MONEY MARKET AND CITY INTELLIGENCE.

New Zealander, Volume 3, Issue 181, 23 February 1848, Page 2

MONEY MARKET AND CITY INTELLIGENCE.

Monday Evening, October 1. — This has been one o»f the most extraordinary days ever witnessed in the Stock Exchange, owing to the way in which they have been taken by lurprise. The parties called upon to repay loans to the bank (u|ion a possible renewal of which they had calculated, up to the 1 lfh of October) have been compelled to part with block and Exchequer Bills at any prices, and the dealers, seeing their poiilion, nml participating moreover, to some extent, in the panic, h.ive made their own terms. Hence, at one tune, while the quotation lor consult for money wru B.iJ , the price for the account of 81 ',, the difference being equivalent to the rate of interest of 30 per centum per annum. At the commencement of business the market woie an appearance of comparative uunn'si, Cun«oh. having opened at an advance of a half per cent on the clobin? price or yesterday. But fiom 84 £ they dropped almost immediately, to 8 1|, whence they rallied to B<i{. From thts poiut a general demand (or money set in, and the pressure gradually increased until the price went io b.s|. Towards the close of the day, howeve^ another lal.y took place, and they left off at 84 to -f. For the uccount, consols begin at 84J to 85», whence they declined io 84}, the final (juotHtion being 84;j l , buyers. lixchequer bills duiiag one portion oi the morning, were almost uiunloablo. Tne first quotation was 20s. to 10s. discount, and they were afterwards sold at 275. discount. In th"sc, however, as well as in consols, some reaction took place, and the last pi ice was 265. to 2'Js. dis. Bank stock left off 190 to 103 ; India stock 222 to 227 ; and India Bonds, 80s. to 20s. dis. At the Bank the prebfcure for d'ssount wis extiemely he«vy. In foreign securities tlu6 afternoon there was scarcely anything done, and prices were wholly influenced by the fluctuations which oceuned in the English market In the corn market to day there was considerable firmness, and on Euglibh wheat an advance of from 2s. to 3s. was obtained. The excitement caused by the urgent demand for money bus been increased by two additional failuies,, the lirst being that of Itougcmont, Brothers, an old established house, whose liabilit.es are supposed to be of moderate extent, while the second is that of John Thomas, Son, and,Lefevre, which will prove exircmsly serious. The liabilities of this firm upon acceptances amount to £ J 35l),OO0, of which £150,000 fall due during the present month, £120,000 in November, and jL'IuO.UOO in December, and the immediate cause of the stoppage is understood to have been the nonrcceipt of expected lemittances fiom their houne at St. Pctei'dburgh. By mnny persons, however, the business of the house has long been supposed to have been extended beyond the amount wauuuled by its cnpital; and it is, theicfore, feaicd that the results will not prove so favouiable as might have bien expected if the disaster had originated in some merely temporary circumstances. The blow is expectfd to {all most heavily at Manchester, whence the iiim in connection with Metsis. I)e Jersey and Co,, have been hugs exporters of cotton- twist to St. Fcteisburgh and Moscow. Within a recent period they had erected a cotlon spinning establishment at St. Peieisburgh, which is stated to h.ive cost jt J GO,OOO, and which (this b anch of business being known to be one of the most profitable in that city) added considerably to the confidence of those who regarded the position of the house as a sound one. .John Thomas and Co. is the t.tle cf the firm at St. I'etersburgh, and it has two partners, Messrs. Maingy urn] Foreemann, who arc unconnected with the house in London ; but as it is not expected that they hive independent capital to any extent, end as the present suspension has been caused by their want of punctuality,, there is little room to hope that the t/vent may be mitigated by any thing that may transpire from that side. It may be added that notwithstanding tho distrust which luis been felt in some quarters, the firm have geneially been held in much esteem, and since (setting a-side the undue extension of business to which we have alluded) they are believed never to have mixed in ipeculations of any kind. This, however, rather adds to the apprehensions that may be entertained as to the ultiinute liquidation, since there can be little doubt that, lrotn the leeling entertained for Mr. Lefevre, any reasonable assistance would have been at his command if the difficulties of his house could have been clearly shown to be such as by tune and good management might have been overcome. The letters from Scotland and Ireland speak favourably of the weather, and inform us that the little corn not previously secured, has been mostly got in. With respect to the late ciops of potatoes, the reports are still conflicting ; but