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

TRADE AND FINANCE.

The Bank return this 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 bade. 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
for diecount 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 beim 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 be affected,
but probably not to any serious extent.

A curious dispute has arisen in the Mincing-lanemarkets.
A few of the leading dealers berg 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 been
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
ib 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 38,000 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 iubscriptions 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 inductmunt cif, red by the prizes
attached to the drawings, which, in many cases, are for
considerable anon ts.

A London comsronacnt says it is generally ru-
tnoured that out of the many candidates for tha vacant
Under-Secretaryship for Ireland Mi. W.Liant Monsell is the
most likely persoti to to chosen. lie Ices stinted the
county of Limerick in sever..l Parliaments, and has filled
successively the offices of Cleik of the .Ordnance, Vice-
President of the Board of Trade, and Under-Secretary for
the Colonies. His rivals object to Lim chic fly on the ground
that having teen a Protestant Lo became some years ago a
convert to tts Church of It is also stated that Mr.
Chichester Pork:seta) is desirous, on account of health, to
vacate his office of Chief Secretary for Ireland, which, in
these times, is certainly ono of the least desirable poste iu
tin Aishniplitl Wu;