The Sun.
London, England, 1869-06-09 00:00:00

THE ENGLISH JOINT-STOCK BANK.

The decision of the Lord Mayor with respect to
the charges against the manager and the directors of
the English Joint-Stock Bank seems to give
general satisfaction. The history of this case is told
in a. very few words. In 1804 the bank was formed,
and had for its chairman Mr. Andrew Laurie. The
bank failed in 1866, and during those two years con-
trived to lose a quarter of a million. When the
bank was started it was. proposed to use the capital
of the company in dealing with the company's shares.
The committee of the Stock Exchange objected
to this course, and refused to grant a
settling day unless the directors pledged
themselves not to use the power which was given to
them. Mr. Laurie subsequently resigned, and sold
his shares, and the throwing of them upon the
market naturally created great suspicion with
regard to the affairs of the company. It was
attempted to be shewn that he had done this out of
spite ; but the evidence proves rather that he felt
convinced that his fellow-directors were determined
to act imprudently, and that the sooner he got out
of the affair the better. As soon as he had done
so the directors used those powers which the Stock
Exchange had protested against. They did so, it
may charitably be assumed, in the interests of the
shareholders, which were supposed to be forwarded
by any attempt to restore confidence in the bank.
But the shareholders who were induced to buy or
retain shares in what was all the time a rotten con-
cern think differently, and. commenced the recent
proceedings against the chprman, the directors, and
the manager. No intention of fraud was shewn on
the part of the two first, so they have escaped, after
a very severe lesson. The charges against the manager
were more serious, and were supported by stronger
evidence. Upon these the Lord Mayor has committed
him for trial at the Old Bailey.

" NOMINATORS " AND RACES.

Sir Joseph Hawley was the cause of the largest
amount of excitement about the Derby this year.
lle gave notice of the reported death of the nomi-
nator of Pretender ; and had this news been true,
an event having nothing to do with the race, having
no influence on the merits of the horses, would have
made the money staked on bets change hands, and
altered the whole aspect of the Derby. Already the
charge against the Turf is that it is simply a game of
chance, that the best horse does not win, and that the
fascination of sporting lies in its uncertainty. But
here an element of chance is added, without any
reason that we can discover, and the winning. of
a horse is made to depend upon a man's life. Admiral
Rous is endeavouring to remove this absurdity in
future races. At the next general meeting of the
Jockey Club the gallant turfite will move that " The
Jockey Club recommend the commmittee at
Tattersall's to adopt the following rule in the
event of a horse winning a rice, and it being sub-
sequently discovered that the nominator was
dead when the horse started; it shall in no way affect
the validity of the bets, unless the nominator's
decease was officially or publicly notified to the
stewards or to the racing authorities of the meeting
before the race took place.' "

FOREIGN NOTES.

THE ALABAMA CLAIMS.

More news about Mr. Motley's instructions. The
Washington correspondent of the Telegraph is of opinion
that the Alabama claims will not be brought forward at
the commencement of Mr. Motley's ambassadorial career.
He will first set to'work upon expanding the protocol
respecting the rights of naturalised citizens into a treaty—
a work involving no difficulty, but nevertheless
requiring time. Then a new treaty about consular
matters is required. These two undertakings will
have the effect of postponing the Alabama difficulty.
Meanwhile Mr. Sumner enjoys his notoriety, but it is
notoriety of an unenviable kind. He is profoundly mor-
tified at the emphatic censure which his speech has met
with in England, and at its rapidly-waning popularity in
America. The correspondent of the Telegraph says that
at a recent social gathering, at which were present Cabinet
Ministers and leading friends of the Government, the
favourite joke was Mr. Sumner's speech, and the snubbing
and exposure it has received from the British press.
DETENTION OF A BRITISH SHIP AT NEW TOM
A small " 290" case has occurred in connection with the
Cuban revolt. A British ship, the Quaker City, ostensibly
bound for Jamaica, was suspected by the Spanish Consul
at New York to be really destined for a filibustering
expedition to Cuba. On his representations the American
Treasury department ordered the detention of the vessel.
The British Ambassador has, however, interfered, on the
plea that there is no proof of the illegal destination of the
ship. The District Court will inquire into the matter, and
if it turn out that the vessel is bound on a lawful mission,
the costs of her detention will be demanded of the Spanish
Government.