The Sun.
London, England, 1842-12-15 00:00:00

SCOTCH BANKING.

i To resume with the Scotch banking system. R D.,
our Edinburgh correspondent, who charges himself
with, and approves himself fully competent to, its
championship, thus resumes and contrasts the merits
of that system with the demerits of the English joint-
' stock system. The point of departure is not exactly
selected in the most impartial taste, but let that pass.
" The Scottish banks add much to the powers of
capital by bringing the smallest surplus into a situa-
tion rendering it accessible. They add also doubt-
less to the volume of capital, in so far as their current'
in use may exceed the actual capital deposited wan
them, and so far they save the expense of coin. But
they do not lend themselves to raising up men of
straw to compete with and ruin actual capitalists;
they do not lend themselves to deranging business by
creating goods beyond the fair wants of the home, or
rushing injudiciously into the foreign markets. They
assist business, but do not create it, nor by undue
assistance derange it. They are money changers
merely, not co-partners in commercial gambling at a
fixed profit."
There is questionless only too much truth in the
charges here resumed in the comparison between
the two against the English joint-stock banks ;
so far however, and so far only, as the more
rotten among them ; those, for example, which
have gone to the wall already, or which may be
in an unsound condition and conducted upon
a corrupt system, of which one or more instances
might be cited, were it necessary or expedient, at
this present time in the metropolitan county as in
one of the ridings of Yorkshire. It may be sufficient
to observe now incidentally of these, that their doings
do not escape attention although they may not be
animadverted upon. But although the Scottish bank-
may not " lend themselves to raise up men of straw ;
** * * to deranging business by creating goods be-
yond the fair wants of the home, or rushing injudis
ciously into the foreign markets," like the notorious
Bank of Manchester ; although in the commercial
sense they may not do this, yet upon their system they
may do, add do, what is tantamount to the same
mischievous result in the agricultural sense. By
loans upon mortgage they contribute largely to sus-
tain the value of land in Scotland ; by their loans
and small note circulation they have contributed
largely to raise the value of land there, and the
prices of stock and provisions both there and here.
"'hey have created a stronger competition for
the possession and tenantry of land than what
in the natural order of things could have arisen ;
and they have assisted in raising up compa-
rative " men of straw" to compete with and
injure the actual and industrious farming capitalist.
The injury thus inflicted upon Scotland has re-acted
to a large extent doubtless upon England by raising
and sustaining rents, and stimulating an excessive
concurrence for the occupation of land. The results of
bank loans on landed securities and of a one-pound-
note circulation hare, although not to the same excess,
produced the same effects in Scotland as, under a
similar system of bank management and circulating
accommodation, were developed in England during
the war, and ultimately eventuated in the universal
catastrophe consequent on the Currency Bill of Sir
Robert Peel. It requires no power of second sight
now to foresee the time approaching when, with
(without even) the extinction of that local and excep-
tional small note circulation on the artificial and
insecure foundations of which they have been too
exclusively built up, the prosperity prices and rents
of land and the produce of land in Scotland, must
descend from their high estate and find a lower level.
When, as the prices of produce decline through the
operation of that larger and less trammelled compe-
tition of similar foreign products ; of the corn of the
Baltic and the Black Sea, the beeves of Holstein,
Mecklenburg, and Spain, and the pork and piggery
imports en masse of the United States, which now and
henceforth may be looked for and must be reckoned
with ; the wary Scotch . banks recal their loans on
land, and the signal it will be to which all other the
capitalist mortgagees of land will hastily respond,
then will come the day of trial for Scotch agriculture
and the day of peril for Scotch banks. The one-
pound-note circulation, if still permitted an existence,
will then prove an embarrassment rather than a con-
venience of power and profit.
The Scottish system in its purity, if so it may be
called, would be inapplicable in England if only for
the vicious quality of the circulating medium compos-
ing an inherent portion of it. That, however, is not
the only objection which may be urged against it; its
ntrtgage investments alone are a standing sore in the
system. Far from admiring, moreover, the open
or cash-credit practice under that system, there
is reason to deprecate its introduction into this coun-
try however well generally it may have worked in
Scotland, where so long established. A cash credit
is conceded to an applicant of fair character and sup-
posed means on the strength and :security of two
approved bondsmen, and upon this cash credit the party
is entitled to operate to the extent. The question here
arises, whether advances thus made upon a bonded
security alone possess an equality or a superiority of
guarantee over bills of exchange, with one or more
endorsers, presented for discount, and, according to the
practice of English banks, discounted.
It will scarcely admit of doubt that a bill is a more
perfect representative of value than a bond, and more
readily recoverable on default of one party against the
others superscribing. The bill represents a real trans-
action consummated ; the bond represents transac-
tions to come, in progress, or in the end completed.
In the case of the bill the bank has at the moment
the nature of the transaction before it, as well as the
agents in that transaction, but the bond leaves the
Scotch bank with the immediate agents only before
it, and of the nature of their transanctions it
can only be imperfectly informed. The bonds-
men stand moreover towards each other, and to-
wards the bank, in the position of three parties to an
accommodation bill, which, according to the more pru-
dential practice of English banking, where fairly car-
ried out, would be tainted by the fact and scouted at
once. And the three parties to the bond may after
all, and doubtless often do, represent but one security.
For if A and B become bound for C in a cash credit
at one Scotch bank, C must return the compliment to
both at another bank, and so on A for B and B for A.
The three compose a leash and run together for good
or for harm, they sink or swim together. The bank
of A may have some cognisance of what he is doing
so far at least as the credit is operated upon ; but how
is he to overhaul the accounts and the business of B
and C for whom A is bound, and whose credits are
opened with other banks ?
The comparison, it may however he observed and
conceded, scarcely holds good as between advances on
joint bond and bills discounted. The practice of ad-
vances, however, by English banks, though apparently
less guaranteed, appears to possess equal if not more
solid elements of security. Take a bank located in an
agricultural district. It is a part of their business to
loan money to the farming interest. The farmer re-
quires an advance, say for rent-day, for the purchase
of seed, or of stock. He has no bondsmen to offer,
but he refers to his stacks of corn, or hay, or turuips,
or stock fatted for market, for which the demand is sure,
although it would be detrimental to force them all on
glutted markets at once.—Herald.

