The Sun.
London, England, 1841-12-09 00:00:00

is, however, seldom re.->orted to by men of business
where-there is no reason to doubt the credit of the party
drawing the check.
The jobber, on the other hand, having sold the stock
to some other broker, who buys for his principal, re-
ceives,- in return, his check ; w that, by this simple pro-
cess of passing four checks--viz., that of the purchaser
t) his broker, that of the broker to the jobber, that of
the jobber again to the broker who first sold the stock,
and that of the latter to his principal, the whit) trans-
act'.ori is completed.
To advert to another technical peculiarity appertain-
ing to the Stock Exchange, which may appear puzzling
to the unitiated. The terms " Bull" and " Bear" are
doubtless familiar to most even of our country readers,
without their being aware, probably, of their meaning.
A " Bull" is one who speculates for a rise, whereas a

" Bear," on the contrary, is he who speculates for a
fall. The " Bolt" would, for instance, buy 100,0001.
Consols for the settling-day, or, as it is technically
termed, " for the account," with the object of selling
them again during the intervening period et a higher
price. The " Bear," on the oche: hand, would sell the
100,0001. stock (which, however, he does not possess),
"for the account," with a view of buying them in for
the purpose of balancing the transaction at a lower
price than he originally sold them at. In stirring pe-
riods, when fluctuations of 4 or 5 per cent. often occur
during " one account," vast profits may be realized, or
equal losses sustained, by these gambling operations.
The transactions in the foreign market are carried on
much in the same way as in that of the English stocks,
with the exception that the settling days are much more
frequent, occurring, as they do, once in every fortnight.
The Foreign " House" is quite of modern origin, but it
is subject to the same rules and regulations as the Eng-
lish, witt a few exceptions. The dealings are there
carried on in all the foreign stocks, as well as in railway,
mining, and other shares. The jobbers are distinct from
those in the English house, although there is nothing to
preverkt them from dealing in both, if they possess suffi-
cient intelligence to enable them to give their attention
in two places at once.
In connexion with time-bargains may be noticed that
important branch of business which goes under the de-
nomination of " continuation," or " carrying over." This
is nothing more than interest for money borrowed or
lent on security of stock. The rate of this continuation
or interest varies according to the abundance or scarcity
of money, and the nature of the security offered. For
instance, on British stocks, even when money is very
scarce, it seldom exceeds the rate of 5 per cent. per
annum from one account to another ; whereas, in the
foreign market, where the security consists of foreign
bonds of various and doubtful descriptions, it ranger
from 5 to 10 per cent., or even more, on particular oc-
casions, when it reaches 15 per cent. per annum.
There are several causes which tend to produce this
esti aordinary variation in the rates of continuation; for
in the case of Consols, which constitute the only stock
for speculation in time-bargains in the English market,
the price varies so little in comparison with the value
of the stock, in the course of an " account," that the
security is considered good in itself; and, therefore, no
extra charge is superadded by the party who lends his
money. This is not the case with regard to foreign
stocks, which arc constantly fluctuating in value, a fact
to be accounted for by the extremely precarious nature
of this description of property. Most of the bonds in
circulation in the foreign house have ceased to bear any
interest whatever, and many of them bear upon them
the marks of their shame and disgrace in the shape of
the arrears of interest called " coupons," overdue for
several years. It is not, therefore, to be wondered at,
that foreign securities of this description do not com-
mand the same credit as our own English stocks, and
it must hence follow as a matter of course that parties
who wish to raise money upon them must consent to
pay a higher rate of interest for the accommodation.
A great deal of business is transacted in this way,
and some brokers, who possess the means of obtaining
large sums of money without multi difficulty, devote
their entire attention to it. The process by which the
operation is effected is simple, both in the English and
foreign mairket. The present rate of continuation iu
the Consollmarket is 9-16ths per cent. until the open-

