The Sun.
London, England, 1850-10-01 00:00:00

Jenina

LONDON, TUESDAY. OCTOBER 1, 1850.

THE SUN,

carrk I by an obedient majority. The inconsistency
of this course was, however, but tco palpable. If the
demand was founded on equity and justice it should
have been satisfied to the last farthing. It would be
unworthy of the British nation, which especially
prides itself on a scrupulous observance of the public
faith, to compromise a fair debt, or to take advantage
of the weakness of the claimants, to give them less
than they were fairly entitled to ; but if, on the other
hand, it were to be considered merely as a case of
charity, there could bo no possible reason why the
sufferers at Tralee and Killarney should not have been
allowed to participate. The distress in Kerry was not
less urgent than in Dublin ; nor had the southern
depositors less claims upon the compassion of philan.
thropists than those of the metropolis. Sir CHARLES
WOOD could not extricate himself from the horns of
the dilemma on which he had permitted himself to be

tossed.
It now appears, from the correspondence which
has taken place between the Right Honourable
Baronet and the Lord Mayor of Dublin, that
no step has yet been taken to distribute the
money voted by Parliament among the sufferers!
Sir CHARLES `Moon is " sorry to learn that any of
the depositors should have been induced to have come
from other places, at considerable inconvenience to
themselves, in the expectation of immediately receiv-
ing any part of the money." He, however, consoles
himself by thinking that " it is entirely their own
act, and one to which they have certainly not been
led by anything that he has said." Good easy man,
he suffers no inconvenience, his cheques are duly
honoured by his bankers, his official salary paid to
the day, consequently he has not unduly exerted
himself by :endeavouring to expedite the inquiry
which he chooses to consider ttecessary, and which
will furnish comfortable pickings for some fortunate
protege. Oh, Sir CHARLES 'WOOD is indeed a great
man I Happy is the nation that is blessed with so
prudent a Minister of Finance

Sir effIRLES WOOD unquestionably possesses one
qualification for the important office he occupies in
the Government of the country. No person can
listen with more profound indifference to the com-
plaints of suitors to the Exchequer, who, whether
seeking relief as a matter of right, or of exp3diency,
of justice, or of charity, are dealt with in a manner
that must discourage all future applications. The
summary mode in which he disposei of the numerous
representations respecting the commercial crisis, and
the wide-spread distress in August, September, and
the early part of October, 1847 ; the unblushing har-
dihood with which he met the various deputa-
tions, totally denying the existence of any pressure
in the money market, and asserting that any person
of real solvency could have no difficulty in obtaining
the accommodation he required upon sufficient secu-
rity, must constitute valuable precedents for the
guidance of all future Chancellors of the Exchequer;
while his conduct and demeanour to those who apply
for fiscal relief, by the abolition or reduction of some
obnoxious impost ; the impressive manner in which
be refuses to enter into any discussion respecting the
justice or policy of a particular tax, or the hardships
which its mode of collection inflicts upon the people ;
the simple method of narrowing the question
to the pounds, shillings, and pence, which it brings to
the revenue—" a sum which," to use his own
stereotyped answer, " he is certainly not prepared to
relinquish," are beyond all praise, and must serve as
models for future imitation.

But he has recently established even a higher claim
to the admiration of his successors in office. He is
probably the first English Minister of Finance who
has cornpromiied well-founded claims against the
national Exchequer for something less thin 10:30. in
the pound, or who suggested a local subscription
to make up the deficiercy. He has also afforded a
valuable lesson to the sufferers on the impropriety
of impatience, and of the unreasonableness of expec-
ting that the money which had been voted by Parlia-
ment for their uhe should be applied without unneces-
sary delay.
The case of the unrortunate depositors in the Cuffe-
street Swings' Bank must be so fresh in the public
recollection that it is surely unnecessary to repeat
the circumstances, which, it was almost universally
acknowledged, gave them a claim upon the Govern-
ment for the full amount of their deposits. A Com-
mittee of the House of Commons, selected by
Sir CHARLES WOOD—Who, contrary
,to the usual
ciurse, took the nomination from the gentle-
man on whose motion the Committee was
appointed—investigated the case as well as those of
the banks of Tralee, Killarney, and Auchterarder.
From their report it appeared that the Government
bad long been aware of the condition of the Cuffe-
street Bank, that serious deficiencies had occurred in
its accounts, and yet the Commissioners, whose duty
it was to have immediately interfered, and to have
prevented further frauds from being perpetrated on
the people, deliberately sanctioned the continuance of
the bank, and induced the people of Dublin to lodge
their humble savings in an insolvent under-
taking. Had the affairs been wound up
in 1838, when the large deficiency was
ascertained, there would have been a dividend of
163. 6d. in the pound, and even in 1845, when the
liabilities exceeded the assets by a much larger sum,
the loss would not have much exceeded ss. in the
pound ; but the Commissioners, fearing the run that
it might have occasioned on savings banks generally

