The Sun.
London, England, 1854-11-30 00:00:00

AIONEY MARKET

AND

0014121ERCIAL INTELLIGENCE.

Shr.
CITY, TWO o'CLOCK.
The sales of cotton at Liverpool yesterday were
estimated at from 6,000 to 7,000 bales, including St,
1,000 American taken for export and on specula- 12
tion. The market closed very heavily, and com- 50
pared with Friday's rates prices of American and 13i
Surat were id., and Sea Island ld. per lb. lower, 31
and all other kinds have declined, but not to the
same extent. The sales comprised 180 Pernam 27;
and Maranham, at Sid. to 64d. ; 170 Bahia, at 22
61d. to 60. ; 300 Egyptian, at 52d. to 10--d.. 25
600 Surat, at 31d. to 40. ; 70 Sea Island, at ls.
St.
to 25., and the remainder American. Railway st.
Shares were flat. 10
Another Government rum contract has been 50
announced, and the market is advancing. 50
The exportation of home-distilled brandy is pro- T,),
hibited from Belgium. 10

The " Monthly Shipping List," compiled by Mr.
Miller, of the Jerusalem Coffee-House, giving the
vessels on the berth for India, China, and the
Australian Colonies, shows that 3,375 tons are
loading for Madras, 13,273 for Bengal and Moul-
mein, 4,681 for Bombay and Ad .n, 1,308 for Cey-
lon, Cannanore, and Cochin, 3,674 for China, 421
for St. Helena, 2,992 for the Cape, 1,222 for Laun-
ceston, 2,336 for Hobart Town, 7,393 for New
South Wales, 19,079 for Victoria, 6,427 for South
Australia, 446 for Swan River, and 1,869 tons for
New Zealand.
The New Stamp Act has been so variously in-
terpreted, that "a few observations" issued in
pamphlet form, by Mr. Reuben Browning, will
prove acceptable to many. The different answers
given by the Board of Inland Revenue to the ques-
tions addressed to them prove conclusively that
there is extreme difficulty in interpreting the Act.
The precise stamp which each foreign bill in a set
is to bear is not even clearly defined, while
much ambiguity prevails concerning the mean-
ing of the words "a vue," although every
practical man would have interpreted it as 19
being "on demand." Generally foreign bills of 14
this class bear the words " pay A. B. or order." 2.9,
As far as can be understoood, if a party draws a kV
bill on the Continent, and sends the first for ac- st:
ceptance to Madrid, the second and third being. 20
forwarded to London, and upon endorsement good 10
for the delivery of the first, both the second and 121
third must bear a 2s. 6d. stamp. Under this re-
gulation the third bill, it is said, will never appear 40
in England, and the revenue will be the loser. The 25
plan, it was supposed, would be to put on the 25
second a 7s. 6d. stamp, and none on the third.
In another reply, however, the board contradict '"
St.
their previous answer, and say that each bill of a st.
set must bear the duty payable on an inland bill of 50
exchange. Bills drawn and payable abroad are 25
tempt, according to the dictum of the Crown law- 102,
yers. The idea of charging a draft "a rue" with 2?
the ordinary duty on a bill of exchange simply be- 50
cause foreign expresses the meaning "on demand " 20
in a slightly different manner to ourselves, seems
eo preposterous that it can scarcely be put in
force, and we imagine the penny draught '
stamp will era long be recognised as sufficient.
Mr. Browning points out rather a singular
omission in the act. Promissory notes drawn from
abroad are not comprised in the 3d section of the
act ; consequently may be paid, endorsed, or trans-
ferred in this country without a stamp. Even the
question whether the affixing of two or more stamps
on bills- drawn abroad, provided that they made
together the requisite amount, is not clearly eluci-
dated, for the Board replies that it would not be
illegal, but might be unsafe ! Any one who calls
attention to these discrepancies deserves the thanks
of the mercantile community, and assists in that
much needed reform, a simple phraseology for all
&Its of Parliament.
Stocks are not varying much to-day, and the
business doing is chiefly for investment. Reduced
3 per Cents. have been in some favour at 891 to
90k, and the new 3 per Cents. are at the same rates.
Bank Stock has been fiat at 208 to 2091, a further
decline. Exchequer Bills are 3s. to 65., and India
Bonds Bs. to 11s. premium. East India Stock has
been at 230 to 232.
Foreign Securities have been without much
change. Turkish Scrip is 8/ to 8/ premium, con-
sequently heavy still. Spanish Deferred Bonds
have been marked 181 to Russian 4f per Cents.
are 86. Sardinian 5 per Cents. have been 86f to
a. Peruvian Old Stock is worth 68, Mexican 21,
nd Brazilian 97. Dutch 4 per Cents. have realised
90g.
The following are the -nominal prices of Foreign
Stocks :-Grenada Deferred Bonds, 5± to 5 ; Mexi-
yan, 21k to 21i ; Peruvian, 67 to 69 ; ditto
3 per Cents., 47 to 49 ; Portuguese 4 per Cents.,
40 to- 42 ; Russian 5 per Cents., 95 to 97 ; ditto
0- per Cents., 85 to 87 ; Spanish Now Deferred,
18 to 187 ; ditto 3 per Cents., 37f to 38 ; ditto
Certificates, 5f to 51 ; ditto Passive, 4f to 4f.
• The last week's railway receipts ascertained up
to this day are in round figures as under
1854. 1853.
Great Western
North-Western
South-Western
Brighton 11,296 10,472
Midland.
South-Eastern - 14,497 13,147
Caledonian
17
Great Northern 21,477 17,666
20
Lancashire and Yorkshire
• North-Eastern
In the Railway Share Market there has been 20
rather a dull tone, but with very little doing. The 20
Scottish Central are better ; but North-Western, 1(18
Great Western, and Great Northern are not so
good. The French lines have been quiet. East 100
India are firm, and Canada barely so high. 20
In the Brazilian Imperial Mining Shares a fair 25
business has been done at the previous rates. South g
Australian are higher. The advices received by
this company are still encouraging. The Port 100
Philip and other Australian Gold Companies ex-
pect to be placed in an improved position now ' 100
qtiartz crushing is more popular in Victoria, and 22
the new governor determines to grant mineral 5
leases. 20
The Joint Stock Bank Shares have been steady,
except the Union of Australia, which has declined. 100
A fall of 2/. to 3/. has occurred in the Australian 100
Agricultural Shares, the accounts not offering any 100
striking feature. Crystal Palace Shares are dull. too
South Australian are 1/. to 2/. lower. The appre-
hension of commercial difficulties in the colonies 20
no doubt has induced sales. 10
i 20

