The Sun.
London, England, 1844-01-30 00:00:00

HONE I AND COMMERCIAL NEWS

• CITY, QUARTER TO THREE.
The Cotton Market at Liverpool yesterday was very ani-
mated, and prices advanced id. per lb.—Sales, 15,000 bales ;
viz., 2,500 Surat at 31d. to 44d. ; 500 Maranham at sid. to
6d. ; 500 Bahia at Gid. to bid. ' • 1,000 Peruvian at bid. to
; 1,000 Egyptian at 64d. to Bd. ; and the rest, American,
at sd. to 6id. per lb. Speculators took 8,000 bales.—ln
Shares the transactions were limited. Birmingham and
Gloucester were 70i ; Eastern Counties Extension, 4 prem.;
Great Western Half, 74 ; Brighton, 45 ; South Western
Eighths, 21; Manchester and Leeds, 109 ; Paris and Orleans,
324; and Ditto and Rouen, 314.
The intelligence received from the United States this
morning by the Ashburton to.the 10th inst: is not very im-.
portant in a commercial point of view; but as respects the
" good faith" in monetary matters, unquestionably another
instance is shown of the extension of the foul principles of
" repudiation," as the following extract from a late paper
will fully demonstrate. The Bank of England will by
the decision be large losers, if the dicta be upheld,
to the extent of at least, as understood, 500,000 dollars ;
other establishments will be also heavy sufferers, by the new
plan of obtaining decisions of Courts of law to set aside trust
deeds made for the benefit of distant creditors, on the plea of
illegality. The information contained in the following will
be read with disgust by all honest men :
" NORTH AMERICAN TRUST AND BANKING
COMPANY. •
"Some weeks since Assistant Vice-Chancellor Sandford de-
cided the case of Leavitt, receiver, v. Tylee and others.
"By this decision the Tylee Trust was set aside, and the
trustee ordered tore-convey the property to the receiver.
The grounds upon which this decision was made were these :
1. Because the conveyances to Tylee were made in violation
of the Bth and 9th sections of the title of revised statutes, re-
lating to ' Monied Corporations.' 2. Because made after the
bill was filed against the Bank, upon which the injunction
was granted.

" The important and material question decided in this case
is, that the provisions of the Bth and 9th sections of the title
of the revised statutes, relating to "monied corporations"
(1 Rev. Stat., p. 593), are applicable to banking corporations
formed under the general banking law of 1838. The Bth
section provides that no conveyance, &c., not authorised by,
a previous resolution of its Board of Directors, shall be made
by any such corporation, of any of its real estate, or of any
of its effects, exceeding the value of 1,000 dollars. The 902
section declares that no conveyance made by a corporation,
in ;contemplation of insolvency,' shall be valid in law ; and
every person receiving, by means of such conveyance, any
Weds of such corporation shall account, therefore, &c.
" This decision is important, inasmuch as it has, as we
understand, a direct bearing upon, :and application to, the
other seven trusts created by the officers of the Company.
"Two of these trusts were made, one for the benefit on
Holford and Co., and another for the benefit of the Bank of
England, under substantially similar circumstances as the
Tylee Trust. The Holford and Co. trust was made
after the injunction, and the Bank of England trust, about
the time the bill was, filed. Neither of these two trusts
were authorised by any vote of the Board of Directors •, but
both of them purport to be made, as in the case of the Tylee
Trust, under the authority of the Committee of Investments
and Finance. It is not pretended that either of the.seid
three trusts was created under or in pursuance of any pre-
vious vote of the Board of Directors, or that any subsequent
vote of the Board sanctioning the same was ever passed. The
last meeting of the Board of Directors, as appears by their
minutes, was held on the 4th of June, 1841, more than two
months before either of the said three trusts were created.
The Holford and Co. trust embraces assets amounting to
a sum exceeding 45,000 dollars, and the Bank of England
trust assets and securities amounting to about 500,000 dollars.
" We are informed that, as to the last two named trusts,
the 'receiver contends that, they are illegal and void
First, because made without any authority whatever of
the Board of Directors ; secondly, because made by officers
after the bill was filed, upon which the order for a receiver
was made ; thirdly, because made in contemplation of in-
solvency ; and fourthly, because in the Bank of England
trust, Thomas G. Fulmage, as President, attempts to transfer
to himself and Richard M. Blatchford, as trustees, 5000uu
dollars of the assets of the Company."
This is a pretty specimen of the honesty of a fractional
portion, at least, of the monied interest of America.
From Canada there is nothing of interest, either politi-
cally- or commercially speaking. The steps of the Governor-
General, as respects the Council, were watched with much
interest.

