The Sun.
London, England, 1850-04-30 00:00:00

AMERICAN NEWS.

We have been favoured with the following intelli-
gence, purporting to have been forwarded by electric
telegraph from New York to Halifax, and received at
the North American and European Telegraph
Agency -office, Liverpool :
" We have just received our extraordinary telegra-
phic dispatch from New York, New Orleans, and
Washington, vid electric telegraph to Halifax, bring-
ing news and dates considerably later than those
brought by the regular files and advices per steamer.
By this means of communication our advices extend
to New Orldans, April 18, 5 r.m. ; New York, April
19, 5 r.m. ; and from Washington to the evening of
the 18th.

" The letter of cur Halifax agent is as follows :
"Commercial Telegraph-office, Halifax, N.S.,
April 19, 11 o'clock P. 31.
" We have received, through the Nova Scotia, New
Brunswick, and Halifax lines, exclusive intelligence from
all parts of the American continent two and a-hall days
later than is embraced in the letters or papers that go to
England by this week's stermer, a brief summary of
which is herewith forwarded :--
"POLITICAL.
"In the Senate of the United States, on the I;th,
during a debate on California and slavery, a violent
altercation occurred between Benton and Foote, in the
course of which Foote drew a pistol and aimed at Ben-
ton. Foote was immediately disarmed, ano a cum-
rcittea of investigation appointed.
"Oa the 18th, a resolution nay passed in the Senate
referring the whole question of California and the terri-
tories to a committee of 13, to report a plan for com-
promise.

" The committee is not yet appointed.
"It is settled the Cabinet will out be dissolved.
"COMMERCIAL.

"NEW YORK, APRIL 19, EVENING.

" Cotton—The sales of the two days past amount to
2,800 bales, at very full yrices. The weather has con-
tinued cold and frosty, and every account received from
the south is,lisastrous as retards the prospects of plant-
ing. The incoming crop will not, it is confidently be-
lieved, reach 2,000,000 bales, and the country will hold
over the baleuee of the present crop.
" A decline of hc. is anticipated on receipt of the
steamer's news from Europe of the 6th of April, which
has not yet come to hand.
" The New Orleans market was active last evening
(18th of April). Saks, 8,000 bales; at ll c. to 1 1 ie. for
middling; and all southern markets are higher for the
shipper than this. _ _ _

Fleur—Our market for flour is very firm at quota-
tions current on Tuesday.
" Corn has advanced to 60c. for yellow.
" Provisions—Mess pork, 10 dolls. 12ic. to 10 dolls.
25e. per cwt. Other articles are without change.
" Sterling exchangP, Mic. to 54c. premium, and the
tendency is upwards.
" Government securities (American) are Tery firm at
quotations of Tuesday last."

LAW INTELLIGENCE.
QUEEN'S BENCH, April 29.

EX PARTE NASII IN RE THE WATERFORD, WEXFORD,
WICKLOW, AND DUBLIN RAILWAY COMPANY.

Mr. KEANE moved for a rule calling upon theWater-
ford, Wexford, Wicklow, and Dublin Railway Com-
pany, to show cause why a nundarnus should not
issue commanding them to take off from the register
of shareholders the seal affixed thereto at the 7th
ordinary meeting of the company; or, in the alterna-
tive, for a rule to show cause why a criminal informa-
tion should not be filed against the Earl Courtown
for certain misdemeanours at that meeting.
Lord CAMPBELL inquired of the Learned Counsel
whether there was any precedent for such an alterna-
tive motion.

Mr. KEANE said he was unable to cite any, and
that he would confine his motion to the first manda-
mus. The object of the application was to ascertain
whether the shareholders had any voice in authenti-
cating the register of shareholders.
Lord CAMPBELL.—Is there any clause in the Act
(the Companies' Clauses Consolidatkn Act) which
says that the seal shall be rimoved?
Mr. KEANE said there was not.

