The Sun.
London, England, 1842-10-19 00:00:00

MONEY MARKET and CITY NEWS.
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asifeohi TIMES.—The
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of those who attended, comprising the most influential
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whole one. The appointmetfnecoactoannotuonhlndyfl a Committee was
the only act of the meeting; but the leading mer-
chants, it is understood, design to assemble 'at three
o'clock tomorrow on 'Change. As an endeavour has
been made to mix up this alteration of 'Change hours
with the alteration of banking hours, thougji the one
has nothing whatever to do with the other,lt may be
observed that the point agitated by the bankers was
not once alluded to at this meeting. Indeed, from
the steady opposition which is made in the west end
to the banking change, the, probability that it will be
abandoned is now greater than ever.
The exposition of the affairs' of the Bank of Man-
chester, which appeared in print this morning, has
attracted very general attention among the monied
interests in ..the.C4.___ln one respeet it is a novelty,
for the shareholders are informed, apparently without
reserve or concealment, of the real state of the con-
cern ; but a more barefaced avowal of waste and
fraud, all occurring within a very short space of time,
was probably never made before in so direct and public
a manner. All the capital, with the so-called
" reserve fund," amounting together to above
800,0001., has been lost; and with respect to the call
of 21. a share, which is made to provide for the defi-
ciency, a hope only is held out that some portion of
it may be received back. As such a state of things
could hardly have existed without the knowledge of
others besides Mr. Burdekin, the late manager, 'the
suspicion is very freely expressed that his flight is
connived at, and that he is made the 'scape-goat of
other parties. Besides its consequences to persons
more immediately concerned, the event has 'given an
additional shock to the system of joint-stock banking,
which, by previous exposures of the same kind, was
already fast sinking in public opinion. On the
trading interest generally it has inflicted the most
serious mischief, especially in that district where the
Bank of Manchester is placed, as the extensive
and injudicious advances to persons of no character
or credit must have deluged the markets both at home
and abroad with low-priced goods, and injured in pro-
portion the stocks of every fair and regular trader.
It is not very common to hear any sympathy ex-
pressed for persons 'under charge of fraud, connected
with anv of the public departments, but such are the
reports afloat of the character of Burnby, the Cus-
tom-house informer, upon whose promptings during
the pending inquiry the Commissioners appear to be
almost exclusively influenced, that it is believed to be
next to impossible but that many innocent persons
must be involved, or placed under such circumstances
of suspicion, as to prevent their regaining their for-
mer position in society, though ultimately absolved
bv the Board. If the inquiry were public, such a
consequence would not attach ; the matter would
soon find its own level,, and hence there is a feeling
abroad in the City, as against such an inquisitorial,
un-English mode of proceeding, in favour of nume-
rous members of respectable families, who, in the
manner described, and upon such evidence, have been
placed under suspicion. These are cogent arguments
at an v rate in favour of a prompt decision on the
various charges of fraud, and of making that decision
public, so that the rumours industriously circulated
of participation in them by parties really innocent
may be put a stop to as soon
as possible.
CHRONICLE.—In the advises lately received
from America, great surprise is expressed at the
failure of Mr. Robinson to negotiate a loan in Europe
on account of the general government. Considering
the great abundance of money, the vast resources of
the United States, and the fact that their's is the only
Government who ever paid off a large public debt,
this failure is certainly very remarkable. It-would
appear that there never had been the least idea, 'in
any quarter, to take this loan, which three years
ago would have excited the liveliest competition
throughoutweall it
Europe.nem,,is
theT The
strongcau
cause
foefehtlig ofis change,
as
trust, which has been excited towards America,
by the repudiating States, and the default of others
to pay the interest on their debt.
The non-pay-
ment of the interest, and the impossibility of realizing
the capital, having occasioned great individual suf-
fering, the consequence is that American stock is
proscribed almost entirely as an object of investment,
and is of no use as a guarantee for the advance of
money. In rejecting the securities of the General
Government, and of all the States indiscriminately,
European capitalists judge the character of the whole
people by the acts and defaults of some five or six
States. This we think natural, these States consti-
tuting a part of the nation, and there having been on
the part of the others no general and popular dis-
claimer of repudiation, though individually repro-
bated by all persons of character without distinction
of party. The consideration is, what is the remedy
for this distrust, which is keeping back our unem-
ployed capital from our best customer at the time of
his greatest need, therebyprotractinghis financial em-
barrassments, and preventing the completion of public
works of undoubted utility ? In respect to the delin-
quent States, it is essential that they should evince
their determination to pay their debts, by, adopting a
system of effective taxation, and establishing order in
their finances. And as this distrust is a national con-
cern, affecting the character and interests of the whole
people, the general Government should afford every
co-operation which the laws and circumstances of the
country will permit. It is important likewise tha
the public feeling of America should be expressed in
respect to repudiation, and the. obligations arising out
of a
pledge of the public faith. As respects the Bri-
tish public,
of
h
Statesw e trust
and
theythe will judge with candour the
acts
general Government; mak-
ing due allowance for the unprecedented financial em-
barrassments now existing in the United States.
Confidence, when deserved, should not be withheld;
te
the present alienation between the two countries has
lasted too long. A proper system of commercial in-
tercourse being established (and we think the common
interest must bring it about ere long), nothing would
more certainly promote the interests of our trade and
manufactures than the prosperity of the United States.
POST.—A general body, to be called, according to
Mr. Thornton's suggestion, the " Foreign Loan As-
sociation," is talked of as desirable. Whether. it
really is so, seems to us to be most questionable. Of
the vast importance of these foreign loans there can-
not be two opinions ; but if the proposed association
is to be anything in the nature of the Committees of
which the Spanish and the Portuguese are to be re-
garded as fair specimens, it will have no support
from those whose sentiments We are in the habit of
hearing on financial questions.
Meetings ought to be constantly called for the pur-
pose of enforcing the claims of the numerous holders
of dishonoured and repudiated foreign bonds. But
probably meetings even would be superfluous were
only disposed the contracting houses to do their duty
to their constituents. Of the benefit to be derived
from the exertions of these firms an
example is af-
forded in the case of the Chilian Loan affair. After
years of toil and almost endless eorrespondence,
Messrs. Hullett (Brothers) brought their nego-
tiations for a compromise (in. default of the full
measure of justice for which they
short of contended,
which was nothing payment to the
last farthing, Chili possessing ample means) to
the comparatively satisfactory issue just witnessed.
Resumption of payment of the dividends two years
and a half ago, upsn a large scale in comparison with
what was first tendered, was the result of the labours
of these respectable gentlemen. They, however, stand
alone in the honourable position they occupy. Vexed
and irritated at the constancy with which they urged
the claims of the bondholders, the executive of San-
tiago, 'the reluctant Minister of Finance, has at length
yielded to their remonstrances, but the next step was
to eject Messrs. Hullett from the agency, and others
(most worthy people certainly) are now in the enjoy-
ment of the emoluments properly belonging to the
office. So that what was accomplished for the bond-
holders was not accomplished by Messrs. Hullett with-
out a sacrifice of their personal interests to the general
good. Can it be that this sacrifice operates as a check
upon exertion in other quarters ? Probably it might have
a certain influence, but it happens that the supineness
which is now the opprobridm of the contracting
houses, as a class, was just as conspicuous before the
transfer of the agency of the Chilian Government, as
it is at the present time.

Four gentlemen, amongst whom was:
Sutton, killed 433 head of game at 131
Saturday, Oct. 1, amongst which th(
three rabbits • the greater portion wer
partridges.—. Norwich Mercury.

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