as the yield of all kindi of grain has unquestionably been large this year all over the United Kingdom, a partial failure of potatoes is not likely to be ntttnJed with the sav e hardship as last season. Prices of corn were, according to the latest accounts, receding, as well in the Scotch as m the tush markets. The political hotizon was undisturbed in the dim of pjriy, which generally intervenes between the termination ot a general election and the assembling of a new Parliament. Cuiiosit) is, however, anxiously on the look out, and numberless speculations and culculations are being made us to the comparative strength , or weakness of mvnisten, and the fixity or unlixity of( tenure (as the case may be) of the Russell regime. With respect to the movement of the Cabinet. the> Olobe of the 4th October, contains the following; paragiaph :— Notic:s were issued on Tuesday, hy order of Loid J. Rusiell, to all the Cabinet Ministers to attend a Cabinet Council (the first since the close of the last B'stion ot l'ailiament,) on Tuesday, the 12th of Oct., ut the Foreign Ofhce, Downing-atreet, Neaily tho wholo ot the Ministers are expected to attend the meeting. From Ireland, there is nothing of particular note, gave the continued prevalence of fever and much definition ; agricultural l.iboureis receiving only four pence per diem and miserable diet as remuneration, and this wretched employment is even go difficult of

obtamment that open air meetings of the starving peasantry were being held in many places, protesting that food or employment should be obtained by some means With rfgnrd to one of them, the " Limerick Chronicle" aayi :— There was an open air meeting of about 500 farm labourers Jon Tnesday, at the late ramp field of Knockfierna, James Meehsn, of Ballinleena, in the chair, for the purpose of procuring food by employment. Ihe Very Rev. Mr. Fitzgerald parish priest of Uallingarry, attended, with the view of ptewving the pence, and giving a constitutional direction to their proceedingi. An address to the public, showing their sad condition, was adopted. From the Continent there was little or no private ncwi. France, Spain, Russia, and Austrii, are — of course, nunoerged in diplomatic intrigues.— Letters state thai civil war appeared imminent in Switzerland. From Italy the accounts received wore conflicting. One party contending that the insurrections in Naples and Sicily were houily becoming formidable. Another repeated that all bloodshed was on the point of ceasing, the King being determined to make concessions to the people. The Russian and Polish intelligence received in Paris was of a sombre character. The new levy of 50,Q50 conscripts, ordered by the Empeior, was partly with a view to the extermination of the petite voblesse of Poland, who are compelled to furnish one man for every ten inhabitants, and partly to meet the havoc which it is feared the cholera will make in the ranks of the army. No doubt existed in St. Prtersnngh, that the journey of the Czar and of the Imperial family to Moscow, was literally a flight from the appioaciung scourge. Paris, letters, in the Times, slate that the French Government not only considered the arrival of the cholera in France as probable, but had already, with praiseworthy foiesight, ordered measures to mitigate its severity, if not to arrest its progress. The Conxlitutionel announces the arrival at Toulon, t.f Count Walewglu, the French Plenipotentiary to La Plata. Count Walewski sailea from Monte Video for Fiance, on the 3rd of Auguit, in the Cassini. In consequence of Lord Howden having ordered the Bntish to raise the blockade of Buenos AyreJj Count \\ alewski considered it expedient to return to France for fresh iusti notions. The Courrlcr Francais states, that on Fridny last, M- Guizot prescuU-d to the Marquis of Norman by a note, in reply to that in which Lord Pulmerston demanded an explanation on the subject of the appointment of the Duko d'Aumnle to the Government of Algeria. The Minister is reported to have dec'ared, thut the appointment of the Prince implied no change of principle in the situation of affairs, as arranged with the British Government, subsequent \o the year 1830. Seveial arrests had tafcen place »t Madrid, »nd the prisone.ri, whose names nre not mentioned, are designated as " of distinction, partizans of a well known personage who bus lately met with a signal disappointment." El Popular having announced that Mr. Balwcr demanded h s recal in consequence of ill-health, the fJeraldo.oS the 28th, says, that it is disposed to attach credit to the assertion, but that it was not on account of ill health that Mr- Bulwer wishes to quit Madrid, hut because be has been reprimanded by hii Government in con>-eqnence of tbe improper mannei in which he interfered in the afiahs of Spain. A SaragoßKa paper announces the capture of the celebrated Cai list chieftain Martial, and the destruction «f his band. The Semaphore of Mnrseilles