The Sun.
London, England, 1844-05-13 00:00:00

MONEY MARKET and CITY NEWS, companied by compensation to the Bank Proprietors Or
CITY, QUARTER TO THREE. the injury done to them. There was no doubt that this was
the battle between the rabbit and the boa-constrictor,- but
The sales of Cotton in the Liverpool Market, on Saturday,
for his own part he felt bound to say the measure of the
were 4,500 bales, at steady prices.—The Share Market was
Government ought not to be accepted without compensation;
without any new feature: Eastern Counties Registered, 14i ;
Great Western Fifths, 211; Brighton Loan Notes, 11% ; South and he, for one, would not hold up his hand fur the forth
offered.—(Hear, hear.)
Western, 851; Paris and Orleans, 38%; South-Eastern,
New, Ili. . Mr. FIELDER believed that the: present was the first time
ngainst
Much interest is taken in the discussions which arc now that he had -felt himself bound to hold up his hand
measures approved of by the Court of Directors. Let the
in progress at the Bank of England, relative to the renewal
of the charter, and the future mode by which the banking Proprietors look to the letters that had passed Let
the
Government and the Directors ; did they not .to a
mid currency of this country is to be conducted. No strenu-
ous opposition will, however, be offered to the Bank Pro- man disagree with them, except on one point, and that 1
that no obstacle should be presented to the course proPos _
prietors to the terms proposed. The managers and proprie-
tors of the joint-stock banks are, upon the whole, well satis- to be pursued by the Government to put the currency on e
proper footing. Ile did not admit the question of currency
fied ; and at a meeting held of the private banks, resolutions
in this case at all. The question was, what was fi
have been passed approving of the general policy of Sir R.
and what unfair between the Government and the‘
Peel as far as they are concerned; but, having asked for
Bank of England.—(Hear, hear.) It was important for the
another interview, for the purpose of suggesting improve-
Court of Directors to show Co the nation at large what the
ments in the plan about which their long experience as
Bank of England is, aud what it was. Now if he reineeti:
bankers gives them the opportunity of rendering information
bered rightly, the Government now paid 248,0001. to the Ball
to the Premier, therefore it is confidently expected that,
for managing the public debt ; and it was now proposed than
with some modifications as to details, the immense interest
they should have only 120,0001., and pay, in additio
connected with banking and currency, including the renewal
11,000/. in lieu of stamps ; with respect to the latter item 1,,e
of the charter of the Bank of England, will be based upon the
had no objection, but he thought, considering how much_ the
scheme that has been already propounded to Parliament.
Bank had done for the Government, it was entitled to receive
The commercial advises from New York continue favour-
the 248,000/. Now what was the capitalof the Bank in 1694
able, but it seems that political agitation was still kept up,
He believed about 1,200,000/., but that had increased, for the
Texas and the Presidential election engrossing chief attention.
accommodation of the Government but to the loss of the Dana'
The trade of New York seems to have been particularly
to 14,000,000/. ; added to this, the Bank had been most bole
active this year. ficial to the Government ; it had lent them money at 3 Per
From Van Diemen's Land we have accounts to Jan. 19.
cent. when the current rate of interest was 5 per eentj,
The revenue continued deficient, but the new Governor had
(Hear, hear.) In 1801, when Consols were at 55, the 138 n
already effected some material reductions in the expenditure.
The Bushrangers had not been entirely rooted out. lent the Government three millions sterling for six
*Yew-8i
per , and that too at a time when money
,cent .4i
The Funds are not quite so buoyant, a broker of some
at 3 "°f
standing having made sales of Consols sufficient to occasion 7 per cent. In fact, when all the springs of private ha
a decline of about 1 per cent., viz , to 994 to 4. There have were dry the Bank of England alone supplied the
rneansrl,.
carrying on the government and business of the count a,
also been some parcels of Exchequer Bills thrown upon
They had also enabled the Goverment to pay the divideno
the market, and the premium has dropped in consequence
on the public debt ; nay, he believed at one time the Bank-2,1,4
to 725. and 745. East India Bonds are 925. to 945. premium.
