The Sun.
London, England, 1855-04-28 00:00:00

0

M A It K E T

LATIIE'LL/L1

CITY, Two O'CLOCK.

The Cotton Market at Liverpool yesterday
ruled firm for all descriptions. Uplands realised
5d., Mobile kid., and Orleans 6d. The sales
amounted to 12,000 bales. Railway shares opened
with a heavy appearance, but became firmer sub-
sequently.
The financial accounts of the Bank of England
during the week to last Saturday were of a nature
to show that the demand for money had again
fallen off, the other securities being again lessened,
and the total of the precious metals was increased.
The public deposits were augmented by the pay-
ment of the loan deposit, and this occasioned a re-
duction in the sum to the credit of private cus-
tomers. The Bank appears either to have increased
its holding of stock or Exchequer Bills, or other-
wise to have made advances thereon. Compared
with the previous week, the changes were as follows:
Active circulation £20,282,865
Decrease 100,965
Bullion
Increase 32,848
Rest
Increase 4,416
Public Deposits 4,450,664

Increase
Other Deposits
Decrease
Seven-Day and other Bills
Decrease
Government Securities
Increase
Other Securities
Decrease
Notes unemployed
Increase

1,730,024
13,019,567
1,214,229
928,357
19,364
14,274,373
600,660
13,032,442
233,626
8,089,425
121,890

In enforcing the necessity of an improved and
modernised plan in the matter of new loans, the
editor of the Bankers' Circular cites the introduc-
tion of unrestricted competition in commercial
pursuits, and then remarks as follows :

" We ask for the same liberty in our finance, and the
total abrogation of a system that places the interests of
this great country in the hands of any single individual.
Sir Henry Parnell, the greatest financial reformer of his
day, unsparingly condemned the system of restricting
public loans to a single contractor, and says—
" The consequence of this course of proceeding has
necessarily been that one individual, or one banking or
mercantile firm, has become the representative of a body
of subscribers, willing to take the loan on certain condi-
tiotis arranged amongst themselves, but the individuals
making the offers have had not only the interests of
the subscribers to their lists to attend to, but their own
special interests as contractors. These have sprung up
from their subscribing large sums, with, however, no
intention of paying them, but wholly with a view of
making a profit, by selling their new stock immediately
after they have declared to have got the loan.'
"It is time for the country to decide whether the
basis of contracting loans should be confined to its pre-
sent narrow limits, or be thrown open to public compe-
tition. We fael assured that it is only by adopting the
latter course that we can ever reform the principle of
borrowing money. Why, we would ask, should not the
mode of borrowing by the public be reduced to the sim-
plicity of a merchant borrowing from his bankers. As
a correspondent, whose letter we publish in another
place, has remarked, why should not the Government,
whose credit never was impaired, have the full value for
its bond ? Does a railway, or any other public com-
pany, issue debentures for 5001., and agree to repay 7501.,
or any other sum above the expressed amount ? Specula-
tors may talk about the ad vanthge of this or that description
.f security, but the only sound principle upon which a
nation can borrow, is that practised in daily life, and
sanctioned by justice and common sense ; and, if the
nation would secure itself from the ultimate consequences
f increasing our huge debt, it muss, boldly repudiate
every other."

Yesterday afternoon the quotations for bills of
exchange, drawn here upon the principal Conti-
nental cities, were scarcely so high. Paris, 90
lays, 25 45 to 471; Hamburgh, 13 8/ to 81 ; and
Trieste, 12 45 to 50.
The exports of the precious metals direct from
London during the week to Thursday last were
:334,498 ounces of silver, and 860 of gold, all to the
Continent.

The ship Vimeira, from Sydney, brings advices
only of January 10, and has, it is stated, but 178
)unces, and 5001. in gold. The Lady Ann, which
left January 17, is also off Falmouth.
The English Stock Market has been rather firmer
tfterthe very perceptible heaviness of yesterday
Lfternoon' induced by the sale of 500,0001. of the
new loan by the Commercial Bank of Scotland,
which had an allotment to that amount, and the
rise in flour. The rumour of Lord Panmure's
resignation also bad an effect, though not confirmed.
Consols have been 88k to 89k both for transfer and
account. The New 3 per Cents. have realised 88k
to 88k, and the Reduced 870- to 87/. Exchequer
Bills lave been 4s. to 75., and India Bonds 12s.
premium. The New Annuity is steadyat 16 3-16ths.
Nothing has been done in the Omnium, which
closed last evening at s to 1.
In foreign Stocks there is scarcely any change.
The Turkish Bonds have been 731 to M. Rus-
sian 5 per Cents. have been dealt in at 98,fr. Sar-
dinian are firm at 861. Brazilian Small have been
quoted 98i.
The following are the nominal prices of foreign
stocks :—Grenada Deferred Bonds, 6to 6i; Mexi-
can, 20 to ; Peruvian, 68 to 70 ; ditto Three
per Cents., 47 to 49 ; Portuguese Four per Cents.,
41 to 43 ; Russian Five per Cents., 98 to 100;
ditto Four-and-a-Half per Cents., 88 to 90;
Spanish New Deferred, 171 to 181; ditto Three
per Cents., 36 to 36i-; ditto Certificates, 411 to 5i ;
ditto Passive, 31 to 4k.
This being " name" day in the Railway Share
Market, the business has been almost entirely for
the purpose of settling accounts, and prices are
generally about the same for the English lines.
The East Indian and Scinde shares are in demand
at full rates, to a slight advance. The traffic on
the Calcutta line, partly open, is stated to exceed
expectation.
The Foreign and Colonial Mines are dull, as well
as the banks, and the Crystal Palace are lower.

