The Sun.
London, England, 1841-04-29 00:00:00

FROM THE MORNING PAPERS OF THIS DAY.

TIMES.—The following, it is understood, aro the members
of the deputation appointed by the Scotch banking interest to
proceed to London to oppose any alteration or innovation, by
the Committee of the House of Commons now sitting, on the
Scotch banking system, viz.:—Mr. Findlay, of the Ship Bank,
Glasgow; Mr. Donald Smith, of the Western Bank of Scot-
land; Mr. Crosbie, of the National Bank of Scotland; Mr.
Anderson, of the Glasgow Union Bank; Mr. Milnes, manager
of a Dundee Bank ; and Mr. Kennedy, manager of an Ayr-
shire Bank. From what is allowed to transpire of the pro-
ceedings of that Committee during the present Session,
and which would seem to be characterized by no vigour or
directness of purpose, it may be anticipated that this deputa-
tion will possess a degree of power and influence very difficult
for them to resist or to control. Up to this time the Committee,
or a majority of them, are believed to be in favour of a single
bank of issue, under Parliamentary superintendence, for the
whole kingdom ; but as scarcely an of them possess any direct
knowledge of the subject, they are liable to be turned round by
any artful or intelligent witness. Altogether the Committee is
said to be very well attended, but Sir Robert Peel and Sir
James Graham, though continually there, and giving a certain
degree of weight to the Committee by their presence, do not
take any lead in their proceedings. Under these circumstances,
it is of course vain to anticipate what the report is likely to be
when it makes its appearance.
Money, which has become scarcer in the course of the last
few days, is now considered to have contributed as much to
the heaviness of the English stock market as the holding off of
speculators on account of the approaching budget ; and to-day
prices continued very dull till the Chancery broker came in
and bought rather largely of money stock, which at once
changed the aspect of things, although the advance gained was
not very considerable. At the close of business money was
worth full 3 per cent., and the market steady.
In the prospect of an alteration of the law affecting joint-
stock companies, there is much discussion in the City as to
the best plan of rendering them legitimate mercantile under-
takings, and less objects of mere speculation than they have
generally been. Some think that the promoters should be
made liable to the shareholders for the amount of their
deposits, and this because the practice of putting persons
of high rank in the direction, has often been the means
of inducing persons to take shares who would otherwise pay no
attention to the speculation. As an advantage is gained by
the employment of these high-sounding names, it is thought
by some at least no more than fair that this great inducement
to the shareholder should be attended with something like re-
sponsibility. The fact is, that the more signal failures among
joint stock companies have occurred in undertakings in which
the list of Directors was, on the face of them, of the very first
character. The way in which speculations are carried on, and
the means of giving a fictitious value to shares, are likewise
becoming objects of animadversion. It has been observed in
some instances, that when there has been a difficulty in dis-
posing of the shares in the first instance, various attempts
have been made to force them to a high price on the Stock-
Exchange. One of these, atich has obtained the name of a
" rig," consists in buying up a larger number of shares than
have actually been allotted, so that when the time for de-
livering comes there is less than the quantity contracted fur.
The prices being forced up, in some instances an advertisement
appears, that the holders may have their deposits returned,
that is, after having paid the forced price of perhaps 251.,
they may have 51, returned to them. Another evil com-
plained of is, the recklessness with which Acts of Parliament
are procured for Companies which have not capital to carry
their undertaking into effect, and which it has been suspected,
in some instances, have more tended to the profit of the pro-
fessional gentlemen employed, than to that of any of the Share-
holders. This is accompanied by another evil, which is the
readiness with which men of property put their names to deeds,
without making themselves aware of their contents, and
that in conjunction with parties who have no property at all.
This imprudence, which is induced by a mania for speculation,
is the more remarkable, as the very parties who are thus
making themselves liable for thousands of pounds, would per-
haps use the greatest caution in examining an ordinary private
deed, when the spirit of speculation was not at work. As for
the splendid hopes held forth by several companies in their
formation, and the small results that have taken place, a cor-
respondent, who has observed the practical evils of these joint-
stock undertakings, as they are carried on at present, has sent
a list of at least 100 companies, brought out in the years 1824
and 1825, many with splendid promises, and scarcely one of
which is known at present even to exist. As this matter is
now before Parliament, this is the proper time for making sug-
gestions, and no doubt much remains to be disclosed.

