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

an-NEE.

Paid. Nominal Prices. '3uslaasB "3
to-clay.
-----
•
Australian —.. •• •• 4
Ilarossa Range 113 0 8%
Blaenarvon Iron and Coal all •• ••
Bolanos Scrip
British Iron.. 18 5 •• ••
Brazilian Imp. (is. Si. p.) 23% ••
De. COCtIC3 and Culaba all ••
Do. St. John del hey— 15 20% —2l
Cobra Copper ... 40 33 34%
Copiapo ~..... • .. 14 -
General.. all 13% 14
Mexican& S. American 9 3% —4%
Real Del Monte, Unreg.
Do. Black Debentures. •• '•
Do. Red Debentures • • —•• •
6aritiago de Cuba ...... 10 4
Tin Croft ............•• 7 WIC 8
United Mexican.-...... 28 26% 3 2
3OXNT OTOMEIG nArnts
Australasia . all 37 x.d
British North America 50 45 —46
I Colonial .... • • ........ 25 10% • 11%
Commercial of London.. 29 25 —. 264
London Joint Stock .... 10 18% —177 E
Lenion and Westminster 20 28% 29% 29%
National Provincial Eng. 85 • •
Do. New ........ •• • • 10 ••
National of Ireland .. • - 22% 1" 'll 17%
Oriental Bank Corporat. all 26 23%
Provincial of Ireland.. • - 25 42 —44
Do. New •• 15% 16%
Union of Australia .... all 35 36%
Do. New ............ 3 —3%
Union of London . • 10 14% 15%
Union d 2.ladrid —• all ••
7.IIISCMIr.,7,2,I^.TMOITISL.
Canada •• .. •••••• • • •• 32% 48 49%
Lien. Steam Navigation . 14 26% —2e x.d
Penin. 8; Oriental Steam. all 65 67%
Ditto ditto 10 14%

,8i1^.T7101751.,
48 49%
'26% 2 x.d
65 6734
14,n 1:;•~
78 79} x.d
October. Tichet days for regis•
Account days, 17th and Zlst.
to errors of the Official Lists, and
d correspondents.]

Royal Mail Steam .. ••.. I 60
Settling days fit the month of

tered shares, 16th and

30th.

,ble for tl
interestcc

(We cannot be answeral
will not be influenced by

MONEY and COMMERCIAL NE WS.
CITY, TWO O'CLOCK.
The sales of Cotton at Liverpool 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 5.0. to 60.; 100 Bahia,
at 54d. to 61; 100 Egyptian, at 6/d. to 70.; arid l,OOO
Surat, at 24..1. to 30, per lb. The market was tame at
previous rates.—ln 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 51. 55., con-
sidering the large number of shares taken up. The
balance would make up an immense sum, and unless the
scheme had actually been brought before Parliament
this ought not to have been wholly expended. The
subscribers are loudly complaining, arid 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 lcgsl 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 be ed 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 maueeuvres, and the non-produc-
tion of minutes were taken as prim'd 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, contributories4and committeemen. The
original intent of the Act seems, however, to have been
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 has 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, ()relent
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 in 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 aro moat 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 snore equitably dividing the liability, by
producing the minute-books. The principle 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
farther 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
opportunit'y, 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 bread:tuffs;
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 we shall, before the lapse of many months, carry
on a large 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 has been particularly
buoyant, and a further rise of 4- per cent. has occurred
in the quotations. The political intelligence from
serious
France has not assumed a more definite shape,
but tho excessive supply of money finds a
probably
vent chiefly in the Stock Exchange,
. Owing to
the absence of speculation in other quarters.
dp,ruienlesisswiallny
event
tl
occursthe surplusto amp
aoiure y
confidence,is invest
be upheld, but the operators for a fall come forward,
sent itself. Console have been 9721. to for Transfer
as usual, when a favourable opportunity _ seems to pre
and Account. The New Thrce-and-a-Quarter per
Cents. have been marked 984 to 4, and the Three per
Cents. 97 to 4. Bank Stock has been well supported at
214 to 2144. Exchequer.bills have risen 15.,. being 545.
to 575., and India Bonds have been 60s. premium.
There has been scarcely anything doing in the Fore
aeign
Market. Spanish Three per Cents. have been d 9 n. t
39; the Five per Cents. have been nominally 204
I, and
the Passive 54 to 4. Mexican Bonds are flat at 264 to
4- The news in the American papers is bad, as usual,
in respect to the condition of the Mexican Treasury.
Portuguese Four per Cents. have been steady at 33.
Sardinian Scrip is 3 discount, which is a decline.
h
Railway Shares are looting' u the old lines having
taken the lead, and in them theprO have been numerous
transactions.

QUARTER TO 7;112.
Consols
... ..•
9/ A
Ditco Account, Nov. 12 ••• ••° AOC&
BRITISH FUNDS THIS DAY AT ONE
(From the Official List.)
2, 414 014
Bank 5t0ck....,.
psr. Cent. Reduced
..... 97
per Cent. Consols Ann?. 973/4 , ,
New 3% per Cent. Anna. 9BIV6A
Annuities, Ezzp. Jan. sth, 1850... 7
D 0.30 Years, Expire Oct. 10, 1559... 6
India Bonds under-I,oooi .....CO p
Coniels for Account ................... 973/4%
E <c.'neoner Bills. 14d.
1,0001.
:AV 4 57 p--
Small
...... 51 57
PRICE OF FOR.E..GN FUNDS Al ONE O'CLOCS
Blmicarx Bonds, 1546, ea an. Coupons --
Ditto Account ... ............... 2631
Portuguese Bomb, 5 per Cent...,..