The Sun.
London, England, 1846-01-30 00:00:00

SU NY JANUARY 80, 1846

MONEY MARKET and CITY NEWS.

THURSDAY EVENING.

TlMES.—Public opinion in the City is setting more
strongly than yesterday in favour of the new Ministerial
measures. Some parties, so far from thinking them im-
politic, have only the objection to offer that they might
ju,t as well have been brought forward two sessions ago,
and that they have no necessary connexion with a re-
mission of the duties on corn ; but the great majority
believe that they have been wisely deferred to the pre-
sent time, were it only to afford a set-off to the other
great national boon. It is said also, by the party fa-
vourable to the Minister's policy, that the strong posi-
tion he has now resumed could never have been attained
but by a combination of favourable circumstances,
and that even the letter of Lord John Russell and his
own resignation will prove ultimately to be important
elements in the final success of his measure. All inci-
dents which tend to increase his power have peculiar
value among the members of the trading and banking
interests. After his avowed pacific policy, short of na-
tional degradation or insult, the merchants feel all the
importance of strengthening his hands in the way that
will be done by the success of these great measures.
They feel that these circumstances will increase the cau-
tion of the Americans in offering any thing like provo-
cation, as they may be certain that it will now be in-
stantly repelled and resented by this country; that the
nation is all the more secure of peace, by showing that
it is quite prepared for immediate action. Another col-
lateral effect which it is hoped among the trading in-
terest these new measures may have, especially if
they should be triumphantly carried out, is that of
inducing foreign countries to follow their example,
and that they will thus lead to a great extension of
our commerce. They highly commend the Minister's
declaration that he placed no reliance on reciprocity
from foreigners in making these sweeping concessions
to them, for they believe that their moral influence will
be stronger, and work out better results than could ever
have been produced under express stipulations, liable
to be broken as soon as entered into. They are confi-
dent that the Minister of any foreign state, disposed
befor?to the adoption of a liberal policy, will derive
arguments as well as motives from the expose of Tuesday
night. To Spain, above all, they believe that It will
convey a great lesson, and afford critical support to the
Government of that country at a time when all its ten-
dencies lean towards the removal of restrictions and pro-
hibitions. The City is in such a false position, and will
remain so until this bugbear of the railway deposits is
removed, that no estimate is yet to be formed of the
financial bearings of the new measures. The Bank
notice of yesterday has contracted the period of ac-
commodation to 14 days, and all accommodation in
other places is in the most uncertain state. Evt nin
the course of a few hours a change is experienced, as
was the case this morning, when money, though com-
paratively easy yesterday, became suddenly tight ; and
when dealers asked each other the cause, there was no
explanation to be given. That money placed in deposit
for railway purposes is now coming out again for in-
vestment, is shown by the better condition of the Ex-
chequer-bill market ; and the uneasy feeling, therefore,
perceptible in the course of this morning, accompanying
the tightness of money, must be ascribed to doubts whe-
ther all the parties to whom these deposits have been in-
trusted are prepared to bring them forward when called
for. Nothing transpired during the hours of business to
bear out this supposition. The Bank Directors, who
held their weekly board to-day, parted without making
any alteration in the rate of discount, which they must
have done had they conceived that any causes, otherwise
than of a temporary nature, were pressing on the mar-
k( t. Their limitation of the time is well adapted to the
peculiar situation of the railway deposit question. The
tightness of money observed in the course of the morn-
ing has no reference to the settlement of the account at
the Stock-Exchange, which is regulated upon different
principles from those of commercial business.
HERALD.—A railway case, involving a principle of
great importance, has been for some time under inves-
tigation by the Committee of the Stock Exchange. The
facts, as stated to us, are as follow :—About the time the
share market began to give way, the provisional com-
mittee of the Brighton and Cheltenham Railway Com-
pany allotted their shares, their prospectus having
been previously a considerable time before the public.
It appears that the Committee had considered it doubt-
ful if their deposits would be paid in the then state of
the market, and in order to promote that very desirable
object the solicitor of the company employed a respect-
able broker on the Stock Exchange to support them by
purchasing them in, at a premium varying from to
per share. When the period limited for receiving the
depo-its had expired, it however turned out that the
number purchased by the said broker formed the
greatest proportion of the whole number pai i upon,
and as the Provisional Committee would in such an
event be compelled to make good the premiums to the pur-
chasers, besides having all the shares thrown back upon
their hands, they had recourse to the following expedient
iu order to get rid of the responsibility. Instead of
issuing scrip when the allottees applied for it to deliver
to the purchasers, to those who signed the deed they
gave a certificate to the effect that the scrip would be
forthcoming at a future time. This, however, appears
only to have been a pretext to turn the edge of the ire
of the disaffected allottees in the firs- instance, for when
the Committee came to be pressed by their importuni-
ties, they answered that they had not obtained a suffi-
cient amount of money to enable them to go to Parlia-
ment; and that it had, in consequence, become expedient
to dissolve the Company, and refund the money, minus the
expenses incurred. The saidexpenses were in the first in-
stance taken at 10s. per share, but afterwards the mulct
was increased to 12s. per share, in order to meet the
probable expense of a bill filed in Chancery by one
of the allottees, who did not choose to submit to the
arbitrary decision. The above is the simple history of
the case as we have been informed, but the part of the
case which waits the decision of the Stock Exchange
Committee is, whether the broker is bound to fulfil the
engagements he entered into with the parties in the
house who sold him the shares. The point rests with
him, upon no scrip being delivered, which it is clear is
the subterfuge adopted by the Provisional committee to
get rid of the responsibility as above stated; and the
question is, ought they to be permitted to take advantage
of their own wrong ? The broker admits that he was
employed to purchase the shares by the solicitor of the
company, and this admissioa once made, the common-
sense view of the case obviously points out that he
should make good his engagements, and seek his
remedy from the parties who employed him. The
employment of brokers in a similar manner by rail-
way companies has, we are informed, been so common
an affair in the Stock Exchange, that it may appear
something like a hardship to throw the onus on the agent
in this instance, who has been made the scapegoat
of the real delinquents. This consideration should,
however, nut deter the committee of the Stock Ex-
change from honestly and fearlessly performing their
duty. The broker should clearly be held responsible
for all the purchases made in the house, at the risk of
exposing himself to the usual penalty (expulsion) for
refusal. After the decision of the Court of Exchequer
in the case of " Young v. Smith," there is no question
but the broker can recover from his employers : and,
indeed, if the latter attempt to go into Court, we suspect
that the refusal to issue scrip, upon which they seem
to rest their safety, will not improbably bring them bet-
ter acquainted with the Attorney-General, under a
clause in a recent Act of Parliament specially made fur
the accommodation of such gentlemen. If there is no
fund provided by the members of the Stock Exchange to
prosecute in such cases (which we believe there is not),
a subscription should be set on foot to aid the broker, if
necessary ; but be that as it may, the Stock Exchange
committee should unhesitatingly do their part of the
duty.

