The Sun.
London, England, 1842-10-07 00:00:00

MONEY MARKET and CITY NEWS,
FROM TILE MORNING PAPERS OF THIS DAY.
CITY, TIIIIRRZIAT • EVENING.
TI\IES.—The proposition for liMiting the hours of
business at the City banking-houses to...four-instead of,
five o'clock, is the less liked the more. iVis.considere/
by the trading community in general. .31anv per-
sons think the present limit sufficientiv hard upon
those, undoubtedly a numerous class, who require he
greatest exertion up to the latest moment to provide
ter their acceptances, and sustain their credit; and.
the agitation of this- subject relives the. discussion,
frequently raised in the City in periods of. pecuniary
difficulty; whether, in point of fact, the adherence by
the bailers to the hours' which custom has intro-
duced for the regulation of payments could be legally
sustained, and whether they are not liable, like al
other debtors, to the consequences of a refusal,to pay
at whatever period of the day the demand : may be
made. This is probably an erroneous notion, the
universal custom in this case acquiring,. the, force of
w; but it is nevertheless true, we believe, that it
is not rigidly adhered to by the bankers in vene-
rid, provided that the time is not materially en•
croach4upon, and that some
,urgent. necessity for
the payment is shown to exist. In illustration
of this part of the subject, an old and well-
known anecdote in the City i 3 repeated of the conse-
quences of a too critical enforcement of the rule by
one of the wealthiest bankers of that: period. A
draught, of some importance to the holder, was 'pre-
sented as the clock was striking five, and refused as
out of time. the party who was proceeding on a
journey to the Continent, and to whom the possession
of the money was indispensable, reported this refusal,
and the cause assigned for it, to the merchant Who
had paid him the draught, and who hapened to be
the head or nearly so of the London capstalists. lie instantly repaired in person to the banking-house in
question, and presenting a draught for the balance of
his account, which he had previously drain out, de-
manded instant payment, with the threat, if refused, of
publication the next morning in all the papers that the
house had stopped. It was thought prudent to pay- the
money, and the account was removed to another house
on the day following. Another incident, also well
known is mentioned of a nobleman who presented a
large draught at one of the banker's at the west-end
of the town a few minutes before nine o'cloek, but
was refused payment until the clock had- struck.
This, however, was of less consequence, as the day
was all before him, and the utility even to the public
of limiting the hour for the commencement of busi-
ness is obvious, as many draughts frauclulently,ob-
tamped, or erroneously drawn, hare been stopped by
that limitation. Nor can any persons now complain
of the long-established rule of ceasing to pay at five
o'clock in the afternoon, which is so universally
known- that an instance could very rarely indeed
occur of any person suffering by it, unless through
his own fault. But a new limitation to four o'clock,
or even earlier, for innovation once begun, there is
no saying where it is. to stop, is a very different
matter, and might be attended with the most serious
consequences to -a large class of persons engaged in
trade.

