The Sun.
London, England, 1842-06-30 00:00:00

MONEY MARKET and. Cr

tX NEWS.

FROM THE MORNING PA ?ERs or f TRIG DA?',
TIM
engagedES.—ln the Foreign Stock Ma !rket the jobbers
were busily preparing Ile half-1 nontilly account,
which is finally arranged to-m.orrowe SThe late depre-
ciation in Colombian was what r aost can -`ea a disagree-
able task in the progress of the husiness, and the heavy
pressure of that Stock in the M erket cons 'hums to hare
a bad effect upon the general tent lency of dt Alin?. It is.
stated that the party out of doe rs who hat ' moiled em-
ployed as many as five brokers to conduct his ey+t rations.,
and this will readily explain t'be apprehensio. with
which the dealers were seized whim they saw. all these
as sellers, and that too with the arievv to close open! ac-
counts. Money commands a value proportionate to the
respectability of the borrower. for while in some cases 4
per cent. has been accepted, in others 10 and 12 per
cent. has been refused. A fter the settlement is over a
more healthy tone is expected in the Market.
The first annual meeting- of the Shareholders of the
South Australian Bank was .held to-day, and the Report
presented on this occasion gat. ss the business of the Com-
pany as prospering, notvvithste.nding the financial diffi-
culties with which the colony leas to contend. The gross -
profits of the concern for its iwie months' transactions
(for this is really the period it Irate beerein operation un-
connected with the South Atsstealian Company) are
stated at "about 10,000/. to 11,000/.. " allowing a margin
of 2,000 L for the bad debts which ‘serty accrue, besides
appropriating 1,000/. as a nucleus foie a reserve fund..
Out of these pr ifits it was proposed thkt a dividend at
the rate of 6 per cent. should be paid ups en the instal-
ments already honoured, and it was furthest stated that •
the principle of separation between the SoutheAuetralian
Company and the South Australian Bank had beesa agreed
to, and that it was now only matter of detail that rere'ained
to he carried out for the purpose of settling all area ants
between them. The Report was adopted aril the divislesed
declared, and a great deal was said by several of the Shate.•
holders present to show that the resuscitation of the finan-
cial condition of South Austrelia was not a matter of mere
speculation, butthat such belief was founded on the known
facts that the colony possessed all the natural elements
for permanent prosperity and wealth. Mr. Poynder sug-
gested fur the special attention of the Directors, that to
carry on a safe and prudent course of banking it was es-
sential that they should, without regard to popularity
among the Shareholders gained by dividing large clti-
dends, pay attention to the reservation of sufficient meal
to inert those contingencies which till acquainted witlt
banking business knew were not to be avoided by the
most carefully conducted establishments. lie had ever
confidence in the present Court, and he mentioned this
subject with no other object than to express a desire that
full provision should be made for sad, debts without re-
gard to the present payment of dividends to the share-
holders. Mr. Kingscote, the banker, Who was the Chair-
man, assured his friend Mr. Poynder that every attention
was paid to the bad d account, which, under the good
management of the officers of the bank, appeared to be
in a satisfactory condition, and referred to the fact of the
appropriation of about 2,000/. for such purpose, besides
the reserve fund of I,OOOL
The subject of the Income-tax was introduced into
discussion as to the manner in which it would operate on
public Companies. One of the Directors (Mr. Divett.
M.P.), who has been in communication with the Chan-
cellor of the Exchequer. stated that Mr. Goulburn had
intimated to him that the Government would look to the
Company itself as the source from which to receive its
in post, without any reference whatever to individuals.
The amount paid would, therefore, have to be deducted
from the pro rata dividend paid to the Shareholders, tint
in this the Chancellor said nothing, leaving them to ar-
range that matter as best suited their convenience. An-
other Director said that it might happen that parties
were not beneficially interested in business to the amount
which brought them within the operation of this tax ; in
that case he supposed that such persons would have, as
in former times, to get a certificate from Government and
come back to the Bank and get the amount deducted
from their dividend remitted. The other business of
the day, the ordinary election of Directors and Auditors,
concluded in a very quiet way.
The principle as to the imposition of the Income-tax
set forth at this meeting, of course applies to all public
Companies, which, it is understood, will have to make a
return of their gross profits, irrespective of the appropri-
ation of any moneys for a reserved fund, or other contin-
gencies, and will on that return be taxed.
It will be observed that the present 1.34nk return pre-
sents the same peculiarity as the two last which have
been issued. It commences on Tuesday the 29th of
March, and ends on Saturday, the 18th of June. From ,
the Bank having omitted to publish their averages in
last Friday's Gazette, there has been an additional de-
lay of four days, making altogether a delay of eleven
days between the date of the return and the day of its
publication, instead of three days, which was the usual •
time.
By a typographical error, the paragraph published
yesterday on the meeting of the Blsckwall Railway
Company, contained a misstatement. The.fact was that
the Chairman stated that none of the funds had been or
ever would be applied to the purposes of steam-boat un-
dertaking.
SUN.--Although the opinion so often published is still
firmly maintained, that the country at large should
have borne the loss of receiving the gold coin, taking it
from the holders at the nominal value which it professed
to represent, that is to say, twenty shillings for every
sovereign, and that individuals should have been re-
lieved from the inconvenience of the exchange, and the
discount which it is now necessary to pay ; yet is it
imperative to remove certain misapprehensions which
are currently afloat in regard to the liability of the Go-
vernment, or the obligation of the Bank of England, or
private bankers, to exchange gold for silver. Continual
complaints are made, and in the country particularly, of
the difficulty of obtaining change ; but it must be borne
, in remembrance that between the years 1816 and 1840,
no less than 204,020,146 pieces of silver money, of the
aggregate value of 11,108,2651. have been coined, the
greater part of which, if not the whole, are still in cir-
culation ; and they are, most probably so, for the rea-
son that it scarcely ever is a profitable operation, either
to export the coin, or reduce it to bullion, inasmuch as
it is, in reality, debased to the extent of ten per cent.
below the nominal value, that being the charge made by
the Mint for the expense of coining:- With re-
peated applications before them to relieve the
country from the superabundance of silver with which
it was oppressed, and which was declared to be
far above the wants of the community, the Government
have, it would appear upon consideration, in this in-
stance, acted with a degree of prudence in refraining
from issuing a still greater quantity of debased coin.
and which would, when the pressure had subsided, be
found to be a far more serious loss to the holders than
might arise from light sovereigns. Each piece of gold
coin being worth, all over the world, as bullion, tlie
amount it exactly professes to represent, no disadvan-
tage can arise to the holder, while exactly the reverse is
the case with silver, and hence the advantage of pos-
sessing gold over silver money.
From this it must be obvious that no private or public
banker or merchant, will hold a greater quantity of
silver than obligation imposes, or will take in a greater
quantity than the law states shall be a legal tender, ex-
cept under special circumstances, because it is not in
itself worth as much as is obliged to be given for it.
No• legal obligation existing to regulate the precise:
quantity which may be demanded in payments, all par-
ties have refused to part with more than they may
please, or have endeavoured to procure for their cus-
tomers, being well awara that large quantities are
hoarded up, and a premium as large made out of the
sale of it, as has been made in the purchase of light gold.
The funds recovered themselves in the latter part of
the day, in consequence of a few trifling purchases, and
left off precisely as on yesterday, namely, Consols 91
91* for the opening ex. dividend ; Reduced 914 911 ;
Bank Stock, 166 167 ; Exchequer Bille, Old, 45 47
,;
New, 41 43 premium.
Although the eve of the settlement iteForeign Securi-
ties, prices were unaltered. Belgian, IQ2 103 ; Dutch
Two-and-a-Half per Cents., 521 52k, the! ive per Cents.
100:1, 101 ; Danish, 81 82 ; and Brazilian, 64} 66k.
The settlement in Shares has gone off satisfactorily,
and rates scarcely varied, except in Dever, Brighton, and
Blackwell. The necessity of raising an extra sum to
complete the works for the last line may here been the
cause of the decline in the prices of the Shares, but no
particular reason can be assigned which should affect the
other two. London and Birmingham were 175 177 ;
Birmingham and Gloucester, 49 51 ; Great Western,
86f 87i ; the Half Shares, 61 613: ; Sauth Western, 60
61 ; North Midland, 61 63 ; the New Shares, 30 31 ;
South Eastern and Dover, 23244 ; the Scrip, 4i 4* ;
Eastern Counties, Si 94 ; Northern and Eastern, 30 40 ;
Blackwell, 9+ 9i, and Brighton, 35 351.
The Market for Bonds also recovered, and th last
quotations were—Colombian, 21i 22* ; Peruvian, 16 17;
Portuguese Five per Cents„ 35135} ; the Three per
Cents., 20 201 ; Spanish Five per Cents., 24 20i ; the
Three per Cents., 22*224.
It was thought at one time that a crisis had arrived in
dealings in these documents, but arrangements having
been made somewhat similar to the " Gurney affa'r,
they will continue, it is expected, for some little time •
longer.

