The Sun.
London, England, 1841-11-17 00:00:00

LONDON, WEDNESDAY, NOVEMBER 17, 1841.

PUBLICATIONS

Now ready, New Editicn, revised, with a New Preface, in
3 vols. post Svo. bound,
TH E ~ STA G E;
BOTH BEFORE and BEHIND the CURTAIN."
By ALFRED BUNN, Esq.
" Abounds with amusing anecdotes end traits of character.
It is in other respects a highly valuable wo k."—The Times.
" One of the snot amusing works, which has issued from the
metropolitan press for many years."—Observer.
Richard Bentley, New Burlington-street.

MONEY MARKET and CITY NEWS. '
FROM THE MORNING PAPERS OF THIS DAY.
TIMES.—The New York papers describe the state
of Pennsylvania, in regard to her credit and banking
affairs, as in a most deplorable condition, and attribute
this condition to the system that has been pursued for
the last five years, viz., that of continuing loans to des-
perate speculators, leading to an accumulation of sus-
pended assets, and a diminution of active means, until
the whole are worked up in a mass of inconvertible
securities. This system is illustrated by the transactions
between the banks and the " United States Bank" and
the State Government. Thus, Then the State has been
in difficulties, its resource has been to force loans from
the banks, and there was of course a great quantity of
active means withdrawn, and replaced with a State
stock that was constantly becoming more and more de- '
preciated. The same course being likewise pur-
sued by the " United States Bank," that institution
owed last winter to ten banks, the collective capital
of which is $9,150,000, as much as $5,078,000 on
its circulating notes, which must have constituted
nearly the whole of their available means. At that
time, it is thought, they might have obtained payment
at a loss of nboat 5 or 6 per cent., but they consented
instead to take post notes, which fall due this autumn,
and are secured by a deposit of property nominally
worth $7,000,000, but really, even according to the
appraisement lately made, worth nothing of the kind.
The post-notes cannot be paid without a sale of the
securities, and it is doubtful whether this can take
place, as the legality of the assignment is contested.
A table of the condition of the banks of Philadel-
phia, at the time of suspension in October, 1839,
gives as their total capital (in round numbers)
$16,360,000 ; as the aggregate of their imme-
diate means, $4,834,000 ; and as their imme-
diate liabilities, $8,842,000. In January, 1841, the
amount of " United States Bank" bills held by all
these banks is said to have been $6,078,000, and it
teems that the increase of their reeans by the operation
of resumption at that time was only in the shape of
these bills, so that they parted with their own means
to redeem their own liabilities, while they took the lia-
bilities of the " United States Bank" for what was
actually due to them. Loans this year to the State
are estimated to have locked up $6,516,000 of their
additional means. It is supposed, that altogether
$8,574,000 have been withdrawn from their active
means, and locked up in State stocks, and securities
given by the " United States Bank. This want of
active means, and the depreciation of that stock, will,
it is thought, probably lead to a general explosion.
C Hlto N ICLE.—We are quite sure that the inno-
-
ceat holders of the spurious Exchequer bills will afford
every information and facility for the detection and
punishment of all who may have been privy to, or par-
ticipators in, the fraudulent practices of Smith. Of
the propriety of a full investigation of all the ramifica-
tions of the transactions, there can be no difference of
opinion ; and those who have been innocently saddled
with the spurious bills can have no possible object or
interest in wishing to screen the guilty. We stated
yesterday that they were parties of the highest reapec-
tab:lity who lent their money on these bills in the
usual course of business, under no conditions or
limitations of an unusual or suspicious character.
We at the same time said that if there were any
