The Sun.
London, England, 1844-12-07 00:00:00

BUILDING SOCIETIES.-lIOUSE DRAINAGE.

THE—gIiILDER, No. 96, of Tins DAY, con-
tains a beautiful Illustration of the Bell-turret of Leigh De-
lainere Church, Wilts—The Second Letter of Willoughby Wilton, on
Building Societies—The conclusion of Mr. Phillips's Paper on House
Drains, with Three Illustrations—lnsecurity of the Ipswich Council
Chamber—dints to Pencil Manufacturers—Artesian Wells--Do
'nestle Arrangements of Small Villas—Architectural Competition
—lmportant Decision in the Court of Exchequer—List of Pa-
tents—Notices of Contracts, &c.; and the usual Architectural News
of the week.
Office, 2, York-street, Covent-garden ; and all Booksellers.

N ATIONAL MERCANTILE LIFE
ASSURANCE SOCIETY,
Arthur-street West, London-bridge.
The Directors, Members, and Friends of this Society will Dine
together at the London Tavern, Bishopsgate.street Within,. on
MONDAY, the 23d inst., at Five o'Clock precisely.
ROBERT WILCOXON, Esq., in the Chair.
Tickets, One Guinea, to be had at the Office of the Society, of
the Stewards, and at the Bar of the London Tavern.
Dec. 7, 1844.

THE FINEST WAX AN I) SPERMACETI
CANDLES.—Those who burn these are respectfully
recommended to make one trial whether PRICE'S PATENT
CANDLES, at one-third of the cost, do not burn better.
They may be had of respectable dealers throughout the kingdom,
if care can be taken to prevent any imitations being passed off' as
the Patent Candles; and the Trade may obtain them wholesale from
Edward Price and Co., Belmont, Vauxhall, and Palmer and Co.,
Sutton-street, Clerkenwell.

WINTER OVER-COATS, WRAPPERS, &c.
MESSRS. BURCH and LUCAS (late J.
Albert) respectfully invite gentlemen to view their new
and fashionable assortment of PATENT and BEAUFORT
BEAVERS, FANCY VESTINGS, TItOUSERINGS, &c., for
the approaching season ; he style and cut of every garment are
guaranteed equal to any of the first houses at the West-end, at
prices in unison with the economy of the Cotes, feeling confident
that gentlemen who may do them the honour will be perfectly satis-
fied with any garment that leaves their establishment. A large as-
sortment of Great Coats kept ready made in all the different and
cost approved forms agreeable to the prevailing taste ; being made
-ruder the superintendence of the proprietors, they are enabled to
speak confidently as to their superiority over all garments of a slop
description, the which are entirely excluded from this establishment.
52, KING WILLIAM-STREET, LONDON-BRIDGE, op-
posite the Statue.

