The Sun.
London, England, 1840-12-10 00:00:00

NAVAL INTELLIGENCE.

(From the Brighton Gazette.)
PORTSMOUTH, DEC. B.—The steam-ship Phoenix,
Commander R. F. Stopford, which landed at Plymouth
the official despatches, r eporting the capture of St. Jean
d'Aere, is refitting in this harbour, preparatory to re-
turning to Malta. Her Commander is advanced to the
tank of Captain.

.The Salamander steam frigate, Commander Henry,
hat ing made good her defects, left this harbour on
on Saturday evening for Sheerness, in order to tow the
surveying ship Fairy to Woolwich. She will shortly
proceed to the Mediterranean.
The Vengeance, 84, has been removed from the dock
into the basin, in order to be commissioned. Several
distinguished officers are named to have the command
of her.

The following ships are fitting out at Chatham and
Sheerness with all dispatch :--Monarch, 84, Captain
Chambers ; Vernon, 50, Captain Walpole ; Iris, 9.6,
Captcin Nurse ; and Pelican, 16, Commander Na-
pier. The Gloucester and Eagle, 50-gun frigates, are
on the eve of being commissioned in the River ; and
the Vindictive and Warspite, of the same class, at
Portsmouth.

The troop ship Athol, 30, commanded by Mr. Bel-
lamy, master, is refitting in the harbour, having brought
home the 66th Regiment from Quebec. after a very
tempestous passage of thirty-six days. She is now to
proceed to Cork.
The Apollo troop ship, Mr. Kerley, master, arrived
on Monday, from the Mediterranean, last from Malta
and the lonian Islands, to which latter place she con-
veyed the 28th Regiment.
The brig Serpent, 16, in charge of Commander
Henry Harvey, which arrived from the North Ame-
rican and West India station last week, is gone to
Sheerness to be paid off. Her late commander, the
Hon. Robert Gore, has returned home, owing to ill
health ; also Captain Lushington, of the Cleopatra,
28, from the same cause.
The Pantaloon, 10, Lieut. Tryon, arrived from
Cork, left there the Inconstant, 36, Captain Pring, and
Sapphire, troop ship, Mr. Cole, master, the latter about
to depart to Corfu.
No tidings have we regret to learn, been received of the
Fairy surveying vessel, Captain Hewitt ; and it is much
feared that she has foundered with all her crew in the
North Sea, during the late tremendous weather. The
Salamander steamer, Commander Henry, has left
Portsmouth, to search for her, but the hope of her
safety is very slender.

Ai Spithead.—Apollo, troop ship.
In Harbour.—Quaen, Victory, Indus, Tweed, Ex-
cellent, Royal George yacht, Ateol, Pantaloon, Plicenix,
Echo, and Flag tenders.

COURT OF REQUESTS-OSBORN-

STREET, WH[TECHAPEL.

Wednesday a painful scene was witnessed in this
Court by the assembling of a number of poor people,
who have been duped out of (to them) large sums of
money by the working of a loan society, and who were
in attendance to hear the decision of the Commissioners
in a case relative to the Society, which had been sub-
mitted to them for their adjudication. The case was
one of a summons taken out against a Mr. Turner, the
treasurer, and Mr. Lancelot Fearon, secretary to the
St. Leonard Loan Society, by a young man named
Griffithv, fur 31. 95., due to him from the Society. It
appeared that the Society had been established in Oc-
tober, 1838, at the Crown and Shuttle, High-street,
Shoreditch, and was regularly enrolled under the statute
5 and 6 William IV., c. 23.

The plaintiff stated that he had paid into the hands of
the secretary the sum of 31. 145., at the rate of 2s. a
week, and all be ever received was 55., so that 3/. 9s.
was now due to him from the treasurer.

