The Sun.
London, England, 1853-12-05 00:00:00

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.
The sales of cotton at Live: fool on Saturday
were estimated at 6,000 bass, all to the trade.
The market was steady at previous rates. The
sales comprised 4,250 American, 450 Pernam and
Maranham at 6/d. 7d., 700 Egyptian at sd. to
Bd., and 600 Surat at *. to 3d. per lb. In
Railway Shares only a limited business was done.
The corn trade is very dull this morning.
The West India accounts do not contain much
interesting matter. The Legislative Assembly
at Jamaica had been a good deal occupied with
the "Imports Duty Bill," and a determination
had been expressed to pass it together with the
Rum Bill for periods less than one year, so as to
save the revenue which those measures were calcu-
lated to yield, and to insure sufficient time for the
consideration of the propositions from the Imperial
Government. The subject was attracting much
interest in the colony, and various propositions
had been made. The opinion was generally
expressed that such an Import Duty Bill, with an
excise upon rum, might be passed, as would pro-
duce such a revenue which would be sufficient-
to liquidate a just proportion of the expenditure of
the island. The opinion having become prevalent
here in some quarters that there is not sufficient
copper ore to afford an adequate return to those
interested in the companies formed here for mining
in Jamaica, the following remarks from a visitor
at Portland will be read with interest :

" On Wednesday last I visited the copper mines now
being worked by Messrs. Barrett and Olds, and must
certainly confess that I never saw anything in Jamaica
like it. I examined seven distinct lodes, every one of
which promised a handsome return to the undertakers.
Too much credit cannot be given to Messrs. Barrett and
Olds. I therefore trust that the gentlemen embarked in
the speculation will succeed in forming a, company—if
not an English company, an American one. I must
acknowledge that every credit is au. Capt. W. Arthur,
who appears industriously employed in making new dis-
coveries notwithstanding the wealth already discovered.
I am informed that 42 barrels of copper ore have been
shipped from the above mines, weighing from 350 to 400
lbs. each, and that there is as much more ready for ship-
ment. lam of opinion that the properties of M'Kenzie,
Richards, and others abound in rich mineral wealth."
It would be far more satisfactory to our mind if
the Jamaica people would endeavour to prove the
value of the copper mines, for working which they
have obtained English capital. Does the ore pay
expenses, and has it any commercial value ?
From Mexico we learn, in relation to the foreign
debt of that republic, that Mr. Falconet would not
leave until the middle of November, although it
was expected he would arrive by the present packet.
The Committee of Bondholders have received no
remittance, as the $250,000 which had been ob-
tained by mortgaging the revenue for the dividend
now in course of payment had to be repaid.
At the meeting of the Waterford and Kilkenny
Railway Company last week, very great complaints
were made by the large shareholders at the small
traffic receipts on the line, and the apparent total
want of management on the part of the officials of
the company. It was alleged by shareholders who
had visited the railway, one of whom was the
auditor of the company, that although 29 miles of
the line had been in operation for several months,
there were more cars and coaches between Water-
ford and Kilkenny now than previously to the line
being opened, and that a very small portion
of the traffic between these two places was car-
ried by the railway. Mr. Bushfield, the audi-
tor, added, that on the spot people complained
that the railway might as well be closed as open, as
no one appeared to be managing it. Mr. Dowling,
as a large shareholder, and as representing other
influential shareholders, after commenting upon
the present unsatisfactory position of the company,
which, it was alleged, was mainly owing to the
want of their being in the management any parties
who had sufficient interest in the company to
devote their energies to develope the traffic,
and, after expressing the conviction of persons
well acquainted with the locality, that the rail-
way might be made a remunerative property,
concluded by moving a resolution, which was
seconded by Mr. Goddard, to the effect that a
committee of the shareholders be appointed to in-
vestigate the affairs of the company, and to
report the result to an adjourned meeting.
The chairman and some of the directors attributed
the smallness of the receipts to the fact of the rail-
way being not yet completed between Dunkitt and
Waterford, a distance of about 3 miles, which was
expected to be finished early in the spring, when
it was confidently expected the traffic would be
considerably increased. The chairman and Mr.
Bates, another director, stated that should the
resolution proposed by Mr. Dowling be carried
by the shareholders they would not remain in
the direction. Mr. Dowling said that although
he had been instructed by some of the large
shareholders who had a sufficient interest in
the Company to carry his resolution by a
large majority, yet he would postpone any pro-
ceedings until next general meeting, on the distinct
understanding that in the meantime the di-
rectors should adopt such measures as would
obviate the complaints made by the shareholders
in regard to the management of the line. In the
course of the discussion, the chairman was asked what
interest the directors held in the company, a ques-
tion which he refused to answer. The general im-
pression seemed to be that they held only a very
small stake in the concern. After some severe and
painful comments being made by Mr. Ellis, the
contractor, reflecting on statements made by Mr.
Bates, the meeting separated. Although Mr.
Dowling's motion for a Committee of investigation
was withdrawn, we trust it will be only for a time,
as we are convinced that the traffic is capable of
great extension, if it is carried on by proper par-
ties; and it is evident that the present directors,
however respectable, have such a trifling interest
in the company, that they have little inducement
to exert themselves, and unless the large share-
holders look after their own interests, they will
have themselves to thank for the unsatisfactory
condition of their property.
The railway meetings announced are the fol-
lowing :
Company. Date. Place, &c.
Charleroi and Erquelinnes Dec. 22, Charleroi.
Eastern Union Dec. 16, Radley's Hotel.