CITY OF WESTMINSTER LITERARY, SCIENTIFIC,
AND MECHANICS' INSTITUTION.—HIS Royal High-
ness Prince Albert has just presented twenty guineas
to the funds of this useful Institution, of which he is
the Illustrious Patron. The Duke of Northumber-
land, the Duke of Buccleuch, the Duke of Suther-
land, the Marquis of Lansdowne, and the Marquis of
Westminster are also among the distinguished donors
to this Institution.

OULD NICK'S SECURITY FOR HIS RENT.—" I'm
afther thinking, yer honor, it's yersilf can be letting
ould Nick O'Brien a bit of a cabin, to hould his wife
and childer," said a wild-looking Irishman, from the
mountains of Connaught, as he entered the office of
one of our house-factors. " And who will be caution-
ing old Nick, fur the payment of his rent ?" asked the
factor, eyeing him as no bad impersonation of the
character whose name he had so coolly assumed.
" Och ! if it's the matther of caution you mane, no-
body but his honour, the gintleman of the Savings'
Bank, will do that for ould Nick," said the wild-
looking mountain man, as he threw down a well-
fingered Savings' Bank pass-book. On examining
this document, the house-factor found that Nicholas
—for such was his real name—had been for a good
while a regular depositor in the Savings' Bank, and
had saved a number of pounds. On being asked how
he managed ,to save so much money in these hard
times, Nicholas replied, "I found my wife Judy be-
ginning to stick hard to the tay, and the shugar, and
the swate buther, and the potheen, like her Scotch
neighbours, jist as if she'd been the wife of
yer honor ; so I said, this is not honour to
Ould Nick, and I tuk to spind the money mysilf, and
to stick to the stir-about, and the praties and bacon,
and thin I could call and see his honour at the Bank
now and again ov a Saturday, and lave a crown."
Judging Nicholas by his bank pass-book, and the de-
scription of his household economy, to be an honest
and prudent man, though somewhat rough in his ap-
pearance, the house-factor let him a house. But no
sooner was Nicholas settled in his new house than
one after another of the previous tenants called
to ascertain what kind of man they had got
for a neighbour. Instead, however, of saying
anything of him, the factor asked what they
had to say of him. To this they could only reply,—
" Oh, nothing ; but he looks so queer, and they call
him Nick ; and he is always banning the tea, and the
sugar, and the fresh butter, and the whisky, as things
only for the gentry." Nicholas, however, had a heart
to be kind, as well as a mind to be industrious and
saving, and by bestowing or lending a shilling to his
less provident neighbours in their times of distress, he
very soon convinced them, that Ould Nick was but a
misnomer for one that was honest, industrious, econo-
mical, prudent, and generous—one that was all this
by means of the Savings' Bank.—Glasgow Argus.

SPORTING INTELLIGENCE,
BETTING AT MANCHESTER—TUESDAY.
DERBY.-8 to 1 agst A British Yeoman (0-20 to 1
agst Murat-28 to 1 agst Progress colt (0-30 to 1 agst
Winesour-30 to 1 agst Aristides (0-40 to 1 agst
Blackdrop (0-40 to 1 agst Amorino (t)—.45 to 1 agst
Sirikol-40 to 1 agst Napier-50 to 1 agst Chesterfield
—l,OOO to 15 agst Jamal-1,000 to 15 agst Lang iish
colt-5 to 1 against Scott's lot-12 to 1 agst Col. Pool's
lot-15 to 1 agst Sir G. Heathcote's lot-18 to 1 agst
Kent's lot.

COURSING.
RIDGWAY COURSING CLUB MEETING, AT SOUTH-
PORT, DEc. 8 AND 9.—The Ridgway Challenge Cup (16
dogs) was won by Mr. Garven's Gambler, beating, in the
deciding course, Mr. Knowles's Kate. The Puppy Cup
(16 Subs.) was won by Mr. Knowles's Eau de Vie, beat-
ing, in the deciding course, Mr. Shaw's So-sly. The
Martindale Stakes, for 16 dogs, were won by Mr. Uns-
worth's Unknown—Mr. Garven's Gust ran up. The
Southport Stakes were *on by Mr. Slater's Sandy.

TO THE EDITOR OF THE SUN.
SlR,—The report contained in your paper of Sa-
turday, the 10th instant, of the examination of Mr.
W. Carter before the Insolvent Debtors' Court, is now
before me.

The statements contained in that document, " espe-
cially those respecting the Carlton Club," and alleged
" diplomatic employments," so obviously and impera-
tively demand immodiate notice and refutation from
me, that I cannot doubt you will do me the favour to
insert the few words which are necessary for that
purpose.