f the erroneous opinion that there was Government
security for the deposits were removed, permitted the
bank to continue its operations until, in 1848, it
finally closed with liabilities which in round terms
amounted to 64,0001., while its assets were under
1001., it being even asserted that immediately be-
fore the final closing of the bank the managers gave
an undue preference to their own friends, by paying
in full certain parties who had not made any applica-
tion, while they refused those who• had served the

usual notices.
The Committee, in referring to this matter in their

report, state that " they are inclined to allow due
weight to the considerations which they believe in-
fluenced the Commissioners, in 1838 and 1845, in the
course which they pursued, but they cannot but feel
that as regards the depositors, who are principally of the
poorer classes, a different course would have prevented
the loss of all their savings." After such a state-
ment it is difficult to conceive hew Parliament could
have refused to pay the fall amount of the claims of
the depositors. Through the culpable apathy, the
crassa negligentia, of the Commissioners, they
bad b:en betrayed, and thef had therefore an
unquestionable right to be reimbursed all their losses
from the national Exchequer. Sir CHARLES WOOD,
boll ever, adopted a middle course; he proposed a
vote of 30,0004 As A matter of charity which was 1

LONDON, TUESDAY EVENING, OCTOBER 1, 1850.

MONEY and COMMERCIAL NEWS.
CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday were esti-
mated at from 8,000 to 9 000 bales, of which 1,000
American were taken on speculation. The sales cs,m-
prised 200 Pernam and Maranham, at 7il. to 84d.;
1,100 Bahia, at Std. to 813.; 200 Egyptian, at Bi. to
9d.; 1.500 Surat, at sd. to 6ii.; and 50 Sea island, at
Is. 2J. to ls. 3d. per lb.—The Share Market war buoy-
ant, and a good business done at higher prices.
One is almost at a loss to account fur the deficiencies
that exist in England in many important matters that
are well cared for al :toad; and fee aro more generally
felt than those which affect our commercial and monied
interests. On the Continent there are legally constituted
bodies, composed of mercantile men, who can at any
time be appealed to for the purpose of solving technical
or other difficulties, which iu this country would involve
a vexatious law suit, perhaps, even, proceedings in
Chancery, or an unsatisfactory arbitration. For years
the extreme inconvenience and pecuniary loss arising
from this state of things has been felt and complained
of, and there have been two or three projects sot on foot
for:the establishment of a Chamber of Commerce.
Either, however, from the circumstance of the parties
originating the same not being of sufficient standing
and influence, or from the belief that such an institution
was not absolutely requisite, so many separate com-
mittees and companies existing who watch over particular
branches—such as the East India and China Associa-
tion, the Russia Company, the Committee of Bankers,
the Bondholders' Committees, &c.—the attempts have
always proved abortive, although no one can deny that
some general classification is desirable, and might be ef-
fected without prejudice to the efficiency of separate bo-
dies. Within the last few days, however, there has
been a movement in favour of an institution that is even
more required than a Chamber of Commerce,
via.—a recognised tribunal for the disposal of
matters in dispute between business men. The
acquiescence of all the leading firms is expected to be
obtained, and a very large number have already signed
a memorial, of which the following is a copy :
" We, the undersigned merchants, bankers, traders,
and others of the city of London, have long felt that this
metropolis would derive much benefit from the eat tblish-
ment of a Tribunal of Commerce, through the aid of
which disputes, simple in their nature, and often resting
on the usages of traide' might be settled without an ap-
peal to nice and legal definitions, which result too fre-
quently in the ruin of well-intentioned men. We are
confirmed in our long-cherished desire to see such a tri-
bunal established amongst us by language, strong and
undeniable, uttered by the Attorney-General (Sir John
Romilly) in the House of Commons, Our system of
law is technical, ins ented for the creation of costs, and
not to promote the due administration of justice.' Under
these circumstances, and with the view of mitigating
many evils at present existing, we venture to ask your
Lordship, at an early day, to call a public meeting, in
order that the feeling of the citiaena of London may be
fully taken on the subject."
[Here follow the signatures.]
It has been objected that the formation of the pro-
posed tribunal would interfere with the legitimate busi -
ness of professional men, but there seems to be little
force in this assumption, since the plan has been found
to work so beneficially abroad, and few would appeal to
the tribunal until they had first consulted their legal
advisers. The Councils of Prud'hommes in France fulfil
the duties which it is now sought to have performed here
by a Tribunal of Commerce.
Extract of a letter from Messrs. Fowles, Wilson, and
Co., of Bogota, dated 16th August, to the Committee of
Spanish-American Bondholders:—

