The Sun.
London, England, 1840-08-29 00:00:00

THE MAZE.

MONEY MARKET and CITY NEWS.

TO THE EDITOR OF THE SUN.

(FRIDAY EVENING.)
TIMES.—The quantity of money stock in the mar•
ket during the early part of the day caused a depres-
sions but *hen this was disposed of, the quotations im-
proved, and money, which had been much in demand,
became easier,

SlR.—Will you allow me to inquire, through the
medium of The Sun, if the authorities at Hampton
Court permit a charge being made upon persons wishing
to enter the " Maze." Having visited the above place
on Monday, and being desirous to see the " Maze," I
and a few friends presented ourselves at the gate, but
were surprised in being informed by the person in at-
tendance that he could not allow us to enter unless we
gave him " something for the head-gardener." I offered
him a sixpenny piece which he disdainfully refused,
observing that if we could not afford him a shilling we
had better return. To prevent further altercation, I
gave the fellow the sum demanded ; and I feel desirous
of ascertaining whether he was authorised i❑ making
any demand whatever. I am, Sir,
Your obedient Servant,
London, Aug. 26th, 1840. H. H.
[We apprehend that no fee is demandable, and that
the person who stands at the entrance of the Maze
trespasses on the good nature of the visiting public.
Our Correspondent should go again, and refuse pay-
ment, which, if the matter be not now taken up, the
authorities may bring it to an issue.—En. Supt.]

A pause seems to hi 'e occurred in the operations of
private individuals and companies united for the
purpose of completing what is left undone by the
East India Company end the Government in regard
to steam communication in and with India. On the
information of a correspondent who seems in a good
channel, it may be stated as the cause of this some dis-
cordant action on the part of the Committee sitting
in Calcutta, and the promoters of what is termed
the " comprehensive scheme" in this country. These
parties, instead of cordially uniting, which appeared
the only course for their common safety and advantage,
are understood to be receding more and more from
each other. Where the fault lies is not very apparent,
but it has happened more than once, that the feeling in
Bengal and in the other Indian Presidencies in favour
of all measures for the improvement of the communica-
tion has not been very cordially seconded in this coun-
try. As the projectors of the " comprehensive scheme"
have made it from the first a part of their plan to ob-
tain the carriage of the mails through Egypt, this want
of union, if it really subsists, with the Calcutta capital-
ists will, tend to remove them further from that object,
and the public will be slow, at all events, in sanctioning
any proposal for releasing the East India Company
from the management of the mails, which have gone on
of late in a satisfactory manner, and with every prospect
of further improvement.

HERALD.—After some fluctuations, principally
downwards, Consols closed a mere shade better than
last evening, the quotations being 89i for Money and
9O to I for Account. This was pay day, and so far
as known, the liquidation has proceeded satisfactorily,
although money has been more than commonly difficult,
and worth five per cent. for account, whilst from six to
ten per cent, has been commonly given for short pe-
riods even on Consols, although of course the standing
of the borrowers has much to do with the rate, for
one dealer may have to pay ten per cent., whilst
another of higher repute shall pay half as much only,
although so far as the security advanced upon it may
be the same in both cases. Bank Stock left off 1681
to 9i ; India Stock, 2484 to 9i. Exchequer Bills, IBs.
to 20s. prem. .

