The Sun.
London, England, 1841-08-31 00:00:00

THE SUN, LONDON. TUESDAY, AUGUST 31, 184

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MEETING OF DEPUTIES FROM meeting for the purpose of presenting their annual Report :
THE JOINT-STOCK BANKS. To consider the propriety of a renewed application to her
Majesty's Ministers fur an improvement of the laws ;
The General Meeting of Deputies from the Joint-Stock To consider, if the Ministers should refuse to interfere.
Banks of England, Wales, and Ireland, was held on Friday,
at the British Coffee-house, Cockspur-street, Patrick Max-
whether it will not be expedient for the Banks to cause a Bill
to be introduced into Parliament for that purpose, and gener-
well Stewart, Esq., M.P., in the Chair, supported by Robert
Scott, Esq., M.P. , George Rennie, Esq., M. P., Sir Peter ally to adopt such measures as may be deemed of importance to
Laurie, Joshua Walker, Esq., Thomas Price, Esq., and a most the interests of Joint-Stock Banks.
Upon these topics the Committee solicit the instructions of
respectable assembly of Deputies.
the meeting, and they will now close their Report by giving a
After the advertisement calling the meeting had been read,
m the ,h account : the Chairman requested the Hon. Secretary to read the Report Bastatenc laent inof e hand a cas
per statement, delivered at
of the Comthe mitteeo. Oliver Vile, Esq., the Hon. Secretary, the last general meeting...
.£9:24 3 5
.then d follwing
REPORT.
Paid :
The Committee of Deputies re-appointed at the General Advertisements, newspapers,
pamphlets,
printing, &c £lB9 4 4
Meeting of Deputies from the Joint-Stock Banks, held on the Solicitor's charges ••• 55 0
4th June, 1840, transmitted a circular, under date of the ith Room for general meeting, Par-
September, through the medium of their Chairman, Mr. Pa-
trick Maxwell Stewart, containing a statement of their proceed-
liamentary votes, postage, and
ings to that period. They will now report the proceedings petty expenses
that have since occurred.

The Committee, having been informed that the private
bankers had obtained a return of the quarterly averages of their
circulation, divided into separate counties, caused the following
letter to be addressed to the chancellor of the Exchequer, re-
questing similar information on behalf of the Joint-Stock
Banks:— •

of a division in the Conservative ranks ; but what
traces of division can there be detected in the
speeches from the Conservative benches during the five
days that have been passed in debate ? What sign of dis-
sension has there been exhibited on those benches ? Ur
the ministerial side there was no doubt a rather undignifi(d
fracas on Saturday, and we look for many such in the same
party or parties, for they are now too weak to strengthei
themselves by any Lichfield House compact of peace—
but on the Conservative side all has been the most perfec'
harmony. Sir Robert Peel's speech gives assuranc(
that this harmony will be preserved undisturbed, because,
fairly engaging with all the topics upon which ii
is possible that Conservatives could ever disagree;
the Right Hon. Baronet has pointed out a course
with reference to each topic that must render dis-
agreement impossible. That course is the Conser-
vative course—the course of policy that defends all inte-
rests and all institutions necessary to the national wel-
fare, but does not defend them, if we may so mis-
apply the word, by perpetuating their weaknesses.
COURIER.—We have, on several occasions, stated
our views of the prevailing causes of the present state
of depression in the cotton manufacturing districts,
which, on the evidence of facts scarcely to be mistaken
by any man of common understanding and common
honesty, however under the influence 'of party passions
and mercenary motives grossly misrepresented or pur-
posely kept out of sight in the virulent harangues
destined. much more for the exasperation than the in-
struction of the multitude, was conclusively shown to
be almost wholly referable to the extravagant indulgence
of a spirit of over-trading and over-banking mono-
poly among the manufacturers themselves, fed for
years together by a congenial greeting of money-
making and speculative prodigality in the United
States and elsewhere. These potents truths, which
Mr. Alderman Cobden, who seems to have aspired
like another Anarcharsis Clootz, to be the. " orator
of the human race," was careful to conceal from
his Manchester, Liverpool, Bolton, or Stockport
assemblages of the working classes, he found it not
so easy to shirk in an assembly like the House of Com-
mons, where vulgar declamation so soon find its level,
and so the Hon. Member was heard thus to characterise
the causes ofindustrial distress:—"What was the cause of
their (manufactures) elevation from that prostration to
which the country had fallen in 1830 ? It was clearly not
a natural legitimate trade which then sprung up. From
1831 to 1836 the increase of our exports com-
pared with our imports, amounted to .20,000,0001., offi-
cial value. But all these goods were sent to America,
where they were neither sold nor consumed, but de-
spatched in exchange for bank and railway shares, and
state bonds. That was not legitimate trade ; it was
over speculation ; the goods were not paid for. It
should be borne in mind, too, that from the period
of 1831 till 1836, there was an extension of the bank-
ing system in this country, increasing the number of
banks by nearly 100, and extending their capital by
nearly 60,000,C0C1 . The increase of the export and
home trade thus facetiousl3 created, accompanied with
the fortuitous. series of unexampled harvests, created a
state of prosperity which enabled the Government of the
day to move tranquilly on in carrying the Reform Bill
and amending the Poor-law ; but it was a fictitious pros
perity." Now, however, that the worthy Alderman find
it politically more convenient to deal with facts than fic
tion, he must needs fall into the same vice of exagge
rating the truth as formerly when embellishing the crest,
tions of fancy.

