The Sun.
London, England, 1847-10-27 00:00:00

CREDITOR.

s. d.
By stock in trade at cost... ... 35,948 7 4
By book debts, good ... 44,856 0 2
Doubtful and bad 3,4211. 10s, 9d. ;
estimated at ...
By cash in houso... •••
By bills of exchange in house ... ...
By value of railway shares ..
By policies on customers' lives ...
By improved rental of a house in Fri-
day street ...
By bills of exchange amounting to
20,474/. 2s. 2d., deposited as collateral
security fur cash advances of 13,843 L
7s. 10d., supposed will realise to the
estate above the advances ...
By leases of premises in
Carey-lane, valued at ....£9,500 0 0
Mortgaged for ... ...£B,OOO 0 0

562 17 0
367 17 4
644 18 6
60 0 0
447 17 9

200 0 0

... 2,723 12 9

By furniture, fixtures, &c.
13y freehold and leasehold
property, mortgaged to cre-
ditors, and deducted from
their debts 0 0

- 1,500 0 0
... 1,689 3 0

a rent, salaries, taxes, &c.

89,000 13 10
983 8 0

By value (above the mortgage) of pre-
mises No. 3, Nassau-place, Com-
mercial-road ... ... ... ...
By debt due from the estate of W. Mor-
ley, sen. (amount not stated).

1,200 0 0

£89,217 5 10
With reference to the above it was mentioned,
that a large debt due from Mr. W. Morley, sen., and
which, it appears, amounts to nearly 29,000!., is not
likely to contribute a single shilling in the shape of
assets ; while, also, to his excessive drawings, coupled
with the dealing of the partners in accommodation
bills, is chiefly attributed the deficiency in the ac-
counts. At the period in 1842 when the new co-
partnery was formed the whole of the proceedings
were alleged to have been conducted in the most
loose and irregular manner, inasmuch as, although
the entering partners assumed, in consideration of a
transfer of assets, all the debts and obligations of the
old establishment, no proper investigation of ac-
counts was attempted, no stock was taken, neither
did
-the Messrs. Morley ever attach their signatures to
the draft deed drawn out upon the occasion. In
June last the house, according to the books, pos-
sessed a balance of 8,000/., but this amount on
investigation proved to be fallacious, as it was com-
posed of assets taken at an improper valuation. One
item alone was represented by railway shares
esti-
mated at 5,500/., which in truth were only worth
4,6001., since reduced, by the management of these
transactions being placed in the hands of Mr. W.
Morley, sen., to the 601. exhibited in the balance-
sheet. The actual trading of the firm showed a
profit, but in no way commensurate with the de-
mands made upon it.
uTheresult of the discussion, which did not con-
old ewithout angry comments escaping from some
of the creditors, elicited from Messrs. Morley a pro-
intimated on ent of their affairs,' and it was
Lions to the extent of nearly that, allowing for deduc•
of debts, realisation of stock 19,000/. on the collection
own conviction that thei36's't grounded on their
meeting gave much too favourableateent laid before the
es-
tate, they thought they could offer a view of their
s eleven shillings in
the pound, payable at tame,
or
2d nine months'
date, loan creditors to the extent of
consented to enter into a bond not to re 1,5001. having
till all other claims were satisfied. cZyteerpayment
a little
consideration this proposition was acceded t
resolutions were passed for its confirmation. to,
resolutions
stated that this estate includes nearly four hundred
creditors.

of Messrs
The name of Mr. Grant, of the firm
.ads
ati oneon of
of
Bell and Grant, having appeared on Friday
the inspectors appointed to conduct the liquidation
post
as
the affairs of Gower and Co., we have becqilll requested
to mention that he does not occupy that
a
, creditor, but simply from a private request havir4,
been nig.de to him. At the present time it is a work
of some d'fficulty to induce any parties to act as in-
spectors of suspended firms, not merely on account of
the trouble it involves, but 'Tom the damage likely to
be sustained by appearing to have suffered from a
heavy loss. It is well, therefore, that It should be
understood that in a large number of cases the parties
who take the chair at the meetings of these firms, :and
who are afterwards induced to act as inspectors, are
applied to, as in the case of Mr. Grant, solely from
the respect in which they are held, and that they un-
dertake the duty with no other feeling than that of a
desire
to render service.
POST.—From what has taken place at the Bank
of England to. day, the opinion expressed by us in
respecting the probable purpose
of the late measure of Government would appear to
be pretty fully confirmed. There can be no doubt
that, taken as a whole, the nnouncement of yesterday
must be looked upon principally as ; demonstration. '