25
St.
20
St.

50
16i
16i
St.

BRITISH FUNDS THIS DAY AT ONE O'CLOO
( Prom the Oftzial List.)

Be:iness done
Rank Stock 2OBl 3 01
3 per Cent. Reduced Annuities 93 891 904
3 per Cent. Cor solo Annuities
New 3 per Cent. Annuities
Long Annuities, Expire sth Jan., 1860 4t 5-16
Dittc 30 Years, Expire 10th Oct., 1859 4 1-16
I odia Stock
India Bonds, £lOOO ••• .
Ditto, under £lOOO 8 11
Consols for Account
Exchequer Bills, 24d.
3 6 -
2,1000
3 6
X5OO
3 G
Small
Exchequer Bonds 1858,.
3. per Cent. —
Ditto 1859, ~ 99 i.... "
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cent 97
Ditto New, 1852, 0 per Cent 9l
Danish Bonds, 1825, 3 per Ceut 73
Mexican 3 per Cent.
Peruvian Bonds, 44 per Cent. GS
Russian Bonds, 4. per Cent
Sa-dinian Bonds, 5 per Cent
86
Spanish Bonds, 3 per Cent ...... 3g
Ditto New Deferred, 3 per . Cent....... lB/
Tart; sh Scrip 6 per cent...
Dividends on the ato;;; ...
8
Dutch Exchange, 2i per Cent. 12
... --
Ditto 4 per uent. Liertifieates ........ .......
HALF-PAST TWO.
....... 91 a
...... 91X

Consols ,
Ditto, A coon nt

SOUTHERN WHALE FISHERY COMPoof the 2
ANY,---This com
pang has issued a statement of accounts made up t
25th inst., showing the result of the liquidation
concern to be a balance of 1,1491. 155., out of the the
ca-
pital sunk of 76,650/., thus admitting a return of only
15s. on each 501. per share. A sum of 2001. is reserved 9
for the present at the bankers to meet any final con-
tingent expenses, and, with the exoeption of this and a f
trifling amount that may be realised from a few stores
left for sale in New Zealand, there will be nothing for '
further distribution. The losses of this company were IA
sustained by an attempt to establish a whaling colony at
the Auckland Islands, which, owing to mismanagement
on the part of the agent employed, coupled with the
diversion of labour by the Australian geld discoveries,
they were obliged, after a great expenditure, entirely to
abandon.
It is stated, in explanation of the next account-day. ,
having been fixed for the 10th of January, instead of for 1
the 17th, the day for the opening of the transfer books,
that the Committee of the Stock-Exchange are desirous
that the Consol settlement should on all occasions take
place as nearly as possible at intervals of a month, and
also that it should fall between the sth and 10th, so as
not to clash with the share settlements at the middle ,
and end of eaoh month. Although the books will not
be generally open on the 10th, they will be so for what
are called private transfers, which merely involve an
extra payment of 2s. 6d., and the inconvenience was
uth_orrefore considered less than would have arisen from
ing the aoc)uat to extend, as it would otherwise
ave done, over a pried of six weeks.