Mr. Justice EaLE—The sealed register is only
prima facie evidence of a person's being a shareholder.
Mr. KEANE said that though a party might defend
himself from liability in an action, there were other
rights and privileges which might be prejudiced.
Mr. Justice EaLE—I• your grievance that you have
been improperly placed en the list, or that others hare
been put on ?
Mr. KEANE said the complaint was that persons had
been improperly placed on the sealed register.
Lord CAMPBELL said he had no doubt upon this
question, and the rule must be refused. The Court
would order an act to be done where the law imposed
a duty which the party reiused to perform, but there
was no precedent for the Court's ordering a thing
done to be undone. The Court would order a seal to
be affixed, but no mandamus had ever issued to tear a
seal from off the parchment. That would be a stretch
of the authority of the Court, and he (Lord Campbell)
would not give his sanction to the experiment now
made.

The rest of the Court having expressed similar opi-
nions, the rule was refused.

THE TEA TRADE, APRIL 29.—The deliveries of
tea in London last week were 557,2901 b., being rather smaller
than in the preceding week. The stock in London on the
16th inst. was 35,315,0001 b., against 36,933,0001 h. at the
corresponding date of 1849. The quantity of congou in-
cluded in these totals is 26,474,0001 b. now against
24,575,0001 h. in 1849; of young hyson, 3,021,0001 h. against
2,038,0001 b. :

1849.

1830.

Total delivered .. • . 11,575,000 total delivered .. 11,869,00
Exported .. 1,150,000 Exported .. 1,250,000
Sent coastw. 2,500,000 Sent coastw. 2,500,000

3,650,0001

3,750,000

Home consumption Home consumption
from London •• •• 7,9)5,000 from London •• • • 1,119,000

IMPERIAL PARLIAMENT.

HOUSE OF COMMONS, April 29.
PETITIONS.

Mr. C. LUSHINGTON presented a petition praying
the House to grant some effective health Bill.
Mr. H. BERKELEY presented a petition from
Bristol against the union of Church and State.
SAVINGS' BANKS.

The CHANCELLOR of the EXCHEQUER then
rose pursuant to notice, to move fur leave to bring in
a Bill to amend the law relating to savings' banks,
He was sorry that any delay had taken place in bring-
ing on the subject before the House, having given notice
as early as the first night of the session that he would
move for leave to bring in a Bill, but illness and press
of business had prevented him doing so until
the present time.—(Hcar, hear.) He would make no
apology in laying the propositions which he intended to
make before the House, because all were egreeed as to
the importance of the subjv ct, and few who had turned their
attention to it were unconscious of ±ae extreme difficul-
ties which would beset at any attempt to make en alte-
ration in the present law as concerned these societies,
That some further legislation was necessary as to the
constitution of savings' banks, they were all equally
agreed. It appeared that it was nearly forty years age
when societies were first formed for the -purpose
of affording the poor a secure mode of investing
their savings, and of obtaining the payment of
interest upon them. From that time they had
gradually grown up into importance until they now had
as much as twenty millions invested in their hands, and
it was not surprising that these institutions should re-
quire new regulations when their operations had become
so gigantic. But there were other circumstances which
rendered it equally necessary for the Legislature to inter-
fere. 'Most of the savings' banks now in existence were ori-
ginated and supported by reputable and benevolene per-
sons, but they did not give that regular and constant
attendance to their affairs which was indispensably ne-
cessary to their attaining a state of efficiency. Without
" attributing any blame to the trustees and patrons of those
banks, he would say that, with few exceptions, they gave no
regular attention to their duties, and the affairs of the
banks were generally left to the management of a secre-
tary, an actuary, a clerk, or some other officer over
whom sufficient vigilance was not exercised. From re-
cent failures of those institutions it appeared that the
trustees were in the habit of signing cheques in
blank; and also that the cheques which they
exercised was, in many instances, merely of a nominal
character. The Bill which it was his intention to pro-
pose was entirely a prospective Bill ; and at a later
period of the evening he should propose that a Commit-
tee be appointed to take into consideration the last section
which it contained. He thought it would only encumber the
Bill to extend its operations to past transactions. It
would perhaps be advisable to refer shortly to the his-
tory and progress of these societies, because people
seemed hardly aware of the nature of their constitu-
tion. Not much more than thirty years ago they were
not at all recognised by the Legislature. It was little
more than forty years, as he bad already mentioned,
since they were first formed. He believed the
first society was established at Wendover, in 1799.
In 1604 a similar society was formed at Totten-
ham ; in 1808 another was formed at Bath, and
in 1810 one was established at Dumfries. The one at
Tottenham was started by 6 benevolent individuals for
the savings of the poorer classes, and they agreed to
allow 5 per cent. upon the deposits. Each of these
6 persons were responsible to the extent of 1001.
They were to have another trustee for every 1001.
Now to such an extent did these voluntary societies go,
that in the year 1817, when the first legislation took
place on the subject, there had been formed by the
voluntary association of benevolent persons no less than
seventy of those societiea in England, four in Wales,
and four in Ireland ; and the whole object
of that legislation was to prohibit the trustees from
receiving any profits and to provide for the deposit of
the moneys of the societies in the public funds. There
was no security whatever previously for the deposits
except the credit of the trustees, and their honourable
dealings with the depositors. In 1617 the Government
undertook to receive the moneys deposited in the savings'
banks, and to be responsible for them, and Ito allow a
certain rate of interest thereon. In 1824 an Act was
passed to render it imperative on the trustees
to transmit to the Commissioners for the Reduction of
the National Debt the deposits to ba lodged from time to
time in the banks, and to be invested in the public
funds. From that time the Government became re-
sponsible for all the money transmitted to them, but