of the 30th ult., also contains a letter, dated Rome, September 25, which contradicts the ru,.oi ted resignation of Cardinal Ferretti. Rome and the legations continued to be perfectly tranquil, and the National Guard was being organised and drilled. A number of voluntary contributions ha I been received of arms and cloth for the use of the guard. The Prince of Canino, who had been ordered to quit Venire by the authorities, and was escorted to the frontiers by Austrian dragoons, had, on his ai rival in Rome, conducted himself in so unbecom'ng a. manner, that tbe Government bad coninmidedhim to confine himself to his palace. The Prince replied that be would obey, but that he proposed to visit the theatre the S'line evening, according to his usual custom. On this he was informed that if be crossed the threshold of his palace, he should be lodged in the Castle of .St. Angc'o. Every body applauded that measure of equal justice applied to a Prince, «s ii he were a simple in dividual. Marshal Oudinot, one of tlie ablest of Napoleon's generals, died at P.iri* lately, ut the age of 81. lie was Governor of the Invalides at the time of bis death. The reigning Pancess of Hohcnzollern-Hechingen, died lately, at Feudenstadt. The sister of Schiller, Madame Ilainwtld, recently expired at Meinengen, at the advanced age of 90. With regard to the grain market, we quote from the Mark Lane Express, October 4 :—": — " The weather having been highly auspicious for preparing the soil for the reception of the autumn crops, farmeis have been busily engaged with outdoor woik ; and the supplies of grain biougbt forward at the leading maikets in the agricultural districts have, consequently, been snial . — Llss effect has, therefore, been produced on prices by the dull tone of the accounts from Mark-Lane and etlier large consuming markets than might have btcn expected— still the value of wheat has declined in all parts of the kingdom. Whether the downward movement will continue much longer, may, howcvei , be questioned, for we have now arrived <a a period of the year when supplies usually fall off; and, as the millers and dialers will shortly be obl'ged to buy — their tccent purchases having been nearly consumed— we should not be surprised to see a rally ; at the same time we do not calculate on any permanent improvement in the tone of the trade so long as the existing difficulties in monetary affain continue. The absolute wunt of confidence, and tbe total impossibility to obtain the oidinary facilities, must inevitably have theefTuot of checking business. No oue has just now either the power or inclination to hold stock ; the operations, therefore, are likely to be on a scale in accordance with tbe immediate requirements ot the parties buying. We may, and probably shall, have a period of comparative activity ; but as soon as purchasers have secured sufficient to enable them to go on for a week or two the demand will, in all probability, again subside. At some of the. principal provincial markets held towards the clo^e of the week there weie symptoms ofan improvement in the demand, but previous to Wednesday much anxiey was manifested to realise. At Liverpool, on Tuesday, wheat was presbingly offered ; and the attendance ol distant buyers being less numerous than on previous occasions old foreign wheat was sold 6d. to Bd. and new Irish 9d. to Is. per 70 lbs cheaper than on that dny seii'night. American flour was hlso obtainable at materially reduced rates, it being then difficult to exceed 26*. and fid. per barrel for tbe best brands of Western Canal. Later in the week rather more firmness was Bhown by holders, and the be^t qualities ol old wheat, as well as prime sweet flour, maintained Tuesday's rates, on Fric'ay. New lush wheat was, however, again clieap.r.

Siatk of Tkmh.. — I>IKMIN(;UAM. — Monday, 4t u October: Tliis town his. ho lai, amidst I In* mlamity wlncli lias befallen the metropolis, Liverpool p. ml Manchester, been fiee from any serious failure. JJut although nil oui large manufacturing and commercial firms mnihttin their cicilit, and" hid fa v to weather the storm, business is extremely dull, and the high rales of discount requited by our batiks (even for the most undenuble bills) promise to render it still wo se. Liverpool — Monday — Mr. W. Muury, whose suspension was announced on Saturday List, today resumed payment. The Liverpool letters received this morning give the partkulais of the stoppage of Thomas and Henry Murray, a highly respectable firm in the East and West India trade. The occutrcnce is attributed to the failuie of Samuel Phillips and Co., and the liabilities are stated at £150,000, of which £130,000 is upon acceptances, Their balance sheet ia undei stood to show a suiplus of good assets to the amount of £80,000. With icg.ud to the ceneral bills which have matured to day in consequence of its bo'iigthe 4th of the month, it is understood that, on the whole, they have been met in a vety sntisfnetoty manner. In Liverpool, Main liestet, Edinburgh, Glasgow, and other impoitant towns, the money market was also much depressed, and a corresponding depression of 11 shares" was the result. CorroN.