The rate of interest exacted on the deposit of Consols
was as high as 12 per cent., while for the discount of
bills that of 10, if not of 12, per cent. also was de-
manded. Such being the case, the disposition which
had been manifested to embark once more somewhat
riotously and recklessly in stock and share specula-
tions has been materially checked. The proposi-
tion of Government, to the effect that the Exche-
quer shall participate in the extra gains of the
Bank, tends to the same result, since such a
proviso must necessarily cause a disinclination on
the part of the directors to run risks by which
their position may be rendered materially more
difficult than it has been. It is evident that they
mean to be as sparing in their accommodation as
circumstances will at all admit of. The private
bankers have, as we had foreseen, become more
liberal towards their customers. In the rates lately
payable in Lombard-street, however, we do not hear
of any essential alteration. The minimum has, per-
haps, so far, fallen little below seven per cent. per
annum.

According to the prevailing rumour on 'Change,
the house of Messrs. Scott, Bell, and Co., the sus-
pension of which took place on Saturday, has re-
sumed payment. It is agreeable to hear this, and it
may be hoped that one or two more of the solvent
firms which have been obliged to stop, owing to the
impossibility of procuring discounts, will be enabled
to follow their example.
Letters from Copenhagen of the 15th instant, in-
serted in the continental prints, state that the Bank
of Denmark had raised its rate of discount for domestic
bills to 5 per cent., and for foreign bills of exchange
to 6f and 7 per cent.
HERALD.—The principle upon which the relax-
ation of the Bank Charter Act was conceded by Mi-
nisters yesterday, and its probable consequences, have
been the subjects of natural discussion in all circles in
the City throughout the day. The bankers in the
City have in practice generally adopted the minimum
rate of discount fixed by the Bank of England, so
that there is no abatement of the terms upon which
accommodation is afforded to the commercial classes.
Every person, therefore, acquainted with the state of
the country for years past is perfectly aware that such
a rate of interest for money cannot be paid for bor-
rowed capital employed on the average in production
and interchange; and it is obvious that it cannot be
maintained for any length of time. The certainty,
however, of obtaining money on valid securities will
enable all persons so situated to avoid making sacri-
fices of property for temporary purposes, and as con-
fidence is restored matters will resume their ordinary
course. The propriety of extending the indulgence to
Government Securities, Exchequer-bills, &c., is still
strongly doubted in consequence of its presumed ten-
dency to induce speculation on the Stock Exchange.
The objectors, however, have omitted to notice,one
very strong reason for adopting this course—viz.,
that Sir Charles Wood considers a rise and fall of
Consols for the account the only correct criterion of
the condition of the country. The observation which
we threw out last night, that the rate of interest on
loans would not only operate as a check on the pur-
chase of Stock for speculative purposes, but would
rather induce reflecting persons to sell for the purpose
of employing their capital more beneficially, will, we
apprehend, be found in practice correct. We have
an evidence of this to-day in the fact of Exchequer-
bills having been sold at 20s. discount, which clearly
shows that the holders consider the loss of 1 per cent.
the least of two evils, compared with borrovsing upon
them at the rate of 8 per cent. per annum. There
was indeed a vague: report circulated around
'Change that the Bank had asked at the rate of 12
per cent. per annum for some stock offered to-day
on deposit, but we could trace it to no authority that
could be relied on, and therefore it is not entitled
to credit. It will be some days before the positive
effect of the measure can be properly ascertained, and
the manner in which it is received in the provinces
made known.
ADVERTISE 11.—The effect of the Government
measure has been felt in a sensible degree, and yet
not in the slightest manner so as to give an impulse
to speculation. The prifate bankers, following the
cue presumed to have been given by the Bank of
England notice of yesterday, have been more liberal
with their customers. It must not be supposed, how-
ever, that they are inclined to take in bills not
founded upon the most legitimate business transac-
tions. The effect of the measure will be simply this.
Parties who are really entitled to support will have
it; but, inasmuch as every prudent man must be
aware that, in taking the bills of houses which have
traded beyond their capital, he is jeopardising his
own money, we should imagine that no one in these
times would be so indiscreet as to run a risk. We
feel satisfied, from what we have heard, that the feel-
ing in the Bank of England parlour is such as
will not be likely to infringe seriously upon
the substantial principle—good or bad, it is
not now our object to inquire—of Sir Robert
Peel's Currency Bill. If, however, the public
mind is tranquillised, and the capitalist, no longer
in anxiety himself, will freely assist others, all
that it is at present desirable to accomplish will
be effected. We are aware that many parties were
surprised at the high rate of interest recommended,
because the Bank of England had previously been
taking in bills at a lower rate. Perhaps it would
have been more judicious to have made a distinction
between advances upon bills of exchange, and those
upon stock. These, however, are not times for
" nice" differences, and we shall probably find that
speculation is in no way fostered by the wholesome
removal of the trammels imposed upon the Bank.
Had the latter exhibited more consistency in the re-
gulation of the current rate of interest, it is probable
that we should have found the Government more
willing at the present juncture to leave the rate of
interest at the discretion of the Bank. It will be an
important question, however, as to how long it may
be expedient to maintain this rate.
The improvement experienced to-day has been felt
in the produce markets, and there is an advance to
be noted in the value of several articles. Without
desiring that any undue rise should take place, we
may remark that produce has of late ruled so ex-
ceedingly low, and entails such serious loss upon the
importer, that much relief would be afforded even by
a temporary and partial rally. On the other hand,
the period has arrived when the cultivation of produce
in the colonies must be carried on at a lower cost,
and more in proportion to the general scale of Euro-
pean prices.

