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

S N.
JANUARY 30, 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 maj,,rity
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 strung 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 Aanericans 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 mea.ures 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
before to the adoption of a liberal policy, will derive
arguments as well as motives from the eeposé 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. Even in
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 t:ie 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-
I 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-
ket. 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 it 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 4 to
per share. When the period limited for receiving the
deposits had expired, it however turned out that the
number purchased by the said broker formed the
greatest proportion of the whole number psi 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 bands, they had recourse to the following expedient
in 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 said expenses 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 I
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 admission 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, not 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 for
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 Rosas 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
measures 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 Roses 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 acros3 tie river by large iron cables,
whilst immediately above this barricade, on the left bank,
Rosas's brig, the Republicano, was so placed as to enfilade
the opposing ships. Besides this force, fourfire-ships were
stationed in the neighbourhood of ~the bridge of boats.
The position of Rosas 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 Inglefield, 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
I of defence, or to consummate some act of treachery.

The official journal of Cologne publishes a proclama-
tion of the President of the province, announcing that from
the 21st instant corn of every deacriptiog h.
•ited
into it duty free,
""

4-

..W.+w~ ^
...

MONEY and COMMERCIAL NEWS.
CITY, QUARTER TO THREE.
There was rather a heavy market for Cotton at Liverpool
yesterday, and prices were nearly 1/4d. per lb. lower. The
sales were 5,000 to 6.000 bales, including 1,100 Pernam and
Maranham, at 5346. to 6d.; 400 Egyptian at 51/.,d. to 53jd.;
500 Surat at 2 d. to 33 d.; and 4,000 American at 33/4d.
to sd. per lb. S area were very dull, but prices were not
lower.
The English Stock Market has 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 941,4,
and the latter 94X. Bank Stock has been quoted 206,
and India Stock 255 to 257. The New Three-and-a-Quarter
per Cents. have realised 971/8 to 97%.
The Foreign Investments have been rather lower.
Spani-h Five per Cents. have realised 2734 ; the Three Fer
Cents 38 to 1,4 ; Venezuela, 43 ; Mexican, 30% ; Grenada,
2134, and Peruvian, 39 ; Dutch Two-and-a-Had per Cents.
have been 59t% ; Belgian Four-and-a-Half per Cents.. 97,
and Danish, 8834.
baSte in harest,hethriuogushe dlausltl,
nighthave been
the enbeßttaeirlwtna-ydadyep.
osTithe.de-
ques-
tion shows how little the Government apprehends any
serious results, and what exaggeration prevails in the notion
of extreme difficulty.

• BRITISH FUNDS. ONE CLOSING
Bank Stock O'CLOCK. PRICES*
.
Three per Cent.. Annuities . .. 295% % 295 U
.
Three per Cent. Consols Annuities . .. 94% % % 94%
New 1 hree-and-a-Quarter per Cent.Anns. 97%14 97%
Long Annuities, Expire Jan. 5, 1860 .. 10% 10%
Ditto, 30 years, Oct. 10, 1849 .. 1014 3-16 10 3-16
Ditto, 30 years, Jan. 5, 1860 .. .. 104 10
India Stock .. .. .. • . ..
..
.. 255 257 257
India Bonds, 1,000/. .. .. _ ..
.. 77_ 30

Consols for Account
Exchequer Bills.
1,0001.
Ditto, Small

. 5% 95 94%
27 29 - - pm. 29
28 27 - - pm. 30
ONE CLOSING
O'CLOCK. PRICES.

FOREIGN FUNDS.
Brazilian Bonds, 5 per Cent ..
Ditto, New Bonds, 1829 and 1839 ..
Danish; 3 per Cent •••. • • • • 88V -
Grenada, 1 per Cent' . • • 21%
Ditto, Deferred .. 4,,
Mexican Bonds, 1837, 5 per Cent .. 30%
Ditto, Deferred .. 16k,
Peruvian Bonds, 6 per Cent. .. .. 39
Russian Bonds .. .. 113
Spanish Bonds, 5 per Cent .. ..
Ditto, for the Account .. 27N 23%
Ditto, Passive Bonds 6%
Ditto, Three per Cent .. 3814 3814
Ditto, for the Account .. 373 38% 38%
Venezuela Bonds, 2 per Cent .. . 43 43
Dividends on the above payable in London.
Belgian Four-and-a-Half per Cent .. 97 983(
Dutch Two-and-a-Half per Cent .. 59% 593(
Ditto, 4 per Cent. Certificates .. 94% 94%
PRICES OF BUSINESS CLOSING
RAILWAY SHARES. PAID. DONE AT PRICES.,
ONE O'CLOCK.