- `they became responsible for nothing else. A tort
tbe,
rate of intsrest vests alloy=.ed to the trustees fur ..
! management of the bank,_ and the remainder ?, a.
to eo to the depositors. (Hear, hear.) e„.
1828 the preceding Acts were consolidated into one. __li
was then enacted that the rules should be properly &,ehr,,,
eified by an officer appointed by the Government. it'
-trustees were exempted from liability,
own individual sets of neglect or fraud. In 1844 all
Act was Fused, which exempted. the trustees frons,„ke
liability whatever, and reduced the rate of interest. 1_"...,
whole duty, and the whole responsibility of the Gover_%
meat, consisted in this—the rules of savings' banks le
to be transmitted to the proper officer appointed hike,
Government to certify them, and to see that 104
except for 100
were.in conformity to law. The trustees were Perot,
fectly competent to make what rules they pleased' P It
vided they were not inconsistent with the lee'' of,-.
was the duty of the Commissioners for the Reduction be.
the National Debt to receive any sums that leirees;
transmitted to them by the trustees, to 'nbaalt
them in the fends, and to pay there
lc,
to them when properly called upon by the
at ,
tees. Annual accounts were only required to be tr ",',.
mitted to Parliameut by the trustees; and the Caline'l4,
sifters of the National Debt had a check on the trusteeselt
the knowledge to furnished, and they had also the P° fir,
se closing teeir account with the trustees if they 0;40
Wins regard to all other matters the trustees of 04,
navings' banks had a complete control over those b3t'ai
The first question which had been raised by the reeteof
discussiois on this subject had been as to the ellen' to
the responsibility of tie Government and etel ge
the reseonsibility- of the trustees. The trustees itat
altogether liable for the reglect that 1101
be incurred by them as individuals; and the Goverrt° le
ware only responsible for the sate custody of such leecn.en.
as had been transmitted from the banks to th® „uebs,
inissioners for the Reduction of the National vireo
In, the sear 1828 the responsibility of trustees beat
affirmed, but in 1844 the liability was removal leo
them, and it must be perfectly understood that there], to
no -responsibility. Hon. Gentlemen seemed entire(ael
hove forgotten the origin of these bodies, that, 301
were voluntary associations, and not connected :ely
the Government at all. The Government were et wog
their bankers, tool responsible for the money thst re,
paid. Until the last year or two the theory of theed,
aponsibility of Government had never beers, advsl3tflt. I
inor had any application been made pr-Goeernlnteectet'
compensation. No instance had becliered of ailing
having been sustained by the failure of 'SO 8,1i.„,-,stost
bank until the year 1821, at Carmarthen. i The i'... 001
at that time were liable, but it turned 01
that they were not able to supply the deficiency' dse
the Lord-Lieutenant of the county, he believed, n; toe
took to compensate all the sufferers. The theory (7,',A 0
responsibility of the Government was quit
new one. Nor did he think that in his 'tts
posed measure it would be right to take tie°ll4si
Government the charge of making good any degel'o
which might occur from the neglect of any
.but istsaeeco
officers. He also thought that any general =tare: 00
with the appointment of officers in the :savings itsls
would destroy that which he held to be a ye' nest
portion of savings' bank, namely their voluntary geld
racter; but he proposed to appoint a treasurer, wiie;bigh
generally be a local banker, and he would make it is the
crime and misdemeanour for any other person ibis be
treasurer to receive and pay money. By dointe-rsteit
thought he should remove the greatest occasion of: eeste
Ho proposed at the same time to repeal the ciiiie re'
the Act of 1844, which entirely did away with al(e
sponsibility of the trustees. They were officers of ther tb
and although the real responsibility would rest wit ': teat
treasurer and manager, it was nothing but rig" eel