On the whole, for these and other reasons, it is not
likely that the proposition will be persevered in. It
is understood that the Bank Directors, who have. been
strongly pressed to lend their sanction to this measure,
have determined on remaining neuter, though they
would yield to any joint representation of the banking
and trading interest which proved a general desire to
existfor its adoption. Of this there is little prospect;
as to the foreign merchants it would be a decided in-
conveniense on at least two days of the week, and the
system of day mails recently brought into use renders
the hour from four to five still more important to all
commercial men extensively engaged in business.
As to the regulation of time at the Stock Ex-
change, that rests upon different grounds, and may
be settled by the members themselves in the way they
deem best calculated to promote their own interests..
Under the'present stagnation of business, a shutting of
the house an hour sooner would probably be of no
importance whatever; but as they have to make rules
applicable to all times and seasons,. they would have
to consider whether the only effect of a further limi-
tation of time during a political crisis might not be
that of extending the gambling out of doors, in the
alley itself, which, under the present limitation, is al-
ready so objectionable. The funds are governed in
their value by political events, and the arrivals have
become so much more frequent, as well as later in the
day, since railroads have been brought into •use, com-
pared with the old system of mails, that many large
commissions dependent on the fluctuations of pace,
might be left undone, or executed at a disadvantage' to
the principal. Thus one of the most valid objections
to an alteration in banking hours will apply with
nearly equal force to the Stock Exchange.
SUN.—The prices of the Funds were flat until; us'
previously to the close of the business,--when it
stated that a pigeon express had arrived, bririgingia
telligence from India. It is reported that a movemen
was about to be made upon Caubul, and, from certain
circumstances, with every prospect of success, not
only for .recovering the captives, but al.so for re-as-
serting our power in that quarter ; and that more
places had fallen to our arms in China. Although
this mode of communication is viewed with so much
suspicion, and is scarcely ever credited, Consols ad-
vanced to 93 934 for Money, 93i- A3l and for the.
Account; India Stock, 248 250; Exchequer Bills, Old,
.5.153; New, 50 52 premium.
The prices of Foreign Securities were firm. Dutch
TWo‘and-a-Half per Cents., .52 524 ; the Five per
Cents., 1001 100 i; Belgian, 102} 103 i; Danish, 82
83; and Brazilian, 63 64.
The accounts of the proceedings of Santa Anna
have had an unfavourable effect upon the quotations
for Mexican Bonds, which have declined' to 321 33.
The alteration in the prices of the shares was but
trifling, the market generally being good. London
and Birmingham were 182 184; Great Western, 82
83 ; the Ilalf shares, 59f 60; Birmingham and
Gloucester, 38 40; south Western, 57i .58+ ; North
Midland, 56 58 ; the New shares, 271 28 ; South
Eastern and Dover, 22f 2;3 ; Eastern Counties,
9 ; Northern and Eastern, 35 36 ; Black wall, 6f 7 ;
anti Brightons, 36 36* per share.
The Bonds were thus quoted—Colombian, 20k
21 ; Peruvian, 15; 16i ; Portuguese FiVe per Cents.,
36 36} ; the Three per Cents., 21+ 21:1 ; Spanish
Five per Cents., 16 164 ; the Three per Cents.,
201- 204.
The Indigo Market has exhibited a greater degree
of activity than is usual just previously to the com-
mencement of a periodical sale. The large quantity of
15,000 chests will be offered for sale :this October,
and, consequently, the intelligence from -India is
looked forward to with rather increased anxiety, in
order to guide both buyers and sellers in their ope-
rations. The last accounts left the probable
extent of the forthcoming crop somewhat in doubt, a
considerable difference existing between several of the
calculations. The effect of this uncertainty has also
been felt in France, and consequently must mate-
rially influence the amount of orders transmitted for
exportation at the approaching auctions. The
number of buyers from the manufacturing districts
who have arrived to the "show" has exceeded a fair
average; and this fact, coupled with the extensive
purchases of wool at the sales which have lately ter
minated, have led, to the expectation that the accounts
of an improvement in the woollen trade wns It
incorrect.

DRAYTON MANOR, WEDNESDAY.—Yesterday his
Imperial Highness the Archduke Frederick of Aus-
tria, accompanied by his Excellency Prince Ester-
hazy, and attended by Captain Fitzroy, R.N., and the
noblemen and gentlemen in his Nperial Highness's
suite, arrived from the metropolis. Lord Ashburton,
Earl and Countess of Jersey, and Lady Clementitut
Villiers, his Excellency Baron Brunnow, Viscount
and Viscountess Villiers, the Right Il°ll.llr George
command
Cockburn, the Right Hon. John Wilson uroker, and
a distinguished circle, have been visiting the rot
Hon. Baronet since his return from town. 1-1-0 1
to Pass several
Ashburton intended to have remained Thu but'--r(-
Noble Lord was suddenly called to winr the
receivediega the helioal
residence.
Isis
13runnow has also left, but the Earl Excellency 131 r
am Countess °*
Jersey, Viscount and Viscount VIII; of
Ilaa.)‘sin:git that
Clementina Villiers stay duri ess • ---e*, and Lady
duke. The Earl of ng the visit of the Ar li
evening to join the circle.
Aberdeen is expected to c
e. . morrow
INCOME-TAX.—In the T
presumed, in other
Haml tand, it •
.e s, is
are under 1501. have claimed, districts, parties .whose
by the Com • e claimed, and,after ' incomes
Turners •examination
this chief of
days, however, fresh ' ' gs• Within the last few
to the Commissioners,lnstructions have been izwarded
Previously* 1
y' is fled to the effect that the directions
or-
dering that all were riasufficiently perfect, and or-
rs.ons who have been exempted shall
undergo are •exammation of .a more searching cha-
racter ;‘ other
Whig
r proof of the superiority. of Tory over
management, and a
proceeding 111;i6117 must
tend Wonderfully to popularise the new tax, even with
parties who may not the • .lof enjoy prm (..ge paying it.
The difficulties* in the way of carrying out the ma-
chinery for taxing profits,said & c., ate to be so great,
that it is not expected the collectors can -
enter on their
vocation before January next.

SHEERNESS, OCT. 4.-:-Yesterday an order was sent
down by the Lords of the Admiralty for 'l.lle speedy
completion of her Majesty's ship Cumberland, 74
guns, now building at Chatham Dockyard, so as to be
ready for launching in the course of a fortnight. Next
Monday week is the day mentioned on -which the
launch will take place. An order was received to in-
crease the complement of the guard-ship Camper-
down to the peace establishment crew.
"You ought to marry." " Never." "I know a
good girl for you." "Let me atone." " She is
young. " Then she is sly." " Beautiful." " The
more dangerous." 6, of good f,,mijyy " Then she
is proud.' " Tender hearted." " Then she is jealous.
" She has talents." "To rill me." And one hun-
dred thousand dollars.". " I will .tako her.