- Air. Carter introduced himself to me about eight
years ago as a rich West India proprietor, who wished
to thank me for exertions which I had then recently
made in behalf of the West Indian colonies. An ac-
quaintance, which continued on general and friendly
terms, grew out of this. I knew nothing of Mr.
Carter's having taken the benefit of the Insolvent
Debtor's Act in 1832 ; and the first occasion on which
money was mentioned between us was, that of an
application last year on his part, that I would
lend him 50/. ; with this I regretted I could not
comply. Shortly afterwards he asked me to sign a
bill of exchange for that amount in his accommoda-
tion. I did so; and similar liabilities gradually in-
creased. lie also at various times received from me
sums of money ; and it was not until those sums had
become considerable, and those liabilities very heavy,
that Mr. Carter signed for me the bills specified in
his caminaton. With respect to the statement
of Mr. Carter that a sum of " 3,0001.," or any
other sum, was ever represented by me as
being set apart or " reserved" " by the Carlton
Club" for my use, on "account of elections," or on
any other account, it is utterly without foundation.
No conversation I ever held with him could, by any
ingenuity, be tortured into such a meaning; and
with respect to any diplomatic appointment, his as-
sertion also is worse than a simple untruth—it is a
gross and malignant invention.
With respect to the assertion that " attempts had
been made to subpoena me in vain," it is perfectly
untrue. I had put Mr. Carter into communication
with my agent previously to my leaving London,
and he knew he would readily and at any time com-
mand my attendance. He even (I know not if wil-
lingly) prevented my attendance, or attendance on
my behalf, by stating to my agent that on account of
the number of cases on the list preceding his, his exa-
mination would certainly not take place until, at the
least, a month or six weeks after the day for which it
had been fixed, and on which it actually occurred.
But for this my evidence should have been given
in Court, and you would have been spared this com-
munication. I am, Sir, yours most faithfully,
London, Dec. 13. PETER BORTHWICK.

SINGULAR CASES OF RECOVERY
OF HAIR, AFTER 15, 25, AND 26 YEARS' LOSS.
A few attestations (selected from numberless others,
received during the last 40 years) to the virtues of
ROWLAND'S MACASSAR OIL ; the originals of
which may be seen at the Proprietors.
To Messrs. Rowland and Son, 20, Hatton-garden, London.
Hummums Hotel, Covent-garden, Feb. 26, 1802.
Gentlemen,--In announcing to you the following cor-
roboration of the efficacy of your Macassar Oil, if by
your making it public it will be of any service, I shall
consider myself but returning in a very small degree the
great obligation I feel I lie under to you, and shall be
most happy during my stay in London to satisfy any
Gentleman who may feel interested in the truth of the
following :—ln the year 1776 I went to India, and
shortly after my arrival there my hair fell off in consi-
derable quantities, so that I soon became entirely bald ;
in which state I remained until my arrival last year in
America, and at Boston was induced by reading one of
your Advertisements to make trial of your Macassar
Oil, though I confess with but little hope of success.
After the use of one bottle I found my hitherto bald
head covered with a sort of down, continuing the use of
the Oil, much to my surprise and gratification, I have
now the pleasure to inform you, withont exaggeration or
vanity, that I can boast of as fine a head of hair as any
one need to have.

I am, Gentlemen, your grateful Servant,
A. MACKENZIE.
Extract of a Letter directed to Mr. Oldroyd, Merchant of
London, from a friend at Naples, dated May 6, 1823.

. .
I must turn your attention to the following. :—Captain
Kranshair, of the 4th Regiment of Line, in the service of
his Imperial Majesty the Emperor of Austria, aged 44
years, has been bald ever since the age of 18. He was
recommended to try " Rowlands' Macassar Oil," by a
Gentleman who had already experienced its good
effects : he bought some of me of the last quantity I
received from England, and persevered in applying it.
In less than two months his hair grew on the bald parts,
ankis now very thick. The Captain is highly pleased,
and has spread its fame. I assure you the demand for
that article is very great, and must beg you to send me a
fresh supply without loss of time.
Gentlemen,—l consider it almost an imperative duty
to state the efficacy of your most excellent Macassar Oil.
For the last fifteen years I have been bald, occasioned
by a most dreadful fever whilst in India. I have used
almost every means to procure a head of hair again, but
all my efforts seemed fruitless,-until, accidentally, a friend
advised the use of your valuable Hair Restorer —(I can give
it no better name)—and, after using a 3s. 6d. bottle, every
symptom of a new head of hair began to show itself, to
the joy, not only of myself, but my children. I resolved
on having another, and obtained a 7s. bottle, and, before
the whole of which was used, I had, and have now, as
handsome a head of hair as ever man enjoyed, and I
earnestly recommend all who have not tried this most
excellent Oil, will not fail to do so.

I am, Sirs, your most grateful and obedient servant,
J. WALKER, Colonel.
WhittlyLodge, near Taunton, May 10, 1836.
ROWLANI)'S MACASSAR OIL prevents hair from
falling off or turning Grey ; Changes Grey Hair to its
Original Colour ; frees it from Scurf and Dandriff, and
makes it beautifully soft and curly.
*** Ask for " ROWLANDS' MACASSAR OIL,"
And see that those words are on the wrapper.
Price 3s. 6d. ; 7s. ; Family Bottlgs (equal to four
small), 10s. 6d. ; and double that size, 21s. per bottle.
Sold by them, and by Chemists and Perfumers.

