The Sun.
London, England, 1849-09-08 00:00:00

Notes Issui d
Increase

• 27,919,0t0
••• 128 920
... 3,574,361
... 284,809
... 6,337,090
• 219,558
... 9,270,111
... 266.716
... 1,059,641
• 10,303
... 14,334,255
•., 25,679
.. 10,132,598
... 204,008
9,470,200
Iccrease . . 130,840
Bullion ... 14,776,200
Increase ... 16,347
Active Circulation 18,448.850
Decrease 1,920
We have been much interested by the perusal of a
remedy for monetary panics, because the author, Mr.
flamer Stansfeld, is a practical man, and suggests a
practical palliative. We pass by his review of the cur-
rency question, accurate as are most of the definitions
given, because there will still be a difference of opinion
on that subject, and we come next to the remedy
proposed. The author assumes that the imme-
diate cause of panics is the apprehension of
a deficiency of the legal tender. We have no doubt of
this fact ourselves, because we saw convincing proof of
it in 1847. The plan, therefore, would bet to provide in
case of need a legal tender sufficient in quantity to re-
move the possibility of such apprehension being enter-
tained, and in order that the remedy may not be worse
than the disease, the new legal tender should be of such
a nature, as would neither depreciate the currency, nor
endanger the convertibility of the note into gold, nor in •
terfere with the natural rectification of the foreign ex-
changes. " Sach a remedy, we believe," says the author,
" will be found in the plan we have now to suggest, or in
some modification of it.
" We propose to enact by law,
" That whenever, and so long continuously, as the mini-
mum rate of interesteof the Bank of England on Bills
of Exchange not having more that 95 days to run, shall
be at above 6 per cent., all persons may demand of the
issue department notes in exchange for 3 per cent.
Consols, at the lowest market money price of the day on
which the said rate of interest shall be declared.
Such notes not to be convertible into gold, but into the
stock deposited within twelve months from the time of
their being issued, and to be entitled to the interest
accruing ou the stock. The notes to be denominated
Consul Notes, and to be made a legal tender until due.
" There will be no difficulty in working such a plan.
Supposing the 15th of October to be the day on which
cite Batik should raise its rate of interest to 6 per cent.,
and that the lowest money price of Three per Cent.
Consols should be 85*, arty one could go the following
day to the issue department, and, on signing a transfer,
demand in exchange for ICOZ of such stuck a Consul
note for 851. 2s. 6d. All the notes,, then, during that
crisis would be of that amount, and it would Le well to
have a note for each 100/. stock, so that at the expira-
tion of twelve irwriths, the transfer to the new parties
could be easily effected.
" We have introduced only the Three per Cent. Con-
sols to avoid having Consol notes of different values, but
otherwise there is no reason why the bolder of the
Three-and-e. Quarter per Cents., and other Government
stocks, should not have the same option.
" Should the application for notes commence the fol-
-1 ming day, the 16th Octob, r, all issued during the quar-
ter eliding ii e sth January would be reconvertible on
the sth October following, the usual quarterly period for
paying the dividends. The issue di partment should
have the notes prepared, leaving the date arid amount
to be filled up in ink, after the manner of Beak post
bills. So seen as the Bank of England should re duce
its interest below 6 per cent. the operation of the Act
would cease, and the notes at the end of the year be
cancelled, the status ante quo would be restored and
maintained until the Bank should again raise its inte-
rest to the prescribed rate. The expense of working
such a plan- would be merely the cost of preparing
the notes.
" Such Consol notes would be similar in thsir nature
to Bank of England notes, both being based on the
security of Government. The Bank of England are
alloeed to issue their notes to the extent of 11.000,0001
against the capital which they lent to Government, and
3,000,0001. more, the deposit of Government Stock, the
very principle we adopt."
The Foreign Exchanges yesterday afternoon were
very firm, and bill* on Amsterdam were taken at rather
higher rates.
The accounts from the manufacturing districts notice
less doing by exporters of textile goods, owing to the
rise in the price of Cotton.
The exports of the precious metals from London
during the week to Thursday last was 96,000 ounces of
silver and 539 ounces of gold.
The English Stock Market is flat again, and there
is very little doing. Consols have been 921 to k, and
are now 924 Bank Stock is worth 200; Exchequer-
bills have teen quoted 39s to 425.; and India Bonds
735. premium.
The Foreign Securities have been entirely neglected,
and there is scarcely any one in attendance. Mexican
bonds have been done at 274 ; Peruvian at 54k; and
Dutch Two-and-a-Half per Cents. at 54,-1.
Railway Shares have been much the same as yestea
clay, and in a few instances a shade lower.
BRITISH FUNDS THIS DAY AT ONk.l O'CLOCE,
(From the Official List.)
Bank Stock 200
3 per Cent. Reduced Annuities 92% 9,1 A
8 per Cent. Consols Anna 92%4
New 314 per Cent. Anns. 94 uaye 34
India Stock
Do. Bonds, 1000/ 73 p
Consols for Account
Exchequer Bills, Ise d. td.
March. June.
89 42p
42 p

ILcrease
Public Dep;!sits

Inf..rtase ... ...
•••
Other Depe3its .... •••
Decrease ... •••
Seven Day and other Bilis

