The Sun.
London, England, 1869-05-17 00:00:00

TRADE AND FINANCE.

The Bank return th:s week was sufficiently favourable
to justify the course pursued by the directors in not raising
the rate. The reserve of notes and coin in the banking
department chews a slight increase, and the propor-
tion to the. liabilities is still sufficient for the
requirements of trade. Nevertheless, the amount
at which the reserve stands is very low, and leads
to the belief that the value of money has still an upward
tendency. The great difference of the continental rates 1
for discount and those current here had the effect of
attracting a considerable quantity of capital to this side.
Latterly, however, the course of the foreign► ex-
changes has been less favourable. On Friday
there was an active demand for short bills on
Paris and Frankfort, and it would almost appear that
the money which has lately been sent over here is now
finding its way back to the Continent. There is no
prospect of any immediate change in the money market.
Discounts having been greatly anticipated, there is likely
to be a restricted demand for some time, while, in the
present state of the exchanges, there is no demand for
gold for export. Should a crisis occur in America, as
appears not improbable, the market here would he affected,
but probably not to any serious extent.
A curious dispute has arisen in the Mincing-lanemarkets.
A few of the leading dealers here combined to resist the
payment of the half per cent. brokerage for buying
teas. Now that the clause forbidding the brokers
to operate on their own account has bee'
struck out of the rules by the Court of Aldermen,
they are enabled to charge the brokerage of half per
cent. on the sale of their own produce, and it is this fact
that has led to the combination amongst the dealers.
There is, however, a greater evil than this, and one
in which the dealers themselves are principally concerned.
To understand this, we take an actual transaction
in tea, as given in the circular of Messrs.
J. C. Sillar and Co., who have been chiefly
instrumental in bringing this question to public notice.
190 half-chests of tea are sold, weighing, by Imperial
measure, 10,226 pounds, on which quantity duty has to
be paid. In the account sales rendered to the importers,
however, the weight of the 190 half-chests is returned
at 9,846 pounds, owing to deductions made fur
draught and tare, losses which have no real
existence, but which have become a customary
charge of the trade. It is contended that the difference goes
into the pockets of the dealers and retailers to the loss of
the merchant, and thus the former are enabled to secure
an unfairly large profit, while it is well known that the
import of tea on the average of years has resulted
in a loss to the latter. The whole system adopted
in Mincing-lane requires thorough reform, espe-
cially as regards the trade, which is notoriously the
hotbed of abuse. We can see little advantage in having
" sworn brokers," except that the system brings in a small
revenue to the City of London, which may be anything
but an advantage after all. It is satisfactory to know,
however, that the whole question will be brought before
the Tea Brokers' Association.
The American railroad companies seem to experience
great difficulties in placing their bonds, and latterly the
Paris market has been chosen for their attempts. The
Memphis Pacific Trans-Continental Railroad Company
are endeavouring to dispose of 38,900 mortgage bonds in
Paris and Lyons, but apparently without any great
success. We recently had occasion to draw attention

to a similar proceedings on the part of the Union
Pacific Railroad.

The great liking of our continental neighbours for lot-
teries is well exhibited in the success of the City of Paris
Loan, the F. übscriptions for which have many times ex-
ceeded the amount— £10,000,000 —required. It is scarcely
likely that these investments have been made on
account of the interest offered, which is only 3 per cent.,
but rather from the inducement offered by the prizes
attached to the drawings, which, in many case", are for
considerable amounts.

A London corresFondent says it is generally ru-
moured that out of the many candidates for dm vac:mt
Under-Secretaryship for Ireland Mr. Wil:iam Mousell is the
most likely person to be chosen. He Las represented the
county of Limerick in sever.l Parliaments, and has filled
successively the offices of Clerk of the Ordnance, Vice-
President of the Board of Trade, un.l Under-Secretary for
the Colonies. His rivals object to him chi( fly on the ground
that having been a Protestant ho became some•years ago a
Convert to .h Church of Rome. It is also stated that Mr.
Chichester rortescce is desirous, on account of health, to
vacatl his office of C-hief Secretary fur Ireland, which,
in
tlinso times, is certainly co?, of Pl9.lPrat itgre mix 44
Oat DV 'it ktio,

THIRD EDITIOiV

SUN OFFICE, 7 o'CLocK.