AN ADVENTURE AT SEA.-011 the 25th of last
month, the Meg Lee, of Sunderland, while proceeding
down the Cattegat, on her voyage from Dantzic to
London, was happily the means of saving the crew of
a small Danish vessel. The following graphic ac-
count, in a sailor's own words, will best relate the
mode in which the men were saved :—" At 10 a.m.,
next morning, saw a small sloop making for us, with
a signal of distress flying. I immediately shortened
sail, and brought the ship by the wind. At this time
it was blowing a strong gale from the S.E., and a
thick snow drift (and you know, I presume, that
it is not • only cold at such a time, especially with
wet clothes on, but rather bad to look to wind-
ward) ; and \as the ship had been under a
press of canvass, before I could get the necessary
quantity of sail reduced, we had run past the sloop.
We wore ship—came round upon the other tack—and
again ran past, and saw the poor fellows waxing their
hands in the most frantic manner. Whilst I was
giving some orders about the sails, the man at the helm
called out that the sloop had gone down. The hands
being up at the time reefing the foretopsail, I roared
out to them to come down, and we got sail made in
the direction of the sloop. After a few minutes we
had the pleasure to see the crew in a little boat, only
ten feet long. They kept their head to the sea, and I
brought the ship close to them, and succeeded in
getting them on board, three in number. Immediately
the boat filled with water. They had put a few of
their most valuable things into the boat, which were
all lost."—Gateshetal Observer.
The bank of Messrs. J. D. and T. Lydall, of
Henley-on-Thames, which suspended payment on
the il4th of last month, has commenced paying a
dividend of ten shillings in the pound ; there is no
doubt of the creditors receiving their full demands
by two other dividends in February or March next.
THE NEW • CHAPEL ROYAL, AT BUCKINGHAM
PALACE.—The works, which were inspected by Prince
Albert on his visit to town on Saturday last, are in
a forward state. It is of handsome dimensions, sup-
, ported and extremely well lighted. The
door in the middle of
entrancebyfor columns,
her
Majesty
is by a
the north side of the chapel ; the entrance for the
Royal ,household is immediately underneath. The
edifice, which,, it is understood, will be consecrated
with the usual ceremony either by the Archbishop of
Canterbury or the Bishop of London, will be finished
by the return of the Court to town in February.
THE PATENT CHIMNEY-SWEEPING MAcitm.
Mr. St. Clair Trotter, secretary to the Ramoneur
Association, in Foley-place, attended by Mr. George
Walter, waited on the Lord Mayor yesterday, to ex-
hibit the models of the patent chimey-
sweeping ma-
chine, and to request permission to sweep the chimneys
of the Mansion-house. The machine consists of
square brushes acting on spiral springs, which con-
tract and expand according to the dimensions of the
chimney, its universal joints attaching the rods, so as
to pass at right angles. It has been exhibited and
approved by many of the public establishments, and
to-morrow they are to be exhibited, by appointment
of the Board of Qrdnance, at the Tower. The Lord
Mayor immediately gave orders that an experiment
should be made of the efficacy of the machine in the
chimneys of the Mansion-house.

SPIRIT of the PUBLIC JOURNALS.
FROM THE EVENING PAPERS OF YESTERDAY.
GLOBE.—Attention has been drawn of late by
some of our Contemporaries to the subject of blas-
phemous and immoral publications, which, it seems,
are exposed for sale to a very great extent in the
metropolis, without any sufficient means being taken
to check so monstrous an evil. When the party now
in power were in opposition, they used to cry out
against the Government on account of its alleged
apathy to the propagation of Socialist principles,
though the result has proved that the Whigs exercised
a sound discretion in leaving the sect to the insignifi
cane from which it was temporarily raised by
the pious efforts of the Bishop of Exeter. The evil
of Socialism was one which carried within itself the
elements of self-destruction ; and to leave it to itself
was, therefore, the surest, and probably the shortest
way to get rid of it. Since the Bishop of Exeter
has left it alone, its publications have been discon-
tinued, its establishments have been broken up, and its
founder or chief has withdrawn from the scene of his
folly. It is, however, a very different matter with regard
to the blasphemous andimmoral publications, which are
thrust with iinpunity beneath the observation of the
public. They are not only calculated to plunge the
vicious still lower in degradation, but to contami-
nate the weak-minded, and to offend those who are
incapable of feeling anything but disgust for the
outrage against religion and morals, which the
vendors or exhibitors of the publications alluded
to are daily allowed to ,perpetrate. It is cer-
tainly the duty of the authorities to stir them-
selves against a nuisance of so amazing a character,
and one which does not confine itself to the
haunts where those who have evil inclinations may
go in search of it, but which is openly forced into
the sight of the well-disposed portion of the commu-
nity. Our readers will probably have noticed a
police report, in which the son of one of the
Vice-Chancellors was charged with having given
way to a very natural impulse, in breaking the
windows of a shop in which two blasphemous
placards were shamelessly exhibited. The Magis-
trate inflicted no fine, but the gentleman paid
the amount of the damage, and was congra-
tulated on having done an act which would probably
lead to a prosecution of the individual whose windows
he had broken. This is all very well ; but is it right
that a foul and disgusting nuisance should be left
unpunished until a private individual, giving way to
a very creditable feeling of irritation, proceeds to a
lawless act, of which a breach of the peace might
have been the consequence, and by which he might
have become involved in a very serious dilemma ?
We do not think that the respectable part of the
public should have no other protection against annoy-
ance from blasphemous publications, than to go about
breaking windows in order to attract the attention of
the persons whose duty it is to put an end to the
nuisance.
STANDARD.—We have unusual gratification in
directing the attention of our readers to the proceed-
ings yesterday at the police-office, Bow-street. It
has been observed with pain by all well-disposed in-
habitants of the metropolis, that the number of shops
opened for the sale of blasphemous and impure publi-
cations has greatly increased during the last five or
six years. As the character of the periodical press
through all its denominations has improved, the
improvement has been counteracted in its effect
by the increase of these odious repositories of im-
piety and filth. One of the worst of the abomi-
nations, if not the very worst, is situated in Holy-
well-street, Strand. Several attempts have been
made to eradicate this fontes of moral pestilence, but
the supineness of policemen, the timidity of Magis-
trates, and, above all, the inefficiency of the libel law
so powerful to aid speculating swindlers against honest
and solvent men, but utterly powerless to resist
desperate paupers warring upon society, have caused
all these efforts to fail. Yesterday the abomination
was attacked in the right way—attacked par vole
de fait. Mr. Lewis Knight Bruce, son of the Vice-
Chancellor (and the father of such a son is to be
envied), passing through Holywell-street was shocked
by the display of several atrocious insults to the
Majesty of Heaven, in the window of the den of
blasphemy to which we have referred. He instantly
commanded the shopkeeper in attendance to remove
the abominable papers. That person refused, and
upon the refusal Mr. Bruce broke two panes of the
shop-window, and succeeded in carrying off one
paper. In the attempt to secure a second
he failed. He then surrendered to a policeman, and
was by him, at the instance of the vendor ofblas-
phemy, brought before Mr. Jardine, the Magistrate
at the time presiding at Bow-street. Mr. Jardine
having heard the case, and examined the paper seized
by Mr. Bruce, most justly complimented that gentleman
upon ljs conduct, declined to impose any fine upon him,
and impounded the money which he was obliged to
exact for the broken glass, with a significant hint, that
if the proprietor of the blasphemy shop should come
to demand it, he would be prosecuted for the offence
of which he would thus furnish evidence against him-
self. Thus, a mode is pointed out by which the
detestable trade of these corruptors of the minds of
the young and ignorant may be promptly suppressed
at a trifling cost. Several years ago, a gen-
tleman—for the honour of Israel let it be
told he was a Jew—broke a window in
the shop of the then notorious Carlile, for the
purpose of causing to be removed a disgusting cari-
cature of the Almighty:For this, Mr. Levy, the gentle.,
man in question, was fined, though, as we remember, in
a small sum, and, like Mr. Bruce, required to pay for
the broken glass. Unfortunately, the imposition of
a fine in the case stamped Mr. Levy's act with ille-
gality, and deterred others from imitating his
excellent example. Accordingly, the caricature of
the Almighty continued to be exhibited for many years
—as long, indeed, as Carlile kept a shop in Fleet-
street. Mr. Jardine's decision yesterday is a most
important step in advance of the decision in Mr.
Levy's case. It virtually determines that blasphemy
is a sufficient provocation to justify the resenting it by
force, and leaves the blasphemer to seek his remedy
for the civil injury.

