The Sun.
London, England, 1840-06-30 00:00:00

r

+

PRICE sd.

MONEY MARKET and CITY NEWS.

CITY, MONDAY EVENING.
POST.—The share market was upon the advance to-
day, but otherwise there was nothing passing at the Stock
Exchange to call for particular notice. The funds, gene-
rally were in a state of calm.
Notice has been given of a temporary suspension of
the payments of the Commercial Bank of England at
Manchester, with branches at Ashbourne, Burnley, Black-
burn, Burslem, Hanley, Leek, Ludlow, Birmingham,
Uttoxeter, Whitchurch, Ellesmere, Shrewsbury, Liver-
pool, Preston, Newport in Shropshire, and Chester.
The cause assigned for this (not unlooked for) occurrence
is the slanderous reports in circulation with respect to its
management and affairs. No time has been fixed at pre-
sent for the resumption of payments, it being in all like-
lihood necessary to call together the shareholders, which,
from the number of their branches, must ba pretty
well scattered. It has always appeared to us a
foolish and monstrous piece of absurdity to attempt
to manage banks so located, and an undertaking of
a hazardous description to keep moving so many machines
even when circumstances were most favourable sad times
most prosperous. But we have always made sure of one
paint, namely, that in a time of difficulty the superinten-
dence of such a number of banks can be no light or easy
task•; and, accordingly, we fear that the multitude of in-
terests of a local character in the, present instance may
prove an obstacle to a prompt and vigorous policy, and
that the evils of these ramified establishments, from time
time formerly pointed out, may, after all, be not less than
to the eye of reason and sound business-like judgment
they have always appeared to be. Report places the cir-
culation of the bank in question at about 120,0001., the ca-
pital being 260,0001. As the Directors of this Bank have
attributed their downfall to slanderous reports, it is to
be hoped that the slander that has been circulated may
be contradicted by a speedy renewal of business opera-
tions. To attempt to conduct seventeen banks upon
a gross capital of 260,0001., or an average of little
more than 15,0001. for each bank, is a folly of which
the present position of the Commercial Bank of Eng-
land affords lamentable proof. Manchester, Liverpool
and Birmingham, Hanley, and the immense district of the
Potteries (the rest being all places of some importance),
surely require banking► institutions established upon a more
solid foundation. Bu., when it is remembered that these
banks were banks of issue, that which we may look upon
with less fear of consequences when the business is con-
fined to merely discount transactions becomes a source of
serious alarm, if we reflect upon the difficulties into which
even a temporary suspension of payments may plunge
many whose very existence depends upon the punctuality
with which they fulfil their engagements. The bills of tho
holders of notes may fall due before the resumption of pay-
mc and their credit be ruined because they have no other
money to offer. Other similar cases of inconvenience must
be familiar to every commercial man, and while, for the
sake of the public, we wish they may speedily make
arrangements for the re-commencing their payments.
we trust other banks of issue, and banks with branches will
not allow the warning to pass by unheeded, but that they
will take into consideration the folly of attempting to carry
on banking on stnrll capitals, and by the flimsy support of
paper issues and frequent appeals to the tender mercies of
the billbraers. The liabilities of this concern, including
endorsed bills and circulation, are stated to be abou
900,0001

A deputation from another bank of issue in the north
is understood to have been desyatehed to town in con,e-
quEnce of the suspension of payment by the Commercial
Bank of England.
We learn through the medium of a party from Lanca-
shire, whose information may be relied on, that goods
pledged with the bankers in that county, or rather taken
to account in default of the reisubursement of their ad-
va:.ces to the manufacturers at the cost price of 6s. N.
per piece, arc, at the present time, being "jobbed" in Lon-
don to a very considerable extent at 3s. per piece. The
condition of the Kidderminster carpet manufactures is re-
presented to us as being cqu Hy deplorable.

CHRONICLE.--We understand that a communication
has been received by the committee of Colombian bond-
holders, from Senor Fortique, the Charge d'Affaires for
the stare of Venezuela, requesting a deputation of their
number to meet him to-morrow.

