The Sun.
London, England, 1842-10-06 00:00:00

MONEY MARKET and CIT Y NEWS,
CITY, WEDNESDAY EVENING.
FROM THE MORNING PAPERS OF THIS -DAY.
TIMES.—The declaration of the London bankers
that the hours of business shall cease at four instead
of five o'clock, which has long been in agitation, is
now in a state of some progress. The whole of the
City bankers have, it is understood, already signed
it, and it is now in a course of signature at the west-
end. The agreement to close at four o'clock is
merely expressed conditionally if the consent of the
Bank of England to fall in with the new arrangement
be obtained. The bankers themselves, and the
number of persons engaged in their counting-houses,
are looking forward to the operation of the plan with
great eagerness, as the addition to domestic comfort
which they would gain would be immense. On the
other hand, there are many of the public
who look with no kindly feeling on the proposed
alteration of the old plan, and who think that
the few who would be benefited would obtain their
own convenience at the sacrifice of that of the public.
That the liability of a banker to pay his checks should
cease at five o'clock, they consider is already a suffi-
cient privilege ; and as it is the interest of persons en-
gaged in trade to have it in their power to procure
cash as long as possible, they do not see why the time
which is allowed for that purpose should be abridged.
Besides, they are fearful lest, when the custom is once
broken in upon, some further limitation - might be
sought at a future time, so that the public might lose
perhaps another hour in a year or two. That a great
deal of convenience would arise to many individuels
if the alteration were adopted, there can be no doubt,
but the arguments on the other side are well worth
attention.
The proposal of the bankers has caused the same
subject to be started at the Stock Exchange, where
there is a notice of closing at three, which, it is said,
may well be done considering the little business theta
transacted. At present, however, it is no more than
the conversation of the house, and has not in any way
been brought before the Committee.
The necessity of transmitting n
ourb bullion
attention,llion
toI India,
which has already been o
nrgedhans,
been again brought forward by a mercantile cor-
respondent of great experience in Indian commerce.
He refers to the opening of the Government loan in
1841 as one cause of the great pressure, since even
though it failed to produce the sum required, it ab -
sorbed a large amount of the capital which would
otherwise have been employed in commerce, or in
advances on landed security. This was accomi,a-
flied by the confiscation of 3,000,0001. of the mer-
cantile property in China, and while, as our cor•
respondent observes, either of the events singly
would have had a considerable effect, the action of
both together was most severe. In addition to the
causes of pressure already existing, the Company's
treasuries in India have simultaneously suspended the
advances to the merchants on the security of produce
shipped to England. A suggestion, offered in conse-
quence of the scarcity, of bullion in India, and the
quantity in England, is that a shipment be made to
Calcutta to pay off the 5 per cent. loan.
Advises were received in the City to-day of the
arrival of the Royal Mail Steam Company's ship Dee,
which landed the West India mails at Falmouth at A
quarter past ten yesterday. Although a strong
easterly gale opposed her passage, she reached South-
ampton, and her captain was in London before noon
to-day. She has during this day been booked full of
passengers for her next voyage, and all this was ac-
complished before the letters from Falmouth would
reach the General Post-office. She brings 479,000
dollars on freight.
POST.—A whisper has been current in the vicinity
of the Custom-house, during the day, of some teas
having been found to' have travelled out of their proper
course, in the transit from their place of deposit to a
place of shipment in bond ; and of their being, in con-
sequence, put under seizure. If the fact be as stated,
it is to be hoped that the Government authorities will
not fail to visit the parties guilty of this infringement
of the revenue laws with the prescribed penalty ; or,
what is perhaps more desirable still, to give publicity
to the transaction, as well as to the names of the per-
sons implicated in it. Such a course of proceeding
would be, at all events, and in any circumstances,
proper ; but it is, above all, no more than is due to
the fair trader, for irregularities of the nature of those
pointed out cannot have been resorted to but for some
disreputable purpose.
The arrival at Southampton of the Royal Mail
Steam Company's vessel Dee, with the West India,
Mexico, and Havannah mails, is so far satisfactory to
the commercial interest connected with the several
places as to afford the assurance of her safety. It,
seems, however, that the weather the Dee encoun-
tered was so bad as to have caused much delay, and
even to have compelled the commander to put into
Corunna for a fresh supply of coals, a circumstance
that must have been attended with great inconvenience,
as the steamer had on board no fewer than sixty
passengers. The worst period of the passage
was apparently when she was coming into the
chops of the Channel ; but throughout the weather
was far from favourable. It is a source of -
vexation to the merchants that no alteration should
yet have:been made by the Post-office authorities with
regard to the delivery of the mails brought by these
steamers. The bags continue to be dropped at Pal-
mouth, and a day is unnecessarily thrown away.