ing ; and if a person, we will suppose, wishes to lend
money on that stock, from the shutting (on the 2d
of December) to the opening (on the 14th of January,
1842), his broker procures him 1,000/. Consols
as security, for which he furnishes the money at
the actual price of the day, which is 90, making
9001., and re-sells, at the same time, the said 1,000/.
stock for the opening (on the 14th of January),
at 90 9-16, making 906/. 12s. 5d., and thereby
leaving a difference in his favour of Si. 12s. 6d.
for the loan of :9001., during the above period of forty-
four days, which will be found to be at the rate of
5/. 3s. Bd. per cent. per annum. On Foreign securities
the principle is the same : supposing he lends on the
,ecurity of Spanish Bonds, he receives as security 5,100/.,
for which he pays on the 30th of November, at the
price of 24} per cent., 1,2491. 10s., but sells it to the
same party for the 15th of December (the next settling
day) _at 24 9-16th!, producing 1,252/. 13s. 9d., leaving
a difference in his favour of 3/. 31. 9d., or 1-16th upon
the stock bought and resold, which for 15 days, is equal
to * per cent. per month, or 12-Bths per cent. per
annum, equal to 761. 10s., being at the rate of about
6/.25. 61 percent. per annum interest. This calculation is
made upon the current rate of interest for the " con-
tinuation" of that stock on the 30th of November,
which was considered as extremely low.
The continuation on shares, in which a great deal of
business is also done, varies but little from the above ;
but a difficulty here arises which offers a great obstacle
to the lending of money for short periods.
The stamps, which by law are necessary for the due
transfer of property of this description, and without
which transfer there could be no security to the lender
of money, are so onerous, and press so heavily on all
bona fide transactions, that, notwithstanding the many
attempts made at various times to evade them, they
operate materially against the parties who lend money
upon them, and, in fact, neutralize all profit for short
periods.
Persons who have sold shares or stock, if they are
not in immediate want of their money, frequently
avail themselves of this method of " continuation"
in order to obtain interest for it, until they actually
deliver the stock. On the other hand, speculators
for the rise are by this means able to carry over their
purchases from cne account to another ; and al-
though it may appear strange that they should be
-taying at the rate of 5 and even 10 par cent. per an-
num interest on a stock which, in the 'instance of Con-
sols, pays th,m actually nothing ; std!, when viewed
solely in the light of speculations, the rise in either se-
curity, if it take place, will more than compensate for
this apparent inconsistency.
The proacedings of the Stock Exchange are regu-
lated by a Committee consisting of thirty members, who
are elected from the general body every Lady-day, each
member having one vote. They tike care that the
rules and regulations enacted for the admission and ex-
pulsion of members, and for the settlement of dispute,
are properly observed, and although some of their laws
are at variance with the established laws of the country,
they are not so strictly enforced by the Committee as
to bring them into collision with the courts of justice ;
they fully answer the purpose for which they were in-
tended, and all the members, previously to their ad
mission, subscribe to the conditions there laid down.

All members, on being admitted, are obliged to pro-
duce three securities of 3001. each, for the first two
years of their probation, which 9001. becomes forfeited
:n tl:e event of their failure, and goes to the creditors
if the new member. In consequence of their being
interdicted from engaging in any other business, on be-
coming members of the Stock Exchange, they are no
longer subject to the Bankrupt laws, and, therefore, in

•I:e ei eat of failure, all their assets arc secured to the
oreditlrs in the house, to the exclusion of those out of
it. This rule is enforced in order to secure the house
from the loss which would ensue to its members, were
the legal creditors (if any existed) to step in and lay
claim to their property.

The tendency of the above regulation is to insure
honesty arnongq its members. Should any principal
'a e reason to complain, he has only to appeal to the
Committee, who instantly take cognizance of the
matter, and subject it to the strictest investigation.
Defaulters whose conduct his bccn dishonourable are
puniShed, and an example is made of them by publicly
affixing their names in the house on what is termed the
" Hack board." T6ie is the heaviest disgrace which a
member can possibly experience. Such is the manner
in which the business of the Stock Exchange is carried
on and transacted.