In consequence of the refusal of Messrs. Hoare, Bar-
nett, and Co., to pay the notes of the Commercial Bank
of England at Manchester, that establishment has an.
nounced a suspension of payments. A deputation of the
directors and some of the most wealthy shareholders have
arrived in town this morning.
In cur City article of Saturday end this day we have
adverted, in terms of deserved approbation, to the mea-
sure adopted by the state of Pennsylvania for establish-
ing the public credit on a firm basis by passing a tax
biil to provide for the interest of the state debt, and we
ha% c been also requested to notice that a similar
law has been for some time in operation in In-
diana. The debt of the State of Indiana, authorised to
be raised, is 814 217,000, of which about two-thirds has
been negotiated, and the residue is said to be sufficient to
complete the whole line of improvements, which would
then comprise about 400 miles of canal, 100 miles of rail-
way, and 160 miles of macadamised turnpike. The canal
is now ready for operation, between Lafayette and the
Ohio line, connecting the rich valley of the state with Lake
Erie, and thence by the Eric Canal to the City of New
York. The State contains about 24,000,000 acres of
arable land, and the population is estimated at 750,000,
having more than doubled in the last ten years.
For payment of the principal and interest of her public
debt, the state of Indiana has pledged the public works, as
also the public lands ceded by the general government,
valued at $2 500,000 ; the share of the surplus revenue of
the United States, granted to the state of Indiana, of which
we arc informed that $900,000 have been received and in-
vested, and that an instalment of $300,000 is not yet paid
over; besides the shares belonging to the State in the
State Bank, $1,500,000 bearing interest at eight per
cent. ; and a direct property tax of thirty cents. on $lOO,
which is estimated to produce $300,000. The above is the
subAance of a communication we have received on this
subject ; and we learn from the same respectablequarter,
that the funds requisite to meet the dividends falling due,
here and elsewhere, on the State debts in January next,
arc already in the State Treasury. In January, 1836, a
Bill was passed by the Legislature of this State, authori-
zing a loan of $10,000;000 to be raised for the purposes of
internal improvement, in such amounts as might be re-
quired. and the power of taxation was embodied in the
Act ; but it was not till the present year, we believe, that
it was put in force by the levy of a tax on property, as above
specified.

SUN.—The Jaint Stock Bank at Manchester, about
which so much has been reported, has now, as appears
from the subjoined notice, actually stopped, and we,trust
that if any malicious individual, as is asserted, has
wilfully set the rumours afloat, knowing them to be un-
fouode.l, and with the view of damaging its credit,
he will be made to pay the penalty to :

. .
COMMERCTAL BANK —MANCHESTER, JUNE 27.—This
morning a notice, of which the following i% a copy, was
found posted on the Bank doors :—' Notice.—Owing to
several wicked and slanderous reports having been circu-
lated respecting this establishment, the Bank has sus-
pended payment, but will resume in a few days, when sa-
tisfactory reasons will be given for the steps now taken.' "
Consols closed steadily at 91i to ex. div.; Bank
Stock remained heavy at 1741 to 174 ; and the Re-
duced Three-and-a-Half per Cents. were firm at 99
to 100 ; Exchequer Bills were 225. to 245. premium.
In the Foreign HOLM there was a spirit of business
early in the morning, chiefly in Peninsular Bonds, but
this afternoon we heard of verb few bargains. Spanish
Actives were marked 26 to 2.5 k, on the commencement
of business, but rallied afterwards owing to the satisfac-
ory accounts from the scat of war, and the slight im-
provement on the Paris Bourse to 261 h ; the Passive
Stock was at 64, and the Deferred 12e ; Portuguese
New 5 per Cents. have realized 351 to k ; and the
Three per Cents. 238 ; Colombian Bonds were steady
at 27k to 1, and Mexican at 324 ; Brazil Stock rose
to 774, and Dutih Two-aneL-a-half per Cents receded
to 54i.
There was more activity in the Share Market, and a
decided improvement in the quotations owing to the
half monthly account having been put in a fair way of
settlement to-day. The Great Western shares brougLt
32, the New, 20 ; the Birmihgham, 99 ; the North
Midland, 2k, the New, 10 ; the Manchester and Leeds
New, 13k ; the. South Western, 22k, and the Black-
wall, 21 premium. The Brighton were 6a ; the Bir-
mingham and Gloucester, at 8, and the Midland Coun-
ties at 2, discount. These advanced prices were nearly
all realized this afternoon.