Mr. Turner, the treasurer, was accompanied by a
young wan, who undertook to explain the matter for
him, being himself, from apparent imbecility, unable to
do so. The person who undertook the task admitted
that he received as much as 5601. 145., but had paid
in the way of loans 5601. 195., so that instead of having
any money belonging to the Society in hand, the So-
ciety was indebted to him ss. On being asked what had
become of the money paid back by the parties to whom
the loans had been given, or their securities, he replied
he had no doubt the secretary had received a consider-
able portion of it, but had never accounted for it or paid
it over to the treasurer.

The Secretary, on bearing this expressed much sur-
prise and some anger ; but the assertion was repeated,
and, on being pressed on the subject, he acknowledged
to having received 105. from a member, which he had
not carried through the books nor paid to the treasurer.
In reply to the questions from the Commissioners, he
said his duty was to inquire into the character and re-
spectability of all persons npplying for loans and their
securities, and that, on making his report, the trea-
surer paid the money without consulting the members,
or any one of them ; and of the whole sum lent he did
not think that more than 71. or 81. could be got back.
COMMISSIONER—Were you a shareholder in this
Society ? Fearon—Yes ; 1 held four or Eve shares.
And have borrowed money from it on your own ac-
count ?—Yes ; I had three loans—one of 101. and two
of .5/. each.

Theo, have you paid back these loans P—Oh, yes.
Can you show by any books or documents that you
did so P—This book will show it.

He then referred the Commissioner to a filthy book,
which resembled more a score kept by an illiterate, than
an account kept by any person who understood accounts
or wished others to understand them. Indeed, so per-
fect was the confusion that he (Fearon) himself did
not appear to understand it, and could not, therefore,
show be had repaid the 201.
Another COMMISSIONER—Was the treasurer a share-
holder in the Society ? Fearon—Yes, be was.
COMNIISSIONER—Then, has he had any money from
the fund for his own use ?
Fearon—Yes, he had 201.

C OMMISSIONER—It appears to me that between the
secretary, his friends, and the treasurer, you have swal-
lowed up this large sum of money of which you have
duped these poor people. Can you show the Court, by
an entry in any of your books, that you discharged the
duties imposed on you by the rules of the Society, in
your own case, by entering the names of your securities?
Feuron replied that he had no entry of the sort, but
he had an undertaking, he had no doubt, among those
he produced
COMMISSIONER—YOU were the founder of this
society, I believe ?
Feat on—Yes, I was.
How many more of a similar description have you
founded ?—Only two others.
Where were they ?—One was in Hoxton, but that's

done up in consequence of the new Act. The other is
the St. Dunstan's Loan Society, held at the Green
Dragon, in Fleet-street, and that also I am winding up.
You have not made so bad a job of it as this society,
I hope ?—No answer.
You appear to me to be a second John Wilks, but
in a smaller way.
Mr. Long, one of the clerks to the Court, was of
opinion that Turner, the treasurer, was, by the rules of
the Society, clearly accountable to the plaintiff for the
balance due to him, yet ho would not recommend, under
the circumstance, the Court to adjudicate upon the
matter, but leave the parties to their remedy elsewhere.
Many of the Commissioners differed in opinion with
the Learned Gentleman, and said it was ridiculous to
talk about sending the poor people for redress to a
higher Court, knowing very well that they could not no
so. They also considered it most monstrous that so
large a sum of money, obtained from poor people, should
have been got entirely rid of without any satisfactory
account.
The poor people in the Court here became very cla-
morous ; one said that himself and his brother had been
fleeced of eight guineas, another 61., a third and
a fourth other amounts ; and an old man said he had
subscribed a sufficient sum to the Society to make him
and his family comfortable during the Christmas holi-
days, but now he supposed they should go without their
dinner on Christmas-day.
The ComstrssroNEas ultimately adjourned the case
for a week, and told the Secretary, Mr. Fearon, he
must appear the next day with a proper balance-sheet,
and account in a proper manner for the disappearance of
so large a sum.