The Funds have this morning receded on the value Of
yesterday. The Commissioners took stock, but whether for
the saving banks, or the redemption of the debt is mot just
now known. The amount taken was 20,000/. Consols at 97i.
Cotlsols for Money have been transferred at 97a, but are no
at 97i ; and for the Account at 97k, after having been sold
at 97g. Bank Stock has again realised 196. In the early
part of January, 1842, this security was quoted
only at 172, showing a rise of 24 per cent. within about
twelve months. In the other Stocks, as well as in Exche-
quer Bills and India Securities, the variations have bees
slight to-day.
To-morrow is the Account day in the Foreign Stock
market, and the principal business now is the adjustment of
accounts. Spanish Consols have ruled heavy, the pri,!e
having fallen from 23i to 22k, and the Three per Cents.
Money at 31H; Portuguese Converted have been sold at 47i
Belgian at 1054 ; Dutch Two-and-a-Half per Cents., at
55; the Five per Cents. at 104. Mexican at a fall frsra'
34i to 33i ; and. the Deferred Stock to log.
A considerable amount of business has been done in the
Share Market, and generally at slightly advanced prices.
BRITISM FUNDS THIS DAY AT ONE CYCLOCX•

(From the Official List.)

Bank Stock - i9sif 196 195 0
3 per Cent. Reduced Annuities 9Bf a* -
3 per Cent. Consols. Annuities
3i per Cent. Reduced Annuities
New 3i per Cent. Annuities lol4i
Long Annuities, Expire sth Jan. 1860

, .
Ines', Stock 277
India Bonds, 1,000
Ditto under 1,000
South Sea Stock
Ditto New Annuities 95
Consols for Account
Exchequer Bills, lid yid.
1000/.
5004
Ditto Small
FOREIGN FUNDS THIS DAY AT ONE O'CLOCK.
Belgian Bonds, 5 per Cent ............... .. .. 105,1
Mexican Bands, 1837, 5 per Cent.....,,... 841 331
Ditto Deferred Stook loi
Portuguese Bonds, 5 per Cent
Ditto Converted .. 471
S-qanish Bonds, Five per Cent. • 23i 221
Ditto Deferred l3a
Ditto Three per Cent.
Ditto for the Account Bll
Dutch 2i per Cent . 55
Dutch 5 per Cent.

PRICES OF SHARES THIS DAY AT ONE.
RAILWAYS. Paid. Per Share.
Eastern Counties 23 ..... 1011 ... to ...0
Ditto New ... 25
Do. Extension ... l3s. 4d.... 1 to --•
Gravesend, Rochester, Chatham 2i 2l to -ir
London and Brighton ...... ...... 50 -
London and Greenwich ... ...... 121 4l .. to
London and South Western ... 41% ...
Ditto Eighths... I ... - ,
London and Cioydon (Trunk)... 131 l7
„„„, to --- ,
Norwich and Brandon -
Northern and Eastern
Paris and Orleans
Paris and Rouen .. ..... ..... 20 .. -
South Eastern and D0ver......... 60
Ditto Scrip
----

JOINT STOCK BANKS.
Australasia 4O . 45i..... 0 ....-
London Joint Stock lO ...... 12i to ---
Provincial Bank of Ireland
MANCHESTER STOCK EXCHANGE, JAN. 29.—.Our01111::,
ket continues firm, with a fair business doing. The folio;
ing are the transactions of the day:—Eastern Coilntli
Registered, 12/ ; Do., Perpetual, 15s. premium ;n
fati--,
burgh and Glasgow, 59i- i • Manchester and Birmiligu—a.
' 39i • Manchester and Leeds, Half, 49 ; Sheffield idii
Manchester, 61. ~,