the trustees should share in some degree wit
responsibility so as to prevent misconduct °'3 eel
part. Toe first clause of the Bitl speci6eAn-ede
dut'es of the treasurer, and made it a - psi
meenour for any other officer to receive c;r dealt
money. The next question which the Bill be
with was the subject of audit. Whelintjee
introduced his Bill relating to Ireland seine -:;tsfr
tion was taken as to the mode of audit there
wl`
of
lished, inasmuch as it could not apply wietj; eel
degree of satisfaction to seaport towns. ".1. 01
however, been partially in operation in woes,
of the large seaports in this count*
~,-,ooere
it had proved most successful, and he Pr7vers:
to extend the system of audit now in -0.1400,
tion in Ireland to the savings' banks of Pee to
reserving, however, power to the Trealloos
send inspectors to examine the books. 001
he diapo.ed of the second clause. Th° be
10 clause dealt with the question of interest gal
allowed on deposits. He proposed that sIP
Government should act as the bankers 'l'o
depositor. The depositor did not care so much 310ei
interest as the security of his deposits' yes,
it was only fair that when Government t e'
the risk of guaranteeing the reparneeel3loll
deposits, without reference to the 1055, tog'
might arife on the purchase and sale or - rate'
that the interest should be at a I°W naive'
At present the managers of a savings' bank re" ea'
3/. ss. as interest on the moneys they paid to thee,
vernment, they allowing 2/.17a. 6d. to their deposili IP;
proposed to reduce these two sums to 3/. and bO6;
In the year 1846-47 the number of depositors dec„ 2, I 5;
by upwards of 12,000, but the decrease was iu the:eoe
sums, the depositors under 20/. having in the sseli.relti
increased more than 12,000. He proposed, therel‘l belie
limit the amount of deposits to 100/. He ha el
pressed to reduce it still more, but ho thought st"e-osig:
best limit he could fix. When the amount eef-ealis:
reached 100/. all interest should cease, and if the thi 0"
chose they would invest their money for then' test'
funds, receive the dividends, and pay them te iosr
giving them also a power of attorney if they chose erose'
point another party to receive them. All theeehre es'
eiona were prospective. Ho should not compel t cer
isting depositors to submit to those terms, but P"tetell;
sidered it would be for their advantage to accept At'
In confirmation of his views on that part of the se-Artir,
he had received several communications frosts es;
conversant with the subject, one of which e:,,105,
letter from the manager of the Croydon
,f-' bee:
Bank. This gentleman, who stated that he he" er
for thirty years the manager, and for fourteen /01,
the treasurer of the savings bank at Croydon' clip
—" I have had occasion to remark that the el,
inducement to deposit money by those for ,0% :
savings banks are intended consists in or"
safe place for deposit, and that the amount of teetioll
for the most part forms but a secondary coneterr, 01,0'
whereas those persons whose meansl'-. '
are grey,beto fre
who do not actually require savings banks, use ' cats;
suit their convenience when the funds are high, 110 :i
their money out of the savings bank to invelatOt
funds when low, just at the time that • the evit"hte loft
from the savings bank is attended with bole tee;
country. This cause operated far moreaextensiY,e,loo t;
bank in 1847 and 1848 in reducing our capital
stagnation of trade did. Twenty pounds weal° into hve•
enough for a depositor to be allowed topot,',earbs
bank in one year, and when the sum invested to toe
1001. there is no necessity to allow further dereepite pro
made- Our secretaries are secretaries alone; 41:40 el,
vince is bookkeeping; they have nothing t° se- treee-;
money, and no officer cf the bank is permitted '" 015
act business but at the bank and in banking hoe,sres'etobri,
as money is in the question; and thus the ecoueajettts
confined to the secretary, trustees, and manager'„
11'
money to the treasurer, trustees, and manager' triSil
gums with which they were dealing were of "° reeeif e
amount. The gross amount of interest or dividendste tbes