MONEY MARKET and CITY NEWS.

FROM THE MORNING PAPERS OF YESTERDAY.
TIMES.—It has been already stated that the pros-
pect of a reduction of the Three-and-a-Half per Cent.
Stocks chiefly causes the announced Canada loan to
be regarded with interest. Those holders of the
heavy stocks who would like to see their present an•
nuities continued for twenty years more, are anxi-
ously calculating the price at which they could pur-
chase the Canada Four per Cents. to yield them the
same return. The value of 106, which was mentioned
yesterday, is not the full value of 100 of Four per
Cent. Stock, if 3f per cent. interest is to be obtained,
though it is thought likely that price will be offered
in the tenders. On the other hand, several calcula-
tions have been made giving far too high a value to
the Canada stock, and, according to these, the price
of 115 would represent the value of 100 at 3f per
cent. This calculation is right, supposing the an-
nuity to be interminable ; but its fallacy consists in
overlooking the fact that the Canada stock is redeem-
able in twenty years, which gives it a very different
value. The following calculations, based on the cur-
rent interest tables, have been made by an intelligent
member of the Stock Exchange, and will serve to
give a clear view of the subject. It must be borne in
mind through the whole calculation, that it is made
on the assumption that interest is at 31 per cent.:—
The value of 1/. per annum for 20 years is,
by the tables

This multiplied by 4 gives
The value of 1001., receivable in 20 yeart,
supposing the stock to be redeemed, is .. 60.257

107.105
Leaving out the third decimal as unimportant, we
find that the value of 100/. Canada stock is about
1071. 2s.
The premium on gold at Paris is 14 per mille,
which, at the English Mint price of 3/. 17s. 10-id.
per ounce for standard gold, gives an exchange of
25 50k, and the exchange at Paris on London at
short being 25 65, it follows that gold is 0.58 per
cent. dearer in London than in Paris.
By advices from Hamburgh, the price of gold is
431 i per mark, which, at the English Mint price of
3/. 17s. 100. per ounce for standard gold, gives an
exchange of 13 81, and the exchange at Hamburgh
on London at short being 13 10, it follows that gold
is 0.80 per cent. dearer in London than in Hamburgh.
According to further letters received this morning
from Madrid, being of the 4th instant, the competi-
tion for the quicksilver contract had much increased
in earnestness on the part of all who were engaged in
it ; and as the circumstances are important to all the
creditors of Spain, through the bearing they have on
the credit and resources of the Government, it is well
worth while under this head to keep them in view.
Connected with this contract, a new offer had been
made by the Bank of San Fernando for the loan re-
quired of 40,000,000 reals (400,0001.), proposing if
that offer was favourably received, to take the quick-
silver of the Almaden mines at the price of 75 dollars
the quintal—terms which before had never been
thought of by any competitor. The house of Roths-
-1 child, who have hitherto enjoyed something like the
monopoly of this contract, as well as the current finan-
cial business of the Spanish Government, and un-
doubtedly, on many occasions, had rendered the most
timely and essential service, were becoming uneasy
at the interference with them, not only by the Bank
of San Fernando, but by the agents of various
foreign capitalists, French and English, and had in-
structed Mr. Wiesweller, who transacts their business
in Madrid, to address a protest to the Minister of
Finance against the efforts of rival houses to break
up the good undertaking so long subsisting between
them and the Spanish Government, and to request or
rather demand to be informed of their highest offers,
engaging in that case to give liollar higher than
the highest bidder. This very simple document had,

