The Sun.
London, England, 1855-02-24 00:00:00

MA RKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO o'CLOCK.

The cotton market at Liverpool yesterday closed
tamely. About 6,000 bales were sold, including
1,000 for export. The market for Railway Shares
was very dull, without any particular alteration in
BUCHAREST, FRIDAY.' I prices.

The further changes in the Ministry encourage
the expectation that the half-and-half blockade
system will be speedily terminated, and our enemy
dealt with in the way most effectual for crippling
his resources. The fallacies of Mr. Cardwell have
been freely commented upon by the Baltic mer-
chants, and the following observations of Messrs.
Smith and Charles serve to show the view taken:—
" Mr. Collier's long-expected motion on the Russian trade
was brought forward by him in the House of Commons on
Tuesday last. The object of the resolution, of which he on a
former occasion gave notice, was to prohibit the overland
traffic. For reasons assigned by him he now cofined himself
to a request for certain statistics, which was wanted as a
matter of course. A debate of the deepest interest, however,
ensued ; and it is, we think, impossible to peruse the
masterly speeches of Mr. Collier and Mr. Mitchell without
being convinced that by far the shortest if not the only mode
of bringing the war, with all its horrors, to a close, is to pro-
hibit the trade with Russia. Mr. Cardwell's reply was
for the most part occupied with an able exposition of the prin-
ciples of political economy, but it was altogether beside
the question as to whether or not the prohibition of the trade
is calculated to bring the war to a close. He did, however,
attempt to grapple with the details furnished by Mr. Collier
and Mr. Mitchell ; but in doing so he confounded arrivals
hero with purchases and payments in Russia—a fallacy which,
in one sentence, Mr. Collier exposed, utterly demolishing the
superstructure he had erected upon it. We sincerely regret, with
Mr. Mitchell, that the learned member for Plymouth should
not have persisted with his resolution, convinced as we are that
he would have had a large majority—a conviction which was
materially strengthened yesterday by the leading articles of
two of our most influential journals, one of whom speaks of the
' present state of things as grossly inconsistent and flagrantly
dishonest ;' the other of the Prussia neutrality as fradulent,
permitting as it did the smuggling of Russian produce
through her dominions.' One great principle at least the
debate in question has elicited and established, viz. That
a neutral is not justified in creating and facilitating a now
branch of trade' (e. g. in the ease of Prussia, the overland
traffic) for thp purpose of benefiting one of the belligerent
states, and thwarting the restrictive measures of the other'
(e. g., our blockade). To exaggerage the importance of
this truth is impossible, nor will it bo suffered to ho dor-
mant by the people of England. It demonstrates that
we have all along dealt too leniently with Prussia,
permitting her to violate an international law : it places
in the hands of the British Minister Plenipotentiary
an irresistible argument for compelling Prussia to re-
linquish the overland trade ; it furnishes that country
with a reason for so doing, which, with the Czar, must be an-
swerable; and, finally, to him who would send capital to
Russia for a supply of goods, it is a most significant intima-
tion that the key has been discovered wherewith the Russo-
, Prussian frontier may, at any moment, be locked. The sub-
jectl
proved that the trade of Russia has virtually sustained no
injury by our blockade, in consequence of the traffic
bang allowed to pass through the Prussian dominions.
It has been proved that, to bring the war to a close,
the trade of Russia must be prohibited. It has been proved
that there exists an international law of which the Allies can
avail themselves to compel Prussia to close her frontier against
Russian produce. It follows that if the Allies do not avail
themselves of this law they will be answerable for the lives
which will be sacrificed by such prolongation of the war as
might have been avoided by their insisting on the law being
observed. But such a supposition is almost inconceivable.
We may, therefore, conclude that this stipulation will be in-
sisted on in the negotiations with Prussia. If she refuse, it
is a cases Lelli, and the trade will be stopped by our block-
ading her ports; if she consent, the trade will be stopped by
herself."

The position of the Bank of England remained
comparatively steady during the week to the 17th
instant, and, in the absence of an increased de-
mand for money, and with the exchanges compa-
ratively favourable, the sum of the precious metals
was augmented. The amount to the credit of the
Government was decidedly larger, but, unless
means be taken to replenish the Treasury, the out-
lay will rapidly absorb the receipts, and leave a
much smaller balance than usual towards the close
of the quarter and prior to the payment of the
dividends. Compared with the previous week the
changes are as follows :

Active circulation £19,246,155
Decrease 281,820
Bullion 12,980,786

Increase

-223,026
3,335,840

3,290
4,898,602
434,733
10,174,871

127,555
894,885
63,806
11,538,227

20,425
14,584,340

- 17,351
7,067,075
531,685

"The foreign eieltaiagen were very firm yesterday
afternoon. Bills at 90 days on Paris were taken
at 25 30 to 35, on Amsterdam at 11 171 to 18, on
Hamburg at 13 6 to 6.1-, and on Trieste at 12 50 to
13.

