The Sun.
London, England, 1855-09-26 00:00:00

L ATE ST NEWS.I EYid A rr !IL; T

AND
COMMERCIAL INTELLIGENCE.

THE FRENCH LOSS AT SEBASTOPOL.

CITY, Two O'CLOCK.
The Liverpool cotton market yesterday closed
tamely and steadily, without the least change in
prices. The sales were 5,000 bales-1,000 for ex-
port, and' 1,000 on speculation, comprising 40
Pernam and Maranham, Gad. ; 50 Bahia, 6d. ;
180 Eg3ptian, sd. to 6d. ; and 500 Surat, 4d. to
4id. The Railway Share Market was without
feature, at the currency of Monday.

PARIS, WEDNESDAY MORNING.

The Moniteur contains a second report from
Marshal Pelissier of the precise extent of the
French loss on the Bth. It is thus stated :

KILLED.
5 Generals.
24 Superior Of6.ers..
116 Subalterns.
1,489 Rank and File.

Describing the state of the markets for the prin-
cipal articles of consumption, Messrs. H. W. Jewes-
bury and Co. observe that—

"The markets for colonial produce during the past
month have been very active, and the prices of some of
the leading articles have advanced considerably. The
rise in the bank rate of discount on the 6th inst. from 31
to 4 per cent., and subsequently on the 13th from 4 to 41
percent., with the general expectation that 5 per cent. will
shortly be made the minimum rate, has checked the
advance in produce ; and transactions, except for sugar,
have become more limited during the last eight or ten
days. The arrivals since our last have beep: moderate,
but the deliveries for export and home use continue large,
and the stock of several of our chief articles show a
further decrease. Dyes and dyeing materials have been
in !fair demand. Indigo is firm. Coehineal and
safflower are both dearer. In other articles there is no
alteration to notice. The late advices from the Conti-
nental produce markets report large transactions at ad-
vanced rates. From the woollen districts the reports
notice a somewhat languid market, but, about an aver-
age amount of business has been d .ne. From the cotton
districts transactions are again reported as limited, and
the tendency of prices is against spinners and manufac-
turers. The demand for money, since out last, has in-
creased, and during the mouth the Bank has raised the
rate for discount from 31- to 4.3 per cent. We now quote
first class paper of short date at 41 per cent., other bills
4i to 5/. and money on call 3 to 31 per cent."
It will be a positive relief to every man of busi-
ness if the Bank of England to-morrow puts up
the rate of discount to 5 per cent., the prevalent
uncertainty being far worse than the measure it-
self. We feel persuaded, indeed, that there will
be greater confidence when the interestrules at 5 per
cent. than there is now, because the Bank of France is
stated to be using every exertion to replenish its cof-
fers, and, if it bids more for gold than ourselves, may
succeed in se doing, by means of its credit and by
working on the exchanges, although ultimately
there will be an account of loss to settle, and to
meet the engagements entered into, the precious
metal may have to be returned. In the interim,
however, as was the case some years ago when the
Bank of France assisted the Bank of England, the
money market may have resumed a more even tone,
and the re-adjustment be proportionally less diffi-
cult. At Paris already the fall in securities has been
more than equal to the whole cost of the foreign
grain required between this time and September
next ; but no one can question that certain secu-
rities have ruled a great deal too high there, and
that the check will prove wholesome. Yesterday
is described as having been at Paris the dullest day
yet experienced. The whole subject of our mone-
tary position and policy is of such absorbing inte-
rest that we append some remarks in the last num-
ber of the Bankers' Circular :

WOUNDED.
10 Generals.
20 Superior Officers.
224 Subalterns.
4,259 Rank and File.

MISSING.
2 Superior Officers.
8 Subalterns.
1,400 Rank and File.
Total, 7,557.

THE WAR IN ASIA.

ERZEROUM, Aug. 18.—On the 18th inst. a de-
tachment of Turkish cavalry left the city in quest
of forage. The Russians placed in the advanced
posts tell on them in the rear, and, after a few vol-
leys of musketry, the Turks retreated without ac-
complishing their intention.
General Mouravieff maintains his position in Co-
mozow, and has divided his army into four corps,
occupying the four points opposite to the four
salients of Kars.

Four battery cannons which were directed from
Alexandiopol to Kars, and abandoned on the road
on account of the mud, have been recovered and
taken to the Russian camp.
The present disposition of the forces of General
Mouravieff leads us to suppose that he intends to
attack Kars in such a manner as to draw off the at-
tention of the garrison from the point in dispute,
and make a grand attack on it afterwards.
In Kars, although some anxiety is manifested,
yet a disposition is tolerably prevalent to meet the
enemy boldly.
The evacuation and surrender of Kars would be,
perhaps, not of much consequence, but the loss of
the artillery, consisting of 200 pieces of all calibres,
and that of the ammunition, would be a great
fatality.