Were they to • come on to Southampton with the
packet they would be forwarded to town simulta-
neously with the account of her arrival. The Dee
has, on general freight, 479,000 dollars, 26,000 of
which are remitted by the Mexican Government to-
wards the payment of the ensuing dividend on the
foreign debt of the Republic. Had the money ar-
rived but a few days earlier it might, we believe,
have been made available for the discharge of the de-
bentures recently issued, and which will, no doubt,
enjoy all the privileges conceded to the holders in the
andarra ncgoe. mhealivte enheteernedapinpethaileasdt
toy oearn.
thtslesssurh
elcjti,zaranddi
those gentlemen need not be reminded of the fact,
that it is no more than justice to the several classes of
creditors that the interests of each should be attended
to in virtue of their respective contracts.
SUN.—Our own Funds remained in precisely the
same condition at the close of business this day as they
have been for some time past ; that is to say, an in-
clination to advance, while the jobbers are so well
supplied with Stock, as to be able to answer any de-
mand for it, and at the same time indisposed to in-
crease the quantity they may have, and hence the
almost total absence of business. Consols were 92+
93 for Money, and 93 93* for the Account • Bank
Stock, 247 249 ; Exchequer Bills are higher, the
New, 50 52; Old, 51 53 premium.
The inactivity to which the English Market has
been reduced of late, has caused greater attention to
be directed towards some of the Foreign Securities,
and among them chiefly to Dutch and Belgian. The
situation of the finances of the former of these two
countries, while it presents no cause for exhibiting a
decline in the price of its bonds, certainly does not
warrant any expectation of a rise. It is extremely
doubtful if the revenue of Holland has at all prom-
, mated to the expenditure, especially when the ex-
penses of maintaining the colonies be added. Large
sums have for some time past been distributed among
the native provinces in the east by the way of suhilseiuy
or reward for exclusive commercial privileges, we
beet:
support the powerthus gained, great expenses.
onate return
annually incurred without any p
lands Trading Company, although riginall
benefit, has now become so
tohn.
pore;tadenrceththe
por:vr.er. liheoNf ethvearte-
inter
fboer3mroantdio:nt oannsdolfiodra tpiroinv
aotfe future
to this
cond
hloll
is
tertheee, wahnodletlofie
aiNt%niood%npanos
ftwhieittslistfinantaetainooFiol
ucorofnleetasidrnsiarz,ucasehmpr e
g n
aclommoms
home on accountasustain o
edf t.hirlslWela3trel
could wish, inasmuch as the exclusive system pursued
country.; and this is not so favourable as the Dutch'
heavy export in Batavia
itndirietterasrdhare forei
obliged
fdteration in the tariff with regard to one of their staple
connsodities, coffee, and the new fruitless voyage
tile awe of Good Hope,
itshleeprerhoydusoceniteohbeeays;
has caused a further decline, to
and cousequently greater loss on this article.
This
was purchased at the periodical sales
shipped to the Cape in Dutch vessels, and in
Holland,
in by Britia'l ships, as being „ so brought
the limits ofl`he East India Company's charter." The
imported from within
Two
and a
Ralf
per
Cents.
per Cents., 100.1 1001 ; Belgian,were 52 521 ; the Five
82 83 ; and Bra zilian lO2l 1031; Danish,
, 63 64, ex div.
The arrival'
of the
dollars, though p, e
eDee, with about half a million of
dividends- is not
i.nowxact portion on account of the
n (itis currently stated to be
261000,- caused
Mexican Et firmness in the quotations of
can Bonds, which were 331 33:1 ex div.
In the Share Mari zet Brightons were still the
favourite, and a fair extent of business was done.
Some of it was doubtless, speculation, but the larger
part was for investment ; she last prices were 361 361;
London and Birmingham wei 'e 183 185; .Birmingham
and Gloucester 39 41; Great Western, 82 83 ; the
Half shares, 591 60 ; North Arselland, 56 58 ; the New
shares, 271 281 ; South Eastern,. 23123 j ; Eastern
Counties, 8+ 81; Northern and EaCtern, 35 36'' South
Western, 571 58 ; and Blackwell,b. 7 per share.
The quotations for the Bonds vvutTe—Colombian,
'2l 211 ; Peruvian, 151 161 ; PortuViese Five per
Cents.. 36 36i ; the Three per Cents, 211 214 ;
Spanish' Five per Cents., 16* 16+ ; the Three per
Cents., 21 21*.
The circumstance of the Dee having ars:ved off
Southampton at eight o'clock this morning, is offered
as another proof of the superiority of this port 4.:ver
Falmouth as a station. Without going into ill .°
question; it_ is beyond doubt that had the letter-bags
been landed there, merchants would have had their
letters to-day, instead of to-morrow ; and this is not
the only instance.
A very awkward attempted evasion of the revenue
laws has, it is said, been discovered to-day ; the a
for
!"
I tick, which is of universal consumption, is more
the inside than the outside.