The Sun.
London, England, 1846-02-07 00:00:00

1816.

plied with, and all this money placed in custody
of the Accountant-General not, it is true, without
a pressure of some severity on the igoney•market—but cer-
tainly without any disastrous consequences. It has been
found in money too, without any alteration or relaxation of
the law or rules of Parliament. The transaction has been
brought to a successful termination, in spite of attempts to
create uncalled-for alarm, and to raise up unnecessary ob-
stacles. Those who said it could not be done, now admit
that it has been accomplished, and have the candour to OWII
that it has been skilfully managed. Complaints now ema-
nate fromthe came quarter against the los3 which railway
companies suffer in re-investing. They were compelled to
sell stock for notes, say et 94;$ to 95, and have now to buy
stack again at 97i. There is some truth in this ; but it is
.to be kept in view that the re investment on the part of
railway companies of their deposit money is purely volun-
tary. There is no legal requisition to compel them to
convert their notes into Stock or Exchequer-bills. They
may allow their money to remain in the hands of the
Accountant-General, if tney feel dispo3ed to do so, until it
be absolutely required for Loral fide objects. No doubt it
might, in that case, be unproductive; but it would at least
be safe, and free from the changes and fluctuations which fre-
quently affect the funds. Supposing a fresh re-action to
take place, and that Consols should again give way—that
their price some months hence should be 95, in place of 97--
those railway companies who have re-invested at the latter
figure, should they find it requisite to realise their Consols,
would suffer a further loss. NS
e do not say that the funds
are more likely to fall than to rise. It is a moot point which
way the movement will be developed ; but the present price
is not looked upon, cannot be considered as a natural one.
It is the effect of a special cause—the demand created by the
ini•estrnents of railway deposits. These have their limits,
it
aad when that demand ceases to act, remains to be seen
whether the funds will continue steady or experience flue-

tustion.
Discounts are still scare in the commercial world. ,The!mini-
mum rate at the Bank of England still rules at 3% per c:nt
',Os-F.—The stock markets, as was rather confidently an-
ticipated yesterday evening, rom the manner in which the
day's business concluded, have again advanced, and once
more closed considerably better. A number of brokers held
orders to 3.11 stock at a certain limit, and on coming into the
house to fulfil the instructions of their principals, they met
with ready buyers ; so _much se that prices, which opened
higher, advanced, instead of receding. Several leading ope-
rators, Wm are usually to be found on the side of the bulls,
hive of late, presuming, no doubt, upon good information,
been heavy bears; but, the time haying arrived when a
cpunter policy had become desirable, the influence of a re-
turn to their ordinary traneactions for the rise has been
brought to act upon prices. Consols were done as high. as
9714 for Account, but, as towards the close of business,
sonic of the speculators were once more induced to
realise profit?, a slight reaction occurred. Upon the
whole, the improvement was full three-quarters per
cent. on yesterday's highest quotation. To-morrow the
first effect of the termination, to-day, of the payment of
deposits to the credit of the Acc,aintut-General will be seen.
The total amount paid has been ascertained to be
11,492,0001. Of this sum ono eminent banking firm alone
supplied as much as 3,000,0001. Tae payments of deposits
conatitutieg this aggregate amount were made by chequee
and Ni ithout the intervention of a single bank note, the
former being accepted as a valid and satisfactory medium of
payment to the Accountant-General.
The advance in the Consol market produced a better
feeling among the share speculators. South-Eastern
Railway, as well as the Buckinghamshire, and
the Sambre and Meuse, advanced. London and
Yorke on the contrary, declined, but this was is
consequence of the proceedings in Parliament. One
passage in the report of the Committee of the House of
Commons has a very important bearing on the proposed
lines between London and York. We allude to the follow-
ing :—" That it is expedient that all Bills which ought to be
considered to compete in connexion with any Bills, the pro-
moters of which shall prove themselves entitled to the privi-
leges agreed to be granted in certain cases, by a resolution of
the House on the 7th of July last, shall commence in the
House of Lords." The practical effect of this resolution is
to place the Direct Northern Company on an equality with
the London and York. Both will now commence in the
House of Lords, and there can be little doubt, if the inte-
rests of the shareholders and of the public are duly consi-
dered in that assembly., that an amalgamation at some stage
or other of their progress must take place. The friends of the
two Companies must be of opinion that the sooner the event
occurs the better it will be for all parties. The public re-
quirement will be answered, and much needless waste of time
and money avoided.
HERALD.—The last day far the lodgment of the railway
deposits has at length closed, and the final result has to the
fullest extent verified the view we have all along maintained
—namely, that there was no real ground for assuming that
the modes operandi would produce any practical difficulty of
importance. Now, when the matter is concluded, it is very
clear that it would have been just as well that an arrange-
ment had been made to trausfer Public Securities from the
bankers to the account of the Accountant-General, instead of
requiring the amount of the deposits in money ; but still, had
no apprehension been excited, the business would have
been quietly effected by the parties, without producing
any pressure worth notice on the discount market.
To the unjustifiable alarm that was raised upon this
snbject, all the inconvenience which has been expe-
rienced by the commercial interest is exclusively attri-
butable. The result lies, however, shown that the apprehen-
sion was utterly fallacious, and the only alternative left to the
Times and its abettors is to acknowledge a degree of ignor-
ance of the question not very creditable to the British pres=,
in the middle of the 19th century, or want of honesty to an
extent that we are reluctant to aver, even in the case of the
misleading journal.
In order to show that the difficulties that have been created

