The Sun.
London, England, 1854-07-13 00:00:00

MONEY MA RKET

AND

COMMERCIAL INT ELL IGENCE.

CITY, TWO o'CLOCK.
The sales of cotton at Liverpool yesterday
were estimated at 6,000 bales, including 1,500
American taken for export and ou speculation.
The market was tame and heavy, with prices
slightly in favour of buyers. The sales comprised
5,000 American, 60 Pernam and Maranham at
GO. to 60., 60 Bahia at 60., 200 Egyptian at
Nd. to Bid., and 500 Surat at 3d to 31d. per lb.
Railway Shares were flat, at declining prices.
The Enchantress has arrived from Geelong with
1,056 ounces of gold. Her dates are only to
March 17.
The overland express from India reports trade
dull at Calcutta. The letters via Marseilles will
be here about the 16th inst.
The Brazilian Mail has arrived. Trade was rather
dull at Rio. Exchange 26k1. to 27d. on London.
The weekly meeting of the Bank of England Di-
rectors has broken up without any alteration in the
minimum rate of discount being announced. What-
ever may be said of the inconvenience to the mer-
cantile community with small profits and 51 per
cent. to pay for even short dated and unexception-
able bills, except where accommodation is sought
in Lombard Street, at the slight difference
arising from competition, it has to be borne in
mind that there are capitalists whose trade is in
money, and who seek every opportunity of making
a profit, regardless of any general result. The
only way to repress this inclination, therefore, is
to destroy the chance of gain, but it is unfortunate
that the plodding trader, keeping fairly within his
means, and only seeking occasional legitimate aid,
should be pinched to serve this end. We
have always been of opinion that a marked
distinction should be made in such cases,
and in critical periods the Bank of England
has done its duty in this respect by declining to
discount the paper of leviathan firms, not upon the
ground that the security was bad, but that the
money was to be shipped to the continent or else-
where, or that some other operation adverse to the
exchanges was to be entered into. Just now it
would afford great relief if this distinction could
be drawn. We hear, for example, that exports of
gold to a larger amount than of late, are likly
to be made ere long, and we can easily surmise
which are the firms that will be concerned
therein. It would be unwise to interfere
with the free course of business, by prevent-
ing the necessary payments for goods received
here, or to impose obstacles to specie remittances
which our Government must periodically make to
the forces engaged in the war, but the houses inte-
rested can well afford to pay the highest charge
asked at the Bank, considering the magnitude of
their operations, and their comparative safety. The
mere speculatorin produce, useful as he is in attract-
ingsuppliesfrom abroad, and balancing the markets,
so as to obviate alternate glut and scarcity, is
nevertheless not fairly to be placed in the same
category with the steady going merchant, and could
likewise be made to pay handsomely for loans, but
5 per cents. would be fully as much as traders
in general can now afford to give.
The lower range of prices in the English Stock
Market, has not only brought in buyers for money,
but has likewise caused a few Bear speculations to
be closed, giving an additional impetus. There is
now some difficulty in ascertaining whether the ac-
count is not Bullish, although within the last week
the tendency has been to operate for a fall. Con-
sols opened at 90a for Transfer, dropped to 901 R.
upon its becoming known that the Bank of England
had not reduced the rate of discount, and are now
911 a rally of 1 per cent. The time dealings
have been at 001' and since at 911 ft. The New
3i per Cents. have been 911 , and since 91i to
92, Bank Stock is up Ito 2 per cent., having
reached 210. Exchequer Bills are ls. discount to
3s. premium, and the Bonds to 1 premium.
The Foreign Stock Market has been very dull.
Venezuela Bonds have been done at 25, and the
Deferred 101 to 111. Mexican Stock is at 24, and
Buenos Ayres at 56. Russian 41 per Cents. have
been 814, and the 5 per Cents. 98. Dutch 4 per
Cents. are 90. Nothing has been done in Spanish
or Portuguese.

The following are the nominal prices of Foreign
Stocks :—Grenada Deferred Bonds 6 to 6, Mexi-
can 24 to 244, Peruvian 65 to 67, ditto 3 per
Cents. 50 to 52, Portuguese 4 per Cents. 39 to 41,
Russian 5 per Cents. 96 to 98, ditto 4i per Cents.
80 to 82, Spanish New Deferred 181 to 19, ditto
3 per Cents. 37 to 37k, ditto Certificates 4 to 4f,
ditto Passive 3/ to 44.
The last week's railway receipts ascertained up
to this day are in round figures as under :-
1854. 1853.
Great Western
North-Wes; rn
South-Western
Bright3n
Midland
South-Eastern 19,459 19,027
Ca'edonian, and Edin. and Glasgow 16,309 14,485
Great Northern 18,2f1 15,708
Lancashire and Yorkshire 19,852 19,442
York and North Midland
Newcastle and Berwick 30,020 27,195
Leeds Northern

The railway share market has been about per
cent, better for some of the English lines, but with
no increase of business, the adjustment of the ac-
count occupying the dealers. The interest charged
for carrying over shares is very small generally,
and in some cases they are placed " even" to the
next settling day. Caledonian, York and North
Midland, Great Western, and North-Western, are
most buoyant, not being very fully supplied.
French shares have been quiet at about the former
rates.

Mine Shares and Banks are dull. The
Crystal he Gold
Palace Shares have improved to
ii discount.
T
The land shares are firmer.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
/,From the Oficial List.)

Bank Stock Tlnsiness d0ne-
............ 2oBi 10
3ppeerr
CC
ee
nntt
cßeendsueciesdAAnnuritiiteises. .°64 9iolll
34 per Cent. Annuities ....... 914 2 1i
Long Annuities, Expire sth Jan., IE6O
India Bonds, 1000 „
1 3 p
Consols for Opening 19th July
Exchequer Bills, 24d.

£I060
2500 ................................. . ...... par 3 pld
Small .. ... . ................................. 14 p
Exchequer Bonds, 1858 ..... . ................. p
Ditto Scrip, 1859 ....................... P
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Buenos Ayres Bonds, 6_ per Cent ............. 56
Itexican 3 per Cent. ......... ... ... .. . ..... 24
Russian Bonds, 1822, 5 per Cent. X
Ditto for the Account,,, .....
..................... 98
Ditto 4i per Cent ........... . ............... . 81i
Venezuela Bonds, 3i per dent. 25
Ditto Deferred, 1 per Cent .................. 114 10}
Dividends on the above payable in London.
Dutch Exchange, 2i per Cent. 12 Gull ..... x d
Ditto 4 per Cent. Certifteates
HALF-PAST TWO.
d
Consols for Opening 19th July