The Sun.
London, England, 1855-09-05 00:00:00

lONEY MARKET

AND
CONnvr
—ERCIAL INTELLIGENCE.

CITY, Two O'CLOCK.
ii 0144 consequence of the large reduction in the
Lie bul-
knd't,aliewn by the last Bank of England return,
this circumstance of nearly 600,0001. having
week been forwarded to Egypt, India, and
wailnavltith the belief that the Turkish loan, the
hirt'alld purchases of foreign grain will necessitate
her exports of
,the precious metals, some
Parties are d.
dth_disposed to take rather an adverse view
iet future state of the money market, and pre-
snhancement, ere long, of the minimum
rue
of discount by the great establishment in
Threadneedle-street. It is probable that cash will
tritlitt a fuller return fiom these causes, and we
ereas 't way be likewise added from a feeling of in-
do confidence in mercantile circles, for we are
N'tg More business with Australia and the United
qialies' and a large quantity of produce has lately
ged bands, this being also the season when
i 8 usually brought in from the Continent,
)j' to the closing of the navigation ; but
not entertain the opinion. that our food re-
-9tti64tB are serious, or that we shall have to
„,,7rt more than the ordinary quantity of wheat,
kattni bering that last year's crop was excellent,
kt :at any comparison must be taken with this
y estimated. Again, we expect part of our
lkolreroents to be supplied by America, which,
tincigill Want of manufactures, would otherwise
118 specie, and will probably yet do so in
htiildation of a portion of its indebtedness, its
tot securities, while money commands a good
4:;:t here, not being so much sought after in the
tol'°4 market, and consequently not so available
t‘toremittances. We may lose another million or
cite specie, besides sending away what we re-
ht° but actual difficulty and pressure we do
apprehend, considering that business is in a
endttt State, speculation not rife, and the Govern-
exPenditure partly in the United Kingdom
gttmisfq the army and navy, the latter, as re-
e the Baltic fleet, having shortly to return.
zlitic present dull appearance of the money
to et ill the result rather of the usual holi-
14y making than of distrust, although the
tritllleculators who remain in town naturally take
tooitc4,t,ge of the circumstance if it " suits their
to the
or, in some instances, not fully investigat-
tlitt. Causes, really apprehend what they pre-
'LW wholesome is the general state of
hilem may be judged by the promptitude with
4 the large mass of bills that fell due yester-
Was generally met.
144 ! expiration of the Bank of England Charter
Aii,4°ited a good deal of interest in the few circlet
re attention is paid to such matters ; but, con-
bled
the importance of the subject, the mer-
tl4l,,LB at large, whether from the absorbing
titti": ter of their pursuits, or from want of appre-
Nm-e' do not take much part in the discussions
4t0t,„7 on. The Belfast Journal bag recently
it 44 the Charter question prominently before
Wit:4ler% and the following are portions of one
0 articles •
444"1 1„?e regards
Ireland, we hail the expiration of theti
,ph `Jharter with peculiar pleasure, believing, as we
Yppa.tarly change must be for the better. At present,
,Nclit:'ll Ireland are obliged to pay on an average one,
I.‘plale.ntly two per cent. more for their banking an-
` ,„"atlon than in England, and the consequence is,
La/47144r of course, that her commerce is restricted,
9 10,,-421 of her leading mercantile houses are obliged
./Nips"` to London, Glasgow, and elsewhere for their
k4ltittlisg,e• We canot see ay solid reason for money
Ntrieu.'llher in one part of the United Kingdom than
til4telti;, and so long as it is so, we have strong,. nay
L'e, evidence that our monetary system is at
{tl• 01!. James Kennedy, the President of our Chamber
▪ Clalerce' in an admirable letter recently addressed
44,:jtight H. on James Wilson, thus expresses him-
1t.i."41 reference to this subject:—
1114-7_ Free-traders we are of opinion that we have a
L‘titin.‘o demand the extension of these principles in all
ljp'tegrity to Ireland. Any law that prevents capi-
ilp4,44, shape from coming uito the country is impoli-
,l)just and the monoply now enjoyed by the
• °I Ireland In making the notes of the institution
Nlngal tender, to the virtual exclusion of Bank of
itski"lh'N notes, and, consequently, English bankers, is
"."0 ft,tibie with the principles of our present legisla-
"ar experience is, that, except for two short
tie
til),l4l°lley was to be obtained in England one to
1% half per cent. cheaper than in Ireland, and
ent. frequently for over advances. If we as-
Ito case of two traders, one in England, the other
tphs-", both following the same business, realising
014 profits, and using the same amount of capital
111:1„,it. and we assume this. amount to be 50,000/.,
Opel, Englishman to have his money one per cent.
:(10/ than his competitor, he, at the end of the year,
'lcher and in twenty years, allowing for the in-
-2011,.,(1 use of the money in his business, he has rea-
ttt),_,Yoo/. more than the other.
ke'rticular seasons of the year a very large increase
44te kin accommodation •
tia,„g is required by our provision
bio bli
and other traders, to meet which our bankers
notkers
I,l44tbtictis etxhtee
formationnd their
n
i safu
newes. hSaihrkßs:
but restricts the Peel's Act
kid 4,e,f,!11e old beyond fixed limits, unless a stock of
tlktkit'kept in band equal in amount to any over-issues
f
p,4111,? be made. Upon this gold the interest is o
i144,t8t, as we have already said, but if our banks
Otte,'"nge with the Bank of England for a supply. of
N'qttld in the same way as English banking establish-
to, ul-,°, they could with these notes accommodate their
4ite :8, and carry out their exchanges, and thus
Ali 'ph; profit instead of sustaining a loss.
11 indirect effects of a high rate of interest are
t~p eeLe Injurious than any individual loss. So long as
ett kV invest their moneys with our corporations, or
jtgage at four, five, or six per cent., they will
rt. (1444 if they can only obtain three or four per
44ts 1,,.4 three per cent. is we understand the extrolue
,ratio embark
the Manchester corporation), they will be
.m.
etnbark a portion of their savings in mining
1014;11% railway extension, and other enterprises, that
441%11 dd to the industry of the nation. Such
kal,,tte Ya: • •
I,q te of things existing here, while millions are an-
klipi4eat out of Britain to make railways upon the
14t11.0,t, to enrich nations that collectively dohnotfun-
littkit tlia.hter half as much as Ireland, and we t
.ere ore
gi ature should carefully consider the
tklNpLarla otfhienLduncinglg the employment of this money in
~,ttsy, where it is protected by British laws."
Nttp Stock' market is exceedingly heavy, and the
"rj at there will be some pressure for money,
4ato the loan instalments, promotes specula-
un,'l. a fall. Consols have been 904 and
~6htio;v4,l 4, a decline of 1 per cent. compared with
1- The transactions have been more nu-
igic, and have partaken more of a speculative
er• The New Three per Cents. have been
into92i' and the Three per Cents. 911 to I.
kl‘'ll44ll2lerßills are lls. to 15s. premium, and India
68. premium. Nothing has been done in
Po too
k.
;‘,PyZlgtt securities have been flat also, and gene-
-423 gattaPer. The Turliish 6 per cent. Bonds are
Lee, being about ± lower, and the new scrip
4,,ritk,i,,%,down to 1± and 1 premium. Mexican
OR, b`li to 2n, being firm. Peruvian 44 per
,96 ZaN'e declined to 781. Dutch 4 per cents.
et‘iiw-lici Russian 44 per cents. 93.
1)-7 trA ay shares are all at a further decline, and
tl4 nations 1410 ar ions are limited. In some instances
e 58. to 10s. lower. The foreign lines are
'll,,lleglected, and Great Western of Canada
tht
the ker.
littilnKing, land, mine, and other shares attract
e attentio n.

