The Sun.
London, England, 1845-11-27 00:00:00

MONEY MARKET and CITY NEWS

CITY, TUESDAY EVENING.
POST.—The state of the Toney Market conveys no
reasonable indication of the intrinsic value of invest-
ments. The fluctuations it exhibits from day to day
serve rather to mark the feeling of the public, its fears
and necessities. The late excess of speculation led on
by the guides and guardians of the people, among whom
were to be found not only distinguished members of the
aristocracy, but even the aldermen—the staid magistrates
—of the City, has left a weakness behind it, that proves
the extent of the epidemic. Fortunately, in this case
very large sums of money have been put into circulation
with no greater evil to the community than was perhaps
required, in order to teach more circumspection for the
future. In 1825 the money drawn from the pockets of the
people in speculative pursuits went out of the country
never to return to it, even in the shape of a fair interest.
Foreign mines and foreign loans were the favourite con-
coctions of that memorable period. In 1836 the specu-
lation that confined itself to railways was nationally andt
individually of a productive and beneficial charsacweerli
since it has been constantly returning its fruits a_
in the form of dividends, varying in amounter
vcsosrtdinito
the value of the road, as in the employmentalnriddeiendt,hiet rapid
num-
bers of persons of every class
nandderterdide.
circulation of goods, money, a
very success, positive and rosPcsive,
undertak-
ings, that has led to the Late foe of these
olish preedings in the
share markets of the ininkingdom.stas
tnNuoewh,
ihnotwheev eort,htehrinegxs.
are apparently running a
treme, otherwise it might be hoped that there would still
be just so much of confidence left on the part Of the
public as would ensure support for snob new lines or road
as are called for by the existence of the old, and the re-
quirements of social intercourse. The reduction in the
original cost, and in the charges of working a line, will
greatly accelerate the period of remuneration, and the
experience now acquired in railway operations enables
the public to form a very close estimate as to its value as
an investment. Mr. Hudson at once raises the Great
cent. North p
roofp
eEr
trip: Englandd ff roonme
alin2eleapne,rfrcoenintp.
rotospeaetilvoe paedr.
vantages, be to enhanced in value, others may be
equally progressive where the line itself is called for
by circumstances of position and I.tcal traffic. It will be
f.n. Parliament to see, either by moans of a commission,
or of several departmental commissions, or by its own
wisdom (!) that such lines alone pass a first reading.
Expense should be saved and litigation stopped in limine.
At the same time it should be boen e in mind that roads
create traffic, and that traffic increases so as, according
to Mr. Chaplin, to double itself in sosen years, but even
*'ith the more liberal margin of ten o r fourteen years, to
make stable and profitable that whiclpdoes not commence

• with a large interest, one of the most extensive sources
of gain—the conveyance of agricultural produce—is yet
untouched. It now, more than ever, behoves persons of
position and responsibility to come forward to re-assure
the public mind, to see that the undertakings to which
support is given are bona fide and useful, and, if there be
any doubts as to that fact, or as to the ability -to carry
them into execution, that the deposits in hand be re-
turned promptly, and with the least possible deduction.
CHRONICLE.—It is currently reported that the -
meetings between some of the City bankers and the
Chancellor of the Exchequer were in connexion with
the mode of paying over the railway deposits. When
the railway pamphlet of Mr. Spackman made its appear-
ance in a supplementary sheet of the Times, we wrote a
few observations to show that some of the calculations
of our Contemporary, founded on Mr. Spackman's
figures, were erroneous. We noticed his omission of all
mention of the 8,000,0001. received in dividends yearly
from railways completed, more than equal to the outlay
spent in railway making for the period embraced from
1823 to 1844. Referring also to the estimates of the
yearly income of the nation, as computedby our Contem-
porary himself, we proved by his own showing that the
annual savings of the people were 70,000,0001. yearly,
and that they could well afford to apply 23,000,0001. a
year of that to make new railroads. The
Times says that last session of Parliament au-
thority was given to expend 67,000,000/. on
railroads, and allowing three years for the con-
struction, of these lines, that an expenditure will be in-
curred of 22,000,0001 yearly. But three years is much
too short a time. We have no doubt but that more than
five years will pass before the whole 67,000,0001 are
expended, being at the rate of less than 14,000,0001.