THE ACTION ON THE PARANA.
The account of the brilliant attack of the combined
English and French squadrons on the positions of
General Roses, on the right bank of the Parana, for the
purpose of opening the navigation of that river, will
have been purused with pride and admiration both in
France and England ; for the annals of modern warfare
scarcely supply a more herioc achievement. The inso-
lent audacity of Roses in endeavouring to close one of
the noblest rivers in the world against foreign vessels of
every description, has long called for the most vigorous
Ines—tires on the part of the French and English forces
stationed in his neighbourhood ; and, notwithstanding
their immense disparity of force, they have not been slow
to obey the call. The smallness of the vessels em-
ployed on this service—none of the ships of the
combined fleet being larger than brigs or corvettes
—offered a serious obstable to the success of the enter-
prise. The allied force consisted of ten vessels, for the
most part of the smallest description, comprising less
than 1,000 men. The position of Rosas was defended by
four batteries at nearly equal distances from each other,
mounting from 24 to 30 24-pounders. Between the
second and third of these batteries, 24 small vessels were
strongly moored across the river by large iron cables,
whilst immediately above this barricade, on the left bank,
Rosas's brig, the Republican°, was so placed as to enfilade
the opposing ships. Besides this force, four fire-ships were
stationed in the neighbourhood of the bridge of boats.
The position of. Routs was moreover defended by
upwards of 4,000 cavalry, who were driven from
their posts on the landing of the combined force like
chaff before the wind by a handful of French and Eng-
lish seamen and marines. Not the least gratifying part
of the affair was the cordiality with which French and
English fought under a common leader, and the frank
and generous spirit in which they acknowledged and
commended each other's gallantry in the affair. This
achievement, so honourable to the arms of the two na-
tions, will, we trust, increase, and cement the good
understanding and generous rivalry which appears to
subsist at the present moment between the naval forces
of the two countries. No official accounts have been
received of this gallant affair, but ample details are ex-
pected by the Express packet-brig. The last letters
from Admiral Ing lefield, the Commander-in-Chief of
the station, off Monte Video, and from Capt. Hotham,
up the Parana, anticipated severe measures against
Rosas, who had proposed further negotiation, with the
intention only of gaining time to strengthen his means
of defence, or to consummate some act of treachery.

