The Sun.
London, England, 1854-03-18 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, including 1,000 taken
for export and speculation. The market was dull,
without change in prices. Railway Shares were
flat, at rather lower rates.

The permission to i mport Russian produce from
neutral ports seems to be accorded by the British
Government, although, from the vagueness of the
official announcements, there is still much doubt
thrown upon the subject. That our readers may
judge the more fairly, we give the last communica-
tion and the comments made upon it by parties ix
the Baltic trade :
"Office of Co mmittee9f Privy Council for Trade,

Whitehall, March 14.

" Gentlemen,—ln reply to your letter of the 24th of
February, requesting to be informed whether, in the event
of war between this country and Russia, Russian goods
imported from neutral perts would be considered contra.
band, or would be admissible into England,
"I am directed by the Lords of the Committee of Privy
Council for Trade to inform you that, in the event of war,
every indirect attempt to carry on trade with the enemy's
country will be illegal ; but, on the other hand, bona iide
trade, not subject to the objections above stated, will not
become illegal merely because the articles which form the
subject-matter of that trade were originally produced in
an enemy's country.
" I am, Gentlemen, your obedient servant,
"J. EMERSON TENNENT.
" Messrs. Martin, Levin, and Alder."
The following are the exceptions taken by Messrs.
F. J. Smith and Charles :

" We have not been able to meat with any one who
could comprehend, much less explain, the meaning of these
words. What, for instance, is bomi fide trade?' Then—
`the objections above' stated are certainly the indirect'
character of the 'attempt,' so that direct trade with Russia
would not be illegal. It is to be hoped that, ere long, we
may have more definite and precise directions to guide us
in the present crisis of public affairs ; in the meanwhile,
as far as the question bears on the supplies of tallow, we
have to observe that the advices from Russia to-day state
there was so great a scarcity of horses that produce could
not be transported overland. It appears the whole strength
of the empire, in respect to land carriage, is occupied by
the transport of the munitions of war."

The reduction of gold in the Bank of England
would appear, by the return for the week ending
the 11th inst., to have been as large as it is likely
to prove this week, and there was a corresponding
curtailment of the circulation. The discounts and
loans had been contracted, and this, with a small
addition to the public deposits, drew in the notes,
and counterbalanced the large sums taken away by
private depositors, principallyin gold, but likewise in
paper, where the amount was required for home use.
That there should be a smaller amount of discounts
or loans must have arisen from the higher terms
that the Bank is now in a position to require. It
were much to be desired that the balance to the
credit of the Chancellor of the Exchequer had in-
creased considerably beyond its present amount,
seeing how far the quarter has advanced ; but the
payments are absorbing the revenue as fast as it is
received, and the Bank must freely give its aid by
lending upon deficiency bills. Compared with the
previous week, the alterations are as follow :

Active circulation... £21,014,415
Decrease 685,090
Bullion 15,396,685
.....

Decrease
Rest
Increase
Public Deposits

889,480
3,718,228
334,979
2,899,597

Increase 177,252
Other Deposits
Decrcase
Seven-Day and other Bills

Increase
Government Securities
Decrease
Other Securities
Decrease
Notes unemployed
Decrease

23,794
... 11,747,728
9,976
... 13,054,055
... 192,787
... 7,626,655
189,300

The supply of bills of exchange upon Hamburgh
was yesterday larger, and the pound sterling was
quoted at a greater amount in macrs and schellings.
It is stated that so much bullion has been sent out
as to have occasioned an excessive supply there,
and to render it even probable that we shall soon
receive some of it back. This would be a curious
feature, because originally the remittances were
made in expectation of the Russian demand being
large, whereas the Czar, whatever may be his wants,
does not seem in a position to offer tempting secu-
rity for any loan. We apprehend, however, that
a large amount of ready money must be kept to the
credit of the British Government at some. convenient
place, and Hamburgh would answer best probably,
while our fleet occupies the Baltic, heavy contracts
for supplies having already been entered into with
Swedish and other firms.

Yesterday bar gold was taken from the Bank for
exportation, in the absence of arrivals of foreign
coin that could be made available.