eases "of long standing, where conditions of ;secrecy
have been exacted by the borrowers, we freely admit
there would be ground for suspicion." We believe
we were correct in saying so ; but it is proper, never-
theless, that we should state our meaning with more
precision, for " secrecy" is the very essence end foun-
dation of the business of the Stock Exchange. In
making the above remarks, therefore, we meant merely
to say, that if there Were cases standing for any consi-
derable period of time, where the bills had been ex-
changed, and where the lenders were always bound, not
only to give up the same bills to
,the borrowers, but to
conceal the transactions, that these peculiarLconditions
ought necessarily to have given rise to suspicions or
inquiries on the part of the lenders, and would go
far to exclude such persons from the ist of bona fide
claimants against the Crown. But the observance
of secrecy, as a general rule of conduct in all time
bargains, is manifestly necessary ; and (nothing, we
believe, is held sufficient to justify a broker in giving
up the name of his principal in such transactions,
except be be called upon to do so in a court of law.
It is very clear that the parties who are in the habit
of buying and selling some 200,0001. or 300,0001. Con-
sols, or even millions, on specillative chances, would
not be very desirous that their names should be known,
and in the very cases we gave yesterday in reference
specially to the practice in the market for Exchequer
bills, where the business done is fur money price, it is
very apparent that the London banker would feel much
displeased if his broker should divulge the name of the
person for whom be was acting as a borrower. Great
injury would be done to the public credit, if in periods of
monetary pressure, when the country banks are sud-
denly called upon to provide Bank of England notes or
gold against a run, the broker who was employed to
sell or borrow on their securities, was to make public
the names of those for whom he was employed to ope-
rate. Such a question as that of asking a broker who
wanted to borrow on Exchequer bills the names of his
principals, would never be thought of by the broker for
the lender, because, if it should be made, it is well under-
stood that no reply ought to be or would be given.
SUN.—The Stock Market has rather depressed to-day,
and prices have been down Ito per cent. upon some
of the bargains effected. For immediate transfer Con-
sols realised 89* in the morning, but receded and closed
at 881 to j. Money was excessively scarce, and com-
manded a rate of interest equal to 6 per cent. per
annum, on short loans. For the settlement on the 25th
inst., the quotations were 89* toBBB and 89. Exchequer
Bills were at 10s. to 12s. premium, and India Bonds at
2s. premium to par, being a shade lower. Bank Stock
brought 1641, and India Stock 2461 being for cash a
slight improvement. New Three-and-a-Half per Cent.
were 991 to 99, and the Three per Cents. 88* to 878.
'I he Foreign Securities also rather declined in value,
being affected by the heaviness of our own stocks.
Spanish Active Bonds were 211 toe for Money, and
218 to a for the new Account. Portuguese New Five
per Cents. were 301, and the Three per Cents. 18.
Mexican Bonds dropped to 2.51 and 248, and Colombian
to 191 and 19. Brazil Stock was at 571, Belgian at
1001, and Dutch Five per Cents. at 998.
In Shares the operations were extremely limited.
Great Western Fifths were 31-, and London and Bir-
mingham New, 221 premium. Brighton were 121 to
121, and Midland Counties 14 discount.
There was some improvement to-day in the rate for
Bills of Exchange on Paris, but on the other places quo-
tations were much the same. Paris, 25f. 70c. to 75f. ;
Hamburgh, 13 10 to 10i ; Frankfort, 1491 ; Antwerp,
12 131 to 121 ; Amsterdam, 12 141 to 141 ; and Trieste,
9 52 to 53.
The following are the official returns of the exports of
bullion from the Port of London, for the week ending,
Thursday last..—
Silver Coin to Hamburgh 161,640 oz.
Rotterdam
British West Indies
Bars to Hamburgh 3,000