The official journal of Cologne publishes a proclama-
tion of the President of the province,.announciog that from
the 21st instant c4)rn of every description will be admitted
into it duty free,

(MONEY and COMMERCIAL NEWS.
CITY, QUARTER TO THREE.
There was rather a heavy market for Cotton at Liverpool
yesterday, and prices were nearly %d. per lb. lower. The
sales were 5,000 to 6,000 bales, including 1,100 Pernam and
Maranham, at 53/4d. to 6d. ; 400 Egyptian at 51,4 d. to 53/4d.;
500 Surat at 2,0. to 31%d.; and 4,000 American at 33/4d.
to sd. per lb. Shares were very dull, but prices were not
lower.
The English Stock Market bas been rather better again
to-day, but is scarcely so firm as it was at the commence-
ment of business. Consols have been 94% % for Money,
and 95 to % for Account. Now the former are marked 94%,
and the latter 943. Bank Stock has been quoted 206,
and India Stock 255 to 257. The New Three-and-a-Quarter
per Cents. have realised 97% to 97%.
The Foreign Investments have been rather lower.
Spanish Five per Cents. have realised 273/4 ; the Three rer
Cents. 38 to 1% ; Venezuela, 43 ; Mexican, 30% ; Grenada,
213/4, and Peruvian, 39 ; Dutch Two-and-a-Half per Cents.
have been 591% ; Belgian Four-and-a-Half per Cents., 97,
and Danish, 883/4.
Shares, though dull, have been better to-day. The de-
bate in the House last night on the Railway deposit ques-
tion shows bow little the Government apprehends any
serious results, and what exaggeration prevails in the notion
of extreme difficulty.

ONE
BRITISH FUNDS. O'CLOCK.
Bank Stock .. . 206
Three per Cent. Annuities .. • . • • 95%
Three per Cent. Consols Annuities 94%7S
New Three-and-a-Quarter per Cent. Anna. 97%
Long Annuities, Expire Jan. 5, 1860 .. 10%
Ditto, 30 years, Oct. 10, 1849 .. 10% 3-16 10
Ditto, 30 years, Jan. 5, 1860 10%
India Stock .. .. • • • . 255 257
India Bonds, 1,0001.
Consols for Account
Exchequer Bills.
1,0001. .. • •
Ditto, Small

CLOSING
PBICES'
206
95 q
94%
97%
10%
13-16
10'
257

lid.. •• •• ••%
95% 95 94%
~..lii. 95%
IN

.... 27 29 pm. 29
_ .... 28 27 pm. 30
ONE CLOSING
FOREIGN FUNDS. O'CLOCK. PRICES.
Brazilian Bonds, 5 per Cent .. • • 82
Ditto, New Bonds, 1829 and 1839 .. —1%
Danish, 3 per Cent - • • • • • .. 88% 89
Grenada, 1 per Centi .. . • .. .. 21% 21%
. 4%
_4%

