The Sun.
London, England, 1855-10-10 00:00:00

COMMERCIAL INTELLIGENCE.

CITY, Two o'CLocic.
Yesterday was a close holiday at Liverpool in the
Cotton and Share Markets.
Most of the speculators in stocks appear to be
going on the idea that the Bank of England will
to-morrow advance the minimum rate of discount
to 6 per cent., although some think that the sales
of Consols by the Bank would allow of this mea-
sure being postponed. We need, perhaps, only
remark that if the intent of an advanced charge is
to restore greater ease ultimately the sooner it is
established the better, although the process is not
one which, by a large number of practical and ex-
perienced men, is believed to be effectual. The
following remarks from the Bankers' Circular
touch upon this question :
"If it were considered necessary to stop the
drain of bullion by raising the rate of discount
from 5i to 5 per cent., the same reasons may be
urged for advancing it to si, 6, or 7 per cent.
This is the established theory of the advocates of
the Bank Charter Act of 1844. The foreign ex-
changes and gold bullion only were made the basis
of English credit ; and how have they served us ?
They have both failed us in the hour of need. Those
who require bullion laugh such a theory to scorn; and
while the Bank is spreading dismay throughout the
country by raising the charge for the use of its
notes, its bullion is withdrawn by millions. As a
commercial people, should we not ask where this
is to end ? There is nothing extraordinary in as-
suming that the Bank may yet lose several millions
more of its gold—and what then ? Are we to keep
blundering about foreign exchanges ? Mr. Gilbert
said, in his evidence before the committee
of 1841, that as soon as ever this country
was engaged in war the Bank ought to suspend
cash payments. Whether it will be driven to
such an expedient will be determined by the
duration of the war ; for, although Sebastopol has
been partly taken, we have only yet raised our net
annual revenue from ordinary sources to the extent
of 8,000,0001., or about equal to one-sixth of the
sum required annually. It is therefore a question
of no small importance to ask, what step will the
Bank take when it cannot further raise its rate of
discount ?"
Great dissatisfaction has been expressed by many
of the shareholders of East Indian shares, in conse-
quence of a call made upon the Fortension Shares.
It appears, by the date of a circular shown us by
one party interested, that the Directors of this
Company passed a resolution to make this call as
recently as the 2d inst., and the circular upon the
subject is dated that day. In the case in question
it was not received until last night, by the 8 o'clock I
post, and yet the amount has to be paid on or S
before/the Ist November. If it were the deliberate 3
5
intention of the managers of this undertaking in 2
the present state of the money market to depress 10
the value of the property, they could scarcely have t
taken a more effectual course. The shares are of ?,1
201. each, and the call upon them is equal to 25
per cent. At least it is felt that two or three 9
months should have been given, and it would be 31.
quite competent for the directors to allow those 11
who were willing, to pay up in advance, and merely E
to charge 5 per cent. interest for calls unpaid after .3:
the Ist December next, which would be early
enough, considering the brief notice given. 21
No improvement has occurred in the English gt
Stock Market this morning, sales being renewed St
almost as soon as business commenced, and in this 10
way we get down or 4 per cent. almost daily in :0
the quotations. It is not probable that in the :(0:1
present temper of the speculators there are many to
of them dealing for a rise in prices, although the
contango might appear to favour that impression.
The great weight that depresses the market is the it..
selling by the Bank of England, and by other large
establishments which can at present find more pro- k
&able employment for their capital. Hereafter 3;•
should any decided case occur there would have ,0
to be great promptitude exercised on the part of
the bankers to get back their stock, but the profits
made in the interim would cover any loss on that
score. St.

Consols have been 86a I, and since 861, for
transfer, and 86i to 87, being now 861 for the
November account. Exchequer Bills are 63. dis-
count, and East India 2s. to 3s. discount. Bank
Stock for account is at 2121. Exchequer Bonds
are 98i to

In the Foreign Market there is comparative
steadiness in all except Turkish bonds, which are
scarcely so high, being 83 to 84k, including the
dividend. The Scrip has been down to 3i and 41
discount, presenting a remarkable contrast to all
the other foreign investment. Spanish 3 per
Cents, have been dealt in at 371 to 37.1, and the
Deferred are 19k. Brazilian Old Bonds have rea-
lised 981. Dutch 4 per Cents. are 931 to
The following are the nominal prices of foreign
stocks :—Grenada Deferred Bonds, 18 to 20 ; Mexi-
can, 21k to 211; Peruvian, 73 to 75 ; ditto Three
per Cents., 53 to 55; Portuguese Four per Cents.,
43 to 45 ; Russian Five per Cents., 96 to
98 ; ditto Four-and-a-Half per Cents., 85 to 88 ;
Spanish New Deferred, 371 to 38 ; ditto Three
per Cents., 19 to 19i- ; ditto Certificates, 41 to
41 ; ditto Passive, 41 to 5.
Railway Shares are very fairly supported, with
very moderate transactions. North Western,
South Western, Eastern Counties, North Eastern,
and South Western have been chiefly dealt in.
The foreign lines were steady, and in the French
there is some improvement, owing to yesterday's
rise at Paris.

The Foreign Mines are dull, the Banks firm, and
Canada Land rather stiffer.

BRITISH FUNDS THIS DAY AT ONE O'*
Prom the 091611 List.

_
Bri,ney- i,,...
3 per Cent. Console Annaities
India Bonds, £lOOO
Ditto, under £2OOO 3 2 d
Bank Stock for Account 212.
Consols kn. Account, 12th October
Exchequer Bills, 21d 2d.
21000.
2500 —
%all
.
Exchequer Bonds 1858, 3i per Cent OB3 4
Ditto 1859, „
PRICE OF FOREIGN FUNDS AT ONE O'CLO ';-
Brazilian Bonds 5 per Cent. . _
Ditto for the Account 93.3
Ditto New, 1852, Ids per Cent ...~
Spanish Bonds, 3 per Cent ... ........... .. 373
Ditto Account
Ditto New Deferred, 3 per Cent.
Tarkibh Bonds, ti per cent —
Ditto for the account.
Ditto New Scrip, 4 per Cont.
,)ivirlentis on the above payable in Lon for
Dutch Exchange, 2i per Cent. 12 Guil 64
Ditto 4 per Cent. Certifieates ......,
- . HALF- .6i ST TWO.
Consols ' P6I i
Ditto for the November k 3
ccouut ... 861

5
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10