Bank Stock has been quoted 194 to 1941, a decline again of actually lent money to the Government without any istli","i
at all, and at other periods when Consols were at 100 L; ' ,a
1 to 11 per cent., which indicates that some of the
had lent large stuns to the Government. By this coa,
holders do not exactly like the new terms. East
there was a large loss to the Proprietors, not only of 0.1;
India Stock has been at 288, being steady. The
interest but their capital. The Hon. Proprietor Pim
New Three-and-a-Half per Cents. have obtained 1021 to 1;
the Reduced, 101 i to 4 ; and the Three per Cents., 98/ to 4. proceeded at some length to show that every action•Of bile
Bank had been for the good of the Government; s' the
The Commissioners for the Savings' Banks, &c., have taken
every act of the Government had been detrimental to 13,
Consols at 994. Beni. Now, if such was the case—and such, he thought,tbd
The Foreign Market is rather dull. Spanish Five per
had clearly shown it to be—it would be better to sendnce
Cents. have not been higher than 241, and the
charter to the winds of heaven than submit to such inittir
Three per Cents. have realised 354 to 36. Mexican
—(Hear, hear)—and then the Old Lady of Threadneun,ts
Active Stock has been 35/ to 4 ; and the Deferred, 151 to 4 ;
street would set for herself in spite of the inhabit
being not quite so good, owing to the intelligence of the pro-
of Downing-street and all their officers.—(A 1-a°,o)
posed annexation of Texas to the United States. Colom-
Why, he would ask, was not that establishment to he "nbo
bian Bonds have been 144 to 4. Belgian Stock has realised
103% to 1024 ; and the Dutch Two-and-a-Half per Cents. as well by the Government as the East India Conn:100, the
are 60/ to 64, which is rather firmer. had never lent them any money ?—(Hear, hear.) Takifib,,i 10
There is not much doing in the Railway Shares, and prices whole of the subject into consideration, he felt corePeZ 10
move the tollowing amendment to the motion subreit"
generally are about the same. the Court for its adoption by the Directors : 4., car
BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
(From the Official List) " That this Court of Bank Proprietors, taking 111" hSr
Bank Stock 19436 194 aideration the risk and charges attending the banking .'"tlept;
3 per Cent. Reduced Annuities ........-
3 per Cent. Consols. Annuities 99%
cannot accede to the payment of 120,0001. for w.-1 to,
3% per Cent. Reduced Annuities lO% % %
New 3% per Cent Annuities 10,2%3i Bank Proprietors will not receive an adequate remunellot
Long Annuities, Expire sth Jan. 1860 l2 7460 Mr. YoueGE seconded the amendment. He did nom 0"
India Stock 258 the amount offered by the Government was worthy Oe''
India Bonds,l,ooo 92 ceptance. o nel;
Ditto under 1,000 94
M
for Account 99%)6 r.WEEDING could not assent to the amendment pI9S, aid
Consols
Exchequer Bills, I%cl. I)4d. The proposition had proceeded from a master mind. „:01,1
1,0001. ........ ........... ..... ..«.«..... 74 pm. not consider it any disadvantage that their issues '" tlf
ee
5004. ....... . ..... ......-..... ........... 73 pm. be restricted to fourteen millions, for they bad freq,laiir
Ditto Small
FOREIGN FUNDS THIS DAY AT ONE O'CLOCK. Li o
Belgian Bonds. 5 per Cent . 10314 102% tended proposing a resolution, but an amendment ha or li
Columbian Bonds. ............. . ...... ................. 1435% already proposed, and therefore he did not know hew
Mexican Bonds, 1837, 5 per Cent
Ditto for the Account. 3SU % A short discussion here ensued on the-point of order, a
Ditto Deferred Stock 15)6% termination of which. B3l
Spanish Bonds. Five per Cent RAO...—.
Ditto for the Account
Ditto Three per Cent.
part of his speech. (The Hen. Proprietor here read -. tb
Ditto for {the Account
Dutch 2)6 per Cents 614 60X 61% solution, which was an expression of acquiesceneeo,..
Dutch 5 per Cents ..... 100% Government propositions, accompanied by an eltP'nubllA‘
PRICES OF SHARES THIS DAY AT ONE. • of approbation of the sense, intelligence, and 10"
RAILWAYS. PAID. PER SHAM spirit with which the negotiations had been ens vtil
Dire' 41
Birmingham and Gloucester - Iv
Ditto New 17% 2'44 to lie .4).
76% to 78 which entitled them to tike approbation of the pu ror
Bristol and Exeter 7O
Caledonian
Dublin and Cashel
Eastern Counties - Act'
Ditto. New Registered 81. (is. 8d
)
a clause into „tees
Grand 3unction
Great Western
Ditto )6 Shares 5O 75% to Mr. SALTER thought that it was introducing '"„rigy,
Ditto Fifths
Leeds and Bradford 5 ......... 24U,% ... to 24 ofall issues above fourteen millions. It had alwaYs heeto do
London and Brighton 5O 44% to ing 1
London and Greenwich
... to 51, policy to keep the' Government from having anyth
coot°
London and South Western 41% BSU% ... to with the issue of bank notes. They ought to haves )
~
London and Croydon
•
Manchester and Leeds '7o lO9 to Sir PETER LAURIE thought the gratitude of the t'bSa
Newcastle and DarlingtonJunct 18 ... ...... 4114 40% to 4111 v./. vet jle
due to the Directors and the Government. 103• -0.