The Sydney steamer has arrived in the Downs,
but her mail will not be delivered until Monday.
We have been favoured, however, with the inspec-
tion of a Sydney paper, dated December 5, from
which we glean the following interesting particu-
lars :

The market for most descriptions of goods at
Sydney, up to the sth of December, was a shade
firmer, and there was some appearance of an up-
ward tendency. There had been large transactions
in articles adapted to the Christmas festivities.
Ordinary merchandise was materially lighter in
stock. Beer, wine, and spirits were rather dull,
however, and likely to continue so for two or three
weeks. Soft goods were quiet, but other manu-
factures in request. Building materials supported
their price, with fair transactions. Fancy goods
were in excessive supply, especially German
manufactures. The exchange on London was 1
prem. for 30 days' sight. Discounts were at 2i per
cent. per annum for bills not having more than
100 days to run, and 3 per cent. above that period.
Houses and landed property were dull of sale.
The Burrandong diggings were turning out well.
The Buffalo range had proved a failure, but at
Spring Creek, Yackandanda, and Nine Mile Creek,
the miners were doing well, though the excessive
rains retarded operations. New South Wales gold
was at 745. 6d. per oz. The Chusan steamer took
3,670 ozs. to Ceylon, Nov. 26, and the Isabella Her-
cus 4,421 ozs. to Hong Kong. Drafts against gold
were at A per cent. discount. The week's arrivals
of gold were valued at about 5,0001.
Wool was rather heavy of sale, except for good
clean parcels, which were scarce. Tallow and hides
went freely at advanced rates. Freight of wool to
London, (.1. to d. per lb., and tallow, 30s. to 355.
per ton. Gold per cent. by sailing vessels.
The Great Nugget Vein Shares were quoted at
ss. to 10s. premium. Bank of New South Wales
321., Union Bank, 100 per cent. premium, Sydney
Railway Company, 30 per cent. premium., and
Hunter River Railway, 12s. to 13s. premium.
The John Wesley, missionary brig, had been
visiting the various stations with the Rev. Mr.
Young. She brings the report that a war had
taken place between Tharkonpou, King of iou,
the capital of the Feegees, and Tockebotoka, the
chief of Ovolo. A small.town belonging to Euro-
peans had been burned down, but by whom is un-
known ; and the great Christian chief, Verane, of
Bewa, had been clandestinely killed. The Spec,
from Sydney, was at Rawa. The Corsair was at
Bewa, and the Packet, also from Sydney, was at
Somo Somo.

The proposed site for the dry dock at Sydney
had been inspected by several engineers and found
to be very eligible. The Executive Government
would give every facility, and the dock will be ca-
pable of receiving the largest vessels built in Eng-
land.

The labour market was still good, the supply
being quite inadequate to the demand, more espe-
cially for the grazing and agricultural districts.
Rather higher wages were paid in some instances.
The amount of silver shipped direct from Lon-
don during the week to Thursday last, was 91,275
ounces, and of gold 101,100 ounces, nearly all to
Belgium and Ha►nburgh.
The telegraphic despatch from Vienna, affirming
the rejection of the ultimatissimum of the Western
Powers, has caused a fall of to 1 per cent. in Con-
sols, the prices being 908 to 901 for Transfer, and
now 90g The Account prices have been 901
Exchequer Bills are ss. to 12s. premium.
Foreign Stocks are dull and drooping. Brazilian
Five per Cents. have receded to 9612, and Danish
Five per Cents. are quoted 96. Russian Five
per Cents. are A to 1 per cent. lower, being 87& tc
891, and the Four-and-a-Half per Cents. nave de-
clined a, viz., to 79 to 80. Spanish Three per
Cents. are weaker, being 37, and the New Deferred
17i to 18. Dutch Four per Cents. are a shade.
better, being 864.
For Railway Shares there is not much inquiry,
and the prices are about per cent. worse, and in
the instance of the Caledonian, Midland, North-
Western, and one or two others, nearly 1 per cent.
French shares are down I generally. Luxembourg
are flatter.

The current prices for the Jamaica mines, not
officially quoted, are as follows :—Metcalfe, / to
premium ; Sue River, / discount to par ; Port
Royal, to g premium.
Rather more is doing in Mining Shares. Agua