The Sun.
London, England, 1844-09-20 00:00:00

MONEY MARKET and CITY NEWS.

PROD[ TUE MORNING PAPERS 07 THIS DIY.

• CITY, THURSDAY EVENING.
TIMES.—The Proprietors of the Bank of England
held their half-yearly meeting to-day, and the usual
divident of 3f per cent. (deducting income-tax) was de-
clared for the half-year. The meeting occupied less
than a quarter of an hour, and was, therefore, the shortest
that has been known for many years. An alteration in
the mode of making up the accounts was communicated
by the Governor, and was acted upon for the first time
on this occasion. Hitherto the accounts have been made
up to the 10th of October, and the portion of the " rest"
that was to accumulate between the day of the meeting
in September and that day was only given by estimate.
Now the accounts are made up to the 31st of August,
and, consequently, the " rest" is stated according to
actual results. A corresponding alteration is to be made
in the beginning of the year, and the last day of
February, instead of the sth of April, will be the day on
which the accounts for the current half-year will be
made up. Practically, perhaps, this alteration will pro-
duce no important difference, as the estimates to October
and April have been generally found correct ; but never-
theless it is entitled to commendation, as it is a much
sounder method of ;doing business to declare upon the
result of actual transactions than upon estimates, which
must, from their nature, be more or less uncertain. The
" rest" to the 31st of August is 3,563,0001., but if esti-
mated to the 10th of October, to furnish a comparison,
an increase of 8,800/. on the furmer " rest" is exhibited.
The late forgery led to the question whether the loss
which the proprietors have sustained might not have
been saved by an adherence to the by-law which pro-
vides that no clerk to the establishment shall be permit-
ted to act as a broker. Burgess, it was contended by a
proprietor, by identifying the pretended stockholder, had
performed the office of a broker, and the acceptance of
his identification was iia.c.ontrayention of the by-law. It
is perhaps going too far to say that the meie act of iden-
tifying gives the identifier for the time the character of a
broker, but the opinion is generally expressed that the
Bank ought at once to abandon the practice of allowing
their own clerks to identify. Many of the most respect-
able brokers, who are necessarily well known to all the
clerks in the transfer-office, have declared their willing-
ness to come forward and identify a party making a
transfer, and known to them, whenever there may be
occasion, and even to guarantee the Bank for the amount
of the transfer which they may attest. A Bank clerk is
for one reason the very worst person that could be se-
lected, as he has the opportunity of obtaining towards
the perpetration of his fraud that information which
would be totally inaccessible to a stranger, while the
lowness of his salary, generally speaking, creates a
great temptation to the fraud itself. From a remark
which fell from the Governor during the meeting of this
morning it has been inferred that the practice will be
abandoned.

We insert the following letter, a copy of which has
been sent us by the writer, as a singular instance of
disinterestedness in a railway proprietor :

" TO THE SECRETARY OF Tlil E LONDON AND SOUTH-

WESTERN RAILWAY.

" 22, Carlton-terrace, St. James's, Westminster.
" Sir—As a proprietor of a great number of shares in
the abovementioned railway, I request you will imme-
diately submit this letter to the consideration of the
Board of Directors.
"I have to state,—

" 1. That the London and South-Western Railway
trains travel at a much slower rate than those of any
other railway.
"2. That the carriages of the London and South-
Western Railway, and more especially the second and
third-class carriages, are vastly inferior in every respect
to those of any other railway.
" 3. That the charges exacted for the conveyance of
goods and passengers are most exorbitant and unequal,
and much higher than the charges of any other railway.
"4. That for the interest of the proprietors one-third
only of the fares and charges now exacted should in
future be received for the conveyance of goods and
passengers.
" 5. That all the fares and charges of the London and
South-Western Railway should be at a certain rate per
mile. Now there are many gross discrepancies in the
charge made—for instance, 11 miles by the slow train,
Bd.; 22 miles per same train, 2s. 4d.; and this is only
ono from among many such unequal harges. This is
very fair, very equitable, very wise, and vastly clever !
" 6. The charge of 3s. per owt. forextraluggage of the
passengers (whether for a short or a long distance) is
very moderate indeed—only the price charged for the
conveyance of goods from London to Calcutta. No
more.