.MONEY MARKET and CITY NEWS.
FROM THE MORNING PAPERS OF YESTERDAY.
CHRONICLE.—Foreign corn is now subject t) a duty of
13s. Bd., the average of the six weeks being 695. 6d. The
object of the speculators is to maintain the present price, and
to do so they will sell nothing but the best wheat, and keep
back inferior qualities. This operation will continue until
they get the general averages up to 725., when the duty will
be only 2s. Sd. The probability is, that the whole foreign
corn in bond, equal to about 1,000,0600 t quarter:, will then be
entered for home consumption. That object once accomplished,
the plan of operations will immediately change, and they, the
inferior samples only will be exposed in the markets to bring
down the'averages and raise the duty. The corn now in bond is
chiefly, if not entirely, of last year's crop. The cargoes from
the Continent of the yield of the present year have yet to come,
and chiefly to be paid for. After the stock now in bond is li-
berated, it will be the policy of the holders to prevent new sup-
plies from abroad being brought into competition with themiin
the home market: Hence we see how precarious the position
of the future importers must be vi ho are not in the secrets of
the trade, for by the time their cargoes are delivered in ware-
houses the aVerges' may have been so managed as to raise the
duties again to a comparatively high price. Every person
must admit that this trade is nothing more or less than a
downright gambling, alike injurious to the revenue, as well as
to the home-growers and the consumers.
POST.—The transactions in Mark-lane during the ensuing
week are loiked forward to with much interest. Speculators
must have greatly overdone themselves by their purchases in
June and July, and a general break-down among them is
thought to be inevitable. 7he enly question is with reference
to the extent of the mischief to be apprehended, and the precise
period at which it will occur. A fall of a very decided cha-
racter in the value of wheat is expected, and it is to be hoped,
for the sake of the consumer, who is obliged to pay so need-
lessly high a price for his bread, that this expectation will not
be disappointed. The enormous rates established by the factors
are notoriously founded more on a speculative opinion, with
regard to the sufficiency of the home crops, than upon an actual
deficiency in the supply.
TIMES.—The accounts from Manchester state that another
meeting of the creditors of the banking firm of Messrs. Dain-
try, Ryle, and Co., took place on Tuesday last, at which
transpired some particulars connected with the stoppage. Ac-
cording to the statement of Mr. R} le, the party who was ex-
amined concerning the affairs of the establishment, it appears
he had been desirous of bringing them into a soars of liquida-
tion even as far back as the year 1836, and would then have taken
the necessary steps, had not the mismanagement of one of the
other partners intervened and prevented it; and he says that
in the year 1839 he waited upon Messrs. Whitmore and Co. in
London, with the view of then arranging the affairs of the
bank, and, although they wished for a reduction of the
large balance that was then due to them, they did not
enter into the business with him in such a manner
as led him to believe that they would assist him
in carrying out the plan by which he proposed
to wind up. And now comes the sequel. As late as the 20th
of June last he again waited upon them, and stated that he
thought the debts of the bank were brought within such a
compass, that if they would assist they might even now settle
affairs. They stated that if he could do it by himself, they
could have no objection, but they were not in a position to ad-
vance anything to effect it. He returned home, and then se-
ceived a letter stating that they would be compelled to stop the
next day, which was the case. It therefore appears that these
establishments have been in difficulties many years, and that
they carried on business as long as it was possible for them to
hold out. No financial statement of the relative amount of
liabilities and assets was exhibited, as the bankrupts were not
prepared with their balance sheets. On this occasion 72,6941.
was proved, making a total of 288,4941., including the sum
proved at the first meeting.

UNIVERSITY INTELLIGENCE.

OXFORD, AUG. 2S.—The vacant Regius Frofessnr-
ship of Modern History has been conferred on the Rev.
Dr. Arnold, Master of Rugby School, and late Fellow of
Oriel College. •
Earl Fortescue has presented the Rev. M. F. Hewson
to the living of Clonfinist, Ireland.
The Lord Bishop of Hereford has presented the Rev.
Thomas Hutchinson to the perpetual curacy of Kimbol-
ton-with-Middleton, in the county of Hereford.
At an election held on Tuesday last, at Queen's Col-
lege, James Meyrick was chosen and admitted a Fellow
of that Society on the Michael Foundation ; and Henry
B. Barry wae elected a Scholar on the same foundation
of that College.
The Prebend or Canonry of Chardstock, in the Ca-
thedral Church of Sarum, has been conferred by the
Lord Bishop of Salisbury on the Rev. C. A. Harris, late
Fellow of All Souls College, vacant by the death of the
Rev. Dr. Woodstock, late Canon of Christ Church.

The Rev. Charles M. Mount, late Fellow of Corpus
Christi College, has been appointed by the Lord Bishop
of Bath and Wells to be the Rural Dean of the Deanery
of Bath.