yearly. The capital stated at 67,000,0001. includes the
amount which the directors are authorised to borrow,
and that authority may never be exercised. The cal-
culation of our contemporary is evidently exaggerated ;
but assuming the reverse of that, it seems plain enough
that the disposable or floating wealth of the nation is
more than adequate to provide the means. According
to our estimate, we would put down 14,000,000/. for five
years as the sum required for lines in progress in the
United Kingdom ; against which we would put down
on the credit side 23,000,0001., allowed by the Times
as the annual proportion of savings which the coun-
try could afford for railways, and to which we would
add, first of all, 8,000,000/. as the dividends drawn
from lines completed, making 31,000,0001:, and further
7 per cent. on the annual outlay of 14,000,0001,
giving a total of 32,000,0001. of :disposable means
(and always on the increase) to meet an expenditure of
14,000,0001., and leaving a balance over at the credit side
of 18,000,0001. yearly, We have thus a sum of
18,000,0001. clear at the credit side of the account, to
place against the capital which may be required to con-
struct-the lines which Parliament may sanction in the
session of 1846. The Spectator finds fault with us for
making no allowance under that head of the account in
our former remarks. It would have been absurd to offer
any opinion on that part of the subject in reply to such
preposterous data. These are simply an aggregate of
the amounts taken from the shoals of announcements
that appeared in the shape of a prospectus in newspaper
advertisements, and which are stated at the monstrous
exaggeration of 563.203,000/. It may be true that such
a result may be deduced, by adding the proposed capitals
intended to be raised by all, each, and every of the
railway schemes, good, bad, and indifferent, which
were announced during the fever of the last six
months ; but that is a most erroneous basis to adopt
as an index to the amount of absolute capital that will
be required to construct the lines which Parliament
will sanction in the ensuing session. Not one-third
of that nominal amount will be in all probability
brought under Parliamentary notice next session. We
have at present no reason to believe that the deposits of
10 per cent. will represent
. more than 150,000,0001 of
capital, and we doubt'much if the utmost labours of the
Members will enable them to overtake schemes that will
absorb 100,000,000/ of capital. Divide that amount by
fivi, and we have a product of 20,000,0001., to meet
whch we have already' found a surplus, taken from our
Contemporary's own estimate of the public means, equal,
at all events, to 18,000,000/ Seeing that the ways and
much to assume that the disposable wealth of the country
will be found equal to make up the difference. WOhave
not touched upon an analogous argument in favour of
that opinion, very aptly deduced by the Morning Herald,-
from a reference to the large sums lent by the people to
the State during the war in shape of loans. When we
know that the people were able to lend such large sums
in former years for war expenditure, it is only reasonable
to conclude that they are now in a condition to ad-
vance a great deal more for purposes of internal
improvement. When we look, above all, to the
altered state of the Share-market, and cast our eyes
down the drooping column of " business done" in the
official list of prices, we arrive at the decided conclusion
that the labours of Parliament in 1i46 will not produce
a greater yield of legislation than may be represented by
100,000,000/. of capital. If, indeed, the matter now
rested with the public, the amount would be much.below
that sum. The great majority of the scripholders would
willingly take back their money, less the expenses incur-
red, and abandon, or at least postpone their lines. We
say so, not with reference only to projects of a doubtful
character, but even to the very best of schemes. Confi-
dence for the present is entirely shaken, and will not be
restored until peace is assured abroad, and plenty of
food at home. Our remarks apply not to what the
people may do under existing circumstances, but to
what their means give them the power of doing ; and if
the price of bread should continue high, both the power
add the means to construct railroads will be materially
diminished. The authority to make a railroad is one
thing, the construction of it is another, and although
money may be provided to obtain Acts representing
150,000,0001. of capital, it by no means follows that the
" calls" will be effectual to pay up in full.
TIMES.—The premium on gold at Paris is 12 per
mine, which, at the English Mint price of 31 17s. 104 d.
per ounce for standard gold, gives an exchange of 25 4f ;
and the exchange at Paris on London at short being
25 261, it follows that gold is 0.6$ per cent. dearer in
London than in Paris.
By advices from Hamburgh the price of gold is 433
per mark, which, at the English Mintprice of 3/. 17s. 10*d.
per ounce for standard gold, gives an exchange of 13 9 ;
and the exchange at Hamburgh on London at short
being 13 10, it follows that gold is 0.46 per cent. dearer
La London than in Hamburgh.