COURT CIRCULAR.
WINDSOR, TUESDAT.—The Queen and Prince
Albert walked this morning, early, in the Slopes and
Home Park.

The Royal Family took walking and pony exercise.
The Duke and Duchess of Bedford, the Earl and
Countess of Westmoreland, the Right Hon. Sir
Robert and Lady Peel, and Mr. Brooke, took their
departure from the Castle to-day.

A deputation from the City of London, consisting
of Mr. R. L. Jones, Mr. Deputy Harrison, Mr. John
Dixon, Mr. T. H. Hall, Mr. Condor, and the City
Remembrancer, had an interview with the Commis-
sioners of her Majesty's Woods and Forests yesterday,
at their office in Whitehall-place.
Mr. M‘Gregor, M.P., and a deputation from Glas-
gow, had an interview with Lord John Russell yes-
terday, at his official residence in Downing-street.
Mr. Pope, Speaker of the House of Assembly of
Prince Edward's Island, and Mr. Edward Palmer,
M.P.P.—a deputation from that colony—had an in-
terview with Earl Grey yesterday, at the Colonial-
office.

Messrs. Edward Palmer, J. Askew, William Grif-
fiths, J. Sterry, Edward Collinson, Richard Moser,
A. J. Biscocks (architect), W. R. Glasier, and George
Corner—a deputation from St. George the Martyr,
Southwark—had an interview yesterday with her
Majesty's Commissioners of Woods and Forests, on
the necessity of taking immediate steps fur the com-
mencement of forming a new street through that
unhealthy and depraved district, the Mint.
The Metropolitan Sanitary Commission held a
meeting at Gwydyr House yesterday.
A deputation from the operative cotton spinners of
Lancashire, consisting of George Johnson, Henry
Turner (Bolton), and James Kellsale (Ashton), ac-
companied by Mr. C. Hindley, M.P., had an inter-
view yesterday with Lord John Russell.
A deputation from the Windsor, Staines, and
South-Western Railway Company, consisting of Mr.
Chaplin, M.P., the Hon. F. Scott, M.P., the Mayor
of Windsor, Mr. Reid, Mr. Chadwick, Mr. Campbell
(Secretary to the South-Western Railway), Mr.
Drake, and Mr. Horn, had an interview yesterday
with the Commissioners of her Majesty's Woods and
Forests.'
Mr. Guthrie had an interview yesterday with Earl
Grey.
Mr. C. K. Murray had an interview yesterday
Campbell had also interviewsMNrvithS
with Lord John Russell.
A e
Lordshiprby and
yes-
terday.Alr.
deputation from the Junior United Service Club,
consisting of Major Pole, Captain Clarke, Mr.
Mac-
laurin, Captain Baron, and Mr. Delmar, biad an inter-
view with the Commissioners of her Majesty's Woods
and Forests yesterday.
Dispatches for the Governor of Gibraltar •
off yesterday evening from the Colonial-offieeere sent.
A deputation of the Quadrant Improvement Asso-
ciation, consisting of Mr. Poulson, Mr. Moss, Mr.
Snoxell, and Mr. Newton (secretary), had an inter-
view with the Commissioners of her Majesty's Woods
and Forests yesterday.

THE QUEEN DOWAGER AT MADEIRA.—Rear-Ad-
mire! Sir Charles Napier, K.C.8., Commander-in-Chief
of the Channel fleet, has been ordered to send either a
steamer or sailing vessel once a month to Madeira, for
the conveyance of letters to and from the Queen
Dowager.