NEW ZEALAND COMPANY.

A Special Court of the Directors and Proprietors of
the New Zealand Company was held yesterday, at the
rooms of the Company, Broad-street-buildings, for the
purpose of receiving the fourth Report of the Directors.
Among the gentlemen present were Mr. Joseph Somes,
the Governor; the Hon. Francis Baring, the Deputy-
Governor; Mr. Majoribanks, M.P.; Mr. Mangles, M.P.,

&c. &e.
Mr. JOSEPH SOMES, the Governor, having taken the
chair at one o'clock, the Report of the Directors was
read by the Secretary, of which the following is an ex-
tract:—
The present Court of Proprietors having been con-
vened for the specific object of recommending the decla-
ration of a dividend, your Directors confine their Report
to a statement of the grounds on which that recommen-
dation is made to you.
On reference to the Directors' third Report (Appen-
dix, No. 6), a surplus of assets, exceeding the liabilities
of the Company, is exhibited to the amount of
136,2431. 15s. 7d. This balance in the Company's fa-
vour induced the General Court of Proprietors in May
last to declare a retrospective dividend of 10 per cent.
Since that period the Company has been successful in
realising a large additional profit, by means principally
of the sales of land in the second settlement of
Nelson, 483 allotments having been sold in London, ex-
clusive of a number of allotments appropriated for sale
in New Zealand and the Australian Colonies. It
will be seen by the first statement annexed to this Re-
port (Appendix A), that the amount of profits realized
between the 6th of April and the Ist of October last,
was 48,8871., and that the general balance in favour of
the Company up to that day, after all'due deductions for
current expenses, and making provision for the fulfilment
of all liabilities in respect of emigration, and for other
purposes, was 169,961/. 15s. 7d. Emigration to the
Nelson settlement has actively commenced, and it has
also been steadily continued to the settlements of Wel-
lington and New Plymouth, as will be seen by the se-
cond statement annexed to this Report (Appendix B).
Previous to the consideration of a dividend, your Di-
rectors have deemed it their duty to appropriate 5,0001.
of the profits thus realised by way of an addition to the
existing Guarantee Fund, a precaution which-they trust
you will not disapprove. Having done this, they find
themselves in a position to recommend to you to declare
a dividend of 101. per cent. for the year frlm Ist of
April. 1841, to the Ist of April, 1842. The dividend
for the first half-year to the Ist of October will be
limited to the Proprietors of the Company's original
Stock of 100,000/.; but the dividend for the second half-
year, ending the Ist of April next, will include all the
Proprietors of new Stock, whose shares shall have been
fully paid up before the Ist of February 1842.
It appeared from an .Appendix to the Report, that
the total profits of the Company amounted to
185,1301. 15s. 7d., and the total outlay to 15,169/. ; leav-
ing to the Company a profit of 169,9611. 15s. 7d.
On the Report being read,
Sir I. L. GOLDSMID, Bart., came forward to move the
following resolution :—" That the Report now read be
adopted, and that the same he printed and circulated
among the Proprietors ; and that a dividend, after the
rate of 101. per cent. per annum, be now declared, con-
formably to the same Report." In moving the resolu-
tion, Sir Isaac Goldsmid briefly expressed his high
satisfaction at the rising prosperity of the Colony, and at
the very agreeable prospects which the financial state-
ment just made exhibited. He was decidedly of opinion
that no greater benefit could accrue to the mother
country, than that which was to bo derived from ex-
tending her colonization., was
support of this view the
Honoltable Baronet adVerted to the disadvantages
under- Vhich. Holland •laboured, from the want of a
similar system ; and referred to a letter he had received
from Haarlem complaining of that deficiency. He felt great
satisfaction in finding that dui Colony was founded on
the principles of civil and religious liberty—(Hear,
hear)—and of doing equal justice to men of all denomi-
nations.—(Cheers.) He should at the same time say
that the late appointment of a Bishop met with his en-
tire- concurrence; and he hoped that looking to the popu-
lation of Port Nicholson, and the great increase which
was likely to take place there, that the Bishop would
come to the resolution of fixing his see on that spot,
where several.thokisandS had already been located through
the ce4enitAs of,the Comfy.
WaLiTtaistmEn, t Sq., -4etonded the resolution, which
was put and unanimously carried.
On the motion of Mr. G. Dowsox, seconded by Cap-
tain WILSON, the thanks of the Meeting were voted to
the Governor and the Directors.
The Meeting then separated.

SPORTING INTELLIGENCE.

INTELLIGENCE EXTRA.-NEWMARKET FIRST

SPRING MEETING, 1843.

TUESDAY.—Nominationsfor the 2,000 Guineas Stakes:
—Lord Exeter's b c by Sultan or Beiram, out of Lu-
cetta ch c by Beiram, out of Marinella, ch c by Reveller,
out of Velvet, and c by Rockingham, out of Drum
Major's dam—Lord Orford's b c by St. Patrick, out of
Wild Duck—Mr. Treen's br c Chortonian—Mr. Wre•
ford's b c by Bay Middleton, out of Margellina ; and
br c by Camel, out of Monimia—Col. Peel's Murat ; and
b e by Slane, out of Fille de Joie—Mr.:Thornhill's Elixir,
and brother to Egeria—Duke of Bedford's Jerry
Sneak—Lord G. Bentinck's Farintosh, Foresail, and
Captain Cook—Duke of Richmond's b e by Elis, out of
Clara ; and b c by Elis, out of Odessa—Mr. Goodman's
Bother'em—Mr. Osbaldeston's c by Muley Moloch, out
of Fickle—Mr. Bowe's Cothorstone—Lord Bruce's c by
Elis, out of Rosalie—Mr. Watt's cby Yaxley, dam by
Blaeklock—Mr. Neville's The Knight of the Hook—
Duke of Portland's c by Beiram, out of Mants—and
Lord Jersey's c by Slane, out of Cobweb.
THURSDAY.—Nominations for the One Thouiand Gui-
neas Stakes :—Mr. Treen's f Bastille—Lord Exeter's f
by Jerry, out of Macremmon, f by Sultan or Beiram,
out of Fanny Davies and fby Touchstone, out of
Amina—Mr. Batson's Sister to Potentia—Lord Orford's
f by Emilius, out of Ophelia—Col. Anson's Hol-
landaise—Lord Miltown's Birdeen—Duke of Grafton's
f by Hornsea, out of the dam of Mist—Mr. Thornhill's
Sister to Euclid—Lord Albemarle's Anxiety—Duke of
Richmond's f by Elis, out of Nanine, and f by Phy-
sician, out of Young Sweetpea—Mr. F. Wood's Ellen—
Mr. adler's Testy—Mr. Osbaldestone's fby the Sad-
dler, d by Partisan—Duke of Portland's f by Beiram,
out of Tragedy, and f by Beiram, out of Souvenir—
Lord Jersey's f by Bay Middleton, out of Alea—Mr.
Ford's Spiteful.
SECOND OCTOBER MEETING, 1843.

