The Sun.
London, England, 1854-07-15 00:00:00

MONEY MA RKET

AND
COMMERCIAL INTELLIGENCE.

X2O, 521,240
422,460
14,021,207
194,391
3,265,820
Increase
Public Deposits 4,948,822
Decrease 366,376
Other Deposits
Increase . 1,451,985
Seven-Day and other Bills
Increase
Government Securities 12,977,237
Increase 2,644,442
Other Securities 15,920,198
Decrease 830,203
Notes unemployed 6,777,420
Decrease
Yesterday afternoon there was a slight decline
n the rates of exchange upon some of the Conti-
nental cities. Hamargh, however, was firm at
13 5i to 51 for 90 days' paper, and Amsterdam im-
proved to 11 17 and 174. Paris was 25 22i to
27k, being without alteration. Trieste declined
to 13 10 and 13.
The subject of gold mining in England has enga-
ged the serious attention of the Crown officers, and
appears to be very well elucidated in certain reports
which they have made to the Lords of Treasury, with
special reference to the granting of licenses. The
fact appears to be admitted that gold is obtainable,
but whether in quantities that will pay, is not so
clear. The Crown desires, very wisely, to give
&de encouragement, without fostering unwholesome
speculation ; and the following will afford an idea
pf the views which are entertained. The party
reporting is Mr. Sopwith, who states :
" I beg to suggest that a printed form should be given
to all applicants to fill up answers to the following ques-
tions, viz. --the precise situation, character, and extent
of the place applied for ; the tenure of the surface and
name of owner ; the description of works proposed to be
undertaken, and the grounds upon which such explora-
tion is deemed likely to be advantageous. As an example
of the further details which may be included in such a
printed form, I may refer to those which were drawn up
by the Dean Forest Mining Commissioners in 1833.
"I assume that, as stated in your letter, and as I have
' generally understood, the prerogative rights of the
Crown extend to all mines of gold and silver, and that
these are usually called Royal mines, subject, however,
to the restraints imposed by the Acts 5 William and
Mary, c. 6, and 55 Geo. 3, c. 134, by which, as regards
gold and silver contained in copper, tin, iron, and lead,
certain prices are fixed, amounting, in most cases to a
virtual extinction of the right.
"It is also important to keep in view the opinion which
has been held that the Crown has no right of entry upon
lands of private individuals to search for Royal mines,
whether of gold as found in a virgin state or when in
combination with the baser metals.
" Such being the more prominent points of the legal
bearings of the subject, I now proceed to the several
different conditions under which it will be necessary to
treat with parties whose applications come under one or
other of the three classes which you specify as follows,
viz. :

Active circulation
Increase
Bullion
Decrease
Rest

" lat. Where the gold is found in combination with
other metals, the whole of which, with the necessary
easements for working, are vested in the Crown.
" 2d. Where the gold is found in combination with
the minerals specified in the Acts of William and Mary,
and which are not vested in the Crown.
" 3d. Where the gold is found in a virgin state, or
secreted in rocks, and not in combination with the ores
and minerals specified in these acts, on lands where the
minerals are not vested in the Crown.
"In regard to the first-named class of mines or mine-
ral districts, it is necessary to consider them as being
either already under lease or licence, or altogether free
and open to new arrangements.
"In every case where gold is found in combination
with another mineral which is already under lease at a
proportional royalty, I recommend that licences be
granted enabling such lessee to extract gold at the same
proportional royalty as has hitherto been pay-
able under existing leases, and this in some
cases may be a fair and reasonable rate ; but
I would also recommend, that upon any special
cause being shown, the royalty on gold might be re-
duced ; and in many cases I am of opinion that a royalty
of 1-20th part of the gold extracted would be more ad-
vantageous than a higher royalty, by affording encour-
agement to work mineral veins producing a small quan-
tity of gold, the profit upon which may enable the mine
adventurer to make larger excavations, and to obtain
other ores than gold, but which without this aidmight be
wholly unproductive as well to the Crown as to the mine
adventurer; and it is in this department of mining that
I anticipate most benefit, from the recent improvements
in extracting small quantities of gold.
"In such cases, then, I recommend, in the first in-
stance, the adoption of already existing royalties ; and,
upon due cause shown, a reduction of the same, varying
as the circumstances may require, down to a minimum
royalty of one-twentieth. The applications made for
such reduced rate of royalty should be made on a proper
schedule; and if gold mining should becom e extensive
and important, the detailed information thus obtained
would be of great use.
Where gold is found in combination with other
minerals that are not vested in the Crown, Mr.
Sopwith recommends a, fixed commutation, not
exceeding 5 per cent., of the value of the gold ob-
tained.
Where gold is obtained in rocks, or in a virgin
state, a royalty of 1-12th or 1-20th is recommended.
The exports of the precious metals direct from
London during the week ending Thursday last
comprised 89,461 ounces of silver coin and bars,
mostly to Hamburg and Havre, and 5,480 ounces
of gold, chiefly to the same places.
The steamer from the Brazils brings 42,0001. in
specie.

