The Sun.
London, England, 1851-10-27 00:00:00

THE S

36~T~'~.

Buss 11

Nominal Pricey.

W_u^.y.

Asturian •... • ..... •• ••
Australian .... •• =. ••
arossa Range ..
Blaciiiirwon Iron and Coal
Bolanos Scrip ........ ••
British 1r0n...." ••
Brazilian Imp. (is. 51, p.)

214
-

Do. Cocas and Cali*

Do. St. John del Rey ••
Cobre Copier ..... • •••
Copiapo • • •• • • • • •
General.. -• •• •• • •
Mexican& S. American
Real Del Monte, Unreg.

20% -21
33 -V%
6% - N
13% -14
3% - 434
- %

Do. Black Debentures

Do. Red Debenture 3
,4ntiago de Cuba
Tin Croft .. • • • • • • •• •• • •
United Mexican • •• •• ••
zonrx

4 -3%
6 -8
3 - 2
navrits.
37 - 38%
45 -46
107 i 11)4•
'5 -26 A
18% - 1711
28% - 29!4

Atmitralafila • • • • • • • •
British North America..
Colonial .... ••..•• • • • .
Commercial of London..
London Joint Stock ....
London and Westminster
National Provincial Eng.

Do. New ...• • •• •• ••
National of Ireland .. • •
Oriental Bank Corporat.
Brovincial of Ireland•• ••

17 -
26 - 2514
42 -44

Do. New . ...... • ....
Union of Australia .. ••

15% - 163
35 -353 i
- 314
14% - 1554

Union of London
Union of Madrid ••
DIL

:warm:
I 3'.3.4

Canada ....
-
Gen. Steam Navigation .1
Penin. & Oriental ';team.
Ditto ditto
Royal Mail Steam .. ••
Settling days in the nu

LAN= 0 US.
18 49%
26% —2B x.d
65 67%
141 i 15%
78 79% I x.d
Octobi,.r. Ticket days for regis
Account days, 17th and 31st.
is errors of the Official Lists, and
d correspondents.]

27% %

tered shares. 16th an,

onth of
id 30th.
able for tt
interests,

rwe cannot be answers
will not be influenced by

MONEY and COMMERCIAL NEWS.
CITY, TWO O'CLOCK.