MONEY MARKET and CITY NEWS
FROM THE MORNING PAPERS OF THIS DAY.
CITY, FRIDAY EVENING.
TIMES.—This was the day for opening the tenders
made for the fourth parcel of the Canada loan. At the
close of business the general impression in the City was,
that the applicants had received no answers, and it is
considered probable that the tenders may not be deemed
so satisfactory as upon former occasions.
A new Dutch decree, dated the Ist instant, has been
issued in English by Messrs. Raphael and Sons. The
following is the operative part :
" Art. 1. The fourth series of inscriptions of the na-
tional debt, bearing 5 per cent. interest, to be drawn for
payment only, is fixed at 20,000,000 guilders capital.
This series can, however, be augmented to not more
than 21,000,000 guilders capital, if it appears on draw-
ing, that such extension is useful to avoid division of a
whole letter or a whole inscription.
" Art. 2. The drawing will take place on Saturday,
the 7th of December, 1844, in the manner prescribed by
article 3 of our decree of the Bth of August last.
" Art. 3. The payment of the capital forming the
fourth series begins the Ist of January, 1845, on which
day the iuterest on these Five per Cents. ceases.
" Art. 4. The fifth series of inscriptions of the na-
tional debt, bearing 5 per cent. interest, to be drawn for
payment or conversion, is fixed at 10,000,000 guilders
capital.
" This series can, however, be augmented to not more
than 11,000,000 guilders capital, if it appears, on draw-
ing, that such extension is useful to avoid division of a
whole letter or a whole inscription.
" Art. 5. The drawing of this fifth series takes place
immediately after that of the fourth series, as fixed by
the foregoing Ist and 2d articles, being Saturday, De-
cember 7, 1844, in the manner fixed by article 3 of our
decree of the Bth of August.
" If all the accounts that stand under the last letter
drawn in the fourth series are not required for payment,
that letter takes part again in the drawing of the fifth
series, for the amount so remaining unpaid.
" Art. 6. The price of inscriptions in the Great Book
bearing 4 per cent. interest from the Ist of October last,
to be issued in exchange for stock, forming the filth
series, is fixed at 91 per cent. ; and accordingly there
will be paid for each 100 guilders so converted, 2i
guilders, but without any compensation for the diffe-
rence of interest since the Ist of October.
" Art. 7. Those who do not choose to exchange their
stock, drawn in the fifth series, into Four per Cents.,
must declare to that effect on or before the 28th of De-
cember, 1844, in the manner appointed by article 7 of
our decree of the Bth of August last. The payment or
conversion of the capital forming the fifth series begins
on the Ist of January, 1845. The interest on the stock
paid off ceases on the Ist of January, 1845.
" Art. 8. The holders of stock drawn in the fourth or
fifth series, which has been already subscribed in the
voluntary conversion under our decree of the 6th of No-
vember last, preserve their claim to the conversion on
the foot of that decree."
A project is on foot for establishing at Algiers a Bank
of Discount, with a capital equal to 40,0001. sterling, or
1,000,000 f. Of this sum 300,000 is to be laid out on
mortgage, at 10 per cent., producing 30,000 f.
per annyin.
0
This forms a guarantee fund. A sum of 350,00 f. is to
be laid out in the same manner, producing 35,000 f.
and the sum of 350,000 f. is to be employed in discounts,
with three signatures, at 12 per cent., producing 42,090 f.
The total amounts of these receipts is 107,000 f., which,
after deducting expenses, amounting to 37,000 f., leaves
a net profit of 70,000 f. It is proposed, moreover, to
issue notes of from 51. to 1,0001., payable three days
after sight ; and although the rate of discount has been
calculated at 12 per cent., the present rate is estimated
at 15 per cent.
This plan is given without the slightest intention of
recommending it. Indeed, those who would be dis-
posed to embark capital in such an undertaking should.
be aware, that in the African countries, where there 1s a
great disposition to form monopolies, many difficulties
ich
may be found in the way of working a bank, wh
would be unknown in an European city.
H ERALD.—As the case, Richards v. Macey, tried
in the Court of Exchequer on Wednesday last, involves
several principles of importance to shareholders in joint-
stock banks, and also regarding the liability and trans-
fer of notes of hand and bills of exchange, we shall recall
the attention of our readers to the facts of the case. It
appears that the late Borough of St. Marylebone Bank
had borrowed 5,0001, of the London and Westminster,
upon security, for the purpose of winding up its affairs.
But this sum not being found sufficient, application was
made for a further loan of 10,000/. This was refused,
unless upon further security, and unless, too, that this
sum should be sufficient to pay off the public creditors of
the unfortunate bank. A meeting of shareholders in the
Marylebone Bank was called, and several of them gave
notes of hand to a considerable amount. A portion of
these were placed in the London and Westminster as
security for the proposed loan of 10,0001., and the pay-
ment of these notes was still further secured by the
lodgment of the deeds of an estate worth about 50,0001.,
the property of Mr. Walker, one of the Directors.
The defendant in the present action had given a note
of 100/. at the meeting above mentioned. This note
was subsequently placed in the London and Westminster
Bank as security for a further advance upon overdrawn
account. When due, it was unpaid, and Mr. Henderson,
the manager of the City Branch of the London and
Westminster Bank, sent the note, according to the rou-
tine of business, to Messrs. Roy and Co., their solicitors,
without, it would appear, any specific instructions. And
here it should be mentioned that in the meantime Messrs.
Roy and Co., who were the solicitors of the London and
Westminster Bank, had become the solicitors of the
Committee who were winding up the affairs of the Mary-
lebone Bank, and it appeared doubtful in which capacity
they received the note in question. This uncertainty
was increased by the fact, that Messrs. Roy and Co , in
demanding payment from the acceptor of the note, did
not mention the name of their client. Payment, how-
ever, not being made, Messrs. Roy and Co. applied to the
London and Westminster Bank for permission to sue the
party, the account being overdrawn at the time. The
Directors of that bank refused to sue upon the note, and
chose rather to fall back upon the collateral security
which had been lodged by Mr. Walker, as they were
anxious not to be parties to any disputes or litigation
that might take place among the Shareholders of the
Marylebone Bank.
Mr. Roy finding that the Directors of the London and
Westminster Bank would not sue upon the note in ques-
tion, but chose rather to fall back upon the landed pro-
perty of Mr. Walker, which had been lodged as colla-
teral security, took the note to Mr. Walker and informed
him of the circumstance. Mr. Walker sant Mr. Roy to
his friend Mr. Richards, who gave Mr. Roy the money
for the note, and immediately commenced the present
action. The money Mr. Roy obtained from Mr. Richards
he paid into the London and Westminster Bank specifi-
cally against the note.
In charging the jury, the judge stated that if this
note was given as additional security for the 10,0001. ad-
vanced by the London and Westminster Bank, they
should give their verdict for the defendant ; but if they
thought the note was given to raise an additional sum
beyond that 10,000/., they should find for the plaintiff.
The jury, after some deliberation, found for the defend-
ant, subject to some points of law, which are to be dis-
cussed hereafter, and which it is not necessary to enter
upon at present.
This case most strongly points out the advantage that
will arise in future from the Act of last session, for fa-
cilitating the winding up of the affairs of unsuccessful
joint-stock companies. had the Act embraced the case
in question, no action would have become necessary to
compel an equitable adjustment of the losses sustained
amongst the shareholders, the powers conferred for that
purpose by the new statute being ample, and easily en.
forced. The bona fide question in the case narrated was
precisely one of the description for which the Act pro-
vides, but it is not retrospective.