The Sun.
London, England, 1841-08-14 00:00:00

7,C

EVENING RUN.,

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._
around and contemplate the kind of reopl . 9.-whom.,- A_
7.
they were on all great trials of strength - i •:pcl•_.ftir -.7.,.(
their disgraceft.l success. We suppose we , 5./ik..Oat,-
any suspicion of want of due generosity, as 4. is 1444\7---"
personal safety, :Talk our mind of a defunct T --- - -
We, therefore, do not hesitate to say, that '
among those who constantly sat upon the
benches, undtr the guidance of Lord John Ra..
persons with whom an intimate private acquaintance
would have been very discreditable—men in whose con-
science, or in whose interest, there was no security
against the corrupt and treasonable exercise of their le-
gislative privileges—men whom no one who knew them
would trust with his uncounted purse.

MONEY MARKET and CITY NEWS.

FROM THE MORNING PAPERS OF THIS DAY.

TIMF:S.—One of the chief guarantees that a Joint-
Stock Bank is managed on principles compatible with
the interests of the Proprietary, is the obligation of lay-
ing before them at their perijclical meetings a correct,
full, and'explicit balance-sheet. Any tendency to ren-
der this balance-sheet less correct, less clear, or less de-
tailed than it ought to be, is a tendency to deprive the
public as well as the shareholders of this important
guarantee. And yet want of minuteness, if net absolute
omission, has been of frequent occurrence, so as in se-
veral instances to render the presented balance-sheet
little more than a nullity, or perhaps even worse, as
statements have occasionally been made calculated to
mislead. To convey solid information, the securities
ought to be divided into such as are good and such
as are doubtful, instead of a round sum being
set opposite to the indefinite item " securities,"
without further explanation, and all such unmean-
ing heads as " preliminary expenses," and the like,
should be sedulously avoided. In a word, the balance-
sheet should give a clear and accurate notice of the actual
condition of the Bank with respect to assets and liabili-
ties. An instance of want of completeness in the infor-
mation conveyed to the Shareholders occurred in the late
proceedings of the London and County Joint-Stock
Bank, adverted to a few days since, when, in fact, no
balance-sheet whatever made its appearance, but a mere
profit-and-loss account, which gave no idea at all of the
situation of the Bank, and which was no less remarkable
than the silence and absence of inquiry with which the
proprietary received it. Some of the Shareholders are
now regretting that they did not elicit more satis-
factory explanations, especially when the rumour of
a large loss by the failure of Messrs. Coils, Thomp-
son, and Co., the bill-brokers, was so prevalent, and
a full account of the nature of the affair might have re-
moved much uneasiness. In exercising a due vigilance
Shareholders are not only consulting their own interests,
but when their institution is a public one, they have a
duty to perform to the public, who with themselves are
liable to be sufferers through mismanagement. Although
the profit-and-loss account, such as it was, was merely
made up to the 30th of last June, and the failure of
Messrs. Coils, Thompson, and Co. had not then
occurred, still, as it happened so shortly after-
wards, and was virtually caused by the refusal
of this bank to hand over their bill-case deposit, the
facts of the case must have been sufficiently known
to render correct information possible as well as
acceptable, while before the meeting took place
it was freely stated that the loss in question had been
a severe one, and likely to affect future dividends:
Although, however, our information was obtained at the
meeting. it has now become a common topic of remark
in the money circles, and the particulars are said to be as
follow :—The London and County Bank on their ba-
lance of advances to Messrs. Coils, Thompson, and Co.,
appear to be creditors to the amount of 40,000/., against
which they hold securities to the extent of upwards of
that sum, but of which only about 19,000/. are in Ms,
many of these being, it is said, of a questionable nature,
while the larger amount of security is composed of scrip
receipts of a newly started navigation concern, the pos-
session of which involves a legal question. These are
facts of which surely the Shareholders should have been
officially apprised on so goad an opportunity presenting
itself for the purpose.
CHRONICLE.—The monopolists tell us now that the
Bank of England will not be drained of her gold to pay
for the necessary importation of foreign corn this season,
because, in consequence of the very low prices of British
goods, payment will be taken in manufactures. We see
little appearance that this anticipation will be fulfilled to
any great extent. The price of British goods has been
ruinously low for the last two years. Large quantities
of foreign cern have been imported in 1838,. 1839, and
1840, but the payments have been made in hard bullion.
We doubt much if a better system of trade for this coun-
try will take place this year. There is no reason to ex-
pect it. Quite the contrary; for when the continental mer-
chants see that a Ministry is about to come into power in
Great Britain professedly on the ground . that they are
opposed to a revision of our tariff on imports, and particu-
larly against a fixed moderate duty on the importation
of corn, their staple article of produce, it is most likely
that they will rather be more disposed than ever to exact
payment in gold for that which they see we take
from them simply from necessity, and from no feeling
of mutual interests of traffic or reciprocal interchange of
commodities. But supposing the answer made by the
City monopolists to be true. Assuming that only
1,000,000 of quarters of foreign corn should be paid for
in British goods, that fact would at once show the utter
falsehood of the Peel doctrine, that the continental na-
tions would not adopt the principle of reciprocity, for if
they should take payment of 1,000,000 of quarters or
