The Sun.
London, England, 1854-03-04 00:00:00

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.
The sales of cotton at Liverpool yesterday were
estimated at 6,000 bales, including 1,000 for export
and on speculation. The market was very dull.
Railway shares were fiat, at a decline of to per
cent. in the heavy stocks.
In the circular of Mr. G. F. Mandley it is re-
marked that, but for the " strikes" and the dimi-
nished production of textile goods consequent
thereon, an accumulation of stocks and a glut of
foreign markets would, ere this, have probably oc-
curred. During the twelve months ended the 17th
February ultimo, the quantity of plain cottons
shipped to Calcutta was 147,346,978 yards, or
about ten million yards less than in 1853. Of
dyed cottons the quantity was about the same, and
of printed rather larger.
In a statement by Mr. F. W. Cosens, upon the
wine trade, it is mentioned that sherry continues
in steady demand, and that port is still advancing.
The quantity of all wines shipped to Australia last
year was at the rate of 192,531 gallons per month.
The merchants and brokers interested in the
Russia trade, have expressed much surprise at cer-
tain deductions by a weekly contemporary, which
ranks as an authority in such matters, and one
firm has assumed the task of combating the argu-
ment of the editor, that indirectly supplies will
continue to be received. Messrs. F. J. Smith and
Charles, show in their published circular, that the
advance in tallow traceable to political causes, is
about 20, not 50 per cent., as asserted by the
Economist, the price having started up early last
July, from 475. to 535., because of the repeal of the
soap duty. Neither have prices fallen 50 per cent.
in the interior of Russia, but taking into account
the alteration in the exchange, only 5 per cent.
The current high rates in the London market will,
no doubt, attract supplies from America and Aus-
tralia, but the quantity must for awhile be short,
and as to the conveyance of tallow and other pro-
duce by land carriage to the frontier, the follow-
ing interesting particulars are given by the brokers
above named :
" When, therefore, we read the suggestions 'that follow,
and which may not inappropriately be termed—' Smuggling
made Easy'—suggestions, not to say recommendations, for
evading the blockade, we could scarcely believe that we were
not perusing a document penned by some Russian diploma-
tist for the private ear of his imperial master. But let that
pass for the moment, while we proceed to point out the all-
but physical impossibilities in the way of this anti-national
scheme. We shall say nothing at'present about the enormous
expense of getting the goods from Warsaw and Cracow when
once they have reached these cities. The suggestion of the
Economist is—that all the Russian produce is first of all to
be brought to one or other of the depots ; and it is the utter
impossibility of this enterprise that we propose now to
demonstrate—confining our remarks principally to the article
tallow.

" From Moscow, Morshansk, Siberia, Kazan, Samara,
Saratof, and Ukraine may be admitted, tallow can be re-
moved, so far as roads are concerned, on Ist May, with the
exception of Siberia, which we shall deal with separately. And
in every case it mustibe allowed that the transit of goods must
cease, in consequence of the weather, on 90th Sept.—thus
giving 152 days for the work to be accomplished. The mode
of land conveyance in Russia applicable to tallow is by a
horse and cart, or oxen and cart. As horse-power is a better
known quantity, we will use this method of computation.
One horse and cart will carry one cask of tallow, the gross
weight of which is about 10 cwt. and will travel 20 miles per
day. From Kharkov, the manufacturing place for the
Ukraine district, the distance to Cracow, the nearer of the two
proposed cities, is 600 miles. Warsaw is nearer to all the
other tallow depots in Russia tian Cracow. We may, there-
fore assume that the tallow would be (on the hypothesis
of the Economist) conveyed from those places to Warsaw.
Warsaw is distant from Kolomna 700 miles, from Morshansk
750 miles, from Kazan 920 miles, from Samara 1,000 miles,
and from Saratof 850 miles. Striking out the Siberian supply
(20,000 casks or 200,000 cwt.) we have then (according to
the Economist), including the Ukraine supply, 647,267 cwt.
to be conveyed, on an average, 800 miles, which, at the rate
of 20 miles per day, would occupy 40 days; and, allowing an
equal time for the return of these carts, horses, and
men, we have 80 dais. consumed. In ie 152 days,
then, two journeys only could be performed. To con-
vey 647,267 cwt. it would, consequently, require 32,362
carts, horses, and men, allowing 10 cwt. to each conveyance.
The tallow from Siberia, brought down on rafts, never
reaches the nearest point to Warsaw—viz., Nishney—before
Ist August, and Nishney is 800 miles from Warsaw. If,
then, this 200,000 cwt. is to be safely deposited at Warsaw
by 30th September, it will employ, at the rate just computed,
20,000 additional carts, horses, and men. The total num-
ber of horses, carts, and men, to bring tallow alone, would
then be 52,362 of each. But tallow is but one of the articles
to be conveyed. The Economist tells us all the articles of
Russian produce are to find their way to England by this
route. Now, we observe, by the list furnished by this
writer, that the total weight of such produce is 17,250,200
cwt. If then, 847,267 cwt. take 52,362 horses, carts,
and men, 17,250,200 cwt. will take 1,066,080, or their
equivalent (so far as respects horse-power) in oxen.
But why England should enjoy the privilege of obtaining her
usual supplies, and other customers of Russia should not, we
are at a loss to conceive. It is but fair, then, to add another
quarter of a million of horses, carts, and men for our neigh-
bours—or, in round numbers, to say that Russia will this
year extemporise one million and a quarter of horses, carts,
and men for the purposes of commerce, when, at the same
time, the Emperor is engaging every species f conveyance
for his own belligerent objects."

