The Sun.
London, England, 1840-09-26 00:00:00

MONEY MARKET and CITY NEWS.

?
circularElENlN ;om the House ofG
CH RO N ICL F.
—R DTAhle.
Messrs. Hammersley and CO., in to-day's Chrcnicle
states that the business of' that firm is necessarily:
brought to a close. \Ve already observed complaints
had been expressed that Mr. Ilammersley should have
continued to conduct business under the firm of Messrs.
Hammcrsley and Co., when he had no partners alive,
but that he had the argument of practice and prece-
dent in his favour. The inconvenience, however, felt
in this case has led people to consider the propriety
of suggesting some remedy to prevent a rTirrenee of
the same kind. A suspension of payments is certainly
unavoidable on the death of the sole surviving part-
ner of a banking-house until his administrators
have authority to act, and if the public know-
ingly confide their property to a single banker,
they know the risk which they incur by so
doing ; but when they are led to believe that there are.
partners in the house who, in the event of the death of
one member of the firm, would remain to carry on the
business, and when it turns out that they have tr:en
misled, then there exists a ground fer iuquiry, and for
seeing whether the law could not and ought not to pro-
tect them from incurring such danger fcr the future.
All hanks of issue having more than six partners are
compelled by the Act 7 Gco. IV., c. 46, to register
the names of their partners at the Stamp•office every
year. The principle of registration thus established
in regard to banks of issue with more than six part-
ners, affords the public a complete protection against
the suspension of payments by the decease of the
partne:s In those establishments. We see no good
reason that can be assigned why the law of banking
should not be amended, so as to place all banks of
issue on the some footing in that respect, and compel
them all, without regard to the number of partners,
to register periodically the names of the members of
their firm. If such were. the case, the public would
have themselves to blame if they held the paper of
houses with only one surviving partner, whatever might
be the name under which the business was conducted.
It may be doubtful whether the circulation of credit
notes on the continent would have brought the house
of Harnmersley under the operation of the law, if
amended so as to include all banks of issue, but such an
alteration would have a very salutary effect as regards
country banks of issue, and would afford the public a
means of knowledge and safety which they are entitled
to possess. If it be proper that banks of issue with
more than six partners should register the names of
their firms, surely it is still more necessary that the
same guarantee should be asked for when the number
of partners is less than six.

The difficulty which presents itself in the application
of a system of registration to private banks is that it
would be an interference with the freedom of trade, and
much too extensive i❑ its operation. If restricted, how-
ever, to banks of issue—that is to all houses that coin
mone3 —the objection could not apparently be sus-
tained. The principle we have mooted is of deep in-
terest to the public, and requires mature consideration.
There are many admitted detects in the law of banking,
and much remains to be done. When the Committee
of the House of Commons on the Currency again re-
sume their labours, the subject which we have now al-
luded to will probably be submitted to their attention.

POST.—In the Fereign Market scarcely any busi-
ness of importance has taken place but there is a con-
tinued tendency to lower prices, and the speculative
transactions much fewer since the advance in the rates
of continuation, a high rate of interest being now de-
manded on all but the first-rate foreign stocks. The
state of the whole Foreign Market is apparently that
of suspence for the final result of the Eastern question,
the majority of the jobbers being not believers in the
multitude of reports, but still not willing to operate on
the certainty of the general preservation of peace.
A letter from Philadelphia gives an interesting ac-
count of a meeting of the Jews of that city, in further-
ance of the cause of their unfortunate brethren at Da-
mascus. The following is an extract :—" Our meeting
was called for the Israelites only, but several Christians
attended, and, upon its being intimated that they were
desirous to speak, three clergymen, one Episcopalian
and two Presbyterians, addressed the meeting in most
liberal and forcible speeches, thus affording the unheard-
of spectacle of Christian clergymen, in the midst of a
body of Jews, and in their own synagogue, addressing
them as brethren." Though it may be proper to remark
that in all the proceedings connected with the Jews of
Damascus it has not been sufficiently borne in mind to
bow many' centuries behind such countries as Eneland
and the United States is the entire state of manners,
prejudices, and judicial proceedings of the half-civilised
population of Syria, where those scenes of Jewish op-
pression have occurred, it is, nevertheless, very satisfac-
tory that the proceedings at Damascus have been
viewed with equal horror throughout the whole civi-
lised world.