grain from us in British goods under our existing vicious
commercial code, they would take payment of twice us
much from us in .the same way, if we adopted a liberal
system of commercial policy. In the mean time, we re-
gret to learn that large shipments of British goods have
been lately sent to the Continent, on consignment. Had
there been a demand for them at the present reduocd
prices,_ this species of exports could not have taken place;
but that the fact is so, we hear from good authority.
Many respectable persons have been compelled to
ship goods for the Continent on consignment, be-
cause they could find no sale at home, and were obliged
to adopt the consignment system, in order to raise money
to meet their current engagements. If there were good
grounds for expecting a demand from the Continent,
equivalent to the price of 1,000,000 quarters of corn, the
low price of British goods would soon vanish; for, in
consequence of the mill-owners working short times
there has been a great diminution of production.
The Corn Market to-day continued at about Wednes-
day's prices. The computations as to the quantity of
continental wheat that will be required, of course vary
very much, and must remain so until the produce of the
crop can be better known. Some parties still maintain that
the quantity must be nearer three millions of quarter*
than two millions, but under any circumstances there
must be an importation to make the Directors of the.
Bank of England tremble for the consequences. On the
15th of June last, remarking on the evidence o *Mr.
Horsley Palmer before the Committee on Banks of
Issue, we found that the transmission of bullion and
the use of a credit by the Bank of England upon Paris
amounted to fully 10,000,0001., between January and
October of 1839, in consequence of the bad harvest of
1838, and observed that " should another unfavourable
harvest, therefore, be experienced in this country, the
Bank of England could not expect aid from the Bank of
France, but would have to rely on her own resources ;"
so that with little over 5,000,0001. in her coffers, the Dis
rectors would have to find something like 10,000,000 E of
bullion, supposing their position to stand much as it does
at the present time, (that is, the same as in June last),
and the price of corn to be as high. and the importation
as great as it was in the years 1838 and 1839. All eyes
are turned to the atmosphere, and the truth of our re-
mark that, in this uncertain climate, " no one can tell yet
what may happen this season before the crops are
housed," is fully verified, with this exception, that every
one can tell with considerable accuracy that the crop
must assuredly be a deficient one.
POST.—The home funds opened well this morning,
Consols for the Account being quoted at 891, buyers,
; but before the close of business the Market again as-
sumed the same heavy appearance that it did the day
before yesterday. A number of sales were effected in
all the permanent securities, the cause of which was not
generally known. Late in the afternoon, however, it
was confidently reported that five ships of war had been
commissioned for immediate service, and that the force:
Was to be increased to fifteen, the whole being about to
proceed, with an ample complement of armed steamers,
to the westward, to wake a formal demand of the surren-
der of Mr. M'Leod by the American authorities.
In the Foreign house an attempt was again made to get
up a show of business by the party concerned in the
Boulogne enterprise, but it totally failed, and has, in fact,
waswaveersytahteeatlb3anmiat
r wask
t againn
left the Market in a ors
EnSeClisiCh.—Flundesre, still mainly produced, there is every
reason to believe, by the advancing prices of Foreign
corn, and the apprehension that the low duty being sud-
denly established will drain us of some millions sterling;
and derange our Money Market to a serious extent.
Consols for immediate transfer were 'to-day quoted 89t
to 89k, closing at the intermediate quotation ; for the
Account the value was 89i to I, the latest value being
8918 to 1. Exchequer Bills were 14s. to 16s. premiusiz
and East India Bonds, Bs._premium ; Bank Stock was
dull at 168 to 1671 ; the New Three-and-a-Half per
Cents. were 981 to ; and the Three per Cents. Re-
duced 89/ to 90.
The advices from Madrid are still a fruitful source of
anxiety and discussion with many parties in the City ;
and the failure of a most extensive, and, as was imagined,
wealthy member of the Bolsa, having caused something
like a panic in the Spanish capital, has also affected the
Market here. Spanish Active Bonds have been down '
to-day to 191 and 19i ; Portuguese New to 29/ awl
29i ; and the Three per Cents. to 17i- and 18 ; Mexican
were a trifle better, however, viz., 25 to 25/ ; Brazilian
realized 67/ ; and Peruvian 15 to 1 ; the Dutch Two-
and-a-Half per Cents. were 51/ to 52.
There was no further depression in the Railway
Shares, but sales could not be made above yestes4ay s
rates. Great Western were la ; London and 11,;;Ining-
ham 69 ; and South Western 13i to 127; r:remium ;
Brighton were 7 to 74 ; Eastern Counties assi Bristol
and Exeter 29 ; Birmingham and Gloucester 40 ;
Hull and Selby, 14 ; North Midland 36 ; and Man-
chester and Leeds, 18 discount. Union Bank of Aus-
tralia Shares were 5 premium ; and London and West-
minster 2f premium.
Although the Foreign Exchanges did not recede this
afternoon, they were still fiat. The rate on Paris was
25f. 571 c. to 60c. ; on Hatuburg,h, 13 9 ; on Amster-
dam, 12 34 to 4; on Frankfort, 1491 to ;on Ant-
werp, 12 4t031 ; and on Trieste, 950 to 95.

CAUSE AND EFFECT.—The uneasy state of
the public mind in Ireland, produced by the prospect oC
a Tory Government, has induced her Majesty's repro,_
sentative to recommend that an addition
t
delitlitoanve, of late be made 'the
hhd military,the pflueracseuirne o
thartlveoparunttrh ft reduction in tl' e country,
.)
army ears
stationed there, We have now the unpleasantu ty
of
stating that a regiment of cavalry is order& proceed
to Ireland forthwith, to be followed 17, two infantry
regiments,

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