Great Luxembourg Dec. 14, LondOn Tavern.
Ditto
London and South-Western, Dcc. 7, Lambeth.

Manch., Sheffield, & Linc Dec. 7, Manchester.
West Flanders Dec. 13, 61, Moorgate-st.
Ditto

The amount of bullion taken out by the Penin-
sular and Oriental Company's steamer for India
and China is 247,9131.
The English Stock market is buoyant, and in
the absence of later foreign intelligence of moment,
Consols have risen g- to / per cent., being 95 to 95,1
for transfer, and 95 to I for Account. The price
for January is about 95g I. No doubt the settle-
ment of the Account, which takes place on Thurs-
day, has had an influence, and the amount of
Stock taken up by the public has rendered it
scarce. The New n per Cents. have been 954 to
961, and the 3 per Cents. 94 to 94'4. Bank Stock
is firm at 218 to 219. Exchequer Bills have been
3s. to 6s. premium.
Foreign securities have been more animated, and
generally prices are better maintained. Spanish
Three per Cents. have been quoted 46 to 46i, the
Deferred 224-, and the Certificates sg. The an-
nouncement that there will shortly be an addition
to the Royal family of Spain inspires some confi-
dence. Russian Stock has been firm. The Five
per Cents. being 111/ to 112, and Four-and-a-Half
per Cents. at 98. Sardinian Bonds are at 89k, ex
dividend. Dutch Two-and-a-Half per Cents. are
64k. Danish Five per Cents. are at 102. Bra-
zilian Four-and-a-Half per Cents. have been at
93k. Mexican have improved to 25k, and Peru-
vian are dull at 71 to 72.

Railway Shares are all rather better, sympathis-
ing with the funds. Caledonian, Great Western,
Great Northern, and Midland, have been princi-
pally dealt in. French Shares are quiet, but firm.
The Gold Mines have been dull. United Mexi-
can Mine'are dearer.
The Australian Bank Shares are in request, and
there is a rise of 1/. to 2/. in the Australian Agri-
cultural Land Shares.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
(From the Official List.)

Bank Stock ... ..
219 18
3 per Cent. Reduced Annuities 94 g
3 per Cent. Consols Annuities 95 fl i
New 31 per Cent. Annuities
95 6
Expire sth Jan., 1860 , 5i
1
95 i
Exchequer Bills, ld.
CLooiisgoln Asti forn u lAticees'ount
£lOOO
11500 3 6 p
.
Small 3 6 P
(PRICE OF FOREIGN FUNDS AT ONE O'CLOCK,
Brazilian Bonds, 5 per Cent. --
Ditto New, 1852, 4 per Cent .....
Danish Bonds, 1825, 3 per Cent —
Ditto 5 per Cent . . lO3
Mexican 3 per Cent.
Peruvian Bonds, 4i per Cent. 7l
Ditto 3 per Cent.
Itussianronds, 1822, 5 per Cent. £St llll 12 114
Ditto 4A per Cent 9B
Sardinian Bonds, 5 per Cent... ..... ....
Spanish Bonds, 3 per Cent 46 6 .}
Spanish Now Deferred, 3 per Cent 2lB
Spanish Committee Cert. of Coup. not fun •5l p c
Dividends on the above payable in London.
Belgian Bonds 4A per Cent. ex. 25 fr
Dutch Exchange, 2A per Cent. 12 Guil 641
HA L.F.P.IST TWO.

Consols 9sf
Ditto January Account ~,,,,,,,, 94