The course of exchange at New York on London is
1094 per cent., and the par of exchange between Eng-
land and America being 109 23.40 per cent., it follows
that the exchange is 0.33 per cent. against England ; but
the quoted exchange at Sew York being for bills at 60
days' sight, the interest must be deducted from the above
difference.
A new expedient has been resorted to by some of the
railway companies to get 'in their deposits. They have
written a circular to those who have applied for shares,
and have had them allotted, informing them that they
are held liable for the amount of deposit. Among appli-
cants who, finding the speculations not so profitable as
they anticipated, have neglected to pay up the amount
required, these circulars have created no little uneasi-
ness. But if the position of these parties is an unpleasant
one, much more so is that of some of the holders of fo-
reign railway shares, where the companies are actually
bound by a contract with the Government to execute
their works. It is not very long ago since we had the
spectacle of a joint-stock company in which the share-
holders actually offered premiums with their shares to
get rid of their responsibilities. Such a spectacle may
again recur with some of the foreign schemes.

EARLY CLOSING OF SHOPS.
A public meeting, convened lay the London General
Association of all Trades for the Early Closing of
Shops, was held on Tuesdayevening, in the theatre of the
Western Institution, Leicester-square, in furtherance of
the objects of the association.
General Sir DE LACY EVANS, K.C.8., took the chair,
and having explained the objects for which the meeting
was called, and expressed his full concurrence in them,
observed that within the last half century a great im-
pulse had been given to the trade and commerce of this
country, and immense advantages ova rival nations had
been obtained ; it was a question, however, whether that
impulse had not in some cases been carried to esaremes,
and whether our zeal in the pursuit of wealth had nut
deprived a large portion of the population of those bene-
fits and comforts which the like classes in other countries
enjoyed.—(Hear.) In the manufacturing districts exer-
tions had been made to limit the hours of labour by
means of the Ten Hours' Bill. Many arguments had
been urged against legislative interference as between
master and workmen for restricting the hours of labour
in factories. It was said, if you want that the master
shall employ his workmen only ten hours a day, instead
of fourteen or fifteen, the amount of wages must be re-
duced, as a smaller quantity of goods would necessarily
be produced. That objection, however, did not apply in
the present case ; for, whether the shops in this metro-
polis and other great cities were kept open ten or sixteen
hours a day, the public would require the same quantity
of goods. 'The demand depended not upon the number
of hours during which the purchases could be made, but
of the means of the public to purchase. No interest
would be interfered with or compromised by the reforns
now proposed, while it would conduce to the comforts
and the physical and moral improvement of the assist-
ants in the greatest degree were it conceded. To be
successful, however, the movement must be carried on
not in opposition to, but in conjunction with, the shop-
keepers, and he would recommend that the employers
rt s ,t
hoer to
pu
rfpo
or ms e independent
of
carrying committees should be invited either to co-operate with the committee
othfetmhesealvsseiss,tafont he object o
f
in view. Another association—the Drapers' Society--
had shown great energy and much good judgment in
carrying out the object of limiting the hours of labour
as far as drapers' assistants were concerned ; but be
hoped to see them unite with their brother assistants of
other trades in carrying out the common object.—(Hear.)
He was glad to see that at a recent meeting of the
Drapers' Society L,rd Robert Grosvenor had presided ;
and he would advise the general association to send
deputation to that nobleman, inviting him to co-operate
with them, as well as with the drapers, in their endea-
is
vours to limit the hours of attendance in shops. H
Hon. Friend, Mr. Williams, the Member for Coventry,
had promised to attend, if possible, and move on,
but he
e of the
resolutions. lie regretted he was not present
would probably be present before-the termination of the
meeting. a resolution
Mr. LEE moved, and Dr. EPPS seconde
declaring the uselessness of the practice of late shopping,
deprecating the physical and moral injury it entails. on
an industrious and deserving class of the community,
the sympathy of the meeting with the
and expressing
efforts of this end other kindred societies to remedy the
means are thus brought so nearly to meet, it is not too
,vil, which was agreed to ; as was another in favour of
appealing to the public, by means of widely circulated
statements and addresses against the habit of late-hour
shopping, and pledging the meeting to co-operate with
the association, and to assist, by pecuniary contributions
and otherwise, in procuring the contemplates Telief,
The meeting then broke up.