"The amount of wealth which is now represented in
this country by securities alone almost surpasses the
poverg of belief. First of all there is nearly 800,000,0001.
of public debt, under different forms. To this we may
add about 300,000,000/. in the shape of railway secu-
rities. The Joint-Stock Banking capitals of the metro-
polis amount to several millions. Then there are the
Insurance, Docks, Canals, Water, and Gas Companies,
which may be reckoned in millions sterling. History
affords no such an amount of wealth represented in
floating securities, and saleable in the public markets,
as this country exhibits; yet it i 4 over this vast expanse
of wealth and industry that the judgment of the cabinet
of the Bank of England extends its power and in-
fluence, Where, then, can the individual be found
who could overrate the importance of such a question ?
The difference between the course adopted by the Bank
of France and the Bank of England, consequeut upon a
drain of the precious metals, is singularly striking.
Whilst the Bank of France seeks to supply a sufficient
note circulation on the withdrawal of specie, it is no
less carefrl in its rates of discount ; the Bank of
England is continually changing both these items,
in order to conform to the principles of an absurd
law, We have only to look back a few months to -see
how these separate plans have operated upon the money
markets of the two countries. In January, 1854, the
position of the money market consequent upon the state
of the corn market rendered it necessary to raise the
rates of interest in several of the Continental cites, and
on the 19th of that month the Bank of France raised its
rate of discount from 4 to 5 per cent., but it was re-
duced again to the previous rate on the 11th May
following, at which it has remained ,tntil the present
time. But, singularly enough, on the same date that
the Bank of France reduced its rate of discount to 4 per
cent., the Bank of England raised it to 51, and main-
tained it at that rate until the following August, when
it was reduced to 5 per cent., at which rate it stood for
35 weeks ; so that, if we go bask to January, 1854, we
find that Vie Bank of France has had only two rates of
interest during a year and three-quarters, while
there have been eight changes made by the Bank
of England. No arguments, however ingenious, can set
a a.ide the deductions that may be drawn from this com-
p;; rison ; and it forms one of the strongest motives for a
striet enquiry as to which of the two systems is moat
deseyving of public support. We think it can scarcely
be doubted that such rapid changes made in the rates of
discou u t and interest on loans, constituted a very formid-
able evil in our system. But we think it is equally true to
attribute these changes:Almost entirely to an artificial scar-
city of leg al tender or bank-note circulation, than to any
natural causes in the variations on money capital. It is
a law we U understood by political economists that whet -
ever a sea rcity of capital is found in those establishments
where it venerally accumulates, that an expansion of
I credit bete ales indispensible ; but thepractice of theßank
of England : ttsuch periods is totally opposed to this princ.-
ple, which al -ices from the fact that there are circumstances
under which it has not the power to do justice to the
public, and at the same time secure the interests of its
own propriet ors. These circumstances have occurred
many times in the history of the Bank, and a repetition
of them has once more become apparent. Some of our
contemporaries who have been anxious to show that it
was the pars.moant duty of the Bank to raise the rate of
discount to 5 per cent. on Thursday, do not appear to
have looked beyond the ordinary character of the money
market, and yet they have not been insensible to the in•
jury that such a step would inflict upon the general
interests of trade and commerce. But it remaits to be
shown whether, to support the particular interests of
one establis.htnent, it is absolutely necessary to sacrifice
those of all other classes of the community."
The Cinaries Lead Mining Company this day
declared a dividend of 10s. per share for the half-
year. The, returns of lead for the six months was
32,797 t.. 63. 3d., which after the expenditure left a
profit of 6,5551. 3s. 10d.
The Stock Market has been very depressed again
this mom i.ug, money being in request, and scarcer
among the dealers than in Lombard-street. Whe-
ther this will last is more than we can determine,
but the pressure is aggravated apparently by the
speculation of weak parties now obliged to close
accounts. Consols have been 1 per cent. lower,
viz., 89 to 891 for Transfer, and 891 to 891 for
October. Exchequer Bills are par to 4s. discount.
A further material drop has occurred in Turkish
Bonds, which have been so low as 851 and 86,
though they are now 861. The Scrip is 1-a. i dis-
count. Nothing calculated to depress them has
arisen beyond the information regarding Egypt, to
which we referred a few days since, and the exces-
sive bull operations now forcibly closed. Other
bonds are quiet. Spanish ruled firm at 19g. Gre-
nada Deferred are Q. Mexican are heavy at
21i, Peruvian 41 per Cents. at 76, and Dutch 2i
per Cents. at 641.
The following are the nominal prices of foreign
stocks :—Grenada Deferred Bonds, 18 20 ; Mexi-
can, 21g i ; Peruvian, 75 77 ; ditto, 3 per Cents.,
51 9 ; Portuguese 4 per Cents., 43 5 ; Russian 5
per Cents., 97 9 ; ditto 41 per Cents., 86 8 ;
Spanish New Deferred, 19 1 ; ditto 3 per Cents.,
37:12. to 38 ; Ditto Certificates, 4i i ; Ditto Passive,
4:-3,- to 5.
Railway shares opened at a decided reduction in
prices, and although they have since rallied, are
still below yesterday's range. The speculation
having of late been limited, the rates charged for
carrying over although onerous are not so h• ay 7 as
they would be. The Foreign lines ar-, very du 1.
Mines are inactive and the Banks flat. (an .da
Land shares have recovered to 172.

BRITISH FUNDS THIS DAY AT ONE 0'01,004- .
IPrvettZc Oil:ciza
Blcincss done
3 per Cent. Congols Annwitieg B9i 9
(71onsols i'or Account; 12th October 896
Exchequer Milo, 21d. 2d.
tIOOO
2500

3d

Small
Exchequer Bonds 1858,.3i per Cent ... 991
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Grenada Bonds, Deferred
31 mican 3 per Cent.
i'eruvian Bonds, 41 per Cent • 76
Spanish Bouds, 3 per Cent —
Ditto New Deferred, 3 per Cent.
Tarki.,ll Bonds, 6 per cent 8 i 5
Ditto for the account
Ditto New Scrip, 4 per Cent.
Div;dencb on the above payable in London.
_ . _

Dutch Exchange, 2i per Cent;l2 Guil 64
HALF-P 4 ST TWO.
Consols
Ditto for tho Account .... .