The Sun.
London, England, 1853-05-23 00:00:00

THE SUN, LONDON, MONDAY EVENING-4, MAY 23, 185 3.

MONEY MARKET AND COMMERCIAL
INTELLIGENCE-(THIS DAY.)

CITY, TWO O,CLOOK.

The sales of cotton at Liverpool on Saturday were
estimated at 7,000 bales, of which 2,000 American
were taken for export and on speculation. The
market closed firmly at full prices. The sales com-
prised 5,000 American, 420 Pernaro. and Maran-
ham, at 60. to 7id. ; 30 Bahia, at 6d. ; 400
Egyptian, at 70. to nd. ; 1,000 Surat, at 31d. to
qd. • and 400 Sea Island, Is. 9d. to 2s. ld. per
lb. Railways were firmer.

In Mark-lane to-day the price of wheat is steady.
Although the scheme of the Chancellor of the
Exchequer for the voluntary conversion of a • por-
tion of the National Debt has not obtained that
ready acquiescence that was anticipated, the gra-
dual progress making justifies the impression that
the amount required will ultimately be subscribed,
and that the experiment will, so far, have a fair
trial. The long period allowed to parties holding
Consols or Reduced Three per Cent. Stock to sig-
nify their wish to convert, necessarily prevents the
display of any eagerness ; but perhaps we may ex-
press some surprise that the South Sea Bank An-
nuitants' who are compelled, in terms of the act,
either to accept new stock or to be paid off
at par, do not come forward without de-
lay. They will be in an awkward position
if their 1001. should be tendered to them, and they
then have to purchase consols at 102 ; not an un-
likely contingency if a large number of persons de-
cide upon taking their capital. It may be as well
to mention here, since numerous parties have
neither read the act regulating the conversion, nor
the details given in Parliament, that for South Sea
Annuities and Bank Annuities, assents must be
given prior to June 3, the South Sea Company are
allowed until July 1, to give in their adhesion, with
reference to their capital stock. These securities
involve the sum of about ten millions sterling, and
respecting their conversion not the slightest doubt
can exist ; for the Chancellor of the Exchequer
has ample means from the balance of public moneys
in hand, and the arrangements he can make for
temporary assistance flora the bank, to carry
through his intention. Holders of consols and re-
duced are allowed until October 10, to come in
and voluntarily accept new stock, and when there
are thirty millions of the Two-and-a-Half per
Cents. already asked for, even if they apply prior
to the 10th October, they will only be allowed their
proportion with others of the Two-and-a-Half per
Cents., and must take Three-and-a-half per Cents.,
or Exchequer Bonds instead. There can be no
reason to wonder, therefore, that applicants do not
rush forward, four months and a half being allowed
them to consider, which, in these eventful times,
may bring forth numerous circumstances to sway
the inclination and assist the judgment. The
first, and, as some think, the greatest difficulty of
Mr. Gladstone, will be the renewal of Exchequer
Bills, notwithstanding the permission to convert
them into bonds, whic will probably not be at first
availed of to any extent. Much depends on the
state of the money market, and if the bills keep at
a small premium they may yet be renewed at ld.
per centum per diem.
Since the Act of Parliament regulating the con-
version is not in the possession generally of parties
unconnected with banking and finance, it may be
useful to give the heads of the different clauses.
They are as follows :

1. The annuities on the capital stock of the South Sea

Company and certain 31. per Cent. Stocks, viz., the Old
and New South Sea Annuities, Bank Annuities 1726,
and 31. per Cent. Annuities 1751, to be redeemed.
2. Proprietors of said 31. per Cents. may for 1001. of
their stock receive 821. 10s. New 31. 10s. per Cent.,
1101. 21. 10s. per Cent., or 1001, Exchequer Bond carry-
ing interest at 2/. 15s. per cent. not later than Ist Sep-
tember, 1864, and after at 21. 10s. per cent.
3. Treasury to fix the term for payment of 21. 15s. per
cent: on Exchequer Bonds and the options of redemp-
tion.

4. Dividends charged on the Consolidated Fund.
5. Annuity on South Sea Stock and dividends on New
South Sea Annuities, Bank Annuities 1726, and 31. per
Cent. Annuities 1751, to cease from sth January, 1854,
and dividends on Old South Sea Annuities to cease from
sth April, 1854.
6. South Sea Company to have the same :option of
commutation as proprietors of said 31. per Cents.
7. Assents of proprietors of said 3/. per Cent. how to
be signified.
8. Proprietors of the South Sea and Bank Annuities
not assenting to commute, to receive 1001. for every 1001.
stock on the sth January, 1854, and those of Old South
Sea Annuities on the sth April, 1854.
9. South Sea Company to be paid principal money,
the interest on which they may not assent to commute.
(Time of payment not stated).
10. Power-to Accountants-General in Chancery and
Accountant in Bankruptcy to assent.
11. Executors may assent on account of South Sea
Securities.
12. Trustees may assent.
13. Proprietors of Consols or Reduced 3/. per Cents.
-may commute on same terms as proprietors of aforesaid
3/. per Cents.
14. Commutations into New 3/. 10s. and 21. 10s. per
Cents. limited.

