The Sun.
London, England, 1850-04-04 00:00:00

MONEY and COMMERCIAL NEWS.

CITY, QU7IIk7EI? 70 THKEE.
The sales of Cotton at Liverpool yesterday were
10,000: bales, of which 1,000 American were taken
for export, and 3,000 on aptcalatioy. The market
doss d firmly. The sales comprised 7,000 American
Bahia
at sid. to 70., 60u Perre.:ne &c., 6fld. to 7d , 1 500
and ,at Cid. to (i td.; 200 E,yptian, at 74d. to aid.;
500 Surat, at 41d. to 51 per lb.—Railway Shares
were again heavy at u further d( cline.
The sales of Wheat last week in the markets which re-
gulate the averages were 82,349 qrs., and of barley 47,356
quarters.
The intelligence from the continent seems this morn-
ing to offer no features of mercantile interest, brit politi-
cally they read better, and the German question, it is
thought by parties well acquainted with the movements
and policy of Austria and Prussia, will be satisfac-
torily arranged. The Danish advicts are likewise more
promising.
Ia the Amsterdam Stock-market on the 2d inst. there
was more demand fur home securities. The Dutch
Two-and-a-Half per Cents. were 55 11-16 to 1. Spanish
Stock was flatter, Portuguese firm, and in South Ame-
rican not much was done.
T_he agitation of the question of railway audit, upon
the necessity of which all are agreed, thotsgh there is a
difference of opinion as to the moat advisable form, led
recently, at a meeting of the proprietors of one of the
Australasian banks, to the mooting of the question whe-
ther an audit was not expedient likewise for joint-stock
bulb, and although the motion made in that
particular instance was not supported, we
are far from being satisfied that because the
Bank of England, &c., are not under suck a restriction
the other establishments should be free from it. La-
mentable instances of loss from mismanagement and
otherwise, are patent to all who have ever inquired into
the matter, and we agree with the writer of the fol-
lowing letter, addressei to the editor of the Bankers'
Maytizine, except that we think the shareholders them-
selves could do all that is requisite, if they only over-
came any false idea of delicacy towards the di-
rectorates. The writer observes:—"Recent events
in railway matters have brought before the
public the necessity cf a Government, or other
audit being instituted as a check on their board of di-
rectors ; and I am only surprised that the disasters
which have befallen joint-stock banks in England since
1836, should not have been more seriously noticed by
the!public ; and that proprietors (who, by the way,are
fembarked in these concerns to the fullest extent of their
ortunes) do not insist upon having the accuracy of
ir yearly and half- yearly accounts tested by a public
accountant, or auditor duly appointed for this purpose.
"No person can deny that the Marylebone Bank,
the Bank of Manchester, the Northern and Central
Bank, the North of England Bank, the Royal Bank of
Liverpool, and many others, have smashed, in conse-
quence of mal-administration and dishonesty on the part
Of their directors and managers ; and if a wholesome
check, in the way of an :‘ indeFendant audit' of the
accounts of these concerns had been imposed by the
Government at the period of their foundation, the de-
plorable exposures since brought to light by the Parlia-
mentary Commissions of Inquiry would never have been
known.
" The law reports of the present day show us the
dangers awaiting the private fortunes of each and every
individual who has the misery to be, at the time of
its failure, a partner, or in the most remote degree con-
heetsd with it as a shareholder ; and I cannot therefore
agree with you in your argument, that because all the
great banks have been managed without having separate
audits, that the modern and newly-instituted joint-stock
banks of England and the colonies are safe without this
wholesome check having been established between them.
The Bank of England, the Bank of Ireland, and the
Bank of Scotland have very large paid-up capitals, and
are incorporated by royal charter ; and the rules fur
their government are so laid down, that they
are bound under a penalty of a fot feiture of
their privileges, if they at any time fail to conduct their
several matters according to the strict rules of their deed
of incorporation. This deed provides for the amount of
capital, the election and re-election of directors, the
qualification of voting at elections, &c., &c.; and it is
Just these very points which are of the most vital conse-
quence to the future prosperity of a bank, but which are
almost, if not wholly, neglected. Let an unprejudiced
man of business take up the reports which are annually
Put forth by various banking establishments in this
country, and say if, from the statements therein con-
tained, he could in any way pronounce whether things
were going on rightly for the shareholders and the public,
or whether the things were only ' being made pleasant'
fur. the directors and their friends."
• The English Stock market is extremely quiet again,
but one or two money purchases strengthened Con-
sols, which were done at 96* when' only 96 fur Ac-
eount. The premium on Exchequer-hills has been 665.
tb 66a., and on India Bonds 90s.
In the Foreign Securities business has been tolerably
animated. Mexican have been fluctuating at 27i to 28i.
.It is stated that the amount, with interest, of
the next instalment of the indemnity money not yet
!disposed of will be about 1,750,000 dollars. The recent
failure of one or two large operators has been very da-
.n.taging to this security. Peruvian Deferred Bond. have
been quoted 26k, and the Active 68 to 68i. Spanish
Three per Cents. have been 36.1 to 37; and Portuguese
Four per Cents. 32i. Buenos Ayres Stock has been 53
'to 64. Dutch Two-and-a-klalf per Cents. 55i.
Railway Shares are exceedingly flat, and a further de-
cline has occurred in the quotations.
he last week's Railway Receipts, ascertained up to
this day, are in round figures as under:-
1850.
North-Western ......... X 39,690
South-Western ............... 10,147
Midland
Caledonis.. ..
...
... 20,613
......