It is unnecessary for us to remark, in giving the
above view of the case, that although we believe it
to be essentially correct, we are bound to consider
that there is another important consideration
with which the writers do not deal. They
take, very naturally, the side of the merchant
and holder, and advocate high prices as being,
under existing circumstances, to the advantage
of those who have stocks available. We, however,
while admitting the paramount duty of crippling
the resources of Russia, cannot forget that many
branches of English industry may suffer, and that
consumers at large will be inconvenienced. The
Russian producer will be severely punished, eves
if he can forward any small quantity to the German
frontier, lyr the low prices to which he must sub-
mit, in order to meet the expense of transit ; and,
at least, the Imperial Government will be deprived
of all beneit. Our chief hope is, supposing the
war to last any time, that we may lay the founda-
tion of a new trade, although present appearances
do not favour the conclusion of large supplies from
any quarter.
I The weekly return of the Bank of England,
made up to the 25th ult., illustrates what has be-
fore been stated under this head, viz., that the
large amount of gold received here has been speedily
absorbed for export to the Continent. The Go-
vernment deposit account improved a little, and
there was some curtailment of loans and discounts.
Compared with the previous week, the changes
are as follows .
Active
circulation £21,699,505
Increase
Bullion
Iwrease 32,852
Rest
Decrease 62,249
Public Deposits 2,722,345
Ircrease 282,238
Other Deposits
, .
Decrease
Seven-Dty and other Bills
Increase
t Securities
Governmen
No alteration.
Other securities... 13,247,442
Decrease 98,934
Notes unemployed 7,815,955
Deereass.. 42,465
Yesterday afternoon there were scarcely auy bill s
offering upon the principal continental cities, and
the rates were mostly lower. Gold, therefore,
must be still expectedlo leave, and Messrs. Hag-
gard and Pixley report a continued demand for it.
1 The amount of bullion exported from London
direct during the week to -Thursday last was 2,960
oz. of silver, and 345 oz. of gold.
The Manifesto of the Emperor of Russia has
occasioned a decline in Consols, which opened at
91 to A this morning, and are now 90 4. The
New 31 per Cents. have been 92,1 to i. Bank
Stock is firm at a rise to 2191 and 220. Exchequer 1
Bills are 17s. to 20s. premium.
Foreign Stocks aro all fiat. Russian 5 per
Cents. 841 to 86, and Dutch 4 per Cents. 851.
Mexican Stock is at 241 g.
Railway Shares have been 1 to 1 per Cent.
lower generally for the English lines. The French
are ss. to 10s. worse.
The current prices for the Jamaica Mines, not
officially quoted, are as follows :—Metcalfe, par to
i premium ; Sue River, 1 discount to par ; Port
Royal, g to / premium.
BRITISH MINES.—A. few dealings have taken
place in Hingston Downs, Hope Valley, Treweather,
Mollands, Gills, Tremollett Downs, (isc.
Gold Mines are nominal, and Banks scarcely so
good. Australasian Pacific Mail are better.
Crystal Palace heavy. I
1

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
(Prom the Official List.)
Business done.

Bank Stock
3 per Cent. Reduced Annuities ... shut 911
3 per Cent. Consols Annuities 9l,i 90
Now 31 per Cont. Annuities 92. a a
New 2. per Cent. Annuities
India Bonds, £lOOO
Ditto, under £lOOO 5 p
Consols for Account 16th March
Exchequer Bills, ld.
£5OO

Small l5 20 P
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Equador Bonds
Mexican 3 per Cent.
Russian Bonds, 5 per Ceut.
Ditt9 4i per Cent 7Bi 9
Spanish Bonds, 3 per Cent 37i i
Spanish New Deferred, 3 per Cent l7i
Ditto Passive (Converted)
Dividends on the above payable in London.

Bolgian7Bonds 4} per Cent. ex. 25 fr
Dutch Exchange, 2i per Cent. 12 Guil
Ditto 4 per Cent. Certificates.....,
TWO O'CLOCK.

Consols 9l
Ditto blArcli Account 1.1.. ~,,,, ~, .