The Sun.
London, England, 1860-07-09 00:00:00

4110MEY MARKET AND CITY NEWS.

CITY, Two o'CLocK.

From the manufacturing districts the accounts
are of a more satisfactory character ; greater ap-
tivity has prevailed in the cloth trade at Leeds, and
the mills in the neighbourhood are generally well
employed. At Bradford wools and yarns were at
full rates, but the spinners were cautious in their
operations. Piece goods were moderately active,
and there has been a fair inquiry for light
fabrics for the present season. Business at
Manchester has been dull, with little change
of importance to record in the demand for Indian
fabrics. The hosiery trade of Leicester has shown
Symptoms of revival, particularly in the cotton
departments, the late beneficial change in the
weather having stimulated the demand. At Bir•
mingham no alteration of importance has taken
place in the various manufactures connected with
the town and neighbourhood; and. at Sheffield,
Wolverhampton, and Walsall rather more activity
has prevailed. The iron trade of South Stafford-
shire still continues heavy, with no change to report
in prices.
In the Liverpool Cotton Market on Saturday
business continued active, and 12,000 bales were
disposed of at previous rates. The Railway Share
Market closed rather heavily, and prices tended
downwards.
The Niagara has arrived from America with
£50,000 in specie.
The traffic receipts of the Great Western Rail-
way of Canada for the week ending the 22d ult.,
exhibited a decrease of £845 compared with the
same period in 1859.
Business in Mark Lane has been rather dull, and
wheat was only saleable at a decline of Is. to 2s.
per quarter. _ _

There is rather less demand for money, although
the market still "remains in an active state, and the
mercantile community are not yet enabled to obtain
accommodation on easier terms. The bankers and
brokers exhibit great caution owing to the recent
failures and the serious losses they will entail ; at
the same time respectable and well established
firms are in a position to secure all the accommoda-
tion they require, and although suspensions may
occur in other departments of business, credit, it is
expected, will be satisfactorily maintained.
Very little business has been transacted in the
English Stock Market to-day, except in connec-
tion with the settlement, the quotations, however,
are steadily maintained, dealings having taken
place in Consols at 931 1 for money, and the quota-
tions for August is 93i /. The New 3 per Cents.
and the Reduced are rather flat at 931 Q. India
Stock is marked 218 ex. div. ; ditto New Loan is
firm at 1041 ; ditto 5 per Cent. Enfaced Paper at
97 ; ditto 51 per Cent. ditto at 1021 ; and Exche-
quer Bills remain at par to 3s. prem.
Very little business is recorded in Foreign Secu-
rities, and prices show no variation of importance.
Turkish 6 per Cents. are 771 to 78 ; ditto New,
601 to 61; ditto 4 per Cents. are firm at 1021 ;
and Braziiian 5 per Cents. (1839-59), at 981 ;
Danish 3 per Cents are 831; Spanish Deferred
have receded to 391; and ditto Passive have im-
proved to 201. _ _ _

The Ocean Marine Insurance Shares are lt
prem. ; the Thames and Mersey, prem. ; and
the Universal, 8 14 prem.

In the Railway Share Market the transactions
have bsen restricted, but in a few instances a slight
advance has taken place. Eastern Counties, Lan-
cashire and Yorkshire, North-Western, Midland,
North,-Eastern (Berwick), and South Western, have
each improved about ss.

The Foreign lines and dull. Paris and Lyons
realise 35, Northern of France 39, and Dqtch
Rhenish, 10,1.

The Colonial lines are inactive. Grand Trunk
of Canada declined 55., and Great Western of
Canada, ss. Great Indian Peninsula and Scinde
brought former rates.

Joint Stock Bank and Miscellaneous Shares are
at nominal quotations, no business of any import-
ance having been recorded.