Ditto, Dderred • • • • • • • •
Mexican Bonds, 1837, 5 per Cent .. ao,', 30
Ditto, Deferred • • • • .. .. 164 16
Peruvian Bonds, 6 per Cent. .. .. 39 39
Russian Bonds .. .. .. .. .. 113 113

Spanish Bonds, 5 per Cent - - - —_,
Ditto, for the Account .. •-• • • 2718, 28%
Ditto, Passive Bonds .. .. • • 6% 6%
Ditto, Three per Cent .. .. .. 3814
38
Ditto, for the Account .. .. .. 37% 3814 3814
Venezuela Bonds, 2 per Cent .. .. 43 43
Dividends on the above payable in London.
Belgian Four-and-a-Half per Cent .. 97 98%
Dutch Two-and-a-Half per Cent .. 591.4 591 i
Ditto, 4 per Cent. Certificates .. 94114 94
BUSINESS
PRICES OF PAID. DONE AT CLOSING
PRICES.'
RAILWAY SHARES. ONE O'CLOCK.

Bristol and Exeter .. .. 70 ....
Buckinghamshire .. • • .. 425. ••••• • • , • •
Caledonian .• .. 10 .. • • 14%% •••• • • • •
Ditto New .. .. • • .. .... 4 .. . •
Chester and Manchester 421. .... I dis
Direct Northern .. . • • • ..... •• •
Dublin and Galway .. ••.. 4 .. • • ••••• • • • • •
Eastern Countie,s 141. 16s. .• .. 22% 22 x d 22 x d
Ditto New .. 6/. 16s. 7% p• •••• • • • 714 P
DO.,Perpet., 5 per Cent. No. 1. 6/ 13s. 401.1.. • •
Ditto, ditto, .. .. No. 2. 61. 13s. 4d. •• • .
2
East Lincolnshire .. .. 2%•
Exeter, Dorchester, & Weymouth 425..... Isy di5..... • ..1% dis.
Goole, Doncast., and Sheffield, &c. 425..... p p
Grand Union (Nottingh. & Lynn) 1%.... 1% •• • •
Great North of England ....100 ••••• • • • • •
Ditto, New .. 5 .... 32 33
Great Western
Ditto, Half Shares 50 .... 92 93 .. .. •
Ditto, Quarter Shares .. .. 5 • •
• • • • • .. 20 ••• ••••• • •
• • •
Ditto, Fifths ••••37 ...... • •
Leicester and 8edf0rd........ 225..... % p....
Leicester, Tamworth, &c. 425..... dis par::
Liverp., Manch., & Newc. Junct. 2% .
London and Birmingham 100 ....226
Ditto Quarter Shares 2 .... 28 27 ........
Ditto Fifths .. • . 2 .... 24% .. . .
London and Brighton .. .. 50 .... 68% . .
Ditto ditto Fifths • • .. .. 10 .... 21%
London and Croydon .. 131. 15s. 9d. 2214..........
London and South-Westem. . 411. 6s. 10d. 783¢
London and York .. • • •• • . 4% 34 . .
Landon, Salisbury, and Yeovil .. 214 .... 2 ..
Manchester, Buxton, & Matlock 425. 1% %
Manchester and Southampton ..1 2 .... 2%.
Ditto, New ........12 .... 28 27% 28% ..
Newcastle and Darlington Junct. — ••.•• • • • • •
Ditto, New, Brandling 29 •• .. 39% •x
all •
....39%:x all
Newcastle and Berwick • • .. 10 .... 21%1A 22 .... 21%
Newark, Sheffield, and Boston .. 2% .... % ......
North British .. • • • . 17% .... 23%
Ditto, Half Shares .. • . .... 7% • • .....• 7%
Ditto, Dalkeith •• .. 25 29%
North Staffordshire • • • - • • 425. •• .. 3% 14 1§ ••• • • • 3% P
Norwich and Brandon .. 18 • •
Northmpton,Banbnry,&Chelthm. 2 1% 2%
Oxfd.,Worcester,& Wolverhmptn. 12% .... 15% %
Perth. and Inverness •• • . 2% .... . 1
Richmond ..........10 .. •• ......
Ruglsy and Huntingdon .. .. 2 .... .... •• • •
Shrewsbury and Birmingham .. 2% .... 3 ...
Shropshire Union .. • • .. 425..... par .. ••• • •
South Midland .. . • .. 425. .... 21%2% p 2% p
South Eastern and Dovor • • 38%
Do., New (do. 151.) .. No. 4. 2% .... 3% % • •
Staines and Richmond .. 1 .... 2% . 2
South Wales .. .. 5 .... 614% 6 6
York awl North Midland 50 .....
ik.Ditto, Selby ........30 .... 75 ex all