- The English Funds have been very quiet, but
are 1 per cent. better since the commencement of
bussiness this morning, the fine weather and a ces-
sation of money sales having a potent influence.
Consols have been 911, and since 921 for transfer,
while for the present account they have been done
as high as 92g. The New 31 per Cents. have been
92, and are now 93k, and the Reduced 3 per Cents.
from 91 have started up to 92i. Exchequer
Bills are par to 2s. premium, and the Bonds of
1859 are premium.
Foreign Stocks are extremely dull, the only
dealings being in Mexican at 24k .13, a slight im-
provement ; in Peruvian 4i per Cents, at 674, also
an advance ; and in Russian 5 per Cents, at 971)
being weaker.

Vie following are the nominal prices of Foreign
Stocks :—Grenada Deferred Bonds 6 to 61, Mexi-
can 24k to 24i, Peruvian 66 to 68, ditto 3 per
Cents. 50 to 52, Portuguese 4 per Cents. 39 to 41,
Russian 5 per Cents. 97 to 99, ditto 4-i per Cents.
81 to 83, Spanish New Deferred 183/4 to 182, ditto
3 per Cents. 37 to 37i, ditto Certificates 4 to 4i,
ditto Passive 3i to 44-.
Railway Shares are rather quiet, but the ten-
dency is upwards, and the prices current generally
exceed the highest of yesterday. The lines most
dealt in are—Caledonian, Great Western, North-
Western, and South-Western. French Shares are
very inanimate.
Mining Shares are quite neglected. Banks very
dull, and Land Companies' inactive. Crystal
Palace are supported.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
( Prom the Oticial List.)
Business dons.

1 3 per Cent. Reduced Annuities 9ls 2i
3 per Cent. Consols Annuities 914 2
34 per Cent. Annuities
Long Annuities, Expire sth Jan., 1860
Consols for Opening 19th July
Exchequer Bills,2id.
£1000
Small 4 p 2 p
Exchequer Bonds, 1858
Ditto Scrip, 1859
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Mexican 3 per Cent.
Peruvian Bonds, 44 per Cent. 674
Russian Bonds, 1822, 5 per Cent. £ St 974
Dividends on the above payable in London.
TWO O'CLOCK.
Consols for Opaing_l9th July ~..•• ,i I 92i i x 4

CITY. TWO o'CLOCK.
The sales of cotton at Liverpool yesterday
were estimated at 6,000 bales, including 1,500
taken for export and on speculation. The market
was quiet but steady. Railway Shares were dull.
It is remarked in the tallow statement of Messrs.
Smith and Charles, that
" It appears from a discussion in Parliament last
night that the White Sea is positively to be blockaded
on Ist August next, and that the allied admirals had
agreed on blockading the Black Sea ; but on submitting
to Lord Redcliffe their plan, he objected to it. The
paper has been forwarded to the French and English
Governments, who have returned answers, the par-
ticulars of which have not transpired.
"We have to-day received advices from Petersburg,
to 7th July. Exchange 375. 3-16 d. to 375. ; nothing
doing in tallow. This, the political information just
mentioned, might have been expected to raise the price
of tallow, but, on the contrary, the market has been
exceedingly dull."
The increase which during the week to the Ist
inst. took place in the discounts of the Bank of
England was the subject of remark at the time,
but it was only temporary as we find a reduction
in the week to the Bth inst. The amount to
the credit of the Government was but slightly di-
minished notwithstanding thefirst of the quarterly
payments, and it is probable the proceeds of Ex-
chequer Bonds came in aid. In the Government
securities there is a very large increase, the result,
it may be of the restoration of stock borrowed,
or otherwise of advances obtained upon the un-
issued series of Exchequer Bonds. The precious
metals were trenched upon owing to the smaller
sums received from abroad to supply means of re-
mittance or dividend payments. The latter pro-
bably had most influence, and acted likewise upon
the private deposits and the circulation. Compared
with the previous week, the changes are as fol-
lows :