The Sun.
London, England, 1853-11-15 00:00:00

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday were
estimated at 5,000. bales, of which 500 American
and 500 Surat were taken for export and on specu-
lation. The market was tame, but closed steadily.
The sales comprised 4,700 American, 80 Pernam
and Maranham at 6id., 120 Bahia at 61d. to 60.,
100 Egyptian at 7jd. to 8/d., and 1,000 Surat at
2d. to 4d. per lb. Railway Shares were steady,
With but little alteration in prices.

The unallocated lands of the Queen's Australian
dependencies are to be placed in the power and
disposition of the Parliament about to be called in
each province, by virtue of the late Act of the Im-
perial Parliament, granting a new Constitution to
each colony, the Colonial Minister at the same
time throwing out a hint in his despatches on the
Subject, that the Home Government expected that
the colonists, in modelling their new Legislative
Body, would adhere to the principles enunciated in
the House of Commons. This document has been
construed by the present Houses of Assembly in
New South Wales, Victoria, and South Australia,
according as each respective body is more or less
democratic, the older colony of New South Wales
aspiring to the creation of a House of Lords. It is
to be feared, therefore, that each Parliament will
have its particular view of the land question, a
question that is of primary importance, and upon
Which the whole fabric will have to sustain not only
the vicissitudes of a migratory people, but the in-
dividual interests of a noviciate executive, amid
Unheard-of temptations. It is estimated that the
three Parliaments alluded to will have an aggregate
ncome next year of 3,000,0001. from the land sales,
and it is obvious that this enormous sum, which for
a few years yet is likely to go on increasing in
amount, ought not to be dealt with as ordinary
evenue, since the quantity annually sold in-
creases, and the residue to be sold gets smaller. If
t be true, and there seems no reason to doubt the
statement, that the continent of Australia, with the
exception of a slip on the seaboard, running only
on an average about 200 miles inland, is a vast arid
Plain, it will not take many years, at the present
rate of progress in the colonies, to leave the quan-
tity fit for agricultural purposes at the disposition
of the three honourable houses very small. Hence
this is not ordinary revenue, but extraordinary in-
come, and ought to he disposed of in some especial
runner, but in what way will depend upon the view
that those future trustees take of this important sub-
ject. The lnds will be looked upon either as the
Property of the colonists as a people, the interest
therein of each individual decreasing in compound
ratio with the increase of immigration, and the
decreased quantity left unsold ; or the property of
the proprietary class by virtue of their being the
owners of all but Crown property ; and in that case
the interest therein of each individual of that de-
nomination increasing in ratio to the extension of
the area of itsnumbers, an intricate problem of class
interests is to be solved in the very infancy of those
Parliaments. A correspondent, therefore, makes
the following suggestions

" Itappears that there is one way this subject may
be treated in which all interests might be in accord,
!lamely, by at once capitalising all the undisposed
lands upon a very low valuation, and by issuing deben-
tures bearing an interest of 4 per cent. per annum, the
rate at which the Banks in the colony were lending
Money on good securities at the date of the last advices
by the Argo, and with such moneys commence at
once reproductive works in the colonies, such as
the making of a series of trnnk railways, docks,
the improvement of navigable rivers,' &c. Of course
sums would only be taken into the respective exchequers
as they were required by the expenditure. These de-
bentures, and the interest thereon, would be a mort•
gage on the lands, and would be paid off by the receipts
from its sale. By this arrangement the incomes from
such internal improvement would become permanent
revenue, and would, no doubt, in time, amount to such
a sum as to render the raising of taxes from Customs' or
Excise in the colonies unnecessary ; consequently, each
individual member of any of the three great colonies that
are rising in the southern horizon, would be indirectly
interested by the prospective abolition of taxation, while
the landed class, as a body, would be directly benefited
by the improved value of their properties."

The steamer Australian from Gravesend arrived
at St. Vincent on the 30th ult.
The steamer Severn, with the Brazilian mails,
has arrived, and the commercial news appears to
he satisfactory.