--
ACCIDENT ON THE LONDON AND SOUTH..
WESTERN RAILWAL-Tuesday evening an accident oc-
curred on the London and South-Western Railway to a
young man, named John Crow. The six o'clock passen-
ger up-train from Southampton bad left Ba,ingstoke a
little before eight o'clock, when between that place and
the \Vinchficld station, Crow, who was fireman to the en-
gine, was in the act of shooting some coke from the sack
in which it is stowed in the tender, when he overbalanced
himself, and, from the velocity with which the train was
travelling, he was thrown with great violence on the side
of the railway. Immediately the accident was perceived
John Longthorn, the engine-driver stopped the engine,
and sent a man back to look after Crow. Ho was tound
lying on his backing reat agony. He was immediately
taken to the Winchfield station, and, surgical assistance
being sent for, it was ascertained that his collar-bone was
broken, and his spine severely injured. Alteairsrita.ogr
unte
'must have passed
soon after attached to an engine, and he was taken to Nineas
Elms, and from thence on a stretcher to Gu '
ineffa stthaeteroaril,greerat
tsiuleffetrreiniigl ) s hospital,
washweher
over his body.
e ho
thrown l ilies
ELECTION OF DEAN OF ST. PATRICK.—The
Rev. Robert Daly was on Monday el
Patrick, in the room of the Very icted Dean of St.
ev. e
Richard Dawson,
composing the chapter
deceased. Twenty two (the number •
present) voted, 11 for the Rev. Mr.
Mr. Wilson ; the president, Daly, 11 for the Rev.
Archdeacon Torrens, was one
of the former. 'rile Archbishop and Dr. Todd voted for
Dr. Wilson; their votes are objected to. The objection
against the former is, that, though Prebendary of Cullen,
be had not taken the oath of allegiance to the Dean, aud ,
therefore, could not vote ; that against the latter was,
that he was only
a locum tenens treasurer to the chapter,
and vi •
as, eonsequentl, U—i d from voting. The
, l'fi
matter will not rest sq ua ie
here. It will go before the Queen's
Bench, when three questions will be argued, two as to the
l legality of the Archbishop's and Dr. Todd's votes, and the
third will bo whether the president bas a casting vote'

EVENING EDITION.

MONEY MARKET and CITY NEWS.

(WEDNESDAY EVENING.)
CHRONICLE.—The election of General Harri-
son to the Presidential Chair of the United States is an WAN'
event of great importance to the commercial interests
o America and Great Britain. A new system of fi-
nancial policy will be propounded by the Cabinet of the
United States, and, it successful, the change will be
felt throughout Europe. On this country it will act,
however, most immediately, and to the greatest extent.
We have deep interests at stake, therefore, in asking our
Transatlantic brethren not to go a-head too fast, nor too
far, but to use their success with prudence.
The measures which will form the leading features
of discussion when Congress as,embles are likely to
be :—lst. The adjustment of the currency. 2d. The
Bankruptcy Law. 3d. The General Land Distribution
; and, 4th, The Tariff. The first-named of these
important questions will lead to lengtht.ned discussion.
It, is of vital interest to the future prosperity of the
Union, and ought not to be decided vsichout full
and mature deliberation. I rash or inconsiderate
step might not only overturn the new Government, but
lead to disastrous convulsions in the money market.
The Government, however, are vested by the Consti-
tution of the United States, with special powers " to
coin money, and regulate the value thereof," so that
their powers to establish a uniform national currency
cannot be successfully disputed. Mr. NVebster was the
leading expounder of the views of the new Administra-
tion party on this subject, and, as he predicted that it
would lead to the success of one system of government,
and to the overthrow of another, it is from his views
that we are to look for the nature of the measures which
will be brought forward. If his opinions be adopted
by General Harrison, the new Federal Government
will not only propound a basis for a national paper cur-
rency, payable in gold and silver, but also for a
national bank. The latter measure would meet with
powerful opposition, and we hear that the Whig party
are not ad of one way of thinking about
it. The same may be said regarding the general
Bankruptcy Bill. It would never do to legislate for
behoof of the debtor only, as was proposed by the
Bill of last session. Any measure to deserve
success should be even-handed, and apply both
to debtor and creditor. It is considered likely that
Mr. Clay will be successful in carrying a measure
for the distribution of the public lands belonging to
the general body of the Republic, and at the disposal
of Congress. It has been proposed by Mr. Clay that
these lands should be sold under the provisions of a
special law, and the proceeds divided among the various
States, on fixed principles, according to their represen-
tation in Congress. A Bill for that purpose formerly
passed the Legislature, but General Jackson did not
permit it to become law, having allowed it to drop
without giving his Presidential sanction, but it is under-
stood that General Harrison will readily approve, if it
be sent up to him by the Senate. The passing of such
a measure would afford the various States powerful aid
in completing their schemes of internal improvement.
But, then, whatever is given to the revenue of the diffe-
rent States, is withdrawn from the revenue of the Union.
It is supposed that a change of the tariff will be
strenuously mooted by the manufacturing States who
are desirous for heavier protecting duties, but they will
meet with vehement opposiCon from the exporting in-
terests, and we trust that free principles of trade will
still prevail in Congress.