— Glasgow, October 2.— Our cotton-wool market has been perfectly inanimate during the week : a sttte of matters which is readily attributable to the feeling of nibccuriiy which pnvadus eveiy commercial curie. Indeed thesftles dining the wholeof the month of September, just closed, do not exceed 3,00J biles, and the reduction in puce amounts fully to -Jd. per pound. One of the first questions likely to engage the atlen* tionof the Engh-.li llousj ot Commons, was that of Irish lepcal. Mr. Reynolds, the new Radical M. Y. for Dublin, having pledged hitnbc'f tj introduce it, the | very first week of the ine('ti,i-r of the new Parlinmcitt. [ The ' Montreal Herald' says that Mr. M'Donald, late an Officer in the British army, and an inhabitant of that City, had been declared heir to the Dukedom of Tarentum, and the property attached thereto- The Dukedom was created by Napoleon, in favor of the celebrated Maishal M'Donald. Lord llai Jinge will leave Calcutta for England in January. Captain Stuart, of the 11th dragoons, and Mr. Woodhouse Currie, (son of Mr. Raikes Carry, M. P. for Northampton,) who have been travelling in India for the last twelve months, purposed slatting from Sim'a on the 17th July, on a tour over the snowy mountains, into Kashmir, fiorn whence they intended to visit Gholab Singh at Jummoo, and to reach Lahore early in October. The following marriages in high life were solemnized in the last September week :— G. G. Harcourt, Eiq., M. P., to the Dowager Countess of WaMegrave j the Marquis of Kildaie, eldest son of ' Ireland's only Duke, 1 Leitister, to Lady Caroline Levison Gower. A marriage was on the tapis between the Hon. S.C. Ponlonby, fifth son of the late Lord Besborough, Viceroy of lieland, and the Hon. Louisa Dillon, hister to Viscount Dillon. The 'Morning Post,' the highest authority in bnch matters, contradicts the leported union of the Duke of Wellington and Miss Burdett Coutts. Lord Morpeth had sustained a seiious injury by tailing from bis horse. Mr. Fiancis Brady, son to the present Lord-Chan-cellor of irt'Lm'l, and a Roman Catholic, has been Gazetted Chief .Tusticu of Newfoundland. Jkwisii Statist ics — The "Archives Israelites" says — "It is calculated that the total number ot Jews spread over fhe but face of the globs is 6,000,000 of souls. Of tt l »o.e, 180,000 aie m the enjoyment of civil n»hts, viz., 30,000 in lh°. United States of America, 50,000 in Hollund, 10,'H)0 in lielgium, and 90,000 m France. In England, 20,000 ate as yet incompletely emancipated. Rr.i'oirrr.D Mauri Ann or Tim Duke of Wehington wiiu Miss Bukdisit Coutts. — A. Correspondent infoims us that the reported marriage between the Duke of Wellington and Miss Uurdi-tt Coutts, ii likely to take place within a very shoitpenod — that the legal adviseisof the illustrious Duke and the wealthy heiress have been engaged for some weeks past in preparing the settlements, but owing to a difficulty w lnch had 6U(rgefted iticlf respecting the descent of the property, some delay bad tiiken place m concluding the pieluiu* nury nrnmgcinents. The difficulties which are stated to have arisen, proceeded from the ?xpressed desiie ot the Lady, that the qi eater part oi her fortune bhould be settled upon the hens to the title ot the Duke of Wellington, in perpetuity. This intention has been objected to by hisGmcc, who has most distinctly stated his wish tlni' in the ultimate disposition of tin* money (or any property that mny be purchased with it, in case of the death of the Mi.iq'iifi of Douto, without ia-uc, and the isbue of Lord Chailes Wellcsley becoming extinct, no interest hbould be taken by any collateral bianch of his family, including the heirs of Ins hiothcrs, but that hib ditect heirs, only, shall inheiit or participate in the advantages conferred by the t.eLtle - ment. After much negotiation lictween tl.c parties, an amicable adjustment ot differences has been effected, and that, in the event of the direct line becoming extinct, the property is eventually to be applied to an object intunjtely connected with the reuown of the great wai nor. — Observer. Military RiiWard —Sergeant Molloy, of the n 9ih Regiment, who was severely wonnded in the destiuction of lleki's pa, New Zealand, has been awarded, at Chatham, a pension of 33. per diem. Sergeant Molloy has only been btven years in the service, but his wounds and mutilations are ut a nature to prevent hns following any employment whatever. We believe this pension is unprecedented, in the annals ofmilitury service. We also understand that the sergeant iia* a well grounded expectation of receiving X'2o per annum in addition to his pension, agreeable to Her Mnjegty's warrant of December 22, 1045. — Eell'i Weekly Messenyei , Septetnbei 25.