The Sun.
London, England, 1842-11-02 00:00:00

SOUTH WARD. •$1
144 I Sherratt .:;-' •

Ready l4O
Blood 137

130

Page 124
Heap 126

DERBY, Nov. 1.
The Council now consists of 12 Aldermen, Libe•
rals; 31 Councillors, Liberals ; 5 ditto, Tories ; .total
48.—Derby Reporter. "11 i""`

ADELAIDE GALLERY.—The promenade concerts at
this institution become more and more attractive, and
bid fair to rival those of the same description given at
the English Opera House. The gallery has been
crowded during the past week with fashionable au-
diences. Mr. Jones has made another addition to his
dissolving views, by a Portrait of Nelson and a View
of Langollen, both painted by Acres. The Dissolving
Views are accompanied by songs expressive of the
scene, which have a very pleasing effect.
PROPOSED EXTENSION OF THE BRIGHTON RAIL-
WAY.—A survey is now in progress for the continua-
tion of the Brighton Railway, by means of a coast
line, to the towns of Chichester and Worthing. The
cost of the line, it is conceived, will be but small, as
the country through which it runs is of a level
nature. The plans and sections of the proposed line
have already been deposited with the clerk of the
peace, and it is the intention of the Brighton Company,
in the next session of Parliament, to apply for a Bill
to carry out the line, the expense of constructing
which, according to the engineering estimates, will
not exceed 15,000/. per mile. The project is supported
by his Grace the Duke of Norfolk, and by Mr. John
Abel Smith, M.P. _

SUDDEN DEATH THROUGH JOY.-011 Sunday last
1
'
an awful instance of sudden death occurred at Dieppe
to Mrs. Whichelo, wife of Mr. Whichelo, an English
gentleman residing at Dieppe. It appearstbat Mr.
Whichelo, who was formerly an inhabitant of Brighton,
in consequence of becoming straitened in his circum-
stances, took up his residence at Dieppe for the sake
of economy. A short time since l
eb
fortune.rhe r o f
The A Ir. .
ample
a p
Whichelo's died, leaving him an m
news took such an effect, that on the receipt of the
letter Mr. Whichelo fell into a strongi fit, and his lady
became aladrentieirnmgli3h,ea
ill.
to return Aturnr. tlOl% hi ch
Brighton,e lo rec recover-
in; ecri
r-
ing theynative town, to pass the remainderh of their days, but
the change of fortune had
\Michell:), that in a few hourssushe c
wasan a effectcorpse.
overst ca
Steam
the
Navigation
body
sorrowing husband yesterday (Tuesday broughtrought
year, independent
of •
of
Chiosmwypailfley'sin one
of
the
General
thbeurpirtielv iicrilus
the Brighton churchyard.
The works for raising the Telemaque from the
ground, where she has so long lain, off Quillebeetif,
are, according to the Journal du avre, going on
slowly, but surely. Her hull is within three feet of
the surface at low water, and is kept ready in that po-
sition. As the river at this spot is only about 29 feet
deep, and the vessel measures in her own depth 21
feet 6 inches, she must have been raised already above
four feet from the bottom. A man has walked on her
side, as she lies, from one end of her to the other,
having the water no higher than his waist. All the
tackle holds strong and steady. At the date of the
last accounts Mr. Taylor was engaged in arranging
the apparatus, so as to act with greater force, and is
said to have declared that, in four days, the Tele-
maque would be above water.
FEARFUL ODDS.—Corvisart, a French physician of
some celebrity during the latter portion of the last
century, was once lamenting, in company, the pre-
mature death of Dr. Backer. " It was not, at all
events, for want of medical aid that he died," said
he, " for in the last days of his illness we, Halle,
Portal, and myself, did not quit him for an instant."
" Alas !" interrupted the Abbe Sieyes, " what
could
he do again.ct three of you?"
On the 24th inst., as a corporal of gendarm •
erie of
Vio, in the Upper Pyrenees, was returning
village of Artaguan with one of his m to the I
raised his carbine and shot him. The en, the latter 1
assassin fled to
a short distance, where, after divesting himself of his
cloak, sword, and hat, and deliberately
in a bundle, he blew out his brains tying them up
the corporal was within 300 yards fwith a pistol. As
per-
sons soon came to his aid, but he o Artaguan,
hours, declaring with his last breathsurvived only two
to what cause to attribute his murder. that he knew not
however, that the murderer was lt is supposed
as he had undergone a slight actuated by vengeance,
port of the corporal. punishment on the re-
PRODUCE OF THE CROP.... '0
exten-
sive farmers in thin neighbourhoodne of the most
his first stack of wheat
lofwe understand, exactly
was 20 bolls of the
last week thrashed
doubleve s se
thatls' of for
last cro which produced,
its superior quality. Lastyears
average weight of 591 b• per bushel ;
this year's was 10 bolls averagiDg.64lb.-wth OW.