INCENDIARISM.--On Friday night last, soon
tiler ten o'clock, it was discovered that the stack-yard
of Mr. William Chambers, of Sutton-in-Ashfield, was
in fire, and which was without doubt the work of an
incendiary. The Sutton engine, and the Norwich
Union and the Mansfield parish engines, were quickly
in the spot, and rendered effectual assistance.
Chree valuable wheat stacks, one oat and one straw
itack, yore consumed, and a seed stack much damaged.
Nlr. Chambers's farming stock wasdnsured in the Not-
inghamshire and Derbyshire Fire-office for 3001, and
it is estimated that the loss will amount to about that
ium. This is the third time, within a year, that Mr.
Jhambers's stacks have been fired ; the first time the
oss was 60/. This fact, though serious to the indivi-
lual, is not so alarming to the public, as it appears to
ie rather an act of private malice, than the effect of a
~•eneral bad feeling.
A CURIOUS LAW•SUIT.—A passenger in an
\ mcrican steam-boat, a short time since, "brought a
mit," in St. Louis, against the captain of the vessel " for
lot starting at the hour he advertised," thereby creating
a loss to the said
passenger through non-punctuality.
The case went before a jury, who were so convinced of
the justice of the claim that they brought in a verdict
or 190 dollars !—no trillinf, sum for the dilatory captain
to pay, as the Penalty of his not being a good " time-
keeper."
The Augsburg Gazette of the 2d, in Ancona
letters of Nov. 26, states that after the return of King
Otho to Athens, the Greek Government remitted to the
Ottoman Ambassador a note conceived in the most con-
,tiliatory terms, which leaves no doubt that the differ-
ences that have arisen between the two countries will be
amicably terminated,.

LAW INTELLIGENCE.

ROLLS COURT. Dec. 8.
LANGTON V. HORTON AND IIIRNIE.

This suit was instituted by the plaintiffs, who were
mortgagees of the ship Ann, against the defendant,
Horton, whom they alleged to be a prior mortgagee, but
who clainiel an absolute interest in the ship and stores,
and against the defendant, Birnie, the mortgager, for
an account of the money received by them on the sale
of the ship and stores.
The case for the plaintiff not being concluded when
the Court rose,- the cause was ordered to stand over
until Friday.

COURT OF QUEEN'S BENCH, Dec. 8.
BREACH OF PROMISE OF MARRIAGE.
DARBON V. ROSSER.

(Continued from our Afternoon Edition of yesterday.)
The Learned Counsel then put in the letters which
he had referred to in his address. The reading of the
volumnious file of very long and wordy letters had oc-
cupied the time of the Court from about twenty minutes
before two o'clock to half-past three, when
Mr. Justice WIGHTMAN asked--Pray, Mr. Thesiger,
are there many more letters to read ?
Mr. THESIGER—A great many more, my Lord.—
(A laugh.) There are those which I have just put
in, and I know not how many more. On counting
them I find there are eleven besides.—(A laugh.) Mr.
Platt insists on them being all read.
Mr. Justice WIGHTMAN—WeII, go on.
The reading proceeded accordingly, and occupied in
all three hours.

