The Sun.
London, England, 1854-10-05 00:00:00

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TU 0 o'CLOCK. f Shr.
Tho sales of cotton at Liverpool yesterday
were estimated at 10,000 bales, including 1,500
American and 1,500 Surat taken for export and
on speculation. The market closed with an up-
ward tendency—American id. and Surat 1-16 d.
against the buyer. Other sorts without alteration.
The sales comprised 6,500 American, 120 Pernam
and Maranham at 51d. to 6id., 100 Bahia at 6gd.
to 9d., 600 Egyptian at 50. to 9d., and 2,500
Surat at 3d. to 4id. per lb. Railway Shares were

quiet.
The Commercial Daily List gives the following :
" The late charge of 2d. per cwt. on the export of all
goods by water by the various dock companies, we are
happy to hear, is withdrawn. The following letter on
the subject has been received by Messrs. J. Cook and
Company :

" ' London Dock House, Oct. 3

"< My dear Sir,—lt is agreed to abandon the charge
for delivery by water, of which official notice will be
given in a day or two.—Yours faithfully,
" 'J. D. POWLES.

" James Cook, Esq.' "
It is never an agreeable office to dwell upon
commercial difficulties or to foreshadow monetary
tightness and restriction, but one cannot, as a
matter of public duty, avoid reference to circum-
stances that may arise as well as to those that
are occurring. It has been evident to those
who watch the state. of the produce markets,
for example, that there was a loss as between
the values paid iii India and England, and that
either] the . consigners or the consignees must
be affected'. thereby. In the unsatisfactory
mode of doing business before the crisis which oc-
curred a few years since, the long credits fostered, 12
nay compelled, a constant purchase of staples in 50
India at whatever price was asked, and, as a no- IV
cessary result, the shipment of manufactures from gt.l
this side, however great the glut at Calcutta or . 1.9 i
Bombay. Tho explanation of this apparent P)
anomaly, this reckless desire to trade in the Its
face of a loss on both sides of the account,
was simply that a large amount of long 20
dated bills had to be kept afloat, that these 10
bills in order to be discountable must repre st
-
sent something, and that there was always a vague 50
hope that some lucky change in the markets would g
bring large profits, and enable the losing firm to 25
recover its position. Nor was this such an unrea- BSI.
sonable expectation when we know that prices have st.s
fallen or risen 20 and 30 per cent. within a few St.
months. The cause of the suspensions which are
25
now occurring in the provinces are various, too
but the altered state of the Australian business, p
and the war are the primary agents, while the eo
failure of the American maize crop, and even the 20
abundant harvest in England, will prove accesso-
ries, because they derange previous calculations.
Mr. Edward Oliver, who has stopped payment at
Liverpool, with liabilities estimated at 700,0001.,
is a large shipowner, and his property having, it
is said, been materially increased by purchases
made while ships were very dear, there
is a loss owing to the present depreciation.
The fall in freights from the extravagant
scale of January and March, 1853, is hardly a fair
criterion, but the effect of that rise was to enhance
the selling price of ships, and since then the re-
action is about 30 per cent. The other suspension
reported, that of Messrs. James WHenry and Co.,
is due to the disturbance of the provision trade,
chiefly as connected with America, and the amount,
it is feared, will be rather heavy. As to the Man-
chester business, it is asserted that the recent
failhres must not be taken in any way as an
indication of general unsoundness, since, as is
alleged, in no town are cash payments more the
rule than at Manchester. For our own part
wo will not conceal our opinion that many more
stoppages will occur ; but generally the assets will
be better than was the case when such extensive
ruin fell upon the commercial world about 6 years
ago.
At the moment of our writing we hear very un-
pleasant rumours affecting the credit of another
important house at Liverpool, but we refrain from
further allusion, being solicitous not to aggravate
the uneasy feeling which prevails.
There continues extreme heaviness in Public
Securities, and the supply of money stock is in ex-
cess of the present demand. A revival of pur-
chases would, however, soon absorb all that is
offering. The absence of any confirmation of the
fall of Sebastopol, and the mercantile failures caus-
ing more demand for money, stimulate a few sales,
and there is no counter speculation to sustain the
market. In fact, there has rarely been less time busi-
ness doing. Consols have realised 94i to 951. for
Transfer, and 95k for Account. Exchequer Bills ...
are ss. to Ss. premium. 17i
20
The Foreign Securities have been neglected. 20
The Spanish Committee's Certificate is 5i to 20
and the 3 per Cents. have been at 38. Mexican E
Bonds are worth 25. Brazilian small stock is at 20
99 ex dividend. The Turkish Scrip has sunk to 100
31 and 3 premium. • 100
The following are the nominal prices of foreign r
stocks :—Grenada Deferred Bonds, 51 to 6i ; 25'
Mexican, 24i to 251 ; Peruvian, 72 to 74 ; ditto 25
3 per Cents., 52 to 54 ; Portuguese 4 per Cents., 3.00
40 to 42 ; Russian 5 per Cents., 96 to 98 ; ditto
per Cents., 86 to 88 ; Spanish New Deferred, 1,,n0
1811 to 181 ; ditto 3 per Cents., 37i to 381 ; ditto -g
Certificates, 51 to 5i ; ditto Passive, 4i to 411. 5
The last week's railway receipts ascertained up 20i
to this day are in round figures as under : 100
1854. 1853. 100
£24,617 £23,814
Great Western
North-Western
South-Western
Brighton
Midland
South-Eastern .................. 20,181 20,173 20
11,982 11,382 5
Caledonian
21,524 18,299 20
Great Northern
Lancashire and Yorkshire ...
The Railway Share Market has been rather 4
heavy again, but with no pressure of sales. The 1 22(o)
foreign lines are nominally without change. 20
In the Mining Shares there have been but a few 20
bargains, and Copiapo are dearer. 33,
The Joint Stock Banks are in some request. 10
20
Crystal Palace remain hrm. 20

BRITISH FUNDS THIS DAY.—CLOSING PRICES.
(From the Oficial List.)
Badness done.
3 per Cent. Console Annuities 95 i 4 5
Consols for Account 17th Oct.
Exchequer Bills, 24d.
85 4 p
£lOOO 4.
2500 8 5 p
Small 8 .5 p
PRICE OF FOREIGN FUNDS THIS DAY.
Brazilian Bonds, 5 per Cent —
Ditto Small
99
Ditto Small
Danish Bonds, 1825, 3 per Cent
Ditto 5 per Cent
25
Mexican 3 per Cont.
Ditto for the Account 25
Spanish Bonds, 3 per Cent 3B
Spanish Committee Cort. of Coup. not fun 5l i p c
Turkish Scrip
3 I
Ditto for the Account
Dividends on the above payable in London.
, THREE O'CLOCK.
Consols
si 5
Ditto October Account
—.......