InCrease ...
Government Securities

Increase
Other Securities
Increase

Notes

1,000/. -
Small -
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Mexican Bonels, 1846, 5 per Cent., Coupons -
Ditto Ex Coupons
Peruvian Bonds, 6 per Cent -
Ditto, 4 per Cent., Active 541
Dividends on the above payable in London.
Dutch 21/2 per Cent., 12 Guild
BUSINEt•S DONE IN RAILWAY SHARES AT ONE O'CLOCK
RAILWAYS. PAID. Pica Suaax.
kbercleen -
Ditto, Preference 614 - ...... to -
kmber., Notting., Bonon,&c. 6 - -
Iqrshire and Galloway - to -
1-I:lfast and County Down .. 25 .. .. - -
3erks and Hants Extension
(Gt. West. Perpet.s per ct.) 6 - ... .. to -
6iriiiingnam & °mord June.t.,
calls duly pd, or with guar. 20 - to -
Do., without a guarantee... 20 ~ .. -- -
Birmingham,l), ol.,& Dudley, .
calls duly pd, or with guar. 10 ..... - x.i to --
Do., without a guarantee... 10 - x.i. to -
Birreing., Vol., & Stour Val. 131.14 s - -
Birkenhead, Lancashire, and
Cheshire Junction 2O
Boston, Stmt., & Birming...7/. 48 - p... to -
Bristol and Exeter
Do., Third. ... 271/2 — ...„. to
Buckinghamshire..- 171,e -
2aledoman '5O - -
Ditto, Quarter Shares l2l/2 .... - -
Ditto, New tot. Preference 10 ...... 10% to -
Ditto. Clydesdale Junction 50 -
Chester and Holyhead.•. 5O ..... 13
Ditto, Preference
Clarence. .... 78!4 - ... to -
Do., let Class, 6 per Cent... 10
Do., 2d Class, 5 per Cent... 10 -
Do., Gov. Loan, 4 par Cent. 10 - ...... to -
direct London & Portsmouth 54 - -
Dublin and Belfast Junction.. 40 -
Dundalk and Enniskillen ... 244...... -
East Anglia, 25/. L. & E.,
and L. & D . 25 - ..... to -
Ditto, 181., E. & H lB ... .. - -
Ditto, 31. 108., E. & H... 3% - -
Eastern Counties .... -
Do. Now Guarant. 6 per Ct. 10 - -
Do. Exten.,s per et. No. 1,6/. 13s. 4d .. - • to -
Do., d 0....... .No 2,64 138.4 d... 14 to -
Do., Northern & Eastern... 50 - to -
Do., 5 per cant. ... 50 - x.d..., to -
Do., Quarters 1218..... - -
Ditto, New - -
Eastern Union, Clams A (late
E. U. Shares) ••• •• 25 - ...... to -
Ditto, ditto, Class A, ditto 3% , - -
Ditto, do, Class B (I. & B) 25 - -
Ditto, do, Class C, ditto... 22% - to -
Ditto Scrip (gua. 6 per ct.) 20 . 1834..... to -
East Lancashire ....
Ditto, New ... .......... .... .25 - ... to -
Do., Now Quarters - -
Do., 6 per Cent. Preference .
Quarter Shares 6.4 - -
East Lincolnshire ......... ...... 25 - ..... to -
Edinburgh and Glasgow 5O - ...... to -
Ditto, Half Shares -
Edinburgh and Northern ... 25
Ditto, New port l5
Exeter, Yeovil, & Dorchester 2% -
Exeter and Exmouth 2ls.
tilasg., Dumfries, & Carlisle-84 6s.Bd - .. .e. to -
Glasgow, Kilmarnock, & Ayr 50 - ...... to -
Do. Preference Consolidated - - ..... to .rGreat Northern 2O •7%...... to -
Do. % A Deferred ... ••• 1214 - -
Do. % B 6 per Cent.
.... .... 71le 4%...... to -
Do., 5 per Cent. Pref. ...... 7i/2 - -
Gt. South. & West. (Ireland) 47% - to -
Great North of England 100 ...... - • •••• to -
Ditto, New 404..• ...... .. 4O ...... - -
Ditto, ditto ... - ... . to -
Ditto, New 304 ...... 30 ... .. - ...... to -
Ditto, New 154-- - . ... to -
Great Western 100
...... 6714 x. d. to -
Ditto, Half Shares 5O
...... - x. d. to -
Ditto, Quarter Shares 23 -
Ditto, Fifths eq)
- x. d. to -
Do. New 171 l5 .. ... 9 x.d. to -
Hull and Selby 5O - x.d. to --
Ditto, Half Shares .. ...... 25 - xd. to -
Ditto, Quarter Shares 12% - xd.to -
Lancaster and Carlisle.... ... 50
Do., Thirds -
Lancashire end Yorkshire lOO
-- ...... to -
to -
Ditto, ditto, M. B. & B ... 96 - -
Ditto, ditto
Ditto half Shares - 46 ...... -- ...... tO --
Ditto Quarters 22% — to
Ditto Fiftila

IMO COMMERCIAL NEWS.
(7 TEit's Ti;WEL.
iti the main features of tla, Ba• k of England account,
• far the week et.ding the Ist im.tant, there has been no
variation of importance, but we ere gratified to perceive
a diminution of private balances, and an increase of
advances upon other securities. The effect upon the
active circulation has not been felt, because there is a
larger amount of Government moneys being paid in :or
duties, &c., and the sum of the precious metals in-
creased a little, as the impons still balance the exp )1 ts.
Compared with the previous week, the result is as
Mows:—