The Sun.
London, England, 1853-09-30 00:00:00

MONEY MARKET

AND
CITY INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday were
estimated at 6,000 bales, of which 1,000 were taken
for export and on speculation. The market closed
heavily, and prices of American and Surat were
id., ord. American id. to id., Brazil and Egyptian
id. to id., Sea Island Id. per lb. lower. The sales
include 70 Pernam and Maranham 64-d. to 61d.,
40 Bahia at 6d. to 6gd., 150 Egyptian at 6d. to
9d., and 400 Surat at 2,id. to 41d. per lb. The
market was fluctuating, and prices were very
irregular.

In the Produce Markets this week the chief
staples have had a fair sale, but prices have ranged
in favour of buyers, in consequence of the fuller
supply, and the disposition to realise, in order to
have funds at command for. any contingency. Sugar
has been quiet, and rather lower, While coffee him
declined ls. to 2s. In saltpetre there has been a
large business, but at reduced prices, and pimento
has been very firm. Rum has been quiet, and rice
steady. In tea there has been a moderate business
done, and great excitement has prevailed in the
tallow market, with a fluctuation of is. per cwt.
from day to day, the advance obtained in the early
part of the week being subsequently lost. Cotton
has been dull. The indigo auctions begin early
next month.

The following useful information is extracted
from the Bankers' Magazine for October
" A tabular statement, showing the difference between
plain cheques and cheques bearing a stamp of one
penny, so far as they are respectively affected by the
Stamp Laws :
" Plain Cheque.

" Cheque bearing a Stamp
of One Penny.
"1. The place where the "1. Not necessary to state
cheque is issued must be any place of issue.
truly stated.

"2. The time when the "2. Not necessary to state
cheque is issued must also any time.
be truly stated.
"3. The cheque must be "3. May be drawn upon
drawn upon a banker, any person.
"4. The banker upon "4. May be issued at any
whom the cheque is drawn distance.
must reside or traniact busi-
ness within fifteen miles of
the place where the cheque
is issued.

"5. The cheque must be "5. May be payable either
payable to the bearer. to bearer or to order.
"6.1 t is supposed by "6. May be for any sum
some authorities that a of money.
cheque for less than twenty
shillings is illegal.
"7. Must be payable on
demand."

" 7. Must be payable on
demand.
"8. When drawn payable
to order, must have an indorsement purporting to be that
of the payee, but the banker is not bound to ascertain if
the indorsement be genuine, or liable if it be forged."
The accounts from Canada state that it is esti-
mated that Upper Canada will have a surplus this
year over auy former season of four million bushels
of wheat of the value of 4,000,000 dollars. Not-
withstanding this, however, probably with the pro-
spect of having a good export demand, the price of
flour has materially advanced, and bread in Quebec
appears to have been advanced at the latest date.
The effect of this was severely felt by the poorer
classes.

No one can calculate evidently from one day to
another what the Bank of England will do, and all
were surprised at the advance yesterday afternoon

in the minimum rate of discount to 5 per cent.,
and in the charge for Loans upon Stocks to 41.
The object is said to be to check the holding back
of grain from the market by means of accommoda-
tion bills, and doubtless prices will be lowered in
consequence at the Baltic and other ports. The
Australian over-trading has also induced the Bank
to raise its terms, a good deal of renewing being
stated to be in progress. Just now it is more a ques-
tion of means than anything else, and the
large arrivals of Australian gold ought to
give the Bank, temporarily at least, a fuller supply.
The imports of gold from Australia this week have
been about 230,000 ozs., and probably more count-
ing what passengers bring.
Stocks have been fluctuating a good deal, and it
is now more uncertain whether the Bears have
bought in much or are still largely out. More de-
pends upon the supply of money stock to be ex-
pected. Consols have realised 921, since 93k,
and are now 922- to I. Exchequer Bills have been
done at Bs. to 13s. prem., being some improve-
ment.