HERALD.—A report is current that certain parties
have been intriguing with Loid Palmerston to induce
him to interfere, and insist strongly with Brazil for the
immediate payment of the 490,0001. balance of account
claimed by Portugal. The Secretary will doubtless
have sense enough to leave Brazil to the management
of her own concerns and debts to other countries, if
any, with which either in his public or private capacity
he has just as much to do, and no more, as he could
have with the private debts of one of his colleagues or
cronies to another. The only eventuality in which he
could pretend a right of interference would be in case of
a payment actually made or contemplated, by Brazil to
Portugal, supposing the former to acknowledge the
rightfulness of the claim. Assuredly io such a contingency
he ought to feel it incumbent on him peremptorily to chal-
lenge the money for the much-abused creditors of Portugal
here, and indeed stop it when in transit it to Lisbon, from
whence, should it once get within the tenacious clutches of
the people there, it will be next to impossible to extract
it, otherwise than by the offer of some paper promises. It
is strongly surmised that M. Bazard, the Portuguse
Minister newly appointed to Rio Janeiro, has very pres-
sing instructions to get hold of the money for remit-
tance to Lisbon direct, and persons here likely to be in
the secret affirm positively that, if be dare show his in-
structions, it will be found that in no part of them is
there one word about the remittance of the money to
England for the use and behoof of the bondholders.
However, about these and other matters more will tran-
spire before long.
The following letter relates to a certain point lately
raised about the liability of shareholders in joint-stozic
banks to creditors in a given case :

" Tuesday, Dec. 8.
" Sir—As a depositor in a joint-stock bank, whose prin-
ciples you always hold up, I must call your attention to
the City' Article of the Times of Monday, which has caused
scme alarm and a great sensation among the public who
support these establishments. It would appear that by
the impediments thrown in the way by the operation
of tlhe law, the shareholders can prevent their pro-.
party acing made available for the creditors in case of
failure, and the case of the :Imperial Bank and the
decision of the Court of Queen's Bench is cited to
prove the fact. Is the law as there stated? If su the de-
positors would be safer with their money it the hands o f pri-
vate bankers, whose partners are men of well-known pro-
perty, or where in addition trust funds exist (as in the ease
of a west-end house, which is said to amount to a quarter
of a million left by the founder of it), and all which pri-
vate property can be taken by the creditors, in the event of
failure, while in the case of that of a joint-stock banker's,
only the mere assets of the bank can be made answerable,
Being much interested in this unfortunate irtquiry, you
will render me, sad the public who support joint-stocks, a
great service, by inserting this letter in your columns, to
elicit an answer to the Times' attack. I am, Sir, your
obedient servant, " B, JENKINSON,-

