The Sun.
London, England, 1855-09-05 00:00:00

lIONEY [MET

AND
COMMERCIAL INTELLIGENCE.

CITY, Two o'CLocx.
li4ll c°llBequence of the large reduction in the bul-
ktdwu by the last Bank of England return,
this the
circumstance of nearly 600,0001. having
eek been forwarded to Egypt, India, and
1,") with the belief that the Turkish loan, the
fyr4t'halld Purchases of foreign grain will necessitate
par,." exports of the precious metals, some
of
e disposed to take rather an adverse view
diet" future state of the money market, and pre-
an enhancement, ere long, of the minimum
Tbr of discount by the great establishment in
cottiesdneedle-street. It is probable that cash will
44:;4111:1 a fuller return from these causes, and we
crea 11" may be likewise added from a feeling of in-
doi:e`' confidence in mercantile circles, for we are
tittg mere business with Australia and the United
cballea, and a large quantity of produce has lately
Nriged hands, this being also the season when
Pri; iS usually brought in from the Continent,
deWe to the closing of the navigation ; but
1464'4 entertain the opinion that our food re-
:tatio4tleuts are serious, or that we shall have to
tetra more than the ordinary quantity of wheat,
kietLbeling that last year's crop was excellent,
pct any comparison must be taken with this
4citi,.1117 estimated. Again, we expect part of our
btiztealents to be supplied by America, which,
ttipdg i 4 Want of manufactures, would otherwise
specie, and will probably yet do so in
13tibli'aticzt of a portion of its indebtedness, its
NI: securities, while money commands a good
1.%,14 here, not being so much sought after in the
for ado here,
market, and consequently not so available
tworsteittances. We may lose another million or
aide , specie, besides sending away what we re-
kitati but actual difficulty and pressure we do
kiPrehend, considering that business is in a
kelit.State, speculation not rife, and the Govern-
ttt4;ll)enditure partly in the United Kingdom
1•4r,t3;0r the army and navy, the latter, as re-
he the Baltic fleet, having shortly to return.
I.kri2l.esent dull appearance of the money
is the result rather of the usual holi-
lirClaking than of distrust, although the
ti,jeculators who remain in town naturally take
t50k4,t4, ge of the circumstance if it " suits their
th) °r, in some instances, not fully investigat-
4, e causes, really apprehend what they pre-
-1'114140w wholesome is the general state of
Nt
w il-ts,illaay be judged by the promptitude with
'Ay the large mass of bills that fell due yester-
Ilea, generally met.
1/4itlelPiration of the Bank of England Charter
Nr,4.ted a good deal of interest in the few circles
trieri't4ttention is paid to such matters ; but, con-
g the importance of the subject, the mer-
-1,1:t at large, whether from the absorbing
t~tioer of their pursuits, or from want of appre-
Lktrim-' do not take much part in the discussions
otith, ". The Belfast Journal has recently
d' the Charter question prominently before
tfit4-"ets) and the following are portions of one
article
;stk lekregards Ireland, we bail the expiration of the
~„`s.4l,,uarter withpeculiar pleasure, believing, as we
chang must be for the better. At present,
11414 Ireland e obliged to pay on an average one,
4110fitia,tlY two per cent. more for their banking ac-
t 4la "4'o than in England, and the consequence is,
ti ktttr
itok, 0, course, that her commerce is restricted,
t;„'lkk 3' of her leading mercantile houses are obliged
4;44p2 ts London, Glasgow, and elsewhere fur their
Y:41I e. We cannot see any solid reason for money
;j'therigtier in one part of the United Kingdom than
4),1t1e4d so long as it is so, we have strong,
nay
'e, evidence that our monetary system is at
illes Kennedy, the President of our Chamber
kit`qlPr'
ee in an admirable letter recently addressed
Ivie:ghtllon. James Wilson, thus expresses him-
`4,`,!'eference to this subject:—
torree-traders we are of opinion thatwelaaivneaall
lkiNt.deinand the extension of these principles
l"ltrite to Ireland. Any law that prevents. capi.-
‘4'44tltta,bil'pefrom coming into the country is impoli-
V,ter2tist ; and the naonoply now enjoyed by the
ti 'lreland In making the notes of the institution
t,,6.11t1gal tender, to the virtual exclusion, of Bank of
N,,t.ootes, and, consequently, English bankeeriss,iais.
otble with the principles of our present 1 i