MONEY MARKET and CITY NEWS.
FROM THE MORNING PAPERS OF THIS DAY.
CITY, TUESDAY EVENING.
TIMES.—The premium on gold at Paris is 12} per
mille, which, at the English Mint price of 3/..175.
100. per ounce for standard gold, gives an ex-
change of 25 46k, and the exchange at Paris on Lon-
don at short being 25 65, it follows that gold is -
0.74 per cent. dearer in, London than in Paris.
By advices from Hamburgh, the price of gold Is
433 per mark, which, at the English Mint price of
31. 17s. 10d. per ounce for'standard g.old, gives an
exchange of 13 9, and the exchange -at Hamburgh on
London at short being 13 10i, it follows that gold is
0.68 per cent. dearer in London than in Hamburgli.
The course of exchange at New York on London
is 108 per cent., and the par of exchange between
England and America being 109 23-40 per cent., it
follows that the exchange is 1.57 per cent. ara_inst
England ; but the quoted exchange at New York
being for bills at 60 days' sight, the interest must
be deducted from the above difference. •
No event of the kind has produced a stronger feel-
ing of uneasiness among men of property than the
ruin of the Bank of Manchester, and the wish is be-
coming general that it may lead to a review of the
whole system of joint-stock banking, with some bet-
ter protection from its consequences both to the
shareholders and the public. A Correspondent, who
professes to have examined carefully several of their
charters and deeds of settlement, observe as follows :
" Some of the charters are admirable in their bind•
ineprecautions, but there is no penalty ixed upon di-
rectors, managers, or officers, for any 'delinquency be-
yond that which falls upon the innocent, because ne-
cessarily ignorant, Shareholdeis. The deeds of settle-
ment bind the Shareholders ; he Directors, Mana-
gers, and officers, are carefully hedged from every
danger and penalty, because any delinquent Director
has only (taking advantage of his knowledge) to sell
his shares and resign; then he is free from every con-
sequence ; never was there more iniquitous inequality
than that which exists between Director and Share-
holder.
" The reason of all this is evident. The lawyers
who frame the deeds are most frequently Directors,
and always officers. So long as the bank is pros-
perous, they hold large shares, selling at premium ;
their knowledge enables them to retract in time.
They have only to take care that the charter or deed
of settlement saddles no responsibility on Directors
or officers.

" Private bankers are bound, in person and pro-
perty, to their customers and the public. Joint-stock
bank Directors, on the contrary, can play fast and
loose. If this iniquitous system is longer permitted,
it will extend swindling through every grade of
English society. Responsibility must be fixed by
law ; the Shareholders (who pay in honest gold)
must be protected. For what are Directors but
trustees of property committed to their skill, honesty
and care? No man is forced into responsibility—no
man is forced to be Director.