In the first place the writer sets out with a small Luis--
take in asserting that the " ptinciples" uf joint-stock
bulks arc " always held up" in the Herald, or in this
department of the paper. The principle is one neither
lauded nor objected to, for before positive conclusions
can be affirmed on the subject, it is held to be the safest
course to watch with care and cautiously to estimate the
practical working and results, for which the experience
of a few years only do not exactly afford all the requi-
site materials so far on which a final judgment may be
hazarded. There have been too many instance§ of gross
joint-stock mismanagemtnt, and too many as well as
too signal failures, to allow of the system being pro-
nounced immaculate, whilst at the same time it would
be manifestly unjust to condemn the rule because of

. _
the exceptions. With respect to the " alarm and great
sensation " said to be caused among the public by sundry
ill-conceived observations in the " City article of the
Times" referred to, the wonder is that the public and
the writer should be such simpletons as to cry " fire"
so loudly for so little smoke. No doubt can exist that
the shareholders in joint-stock banks are one and all
liable in the whole of their property for any debts of the
bank in ,Ahich they are proprietors. In the case of the
Imperial Bank alluded to it was ruled, so far as the facts
are recollected, that after judgment given execution
cannot issue against any other party, or shareholder.
until first enforced against the party, the officer of the
bank or other party, against whom process was com-
menced and judgment given ; in default of assets to
answer the demand,' then execution might be taken out
against any proprietor selected for choice. Such is the
understanding of the case, about which, however, a care-
ful perusal of the proceedings in Court would readily
satisfy the inquirer. There was, however, a peculiar
complexity in that affair arising out of the position of
the bankrupt's otherwise, into the details of which as
not affecting the main question it is not necessary to enter.

TIME-S.—The notion of a very early negotiation o
the new loan which France will require is losing ground
in the cite, which, if true, will prove a great relief to
some of the timid inmates of the Bank p4rlour. It is
understood to be the intention of the Finance Minister
to supply his immediate wants by issues of bons royaux,
by the aid of which he hopes to go on till the spring,
and then, when his regular loan comes forward to be
contracted for to take these bons royaux in subscriptions
for it, which will divide and so diminish the pressure on
the Money Market. The firmness with which the
prices of the French funds arc maintained seems to bear
out this view of the case.

The annexed letter has been received at the dice
of the Oriental Steam Company from their agent in
Alexandria, and would seem to remove all doubt, if any
yet existed, of the submission of the Paella of Egypt to
the requisition of the Allied Powers :

" TO THE MANAGING DIRECTORS OF THE TENINSOLAR AND
ORIENTAL STEAM NAVIGATION COMPANY, LONDON.
" Alexandria, Nov. 26, Noon.
" Gentlemen,—We have only one instant to inform you
that the Eastern question is at length brought to an ami-
cable conclusion,
" The Paella has consented to evacuate Syria, and to
give up the Turkish fleet, which, however, Cemmodoro
Napier allows him to retain until the treaty be ratified in
Lc ndon.
The Commodore is at this moment with his Highness
we believe, the port of embarkation of the
atrroraonpsgifrom Syria, which is the only point remaining to he
settled.

,4 In haste, we remain, Gentlemen,
Your obedient servants,

" BRIGGS aNn Co..
A lively competition for banking business has sprung
up in consequence of the failure of Messrs. Wright
and Co., the lead in it being taken by the London
Joint-Stock Bank, and it is desirable that, the public
should not, at all events, be led to attach the notion
of extreme disinterestedness to any of the parties en-
gaged in it. A degree of parade, which the case will
rot justify, seems to be made in this respect by the
London Joint-Stock Bank, in offering, as it is said
they have done, to advance money at the rate of 6 per
cent. (due regard being of course had to the state f