.
"By the present packet the documents on the Cus-
toms, in conformity with the law of Congress. are in part
forwarded, via., drafts amounting to 232.465 dolls:
On account of the dividend of Dec., 1848 /103,530
Ditto, ditto, June, 1849

$232,465
"The Minister of Finance, being ill, was not able to
arrange with the Treasurer-General the packing up of
the remaining drafts for 128,935 dolls.—they will be
sent by next packet.
" It is probable that in England a mistake has arisen
from the :Use of the words ' importation duties;' it is
necessary, therefore, to explain. The law says Los
bil!etes seran admissibles,' &c. The literal translation
is as fallacious. The bills shall be admitted at all
the Custom-houses of the Republic and offices fur col-
lection of the national revenue, on payment of one-
fourth part of the import duties assigned by the law
for common (or current) expenses which are due or
may hereafter become due. The amount so assigned is
59 per cent. of the whole importation duty; conse-
quently the said bills are only admissible in one-fourth
part of 5$ per cent.
" The division made of the import duties is as fol-
lows:

8 per cent. is admitted in a certain class of docu-
ments of the old domestic debt, called
floating debt.
„ in documents for balances of the salaries
of the civil employds, which the Go-
vernment some years ago could not pay
in cash.
8 „ in documents ditto of the military ditto.
76 in cash.

100 dollars.
" Of the 76 dollars in cash the following appropria-
tions are made:-
- 5 dollars for payment of the interest of the domestic
debt.
8 ~, :ditto ditto foreign debt.
3* „ repairs of roads, bridges, &c.
the maintenance cf the laaaretto hospitals.
58 „ current expenses.

76 dollars.

" In our letter of the 19th of April we said the bonds
were to be admissible in part payment of import
duties."

