The Sun.
London, England, 1847-10-16 00:00:00

MONE.Y AIIAatKET and CITY NEWS:
TIAIES.--:The-Eii CITY, FRIDAY EV ENING.
glish Funds continue depressed,
and have again
...undergone some violent fluctuations,
but no new featurflas to-day been manifested, and
on the whi a has somewhat subsided.
Consols for i at 801 to -, being a de-
cline of ner cent. from the closing price
of yetterdr )on showed more firmness,
and advanc 3 pressure for money, how-
ever, agair , owing to the payment of
the last ins per cent. on the Irish Loan,
•
together m repayment of advances on
stiA, &c., in consequence again re-
ceded to 8C the close of business another
reaction to( the last quotation was 804
to 81; -1 as regarding the Gazette
returns of ti 'le week operated to check
any decided 3 Account Consols opened
at 81;,: ads and closed at 81:1 to j.
Bank Stock to 182; Reduced Three
per Cents. ( '-i Government broker again
bought 15,0001. on liccount of the East India Gua-
rantee Fund), 79! to 80; Three-and-a-Quarter per
Cents., 80i to 81.;,. Long Annuities, 81 to i; India
Stock, 220 to 224 ;,and India Bonds, 40s. to 30s. dis.;
Exchequer-bills opesed at 28 to 18 dis., and closed
at 243. to 18s. ,' . ;

Two. failures took-place in the Stock Exchange,
the par.iici being a.-33r. Hadlow and a Mr. Oakley,
but the amounts *.p9, unimportant.
Attihe Bank tn. the total paid in, in connexion
with the loan intsta ment and with repayments of
AaVances,
of ijoo,oooL -:.. -•...
1
`Although to-Mow .
Is the day fixed for the set-
tlement in the for market, there was not much
cannot, if estimated, have been far short
activity among t
... tilers, and prices remain exceed-
ingly depressed. :.4,,,
:::„We, haye,,t4-day to announce the suspension of
Iffttirs. Laurence Phillips, and Sons, merchants and
East India agents, by whirm the following,circular
has been issued :

" It gives us much pain to inform you, that in con-
sequence of the unprecedented pressure on the
money-market, and the impossibility of obtaining ad-
vances upon security, we have deemed it for the in-
terest of those parties !who have claims upon us to
suspend our payments. We have confident expects.
tions that our estate will yield a handsome surplus
over and above our liabilities, and therefore trust that
the course we have taken will, under the unfortunate
circumstances of the case, be considered satisfactory
to all concerned." 4% _

The liabilities of the firm upon acceptances (run-
ning over the next six months) are understood to
amount to about 70,0001. The assets are stated at
from 120,0001. to 125,0001., and these may be classed
as follows :—Securities in hand, 20,000/. ; remittances
expected from India, 10,000/. ; ditto by the next
steamer from America, 10,0001.; coffee plantation at
Ceylon, 8,000/. ; capital employed at Calcutta,
Madras, and Ceylon, and balances due from New
York, 75,0001., the largest portion of this item con-
sisting of the capital at Calcutta. Under these cir-
cumstances, it will be seen that the ability of the
firm to meet their acceptances was contingent upon
the receipt of the anticipated remittances, and in
some measure on sales of property in the east, and it
is therefore understood that, looking at the uncertain-
ties which now prevail, they deemed it due to the body
of their creditors not to make any immediate sacri-
fices that might have the effect, in case of disappoint-
ment in their calculations of benefiting some at the ex-
pense of others. The cause of the failure, it will be
perceived, in this instance, as in the majority of those
which have recently occurred, lies in the capital of
the house having been placed beyond early command,
and of course the nature of the result will depend
greatly on the accounts that may now come from
India as to the power of realize-flan. Mr. Phillips
has long been respected not only for his business
character, but for a life of active benevolence, and
hence the hopes entertained by his friends of a
favourable liquidation are strongly shared by all
parties.
s_

The failure also, of Messrs. Knapp and Co.,
bankers, at Abingdon, has been announced. This
bank was one of issue, but its fixed circulation was
only 29,3161. It was established in 1802. •
Letters from Liverpool this morning report the
suspension of Messrs. Brown and Todd, provision
merchants, and Messrs. W. Steele and Co., soap manu-
facturers. The liabilities in both cases are said to
be moderate.