- Some mercantile correspondents express a desire that the
hours of attendance on 'Change should be altered, and that
the poriod should be from half-past 3 to 4. The wish seems
to be pretty general, but as no one likes to begin, and run
the risk of being the only person absent, they think a closing
of the doors at 4 would be the only way to affect the altera-
tion. The custom, now so prevalent, of living out of town
at some distance from the place of business has, in fact, pro-
duced a change of circumstances which has caused this desire
for a corresponding change in the hours of business.

SUN.—The Funds were all up again to-day, the public by their
purchases having shown that they do not participate in the in-
clination of some of the jobbers to speculate on the mad scheme
of a change of Ministry. For Money Consols were worth 89i-
in the morning, and before the close, had got up to 90/ and
90i ; for May the quotations were firmer at 90i to 901; Ex-
chequer Bills were marked 13s. to 15s. premium ; and India
Bonds 2s. to 4s. prem. ; Bank Stock was at 1711 to 170, a
decline of nearly 2/ per cent. It is difficult to state the pre-
cise reason of this fall, but it appears to be the uncertainty
which prevails as to what decision will be come to by the Com-
mittee on currency affairs, whether the issue of notes will be
recommended to be taken entirely into the hands of a Board of
Commissioners appointed by Parliament, or whether one bank
will have that power conferred on it under certain restrictions.
The value of India Stock was 254/; the Reduced Three-and-
Half per Cents. were 97/ to ; and the New Three-and-a-
Half per Cents. 98a to /1-.
The settlement in the Foreign House takes place to-mor-
row, and hence we have had but few bargains. Spanish Ac-
tive Bonds were at 231 to /,, Portuguese (New) Five per
Cents. at 34h, and the Three per Cents. at 20/, being a
slight improvement. Mexican Bonds of 1837 were at 30 to
294, and Colombian Bonds at 224, which is but a fractional
alteration on the previous rates. Brazilian Bonds were 69 to 4,
Buenos Ayres 23/, and Peruvian 174. French Five per
Cents. were at 113, and the Dutch Two-and-a-Half per Cents.
at 52g.
The Railway Shares, though with but a limited business
doing, were more buoyant to-day. Great Western 29k to
30/, Ditto New 14i, Ditto Fifths 7/ ; South-Western 20h to
20g, and Birmingham 70 premium. Brighton were 2to 2*,
and North Midland 20 discount.
The return of the circulation of Private and Joint-stock
Banks stand thus:—

PRIVATE.
For the three months ending in December last X 6,575,8.38
Ditto March last ...... 6,34579

Decrease ......................... 4:253,259

JOINT-STOCK•
To December, 1840 ......
£
3,798,155
........
3,644,258
.....
To March, 1841

Decrease , .............. : .......... £153,897

This exhibits at once the caution exercised by the banking
interests in England and Wales.
The Second Edition of The Sun, with the news from
America, was the first intimation received in the City of the
President's death.

!: EVENING EDITI ON:

CORN AVERAGES
GENERAL AVERAGE PRICES OF BRITISH i OTI N,
For the Week ended April '-'3, 1841, made up from the Bet 4 rns 0
the Inspector: in the different Cities and Towns in Et SI2 " and
Wales, per Imperial Quarter.
Wheat Os d. Oats
Harley I'4. 41 I Rye

AVERAGES OF THE LAST SUE WEEKS.
Week ending: WHEAT, IRARLEY.I OATS. I RYE. I BEANS.

Pr,' ketS;
—. .........•

11.1arch10 63 9 33 2 23 0 36 6i 39 7 X' !
2,1
April 2
9 f4 0 32 8 23 6 35 7 39 4 , 3 ; 2
16 63 8 32 6 '23 5 36 5 ..1.9 6 3 i 6
23 63 8 32 4 M 1135 8I 5C5 3 a z 10
IMPERIAL AGGREGATE AVERAGES OF THE PI.X Wri" KS
Wheat 63s. 116. 1 Oats ......... 235. Id. I Beans.... ......39 . sd;
Barley, '303 ,d. 1 Rye
DUTIES 011 FOREIGN CORN.
Wheat 23s. Ad. 1 Oats
Barley l3s. Wd. 1 Rye

THE MARKETS.
COAL M AItKET.
Ships arrived since last market day, 3.
s. d. s;
Adair's
Carr's Hartley
Chester ...,• l6 0 Walls End Larnbton ...... ... r 2 .
South Hartley l6 6 Walls End Stewart's
Tanlield Moor.. 2O 0 Walls End Caradoc . !.2 ..
West Wylam .... 16 0 Walls End Cassop
Wylatu
Walls End Hilda ... N 0 Hartley 1 .0
Walls End Witham