The Sun.
London, England, 1860-08-31 00:00:00

A Selling Stakes of 3 sous each, with 25 added. Optional
selling weights. Three-quarters of a mile. Five subs.
Mr. S. Thellusson's Confusion, 3 yrs (£3O), 7st 71b (car.
7st 81b)
Mr. W. Day's Pbmgari colt, 2 yrs (i,'3o), 6st (J. Adams) 2
Mr, T. Hughes'q Chantress, 6 rs (450),85t 61b.. (Bray) 3
41. ti Brayley's
Betting-6 to 4on Confusioll ,6to 2 agst Chantress.
Won by half a length ; two lengths between the second
and third; Czarina beaten off.
The winner was bought in for 250 guineas ; the Phingari
colt was claimed by Mr. T. Hughes, and Mr. Thellusson
claimed Chantress.

THURSDAY.

The Lancers' Stakes of 5 sovs each, 2 ft, for all ages, with

25 sovs added. Half a mile.
Lord de Mauley's Reynard, 4 yrs, Bst 71b.. (A. Cowley) 1
Mr. Thellus9m's Chantress, 6 yrs, Bst 51b ..(Fordham) 2
Mr. T. Stevens's Chanoine, 4 yrs; 7st 91b.... (Hutchins) 3

The following also ran :—Daisy, Babbler, My Uncle, and
Parole.

Betting-6 to 4 agst Chantress, 7to 4 (at first 6to 4)
agst Reynard, 7 to 1 agst Parole, 10 to 1 any other offered.
Parole turned round sharply when the flag fell, and was
left at the post. The three placed ran in front throughout,
Reynard having a trifle the best of it all the way, and win-
ning, after a good race, by a length ; a head between the
second and third; My Uncle was fourth; Daisy fifth; and
Babbler, who was ridden with a powerful postillion's whip,
which was plentifully applied all the way, last.
The Ladies' Plate of 25 soya, added to a sweepstakes of 5
soya each (handicap) ; gentlemen riders; jockeys 71b
extra. 04 mile and a half.

Mr. J. F. Rowland's Birdbolt, 4 yrs, list 51b • . (Owner) 1
Mr. Donaldson's The Poet, 4 yrs, list 121b(Mr. Edwards) 2
Mr. W. Hedge's Daisy, 4 yrs, lOst 41b.... (Mr. Thomas) 3
Mr. J. Shelley's Lord Berkeley, 6 yrs, 12st 71b
(Mr. J. Dixon) 4
Betting-2 to lon Birdbolt, 7to 2 agst The Poet, sto 1
agst Lord Berkeley.
Poet male play, waited upon by the favourite, who came
away at the distance, and won in a canter by two lengths;
bad th;rd.

The Hamlead Plate of 30 sovs, added to a Sweepstakes of
5 sovs each, 3 ft, for all ages. Three-quarters of a mile.
Mr. Gull'ver's King of Kent, 2 yrs, 6st 21b .. (Pearson) 1
Mr. E. Prayley's Codicil, 3 yrs, 7st 41b, (in. 71b extra)
(A. Saddler) 2
Mr. S. Jacob's The Don, 3 yrs, fist 51b .... (J. Adams) 3
Confusion, Reynard, and Rosedale also ran.
Betting —5 to 4 agst Confusion-3 to 1 agst Codicil-5 to
1 agst sing of Kent.
Codicil was first on her legs, with King of Kent lying
second, and The Don third. In this order they ran to the
distance, where the King quitted his opponents, and, com-
ing on at his ease, won by three lengths, bad third ; a head
between third and fourth..

The County Cup of 200 sovs value, by subscription of 10
sovs each, 5 ft, with 100 added. Two miles and a half.
Mr. W. Ley's Crater (not to be sold), 3 yrs, Bst 21b
(G. Fordham) 1
Lord Portsmouth's Tame Deer, aged, 9st 71b(J.Goatcr) 2
Lord de Mauley's Marine, 4 yrs, Bst 61b.... (A. Cowley) 3
Borderer and Star of the West also ran.
Betting-2 to lon Crater, 3to 1 agst Tame Deer, Bto 1
each agst Borderer and Marine.
A. 4 soon ag the lo)res had settlei down to their work,
_ .