°1(1 Sr experience is, that, except. for two i'shotrnt
Nill°lle3' was to be obtained in England one
half per cent. cheaper than iu Ireland, and
4:11 el,'"v°t. frequently for over advances. If we as-
-01- ace of two traders, one in England, the otherl..
qkti:id, both following the same busninnensts,nfrenaai;iitnagi
Otd,,Profits, and using the.
3/4;11t !, and if we assume this same
la:: to be 50,0001.,
it4l)o°Oishinan to have his money one per cent.ar
I,:pt.llke his competitor, he, at the end offthethynein,
tikt,tilleher, and in twenty years, allowingh orhas
rea:
4tp 200,1,,t15e of the money in his business, e
7/• more than the other.
017Sk''cular seasons of the year a very large increase.sinn
yllit4t! accommodation is required by our provision
'N:bliz,d and other traders, to meet which our
1111'01'00st°. extend their issues. Sir R. Peel's Act not
85114 el,,"ItS the formation of new banks, but restrict; tbef
IP.At ti:4e old beyond fixed limits, unless a stoco
%,t44y ZPL in hand equal in amount to any over-issuesf
made. Upon this gold the interest is of
'ilte
as eve have already said, but if our banks
°tee • uge with the Bank of Englandsupply of
tlitltra dn'a the same way as English banking estabfish-
'o„ teei.-: they could with these notes accommodatetheir
.;ts and carry out their exchanges, and thus
t'roit, instead of sustaining a loss.
ht,4lor profit
effects of a high rate of interest are
s
t4e'niurious than any individual loss, So. long
(it: i vest their moneys with our corporations, or
ttiPt br.h'ig age at four, five, or six per cent., they willr
4V(111.4‘ If they can only obtain three or four pe
Iv:, three per cent. is we understand the extreme
to t% the Manchester corporation). they will be in-
-lielieatrobark a portion of their savings i-
-11miningtha bYte4,°, railway extension, and other enterprises,
Njlitm"„ll4ll3' add to the industry of the nation... Such.
b ;Y, tea things existing here, while millions are
thean
tttilt`ilie4",` out of Britain to make railways uponnn.
40111', to enrich nations that collectively do not
th her half as much as Ireland, and we therefore
tiiiNey:tt the Legislature should carefully consider thein
th%tit,--fa of inducing the employment of
.this money
148 where it is protected by British laws.
St y,
market is exceedingly heavy, and the
tkt there will be some pressure for money,
it„l'4lo,c' the loan instalments, promotes specula-
)l44ki a fall. Consols have been 901 1, and
0•41.1, a decline of per cent. compared with
tli-t()44," • The transactions have been more nu-
PdiN ,41;14 have partaken more of a speculative
to%1:.: The New Three per Cents. have been
• 4&, and the Three per Cents. 911 to 1.
lillq%'l2tier sills are 11s. to 15s. premium, and India
• a• Premium. Nothing has been done in
rtll~ore~3 k.
35 ➢ thr Securities have been flat also, and gene-
.jklt's 5 4,111er• The Turkish 6 per cent. Bonds are
rt being about I lower, and the new scrip
i()-1),(1°Wil to 1± and 1 premium. Mexican
'4'l/ to 211, being firm. Peruvian 41 per
%•
'44Ve declined to 781. Dutch 4 per cents.
Oilw" Russian 41 per cents. 99.
try 114 shares are all at a further decline, and
a~sactions are limited. In some instances
ktlllt II') 53. to 10s. lower. The foreign lines are
"At egleeted, and Great Western of Canada
Ot (11) •
littletlitkLing, land, mine, and other shares attract
httl 'tention:
FUNDS THIS DAY AT ONE o'ol.
3Nlr r Prom the Officsal List.
misins.. (low.
3
1.10
,71-tueed Annuities.... • l3
pee 6'°llsols Annuities
!'t• Annuities
Expire sth Jan., 1860
;uitt.till:ll4. Expire sth April, 1885 17
ttCor Ate 1000 tgi a 3
tiler ttil'.!lt, 6th September
.... N. 21
9
I
15 11 I 15 11
211
............... ......... I --
h 41j.114- ................... : ......................... 1'; 11 111
040 114 e 1858, 3i per Cent.... 1003
0FF,1859, looi g
3 per 'REIGN FUNDS AT ONE O'CLO' .K.
t't 'ttq eett
t4itit.klbk4 liathlaedacco.Unt
211
BoldsiJateh —B, 44 per Cent ...... 78A
x440,,,hezi„'411 Per Cent 9O
t "itLqe ' Per Cent
horFAfer e°clou,3per Cont.
19
Ntti,ll,:r tis)l6 Per cent 93 3
New 8! account
unlpide 1.11), 4 per Cent.
tlitt4;lnlia,Z° on the above payable in London.
Per je:u2t.? terrteificenatt.els2.onil
96
blttl4°l' LP-P AST 71 111"1.
tq for ...
,tie Account
tilt'4ll%l 91i
441111, ,

411. tor graPl" advices
i111.14i4 tele • of the 214 report that
Lew currants had openec there
4t Year tlas opening price wax 70 to 75 dole.