have been of great magnitude, and have produced immense
sacrifices of mercantile property, the Times of to-day quotes
the authority of Truman and Cook, by an extract from their
monthly circular, which is got up for the special in-
struction of the people in India and China. At no time
do we consider these letters correct exponents of the

London Money. market, when they profess' to soar above
mere common place, and in the present case the state-
ments made are at direct variance with the testimony of

the best informed persons in the Colonial market, in
Mincing-lane. That considerable difficulty has been expe-
rienced in the commercial discount market is an undoubted
fact, as we have repeatedly stated ; but at the same time the
opinion was universal that the pressure would be but tem-
porary, and great forbearance was consequently exercised,
and it is altogether a mistake that great losses had been sus-
tained by forced sales of mercantile property. We are quite
aware that by showing this to be the actual state of the
matter it may be presumed that we are making out a case
in mitigation of the mischief done by the Times, for in prd-
portion to the extent of such sacrifices, so in proportion is
the turpitude of that director of public opinion. Such a de-
duction would not, however, square exactly with the truth.
The averment that inimelse sacrifices of property have bean
made is only following up the same principle previously
acted upon, namely, to propagate distrust and suspicion even
beyond the advent of the railway deposits, fur the ob-
vious inference is, that the persons that have been com-
pelled to make the said sacrifices must now be in doubtful
credit.

PUBLIC MEETING IN SUPPORT
OF SIR R. PEEL'S MEASURES.
FRIDAY.—Last evening a public meeting,
convened by the Mayor (Thomas Herbert, Esq.), was held
in the Exchange-rooms, which were crowded to excess by all