Borderer (who as usual ran in his hood and winkers) showed
conspicuously in front, with Marine second, Tame Deer
third, Crater fourth, and Star of the West last. When the
straight was fairly entered Borderer dropped back, and the
favourite, Tame Deer, and Marine were on pretty equal
terms, the old horse looking so well at the distance that a
shout was raised of " Lord Portsmouth beats anything ;"
but Fordham roused his horse, and the call was instantly
responded to, the favourite winning by four lengths ; three
lengths between the second and third ; the other pair were
separated by long distances.
The Nursery Handicap of 10 sovs each, 5 ft, and only two
if declared, with 100 added, for 2-yr-olds. One mile.
Mr. E. Brayley's Ringbone, Est (Lambourn) 1
Lord Portsmouth's Cronstadt, Bst 41b Goater) 2
Mr. Gulliver's King of Kent, Bst 101 b (in. 31b extra)
(Payne) 3
Mr. Brayley's Reprieve, 6st 101 b (A. Saddler) 0
Betting-7 to 4on Ringbone, 3to 1 agst Cronstadt.
The favourite made all the running, and won by four
lentrths : bad third ; Reprieve did not pass the post.
Mr. Riddell has refused 1,000 guineas for Frederick for
the foreign market.

ALDERNEY HARBOUR.

On Monday morning her Majesty's ship Emerald
sailed from Spithead for Alderney with two batteries
of Royal Artillery on board, under the command of
Colonel Dixon, V.C., and arrived at Alderney the
same evening, taking up moorings inside the
breakwater there at 7 p.m. The troops were at
once disembarked, and on the following morning
two batteries of the 15th brigade embarked for con-
veyance to Spithead, under the command of Major
Lennox. The frigate slipped from her mooring
buoy at eight a.m., the stern hawser was hove on,
and the jib hoisted to cant the ship. She began to
pay off, when, to the surprise of all hands, it was
was found she had taken the ground. The pilot
on board declared that no rock was in the way,
and that her screw must have fouled the moorings.
It was, however, soon discovered that the finest
50-gun frigate in her Majesty's service was hard
and fast on a rock, right underneath her funnel.
The engines were turned astern at full speed, the
foremost guns run aft, all boats hoisted out, and
every possible means taken to free ttie ship, but
without effect. Topgallant masts and yards were
next struck. A hawser was laid out from the star-
board quarter to a buoy astern, and one to the half-
tide rock, and both hove taut, while another was
made fast from the mainmast head to a buoy on
the beam, to prevent the ship from falling over on
her beam ends. Every precaution that good sea-
manship could suggest was, in fact, taken for the
ship's safety. The tide fell rapidly, and she soon
et
ande ship
slowly, was off, and, with the
heeled over 4,- degrees. The tide turned about 11
parts had received, she was got
breakwater, when sail was made, and
on account of the
aoinjury.n enginestsi'daens
tdothumaerten3ionfpgt.hl p.m. the
the ship's course laid for Spithead, where she an-
chored this morning and disembarked her troops.
Independent of other expenses, upwards of
£2,000 per week is being expended in wages alone
in the construction of this harbour, in which a
frigate of modern construction has scarcely room to
turn, and whieh is apparently full of unknown and
hidden dangers ; and yet this is the wonderful
work which is supposed to shelter a fleet to keep
watch upon Cherbourg. The Emerald has but just
returned from a cruise through the West Indies,
where she safely found her way among the coral
reefs of Bermuda, and into other harbours where
there was intricate navigation, and went under
sail at midnight to her anchorage at COlon, and all
without the slightest mishap or fear of one. Yet
here, in an English port, and in charge of an Eng-
lish pilot, she is jammed on a rock the existence of
which in the harbour is unknown, and the ship is
not only injured, but for the time her very exist-
ence was imperilled.