Mr. PLATT then rose to reply. He said his friend
Mr. Thesiger had told the Jury that attempts had been
been made by means of newspaper paragraphs and other-
wise, to give this case an air of importance. Now, he
would tell them that it was a case of high importance.
It was a grand example of the excellence of the laws
they lived under, that his humble client, or the humblest
and most unprotected of her Majesty's subjects could ob-
tain redress and protection against their oppressors, how-
ever wealthy and powerful. The instructions which his
friend had received to heap abuse upon the unhappy
plaintiff showed that the defendant was still actu-
ated by the wish to insult and injure his
victim, which he had manifested in his last letters. But
he had not dared to put into the witness-box a single
witness, not even a member of his own family, to prove
that the plaintiff had been guilty of any impropriety. If
anything could be proved against her, the shrewd attor-
ney of forty years' practice, would have ransacked the
country to produce it. There were, indeed, these letters
put in evidence, being the last she had received from a
young man who paid his addresses to her before the de-
fendant made her the offer of his hand. But these let-
' ters only proved that she rejected the addressee of that
suitor, and that she had never given him any encourage-
ment. If anything else could have been established from
all that had passed between her and Mr. Kitchen, the
Jury would not believe that his friend Mr. Thesiger
would have failed to bring the proof before them. He
would not have omitted to produce the young man him-
self. Let them look at the history of the case. They
found that in 1821 the mother of the plaintiff, having
failed in business, retired with her three daughters to a
country village, where they all lived together in seclu-
sion, upon the scanty pittance bequeathed to the daugh-
ters, the mother not possessing a shilling in the world.
Here they lived in honourable respectability and peace,
until after the death of the defendant's wife in 1837,
when he invaded their retirement, and made them, by
his constant attentions, and his visits, with every display
of wealth, an object of curiosity, if not of suspicion, to
the villagers around them. The Jury had seen that he
was received in the first instance, and for a long time,
with reluctance; but the situation of the family with re-
spect to him, and the kindness they had received from
him for many years in the management of their funded
and other property, rendered it very difficult to give him
that repulse, which, it was suggested; on the other side,
the circumstances called for. But how came the de-
fendant to instruct his Counsel to pronounce it disgrace-
ful on the part of the plaintiff to listen to such a proposal
from a man whose wife was not yet one month dead ?
If it was disgraceful in that young woman to listen to
such a proposal from a man who had known her for nine-
teen years, and whom she had been taught to regard
with gratitude and reverence—how disgraceful was it for
him to make the offer ? He had known the plaintiff
since she was nine years of age, and he must have been
able to judge whether she merited that excellent charac-
ter which he alleged as his excuse for desiring to secure
her for his wife. From the time of his first offer he
never ceased to invade the retirement of this family,
whose peace had now been broken up for ever by his
treacherous conduct. No less than 400 letters had been
received from him, up to the time when he thought pro-
per, without any fault on the part of the plaintiff; to
break off his engag.einent; and thus leave her and her
family objects of derision and contempt to all around them.
It was said that the defendant had come to that period
of life at which the vigour of his mind was impaired.
But there was no evidence to justify that allegation.
The letters of the defendant did not justify it • and it
was not borne out by the statements of those who had
been in constant communication with him. The whole
conduct of the defendant indicated more of the cunning
of the serpent than the imbecility of old age ; that cun-
ning was indicated by the appointments with the young
lady which he had made, and by the manner in which he
had arranged them. It was indicated by his recommen-
dations of a residence, he having in all cases advised the
family to fix their abode in some place in his own neigh-
bourhood, or over Which he might be supposed to have
some control. The very favours with which he had
loaded her might have been conferred for the purpose of
subjugating her to his wishes ; and that was the very
course which a man with dishonourable intentions might
be supposed to pursue. All his promises of making her
his wife were but masks to conceal his real designs,
and his protestations of religion and morality
only showed that he was persuaded that it was
not a profligate with whom he had to deal. That
would not have been the first time that religious
onamsiasin had been assumed as a mask fur carnal sin ;
aid if such were the purposes of the defendant no pecu-
niary loss could be a sufficient punishment for infamy so
deep. A paltry annuity had been offered to the plaintiff
after the defendant had at length announced that he had
no intention of completing his engagement; that offer
the plaintiff had very properly rejected. She was Mr.
Rosser's affianced wife, and as such she was entitled to a
provision as large as if their marriage had been actually
solemnized. But the offer in question was in no way
suited to the affluence of the defendant. It should not be
forgotten that, according to the contract between the par-
_ _ _

