The Sun.
London, England, 1855-10-19 00:00:00

MON EY MARKET

AND
COMMERCIAL INTELLIGENCE.

, Two o'CLocx.
The Liverpool Cotton Market yesterday closed
heavily, and prices of all kinds were the same as
last week. The sales were 5,000 bales (1,000 for
export), comprising, in addition to American, 120
Pernam and Maranham at SN. to 6id. ; 300
Egyptian at 6d. to 9d. ; 1,200 Surat at 3gd. to
4ad. ; and 400 Sea Islands at 9d. to ls. ld. per lb.
The Rail way Share Market was subjected to various
and considerable fluctuations during the day, clos-
ing heavily.
For colonial produce in the early part of the week
there was rather an improved inquiry, and, most of
the principal staples were at steady rates, but since
then sales have to some extent been depressed,
which, together with the stringency in the Money

Market, caused a lower range of prices to have been

accepted. Sugar, however is an exception, full rates
to 6cl. advance having been realised. Native

Ceylon coffee, as well as plantation, is 6d. per cwt.
cheaper. In rice there have been very few trans-
actions, as holders have asked firm quotations.
Tea has ruled heavy, and common congou has
been sold at Sid. per lb. full prompt. Saltpetre
has been a shade lower. Rum is steady, and cocoa
has not varied materially. Most kinds of spices
have been disposed of at slight reductions. Tallow
has been firm at 635. per cwt. for P.Y.C. on the
spot. At the public sales of indigo low qualities
have been rather dearer, but medium sorts have
scarcely been so firm. The public sales of colonial
wool commenced yesterday, and there was rather a
limited attendance of buyers. The prices went ld.
to lid. per lb. lower than during the last series.
About 57,706 bales will be offered.
The West India advicos represent the markets
as being in rather a more favourable condition. As
regards the revenue for the last quarter it was ex-
pected that it would show a material falling off,
and that at the end of the year an important defi-
ciency would have to be supplied.
From Trinidad the accounts relative to the sugar
crops are rather unsatisfactory, but of cocoa a
larger quantity has been shipped than in previous
years. In Dominica the canes had suffered from
the heavy rains, while in St. Lucia they had sus-
tained injuiry from the drought that had prevailed.
A heavy cloud hung over the operations on the
Paris Bourse yesterday, until it was known that
the Banks of England and France had decided
upon raising their rates of interest, when the 44
per Cent. Rentes suffered a fall of 50 centimes, and
the Three per Cents. for the account declined 90c.,
those for money being quoted at 64f. 15c., being
70 centimes less than the opening prices. Prices
of wheat remained somewhat stationary, notwith-
standing the appearance of many purchasers. A
supply of 214 sacks averaged 109 f. sc. per 157
kilogrammes.

The Bourse at Vienna on the 17th inst. was
agitated by the announcement that a new issue of
shares, to the number of 50,000, by the Bank of
Vienna, would shortly take place, and that pay-
ment would be taken for them in bank notes.