, 141 VEN :NG ED 1. ON

the credit of the several parties) to those who have
Coffered by the late failure. Now, there need not be
!33' doubt entertained of the readiness of any of the
clackers at the west end of the town, some of whom
f.ave a capital far exceeding that of any Joint-Stock
Company, to afford the temporary accommodation ren-
dered necessary on this unfortunate occasion, on the
same or probably lower terms. It L. nothing uncom-
:dons indeed, where a solicitude for increased business
exiFts, for offers of such service to be made gra-
tui%ously, or nearly so. 'this requires to be under-
,' )od in settling the pretensions of the competitors
• 'his occasion, and that being disposed of, every one
ul feel gratified at any means for lessening the suf-
; 'ring of the customers of the late firm of Wright
Sul Co.

news received in town this morning of
tosturbanc2s in some parts of the interior of Mexico
'Fused a degree of uneasiness among parties connected
ith that country, hut, as our quotations will show,'
`there was no material change in the value of Mexican
stock. The last report from the mines exhibits a se-
rlous falling off it. the produce, the weekly profits not
e.‘-ceeding 1,000 to 1,200 dollars. The expected re-
nittarnyc of 50,000 dollars seems to have been in great
ik:OP".riiy, a hand of robbers 11,.ving pursued the cue-
d itc:s, from the works (Rivas) to Luis de Potosi, where,
imWever, it arrived in safety, to be forwarded to Eng-
14rl by the ensuing packet.
. .

r3v tho, present arrival 9.-j,OOO dollars have come to
',land ter merchants' account, and one million further
are looked for by the next opportunity.
A circular has been addressed to the clients of the
late firth of Wright and Co. by Messrs. Robinson and
ierningliam, soliciting a trensfer of their accounts from
the '.woks of that establishment to those of the Loudon
Jo' nt-Stcck Bank, a branch of which, as we have al
re ady stated, has been opened on the same premises.

SUN.—English Securities were depressed to-day in
e onseqnenee of the heaviness produced in the French
f'u'nd, by the announcement, on the part of the Finance
Alwister, of his intention to raise ten millions sterling to
rcty N. the extraordinary outlay in war prep gyrations. it
generally admitted that this can only be the prelude
to further operations, as the gross deficit is given at
000,000 f. Consuls took a lower range by about
r cent., being mirked 50 to 89 cx div., for the
Exchequer Bills were at to 4s. premium ;
India Bonds at 14s. discount. The Nttw
P.nree-and-a-Half per Cents. were 9 ex. div. for the
•ope:iing ; the Reduced Three-and-a-Half per Cents.,
to 'J ; and the Three per Cent. Annuities, 89-
t 9 094. Long Annuities were 12 15-16 to 13 ; Bank
Stock for account brought 158 to 158 i ; and India
-Stork for account 27381-. Money is expected to become

.igi ccr.

The Foreign Market was very dull all day, but
„ricos clic; not recede to any extent. Spanish Active

Wai indeed rather better, but, as there was so
little business doing, it can hardly be said that it has
improved. For the present transfer the Bonds brought
f... 1-1 to ; cod fer time 24 to A-. Portuguese New
r lye per Cents. were at 34-i, to F, but this quotation
a4-nost nominal. Chilian Bonds were at 55, without
toe dividend now in course of payment. Mexican Stock
1837 'dropped to 291. Dutch Two-and-a-Half per
Cents. were ste:..dy at 511 to 1.
Too Market for the Railway Shares was also inani-
-nate, but the rates generally were firm. Great West-
;n shares were at 24, the Now at 102, the Fifths at
II to 3, and the. Birmingham New at 24 premium.
Ilrighton shares realised 9 to 83 ; Btackwall, 4 to 41;
rocr, .rich, 12 ; North Midland, 251 ; South-Eastern
11.11 Dover, 1.44. ; the Birmingham and Derby, 2(4 ;
nd the Eastern Counties, 14 discount. British North
merican Bank Shares realised 4 discount ; Colonial
13 premium ; and N aloud Bank of Ireland, I.li
1-1 discount. Anti-Dry-rot Registered Shares were
discount.