ties, the plaintiff would bare been entitled to no provision
of any kind in the event of her surviving the defendant,
unless he had thought fit, after their marriage, to sign a
deed in her behalf. That was the consequence of the
English law of conveyancing, with which the defendant
was well acquainted; and it was under those circum-
stances that the plaintiff was ready to place all
her hopes of worldly happiness entirely in his hands.
And yet that was the woman against whom the charge
of selfish and interested motives had been laid ! But
the defendant had assigned as one of his reasons fbr
violating the promises he had made, that he bad been
informed that the plaintiff had held communication with
a stranger in the streets, and that she had a-conversa-
tion with an officer in the navy, under circumstances of
a suspicious and improper kind. Now that charge was
a grave one, and might well be held to disqualify the
(laintiff from urging those claims which she might
otherwise possess. - But the charge, heinous as it was in
its character, had not been substantiated by one tittle of
proof. Mr. Rosser alleged that he bad received infor-
mation to that effect ; but the name of the informant
was not mentioned, and no witness whatever was called

to established the fact. Was not this a case of injury fol-
lowed by insult, and if they believed this canting old hy-
pocrite had from the beginning intended to treat a vir-
tuous and unsuspecting girl in such a manner, how could
they sufficiently express their disgust at such conduct ?
But if they should. be of opinion that his intentions had
originally been honourable, but that afterwards he wished
to get out of his engagement, then he could not be per •
witted to do so without makicg her a handsome compen-
sation. The comfort, the honour, nay, the life of his un-
fortunate client, depended on their verdict. His Learned
Friend had sneered at the evidence given by the milliner
as to the personal appearance of his unfortunate client.
Was it not evident she was taken to the shop solely to be
identified as the person who accompanied Mr. Rosser on
a former occasion? But what did they say to the evidence
of Mrs. Bennett, who was a person of the greatest re-
spectability ? The plaintiff was an object of deep corn •
passion. She was living with, her mother in 1837, in a
state almost approaching to penury. Her conduct to her
mother was exemplary ; and what: better earnest could
there be of a woman making a good wife than that she
performed her duty to her parents ? Mr. lesser knew
that, and during the lifetime of his wife, so high an
opinion did he entertain of the plaintiff, that he offered
to conduct
,the afruirs of the.family at the winding up
the account of the 'executors. There was then Mr.

Rosser's own evidence to her character, up to the time
that he invaded their quiet cottage. Shocked at first at
Mr. Rossor's so soon forgetting his partner for fifty years,
they were induced at last by his importunities to
admit his addresses. All the parish of Hampton
knew of the engagement, and then the match was
broken off. All he asked was, that he should perform
his contract : he refused to perform that solemn engage-
ment.' After exhausting four years of his life, he came
into Court, and the lady had no object in acquiesing in
his request but to obtain money. Was she not, there-
fore, an object of compassion ? What could they think
of the taste of any gentleman, when a question of mar-
riage arose between him and a lady, to call her action a
Pickwickery action ? Could anything be more vulgar ?
As an honourable man, Mr. Rosser should not have
pleaded to the action ; he should have said, I have
broken my compact, and let a Sheriff's Jury assess the
damages ; but, instead of that, he endeavours to terrify
the mother and the daughter, and pleads four or five false
pleas. A more lawyer-like sort of defence was never seen.
It smacked of the attorney's office. The first thing
he pleaded was that he had never entered into a con-
tract—that had been proved. The second plea was, that
he had been wholly exonerated. What was the meaning
of that ? All the letters showed that, so far from being
exonerated, she had always insisted on his performing
his contract. There was no evidence of any absolution
from the contract. For what purpose could those pleas
have been placed upon the record except to alarm the
legal adviser of the plaintiff? but he was a person not to
be frightened. He felt he could trust to whatever the
plaintiff told him, and he challenged them to prove these
false averments. They had not attempted to do so.
There was another plea, that the 3661. Consols was re-
ceived in satisfaction of the breach of these contracts. Were
they prepared to find that, when the money had been paid
before the breach had been made, when the money had been
paid before the later contracts had been entered into?
Could they approve of the conduct of Mr. Rosser to
this lady, who had no father and no brother to vindicate
her rights ?. He. thought they must see the plaintiff
was an object of great compassion, because, if they did