15. Assents of proprietors of Consolidated or Reduced
3/. per Cents. how to be signified.
16. Executors may assent on account of Consols and
Reduced Threes.
17. Dividends on New 3/. 10s. per Cents, and 2/. 10s.
per Cents. to, be payable on sth January and sth July.
18. Books to be opened at the Bank of England and
Ireland for receiving the entry of the New 3/. 10s. per
Cents. and 2/. 10 per Cents. ; payment of dividends of
stocks commuted till April, 1854.
19. South Sea Company to certify to the Bank of
England amounts of stock assented to and not as-
sented to.
20. New 3/. 10s. per Centum and 2/. 10s, per Centum
Annuities to which the South Sea Company may be en-
titled under their assent to be entered in the name of
such company.
21. Bank to appoint a cashier and an accountant-
general.
22. Said accountants•general to examine receipts and
payments.
23. The annuities created by this act to be several
joint stocks.
24. Annuities to be personal estate.
25. Certificates of amount of stock exchanged or paid
off, &c., to be sent to Commissioners for the Reduction
of the National Debt.

26, Bonds or contracts to transfer said 3/. per Cents.
to be deemed satisfied by transfer of Few 3/. lOs. per
Cents. or 2/. lOs per Cents. As to payment of
dividends.

27. Lenders of 31. per Cents. redeemed on contract to
replace may demand 1001. money for every 1001. stock.
28. Powers of attorney for sale or transfer of 3/. per
Cents. redeemed to continue in force.
__ _

29. Trusts as to stock commuted shall extend to newly
created stocks.
30. Questions as to trusts arising on commutations
under this act may be decided by Court of Chancery or
by the Court of Session.
31. New stock transferable at Banks of England and
Ireland may be mutually transferred conformably to di-
rections of 5 Geo. IV., c. 53, as altered by 6 Geo. IV.,
c. 79.

32. In respect of every 1101. of 21. 10s. per Cents., a
yearly sum of ss. to be paid to the commissioners for
the reduction of the National Debt.
33. Stock, Bonds, and money received in respect of
the annuities in the names of the Commissioners for the
Reduction of thelNational Debt to remain subject to the
same rights as such annuities. 7& 8 Vict. c. 80.
34. Redemption money of stock not demanded for ten
years, and stock on which the dividends are unclaimed
for ten years, to be transferred to Commissioners for the
Reduction of the National Debt.
- 35. Unclaimed Dividends on 31. per Cent. Annuities
transferable at the South SP.2. House to bo transferred to
the Bank of England.
36. Indemnifying Banks of England and Ireland and
South Sea Company for acts done by their officers under
this act.
37. The Treasury may cause Exchequer Bonds to be
issued.
38. Limitation of amount of Exchequer Bonds to
30,000,0001.
39. Treasury to regulate the issue of Exchequer Bonds.
40. Relief in case Exchequer Bonds should be acci-
dentally destroyed.
41. Persons forging Exchequer Bonds, &c., guilty of
felony.
42. Bank to continue a corporation for the purposes
of this act, until the annuities hereby granted shall be
redeemed.
The ship Atrevida, arrived at Liverpool, has on
board 27,000 ounces of gold. She left Melbourne
Feb. 13, not Feb. 23, as stated in the telegraphic
dispatch to the Times. Referring to this subject,
it may be mentioned that last week two erroneous
telegraphic dispatches were transmitted, stating
that certain vessels had arrived of the coast, each
with half a ton of gold on board. The state of the
colony up to the 13th Feb. was highly prosperous.
The Sarah Sands left Feb. 11 for the Cape.
The steamer Canada, from the United States,
brings 167,292 dollars in specie. The money mar-
ket at New York was easy, but stocks were not
brisk.
The English stock market has been rather flatter
upon the Turkish news, though the general im-
pression is that Russia has already given way, and
abandoned her pretensions. Consols have been
100-a /, and are now 1002 f, for transfer, and about
100:1 for account. The New Three-and-a-Quarter
per Cents. have realised 1021 /, and the Three
per Cents. 99i to par. Bank Stock has been
firm at 229 and India Stock at 263. The South
Sea New Annuities have been at 100 f. Exchequer
Bills of June axe par to 2s. discount, and East In-
dia Bonds 295. premium.
Foreign securities are rather heavy. Spanish
3 per Cents. have been marked 492, and Portu-
guese 4 per Cents. 40k. Brazilian New 42 per
Cents. have been quoted 101 k. Equador
Stock is worth 6f, being firm. Peace is defini-
tively concluded with Peru. Venezuela Stock has
been at 37. Sardinian Bonds kayo realised 98k.