The Sun.
London, England, 1852-12-02 00:00:00

MONEY AND COMMERCEtL NEWS.

CITY, Two o'CLocK.
The sales of cotton at Liverpoolyesterday, were
estimated at 10,000 bales, of which 4,000 American
and 1,500 Surat were taken on wculation. The
market closet firmly, and prices, zs compared with
Friday's rates, were to dearer on all qualities
of American under 6d. Surat also up, and Sea
Islands Id. to 2d. lower. The sales comprised
7,000 American, 170 Pernam and Maranham at
6-g to 6/, 160 Bahia at 6g to 6i,100 Egyptian at
to 71, and 2,500 Surat at 2g to sd. per lb.
Railway shares were rather lower.
The six -weeks' average price of wheat is 395. 7d.
per quarter.
The following is an account of the state of the
Manchester piece goods market, furnished by
Messrs. M'Nair, Greenhow, and Irving :
" As compared with the excited activity which pre-
vailed during the last three months, and which resulted
in involving transactions of almost unprecedented mag-
nitude for the time being, the aspect of this market,
during the present and closing month, has exhibited a re-
markable change in appearance, and comparative reality
—not, however, . exactly from fie amount, in value,
which has been silently and gradually carried into effect,
as the necessary consequence o' the heavy previous
operations ; but from the marked and perceptible indis-
position on the part of buyers to operate, except for
immediate wants.
"In conjunction with the previously assigned cause,
and the high rates then realised by producers, together
with the absence of corresponding rates from some of
the most influential and important foreign markets, in
reality and in anticipation,—the declining value of cot-
ton amounting in the course of the nonth, from id. to Id..
per pound—must be noticed as firming the most in-
fluential causes; indeed, the latte' at the present mo-
ment may be considered as the govlrning influence. As
to its prospective bearing, it wee idle to offer any
opinion in a conclusive shape, seebg that no correct es-
timate can yet be arrived at as to the actual crop which
may be expected from the Unibd States. We have
previously given our opinion as what would be the
consequence of a yield not retching 3,000,000 bags.
The industry of this neighbouriood continues, we are
justified in saying, in almost unexampled activity, with
the probability, humanly speaking, of a lengthened con-
tinuance."

The English and Irish Church and University
Assurance Society just lormed, under the aus-
pices of the Friend of tin Clergy Society, appears
to have special claims tothe favourable cousidera-
tion of the numerous body for whose benefit it is
intended. The proposal is to have such a reason-
able paid-up capital as vill afford security to the
assured, and yet not prejudice them by a heavy
payment of interest to the shareholders—
a material point where there is so much di-
fficulty in employing surplus means .on the
one hand, and where there is a complaint of
inadequate means on the part of new companies to
meet heavy losses, during periods of extreme sick-
ness and mortality, oa the other. Sixty per cent.
of the profits is to be livided among the assured
every five years, and twenty per cent. among the
shareholders. The remaining twenty per cent. will
be applied to further the objects of the Friend of
the Clergy Society, ix return for which much ad-
vantageous business is expected. There are many
other points of utility, which the clergy at large will
best appreciate upon investigation ; and special
provision is made for those cases of unforeseen dis-
tress, fortunately less frequent since the Friend of
the Clergy Society was established.
The Banker's Magazine for December contains
an article which, upon the occasion of the esta-
blishment of several new banks in India and Aus-
tralia, may be deemed of importance, viz., on " the
discretionary powers alloyed by parent banks to
their branches." The prixate banks in competition
with the Joint Stock have been opening agencies in
the smaller towns of late years, and this not only
in England and Ireland, but likewise in the colo-
nies. The Bank of England limits the discretionary
power of its agents within a very narrow circle,
and most of the country linkers merely allow their
agents, mostly shopkeepers or solicitors, to grant
facilities for the payment and receipt of monies.
It is a curious fact that agents constantly evince a
kind of partisanship for their customers, arising
from local prejudice or connexions, and that the
influence of the head manager is therefore generally
required to be exercised incurbing this feeling. The
Joint-Stock Banks having branches in England have
mostly dispensed with local boards, but those doing
business with the colonies, in most instances, find
them useful as bringing connexion and experience.
A fair latitude to the branches is indispensable;
but, on the other hand, a cautious limitation has
likewise to be steadily observed. Formerly, branch
managers in Scotland had to pay the half of all
losses out of their own salaries, but this was found
to operate as an inducement to them to do as little
business as possible, and the medium course—viz.,
to lay down general rules, and yet retain a dispens-
ing power, was found most salutary.
The following report upon the Mining Share
Market is furnished by Messrs. J. S. Tripp and
Co. :

" In the English mining market there has been a very
active demand for dividend paying shares. West Pro-
vidence and Tremayne have been in great request.
Botallacks, East Wheal Rose, West Carradon, South
Frances, Wheal Bullers, Bassetts, and Devon Great
Consols have exchanged hands at improved rates.
" Wheal Tremayne, at 'the meeting which is to take
place on Saturday, will pay a dividend of 10s. per share,
after paying off all outstanding debts of the mine. The
dividend henceforward will be 205., or more bi-monthly,
as the future profits will not be subject to the drawback
of any deduction further than the ordinary working
expenses.
" In non-dividend mines there has been a good de-
mand for Cubert, East and West Ding Dong, East
Halamanning, Balnoon, Great Alfred, Gonamena, Tre-
fusis, and Cupid shares.