SPORTING INTELLIGENCE—This Day

WEST DRAYTON RACES—Tins DAY.)

Nannie..

Poleaxe
Goodfellow.,

(BY ELECTRIC TELEGRAPH)
HURDLE RACE PLATE

Five ran.
SELLING HA NDIC AP HURDLE PLATE.
La Sorrentina

Basquine.......
Lord Craven..,

SofEnka...,
Inheritor..
Primula....

Flash..

Seven ran.
SELLING STAKES.

Spitfire
Claymore

Five ran.
FLI'ING STAKES.

T vv. Ivo ran.
WELTER CUP.

Contempt .....
Plunger
Vabalathus

3

Five ran.
WM V- MONDAY HANDICAP.

Slowmta.

Fitz Ivan.

Plunger .. .•

TATFERSALL'S—This EVENING.
SOMERSETSHIRE STAKES.
sto 2 agst Ligurian (taken and offered)
4to 1 agst Judge (taken)
DERBY.
9 to 4 agst Pretender (taken and offered)
100 to 30 agst Pero Gomez (taken and offered)
5 to 2 agst Belladrum (taken and offered)
100 to 6 agst Ryshworth (taken and offered)
20 to l agst Perry Down (taken)
20 to 1 asst Ladas (offered)
1000 to 8 agst Border Knight (offered)
1000 to 7 agst Tenedos (offered)
1000 to 5 agst Strathnairn (ofiered)
1000 to 5 agst Royal Oak (offered)
30 to 1 agst Thorwaldsen (offered)
1000 to 20 agst Drummer (taken)
1000 to 20 agst Duke of Beaufort (offered)
1000 to 20 agst Bosworth (offered)
1000 to 15 agst Rupert (offered —lOOO to 10 taken)
1000 to 15 agst Lord Hawthorn (offered)
1000 to 10 agst Brennus (offered)
OAKS.
4to 1 agst Mona (taken and offered)
sto 1 agst Martinique (taken)
sto 1 agst Brigantine (taken and offered)
Amara was scratched for Somersetshire Stakes and
Oaks at 9 a.m., Nay 17.

LONDON BETTING—Tres DAY.
SOMERSETSHIRE STAKES.
2to 1 agst Ligurian (offered-5 to 2 taken)
4to 1 agst Judge (taken freely)
6 to 1 agst Aftermath (taken)
10 to 1 agst Clifford (taken)
12 to 1 agst Black Diamond (taken)
12 to 1 agst Amara (offered)
DERBY.
9 to 4 agst Pretender (taken and offered)
100 to 30 agst Pero Uomez (taken)
4 to 1 r.gst Bolladrum (offered—take 9 to 2)
1000 to 60 agst Ryshworth (taken and offored)
20 to 1 agst Ladas (offered)
25 to 1 ugst Perry Down (taken freely)
1000 to 35 agst Thorwaldsen (offered-30 to 1 taken)
1000 to 30 agst Martyrdom (offered)
1000 to 30 agst Ethus (offered)
40 to 1 agst Drummer (offored-50 to 1 taken and
wanted)
66 to 1 agst Vagabond (taken)
1000 to 15 agst Lord Hawthorn (offered-1000 to 10
taken and wanted)
1000 to 10 agst Breanus (offered)
1000 to 5 agst Strathnairn (taken and offered)
1000 to 5 agst Tenedos (wanted)
THE OAKS.
4to 1 agst 31orna (taken and offered)
sto 1 agst Martinique (offered-6 to 1 wanted)
sto 1 agst Scottish Queen (offered—take 6to 1)
sto 1 agst Brigatttine (offrre(l)