The Sun.
London, England, 1847-03-27 00:00:00

SCOTCH EXCHANGE BANKS

The following circular, which has lately been in course
.of transmission by one of the Scotch Exchange Banks
to solicitors and others in the different towns in the
north, will account for much of the support which the
share markets (in that part of the kingdom at least)
continue to receive, and for the means by which calls
are paid. It will be seen that not only are deposits in-
vited at 5 per cent interest, but that a commission (the
amount of which is not stated, and which it may be in-
ferred is a matter of conscience and arrangement) is
allowed to such professional gentle-men as ma) be suc-
cessful in persuading their clients to place their money
at the disposal of th institution. Under these circum-
stances, allowing for expenses of management and
profit, it would appear that the rate charged to the cus-
tomers of the bank can scarcely in any case be less than
7or 8 per cent.—a fact which, taken in conjunction
with the implied circumstance that the securities
advanced upon are of the " best description, would
indicate a degree of pressure in the north beyond
anything we have hitherto been aware of. As a
large proportion of these advances are made, it is
to be presumed, upon shares of incomplete lines,
which at the best pay no more than 4 or 5 per cent.
to the holders, it becomes an important question how
long these parties will think it advisable to pay
the extra rate charged by the bank, rather than to raise
money by selling some part of what they possess. That
the bank contemplate no speedy amelioration is evi-
denced by the fact that the commission to the profes-
sional gentlemen is allowed only upon their negociating
deposits "likely to remain for some years, or at all
events for not less than twelve months." It would also
be interesting to learn the precise quality of the securi-
ties received by the institution, and also the margin pro-
vided for depreciation, although it is fair to remark that
this is a point which the bank is in some measure en-
titled to keep to itself, since the temptation held out in the
shape of guarantee to
.depositors is not to much the soli-
dity of the pledges upon which its advances are made as
the capital of the company, and the number and wealth
of its partners."

" Commercial Exchange Company,
66, St. Vincent-street, Glasgow, March 9.
" Dear Sir, —I beg leave to inform you that the direc-
tors of this company have come to a resolution to ad-
vance the rate of interest allowed on deposits to five
per cent. This will be intimated by circular to each
depositor, and by advertisements in the newspapers,
but I beg leave to trouble you with this special an-
nouncement.

" The demand for money in our market still continues
so ample on the best securities, that although no advance
is contemplated on the fixed rate at which all loans
granted by the company are charged, the directors are
thus willing to allow to the depositors the full advantage
of the present rise in the value of money.
" In thus advancing the rate of interest paid by the
company without any corresponding advance in the rate
charged, there is an evident present loss of profit to the
shareholders. But I hope and believe that this liberal
policy will so increase the number of the company's
customers and the amount of their transactions, that ulti-
mately the shareholders will be greater gainers than if
the directors had pursued an opposite policy.
"I shall, therefore, be obliged if you will take every
means in your power to make it known among your
friends and clients that, for such sums as can be invested
for any considerable length of time, they may obtain an
interest of 5 per cent. per annum, while their security is
beyond all question, Rot only from the capital of the
company, but from the number and wealth of its partners.
" I am, Sir, your most obedient servant,
" G. KINNEAR, Manager.
" I beg leave to that a commission is allowed to
professional gentlemen who negotiate deposits with the
company, if the money is likely to remain for some
years, or at all events for not less than twelve months,
and it will give me much pleasure to treat with you on
this footing."

MARKET INTELLIGENCE.
(From the London New Price Current of March 26.)
StroAa.—To-day a further fall ensued in the value of
nearly every sort df Colonial Sugar, the quantity brought to
market being more than the home trade could take off. Of
West India Muscovado, the small quantity only of 200 hhds
and tierces found buyers at lower rates, making the total
sales for the week only 500 hhds and tierces, and the fall is
during that time.

RE;LNED.—To. day no further rise took place in the value
of Refined Sugar, but all sorts are wanted for home use at
former rates, and the supply is scanty. Bonded Crushed
Sugar is with difficulty to be obtained under 37s per cwt for
first quality, so scanty is the supply, and large the orders on
hand unexecuted.

MAURITIUS.—This afternoon two parcels of Mautitius
Sugar, amounting to 11,429 .laags339 casks and 90 trcs were
submitted to public competition, a fair proportion of which
consisted of strong working descriptions ; for' even these
there }vas less demand, and pi ices fell is per cwt ; yellow sorts
met with little attention, and the sales taken were is to Is 6d
per cwt under those of Tuesday's sale, on brown the fall Is.
E&ee INDIA.—This afternoon 818 bags and 76 chests of
Bengal Sugar were offered at public sale, and sold at about
the former value. Madras is little wanted, and 1,413 bags
at auction were taken in at moderate rates.