It is generally understood now in the market that
the version given under this head of the late opera-
tions of the Jew party is correct, and that they have
in fact been selling stock and realising the proceeds
here to pay for Rentes purchased on speculation, and
solely to bolster up a falling market in Paris. Opera-
tions of this description and of such magnitude do
not, it may be assumed, escape the vigilance of the
Bank of England, for they necessarily involve the ab-
straction of large amounts of specie in the present de-
pressed state of the foreign exchanges, and by all the
extent, therefore, serve to damage the position of the
Bank in respect of its hard money stock, at a moment,
too, when, contemporaneously with private and joint-
stock issuing banks, it has been rather injudiciously
adding to its paper circulation. It may probably
be owing to this, in common with the aspect
of political affairs that the Bank has been again on the
Stock Market as a seller of 3f per Cents. and Annui-
ties. It is understood that Bank transfers were exe-
cuted yesterday for about 60,000/. of these securities
to private purchasers. It is perhaps unfortunate, and
any how unlucky, that the Bank rarely becomes a seller
except in periods of depression and alarm, and there-
fore it is almost invariably a loser by its stock on hand
held as a reserve fund for counteracting the effects of
any drain of specie by a corresponding contraction of
circulation ; that is, by selling stock against bank
notes to be withdrawn from circulation or can-
celled. The system of procrastination has never
answered any useful end in this very matter
'of the unavailable securities held by the Bank.
It is well known that the line of policy long decided
on has been to get quit of the " dead weight," or
a large portion of it, as leaving the Directors more free
to act promptly on the circulation as circumstances
might require. But it is quite as well known that they
have ever been postponing performance from one day
to another, and professing repentance to-day, but shift-
ing off amendment till the morrow which never comes.
The result is that they are now, in face of an adverse
aspect of money affairs growing out of political derange-
ments, and which can only be improved as these are
righted, a matter cleat ly therefore one of time, in the same
exact position as during the whole course of that money
crisis arising out of exports of specie for American loans,
chiefly, and secondarily for payments of corn imported ;
a position from which they were only just painfully and
slowly emerging when again thrown back by the qua-
druple insanity of Lord Palmerston. Some short time
before this last olympiad of Foreign-office folly, it
was well understood that. the Directors had come to
oue more vigorous resolution to get rid of this incu-
bus of the " dead weight," which like the old man of
the mountain bestrode the Bank and paralysed Its
free action, but whilst as usual they were dallying
about terms and moving with aristocratic airs of in-
dependence and indolence, Lord Palmerston, as other
evil stars beforetime, came to spoil their market
and knock down the prices of stocks. The sale
of the " dead weight " is once again therefore
out of the question. It is, however, singular that whilst
the Directors can boggle about fractional differences of
price when treating for the sale of portions of this
dead weight," they are not liberal only but lavish in
their sacrifices of other stocks on hand in a falling
market. Thus the Three-and-a-Half per Cents, trans-
ferred yesterday, would have realised some Three per
Cent. more if brought to market one month ago.
Private letters from Paris are still full of the ap-
proaching settlement of account, and the preparations
of the speculators for the rise and fall for the arrange-
ment of differences, the amount of which must be enor-
mous. A leading operator for the rise, or rather for
sustaining the market had, as was understood, made ar-
rangeonents with the Bank of France for large advances
on deposit of Rentes, in addition to a considerable pro-
vision by extensive sales of stocks in the Stock Ex-
change here to meet and pay for Rentes purchased on
the Paris Bourse.

POST.—The peculiar state of the Consol Account
which has just terminated, and which was, perhaps, one
of the most complicated that ever had to be adjusted,
has led to several compromises, as well as to the fail-
ure of one of the oldest and most respected members
of the Stock Exchange. Other parties, both in and
out of the house, have been unable to meet their en-
gagements,
though in the present instance it has turned
out, as is usually, and in point of fact must necessarily
be, the case with a bull account, that the members of
the house have been mostly on the right side. The
quotations in the early part of the morning were firmer
than at the close of business yesterday. They subse-
uentl y
much
d they had p
iper ecnto.,beunted.eventually rallied, and
left off as

Another ease of assumed oppression is brought for-
ward in connection with the Legion certificates, and we
are told that it is one " which even the warmest advo-
cate for the non-satisfaction of just claims under the
pretext of equity, will find it difficult to excuse." But
let us hear what the " grievance" is, for such is the de-
signation given to the matter. It seems that an indi-
vidual called on the 19th instant with a certificate at
the office of the Spanish Commissioners, not as a trans-
feree,
notbutwa on t
s admitted as the representative of the original holder
with whose power of attorney for the receipt of the
money he was duly armed, and that payment was re-
fused,he
be of„ quite
any defecteorree
correct,"
butth e
merelypolver,
which
for the alleged reason that, as it was made in 1839,
the original holder might be dead, and that a new
power was therefore requisite. A great deal is
made of this little affair, the Spanish Government
being declared eager to seize hold of every pretext to
avoid paying the obligations in question. The Spanish
Commissioners have in all probability a suspicion—pos.
silly a knowledge—of powers of attorney having been
oatained in some instances by the usurers who bought
up certificates from the poor soldiers at 2s. or 3s. in the
pound, as a collateral security, and caution does cer-
tainly appear to us to be indispensable on their part.
It is, at all events, better to be on the safe side, and
require that some proof should be given that the money
is likely when paid to find its way into the pockets of
those for whom it is destined. But, however this may
be, the proceedings in the Vice-Chancellor's Court sug-
gest to men in their position the absolute necessity of
circumspection,
hardshipl f
the
party who presented the cer-
tificate on the 19th instant be really and truly the
representative of the original holder, there can
be
no
great
imposed in requiring, as
postage is now so cheap, that he would be
good enough to call again with a power of more
modern fabrication. We had an idea, from the equivo-
cal manner in which the measures taken regarding
these certificates were treated of two days ago, that a con-
temporary was taking a slight liberty with his clients,
r elusive,
the purchasers of the documents. We can scarcely be-
lieve even now that he writes in good faith. The sin-
cerity of our demand for equity is characterised as a
blsooyo knsiolnogwmfoeo fa.r nave now been
pretext ; but certainly every right-thinking person must
consider equity a most inestimable principle, particil,
.iadrid for a period of
larly Spanish equity, because it is so scarce,.
four years, but none of it co;,nes. Their claim to it is
natsrlalievtstesile,
eietilgu'ilti)te:,y bondholdersfrom
j‘,
mate than is that of the pur-
chasers of the Lee',on certificates ; and why, we ask,
should the latter class of claimants—claimants possess-
ing- not a ve-.7 satisfactory title—be attended to at
once, and 'they (the bondholders) be still doomed to
neglect ?