The English Stock Market has been extremely
buoyant, and with a large money business doing.
The Chancery broker made a purchase of 40,0001.
Yesterday afternoon, and in the present state of
the market even small purchases have a great effect.
As to the political news from the East no one now
kerns to pay attention to it, although the more
active interference of England and France is con-
sidered to be increasingly probable. Consols have
been 941 to 951 for transfer, and 94/ to 95 for ac-
count. The New 3i per Cents. have realised
95i to 96, and the 3 per Cents. 931 to 94. Ex-
chequer Bills have improved to 3s. and 6s. prem.
-e4st India Bonds are ls. discount. Bank Stock is
nominally at the previous rates.

More is doing in Foreign Stocks, and the alter-
ation.in quotations is not of particular moment.
Russian Bonds keep their ground remarkably
Well, the 5 per Cents. being 1121, and the 4&
Per Cents. 981, or very little different from the
Prices recorded a day or two since. Mexican
bonds are firm at 25g to 25k, and Grenada Defer-
red are ± better, being 8. Portuguese 4 per Cents.
have been dealt in at 411, and Brazilian New Bonds
at 95i. Spanish 3 per Cents. are firmer, at 45k,
411c1 Dutch, at '63i. Belgian per Cents. have
4ivaueed to 951 ex div.

The Railway Share Market has been rather
Iligher, and with more business doing, French
Shares have been rather firmer also.

The Gold Mine shares have been very quiet.
The Land Companies' shares are rather looking
li!P• In the Australian Banks there have been no
vargains.

BRITISH FUNDS THIS DAY.
( From the Official List.)
Business done
3 Per Cent. Reduced Annuities 93i 4
3 Per Cent Consols Annuities
New . 94$ 54i5A4A 5A 4
r., 3i per Cent. Annuities 9sa 6 5i
/7,11 g Annuities, Exp
Expire 10 Oct., 1859 4 15-16
India Bonds, 13000 .
°onsols for Account
Exchequer Bills, ld.
£lOOO
2500 3 6 p
Ditto Small
, PRICE OF FOREIGN FUNDS THIS DAY.
nrazillan Bonds, 5 per Cent. —
~ Ditto New, 1852, 4ti per Cent . 93i
141euos Ayres Bonds, 6 per Cent —
Ditto for the Account
Danish Bonds, 1825, 5 per Cent lo3k 3
Grenada
~ Bonds, Deferred
''''' Zican 3 per Cent.
p Ditto for the Account 2ss
trttiguese Bonds, 4 per Cent 4i 4
ussian Bonds, 1822, 5 per Cent. £St 1124 13
~, Ditto 44 per Cent 9B
?anish Bonds, 3 per Cent 454 4A
Spanish New Deferred, 3 per Cent. 2IB i
Dividends on the above payable in London.
aigiatt Bonds 4i,per . ex. 25 fr
qtch Exchange, 2i per Cent Cent. 12 Guil 63:1 i

THREE O'CLOCK.
Consols 94s k
Ditto December Account 0421 f

--------
f AUSTRALIAN GOLD.—The report received yesterday
,rc°33. Liverpool, by telegraph, of an arrival of 300,0001.
-"gold from Australia, is without foundation.
jethiteruniew Romance of " Savile House," embodies the
Period of the early part of the reign of George
ti' wit a domestic story of intense interest, in which
happiness of one of the old families of England—
"e Gerards—is disturbed by the machinations of a most
ae"toplished apostate yclept Hitchmough. Pope, the
Pr°fligate Duk of Wharton, Lords Pembroke and.
1--d•rsdale
itatt ,as well as George's mistress, Madame Ku
%c, ege, are some of the actors. The author has beet!
asting. happy in the delineation of Edith Fleetwood
IR%
WILL OF THE LATE LIEUT.-GENERAL SIR C.
p, BART., G.C.B.—Several paragraphs have ap-
Cared in the newspapers, with reference to this dis-
t3l°guished commander's will, in one of which the per-
-2p0,0 was reported to have been sworn under
per;'"°/., and in another that it was sworn that the
era property property was under 20,0001. This latter para-
Statre' has excited considerable astonishment, as it was
prized that the gallant General had received 70,0001.
by the
mcmoY from the conquest of Scinde. It appears
Balla-will that 50,000/. had been given away by the
the 11. t General before his death ; so that the proving of
givewill under 20,000/. will account, with the 50,0001.
Propti4wa.,7, for the Scinde prize money. The other
14cootalLoeing real property, is not of course taken i to
*44 IPOYing the will.