The Sun.
London, England, 1853-10-06 00:00:00

MO-_:',;EY MARKET

AND
CITY INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday
were 6,000 bales, including 500 taken on specula-
tion. The market closed heavily without any mate-
rial change in prices. The sales comprised 240
Pernam and Maranham at 6id. to 7id., 200
Egyptian at sd. to 10d.., and 500 Surat at lid. to
4d. per lb. Railway shares were inactive, but
closed at an improvement of 1 per Cent.
Indigo went off much the same as yesterday.
Tallow is flatter.

It appears that in the provinces, and very justly,
too, there is much dissatisfaction evinced at the
constant changes in the proceedings of the Bank of
England, but no measure has so much elicited dis-
approbation as that adopted about a fortnight since
when the Bank lent money at 4 per Cent. on
stock, although a few days after it raised
its terms to 4 per Cent. We have no hesitation
in affirming that this misled numerous par-
ties, and that they felt confident the Bank con-
sidered itself in an improved position, and would
not be under the necessity of making any further
advance. There are, indeed, parties who think the
Bank had stock to sell, and wished to support the
funds, but such temporary expedients do more
harm than good, and damage the commercial interest
whoever else maysuffer. It should be the rule of any
bank, much less of a national establishment, to
avoid frequent changes. Preferable even is strin-
gency maintained for awhile, than a high charge
one day and a low rate the next. The main fea-
ture just now perhaps is politics, for all traders
keep a larger balance at command than otherwise
they would do, while the manner in which the
large amount of bills that fell due on the " fourth"
was met shows business to be in a remarkably
healthy state. We are not inclined to open a crusade
against the Bank of England. It is trammelled by
the Currency Act in a way to render its managers
timid upon-the least pressure, and hence, when it
offered loans on stock at 4 per cent., and kept its
discount rate at 4i, the demand for accommoda-
tion became in a moment excessive, because the
large houses thought it a good opportunity, and
and had little reliance in the charge being kept
long at one point. This day the Bank Direc-
tors have not made any change in the rate,
and we expect their stock of bullion has in-
creased, although the amount perhaps did not
come in sufficiently early—having to be assayed—
to appear in the weekly return which will be pub-
lished in to-morrow evening's Gazette. On the
other hand, there is not much expectation that
money will be cheaper between this and Christmas,
and it may be dearer. A settlement of the Eastern
question' would at once cause specie to be sent to
the Continent again in discharge of debts that are
temporarily delayed, especially for grain, but we
imagine the Austrian and other loans on the tapis
will not find favour here.

The Oriental Bank has this day declared a
dividend for the half-year to June last, at the rate
of 12 per cent. per annum, after payment of which
there is a good surplus upon the six months'
profit.
There was a large meeting this day of the share-
holders of the Upper India Railway Company, for
the purpose of taking some steps for the suspension
of the call made for the Ist of November, till Jan-
uary or February next, on the Extension Shares,
in consequence of the original shares being at a
discount, and the depressed state of the money
market. The meeting agreed to the formation of
a committee to see the East India Company on the
subject, and to adopt such steps as might be
deemed advisable.

The Stock Market has been very firm, with an
improving tendency upon the report that the Em-
peror expressed himself very pacifically at Olmutz,
but it requires much credulity to believe in his
sincerity, and most people would rather act upon
his fears than trust to his magnanimity. Con-
sols, owing to some demand for money . stock
within the last day or two, have touched
91-1 and 92, but are now down again upon the
rumour that Parliament is to be convoked, that
French troops are to leave Toulon, and that if
Turkey declares war, Russia will annex the Prin-
cipalities. The current prices have been 91 to f,
and are now 91* to for account. Ibichequer
Bills are 7s. to 12s. discount. Bank Stock is at
219 to 222.

Foreign Securities have been improving. Spanish
New Deferred realise 211 to 214, and Portuguese
Four per Cents. VA. Peruvian are 70 to 71.
Mexican have not been dealt in, or Russian.
Dutch Four per Cents, are 93k.
The financial agent of Mexico in London has
communicated to the Committee of Mexican Bond-
holders the following letter from his Excellency the
new Minister of Finance :

(Translation.)

" Ministry of Finance, Mexico, Sept. 1, 1853.