FOREIGN.—To-day there was no public sale, and pri-
vately only 159 cases of brown Macao were sold at 23s 6d
per cwt.
MOLASSES.—By private treaty there is only a limited de-
mand for West India; at public sale 171 puns Demerara were
taken in at 23s for middling quality; 125 puns of Barbadoes
at 25s for good ; 53 puns of St Kitts at 235, and 68 puns 6
birds St Vincents at 245, being about the former value.
COFFEE.—This afternoon two parcels of Ceylon Coffee
were submitted to public competition, and amounted to 1,550
bags. There was little desire shown to purchase, and a part
only sold at a fall on former rates of 6d to Is.
TEA.—AII kinds are cheaper than they were at this period
in 1846, notwithstanding the large consumption. Congou
met with little attention , although there are sellers at mode..
rate rates. Pouchong is little wanted. For Souchong the
demand has been limited. The better descriptions of 'roving
Hyson have been operated in with more freedom, and the
parcels sold were at full rates. Of the lower sorts of Green
large parcels have been sold, owing to the low rates that
have been taken ; in good and fine a fair business has been
done at about late prices.
RICE.—To-day the market was in a dui/ state for East
India Rice; and 1,304 bags Madras at auction were taken
in is under former prices, viz., good yellow rather dusty,
Bengal grain, 18s to 18s 6d per cwt.
SPlCES.—Although Black Pepper can be obtained rather
under previous rates, still all qualities have been operated in
with caution privately for home consumption as well as for
exportation. White met with little attention by private
treaty; at publicsale 11 bags were sold at aid to 4bd. For
Cassia Lignea prices rule firm, the demand being
good and supply small. The arrivals keep small, and
the stock is less than last year; but the deliveries
are smaller, and prices are fully as high. The high
rates insisted upon for Pimento caused the home and
export demand to be limited this week by private treaty.
At public sale 40 bags were taken in at 51,“ for mid rather
coarse, sVid was offered. For Ginger the market is im-
proving ; the demand privately has been good for all sorts.
For Nutmegs the home demand is good, and exporters have
been buyers to a fair extent. Mace is .wanted; also the
better sorts of Cloves. In the valne of Cinnamon there is
no variation to potice ' • the inferior and coarse sorts are ne-
glected, but Old and fine are in fair request, and the supply
is small.
Fatar.—There has been several fresh arrivals lately of
Currants, three cargoes of Chesme and Red Smyrna Raisins,
and a cargo of Valencia Raisins from Liverpool ; the market
has been rather.quiet this week, the exporters taking only
small parcels of Currants. Of old Red Smyrna Raisins some
sales have been made at 31s 6d to 32s for shipping.
SPIRITS.—The nearest value of Leeward Island is 3s 6d
to 3s 8d for proof strength; but the amount of business
transacted has been trifling. East India is heavy of dis-
posal, and can be obtained at 3s 4d for proof with certificate.
The business concluded in Jamaica has been trilling in all
sorts, and prices are nominal. In Demerara scarcely any
purchases have been made, and the nearest value of strong is
4s 10d to 5s per gallon. The stock of Brandy has been fur-
ther increased, mid there are sellers upon reduced terms.
Geneva is wanted for exportation, and several parcels have
been sold, common at 2s 7d to 2s 8d ; fine at 3s to 3s 6d per
gallon. For British Corn Spirits and Gin prices remain the
same.

Ls.—For Linseed Oil prices have slightly given way.
Rape Seed Oil cannot be quoted higher, but many parcels
have been sold. Olive met with less attention, still holders
remain firm, on account of the moderate stock. Of
Cocoa Nut holders are enabled to obtain the high rates
of 47s to 50s per cwt for fair to fine quality,
Of Palm holders are inclined to realise, but the purchases
made have been to a small extent. Lard Oil is in fair re-
quest, at 45s to:sos. For Sperm a much better demand pre-
vailed, and prices have improved. For Cod Oil the limited
business transacted wap at 271 5s to 272105. Seal is little
wanted. Southern has been disposed of to a fair extent, but
not at better prices.
TALLow.—Prices have further given way for Russian on
the spot, and the demand has been limited from soap makers
and chandlers all the week; 50s 6d to 51s per cwt are the
prices accepted for tine Petersburgh yellow candle. For deli-
very in the last three months of the year, the demand is
however good and quotations range firm at 46s 6d per cwt.
Home-made is little wanted, and there arc sellers at 498 6d to
50s net cash, the supply being on the increase. For other
sorts of Tallow the market is in a dull state, and prices are
lowering.

A corn circular, dated Cork, March 23, gives the
following report :—" Wheat has fallen 2s. per 2801 b. ' • oats
have fallen 2s. per 1961 b. ; and barley has fallen ls. per 2241 b.
Flour is now forcing on the bakers, as arrivals from England
continue heavy ; prices of all descriptions are 2s. per cwt.
lower. The arrivals of Indian corn are very heavy, but
several of the cargoes have come in in bad condition; no
transactions are taking place, and the quotations are quite
nominal : the quantity of bad corn now accumulating here is
immense. Sixty-one vessels have arrived since the 16th
inst., viz., 45 with Indian corn, 9 with wheat, 5 with beans,
1 with oats, and 1 with barley; the whole registering over
9,000 tons : 18 discharge here with Indian corn. The weather
is variable, with a great deal of rain, which has done infinite
service to the country, particularly to the young wheats.
There is a large breadth under wheat,much more than usual.
A good deal of oats has been sown, but nothing equal to last
year, the small farmer having no means nor encouragement
to do so. It is too early to judge of what potatoes may be
planted, but it cannot be otherwise than trifling. Prepara-
tion is making for barley, the sowing for which is on a mode-
rate scale."

----
PROVISIONS FROM THE UNITED STATES.—Twenty-
six vessels from the United States were reported at Liverpool
on the 25th instant, bringing 48,100 barrels of flour, 72,038
bags and 88,523 bushels of Indian corn; and 12,100 barrels
of Indian corn meal.

RELIEF FOR. SCOTLAND.—The sum of three hundred
and thirty pounds has been remitted to Edinburgh as the
proceeds of a private fancy bazaar, held at Stratheden-house,
by Lady Stratheden and Campbell, with the assistance of
her trim*, fig the ro4ef of the Ilighlauders.