The Sun.
London, England, 1854-02-21 00:00:00

remainder (as well as the Army and Ordnance
Estimates) were postponed till another oppor-
tunity—probably Friday evening when the
statements with respect thereto will be made by
the First Lord of tho Admiralty.

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.
The sales of cotton at Liverpool yesterday were
estimated from 6,000 to 7,000 bales, of which 500
American and 500 Surat were taken on speculation.
The market was tame but steady, and closed with-
out change in prices. The sales include 1,000
Surat, at 3d. to 41d. ; 20 Sea Island, at ls. ld. to
is. sd. ; and the remainder American. Railway
Shares were steady.
The advices from New York state that stocks
tended upwards at the latest date. The last weekly
return of the city banks showed an increase in every
department. The discounts were augmented
$790,112, the deposits $2,968,889, the circulation
$358,980, and the specie $516,695. If this state
of things continued a few weeks longer there would
be an easy money market. The total amount of
debt redeemed from January 28 to February 4 was
$126,450.

Californian accounts state that owing to the
drought many of the miners were still not work-
ing, and very little gold was being produced. The
markets were dull and depressed, owing to their
being overstocked.
A case that has been decided within the last few
days in the Court of Queen's Bench, involves very
important considerations to capitalists and stock-
brokers, and has been much commented on accord-
ingly. A solicitor of the name of Campbell specu-
lates as a purchaser of French railway shares, and
these falling in price, he is unable to pay the losses,
and gives a bill for the amount. According to
the finding of the jury the transaction is illegal,
and the verdict is against the brokers. The
judge very properly observed that he had
nothing to do with the feeling which dictated
such a plea, and certainly if 10-ses thus incur-
red are debts of honour, no law can reach them,
and the man who declines to pay must " settle
the difference" with his own conscience. The
dangerous extent to which this may be carried, ad-
mitting even, as in the case of Mr. Campbell, that
he considers his brokers to have closed his account
prematurely, though they probably were quite jus-
tified in protecting themselves, seeing the deficient
means of their principal, in the event of a crisis and
a panic. It may be proper to impose every suit-
able obstacle in the way of undue speculation,
especially by parties of small resources, but a large
number of moneyed men are in the habit of invest.
ing their surpluses, and buy for a definite period,
and it would be unjust to impose obstacles to the
transaction of such fair business contracts. The
decision to which we have been adverting, is stated
to be the first that has brought within the
meaning of the Act of Victoria against gambling,
losses upon railway shares, at least in the way
which t hose in question were incurred. Stockbrokers
now are evidently at the mercy of their clients,
and will have to take full security wherever they
deal for persons; who have not been long cus-
tomers or are known to have ample means.
The French Government is expected to adopt
a very important measure of commercial reform,
whereby our bonding system would be imitated,
the existing arrangement of drawbacks being too
complicated to be for a moment compared to
bonding. It appears that M. Berryer has drawn
up a report upon the subject, and that a com-
pany is proposed for the construction of docks at
Paris, and warehouses at the principal channel
ports. One of our largest contractors will par-
ticipate if the affair is brought to a satisfactory
issue.