North Midland
South Eastern and Dover ... ..... . T. 2%
Ditto New
York and North Midland .....«.. 50

Ditto g Shares
Ditto Scarboro' Branch
Paris and Orleans ••••••••••••••••••••• 20 383436
JOINT STOCK BANKS.
Union of London
MANCHESTER STOCK EXCHANGE, mAy 11.—Our market
to-day is heavy, and several stocks are lower :—Chester and
Birkenhead, 301; South-Eastern, 38 374; Trent Valley,
11i 10; Manchester, Bury, and Rossendale, 6 1-16

them.
ved °f
Mr. LEVY considered that the Directors apPrehorteLil
terms, because they had urged a renewal of
ten years instead of twenty. No one liked to talt. 511
for a long term.
calls feed ok
Mr. JONES LOYD, in obedience to repeated es,,ep
parts of the Court, rose and said, he had not intend ifr.A4
dressing any observations to them, but ashertse
called for he would at once state his opinion. Those
now opposed the original resolution had at the ijitect°'ol
nary meeting moved a vote of confidence in the
He had at that time thought such a vote untlee,e'p,
no advantage could be derived from its yOtr
when an adequate cause had arisen for such :I_oo
when it would be most valuable, they seemed to
.°,.%
It appeared to him that those who conducted tw- of;
to
position should recollect, that it was free to the" hot
cept or to reject the Government proposition
Cieetsi;
was not free to them to modify them.—(l,°°de
That consideration would get rid of many of the are ot
which had been used by the other side. If they were. .00,„e
pared altogether to reject the Government proposdl
would be better to accept them by a unanimous vcit•. oe"
questions had all been, no doubt, most anxiously dlsctor,
between the negotiating parties, and they had co'e 01:
agreement which was submitted to the propriet7o
acceptance or rejection. If they rejected it":„„
suit would-be" to re-open the whole quest'-' 'eo
the consequences might be most disastroeas•cs no,
question of our monetary system would assume et
arts
feature. The question divided itself into or° rt• the °),,f
first, the arrangement of the monetary systen' t°l the .
try—a question with which the Government an
d the °c°!
lature were more immediately concerned ; 4,11-4. he ,
the consideration of the pecuniary condition 01 `noir
question which more immediately concerned the _ontie,t.,o
The two questions, however, were intimately 'ides re
The negotiations had been conducted on bothougbtlie,
manly, honourable spirit of fair dealing. ue1„,,,bie12,„
feel grateful to the Directors for the manner in coeseic
had met the difficulties which had occurred in the Ot
ved °
the negotiations.--(Hear, hear.) He apPr° greefijoll
conduct—(Loud cheers)—and believed that the lent del
which they had entered into with the Goverons
soUfe
calculated to place the currency of the country 1110rity
footing, and to conduce to the success and prosPe
banks of the country.—(Cheers.) '
Mr. G. W. ROBLYSON did not consider the terte'oco!„:3
advantageous. He did not disapprove of the oie,;o
made to the joint• stock banks ; but it should be n 00' 0$
they had been made at the expense of the 133131qoverofotir
—(Hear, hear.) He objected to the ,010
participating in the profits of the issues eIOOV
teen millions, and he did not think it was r e
to be tied down to 3 per cent. for ten years. I'l/1,,b1e
of a war, money would be worth 8 per ceatibe r 11;
vernment had acted with great ability, for fol:.00!):
but they had been hardly fair to the ctioa3
believed, that if they looked back to the transa, hodA to
last forty years, they would find that the_publlcod
quite as much indebted to the Bank as the No" •,,I4
the public.—(Hear, hear.)