Foreign Securities have been very inactive, and

the settlement of the account has been the chief
business. Mexican Bonds have realised 23i and
Peruvian 72,1 being firmer. Grenada Deferred
Stock has been marked Bi. Spanish New Deferred
Bonds have been at 22. Russian 4i per Cents.
are 97i to 98.
The railway share market has been very buoyant,
and larger transactions have been entered into,
partly in connection with the half monthly settle-
ments. Caledonian have got up about 2/. ; Mid-
land, 1/. to 2/. ; North Western, York and North
Midland, and South Eastern, have likewise been in
request. French shares have been in demand, and
realise more for money than account, notwithstand-
ing the fall at Paris, which many expect will go fur-

they. But for the speculative sales no doubt the de-
cline would have been greater, as many real holders
in England have sold out within the last few days
and delivered their shares.

The Gold Mine Shares are quiet, and the Land
Companies' firm. The banks are about the same.
Some very interesting particulars concerning the
state of the money market and the value of land
are contained in the following communication from
Melbourne :

"The enormous quantity of goods for which remit-
tances have been recently sent home, combined with the
needful returns for consignments to our market, have
induced the banks to increase their rates of exchange on
London, and the consequence has been the rise of 2 per
cent., which is now charged by all the banks for their
drafts on England. This also has affected the gold mar-
ket, which has not been higher or firmer for a consider-
able time. Rumour, which is always busy under such
circumstances, has spread a report that there is even a
probability of a further rise upon the exchanges ; but
there seems no good foundation for such a report, and,
we may add, no likelihood of any such rise taking place,
at least for a time. While everything else in commer-
cial circles seems to be on the decline, land apparently
maintains a position of unprecedented and unexpected
value. Most parties at a distance will fancy that both de-
mand and price in this respect are unnatural, and really
the quantity of land at the command of the colony, and
its uniform excellence and productiveness seem to
strengthen the idea. Yet still the fact remains undis-
puted, and if we consider the enormous capital lying use-
less iu our banks, and the difficulty of any outlet for its
employment, we shall cease to wonder at the un-
paralleled rise of the value of the soil, when we
reflect that it is almost the only investment that can be
made in the colony at the present moment with a rea-
sonable certainty of an advantageous and produc-
tive return. Instances of the truth of these re-
marks might be multiplied almost to any extent ;
and without doubt it is the fact that the great
capitalists of the country, or at least many of them,
owe their position entirely to their fortunate speculations
in its land. How long this is to continue is another
question. How long land worth a mere nominal sum is
yet to be palmed upon the public for thousands upon
thousands, is simply, in our opinion, a question of good
government and more judicious allocation, which will
be no doubt better attended to when the popular element
of representation' begins to be felt in our Legislative
Chamber. In the mean time, however, the price of
land continues to be maintained, and sales are every day
negociated in which the fortunate holder of the soil rea-
lises from hundreds to thousands per cent. This, of
course, only applies to small patches of land, but still to
what is very valuable ; and it certainly exhibits in its
true colours the magnitude and importance of the land
sales within the immediate neighbourhood and bounds of
Melbourne."

The following from Sydney is very favourable as
respects the gold mines :
" We have decidedly cheering reports from all quar-
ters this week. The Turon bed claims have taken a
fresh start ; the yield at our northern diggings con-
tinues steady, the south has sent up a larger quantity
this week than it has been doing for some time past ;
and our intelligence from the Ovens gives fresh instances
of very large success to many employed on the new
diggings at Four Mile Creek.
" His Excellency the Governor-General has sent down
a message to the house, proposing a gratuity of 5,0001.
to Mr. Hargreaves for the discovery which has already
revolutionised Australia, and created so great an interest
in our welfare in all quarters of the globe. The inad-
equacyi of this sum is manifest upon the very face of t."
Other accounts from Sydney state that—

"At the Ophir Copper Mine the miners have cut a
promising lode of copper ore. The indications have
gradually improved from the commencement of opera-
tions, much in the same manner as at the Summerhill
Mine, until they came upon the lode. The characteris-
tics of the ore alter from blue and green corbonate to
yellow pyrites, the kind of cbpper which appears to pre.