BRITISH FUNDS THIS DAY AT ONE O'CL() !t.

( From the Official Lid.)

Business done
3 per Cent. Reduced 874 '3
per Cent. Consols Annuities - O 9
Now 3 per Cent. Annuities
4glag Annuities, Expire sth Jan., 180
Dittc, 30 Years, Expire 10th Oct., 1859
D.. New
In tia Bonds, £lO9O .... .

Ditto, under 1;1000 l2
lo' sols for Account, 10th May BB,l 9 8;
Sachequer Bills, 24d.
21000
.2500

Small 4 7
Exchequer Bonds 1858, 3i per Cent. 99i
Ditto 1859, ~
PRICE OF FOREIGN FUNDS AT ONE O'CLO,;K.
Brazilian Bonds, 5 per Cent
Ditto Small
Russian Bonds, 1822, 5 per Cent. £ St 9B';
Russian Bonds, 4:J2. per Cent B9i
S,rdinian Bonds, 5 'per Cent. B6l
Turkish Bonds, 6 per cent 73

Dividends an the above payable in r,norni

TWO O'CLOCK.
Conso:s
Ditto, May Account

MINING INTELLIGENCE.

(From the Mining Journal of this day.)

Without any material change in prices there has been
a more active business in shares this week, and a greater
disposition on the part of the public to purchase in goo.d
dividend concerns, as well as m many progressive mines,
which offer fair prospects of success. We rather con-
fidently expect a better state of things before long in
the mining market, when it shall have been still further
weeded of hopeless concerns, and consequently freer from
the calls which have for the last twelve moaths hung like a
continuous nightmare upon it. So soon, even now, as any
decided improvement takes place in a mine, there is no
lack of buyers at good prices, and copper mines are the
favourites, the price of this metal keeping up better
than any other ; and, if the weekly samplings continue
to decrease as they have of late, still higher prices for
the ores must result. Lead, although a trifle better,
is still so low that we understand many of the Flintshire
and other mines will be stopped, the high royalties paid
(being the same whatever the price of lead) rendering it
impossible for them to be worked to a profit.
MINES WHICH HATE SOLD ORE.—Boiling Well, Bos-
cean, Brynford Hall, Budnick Consols, Bwich, Cae-
Gynon, Calstock Consols, Camborne Consols, Carnyorth,
Carvannall, Clijah and Wentworth, Craddock Moor,
Dyfngwm, Eaglebrook, East Tamar, East Wheal Rose,
East Wheal Vor, Gilmar, Great Wheal Alfred, Great
Wheal Baddern, Herward United, Messer, North Towy,
Okel Tor, Rhonwydol, Vale of Towy, Sortridge Consols,
Wheal Crebor, West Rosewarne, Wheal Kitty, Wheal
Tehidy, .

The Gold Mining Share Market continues neglected.
In Miscellaneous Shares the market has been quiet,
and the fluctuations very trifling.

FREE-LABOUR BAZAAR. —The most direct and practi-
cal way to discourage slavery is certainly to promote,
by every available means, the substitution of free-
grown for slave-grown produce. The bulwark of Ame-
rican slavery may be said to be its cotton trade with
England ; yet we are told by experienced men that our
East and West Indian colonies could supply every bale
of cotton required by the British market, if a proper
impetus were given to its cultivation there. This anti-
slavery agitation has been set on foot, and many fabric;
of free-labour cotton are now coming into the market
for consumption. To promote the movement a grand
blza,ar and sale of useful and ornamental work is to be
held in the City, at the Hall of Commerce, on the 30th
and 31st of May. One stall will be devoted entirely to
the display of free-labour cotton goods.