"Having, by favour of his Excellency the President,
been appointed to the Ministry of Finance, of which
office I have been in charge since the 6th of August, it
has been one of my first cares to examine how the divi-
dends of the foreign debt have been paid, as this busi-
ness had already come under my notice as member of
the old Board of Public Credit, and of the committee of
the same name of Congress.
" It was with deep regret that I found that the strait-
ened circumstances of the Treasury at the late political
revulsion in the Republic in favour of a better internal
organisation had prevented proper attention being be-
stowed on the punctual payment of what was due to the
foreign creditors, and that the dividend of the Ist of
July, 1851, as well as those of the Ist of January and
the Ist of July, 1853, were in arrear.
"His Excellency the President, to whom I represented
this, and who like myself is most anxiously desirous that
the engagements entered into by the nation should be fully
carried out, has been pleased to direct me to communicate
to you, for the information of the Committee of Bond-
holders in London, thatthe present administration will use
its utmost efforts to pay the overdue dividends, and to
provide for the future payments in such a manner as to
satisfy all concerned, and as justice and public policyire-

.quire.
"In the state of annihilation to which the public
revenue had been reduced, and from which it is impos-
sible to revive it as speedily as might be wished, the
Government is unable to provide immediately for what is
due ; but the measures taken for improving the finances
may perhaps enable the Government, in a very few days,
to effect an arrangement by which the generous sacrifices
submitted to by the bondholders, in accepting the de-
cree of the 14th of October, 1850, as a final adjustment
of this matter, will meet with the return to which they
are entitled, in the exact and punctual fulfilment of their
claims.

" SIERRA. Y Rosso.

"Colonel F. Facio, London."
The last week's railway receipts ascertained up
to this day are in round figures as under :

Great Western ....

North-Western .

1853. 1852.
. £23,834 £20,265

54;473

51, 428

South-Western

13,611

12,893

14,236 14,481
27,256 25,574
20,173 19,261
17,019 14,365

Brighton
Midland
South-Eastern.......
Caledonian and Edinburgh and
Glasgow
York and North Midland,Newcastle
30,066 25,956
and Berwick, and Leeds Northern
Great Northern

There has been an improved feeling in the Rail-
way market, consequent upon the advance in Con-
sols, and although the dealings have not been
large, there are parties buying in anticipation of a
rise. London and North-Western have been up about
11., and Midland 10s. to 1/. Great Northern are
1/. to 1/. 10s. higher. Caledonian have improved
10s. to 15s. There have been a few transac-
tions in South Eastern, York and Berwick,
and Great Western at a corresponding advance.
French shares are better than they closed last
night, as it is presumed that the fail which occurred
at Paris yesterday will be recovered when it is
known that there has been a rally here.
The Gold Mine Shares are at improved prices,
the Californian being most in request.
The shares of the Joint Stock Banks have been
heavy, but there has been an advance in the Lon-
don Chartered of Australia and the Oriental.
The Shares of the Australian Land Companies
are again very heavy, but there have not been
many sales.

BRITISH FUNDS THIS DAY.
(From the Official List.)

Business done.

3 per Cent. Consols Annuities 9li 2 1
3 per Cent. Annuities, 1726
Bank Stock for Account..
Consols for Account .
Exchequer Bills, ld.
£lOOO .

210 22 •
91i Wit
12 7 12 d

PRICE OF FOREIGN FUNDS THIS DAY.
Brazilian Bonds, 5 per t

Ditto for the Account
Buenos Ayres Bonds, 6 por Cent

Chili an Bonds, 6 per Cent
Danish Bonds, 1825, 3 per Cent

Equador Bonds _
Mexican 3 per Cent.
Peruvian Bonds, 4i per Cent. 7O
Ditto 3 per Cent
Portuguese Bonds, 4 per Cent 42 2
Sardinian Bonds, 5 per Cent 92 1 2. 90 1}
Spanish New Deferred, 3 per Cent 2IA i i i

Dividends on the above payable in London.
Belgian Bonds 4A per Cent. ex. 25 fr
Dutch Exchange, 2A per Cent. 12 Gull
Ditto 4 per Cent. Certificates....~_.

THREE O'CLOCK.

Consols 9l #
Ditto October Account 9l #