BRITISH FUNDS—ONE O'CLOCK.
3 per Cent. Reduced Annuities o3i I i
3 per Cent. Consols Annuities
New 3 per Cent. Annuities
India Stock.
Ditto 5 per Cont.
Ditto Entaced Paper, 4 per Cent. —
Ditto 5 per Cent ..
Ditto 5± per Cent_
_ ._ __ 1021
__ 1

Ditto Debentures, 1858 96 i i
Ditto, 1859
Ditto Bonds £l,OOO
Ditto under £l,OOO .. ...
Cousols for Account, 10th July 93a
Exchequer Bills, £l,OOO, lid
FOREIGN FUNDS—ONE O'CLOCK.
Brasilian 6 per Cent
Ditto 5 per Cent. 1839 & 1859
Danish 3 per Cent., 1825
Spanish 3 per Cent.
Ditto New Deferred
Ditto Account
Ditto Passive
Spanish Com. Cert. of Coup. not funded.. 44
Turkish 6 per Cent
Ditto Account
Ditto New Loan
Ditto Account
Ditto Guaranteed, 4 per Cent.
Ditto Account
Dividends on the above paxable in London.
, TWO O'CLOCK. st
Consols for Account, .ex div....:%. 93a 1
Ditto August

MAKING THINGS PLEASANT.

In December last a considerable sensation was
eaused at Marseilles by the failure of the Franco- et
Belgian Sugar Refining Company, which had been B t
established in that city in shares, and which was
supposed to be going on most prosperously. The
Tribunal of Correctional Police of Marseilles has st

just been occupied seven days in trying the gerant
of the company, M. Ramon de Zangronis, for hay- 1 st
-, 1 g violated the law of July 17, 1856, on companies 8,
in shares. The following facts were stated :
The company inng
question was established under
the management e
nominal capital
of 3,ooroonois in April, 1858, with a
500 f., and, as the merchants of Marseilles in 6,000 shares of
were glad
to see a competition commenced
,
refiner of importance in the
city,withthey
warmly
sugar go an r. 8. t;
couraged the new company. In
the C 0
mnpAa
huyg uhsatahhl y Zangronisheen st..
announced that, though
a few months in existence, he wrsa%a.ble to distribute 1,
aiteroefst. In the , 21,- per cent. to the shareholders
January following he called a meeting thoeoosfhahre- :I:
holders,and announced that a profit of 1,133
been realized, and that it was sufficient,after deduct-ad
841
ing 15 per cent. for himself and other charges im- st:
posed by the by-laws, to enable 133 f. per share to
be paid. He represented that if the capital had st;
been larger, still greater profits would have been st:
obtained, and he proposed to increase it to 5,000,000 f.
This was readily agreed to by the shareholders,
and, in order to show their satisfaction, they de-
cided that he should henceforth reseive 20 per
cent. of the profits instead of 15. The increase
of capital was effected by a new issue of shares,
which were at once taken up. He subsequently
several times announced in the mdnthly meetings
ajatshe Conseil de Surveillance that the company
that th
progressing in a remarkable manner, and
stated
550,000 f e profits for July alone were
for August, 120,000 f. ; for Sep-
tember, ?n
ber, 62
25 per cent. to
37°°E ; and for the month of Oeto-
In July he again distributed
ber the
stthe shareholders. Yet in Decem-
ber
had announcement was all at once made that the
the value of theePsfir
hasty examination aorfes was the consequence. A
payment, and a heavy fall in
the accounts showed that,
instead of making the
gronis had representeselendid profits which Zan-
£2,so6
°the company had sus-
tained a loss of 00f.—half the capital ;
and a further investigation proved
r that the situa-
tion was even more deplorable, all the capital
being gone, and there not being assets
suffi-
cient to pay the numerous creditors
scovered that in 5O per cent.
t
Among other things, it was
making up the inventory on the It
ber, 1858, which represented the last
profitsd ay of Decem-
uP to than
time to be, as already stated, 1,133.0001., Zangronit
realized had actually put down as profit
item of 400,000 f., because a rise inr the
an
hof sugar happened to take placee price
that
day a rise which disappeared ten
ciafter. In consequence of these facts Zangronis was
a 8
accused of having-Ist, by means of the publica-
tion of false statements made with bad faith, ob-
tained subscriptions to shares and payments of
calls ; 2d, of having, without an inventory, or by
means of e false inventory, effected between the
shareholders a division of dividends not really ac-
quired, or, in other words, paid them out of capital;
and, 3d, of having been guilty of irregular bank-
ruptcy by keeping incorrect accounts, and not
making exact inventories. He was convicted on
the first two charges only, and was condemned to
a year's imprisonment and 501. fine.