The sales of Cotton at Liter pool on Saturday were
estimated at 7,000 bales, of which 1,500 American were
taken for export. The sales comprised 5,000 American,
200 Pernam and Maranham, at 54d. to 65 i.; 100 Bahia,
at 541. to 61.; 100 Egyptian, at 6:sl. to ; aed 1,000
Surat, at 24d. to id. per lb. The market was tame at
previous rates.—le Railway Shares a very limited busi-
ness was done at rather lower prices.
Grain is at full prices.
Complaints are made of the very small return hitherto
upon the shares of Rastrick's Manchester Railway Com-
pany, and certainly the expenditure must have been very
extravagant to leave 41. 3s. 6d. only out of 5/, 55., con-
sidering the large number of shares taken up. The
balance would make up au immense sum, and unless the
schema had actually been brought before Parliament
this ought not to have been wholly expended. The
subscribers are loudly complaining, aad appear grie-
vously disappointed, as much at the delay in the final
winding-up of the concern as at the heavy deduction.
We fear, however, that a little inquiry would satisfy
any one of the miserably tedious working of the " Win-
ding-up Act." The legal impediments thrown in the
way by interested parties, the withholding' of minute_
books by various juggles and evasions, the embezzlement
of the memoranda and records that would establish the
liability of managing committeemen for expenses incurred,
and thus satisfy the baffled creditor, and relieve the mere
honorary member of the company—the "Provisional"—
are all evils to be deplored, and evils which, as it appears
to those interested, are not boldly grappled with by the
Masters in Chancery. If a more stringent view were
taken of such manoeuvres, and the non-produc-
tion of minutes were taken as prime facie evi-
dence of the liability of the managing committee in
whose possession they were known constantly to have
been; some abortive undertakings that we could name
would have been wound up long since to the content-
ment of creditors, contributories,f,and committeemen. The
original intent of the Act seems, however, to have ireen
entirely averted, and so far from assistance being ren-
dered to creditors, against the powerful combination of
a few scheming committeemen, every possible technical
difficulty is thrown in the way. The creditor is required
—or at least asked—to prove what particular members
of the managing committee sat upon each occasion of
the board meeting, so as to partition the debt liability
among them. At first sight this may not appear un-
reasonable, but when the practical difficulty is shown
the injustice becomes obvious. In some cases the secre-
tary bas vanished entirely from the scene, being, of
course, well paid to do so, and with him are gone the
minute-books and the principal documents. Collateral
evidence, therefore, is alone, available ; and if a creditor
can prove that the secretary was duly registered, or,that
he was recognised and received his salary as such, and
then further establishes the fact that this official gave
certain orders which the said creditor executed, there
should be an end of the matter as far as the latter is
concerned. Neither is equity or law ought he to be
made to prove more, and the whole of the managing com-
mittee should be compelled to contribute equally towards
the debt. Then, probably, one or other of its members
would protest that they attended not the board meetings
as often as their colleagues, but we should
meet that plea by declaring that they gave general sanc-
tion to the officer of the company to act in their behalf,
and if not, that they should have attended the board,
and protested against expenses being incurred. They
suffered the public to trust the company, or scheme, on
the faith of their respectability, and, like the partner of
a private firm, should be legally, as they are morally,
liable. Taking the extreme view, however, that those
who attended the board meetings oftenest are most liable,
the onus of proof or disproof should be thrown upon
them. Thus, if a creditor proves his orders from the
secretary, let the Master direct all members of the ma-
naging body to pay an equal contribution, because if
dissatisfied at the apportionment, they can at once assist
the Master in more equitably dividing the liability, by
producing the minute-books. Theaprinciple of equal
contribution is, however, the right one, for when once a
managing committeeman—say the chairman, for example
—shows that he has paid any debt fairly incurred by
the secretary for the company, such chairman can reco-
ver from his colleagues their share of the payment. To
the host of claimants now before the Chancery Court,
the importance of some common-sense decisions corre-
sponding to our suggestions have long been obvious, and
unless given will protract the proceedings, and cause
further appeals to the common-law courts, where, after
all, there is in these cases most equity.
The accounts from the United States are satisfactory
upon the whole, but the failures have not entirely ceased.
A very heavy one had occurred at Salem for three-
quarters of a million of dollars. Money was tight, and
there was some uneasiness, but no specie comes by this
opportunity, and this may prove some relief. Daring
the week about half a million of dollars had been shipped
in specie from New York, and previously this year
31,289,000 dollars.
From New York it is stated—
" The only item of importance in which there has
been any activity, in the way of exports, is breadstuff
but the movements in breadstuffs have been limited.
It will be seen that the exports to Liverpool, during
the week have been quite small. We can hardly con-
ceive it possible that a week could elapse without
greater shipment of merchandise to Liverpool than
appears in the above statement. There have been
further exports of phosphate of lime to London. The
quantity sent forward weekly, thus far, has been small;
but wo shall, before the lapse of many months, carry
on a largo trade in this article. The consumption in
England alone is equal to at least fifty thousand tons
per annum ; but we cannot supply such a demand at
once."
The Continental letters report no striking novelty in
the Money Markets, but business at Paris was greatly
hindered by the political difficulties. At Amsterdam,
on the 25th ult., the Stock Market was less firm either
for home securities or Spanish Bonds.
The English Stock Market her been
particularly
buoyant, and a further rise of 1 per cent. has occurred
in the quotations. The political intelligence from
France has not assumed a more definite shape,
but the excessive supply of money finds
vent chiefly in the Stock Exchange, owing to
the absence of speculation in other quarters.
Until the surplus money is invested, unless
.anl probably
serious
event occurs to impair confidence, prices wil
be upheld, but the operators for a fall will come forward,
as usual, when a favourable opportunity seems to pre-
ssnt itself. Consols have been 974 to for Transfer
and Account. The New Three-and-a-Quarter per
Cents. have been marked 98i- to te and the Three per
Cents. 97 to Bank Stock has been well supported at
214 to 214 i. Exchequer-bills have risen Is., . being 545.
to
Market. Spanish Three
There has
Ibnedeinastornedeslyhave been 60s. premium.
39; the Five per Cents. have been nominally 20i I; and
paenr yc e
n thingts
bdoingave n
beenthe Foreign
done
at
the Passive 5f to f. Mexican Bonds are flat at 261 to
The news in the American papers is bad, as usual,
snarredsineiacnt
stcoritp i
ss
he condition of the Mexican Treasury.
Portuguese Four per Cents. have been steady at 33.
area l
discount,ooking whichn
olies ao dd elcilni ne
se.
Railway Share
taken the lead, and in them therep have been numerous
transactions. having

ONE
PRICES OF BRITISfI FUNDS 0
B Auk. Stock
3 ;e3r. Ceat. ltsduced Anne.
3 per Cent. Consols Annuit k3s.• —• • • 97'7'i
New 314 per Cent. Anus
Long Anne. to expiroJan.lB6o 7
Ditto, 30 years, Oct. 10, 1859-- 6%
Ditto 30 years, Jan. 5, 1860.
India Bonds, 1,0004._ ............
Ditto under 1,0004_...,. 60 p
Console for Account ......... 97%
Exchequer Bills. t 4a.
1,0004
54 57 p
5004
.. 54 57 p
Samna
rEICES3 OF FOREIGN FUNDS. ONE
' spa Ct., ex Jan. Coup.
Ditto, Account 26%
Peruvian Bonds, 5 Per Cm"—
Portuguese 5 per Cents.
Ditto, 4 per Conti

CLOSING
PRICES,
214
97
97
Os '4
7
71mi

60 p
9V!:t
57 p
57 p
57 p
CLOSINU
pRICES.
2634
881/a