classes.
The business of the meeting commenced soon after seven
o'clock by the Mayor taking the chair.
The MAYOR said, that in compliance with a requisition,
he had felt it his duty to convene the present meeting, wbieh
might be viewed as one of congratulation.—(Hear, hear )
But two months ago there had been a meeting in the same
hall, to memorialise her Majestfs Government to open the
ports, and to petition for an object which they might now
regard as consummated.—(Applause.) It was interesting to
note the progress of public opinion; one convert after an-
other had been added to their ranks—change had succeeded
change—and a general conviction of the impolicy of the re-
strictive system was now prevalent.
Mr. W. Cuirrs, merchant, on rising to move the first re-
solution, said, he had long leaked upon the corn-laws as en-
tailing evils ern the merchants, manufacturers, artisans,
and labourers, and he verily believed while they inflicted se-
rious injury upon these parties, they had never done the
slightest good to any one class, not even to the landholders
themselves.—(Applause.) He expected, if they lived twenty
years longer that the trade of this country would be doubled ;
at least he saw no reason why it. should not. He had tra-
velled many hundred miles through the farming districts in
the Illinois, Indians, and the Missouri, where he found an
immense quantity of agricultural produce and food, such as
Indian corn, uheat, and maize; but as a class of farmers,
he had no hesitation in saying, there are no people in the
whole of the ilielted States of America who have so few com-
forts as these fan mars have. They have everything they
want in the shape of food, and they have nothing of those
things which we sell.—( Hear, hear.) He went into many
farm- houses there, ant? he saw abundance of food, but at the
same time he saw the fa.rrner, his wife, and children, desti-
tute and in rags, and wit.'2out knife, fork, glass, crockery,
and other comforts, the pro,lnce of the towns in this country.
--(Hear, hear.) Why is this the ? Because our laws
have stepped in and forbidden an interchange. But now
there will be free interchange, and tilt •re will be a wide field
open for trade and commercial enterpi ise.—(Applause.)
He
would not trouble the meeting further, but at once read his
resolution, which he bogged to move,.namely :
" That the thanks of the meeting are due to Sir Robert
Peel and her Majesty's Government. for the important and
statesmanlike, commercial, and social measures proposed by
them for adoption by Parliament."
Mr.V. BAILEY (an influential Conservative) very cordially
secoded the motion.
The resolution was then put, and unanimously adopted.
The lu:tie. W. LINWOOD rose and was received with loud
applause. There was one good result, he said, which had
already f,,110.„ -ed the announcement of the measure proposed
by Sir R. Peel ; a result almost as grand in itself as the
results that they :selieved would follow the accomplishment
of free trade; narneli:• that it had alTeaty destroyed party.—
(Hear.) They heard .
not.hing not e of those 'actions that
used to disturb the puh,;:cal wor",d with their everlasting
wrangling. Instead of that, the saw Whig joining Tory,
and Tory joining Whig; &J
witiok •: to unite in drawing be
funeral car of monopoly.—( PP ..) bad to move that
t of the
a petition be sent to the House of CO min.ons in support
measure proposed by her Majes
• ey's Ministers. It paid full
.
honour to the man who brought the . measure forwardfh b
" The petition of the undersigned in!" statants o
t e orough
of Nottingham,
showeth—Tbat your petitioners • learned with the
highest satisfaction the introduction into your Honourable
House by her Majesty's Ministers, of .most important mea-
sures as to the free importation of food, as to the tariff,
and as to other matters of legislative regulations. Your
petitioners consider these measures to be based on true
and sound principles, and to be calculated to improve the
agricultural and commercial interests, advance the social
condition, and strengthen the political relations of Great
Britain.
e That your petitioners deem it wiser and more for the
-tea of all classes to repeal the existing corn-laws at once,
In- that if the advocates of protection to agriculture, though,
bIA • ',elieve, with, mistaken views, prefer the proposed re-
e9 •ies, and the postponement of total repeal for three
dated du, .
petitiwier would confine her Majesty's Govern-
years' Pim' • out zheir proposed measures in the moat prac7
meat to Wry
livable mode.
" Your petitionos, without referring specially to the other
eased accompany,. ng matters, desire most earnestly the
prol.
cordieY flupport of you r Honourable House to these measures
of GoveCkaleut And y'o sir petitioners will ever pray, &c."
,r
rest pleasure in moving that the peti-
ia conclusion, he bad
House of Commons.—(Applause.)
tion forware td tog 0
;11.7a's seconded by Mr. BEAN, and carried
The propoe...ce -
unanimously. . inoved, •" That although this meet-
Mr. Alderman lIVA s
diate repeal of all restrictions on the
ing considers the Iran,t .. . as the course most for the advantage
free importation of food they deem the measures pro-
of all classes of the came
of to be accepted and cordially sup-
posed far too important et
ported." ._1 and after the transaction of some
The motion was cartick.,• tg broke up at twenty minutes to
I further business, the tarc-P—
-isle rt'ClOass