1% p
2%
148
28%

FOREIGN RAILWAYS.
A ngio-Belgian .. 4 .. 2%
Dijon and Mulhouse .. • . .. 2 .... 2%
Dutch Rhenish .. . • .. 5 .... 736
East Indian .. ss. .... 1%
Grt. North. of France Constituted 5 .... 15
Great Indian Peninsular .. ss. ....
Great Paris and Lyons .. .. 2 .... .• •••• • • • •
Namur and Liege .. 4 .. 3}4.......... 354
Orleans and Bordeaux .. .. 6 .... 11 Ai 54
Paris and Lyon's (Sud Est) .. 2 .... 2 4 ... • • ....
Paris and Orleans • • .. .. 20 .... 49 411% .• .. 48%
Paris and Rouen .. • • .. .. 20 .. • • ........38 4ex div

MINES.

Real del Monte, Unregistered .. .... 4 .• •• • • •• •
Galvanised Iron .. • • .. .. 10 .... 10 .•.•• • . • • .
JOINT-STOCK BANKS.
London and Westminster .. .. 20 .... 26% ••••• • • • • •
Union of London .. •• 10 • • 12 ••••• • • • • •

LLOYD'S SHIPPING.-(THIS DAY.
LONDON, JAN. 30.—Wind S.W. by S., light airs and hazy,
DEAL, JAN. 29.—Wind W.S.W. to W.N.W., squally.--Acrd. from
the river Emma Eugenia, Bush, Hobart Town.
DARTMOUTH, JAN. 28.—Wind stormy.—And. Iris, Biotite, Clyde,
for Barcelona, with loss of main boom, spars and sails, and cargo
shifted, having experienced dreadful weather.
OFF SWANACE, JAN. 27.—Ann, Reid, Bahia.
LIVERPOOL, JAN. 29.—Wind S. to W.N.W.—Arrd, first, Ponsonby,
Pernanbuco. Sid. 21st. ult Resolution, Evans, Maranham ; Regu-
lus, hunter, ditto ; City of Adelaide, Sutherland, Honduras ; Cairo,
Poole ; New England, Lowell ; Lord Seaton, Fitzsimons; New
Orleans. Sid. London, Boylan, Bombay ; Isabella, Ariggs, Balti-
more ; Samuel Hicks, Astrom, New Tork. Off port, Rosendale ;
New Sonth Wales, Eland ; Calcutta ; Windsor.
CLYDE, JAN. 28.—Wind N.W.—Arrd. Monkey, Grant, Berblce ;
Calypo, Colville, Demerara ; General Washington, Lowe, New
Orleans, Sid. Eglintoun, Muir, and Lady of the Lake, Savannah.
CORE, JAN. 27.—Wind W.S.W., moderate.—Arrd. Australia, Gates,
Callao ; John Hoi2and, Henderson, New Orleans.
YARMOUTH, JAN. 27.—S1d. Charles and William Keating, New
York.
DEAL, JAN. 29.—The Admiral Nelson, Rossegnol, arrived in the
,Downs from Kerch, was in cOtaact wtih the French lugger, Jeane
Annie, and lost anchor and chain.
PORT ISAAC, JAN. 27.—The John, Mitchell, lying at ort Gaven,
got on the rocks on the east side of the line last night, a Pnd has re-
ceived considerable damage.