..q/
FUNDS THIS DAY.—CLOSING PRICES
1, r Prom the Oijicial List.
32r ~,, tit-Nin...., ~nt.•
47; ~-,'; Reduced Annuities—,
14,,,' a pj- COI:tools Annuities 9O $ i i a
hrt A t Ceil 92 1i 2A 1
t u't s4Titliti t. Annuities
Grp t 0 30 ..re,i. Expire sth Jan.. 1.100
,4,1-16 4
tii 804,1 °are, Expire sth April, 1885 It
,)11 tio
~,,S. 4:10OU
itZ)111):04cler toy) 26
% r Account, Gth September lioi i i i
kiii/ler L'il a Qi(i i 2d.
1-,
15 11 10 1 15 1i 13
Fro ..........
i -"u .... 1
to, 41%11 ................................... j",-; ii I 11-
ttp, . .....
Dittot to
nds 1858, 3i per Cent.... 1001 i i
11,1,111eip 1859, n .. 1001 i I
ti.'iae 11-`o' OF FOREIGN FUNDS THIS DAY.
1, Ittn ... Ron 5 103
,liell',' ziew , ~. Per Cent.
k„,,4 Ayi.„' 4,802,4 A per Cent 94
iii^(er 43"'a 150145,6 per Cent 57
ti.ek4 , tids 4A
i+t 4, f" Per Cent 2l A
litivia °I" the account'
21i
ktl it, br t0t..,3
78.4
1, akill'°
.or the °, 44 per Cent......
.4.44. q .1,4, 4 Account .
1)1t,,4411 go ',la. 1822, 5 per Cent. £ St 94
Dit:h tioktr,,,4i per Cent 9)
b' ' NevaB)‘) Per Cent 3B
taiuto for beferred, 3per Cont.
1'4;17; '4 Cod'the Account
bit .-h rioToittte Cert. of Coup. n•it fun 4+
bi
to
fort,,l„ 6 Per 93i 3
Ipt
tt_
_ h_cent
rit''' 4ew ," account
biOla 114);?,n1), 4 per Cent.
D ‘e ,i,i'',l4-} per Cent. 'lO
Iltobi bilndti2lid Loan of 1855 2l p
bitt.,!teha ct' qn the above payable in London.
1 Per ige. 2i Per Cent. 12 Guil —
-•() "nt. Certificates .. ... 96
Dilitilltl°l THREE OP CL GCE.
' ...voi .
for
til.e. . .11., ................. .. : .................
toi i