by the Commissioners for the National Debt arse
7,0,
establishment of savings banks in the year 1510 0;0
18,014,000/. up to the time the last annual section eel 'I,
laid before Parliament; and the total amoutiV„lP fillief
depositors in the same period was 20,455,00v'p'resee°0
left an annual loss, at the present rate of inte",ne I's
42,671/. par annum. He proposed then to reeepg 00
rate if interest from 3/. 6s. to 3/. per cent., liin,ittil yeti
amount to be paid to depositors to 2/. 155., whri,,ntie II;
be a very small reduction to each depositor. `4e. et,
sent average rate of interest paid was 21. 18stieetna
cent., and the proposed diminution of 3s. 4d. ~r4,l,;Ae
would be an annual loss to a depositor of 101 °,ltoeD,
one of 20/. of id.; to one of 501. of ls. Bd.t o,e"„ey Is'',
positor of 1001. a loss of 3s. 4d., as ho had sire; sterol
del
which would be very small in the case of ette'nesee'er,
tor, but would be a saving upon. the whole, e-ettlrl''
relieve the Government from loss, while it %es' afevio 0
ford the means of paying the treasurer for the 1:04, ee 'fa
once of his duty, and thus to a certain extent tall f.
no
savings bank from -the expense of manageenieelf
sum up, then, what he proposed with respect tetteerie,oo
banks: the provisions were to appoint a trogro Pd.
whom all deposits should be received, ,tat fret
the amount of deposit to 1001, at scßinaid,o.l
interest should stop ; that the interest ,s-
_e.,'' t,
the Government should be 31. per co" IS)
that to the depositor should be 21. 1";.481:014
with respect to friendly societies ; and with el ell t 4
them, he proposed to enact that no further En°23`,e.oloP-re
be invested by them directly with the Cern:Pit be
for tae National Debt, except so much as nles 10,ot
ceive....l on account of assurances paid Prevwore ..0%
passing of this Act. Hon. Gentlemen were s'y Anti la
fgr
friendly societies were framed fur the purpose °he eereoG
assurances to parties, and the rate at which they
ion :011
give the assurance depended upon the rate °lir aoetio.
they themselves were allowed. Now, no. 13° bStil‘ of
could invest except in savings banks at savnglosst; ef
terest, but the older societies had given them °ad. eel' of
dependent on the rate of interest they receile t'ret.e4o
course it would be unjust to them to touch t
ptevle
interest. He proposed, likewise, to limit thefege enj)eei
of investing in the name of trustees—a Prig' t-eci fe`',oo'
had been grossly abused—parties having inve9;eo.-49 At'
actually their own in the name of other Isert'otesi !del
times their children, and at others merely 0° often toe
ties, and that was done, he was sorry to eill'oe 'Os
the knowledge and advice of the trustees. bp, perynict
bad been carried on to a great extent, to trustees.
I°ooo
to avail themselves of the privileges le'tbe slemer
accorded, and invest sums far beyon",,, be le,
which it was originally intended Owes' :beret 00
sited by parties. He should eneett e$C4O3 04'
that no person should invest as a trustee,
cy, Au bite
behalf of a person in infancy, idiotcy, 1ne,11.00 te ef 09,
soundness of mind. The only other provel.ing to oco
he would call attention was that refer' to hi 10
granting of annuities, which, according %id ee obi°
1833, under which they were granted, cut beittge el'
under 41.; and in the case of the partYl°,osde b;iliog
to continue the payments (which might be,re beef Se
stelments), or dying previous to the annevartieourots
available, the money paid by him was fceer of, gdo
did not propose to disturb the existheg Pe-ttotti° tone'
ing annuities on those conditions, but heist. coshes bi
power of purChasing annuities under ota_who
toter
and as those new annuities could not hqeuedeee
payments made in instalments, he shouto,_uid De toe
amount to 11., and the mode of working 0f,0.s in..iti,
to boy d thh 01
the purchaser could accumulate hie "we; env 713°
savings bank until he had sufficient
~, tin ~,,e,
first of 1/., subsequently of another poulLu ~,i bsi3t*,l De
mieht go on accumulating his "savings 1u1.",,,,,, ow'
purchasing annuities of 14 from time to fr"'"