THE MAIN DRAINAGE OF THE METROPOLIS.—
There has been great progress made in the construction of
the main drainage sewer during the last few weeks in the
neighbourhood of Hackney, Bow, and Bethnal-green, and
which is being formed for the purpose of taking off the
sewerage from the upper districts of the metropolis, in-
cluding Hackney, Islington, Stoke Newington, and
other portions of the northern suburbs. The Metropolitan
Board are now about to enter into contracts for the exten-
sion of the main drainage sewer to Barking, which will be
the extreme distance from the metropolis. The contract
will embrace a brick sewer of about five miles in length,
with an embankment, which will, of course, be made out
of the earth excavated for the formation of the sewer. There
will be also several iron bridges built over the line of the
sewer. The works will commence at the river Lea at Old
Ford, cross the Stratford-road, pass through West Ham,
Stratford, and East Ham, and terminate at Barking- crek.

(Flom the Bat,ikers' .11aga,zine for September.)
No greater evil can exist in the course of busi-
ness operations than the loss of confidence between
the money broker and his customer. From the
highest in the mercantile ranks to the lowest in the
retail department the effect is precisely similar,
prejudicing, as it does, connexions, and eventually
entailing disgrace and ruin. The link is, neces-
sarily, so close, and the tie of such a delicate nature,
that the least suspicion or alarm is sufficient to de-
stroy faith, and this accomplished, the result even
to the strongest, must be most disastrous. It had
been hoped that the exposure of late frauds and
irregular dealings had, at least for the present, so
cleared the path of the mercantile community from
this system of trading, that whatever disaster en-
sued would in the main arise from misdirected
adventure, and not from bill operations on an
unsound basis, or from an accumulation of bad
debts represented by paper. A merchant,
or general trader, who has taken probably
too sanguine a view of the future, or whose
operations may suddenly be brought to a crisis
through changing markets or political events, is not
to be unmercifully dealt with because he is compelled
to suspend, unless it should happen to turn out that
he has proceeded in violation of all known prin-
ciples and pursued a reckless career. But the case
is very different, and the punishment should be
the greater when it appears that a long course of
trading has been followed at a loss, and that when
gradually sinking step by step, instead of surren-
dering what there is for the benefit of creditors, It
system is adopted by individuals of making avail-
able the credit obtained, by putting afloat in every
conceivable channel manufactured paper and bills
based upon debts, the very existence and increase
which 'proved the hollowness of the trading
carried forward. The free negotiation of paper in
the discount market, and the facilities afforded to
every branch of business supposed to be conducted
on legitimate principles, has opened, to a certain
extent, the door to the almost illimitable circulation
of this species of security ; and the eagerness with
which favourite description of bills are sought for
have frequently, before now, produced large loss to
those who make them their chief market. Great,
however, as is the competition that prevails, it is
desirable that increased caution should be used,
since not only metropolitan bankers and brokers
may be deceived, but country bankers also, as their
opportunities for inquiry are much less available
than those of their London friends. It will be
noticed in most of the recent cases, that, although
the London banks and discount houses have suffered
severely, provincial establishments have not alto-
gether escaped ; and it must be admitted that if
the system had not fortunately broke down when
it did, these latter institutions would have become
much more extensively involved.
The bills, as a class (though pretending to re-
present bona fide transactions), have ab initio been
little better than waste paper, particularly those
representing debts ; as the position of the one firm
was already sacrificed and could only be propped
up so long as the other was supposed to be wealthy,
and the public relied upon the presumed inex-
haustible resources of the partners. To take the
most humane view of things, the principal indi-
viduals in these transactions must have possessed a
purblind estimate of their own situation, or they
never could have persevered in their career. The
maze of figures in which they were involved may,
combined with a sanguine temperament, have
led them to believe that a few years of strug-
gling would either partially restore affairs
or set them free ; but cool examination
and patient analysis could only have been necessary
to have shown them the inevitable consequences of
the mass of current liabilities by which they were
unhappily surrounded. The intermixture of coun-
try with metropolitan engagements, the growing
total of the respective accounts, and the difficulty
of proceeding from day to day without the issue of
additional paper, must have, if not permanently,
occasionally created a strong impression of the
utter impossibility of eventually surmounting the
difficulty.