There arrived at ton o'clock this morning, off the
Cust im-houaa, the General SL-re e-steam Shipping Com-
pany's vessel Helleapcnt, Captain Watts, in 16 days 5
hours from Smyrna, including stoppages at Malta and
Gibraltar, laden with 140 tons fresh figs, 11,2001.
specie, a general cargo, and eight passengers. This is
the second cargo of fruit which has arrived in tte Thames
direct from
.Smyrna this season. The first cargo was by
the Propontis on Tuesday last, the 24 h ult.
Messrs. M'Nair, Greenhow, and Irvieg, of Manches-
ter, report that—" From the commencement to about the
middle of the month the market was exceedingly dull
and spiritless, accompanied with a decline in the value,
as will have been noticed, upon both Yarns and Twist;
but upon the arrival, on the 16:h, of more unfavourable
accounts as to the prospects and condition of the grow-
ing crop of Cotton, an instantaneous and animated de-
mand ensued, which led to the recovery, nearly, of the
decline which had taken place upon both Twist and
Cloth in the previous part of the month, with the excep-
tion of that upon 40 inch and other descriptions of
Shirtings. Another effort was made by spinners and
manufacturers this day week to realiz3 an additional
advance in prices, in consequence of further intelligence
which was considered as confirmatory of the preceding
accounts with resrwt to the Cotton crop. But in-
different success attended this movement, and though
since that period we can notice no material change in
prices, yet the demand has been very limited, with a
feeling in favour of the buyer. The month closes
quietly. Throwing aside other causes which we have
in previous circulars alluded ti, as marring transactions,
the action of the market throughout the month has been
influenced and stimulated by that of Liverpool as regards
Cotton. With the present value of the raw material, the
progress of improvement must experience a material
check. Evidences to this effect are becoming more ge-
neral,
who, from the impossibility of
„mai, as manifested by a large proportion of both spin-
ners
realising correspondent rates for the manufactured
article,
con-
siderably. This the necessary alternative. Cloth is
.t
heavier in stock than it was a month ago. Yarns are
and
are manufacturers, ra
fully as light as they were then."
The English Stock Market has been very steady, and
determining to lessen
their productions
with about the same amount of business doing as for
some time past. Consols have realised 961 for Trans-
fer, and 96i Account. Exchequer-bills have been
quoted 635. to 665.; and India Bonds, 84s. to 87s. pre-
mium. A bargain has been effected in South Sea Stock
at 107;.
In the Foreign Market the transactions have been
much more limited, and the quotations are rather flatter,
the settlement of the account having yesterday contd.
but3d to the rise. Mexican Bonds are 311 1.
It appears that the mail is not fairly due until the 6th
or7tb instant, though it may perhaps arrive sooner.
Spanish Five per Cents. have been 18i f Grenada
Stock is at 18. Dutch Four per Cents. have been 89f
ex. dividend.
Railway Shares, now the settlement is pretty
nearly accomplished, do not in every case support the
i
extreme rise of yesterday. There s,, however, a good
inquiry fur North-Western. Black wall, Great Northern,
North Stafford, Oxford
and Wolverhampton, and most
of the foreign lines.
United Mexican Mine Shares have rallied to 61.
QUARTER TO THREE.
... 96
... 96i

Consols ...
Ditto Account •••

ONE _ ..
CLOSING
PRICES OF BRITIEG FONDS' O'CLOCK. PRICES.
3 per C mt. Consols Annuities 96:-Ys% 9634
In lik donds, L00m... ...... B7 p 87 p
Ditto under 1,0001........ B4 p 84 p
South Sea Stock ...... . . 10734 10734
Ditto New annuities....." o9g 5ib5.3% 9534
onsols for Account ................. ••• 34 963/4
Exchequer Bills. IYI. & 2d
1,0001. June ... ....... 63 68 p 66 p
_____

ONE
PRICES OF FOREIGN FUNDS. O'CLOCK.
Llrasihan Bends ......... ... ... .. —
Chilian Bonds 6 per Cent
...• . —
Ditto, 3 per Cent...... - 61% 61% ex div.
banish 1i0nd5,1825,3 •per Cent. •• 76% x d
Grenada Bonds, 1% per Cent .....•• 18 18
keactano:EsxpeJraCn.enCto. ulB-ipoLw.i.t.ll . ................
Ditto. Account
t.
Russian Bonds .... 110
Ditto, 414 per Cent
Bparush 5
i p
1840abl in London.
the above P
Ditto, Account ..
ovid eern Cdogn on
Ditto. 4 per Cent. Certifigatep 89!4 x d 894 x d
PRICES OF BUSINESS DONE CLOSING
a.v _e
Dutch 2% per Cent., 12 Guild.
RAILWAY SHARES. PAID. AT ONE O'CLOCK. PRICE;
Aberdeen .................. 50
Do. Preference
Amber. Ni

CLOSING
PRICES.
89%2 x d

:Ott., Boston,
and Eastern Junction 81,4
kyrshira and Galloway.. 7% —
Belfast & County Down 32
Barks & Hants Eaten&
(Gt. West. Per.s per ct.) 6
Birmingham and Ox.
Crud Jumt., calls duly
.•••
paid, or with a guarani 20 , -