81%
89 •
21%
4%
30%
16%

Bristol and Exeter .. .. 70 .... •••• • • •
Buckinghamshire .. 425. .....
. _

P
141 i

Caledonian .. .. .. .. .. 10 .... 14% h..
Ditto New .. .. .. .. .. 2%.... 4 ••.... • • • •
Chester and Manchester .. .. 425. .. .. 1 dis ....
Direct Northern .. .. .. .. 2% .... .. •••• • . • •
Dublin and Galway .. .. .. 4
Eastern Counties .. .. 141. Its. .... 2214 22 x d
Ditto New .. .. .. 61. 16s. .... 7%p••• • • • • •
Do.;Perpet., 5 per Cent. No. 1. 61 13s. 4d. -- ••• • ..
Ditto, ditto, .. .. No. 2. 61. 13s. 441. • % p
East Lincolnshire .. .. .. .. 1% .... 2% ..
Exeter, Dorchester, & Weymouth 425..... 1% dis
Goole, Doncast., and ,heffield, &c. 425. .. • • 134 %p • . l% p
Grand Union (Nottingh. & Lynn) 1% .. . • 1% ....... •• • 1%
Great North of England. .. ..100 •
Ditto, New
Great Western .. .. .. ~ 85 .... ____
Ditto, Half Shares .. .. .. 50 .. .. 92 93 :: :• •• ••
Ditto, Quarter Shares .. .. 5 .... .....:*.‘.
Ditto, Fifths .. .. .. .. 20 .. .. 37 ......:::•
.
ll:ticester and Bedford .
Leicester, Tamworth. &c.
Liverp., Manch., & Newc. Junct. 236 .... ...... ....
London and Birmingham lOO .. .. 226 ...... .. ..
Ditto Quarter Shares....
Ditto Fifths .. .. .. 2 •• • • 24% ••••• • • • • •
London and Brighton .. .. .. 50 .... 68% %
Ditto ditto Fifths .. .. .. 10 .... 2174 ... .....
London and Croydon .. .. 131. 15s. 9d. 22% . . ....
London and South-Western.. 411. 6s. 10d. 78%
London and York .. .. .. .. 234 •• •• 4%%•• ••• • • •
London, Salisbury, and Yeovil .. 234 .... 2 ..... •
Manshester, Buxton, & Matlock 425..... 134% p • •
Manchester and Southampton .. 2 .... 2% .. •••• • • • •
Midland .. .. .. .. .. ..100 .... ••••• • • • • •
Ditto, New .. • . .. .. 12 .... 28 27% 2834..
Newcastle and Darlington Junct. 25 .... ..... .....
Ditto, New, Branding .. .. 20 .... 3934 x all ....39%:x all
Newcastle and Berwick .. .. 10 .... 21%14 22 .... 21%
Newark, Sheffield, and Boston .. 2%.... 23&14 ••.. . .. 2%
North British .. .. .. .. .. 1734 .... 23%, .. ..
Ditto, Half Shares .. .. .. 334
.. —7% ..
Ditto, Dalkeith .. .. .. 25 .... ....... ... 29%
North Staffordshire .. .. • • 42a• •••• 3%14 p•• • • ••• 334 p
Norwich and Brandon „ . .. 18 .... .... i... .. 25%
Northmpton,Banbury .& Cheithm. 2 —1% 2%
Oxfd.,Worcester,& Wolverhinptn. 1234 ..... .15% %..
Perth and Inverness .. .. .. 234 .... 1% ....
Richmond .. .. .. .. .. 10 .... .. . ... 16%
Rugby and Huntingdon .. .. 2 .... 13f . 1%
Shrewsbury and Birmingham .. 234.... 3 ....
Shropshire Union .. .. .. .. 425. .... par .. ..
South Midland .. '.. .. .. 425..... 21% 2s, p.. .2% p
South Eastern and Dovor .. 383 .... • ....
Do., New (do. 151.) .. No. 4. 234 .... 334 %
Staines and Richmond .. .. .. 1 .... 2% • 2
South Wales .. .. .. .. .. 5 .. .. 6% % 6.. ..
York aitd North Midland .. .. 10 ....
L Ditto, Selby .. .. .. .. 30 .... 75 ex all

22xd
73 p

3i P
Par

226

24j
68%
21%
414

p
25i
148
28