This was an aspect that did not at first present
itself except to those who privately investigated
several of the estates, but it has become confirmed
since through the extraordinary revelations which
have been made at various meetings ; and the prin-
cipal wonder now is, that the foundation of the
credit having been comparatively slight, it could
for so long a period have borne with seeming
ease such an, overwhelming mass of engage-
ments. In the course of the proceedings which
have taken place, a point has elicited notice, ex-
hibiting the thoroughly reckless conduct of the
majority of the subordinate firms engaged in the
operations. In justice to the great parent house
mixed up in these questionable dealings it must
be stated that the books and accounts were most
systematically kept ; so correctly, indeed, that but
a few days were required to submit a balance-
sheet to creditors, including liabilities exceeding
£1,000,000 sterling, and every kind of banking
and discount account. Not so, however, with
the majority of the other firms. In these instances,
correct or approximate book-keeping has been the
exception and not the rule ; stocks have hardly or
ever been properly taken, and it has almost been an
axiom with the debtors not to rely on themselves
or their own resources, but to look for deliverance
through their leviathan supporters. This imbe-
cility will, no doubt, be remembered whenever they
enter into trading pursuits again, for though par-
donable to some extent, the complete abandonment
of these ordinary safeguards to commercial rectitude
will not obtain the acquiescence of a commissioner
in bankruptcy or of a body of inspectors. No circum-
stance can be more damaging than this to the credit
of a trader who ever desires to recover his status,
the national inference being that he, in the first
instance, was fully alive to his position, or that he
was wholly incapable of managing his affairs. A
more healthy regulation can never be enforced than
that of sound accounts accompanied by periodical
investigation.
The most serious feature that has been manifested
throughout the inquiry connected with these in-
debted firms—and one has proved merely the reflex
of the other—is the magnitude of the accommoda-
tion transactions. If in the larger estates the
line can be drawn, it is only so far as the issue
of paper on old debts is concerned, and renewals
have been as frequent as any other mode of draw-
ing, while accommodation paper in its broadest
sense has been found to exist. In the smaller
estates the excess of the system has been deplorably
developed. Not only accommodation bills have
been circulated, but exchanges of paper for the ex-
press object of baffling inquiry have been resorted
te, and with an ingenuity that has eluded the lynx-
eyed—the second and third class discounters, so
artfully have the arrangements been perfected.
The recoil of the blow upon the infatuated dupes
who lent themselves to the system is, however,
now the stronger, for the opposition of the law,
in its most vigorous form, is arrayed against
them, and they will have to suffer the conse-
quences, which cannot be other than Basinghall-
street and low class certificates, with suspensions
running for more than an ordinary period.
One consideration, however, is presented through
the frightful amount of bill dealing, which these
embarrassments have brought to light, viz., what
is really accommodation and what is not. Advo-
cates are, of course, as usual to be found, pro
and con, the opinions of each being entitled to
weight; though in the midst of the nice dis-
tinctions which are endeavoured to be drawn, every
disposition is carefully shown to reprobate any
irregularity. It was once remarked by an eminent
financial authority, when a querulous creditor com-
plained of a debtor having given accommodation ac-
ceptances, that the whole system of trade was based
upon accommodation, although not the kind of
accommodation alluded to. But, notwithstanding
this distinguished personage scarcely intended that
his sarcasm should cue so deeply by the application
of the illustration, it was not far removed from the
truth. Accommodation paper in its worst form is
undoubtedly that in which the trader has recourse
to the use of the names of men of straw, who have
simulated addresses and imaginary occupations ; and
when circumstances such as these are discovered,
no pains should be spared to inflict the largest pro-
portion of punishment that the law will allow. The
next step in the accommodation system—and here
intrude very many of the transactions of which such
just complaint is made—is where bona fide business
has been completed, forming the original basis of
paper negotiation, which, eventually increasing,
terminates in over-drawing without an adequate
value in goods. This is, to say the least of it, dis-
creditable, and deserves severe condemnation ; but it
is sometimes accompanied by mitigating accessories.
The practice of renewals, with part payment in
cash, is recognised, the object being to allow the
debtor to diminish his liability by gradual stages ;
but it is not permitted that these renewals shall
go on indefinitely extending, becoming at last a
mere mass of accommodation bills. Much less, how-
ever, should old debts have been drawn against,
especially when discount and other charges were