THE BANKER LORD, A NOVELe—+The Morn.
ing Herald speaks in the following high terms of this very
clever novel, the author of which remains for the present un-
known :—" Originality of character and situation are the distin-
guishing features of this novel, and they are both displayed in a
very masterly manner. To exhibit the thoughtlessness and im-
pi evidence which so frequently mark the conduct of the Irish,
in regard to business transactions, and at the same time to show
that temperament is more in fault than inclination, appears to be
the motive which has led to the delineation of the character of
the Banker Lord ; while to point out the defects arising from
an ill-regulated education, where the object of it possesses a ge-
nerous heart, a lofty imagination, and a disposition capable of the
noblest acts, is equally the author's purpose in pourtraviug that
of his beautiful daughter. In the development of the story illus-
trative of their fortunes strong contrasts have been introduced,
which materially heighten the general effect ; anilgreat powers
of description have been brought to bear upon the many pecu-
liarities of life in the Sister Island, which add much to the inte-
rest of the work. The tendencies towards good and evil, both
so 'strongly marked in the Irish character, are shown with con-
siderable force and effect; and a skilful combination of love,
hatred, jealousy, passion, worldliness and extravagance, operated
upon , alternately by serious and humorous agency; carry us
with excited feelings through the volumes, and leave us both
gratified and surprised when we close them."—Morning Herald.
Monday last, the, ox which gained the first prize
at Girvan Cattle Show, and which has since been purchased by
Mr. Fullerton Salmond, Quarrelton, passed through the town
on its way westward. Out of curiosity the tollman put him on
' the weighing beam, when he was found to weigh 18 cwt. 3 qr
01b. After being kille3, his fat weighed 16i stone, and hi
lead half a hundred weight—Paisley Advertiser.
Doc-muzzLEs.—lf the strap of leather round
,he head be slack, the dog may bite as much as he pleases : if
tight, it is enough to make any dog mad. . A strap should be
made to go fairly over their noses, as is done with bitting horses,
which would leave them abundant room to breathe and drink,
but prevent bitivg•

EVENiNG

THEATRES.

;.

:

THE GERMAN OPERA.
The performance of Jcssonda last night introduced
Wild for the first time to an Engli,h audience as tlar'pria.
cipal tenor in the opera, the character of Nedori Ocevipusly
repreSented by Schmczer) having been sustained liy
The appearance of this singer was preceded by conti-
nental fame. But it is doubtful whether the junction of
Herr Wild will be a gain or not : it is certain that the final
departure of Poeck is a groat loss. Eicke supported
Poeck's character most respectably, and certainly much
better than we expected. Madame Heinefetter, however,
made amends for all. Her voice, now that she is quite at
home, is exceedingly fine—her tones being of a rare full-
ness and roundness, added to which she possesses the true
essentials of dramatic representation, just conception, and
forcible execution. The house was quite full, which we
hope and expect to see it to the cnd of the season.

OLYMPIC.
The performances commenced last evening with La tire
Lire and Maurice; these were followed by the celebrated
Passe Manuit. M. Tourtois was excellent as usual ; but
he must remember that the Londoners, in many respects,
differ essentially from their Parisian neighbours. The C/C..
hibition last night was un pcu (Top fort even for persons
who have certainly no pretenSions whatever to excessive
strictness either in morals or in observance of the laws of
etiquette ; but, in the event of a repetition of this excellent
comedy. we trust tbat M. Tourtois will take our hint., and
net take off his robe de chambre.

SURREY.
It is a fearful proof of the degeneracy of thApthat wild
beasts should he driven from our larger na al theatre,
Drury-lane, and be compelled to cross the water in search
of some smaller den or tene.snent. Messrs. Van Amivirgh,
Lion, Leopard, and Co., are now nightly exhibiting their
prowess at the Surrey Theatre, where they are attracting
large crowds of admirers. Poor Mungo Parke's remains
are raked up, and we have him redivivus, with Van Am-
burgh as his tiger, guide, servant, or what you will, in the
deserts of Africa, where he'prorects his lord and matter
from the attacks of ravenous beasts. Amongst the " moving
accidents" of his " travels' history" he is pounced upon by
the merciless Moors, who condemn him and his faithful
tiger to be thrown, like Daniel, into a den of lions. Here,
again, he is preserved by his servant, and the draws closes
with the escape of Mungo Parke and his party.