The bar silver by La Plata has been sold at
ss. lid. per ounce.
The supplementary estimates brought forward
within the last month do not appear to be all in-
cluded in the totals for 1854-5, and if this be the
case, the expenditure for the present year end-
ing April next will be larger than would
appear. The supplementary estimates for army,
navy, and ordnance were 9,481,0651., and
it would be desirable to know if this all
stands in the account as regards the year to
April, 1856. There is no present ambiguity,
though future supplementary estimates may occa-
sion an addition. The totals for 1855-6 are these—.
Army
Navy
Ordnance
Transport

£37,427,003
This is about twenty millions more than during
time of peace, the transport item being, in fact,
newly created ; and for the ensuing year a revenue
of about seventy millions will be requisite to esta-
blish an equilibrium with the outlay.
There is scarcely any business doing in the
English Funds, but the quotations are firm, the
reported repulse of the Russians by Omer Pasha's
army having a good effect. Consols have been 91
to f for transfer, and 91i to for account. The
New 3 per Cents. have been 91i to g, and the
Reduced 91k to g. Exchequer Bills continue at
6s. to 95., and India Bonds at 15s. premium. Bank
Stock for account is 214.
Foreign Securities have been quite neglected,
but are firm in price. The Spanish Certificates
have been quested 4'2. Turkish Bonds are firm at
75,t to 76. Dutch 21 per Cents. bring
The following are the nominal prices of foreign
stocks :—Grenada Deferred Bonds, 5 to 6 ; Mexi-
can, 21 to 21t ; Peruvian, 70 to 71; ditto Three
per Cents., 50 to 51 ; Portuguese Four per Cents.,
41 to 43 ; Russian Five per Cents., 98 to 100 ;
ditto Four-and-a-Half per Cents., 87 to 89 ;
Spanish New Deferred, 17111 to 18 ; ditto Three
per Cents., 36 to 363 ; ditto Certificates, 43 to 5 ;
ditto Passive, 41 to 4g.
The Railway Share Markets has been rather
looking up, although the transactions have been
on a limited scale. Caledonian, North-Western,
and South-Western are higher. Foreign shares
aro quiet. East Indian are rather higher.
In the Colonial and other mining shares there
is nothing doing, and the Banks and Land Com-
panies' are also dull.

BRITISH FUNDS THIS DAY.—CLOSING PRICES.
(Prom the OftciAl List.)
Business done
-

3 per Cent. Reduced Annuities.... ......... 9ll i
3 per Cont. Consols Annuities . 9l
New 3 per Cent. Annuities
[ndia Bonds, £lOOO
Ditto, nnder £lOOO l5
Bank Stock for Account 214
Consols for Account, Bth March 9ll 1
Exchequer Bills, 21d.
£lOOO ,... 96
£5OO 7 9
Brun 4 7
Exchequer Bonds 1858, 3i per Cent. 99i I
Ditto 1859, ~

PRICE OF FOREIGN FUNDS THIS DAY.
Spanish Committee Cert. of Coup. not fun 4B p c
Turkish Bonds, 6 per cent
Ditto for the Account 7si 6
Dividends on the above payable in London.
Dutch Exchange, 2i per Cent. 12 Gull 6li
THREE O'CLOCK.
Console
Ditto, Marci A coon n t

RESIGNATION OF LORD CANNING.—We yesterday stated
that Lerd Canning was hesitating as to whether he ought
not to follow the example of his Peelite friends—Mr. Glad-
stone, Mr. Sidney Herbert, and Sir James Graham, and
resign his office of Postmaster-General, and his seat in the
Cabinet. We have now to announce that his Lordship has
tendered his resignation. We are also informed that Mr.
Frederick Peel and Lord Elcho are severally likely to resign
their situations. We congratulate Lord Palmerston, and
the country alike, on the complete purgation from Peelism
which his Cabinet is undergoing.—Morning Advertiser.
RECALL OF LORD JOHN RUSSELL—It was last night
not only affirmed, hut believed in the best-informed quar-
ters, that Lord John Russell had been recalled from
Vienna. The reason assigned for his Lordship's recall was,
that his presence was necessary in London, to whip up and
drill the 'Whigs, so as that they should be able to give an
effective support to Lord Palmerston's Administration. As
our Ambassader, Lord Westmoreland, still remains at
Vienna, the recall of Lord John will not interfere, in any
way, with the negotiations-for peace. Morning Advertiser.
MR. JOHN CARDEN, OF BARNANE.—Accordir g to a
local journal, the statements respecting the broken
health of Mr. Carden have been fully confirmed by
medical investigation.

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