Since
edheoacutorhult:illieeny
i‘'thirteeßD.,Eclßoa:Nan IN7E S
investigation,'r S STEwI th. —ich
Ye'lsrtetinilay 'akfiter'LEnoGoEnD, at
occupied upwards of four hours, took place before Messrs. Gel l
and Higgs, at the Adam and Eve, York-street, Westminster,
on the body of Eliza I3arr, aged 32, alleged to have died from
the inhuman treatment of her husband, Alexander Barr, new
in custody, and remanded from Queen. square Police-court
to await the result of the Coroner's inquest. From the con-
current testimony of several witnesses who lodged in the
same house as deceased, it appeared that on the evening' of
Monday week the deceased's husband came home partially
intoxicated, threw her on the floor, and seized her by the
throat, and beat her in so cruel a manlier that the neighbours
were roused by her screams of murder to interfere, and drag
him from her. The deceased was afterwards scarcely able
to walk down stairs, and took refuge in the next house nntA
the following Thursday, when she returned home. She com-
plained dreadfully of her throat and pain in her side.
otr had. made a Post inortein
On Sunday morning she became very ill, and was confined te
her bed, and died at a quarter past four the following morning,
Mr. John Wright, surgeon, of StoWs-gate, proved being
called to see deceased, whom he understood was labouring
unler the effects. of ill-usage. He found her injured &bow tii'
examination, and found disease of the heart, which was the
immediate cause of death. The ill-usage ,„: IA
throat and face.
After
estupitkedl),'gand hstlyteedactch:
some observations by the Coroner, the ' 4`it'"l`• •
ahnedr tilielaat
about
übtutan
,fury retired to deb-
:a:teed,
there were ten for bringing in a verdict of manslaughter, and
four for natural death. Considerable dissatisfactiow was
manifested that the surgeon had read his evidence, and ulti-
mately it was decided that the
additional surgical evidence, inquiry should be adjourned foe
desire that such a brutal fell as several of the Jury expressed a
justice. The ow as the husband should not escape
inquiry was then adjourned till Friday.
The Journal de Frankfort mentions a report of'
Prince de ch' 11Ietterni
of prussia,
inviting
s having received a letter from the King
g him to be present at the fbte which is ;i3
take place on September 5 at Cologne, ou the oecaskig of tbs
completion of
010 dome of t tut 00,00,