than ten times as many as those that left in the 12
previous months. The remission of duties which the
Sheiks formerly levied on grain, when brought by the
river, has been found very beneficial, for the banks of the
Sutlej are very productive, and this has encouraged its
exportation to a great extent. The resources of the
forests on the same river will, it is expected, be opened by
the removal of the river duties which obstructed the
timber trade, and already this and the importation of
lime brought from the head of the same river about
Roopur have proved a great assistance to the buildings at
Ferozepore, which arc now numerous.

HER A LD.—Rumours have been latterly current re-
specting changes about to be made in the agency depart-
ment in this country of the United States Bank, which
the presence of two of the Directors in this city seemed
to countenance, but it is only within the last few days
that the proper nature of them transpired. It is now
ascertained that on Monday or Tuesday articles of agree-
ment were formally signed by which the United States
Batik agency was transferred from Mr. Jaudon to the
house, newly constituted, of James Morrison and Sons,
lye Morrison and Cryder, who are to have the benefit of
the assistance of Mr. Shaw, late of the firm of Thomas
Wilson and Co., in the management, a gentleman of con-
siderable experience in American commercial and money
affairs. It is stated as one of the conditions
ti rid foundation of the new agency that a sum of
750,0001 , realised by the sale or pledge of some portion
of that vast amount of States stocks with which the bank
has so imprudently incumbered itself, is deposited in the
hands of the new age:•.cy as a guarantee lodgment to be
drawn against. It would srem from this that the bank is
wisely providing for a return to business more nearly ap-
proximating to that of banking, that is, dealing in foreign
exchanges, which skilfully managed may undoubtedly be
productive of profit, although it may still be doubted whe-
ther, as so immediately connected with and forming a part
of mercantile operations, they would not be more appro-
priately left in the hands of mercantile men ; the proper
sphere of banks, purely as such, being to lay out their
monies at usance at home and in domestic bill and money
dealings. Be that as it may, it may be owned, with.
out offence to Mr. Jaudon whose conduct here as the
United States Bank agent has acquired him justly
universal esteem, that this transference of the agency
to so wealthy a firm as that of the Morrisons cannot
but tend to reinforce the credit of the banking establish-
ment, or principal, although that object would have been
accomplished more efficiently still if the great house of
Barings, the foreign agents, could have been induced to
recume the agency, which however was probably not
ffered, as it is understood that the best understanding
noes not exist among the different parties: The con-
eexinste of the Barings are so extensive in all parts of the
world, and their credit of course so universal, that it is
clear much greater facilities could be afforded for ex.
change business through their intromission, than perhaps
*mild he accomplished through any other parties, however
powerful, and the Morrisans are in that respect all that
cuid be desired. For not even the Rothschilds enjoy
the' standing or possess the extensive connexion through-
out the new world of the two Americas and the
ladies Fait sod West, as the house of Barings. It
becomes naturelly an object of inquiry what becomes
of Mr. Jaudon as the re,ult of the new arrange-
mm. The report is that the talent he has displayed
in the management of the United States Bank business
un6er the most trying circumstances, and the reputation
he bac= justly earned in consequence, have attracted the no-
tice of the now ruling party in the United States, and that
i: is not unlikely his services may be called for either in
the Treasury department of the Federal Government, or in
acme other high political capacity. Wherever he goes and
whatever his destination, he may be assured of carrying with
him the respect of all parties in this country without die-
tinction. not excluding those who have been most uncom-
promising in hostility to the course and projects of the
United States Bank. As a last word upon the subject,
and hy way of friendly advice to the new house of agency,
it may be hinted th:t the sooner an accredited statement
a statement of so au.l.entie a character as to defy suspicion
or attack—of the actual situation, and affairs of the United
Sta•es Bank is published, the better for ail concerned. It
is all is perative act of
justice to the long-suffering share-
ho!cle-s here, much too long delayed already.

POST,—The Bank of England returns for the month
endit.;.; the sth inst , are coniratively satisfactory. The
':-Ilatien shows a further reduction of 334.0001., the
aide/ ence between 16,416 0001. and 16,112,0001. The
securities have increased 264,0001., the difference between
22 078,000/. and 22,362.0001. The deposits have in-
creased 712,0001., the difference between 6,337,000/. and
7,049,000/. The stock of bullion is greater by 46,0001.,
the difference between 3,511,0001. and 3,557,000/. Thus
whatever variations there arc in the averages prove to be
on the right aide.
A change which has been for some time contemplated,
w'th respect to the London agency of the United Staten
Bank, was effected yesterday. It appears that Mr. Jaudon
resigns the trust in favour of Messrs. James Morrison
and Sees, of Broad-street-buildings, a reconstruction
of the late eminent house of Morrison and Cryder. Mr.
Gabriel Shaw, formerly of the firm of Cope, Ellis, and
libriv, of New York, and more recently; a partner in