" North Town North Damsel, and Cwm Darren
shares are firm at present prices.
" Merllyns have suddenly fallen to 341., in conse-
quence of the mine having nearly filled with water.
With a little dry weather the water will soon be got
out, when the value of the shares will rise perhaps as
rapidly as they have fallen.
"Altogether the English mining market was never
looking more healthy, and in bond- fide concerns we an-
ticipate much higher prices."

The rumours of a break up in the Ministry, so
very prevalent towards the close of business yester-
day, have subsided, and the Stock Market has been
more buoyant. Consols have been 101 to ;
and are now 101* to The New 31 per Cents.
have been quoted 1031 to ; and the 3 per
E
Cents. look to South Sea, Stock has been
marked 1111• xchequer Bills have been quoted
695. to 725., and India Bonds 83s. premium.
Foreign Stocks have been rather dull, except for
Grenada Deferred, which have risen to 13 f.
Mexican Bonds have been steady at 24-i to 25t.
The mail is due. Brazilian New Stock of 1852 is
at 97*
to 98, and the New of 1829 and 1839 at 103.
Spanish 3 per Cents. have been at 54, and the
Passive at 6k. The Deferred are 24i to 25/. The
Turkish Scrip is 1 to 14 premium. The letter re-
ceived by the Committee from Lord Malmesbury
has not yet been published. Portuguese 4 per
Cents. have been quoted 38/ to 38i ; Austrian
Bonds are at 83, and Dutch 2* per Cents. from
66# have risen to 67.
Railway Shares have been lower all through, and
the jobbers, having got over the settlement, ap-
pear relieved for a while—some difficulty having
been experienced in delivering shares, especially
North-Western and Caledonian. The traffics con-
tinue very good.
French Shares are dull, but Westerns have im-
proved.
Gold Mines continue brisk.
The last week's railway receipts, ascertained up
to this day, are in round figures as under :-
1852. 1851.
▪ 215,758 14,228
.... 43,394 40,021
• 8,691 8,801
9,082 8,210
.... 22,383 21,436

Great Western
North Western
South Western.
Brighton .......
Midland .......
South Eastern
North Stafford _
Caledonian .....
Great Northern
Lancashire and Yorkshire .
Newcastle and Berwick ..........

11,638 10,238
5,196 4,614

9,061 7,613
16,582 10,360

16,082 16,251

14,134 12,078

BRITISH FUNDS T..H.:t5...)Di01l
Business done.
3 per Cent. Consols Annuities.-- ...... ...... 101 1 4 i
103 $ i
3 per Cent. Reduc(e:Aomnntuh:tiOesfi...ci..°.2.... ... 100 }i 13
New 31 per Cent. Annuities.
277
Ditto Long Annuities,
Years,
Expire Expire
sths th
Jan.,Jan. Jan.,
11886060 66 1-1161.16
India Stock
... ..........
India Bonds, Riooo
South Sea Stock
... . ........
Consols for Account 8
Exchequer Bills 13d. March. Juno.
£1000............: ......................... 72 69 72 69
PRICE OF FOREIGN FUNDS THIS DAY.
BinDziitltiaonxßoewnds,s r Cent.
Ditto 4i per Cent .pe
Bonds,
1829 . .. .. • . :_. 5
... ; ......... :
& 39,per 'Cent lO3
Danish 5 per Cent.
Grenada Bond; 1,3 per Cent
Ditto NewiDeferred, 3 per Cent 33f i $ 3 i 13
i. Mexican 3 per Cent
Peruvian 6 per Cent.
Peruvian Deferred 3 per Cent 64-,1 51 4i
Portuguese 4 per Cent. 3B) a i
Russian Bonds, 4i per Cent. .........
Spanish Bonds, 3 per Cent 514
Ditto Passive (Converted)
Spanish Committee Cert. of Coup. not fun 3i p e
Austrian Bonds 5 per Cent.. B3
Dutch Exchange 2} per Cent 661 1
g 7
Ditto 4 per Cent. Certificates 97 8 1
Ditto for the Account 9B
____-, _

THREE 0' CLO C .
Consols lOl
Ditto Aocounte Dec, 9