HERALD.—The stringent proceedings of the
Bank of England have been the leading topic of dis-
cussion in the monetary circles, the rates of interest
charged far exceeding anything known in regular
banking business for upwards of a century. As we
stated yesterday, no specific rule is adhered to, but it
is currently reported that they have exacted at the
rate of 9 per cent. on public securities, and it is
an ascertained fact that they have taken at the rate
of 71 per cent. on commercial paper with scarcely
five weeks to run. That the directors are crippled
in their position by the Charter Act does not admit
of question, for the pressure for payment of the
dividends has continued to-day with scarcely any
abatement, and in the present state of public feeling
there is no chance of the money going into the hands
which, in ordinary circumstances, supplied the means
of repaying the loans made to the Bank at the
commencement of the financial quarter. We stood
alone amongst our contemporaries in pointing out
the flagrant error committed by the directors when
they reduced the rate of interest for advances made
on public securities, compared with commercial bills,
and they are now experiencing the fruits of that
error in the manner we anticipated. In fact, as a
principle, the Bank ought to avoid advancing money,
on loan on public securities even in ordinary circum-
stances, for it has a direct tendency to deceive the
public by giving them an artificial value, whilst they
should be left entirely to their own weight like every
other description of property. The directors mean-
while are most bitterly accused by many persons who
consider themselves to have been victimised on the
late occasion. The encouragement which the reduce
tion of the rate of interest held out when the books
were shut for the payment of the dividends induced
many persons to deposit their stock in the belief that
there would be no difficulty from the favour shown
to get ;their loans prolonged if necessary. They
now, however, find themselves left in the lurch, and
are compelled to let their stock go for what it will
fetch in the market, when by early notice they might
have effected other arrangements. With respect to
the rates charged by the Bank, they practically
amount to a denial of accommodation for carrying
on any regular business; and therefore no person but
those in desperate circumstances, or for the purpose
of overcoming some temporary difficulty, will avail
themselves of it. It is only in the latter view that
it is preferable to a total refusal of discounts, and we
thus put the case early
in the present year.
POST.—The stoppage of the highly respectable
and long established commercial house of Messrs.
Laurence Phillips and Sons,was a leading topic of
conversation on 'Change, and, we may add, of very
general regret. A more straightforward, and, in all
respects, estimable firm
of gentlemen, could not be
named, as connected with the mercantile interest of
this country. Messrs. Phillips and Sons represent a
house of eighty years existence, and the cause of their
suspension (for the stoppage of the firm cannot be
justly treated as a failure) is to be traced exclusively
to the prostrate condition of the money market. A
more solvent house is not to be found, and we have
every confidence in the truth of the circular which
- .
has been issued for the satisfaction of its creditors and
friends. The business of Messrs, Phillips was prin-
cipally with Calcutta, Madras, and Colombo
(Ceylon).
Their liabilities are estimated at 70,000/., and their
assets at 125,0001. to 130,0001. The payments of the
establishment have been equal to 10,0001. per month,
but the facilities it has usually obtained from the
Bank having, for the moment,d. nearly ceased, and the
more general business of the lscountin _
g houses being
impeded, a continuance oftransactions became
impossible. It suspends with its
a ease full of good bills
backed by dock warrants andother substantial
guarantees. Under the
circumstances such a stop-
page of payment must beregarded as most cruel, and
ascribable only to the pressure of an extraordinary
crisis. That the firm will pay every farthing due to
I be no question whatever, since
its creditors, there cal , -
parties is equal
the integrity of the

A FIGURATIVE STYLE.--A gallant New England
knight of the quill, describing a country dance, says,
" The gorgeous strings of glass beads now glisten on
the heaving bosoms of the village belles, like polished
rubies resting on the surface of warm apple dumplings."
The Rev. Mr. Surtees, a clergyman at Axminster,
and nephew of the BishoP of Exeter, was fined ss.
by the judge of the Axminster County Court on
Thursday for assaulting a man named Currant in a
public-house, on his return from a confirmation at
lioniton by the Bishop,. where the Rev. Gentleman had
been assisting. An action brought against him by the
landlady of the house also to recover damages for an
assault was not sustained.
WAKEFIELD CORN MARKET, FRIDAY.—The supply
of wheat is large, and the value of this article is 2s. per
quarter lower than last week; at this concession there is
a fair demand, and no pressing disposition to sell. The
late advance in the price of barley checks the sale, and
to-day the tendency is dormant. Oats and shelling are
in limited request at rather easier prices. Beans are
fully as dear. - In other articles no material alteration,

iteaytio
• MOde'rzpened
arty' Adf- • per c
:ed to Th(
beef-a:- trong,
talme 16 p
nal z
ands ra' ,rice
rds th
)oktiolit. and
Int flap< • ensiol
the: $a •':` for th
d rise, ;for the
ranced,* 821,
k IQftuff4at 180
(of,whibli the