The Sun.
London, England, 1844-09-10 00:00:00

MONEY MARKET and CITY NEWS.

FROM TIM MORNING PAPERS OF TRU DAY.
CITY, MONDAY EVENING.
TlMES.—Letters from Amsterdam dated the 7th of
September, state that the Minister has given notice that
he will reduce the Five per Cent. Domein Losrenten,
upwards of 15,000,000 guilders, giving Four per Cents.
in exchange, at 96 per cent., unless the money is claimed
by the 28th inst., in which case they will be paid at par.
These bonds are issued by the Commissioners of Woods
and Forests, and few of them are held out of Holland.
It is said in the City that the Bank of England have
suffered a forgery to the extend of about 8,0001. Consols,
by a clerk in the establishment who was away on leave
of absence.
The distinction which the Bank of England has made
between bills of exchange drawn in or near London and
those drawn in the country, calling the first notes, and
second only bills, has puzzled some readers of the resolu-
tion passed on Thursday, as they do not know in what
class promissory notes, properly so called, ought to be
placed. According to the practice of the Bank, these
also are classed according to the place of their origin, and
a promissory note dated within twenty miles from Lon-
don (the limit fixed in all cases) would be called a note,
while one drawn beyond that limit would be styled a
bill, in Bank parlance. This classification of promissory
notes is liable to some objection, as it is less analo-
gous to that of bills of exchange than it appears at
the first glance. The bills of exchange are classed
according to the place from which the drawer dates, and
no regard is paid to the acceptor. Now, the maker of
a promissory note exactly corresponds to the acceptor of
a bill of exchange, and yet, as w e have seen, it is on his
act that the classification is made to depend. Probably
the distinction is thus inaccurately made in the ease of
promissory notes on account of the comparatively small
importance which attaches to these documents in the
Bank of England. So few is the number taken by that
establishment, that, as we understand, their proportion
is something like 1 to every 5,000 bills of exchange.
Some persons seem to have felt a difficulty in compre-
hending the statement at the bottom of the resolution,
that the bills must not have above 95 days to run, and
to think that no bill will be taken payable at a longer
period after date. This is completely a mistake. The
Bank do not in the least mind how long after date the
bills are payable, but require that the time they have to
run when brought for discount shall not exceed 95 days.
This condition being complied with, they offer to dis-
count them at 2i per cent. when drawn in the country,
and 3 per cent. when drawn in London.
It has become a subject of solicitude among the nume-
rous persons who place deposits in savings'-banks, what
rate of interest is to be allowed by the managers in
future under the new Act, which comes into operation
on the 20th of November next. By what occurred
at a meeting held last week at Cain's-cross, near
Stroud, for a bank of large business, embracing from its
position a populous manufacturing district, the rate,
then thought to be a fairly remunerative one, is likely
to be settled at 21.185. 4d. per cent., or 7d. in the pound.
As the Government have fixed the allowance for trustees
and managers at 31. ss. per cent., this will leave 6s. Bd.
per cent. to cover the expense of management. Ad-
verting to the old or existing practice in that respect, it
is shown by Parliamentary returns that on a rate of
3/. 16s. Oid per cent. the difference on the rate to depo-
sitors has fluctuated between 7s. 7d. and 9s. 4d., but
that in none of them it has been so small as the present
difference. Hence the consequence will follow with the
larger description of banks of a great diminution of the
reserved fund, while with smaller ones it must prove im-
possible to carry them on without a further reduction of
the rate to depositors. The example set by the Cains-
cross Bank is a liberal one, especially as it was shown
at the meeting, that after the payment of expenses, there
could not remain a balance for contingencies of more
than about 201., but it was wisely urged that a conces-
sion made to depositors would increase the profits, and
that too hard a bargain was so impolitic, as tending to
make them withdraw the funds by which the institution
is supported, that an experiment at least of the nature
pointed out was desirable.
SUN.—Stocks do not close so well as in the morning.
Consols, 991 4 both for Money and Account. Exchequer
Bills, 755. to 775. prem., being steady. New Three-and-a-
Half per Cents., for the opening, were 1011. India Stock
was 2824 to 2831.
The Foreign Bonds left off firmly. Spanish Actives
at 23i 4 ; the Three per Cents. at 34 to ; Portuguese
Converted at 46 to 454 ; and Mexican at 35k. Dutch
Two-and-a-Half per Cents. were 62i
The additional transactions in Railway Shares have
been these :—Bristol and Gloucester, 27 ; Dublin and
Cashel, 7 ; Great Western, 74 to 76 ; Ditto, Half, 40 to
39 ; Ditto, Fifths, 15 ; Great North of England, 20 ;
Lancaster and Carlisle, 11 ; Birmingham, 120 ; South-
Western, 37i to 35i ; Lynn and Ely, 3 ; Midland, q- ;
North British, ; Northern and Eastern, 12 ; Ditto,
Scrip, Hi to 10 ; South-Eastern, 5Q ; York and North
Midland, 55 ; and Orleans, Tours, and Bordeaux, to 1
premium. Chichester and Brighton, i ; London and
Brighton, 2* ; and Greenwich, 3i to 34 discount.
London and Westminster Bank, premium.

THE ENGLISH NAVY.—Those who feel any solici-
tude (and who does not?) for the strength and efficiency
of our naval service will be glad to see that the Admi
ralty has at last decided on commissioning a number of
brigs, which, although not of themselves constituting a
very efficient force, supply the means of manning larger
vessels, if ever their services should be required. For
this tardy deference to the reiterated opinions of men
who were the best qualified to judge of the interests of
the service, we may take some slight credit to ourselves,
for we have never ceased to remonstrate against the ab-
surd parsimony which crippled the number of our effec-
tive ships, and left us unprepared against any sudden
emergency which might occur. It is not any apprehen-
sion of a collision with France or any other country that
renders us so keenly alive to the evils produced by a nig-
gardly economy in the administration of our marine.
In the case of war, indeed, its effects are quickly and
painfully felt ; for then it is almost impossible to man a
number of large ships with competent crews at a mo
ment's notice ; and the mischief is nearly as great in
time of peace ; for whenever the Admiralty determine
to commission one or two ships beyond the usual num-
ber, the great efforts which it is requisite to make on
the spur of the moment in order to procure men, and
the length of time which necessarily elapses before the
crews are completed, stamp on the preparation an im-
portance far beyond the urgencies of the case, and give
rise to a vague and groundless, but often a most inju-
rious, alarm. We are convinced, and wish that the
Government were equally '
convinced that the most cer-
tain and honourable method of preventing unnecessary
squabbles and dishonourable compromises is to be pre-
pared beforehand with a strong and effective armament;
and we are glad to see some signs, however tardy, of this
conviction on the part of those upon
whom the protec-
tion of our national interests and the guardianship of our
national honour primarily devolve.—Times.
DEATH OF REAR-ADMIRAL BARON DE RAIGEN-
FIELD.—This gallant officer expired at his seat in Kent
on
Saturday last, in his 74th year. The Baron entered
the British navy as far back as April, 1783, and retired
with the rank of Rear-Admiral on the 10th of January,
1837. His commission as Post-Captain is dated April
9, 1802.