Mr. SALAMON urged the necessity of the Court of
a unanimous vote, approving of the proposition
vernment. 10"
After a few words from Mr. BARRY, 01 4,
Mr. FIELDER, with the consent of Mr. Yot- ° Qu'A
his amendment. 0 '4
tios, ea 010
Mr. TIIO3IPSON, amidst loud calls of " Ques Ala rip-
tion," and other manifestations of impatienceiLer 01-
amendment that the Bank should have the Pe^ooo/• e.
to the amount of 20,000,0001., instead of 14,00' ,10",‘
A PROPRIETOR seconded the amendment. ,epaered
Mr. BLACKBURN drew attention to the legal tie
He objected to the money of the country beingto be of ,j,•
to any corporation or individual ; it ought Acice of ',e)
hands of the Sovereign, acting under the %joke oo:De
sponsible advisers. He objected to the enn.;,,,
notes of the banks of issue, and substituti eciloy
of the Bank of England for them, and t 4) the vote
Bank itself into two departments. He should
tier
the proposal. • ,
for _,lllOOOll
The GOVERNOR then put the amendment „
the amount of the circulation of the Bank
instead of 14,000,0001., which was lost 1:01 w, of
majority. roe'
The original resolution for accepting the P
Government was then carried unanimously,. 10
The minutes having been read, the meeting $
P '
po I'l
Sir Robert and Lady Peel entertained polgivlijf
lency Prince Castelcicala, his Excellenq li'lotey,ol9
and Duchess of Buccleuch, Viscount and V lsc°o AIP
Viscount and Viscountess Villiers, Sir Henry ed„, Id
Hardinge, Sir William and Honourable L 3, iffilall'"
Right Hon. George and Mrs. Dawson,
Balfour, Mr. Repton, and a select party, at diellei
last, at their house, in Whitehall-gardens. rrt •cll
JOT f 11,
OPERATIVE JEWISH CONVERTS ts 0.
The subscribers to this Institution, the ellietei Afte"ttie,
to convert young Jews to Christianity, whicllbegl
protect them from the violence and insult to 40,
exposed from those of the Hebrew peen og,l, Preeo
ninth annual general meeting on Friday the chllbeao e;
hall, Bishopsgate. Sir G. Rose, Bart., P d
tterit- tstv tet tbi
peered from the report, that a persevering %toes,
made to create dissatisfaction among the !nitioo I,tiotlw,
cite in their minds a spirit of insubordin.auei peed
officers of the Institution. This attempt °three, 10,1
Jews averse to the conversion of their br.e.,ol;tteeothers,,oro7
Colonel co z
unfortunately, too successful, and the CO"'whilet, ,
compelled to dismiss some of the ininates,__d
left voluntarily. They had refused to prec..`de 0,0 t; o%ite,
in which they had been instructed, and 111"
001 ificloftl3o
cruelty having been exercised towards had bee 01 .cj
of the establishment. Their complaints. " Sol _VI
into, and found to be without foundater•, rot
.Pvioi,,,,!
inmates had become schoolmasters, or,Disin"gaefdi2l:ootio
missionaries ; and the number at prese%oted,,,t rePtA tai
fifteen. The receipts during the year an' 00.w,ove'„3
a balan" hiey sec
with deducting the expenditure, As .
with the treasurer. The Hon. WilliaT
adoption of the report, and the motion ove
tei
.
and carried, the meeting separated. „e of ."itie
Mn. DUNCOMBE.—In Co cotslV
combe's manly conduct, in respect to s „sloe
soo,e
cive Masters and Servants Bill in the Ted a fie
th° 01'
eeW
CHAPEL ROYAL, WHITEHA the eCt
ttohethweoHrkoinng.
mmemenbeofrN. ottingham hatle......paLondia.site
bility who attended Divine servicetlTe• pum ol;obetfiar,i oel3
Whitehall, yesterday morning, we ht Kola. Sir', the „oistril
the Duchess of Buccleuch, the 11),,ou,
Lady Peel, and family' the Earl
cl e'latoilYriat!,
Lincoln and family, his Excellen yiady soot. 00. viy
Governor-General
and family,
oLfaldnydGia:oandsedr; hti_eau....catntoes!ddietonf
• iof
and Lady Jane Stanhope,
e. 601/l tenceo
Middleton, Sir Walter James, & is Bo se° to- 0
THE WILLS FORGERIES.--1t
nd there rted
olwich, a . ec
Majesty's Dockyard, Wo
that
transportationthe cnv convicts de
iFinleinteedihear,teryelertel?edooti.l'of
to
which is e P
ays• The •fitif
Government transport Barossa.
0_ a d
New South Wales in the course t te`,4o , inoe Atel
itsAnicEr• t tots' bl/P-rte
WAKEFIELD WOOL 4 alroOS (1.,
lßifare,bsebrallanl)
wool trade continues in a state
at ..
purposesand price prices arefew s nominal.
ales ha e
t!enenseh_o:.erebted at ic)lP-
tations.