it is said, been actually presented to the Minister,
with an intimation that it would be repeated every
four days until the contract was decided. We state
this nearly in the terms used in letters from Madrid,
which are written by parties generally aware of
what was going on, yet the fact is hardly cre-
dible. If the proceeding, however, is correctly
described, it was not likely in the new position
the Spanish Ministry had assumed to answer the pur-
pose, but rather to confirm them in their views of the
prudence of carrying their previous determination
into effect, and to open the financial business of the
country to the capitalists of Europe generally. As a
proof of the extent to which the great quicksilver
contract has engaged attention out of Spain, it may
be mentioned that a couple of Scotch bankers were
in the field, and had expressed their intention to make
proposals, though they were too late in coming for-
ward, too distant, and too ignorant of Spanish politics,
to have any prospect of success in so large an under-
taking. The agent for the London houses already
adverted to had increased his first offer, and proposed
to advance 1,000,000/. sterling in the first year, in
money, and to keep one-fourth of the produce every
year in Seville or Cadiz, to be sold to the Spanish
merchants for America.

Other proofs are afforded by these letters from
Madrid of increasing confidence in the present Go-
vernment. Propositions had been submitted on be-
half of some English houses for carrying into exe-
cution the grand scheme of the improvement of the
navigation of the Guadalquiver between Seville and
Cordova, at present at a stand through the selfish op-
position of the people of Seville, who did not wish to
see the produce of the interior brought into competi-
tion with them in the markets of Cadiz and London.

Great hopes are now entertained of the carrying
in
to
effect, commercial treaty with England speedily
effect, and the late events in Barcelona, not then
brought into operation, would tend to strengthen
that feeling. In fact it becomes more evident every
day, even to the Spaniards themselves, that this is the
pivot upon which the restoration of the credit and the
character of the country must turn.
It may he interesting to the merchants to know
that the Lords of the Treasury, in reply to a letter
from the East India and China Association, request-
ing that on the return of the steamer which brought
Major Malcolm from Nankin, she might carry back
a bag of the merchants' letters, state that the Auck-
land steam ship immediately returned to China after
landing the Major at Suez.

The Committee of the Stock Exchange have this
day issued a printed statement of the late proceedings
which have taken place in regard to the issue of
Mexican Bonds. The facts recapitulated and the
documents contained in this statement have been
already before the public under this head, so that it
is unnecessary to print it at length. The whole con-
cludes with the following remarks :
" The refusal of Messrs. De Lizardi and Co. to pub-
lish the numbers of the Mexican bonds actually in
circulation precludes any further proceedings on the
part of tilis Committee, beyond that of submitting to
their, constituents a statement of the facts as they have
occurred, and the result, which may be thus briefly
stated :
" The amount of new stock re-

quired for the conversion of
the old debt would apppear,

according to the —d-ocu-'

ments sent to Messrs. De

Lizardi and Co. by the
Spanish-American Bond-

holders' Committee on the

24th of November, to be

" The amount actually created
Messrs. De Lizardi and Co.

state to be..

£9,247,937

• 10,800,000

" Presenting an excess of . . £1,552,036
or of each denomination
of about £776,000 ,
" The actual amount of Active
stock in circulation is stated
to be
" So that the agents would
appear to have still in their
possession in Active about 145,500

" The actual amount of De-
ferred stock in circulation
is stated to be be . . .. 4,615,600
" Of which, it would appear,
the agents have still in their
possession about ....

784,400

5,400,000

5,400,000
some part of which will still be required to complete
the conversion of the old bonds.

"'With these facts before them the stock Exchange
and bondholders will judge for themselves how far
the avowed issue of new bonds beyond the amount of
old ones converted (which over-issue is stated to
have taken place under the authority of the Mexican
Government) is reconcileable with the decree of the
Congress, and the President's Order in Council,
already referred to. The 19th article of the latter
stipulates that—' The issue of new bonds shall be
limited to the precise sum required to satisfy the
amount of the old bonds, with arrears, &c., which
shall be presented for conversion, so that there shall
never be issued one new bond except to replace an
old one. which latter is to be directly cancelled, and
deposited in a place of safety, as provided for by the
preceding article.'
"Also, how far such over-issue can be reconciled
with the certificate on each bond, bearing the signa-
ture of Messrs. de Lizardi and Co., that—' This bond
is issued by us, in consideration of having received,
for the purpose of conversion, bonds of the Mexican
Government proceeding from the loans effected in
London, or for interest due thereon, represented by
deferred bonds and receipts, or dividend warrants
(otherwise coupons), to the amount of /. ; one-
half of which sum is represented by the present bond,
and one-half by a deferred bond, or land warrant, of
this date.—London, the 30th day of Sept., 1837.' "
The ]ate advices from Sydney bring the report of
the local Directors of the British Colonial Bank and
Loan Company, which expresses their satisfaction at
the conduct of its affairs, and their surprise that
securities such as the Scrip shares should have met
with so little encouragement from the English capi
talists. They are willing to believe that it was more
the depression of monetary affairs, than any other
cause, which so unfavourably influenced their re-
ception. The Company is represented as making
considerable progress in business, at a remunerating
profit.

