The Sun.
London, England, 1853-03-07 00:00:00

MONEY AND COMMERCIAL NEWS.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool on Saturday were
estimated at 6,000 bales, all to the trade. The
market closed tamely at previous rates. The sales
comprised 5,000 American, 200 Pernam and Ma-
ranham, at 61d. to lid. ; 100 Bahia, at 6Ad. to
; and 300 Surat at 3td. to 4-0. per lb. Rail-
way shares were flat.

In Mark-lane to-day, prices are barely supported.
The railway meetings announced are the fol-
lowing :

Company. Date. Place.
Caledonian Mar. 22, Glasgow.
Chester and Holyhead Mar. 9, Euston Station.
City of Toronto & L. Huron Mar. 7, 13, St. Helen's-pl.
Edinr., Perth, & Dundee Mar. 10, Edinburgh.
Glasgow and South-Western Mar. 9, Glasgow.
Lowestoft Mar. 12, Lowestoft.
North British Mar. 18, Edinburgh.
Scottish Central Mar. 17, Perth.
South-Eastern Mar. 17,Bridgehouse-hotel,
London-bridge.
Tourn., Jurb., Land., &Has. Mar. 17, Brussels.
West London Mar. 10, London Tavern.

Mail bags will be made up to-morrow evening
for Australia, via Singapore. Also, on the 24th
instant, to be sent by the Osmanli steamer. The
Antelope, another steamer from Liverpool, takes
out letters. As regards the Australian, her depar-
ture is likely to be delayed yet for some time.
The accounts by the steamer from the West
Indies report the probability of smaller sugar crops
than has been anticipated. The health of the
islands was improving.
The following observations in reference to the
Cost-Book system, which Mr. J. N. Higgins, the
author, considers should by a special Act of Parlia-
ment be made applicable to the new Colonial
Mining Companies, may be found interesting at
the present time :

" I can hardly help thinking that, even upon the sup-
position that the cost-book system was not of local but
of general application—admitting that it is a legal basis
for the companies adverted to, it cannot be denied that
they have not adhered to its principle, and while
they have accepted its shadow, they have rejected its
substances. In which of these has a general meeting of
the adventurers preceded the settlement of the capital,
the division of the same into shares, and the other pre-
liminary business of an association of mining adventur-
ers ? In how many instances has a regular cost-book
been opened ? Which of them observes the rule about
frequently recurring general meetings of the share-
holders, or the right of an individual proprietor to call
for an account at any time in order to obtain the repay-
ment of his money less the debts and liabilities (if any)
of the concern ? In most, if not all of them, the direc-
tors act as if they were appointed under the deed of set-
tlement of a company constituted under a royal charter,
letters patent, or the 7 and 8 Viet., cap. 110, and not as
mere temporary agents, with power merely to perform
such acts as are absolutely necessary for the working of
the mines, until the next general meeting of the
shareholders, which, in fact, is all that they can
properly assume to be. The circumstance of there being
a committee of management, and not an individual
purser, makes no difference as to the rights of the for-
mer, and can confer no more power or authority on the
committee-men or directors than would belong to a
purser, if the management had been delegated to him.
It is plain, then, that the companies in question follow
the Cost-book system only so far as it renders conformity
with the 7th and Bth Vic., cap. 110, unnecessary, and
not in all its positive injunctions and essential charac-
teristics. There is a further important consideration
which seems to have been wholly overlooked by the pro-
jectors of such companies. The Cost-book system, as it
has been worked in Cornwall, is placed under the special
and competent jurisdiction of the Stannaries' Courts,
with an appeal in some cases to the Court of
Chancery or the Privy Council. Until a recent
statute, the stewards of the respective stannaries exer-
cised common-law jurisdiction within their own districts.
All these courts are now consolidated into one court,
presided over by the Vice-Warden, who also administers
equity. He has authority to adjudicate in all claims fot
money in respect of the working, or management, or of
the providing goods for any mine within the limits of
his jurisdiction. The important effects of this summary
jurisdiction will be obvious at once to a lawyer. The
difficulty and expense of dealing with a similar case in
the ordinary course of law, should be a consideration of
some weight with those " Cost-book Companies that
cannot avail themselves of the Vice-Warden's Court."

The English Stock Market has been very . quiet,
and not quite so firm. Consols have been quoted
99A for transfer and account. The "continua-
tion" to April is about I per cent. The New 3k
per Cents, have been marked 103# A, and the 3
per Cents. 100 i #. Bank Stock is steady at 227 to
228. Exchequer Bills are 175., and India Bonds
455. premium.
n Foreign Securities a good deal is doing. The
Spanish Certificates have been in demand at 6a to 7.
The Greek Bonds are firmly maintained at 7±. Tho
quotations in the " official" list on Saturd-ay, for
the accuracy of which the Stock Exchange autho-
rities alone are responsible, were erroneously given
at 9to f. Equador Bonds are supported at 5g
and Grenada Deferred at 11g. Chilian 3 per
Cents. have been marked 80. Mexican Bonds are
254 f. The Peruvian Loan is allotted, aid is in
demand, being scarce at 5 to 54 premium.
The Turkish! Loan is at 1 premium. Dutch
Four per Cents, are worth 99 to f. Sardinian
Stock has risen to 971 and 98. The New Three
per Cent. Loan has been taken at Paris by Messrs.
Rothschild, at 71.
Railway Shares have been at lower rates gene-
rally, with moderate sales. The French lines are
also rather lower.

In the Gold Mine shares there is not much doing,
and prices are about the same. The Australian
Bank shares are much heavier, but the land com-
panies are better supported.

BRITISH FUNDS THIS DAY.
(From the Officia2 List.) _

Business cone.
227 8

Bank Stock

3 per Cent. Reduced Annuities ...... lOOl
3 per Cent. Consols Annuities
New 31 per Cent. Annuities lo3k i
Long Annuities, Expire sth Jan., 1860..... 6i
India Bonds, £lOOO 45 50
Ditto, under £lOOO 5O
Consols for Account 10th March 99i a A
Exchequer Bills lid.
£l000.
PRICE OF FOREIGN FUNDS THIS DAY.
Brazilian Bonds, 5 per Cent.
Ditto for the Account ,
Chilian Bonds, 6 per Cent 1074
Ditto, 3 per Cent BO
Equador Bonds ss i
Grenada Bonds, Deferred,
Greek ex over-due Coupons
Mexican 3 per Cent 25 g
Ditto for the Account 2sfi B
Peruvian Deferred 3 per Cent 64
Portuguese 5 per Cent. 4l x d
Sardinian Bonds, 5 per Cent. 96? 81 76 8 74 si I
Spanish Bonds, 3 per Cent —
Ditto for the Account 471
Spanish New Deferred, 3 per Cent 24i 4 31 4}
Spanish Passive (Converted) si
Spanish Committee Cert. of Coup. not fun Raw .
Turkish Loan, 6 per Cent., 1852. l2 P
Belgian Bonds, 4i per Cent. Ex. 25fr 99 / 81
Dutch Exchange 2i per Cent 66i
THREE O'CLOCK.
Consols
Ditto March Account 991 1