11 D IT if -;-
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*..-71. .

EVEN IN G EDITION•

-
TO TIM SHAREHOLDERS OF THE REGENT'S
CANAL.
lEARNESTLY solicit your attendance
To-stoaaow, at the ADJOURNED GENERAL
MEETING, at Twoo'Clock precisely to receive the REPORT
from the Special Committee to whom the atatement of the
Company's Account, and the one circulated by myself,
Was referred. Without anticipating that Report, I con-
fidently state that my exposition is substantially correct, except
as relates to what is called the Reserved Fund, which,
being in Shares, has fallen from 4,5861. to 3,0001. The com-
parative balance of the years 1836 and 1840 will then be-
-1836.

s. d.

Available Balance
leserved Fund of 250 Shares
Sums due for Tonnage and Rent

1840.

£28,659 12 9

Balance shown
Less due to Reserved Fund
Less due to Brent Reservoir

7,500 0 0

Available Balance
Difference between Balances of 1836 and 1840 24,106 6 11

£28,659 12 9
it Taking t question without reference to men, and solely to
measures, expenditure for the last five years has been
148,0001. ; ()ugh, in the five years ending in 1835, it was
but 80,000/., and was then reported not only as too extrava-
gant, but as carried on without sufficient check and control.
I am, your obedient servant,
City-road Wharf, June 30, 1840. E. GREEN.

Price 7s. bds.
POETRY for the PEOPLE, and OTHER
POEMS.
By R. M. MILNES, Esq. , M.P.
Also, in 2 Vols., price 145., bds.
POEMS. By R. M. Manes.
Edward Moxon, Dover-street.

Second Edition, price 45.,
GLENCOE, or the Fate of the Macdonalds
A Tragedy in Five Acts.
By Mr. Sergeant TALFOURD, M.P.
Also, by the same Author,
ON. Fourth Edition, price 4s.
F, AT HEM NN CAPTIVE.
price 43.

Second Edition,

Edward Moxon, Dover-street.

MR. HOFFMAN'S NEW ROMANCE.
In 3 vols. post Bvo.,
GR AE Y S L AER
A ROMANCE OF THE MOHAWK.
By C. F. HOFFMAN, Esq.,
Author of " A Winter in the Far West," &c.
IS NOW READY AT ALL THE LIBRARIES.
Richard Bentley, New Burlington• street.

NINE ILLUSTRATIONS BY GEORGE CRUIK-

SHANK.

Now ready, price One Shilling, Part VII. of the
T 0 W ER. OF LONDON.
An Historical Romance.
By. W. HARRISON AINSWORTH, Esq.
With FOUR Illustrations on Steel, anrFIVE Wood-cuts,
By GEORGE CRUIKSHANK.

CONTENTS:--
Book the Second.
Chapter XII. How Edward Underhill, the " Hot-Gos-
peller," attempted to assassinate Queen Mary; and how she
was preserved by Sir Henry Bedingfeld.
XIII. How Magog nearly lost his supper; how his beard
was burnt; how Xit was placed in a basket ; and how he
was kicked on to the ramparts.
XIV. Of the Mascpe given by Courtenay in honour of
Queen Mary • and how Xit was swallowed by a sea-monster.
XV. By Whose instrumentality Queen Mary became con-
vinced of Ceurtenay's inconstancy : and how she affianced
herself to Philip of Sp..in.
XVI. What betel Cicely in the Salt Tower.
Illustrations on Steel.

1. Masqu) in the Palace Garden of the Tower.
11. Queen Mary surprising Courtenay and the Princess
Elizabeth.
111. Laurence Nightgall dragging Cicely down the secret
stairs in the Salt Tower.
IV. Queen Mary affiancing herself to Philip of Spain.
Woodcuts.
I. North view of the Salt Tower.
11. Chamber in the Sal! Tower.
111. Arched door in ditto.
IV. Secret staircase in ditto.
V. Tower leading to the Iron Gate.
Richard Bentley, New Burlington- street.
",„* Sold by all Booksellers and Newsmen.