" At the return of AI. Thiers and Vivien,"
says the Charivari, " from the Chateau d'Eu, the car-
riage in which they were seated broke down near Besons.
The Ministers met with no serious accident upon the occa-
sion, though undoubtedly the Ministry was shaken.' In
this instance Thiers was only verse (thrown); ho gill
soon be reverse (overturned)."

THE SUN, LONDON, SATURDAY, AUGUST 29, 1840.

LAW INTELLIGENCE
- 4 i. •

INSOLVENT DEBTORS' COURT, Aua. 28.
The Chief Commissioner sat to-day to hear applica-

tions for bail. There were no fewer than seventy cases
of parties in custody before the Court—forty town and
thirty dountry applicationt.
GAMBLING TRANSACTION.-IN THE MATTER OF WIL-

LIAM PHILIP MASTERS CROFT.
The insolvent, who was kown in the " play world,"
applied to be liberated on sureties till his hearing.
The Chief Commissioner told him he was like a man
who was before the Court a short time ago, a wholesale
" dealer in insolvency." He (the insolvent) had been
a bankrupt, and three times an insolvent, the last time
in the year 1837 ; and he was here again, owing about
8001.
The insolvent admitted that he had made the " ap-
pearances" mentioned by the Learned Commissioner.
The Chief Commissioner asked the insolvent how
long he had been out of employ ?
The insolvent said since August last.
The Chief Commissioner went over the schedule, and
said he perceived the insolvent had described himself
as having been secretary to a clubhouse, and part pro-
prietor of a clubhouse called " The Derby." He asked
him how long he had been out of the occupation

The insolvent answered, since August.
Chief Commissioner—Were you then part proprie-
tor of the " clubhouse ?"
Insolvent—Yes, Sir.
The Chief Commissioner inquired the nature of the
club.
The insolvent said gentlemen went there to " play."
It was in Duke-street, St. James's.
Chief Commissioner—How was the concern wiped
up ?
Insolvent—By misfortunes, Sir.
The Chief Commissioner said he meant bow the con-
cern terminated ?

The insolvent said the landlord had put in a distress
For rent. He was questioned as to a sum of 401. which

was stated in the special balance sheet as having been
paid to solicitors.
The Court declared its determination to refuse to allow
bail where schedules were in a defective state. No per-
son had a right to make the application until he filed a
perfect schedule, and in cases omitting dates the Court
would adjourn them, as this was a wholesale dealer in
insolvency, and he had no less than twelve judgments
against him.
The Chief Commissioner proceeded to examine the
bail. They stated that they knew the insolvent had
kept " The Derby," but never frequented the place.
They had also heard that he had been before discharged
under the Act, and had no objection to become his
sureties.
Chief Commissioner—And you say content notivitb-
standiig the Derby
The bail both answered in the affirmative.
The Chief Commissioner said he thought they were
very good natured gentlemen.
The Court accepted the proposed securities,but they
were required to attend on the next occasion to enter
into the recognizance. The case was adjourned to the
next bail day, the sth of September, for an amendment
to be made to the special balance sheet.