SCARCITY OF SILVER.
A scarcity of silver coin forms matter of general
and well-grounded complaint amongst the people of
this neighbourhood at the present time, more especi-
ally amongst the mill-owners and the workpeople. It
would appear that such is the dearth of silver, that it
has been found necessary to pay two or three people
together in a gross sum in gold, leaving them to ob-
tain change where and how they could. This, in a
moral as well as pecuniary sense, has subjected the
workpeople to the gravest disadvantages. Almost
their only chance of obtaining change was offered
by the ale-houses and beer-shops, where, in the
first place, they were obEged to submit to a re-
duction from the standard value of the gold,
whether light or not; and, secondly, they were ex•
pected to spend a part of their earnings in ale or beer,
by way of compensation to the landlord for the civility
of providing them with change. Thus even those
who have no disposition to drink are obliged to do so,
whilst others who are prone to intemperance have an
excellent pretext thrown in their way. It is utterly
useless to attempt to ameliorate the general condition
of the working man so long as he is beset with evils
like this. It is one of a hundred which go to make
up the sum of • his grievances. And yet the
manufacturers themsemselves are not to blame in
the matter. It would appear that their bankers have
declared themselves unable to provide the requisite
quantity of silver. But this excuse is inadmissible.
Several large and influential manufacturers, sensible
of the disadvantages at which their workpeople were
placed by payments in gold, Tplied at once to the
Bank of England, and, having seen a letter from the
Deputy-Governor to one of them, we have something
like authority for saying that silver, to any amount,
may be had at the Bank at a small per tentage to
cover the cost of carriage. The gentleman to whom
we have referred has already procured, in this way,
two packages of silver coin, to the value respectively
of 1,0001. and 1,500/. It is clear, therefore, that the
banks can have no difficulty in procuring remittances
—indeed, the letter of the Deputy-Governor expressly
says so ; and we do venture to hope that advantage
will be taken of our information. In attending to
little matters of this kind, we shall effectually consult
the interests of our humbler dependents, and so long
as this can be done, with so little cost and trouble to
ourselves, assuredly we ought not to be negligent or
indifll:•rent.—Manchester Courier.

SOUTH EASTERN RAILWAY.—The works on the
South Eastern Railway are going on at a rapid rate
from the west of the Shakspeare Tunnel at Dover to
Ashford. Great progress is making on the sea-wall,
and the cliffs above the latter are being thrown down
by small blasts thereby saving great labour. The
Abbot's-cliff Tunnel is no ways behind ;it is hardly
to be believed that so great a quantity of work could
have been done there within the last three or four
months.—Maidstone Journal.
MESMERIC OPERATION.—In addition to this extra-
ordinary feat in surgery (Mr. Ward's) we have to
add that an operation took place in this parish. on the
19th of August, when a medical gentleman, to cure a
contraction in the knee joint, put a female in a mes-
meric trance, and while she was in that state divided
the hamstring muscles withoUt her being conscious of
the circumsbnce ; and we are happy to add that the
H
individual now walks with facility.— ampshire Tele-
graph.

LAW INTELLIGENCE.
COURT OF CHANCERY, Dec. 14.
THE CORPORATION OF LUDLOW V. -

This cause came on to be spoken to on the opening
of the Court. The arguments have already been laid
before the public.

THE DEAN AND CHAPTER OF ELY V. BLISS

The arguments in this appeal were resumed ; the
defendants are very numerous, all being alike sub-
jected.to a claim for tithes on the part of the Dean
and Chapter of the Cathedral Church of Ely. They
also all alike put in a plea in bar of this claim, founded
on the last Statute of Limitations, generally known
as Lord Tenterden's Act. The arguments on the
part of the defendants occupied the greater part of
the day.

VICE- CHANCELLORS' COURT, Dec. 14.
(Before the VICE-CHANCELLOR of ENGLAND.)
YELD V. SIMPSON.

This case, which has already occupied the Court
two days, came on again for hearing this morning.
Mr. Teed argued at considerable length on the part of
the defendant, especially urging that the defendant
should not be compelled to pay the large costs in-
curred in the suit by the plaintiffs having gone into
documentary evidence of enormous extent, to prove
facts which were admitted by the defendant, and
which were not at all required to be proved in that
manner.

His HONOUR reserved his decision till he should
have examined the evidence.

COURT OF QUEEN'S BENCH, Dec. 14.
(Guildhall Sittings at Nisi Prius before Lord DEN
MAN and a London Common Jury.)
JENNINGS V. WEAVER.

This was an action brought by the plaintiff against
defendant to recover damages for an alleged false im-
prisonment. The defendant pleaded a justification.
Mr. Jervis, Mr. Humfrey, and Mr. Kerselma, ap-
peared for plaintiff, and Mr. Whately and Mr. Pea-
cock, for defendant.
The defendant was a carrier at Croydon, and the plain-
tiff was an errand boy in his employ. On the 4th of March
the defendant had given plaintiff into custody for hav-
ing obtained the sum of 6d. under false pretences, and
plaintiff had been taken to the station-house and
locked up all night. The next morning he was
taken before a Magistrate ; on that occasion, a Mr.
Russell, an attorney, who had been at different times
employed by defendant, attended on behalf of plaintiff,
and said that the charge was so trifling that defendant
did not wish to to press it, and the Magistrate per-
mitted it to be withdrawn. It appeared from plaintiff's
statement that he had summoned defendant for wages
before defendant had given him into custody.
For defendant it was contended that plaintiff had
been employed by him to deliver a parcel to a Miss
Fades the proper charge for which was ls., and that
plaintiff had charged ls. 6d. for it, keeping the 6d.
for himself, and for thus obtaining the 6d. the plaintiff
had been given into custody. Mr. Russell, the -at-
torney, who had attended before the Magistrate, on
behalf of plaintiff, stated that he had previously seen
defendant, and had induced him to forego the prose-
cution, on the express understanding that no action
should be brought for imprisonment. The Jury
found for plaintiff—Damages, ls.
EXTRAORDINARY CASE OF CONSPIRACY.-THE QUEEN
V. SPILLER, GORDON, HOLT, AND SKEYTES.