" All that is required is, that Directors, Managers,
and officers of joint-stock banks shall be placed under
exactly the same responsibility as private bankers.
No ignorant or improper persons will then thrust
themselves into pay or place ; they must all know
their business, and be active, not sleeping partners,
and men whose minds and property are in the bank.
The same energy, watchfulness, and care, that indi-
viduals exercise, will then be insured to the public."
The injury to Shareholders in many cases extends
far beyond the loss of their stake in the bank, and
hence the liquidation of the assets of the Bank of
Manchester is watched by all concerned with a
very anxious degree of interest. Should they fail
to realise the amount at which they are valued, which
the most sanguine hardly anticipate, many of the
shareholders must be made bankrupts, as has hap-
pened before in similar cases, for no honest man will
allow his separate creditors to be defrauded, in order
to make good his liabilities as Shareholder of a joint-
stock bank. The consequence will be the breaking-
up of establishments and the ruin of families innu-
merable. It is believed by many persons that unless
the liquidation of the assets should turn out a very
favourable one, the depositors and other creditors of
the Bank of Manchester are by no means safe.
The following is an extract of a letter from another
Correspondent on the same subject :
" I quite agree with you in thinkink that the Share-
holders in Joint-stock banks are in need of legislative
protection. As a means by which this might, in a,
great measure, be obtained, perhaps the following
suggestion may merit attention. Most Joint-stock
banks have what is denominated a `guarantee fund,'
which is an accumulation of the surplus profits, after
paying reasonable dividends ; but under the present
system this 'fund' is only nominally a guarantee•and
nothing more, for it may be, and almost invariably is,
used in the current business of the bank, and con-
sequently sometimes, as in the case of the Bank of
Manchester, totally lost. Now, I would propose that'
this fund should, in the strictest sense of the word, bo
made a guarantee, by a law being passed whereby
the Directors and Managers would be compelled to
invest the surplus profits declared at each periodical
balance in the public funds, and that such investments
should not be appropriated in any way whatever,
without the sanction and signatures of four-fifths of
the Shareholders. I would have these investments
continued until at least one-half of the subscribed
capital was accumulated,
,and every investment duly
notified in the newspapers.
POST.-=-It is said that a project is in contempla-
tion, purpose of which is to secure the payment of
the the
dividends on the newly-issued Three per Cent.
Spanish Stock for a period of five years, and that a
gentleman well versed in financial matters, and with
the feelings of the English public towards Spain, has
left London for Madrid, in order to make to the
Government there an offer of the means required for
the accomplishment of such an object, which he will
do in the name of several wealthy capitalists. How far
the proposition may meet the views of Senor Calatrava
seems doubtful, the terms upon which it is to be made
remaining to be developed. An opinion cannot there-
fore, for the moment, be hazarded upon it; but
there can be no hesitation in saying, that to secure
the holders of the Three per Cent. Stock their
interest money for five years would be a step that
could not fail to contribute to the advancement of the
national credit of Spain, and to give satisfaction to at
least one portion of the claimants on her exchequer.
It is to be hoped, however, that the gentleman alluded
nenca
es finalsciity noefgaotttieant
di oinn
gw, ita
sh uat
parefpuarall cthonryvicnitieoan.
to has not departed for the Spanish capital to enter
of thnea
sure, to the long neglected condition of the Treasury
bill-holders, and that he will, during his stay there,'
use his endeavours to awaken the Minister to a just
sense of the injury under which this class of the fo-
reign creditors labour. The Treasury bills are six'
years over due to-day, and, to attempt to revive con-
fidence while they remain in abeyance must prove
nugatory. The sentiments of the individual on this
question are well known in London, and he will act
wisely in putting Senor Calatrava in possession of the
truth. More sacred claims do not, as he is aware,
exist, and hence the obloquy that has been east upon
those Ministers, the predecessors of the present head
of the hacienda, by whom the guarantees under which
they were issued have been so shamelessly violated.
SUN.—There was nothing done in the English
funds requiring notice, since the closing oftheSstcrks
Exchange was made available by most of the eor I
hies intowever the
in Mexican Bonds were in attendance, ,
of influence to leave town. Some parties
mail being due.
A mercantile firm, in reviewing the transactions of
Iremarks that—" The business trans-
actions of the past month exceed, in the quantity of
the past month,
colonial and foreign produce, any similar period, in value
y
between two and three millions sterling, and to chiefly
butsu p p
complaints
i
oympimlaininets modiaatenvg wants
the
ts; et we !hear of nothing
merchants and traders,
whilst we know that almost all the leading products
yield good, and in many instances great, profits to the
producers. We wish the colonists could say as much
for the manufacturers of this country ; but unhappily
,BerasielkisoftlEie
England,
d andh e
the accumulationconsequent of bullion
"
increase
of the circulating medium, has failed to
heretofore) any speculation in merehand. produce (as
in the r
tition continues to interfere profits With rofi C°lllPe-
so until labour is better paid
andP , and ill do
a part of the material." considered two form
No news yet of the British Queen.
COURSE OF EXcHAN
Amsterdam ...... CF. 12 6.E-4:YESTERDAY.
Ditto, at sight •„C Gibraltar ...........
•12 46
Rotterdam ...... ...2 6 Leghorn
Antwerp ...........•
.91 Genoa ...... 26 10
Hamburgh ...... . •.
8 Milan.
Alton' 13 15 Venice
.......
Paris, 3
days, .......... 14 154 Naples •.• 0
Ditto, '3 month g ***
25 75 Palermo, per as.
Marseilles s ......... 26 0 Lisbon
52
Bourdeaux ..... ..
: **.
26 5 Oporto
.r.
23
Frankfort or:51;Z ....
1256, b Dioh.Jaanet
234
Petersburgh, 3 Us. 3-7 Buenosai Ayres
Berlin
Vienna, effec. fi. 3 M lO 2 'Philadelphia 46
Trieste, ditto lO 3 PRICKS OF BULLION, PIM 05.
•
Madrid
Cadiz 364 Portugal Geld Coin ...3 17 5
Bilbao 36 New Doubloons ...... 0 0 0
Barcelona ........ 36 New Dollars... .......... 494
Seville 36 Silver in Bars... .... .0 4 114

108, at Rumney Iron Works,
regretted by all who knew her.
l‘SihrDes. iwedjo3 ae
aslt'bet Jones,eelYmthaegr, aged
grandmother, great-grandmother,
and great-great-grandmother, of 105 children. Her
youngest son is living, and is 73 years old. She
lived 80 years in Dowlais, the six last years with her
grand-daughter, Mrs. W'atkin Morris, Castle Inn,
Bumney. This extraordinary woman lived in four
Kings' and one Queen's reign. She posed h
faculties and an extraordinary memory to the Wt►
and used to amuse and instruct the juvenile bninets,
of her family with the then chronicled history do •
American outbreak, the French Revolution, thel
&on
and deeds of Wolfe, Washington, BenePert*,
and Wellington..—)dn.