The Sun.
London, England, 1853-09-27 00:00:00

MONEY MARKET

AND
CITY INTELLIGENCE

CITY, TWO O'CLOCK.
The sales of cotton at Liverpool yesterday were
estimated at 7,000 bales, of which 500 Surat and
500 American were taken for export. The market
was not quite so heavy, and closed without altera-
tion in prices. The sales comprised 5,000 Ameri-
can, 60 Pernam and Maranham at 60. to 71-d., 30
Bahia at 61d., 100 Egyptian at 01d. to Old., 1,000
Surat at 21d. to 41d., and 50 Sea Island at is. 9d.
to 2s. 4d. per lb. The Share Market opened at an
improvement on Saturday's rates, but closed weak
at 4- to 1 per cent. below the opening prices.
The amount of gold brought by the Indiana—
the arrival of which from Melbourne we noticed
yesterday—is ascertained to be 41,517 ounces ; and
the Renown, reported this morning from Geelong,
brings 10,353 ounces. The Typhoon has arrived
with dates of June 17 from Melbourne, and is sup-
posed to have a good amount on board. The Al-
batross, at Liverpool, brought none.
It appears, as the result of inquiries made among
the discount houses, that there is still a great de-
mand for accommodation, and the rate is kept up
at 4:-1 to 5 per cent. even for the best paper, at
comparatively short dates. Under these circum-
stances much uncertainty prevails as to whether
the directors, at their meeting next Thursday,
will further enhance their terms. It was
supposed that as they decided last week to
lend money upon stock, at 4 per cent.,
they would not interfere with the commercial
rate, and we rather expect this course, notwith-
standing what is now asserted to the contrary ; but
no one can tell the extent of the demand since last
weekly return was ccmpleted, and this would guide
them to a very great extent in the measures they
adopted. The Bank under the present restrictive
bill of Sir Robert Peel, has nothing to fall
back upon beyond its bullion and note reserves,
and being compelled to keep these in a certain ratio,
it will have to refuse accommodation, however
good the paper offered, when once the equilibrium
is in danger of being destroyed. At the present
moment, not all the bills offered are done, but it is
usual to oblige steady customers in preference, and
they have to resort partially to the other bankers
and discount-houses. The advance in grain, and
the occurrences at Constantinople, all have a ten-
dency to make money artificially scarce, although
there is plenty of it offering on " call." The incon-
venience of taking too much cash, returnable at a
moment's notice, is too apparent to need illustration,
while the motive for so offering it is, that no one can
tell whether he may not be able to get a higher
rate ere long. It is precisely this uncertainty which
is far more damaging than actual dearness long
continued. The imports of bullion from Australia
are still coming in steadily.
The English Stock market has been very de-
pressed again. Consols brought 92 and 921 at the
commencement of business, but they have gone
back since to 914 For Transfer the quotations
have been 92, and since 91/ g. The political intel-
ligence reads as unfavourable as for some time
past, and there is no calculating from one hour
to another what may arise. Still from a firmer
and more truly English policy, most persons be-
lieve that peace could be preserved, and Russia be
taught a wholesome lesson ; and since all classes
have so materially suffered from the proceedings of
the Autocrat, some national compensation, by the
opening of the Dardanelles in perpetuity, is cur-
rently debated, and begins to be advocated. The
hold that would be obtained upon Russia by the
constant pressure of British and French ships of
war in the Black Sea, would afford a far better
guarantee for non-aggression than mere "notes,"
or even formal treaties. Exchequer Bills have
been at 10s. to 165., and India Bonds at 4s
discount.

Foreign Securities have been rather actively
dealt in, but not at improved prices. Russian
Five per Cents. have been quoted 111, and the
Four-and-a-Half per Cents. 964 to 97. Sardinian
Stock has been done at 90i and 91. Mexican
stock has realised 23k to 1. Equador 4g, and
Grenada Deferred 81. Chilian Six per Cents. are
at 101. Spanish New Deferred Bonds have been
24- to I, and the Passive Converted 4f. The
Swedish Loan has been at 92. French Four-and-

a-Half per Cents are at par, with the exchange at
2'5 10. Dutch Two-and-a-Half per Cents. have
been at 621.

The Railway Share market has been again very
weak, and the pressure of sales continues as
respects most of the English lines. The decline

seems to be about per cent. on the average.
French Shares still keep up very fairly, and the
banks at Paris are giving great support to prices
by acting liberally towards the holders. The
Banque Mobili6re, we hear, is lending at 4 per
cent., charging a commission of per cent. to keep
Strasbourg shares for 12 months.

The Gold Mine Shares have been depressed a
little, but there are fair sellers.
The Land Companies' Shares have been very
good.
The Australian Banks are better.