" 7. The Directors of the London and South-Western
Railway certainly take great pains to make travelling
by that railway as disagreeable and expensive as pos-
sible. Surely their best policy is to make it as agreeable
and cheap as they may be able to do. Cheapness in-
creases the use or consumption of everything ; and if
the excursion trains do not convince your Di-
rectors of this fact, and make clear to them that
three sixpences are more than one shilling, the lately
projected and ' Direct London and Portsmouth Railway'
doubtless will.
" 8. The income of the London and South-Western
Railway is mainly derived from second-class and third-
class passengers, as there aro fifty of these to every
first-class passenger ; and yet the Board of Directors of
that railway bestow all their civility and accommoda-
tion upon those from whom the proprietors derive the
least profit, and but a small part of their income.
" 9. There should be third-class carriages with every
mixed train. People should be encouraged to travel,
and accommodated as much as possible, and should not
be hindered, or nearly precluded, from so doing ; and
the carriages generally of the South-Western Railway
ought to be as good as those of other railways, and not,
as they are, ten times worse.
" 10. The future passenger fares should be—
By the slow or cheap trains, id. per mile.
By the third-class carriages, id. per mile.
By the second-class carriages, id. per mile.
By the first-class carriages, Id. per mile.
and goods and merchandise of every sort, packages, par-
cels, &c., should be conveyed very cheaply.
" 11. A return of all accidents upon the railway
should be conspicuously posted at every station upon the
line. (This should be done on every line, and would
have more effect in preventing accidents than heavy fines.)
" 12. By adopting the 10th regulation above suggested,
or by some equally efficacious measure, Parliament may
be induced to withhold its sanction of the Direct London
and Portsmouth Railway ; but an adherence to high
tares and charges, unequal charges, and to regulations
and arrangements which make travelling by the line
disagreeable and very costly, will materially promote
the progress of the contemplated London and Ports•
mouth Railway, and greatly damage the interest of the
Proprietors of the London and South-Western Railway.
" I am, Sir, your obedint servant,
" JOHN JULIUS RAMSDEN, F.R.S."

SUN.—The Funds have been firmer this afternoon, a
purchase having sent up Consols for time to par again.
Bank Stock has been supported, and for Account East India
Stock was done at 283/ ; South Sea Stock was 115.
The Foreign Bonds were dull. Spanish Three per
Cents., 34/ ; and the Deferred were done at 13+.
Buenos Ayres were at 36 to / ; Brazilian receded to
68+ ; and Mexican to 36/ 1.
The additional transactions in Railway Shares have
been these:—Bristol and Gloucester, ox div., were 19;
Dublin and Belfast, 2/; Dublin and Cashel, 7I; Har-
wich, I ; Birmingham, 116 ; Ditto, Thirds, 34 ;
South-Western, 34i ; Croydon, 2+; London and York,
2l; Manchester and Birmingham, Quarter, 3; Northern
and Eastere Scrip, 10; South-Eastern, 4/; Ditto Scrip, 8;
York and North Midland, Selby Scrip, 36/ ; Boulogne
and Amiens, ; Orleans, Tours, and Bordeaux, -1 ;
and Paris and Rouen, 18/ premium. Brighton have been
3f to 2.1- ; and Greenwich, 2f discount. Colonial Bank
Shares were 11/ tog ; and National Provincial of Eng-
land, 2 discount.

WILSON'S SCOTTISH ENTERTAINMBNTS.—Mr. MI..
son is at present making a most successful tour in the
west of England. .At Plymouth his entertainments were
honoured by the presence of the Duke and Duchess of
St. Alban's, the Earl and Countess of Morley, Lord
Auckland, Sir Ralph and Lady Lopez, Admiral Sir
David and Lady Milne, and all the gentry of the neigh-
bourhood. He gave " A Nicht wi' Burns," in the Ply-
mouth Theatre, under the patronage of Admiral Sir
David Milne, when the house was crowded to excess.
We see by the northern papers that in a few days the
Scottish minstrel bends his steps as far north as Inver-
ness, and the towns in the neighbourhood.

DISAFFECTION IN AUSTRALIA.-The Australian
papers are almost as menacing and exciting as the Cana-
dian. Sir George Gipp's order of the 2d of April, levy-
ing 101. pasturage license for every station on the sheep
feeders, has raised an indescribable ferment. Meetings,
and speeches, and resolutions, crowd one upon the other,
all declaring war upon Lord Stanley and his Governor.
The more moderate rely on their influence in the Legis-
lative Council to embarrass and upset the Governor ;
whilst the more violent propose nothing less than a re-
fusal to pay the tax, and exhort the feeders to set the
Government at defiance. The parties insist that they
alone sustain the colony, furnishing it with its only ex-
port, and that the policy of compelling them to purchase,
settle, and till, instead of feeding, will prove as disas-
trous as it is arbitrary. The colonial authorities evi-
dently regard the sheep feeders with an unfavourable
eye, as men whose capital is not vested permanently in
the soil, and who contribute little to the expenses of the
colony or the immigration fund. The parties deride the
land system altogether, with its failure, its suspension,
and its bankruptcies. They form the most powerful
body in the colony, and are evidently too much exaspe-
rated to reason calmly, or abide by the fiscal edict of the
Governor, which has raised a ferment not easy to be
allayed.—Cork Examiner.

CHEAT' TRAIN rßom YORK.—On Monday a cheap
train brought an importation of between two and three
thousand visitors into Newcastle, giving an unusual ap •
pearance of bustle to its streets.—Tyni Mercury.