By our latest intelligence from Turkey we learn
that the Ottoman Government have resolved upon
forming a first line of railway in the empire be-
tween Constantinople and Belgrade.
The decision of the directors of the Bank of Eng-
land yesterday, in raising the rate of discount to 6
per Cent. for bills not having more than 60 days'
to run, and fixing 7 per Cent. for bills above 60
and not exceeding 95 days' to run, is necessarily a
subject of most anxious debate in the City. Al-
though opinion is to some slight extent divided as
to the ultimate prudence of the measure, it is gene-
rally admitted that the exceptional causes which
made so bold a step necessary, are sufficiently
urgent to justify them in tightening the
screw. The fact of the Governor and Deputy-
Governor having had two interviews with
the Chancellor of the Exchequer, this week,
sufficiently testifies to the urgent necessity of some
more restrictive measure on the demand for notes
and gold, or else some expansion of the powers of
the Bank to supply the demand. The Government,
it is understood, having refused these applications,
they had no other resource but to put up the rate,
and it appears not unlikely that a further advance
may still be necessary.
The Directors of the Bank of France have had,
at length, to act in opposition to the wishes of
the Government. The drain upon it for gold and
notes has, like that here on the Bank of England,
been very active, and requires prompt and ener-
getic action on their part to check and keep it
under sufficient controul. They yesterday had,
simultaneously with the movement on this side the
Channel, to raise the rate of discount on commer-
cial bills to 6 per cent. ; whilst, to still more effec-
tually arrest the speculative feeling on the Bourse,
they likewise gave notice that the advances Oil stocks,
(lte., will be limited to 30 per cent. of their value.
The latter term will place a material barrier to un-
healthy stock speculations. Should their present
measures not suffice to stop the drain upon bill
reqources, it is understood that the next step will
be to suspend specie payments.
Such a measure would, it is almost needless to say,
drive gold from France into England, and mate-
rially help the Bank of England. The necessity
for such a step, however, bespeaks the severity of
the drain which has been going on for some time.
A firmer market exists to-day for English stocks,
and of yesterday's decline has been recovered.
This upward movement is occasioned by the pur-
chases for investment, the present low price offer-
ing a temptation. At the commencement of busi-
ness Consols were 871 to 871 ; they then improved
to 874 and 87a for money and account ; they are
now down to 87 to for both, owing to the rise in
the corn market. Exchequer Bills have receded to
10s. and 15s. discount. Bank Stock remains at
207 to 209. The New 3 per Cents. aro at 87i to
871, and the Reduced at 861 to 86/.
The only feature in the Foreign market is the
weakness of the Turkish Bonds. The 6 per Cents.,
after being 79 to 791, have been down to 78g- and
781. New Scrip is at 3& to discount. Dutch
4 per Cents. are 93k. Spanish 3 per Cents. are
firm at 37i, and the Deferred at 19k. Mexican
Stock is flatter, being 19g. Equador Bonds rule
at 41, Chilian 6 per Cents. at 100, and Grenada
Active at 18g.
The following are the nominal prices of foreign
stocks: Grenada Deferred Bonds, 18 to 20 ;
Mexican, 19ft 198 ; Peruvian, 71 to 73 ; ditto
Three per Cents., 51 to 53; Portuguese Four per
Cents., 43 to 45 ; Russian Five per Cents., 95
to 98 ; ditto Four-and-a-Half.per Cents., 85 to 88 ;
Spanish New Deferred, 37/ to 381 ; ditto Three
per Cents., 19k to ; ditto Certificates, 4to4i ;
ditto Passive, 41 to 5.
In the Railway Share Market to-day the trans-
actions are circumscribed, and although prices are
generally without important variation, there were
one or two instances of weakness. Great Western
are about 1 per cent. lower.. Lancashire and
Yorkshire, North-Western, and Midland are like-
wise at reduced values, but South-Eastern are
rather firmer. The French lines are weak, and
the Paris and Lyons are 1/. cheaper.
United Mexican Mining Shares and Australasia
Bank are rather depressed. Canada Land Shares
have dropped 4/. to 51.

311,IT1SH FUNDS THIS DAY.--CLOSING PRICES,
1 Prom the Ouicial List. )

Ru
Bank Stock ~. •.. •..•
7
3 per tJout. Reduced Annuities........ .... 86i i i 1
A 3 Der Cent. Consols Annuities
,4 2 7 6- ii 7
N 1.,, 3 per Cent. Annnitie. 4
New 2i per Cent. Annuities 72
Long Annuities, Expire, sth Jan., 18,'./
Ditto 30 Years, Expire sth Jan., 1860 3i
Ditto 30 Years, Expire sth April, 1883 16 5-16 3-16
lilia Bonds, XlOOO ...........
Ditto, under £l3OO par 5 d
Consols ?or Account
E (chequer Bills, -)id 2d.
21000 ....... ...10 5 510
£5OO .....10 3 10 2
Small lO 2 7
~
Excheptor Bonds 1858, 31 per Cent.... 98. .1
Ditto 1839, ~ ... 981 i
PRICE OF FOREIGN FUNDS THIS DAY.
Brazilian Bonds 5 per Cent.
Ditto New, 1852, 4. per Cent 9l
Chiliceu Bonds, 6 per Cent. . . .
Equador Bonds
Grenada Bonds, 11 per Cent.
M3xica.n 3 per Cent.
Ditto for the account I9H 1 x d
Spanish Beads, 3 per Cent 371
Ditto New Deferred, 3 per Cent.
Ditto for the account —
Turkith Bonds, 6 par cent 791
Ditto for the account 79 i 8/ 8
Ditto New Scrip, 4 per Cent.
Ditto for the Account 3l i / 4i d
Venezuela Bonds, 4/ per Coat.
Ditto for the Acs ount ..,
dividends on the above payable in Lonfio,
Dutch ExchaT ge, 2i per Cent. 12 Guil 641
Ditto 4 per Cent. Certificates .. „.
TIIREE O'CLOCK,
Consols ....,...... B6i 7
Dito fel tutiugnat Bth NOTIt• gi 7
_ _ tittlt