The defendants in this case, who were four in
number, were named Spiller, Gordon, Holt, and
Skeytes. They were indicted for conspiracy to-
gether to subject a person named Havers to the costs
of certain legal proceedings, without his knowledge or
consent, by entering an appearance for him in a cer-
tain case of Gordon v. Havers, without his knowledge,
and also for conspiring to induce a person named
Fogg to make a false affidavit of the service of a writ
of summons, and other proceedings in a case of
' Gordon v. Havers.
Mr. Thesiger, Mr. Clarkson, and Mr. Bodkin, con-
ducted the prosecution. The defendant Spiller, who
is an attorney, conducted his own defence. The other
defendants did not appear.
The pfosecutor, Mr. Havers, is a tanner, carrying
on business in Bermondsey, and also occasionally
dealing in corn. In 1840 defendant Gordon had pur-
, chased some corn of Havers, and had given a pro-
missory note in payment, which, however, he had not
taken up when it became due. Before he note be-
came due Gordon asked Havers to sell some bricks
for him, which Havers consented to do, and several
thousands of bricks were accordingly sent to be dis-
posed of by Havers for Gordon. Havers sued
Gordon on the note, and Gordon set up as a de-
fence that Havers had purchased the bricks,
which Havers denied. At the trial Skeytes, an-
other of the present defendants, was called to prove
this set off. The Jury, however, returned a ver-
dict for Havers for the amount of the bill. Gor-
don was soon after arrested at the suit of Havers
and kept in prison until he had paid the debt and
costs. On his liberation from prison, Gordon deter-
mined to be revenged upon Havers, sought out a
person named Fogg, a man sunk in the lowest depths
of poverty, and, by bribing Fogg highly, he induced
him to enter into his schemes. Fogg declared his
readiness to swear to the service of a wait on Havers
without serving him so, that, to use Gordon's own
expression, " Havers might be snapped up in judg-
ment," without having any notice that proceedings
were pending against him. Fogg and Rogers, who
had introduced him to Gordon, thereupon went to Mr.
Garry, and instructed him to issue a writ in
an action of debt against Havers for the re-
covery of the bricks. Mr. Garry told them
that an action of debt would not lie, that the action
must be in trover, and that a demand must previously
be made, which demand Mr. Garry drew up, and
which was served upon Havers by Fogg. Mr. Garry
was no further employed in the transaction, but the
parties went to the defendant Spiller, who issued a
writ which was given to Fogg, who made an affi-
davit of service, without having ever served it. The
same trick was played with regard to the declaration.
All the proceedings were conducted without Havers
knowing anything about them. Judgment was
signed against him by default, and a writ of inquiry
before the Sheriff was issued and delivered to Fogg, who
swore to the service. Skeytes having been previously
sent to ascertain that Havers was at his country
house, in order to prevent the possibility of Havers
proving an alibi. The writ of inquiry came on for
hearing before Mr. James, the 'Secondary, when
Skeytes was called on as a witness ; he swore that
the bricks were in Havers' possession, and a verdic
was entered for Gordon for 3621. A ca. sa. was im.

mediately issued, and Havers was arrested, and an
application was made to Lord Denman to discharge
him. On that occasion Gordon told Fogg that he
must make an affidavit to meet the affidavit of Ha-

vers. Holt, the clerk of Spiller, presented an affidavit
ready engrossed, to Fogg, for his signature. Fogg
signed the affidavit at the desire of Holt, but
he was too ill to go to the Judge's Chambers,
whereupon Holt endeavoured to induce a man named
Humber to take the affidavit, signed by Fogg, to go to
the Judge's Chambers, to state that he was Fogg, and
to swear to the affidavit. Humber refused to do this,
and Fogg was subsequently taken to the Chambers in
a cab, and swore to the affidavit. Fogg was the
principal witness, and his evidence was fully corro-
borated in all its material parts by other witnesses.
On his cross-examination by Spiller, Fogg distinctly
admitted that Spiller had been kept in ignorance of
his (Fogg's) proceedings throughout the matter ;
that he (Fogg) had always told Spiller that the writs
had been duly served, as he had understood it was in-
tended that Spiller should be kept in the dark.
Mr. THESIGER stated that Spiller had given up to
the prosecutor all the papers connected with the case,
and had withheld no information that it was' in his
power to give.
The defendant Spiller addressed the jury, and con-
tended that the evidence of Fogg, so far from impli-
cating him, completely exonerated him ; and with re-
gard to his connection with Holt, he begged to state
that he had dismissed Holt long since.
Lord DENMAN interrupted thin in the course of
his address, for the purpose of intimating his opinion
that there was.no case against the defendant Spiller.
The Foreman then said—The Jury regret that Mr.
Spiller should have been so mixed up with parties of
the character of those who have given their evidence
here to-day, but they find him Not Guilty.
The defendant, Holt, who was in Court, was called
forward and asked what he had to say in his defence.
Holt stated that he was quite taken by surprise, as
he had understood that it was not the intention of
the prosecutor to offer any evidence against him, and
therefore he had not instructed Counsel. He had in-
stritzt.cd Counsel on an indictment for subornation of
perjury, to take a technical objection to the indict-
ment, but on the present occasion he had been taken
completely by surprise.
Lord DENMAN—AII this had better be brought
before the Court by affidavit.
Defendant Holt—Your Lordship does not order
me to he detained now ?

Lord DENMAN—Certainly not.
The defendant Holt having said he was d9sirous to
meet this case on its merits, bowed and left the floor of

le Court.

Lord DENMAN then summed up the evidence, and
the Jury returned a verdict of Guilty against Gordon,
Holt, and Skeytes.