HERALD.—By recent advices from the Cape of
Good Hope, great efforts have been made to increase
the trowth of wool in that colony, and by experience
it is found that a greater improvement has been made
there, comparatively, than in any other place. New
South \Vales will shortly completely supersede Ger-
many in supplying the market, and the Cape bids fair
to rival even that country. The breed of sheep was in
the former quite a new introduction, and therefore had
the advantage of an excellent stock, removed to a new
and invigorating climate ; while at the Cape the cul-
ture of wool had been once attended to, and allowed to
fall into decay. The persons interested have now se-
riously turned their attention to it once more, and, by
their exertions, it may be expected that, in the course
of a short time, large supplies of Cape wool, of a supe-
rior quality, may regularly be expected, and that, with
this colony and New South \Vales, we shall not only be
rendered independent, for our borne consumption, of fo-
reign states, but become exporters.
Nothing more is known respecting the affairs of the
west-end banking•house than the circular published,
but full information is promised on Monday. Under
the melancholy circumstances which occasioned the
suspension of payments, it would be highly indecorous
to notice the various rumours which appear to be sent
forth, merely as feelers, by other houses, for throwing
the business into the hands of parties anxious to obtain
a slice of the spoil. Until then, at least, nothing certain
can be known, and it would, in the mildest terms, be
very injudicious to create unnecessary alarm. The
great probity and wealth of the late lamented Mr.
Hammersley render it extremely improbable that any
portion of the funds intrusted to his care have been
turned aside from their legitimate purpose.

SU N.—ln the Foreign Exchanges there was this after-
noon an improvement. Nothing decided, be it remarked,
but still a slight tendency to advance. Bills were ne-
gociated at the following rates :—Paris, 25f. 40c. ;
Amsterdam, 12 1 12, to 14 ; Antwerp, 12 11 to 1-1 ;
Hamburgh, 13 71 to -I ; and Frankfort, 148t1 to
Until near the close of business this afternoon the
English Stock Market wore a depressed and languid ap-
pearance, but a partial rally occurred, and it closed with
rather a Letter aspect. We believe the cause of the im.
provement to consist in the slight indication of a favour-
able reaction in the Foreign Exchanges. Consols for im-
mediate transfer opened at 87i but gradually ascended to
BSi to 88, at which they closed. For the Account the
current quotations were 87i to 88i- ; Exchequer Bills
declined to 5 to 7 prem., money being in rather more
request yesterday and to-day. India Bonds, however,
supported the improvement to a discount. The New
Threc-and-a-Half per Cents. alternated from 961 to
97i, and the Reduced Three-and-a-Half per Cents.
from 961 to 96 cx dividend.
Spanish Actives closed at 221, Portuguese New at
32*, Colombian at 224, Mexican at 25, Brazilian at
78,F, Dutch Two and-a-Half per Cents. at 50g, and
Belgian at 97i.
Shares rallied a little on the decline of the early part
of the day.

SPIRIT of the PUBLIC JOURNALS,

FROM THE MORNING PAFERS OF THIS DAY.

(From the Times.)

In the years which immediately succeeded the French
revolution of 1880, and which witnessed the gradual
formation of a temperate and pacific Government out
of the violent and contlicting elements of that great
change inthe policy
.n Europe, two propositions were
universally al
low
allowed to contain
supportiglnd and France aof the pace.
remained Thet first was, that as long as
nedaullntitheadt, cnoouoldthbere
Power,
or e
El
or combination of Powers,m would presume to attack
them. The second, thatif the principle of non-inter-
vention was
abandoned on any one occasion, the first
cannon-shot would be the signal of a general war in
Europe. These ' ' principles are as true now as when they
were first put
Europe a forward : they have secured the
peace of
as long as they were both kept steadily in view ;
and the peace of Europe has been singularly endangered
since the 15th of July, 1840, when they for the
first time, directly
were,
violated. The intervention of the
Five Powers in the affairs of Belgium was common to
o
them all—the intervention of France and England i
the affairs of the Peninsula was intended to strenthen,
rather than to sever, nur alliance with Louis Philippe's
Government ; but the treaty of the Four Powers with
respect to the affairs of the East is the first instance
which has occurred of an intervention in which France
and England do not join. It was by
the r ob-
servance of those principles that the French Gthovern-
ment was enabled to compress the passions of e na-
tion, asTong as the King devoted his whole energies to
the maintenance of the peace. Louis Philippe believed
that the same violent outbreak which
w ha
ould ve
scattered desolation and democracy over Europe would
have overthrown the monarchical institutions which it
I was his task to re-establish. Hthat e knew war was
' no less dangerous to himself and to the State than it
would have been calamitous to Europe. R
—y pre-
, venting it, he took the wiser and the nobler part.
call to mind the
o
But if it be not uninstructivo to
, principles by which the dangers f
that period were
i avoided, it is equally important to inquire whether the
motives which France had
io IS3O for preserving the