No day mentioned.—Mr. Samsbury's br c by Camel,
out of Vapour's dam, acrst Mr. 1. Day's Captain Cook,
Sst I.olb each ; A.F. ; 1,000 sous.

ASCOT HEATH, 1842.
FIRST DAY.—Nominations for the Two-yrs Old
Stakes of 50 sons. each :—Lord Bruce's c by Elis, out
of Rosalie—Sir G. Heathcote's c by Glaucus, out of
Cantatrice—Mr. Bristow's c by Uncle Toby, out of
Dinah, and Mr. Goodman's Bother'em.

1843.—TUESDAY.—Nominations for the Ascot Derby
S takes—Mr.Thornhill'sßrotherMango, and Egeria—Gen.
Windham's c by Velocipede. out of Guerdon—Mr. Good-
man's Bother'em—Sir G. Heathcote's Amorino—Lord
Exeter's cby Velocipede, out of Galata—c by Rocking-
ham, out of Drums Major's dam—c by Beiram, out of
Marinello, and c by Sultan, out of Lucetta.
Nominations for the St. James's Palace Stakes :—Lord
Bruce's c by Elis, out of Rosalie—Lord Westminster's
b c by Touchstone, out of Languish—Lord Jersey's c by
Slane, out of Cobweb—and Lord Exeter's c by Beiram,
out of Marinello. .
W —EDNESDAY.Nominations for the Coronation Stakes :
—Lord Orford's f by Emilius, out of Ophelia—Mr.
Treen's Bastille—Mr. Thornhill's Sister to Euclid—Lord
Albemarle's Anxiety—Colonel Anson's Hellandaise—
Sir G. Heathcote's fby Velocipede, out of Lady Sarah—
Mr. Bate's f by Liverpool, out of Wild Rose—Lord Jer-
sey's f by Bay Middleton, out of Alea—Lord Exeter's f
by Touchstone, out of Amine, and f by Jerry, out of

Macremma.
Nominations for a Two Year's Old Stakes of 50 sous.
each :—Sir G. Heathcote's f by Velocipede out of
Countess, and br f by Amato out of Bokhara's dam—
Mr. John Peck's Corodini—Lord Exeter's f by Beiram,
out of Datura ; Mr. Lichtwold's b c by Samarcand, out
of Sister to Mussulman—and Mr. Ley's c by Elis, out
of Partiality.
THURSDA.Y.—Nominatidns for the Buckingham Palace

Stakes :—Lord Westminster's b c by Touchstone, out of
Languish—Mr. Neville's ch c The Knight of the Hook
—Lord Exeter's c by Sultan or Beiram, out or Lucetta,
and c by Beiram, out of Marinella—Colonel Anson's
Napier (11 untried).
GOODWOOD, 1842.
FIRST DAY.—Nominations for the Lavant Stakes :
Duke of Richmond's c by Elis, oat of Odessa ; f by
Elis out of Maniac ; and c by Elis out of Charlotte
West—Lord G. Bentinck's Bramble and Foresail—Mr.
Wreford's br c by Camel, out of Westeria—Mr. Treen's
Young Lochinvar, Bastile, and ChotormanGeneral
Wyndham's The Handmaiden—Lord Exeter's c byßei-
ran, dam by Emilius—Mr. Gratavicke's Hopeful—Lord
Maidstone's Titania, and c by Emilius, out of Castside—
.Colonel Wypdharn's Glance—Colonel Anson's Marquise
=Lord Bruce's c by Elis, out of Rosalie.
THIRD DAY.—Nominations for the Molecombe Stakes:
—Duke of Richmond's cby Elis, out of Odessa, and f
by Physician, out of Young Sweetpea—Lord G. Ben-
tinek's Foresail, and Bramble—Mr. Wreford's cby Sul-
tan Junior, out of Victoria—Lord Exeter's c by Beiram,
dam by Emilius—Mr. Treen's Bastile and Chotornian—
Gen. Wyndham's c by Velocipede, out of Guerdon—Mr.
Gratwicke's Hopeful—Lord Maidstone's Titania, and c
by Emilius, out of Castaside—Col. Anson's Marquise--
Mr. Sadler's Testy—and Mr. Taunton's c by Elis, out of
G old fringe.