1849.
40,032
8,741
20,351
4,908

North stri
Staffordshire
BRITISH FINDS THIS DAY AT ONE O'CLOCK.
(From the Official List.)
95% 98',i
8 per Cent. Consols Anna
Long A.anuities, Exp. Jan. sth, Iv6o —
Do. 30 Years, Expire Jan. 5, 1160 8
546
India Bonds under 1,0004.„,,,,. .......
Console for Account ......
..,.........
Exchequer Bills. I%d. 2d.
1060/. .. &arch. June.
... ~ . ............
500/. ......... .... .......... 66 68 p
..... 66 68 p
Small
66 68 p
..........................
PRICE OF FOREIGN. FUNDS AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cent —
Ditto New Bonds ,1829 and 1839 8631
Buenos Ayres Bonds, 6 per Cent
Ditto for the Account... .....
•I
Danish Bonds 1825, Hper Cent.— 69
Ditto, 5 per Cent
tt
Dio, Sci
.
Mexican Bonds,rlBp 46,5 per Cent., Coupons
Ditto Ex Jan. Coupons
Ditto for the Account ..... 28 28% 27713 284
Peruvian Bonds, 4 per Cent
Ditto for the Account ..... ...... 684 6$ 68%x d
Ditto Deferred
Portuguese Bends, 5 per Cent —
Ditto 4 per Catt.
Ditto Account .......
Spanish Bonds, 5 per Cent. ......
Ditto'for the Account ....
Ditto Passive Bonds...
Spanish lionde,ll per Cent,1840
Dividends on the above payable in London.
• Dutch 2% per Cent.. 12 Guild
Ditto 4 Der Cent. Certificates
Ditto Bonds ........
kriIINESS DON IN
RAILW RAILWAY SHARES AT ONNI o'cLo(ir
AY,. PAM. Pzx SLUR.
Aberdeen
....................... 50 ...... .. ... to
Ditto, preference .. 81
Ain bet., Notting., Boston, &c, :.. 7 %
...... : die. .. to
to
Ayrshire and Gallaway •...... 81/2 ......... -- :::: .:to
Belfast and County Down .. 30 . —• to
Berk and Hants Extension ...
......
...... -- 7.1:
..
.. to _
Oat. West.Perpet.s per ct.) 6 .
Idirmingbam & OxfordJunet , .....
.--
...
..
to
•
calls duly pd, or with guar.'
20
Do., withnuta guarantee... 20 to
.Birminghana,Wol., & Dudley, •-...--
calls duly pd, or with guar. 15
Do., without a guarantee.. 15 ..... -- ...... leo
.....--
Birming., Wol., & Stour Val. 1 1 ......
"--
".
liirkenhead, Lance:shire 3 .148....
......
I BCheshire Junction .. ' and.
3
ristol and Exeter .................. 1200 ......
--
.. .... : : tt
430
Do., Thirds ..... ... ......... ... 33i. ......
Buckinghamshire.. ............. 17% ...... dia.."
t°
to --
Caledonian ..... ..... ... ...... 50 .•... 84•.......
Cla., New 10/. Preference.. 10 .• • .".
ttoo ——B
Ditto. Clydesdale Junction 50 ...
•"
...
"
..... -- ...... to --.
Chester and Holyhead... ..... 50
...... to
Ditto, Preference ........... 15 .....
•'—
Direct London & Portsmouth 54 .......... .
to
........: to
Dablin and Belfast Junction.. 40 ..
—*
...... te
Dundalk and Enniskillen ... 30 .......... ----
...... to
East Anglia, 25/. L. & E.,
Lad L. & D ... ............. 25 ...... —.
to —..
Ditto, 18/., E. & H ....... 18 ... .. ...... to
Do, 31. 103.6 p. Ct. Pref. 3%,..... -- .....
to
EDo, 71. 178, 7 per Ct. Pref. 2 ...... ..
......... to
astern Counties ... ........ 20 ...... 74 %...
Do, New Pref., 6 per Cent.. 10 ...... -- ...... to --
Do. Exten., 5 per ct. No. 1,6/. 13s. 4d .. Do., do p....... to _
N 0.2,6/. 13s
•4d ••• -- p ..... to --
Do., Northern &Eastern... 50 ...... ...
......
to to .
Do., 5 per cent. ... 50
...... -- ...... to --
Ditto, New ... -43 • ••••
Eastern Union, Class A (late S
E. U. Shares) ••• *" 25
Ditto, ditto, Class A, ditto 6 -
Ditto; No -a ... .......... ...• •95
East Laex 25ashire .....
Do., New Quarters -
Do ~ 6 per Cent. Preference
--
Quarter Shares to
E'ast Lincolnshire, gear. 6 per
Cent.~. ..
•••.•
Edinburgh and Glasgow 5O
--to
Ditto, Half Shares
....
to
Edinburgh and Northern ... 25 •
Ditto, Newport..
••.••. to
Exeter, Yeovil, & Dorchester 2%
Exeter and Exmouth 2ls. -
Glusg., Dumfries, & Curlisle..Bl. 6s.Bd — .. . to
' Glasgow, Kilmarnock, & Ayr 50
—to
Do. Preference Consolidated
Gloucester and Dean Forest.. 12% —
...... to --• Great Northern
to
D 0.14 A Defrred .... •••• 1:2% — Do. 14 B 6 pere Cent. •
..... % — ...... to
.i
e., 5 per Cent. Pref. ... ... 121,2 — ...... to
W
GD. South. Se e.t. (Ireland) 50
to
Ditto, Eighths ... •• 11A ..... . ...,. to Great North of Englana 100 220
Ditto, NOW 404.... . .... to
Ditt ..... .. 4O
llitto, ditto ....
...
Ditto, New .to-- o, N‘w 30/. ........
.. to
15/...... ...
urea t We,etern
........
.........100
Ditto,HalfShares . 5O
• , Ditto, Quarter Share;
DDitto, Fiftlis ........ 20 .. — ..... to
o. New 174 .................. 15