The Sun.
London, England, 1853-09-28 00:00:00

MONEY MARKET

AND
CITY INTELLIGENCE.

CITY, TWO O'CLOCK.
The sales of cotton at Liverpool yesterday were
estimated at 8,000 bales, of which 2,000 American
and 503 Surat were taken on speculation. The
market closed heavy, with prices of all kinds but
little changed. The sales comprised 5,500 Ameri-
can, 120 Pernam and Maranham at 6id. to 7-id.,
50 Bahia at 6i:d. to 6id., 305 Egyptian at 6d. to
711, and 2,000 Surat at 3d. to 4d. per lb. Rail-
way Shares were flat, and prices declined to
per cent.
The Overland Mail has arrived at Dover.
There are more ships from Australia, and with
very late dates. The Typhoon, which we noticed
as having arrived yesterday, brings 7,373 ounces of
gold. The Marlborough, reported this morning,
is supposed to have left Melbourne about the 3rd
or sth July, and has over 7,000 ounces of gold on
board ; and the Essex, which sailed on the 2nd
July, has also gold on board, it is expected,
but the sum is not yet known. From the ac-
counts it appears that there was great activity
in the gold market the price being as high as 775.
per oz. The merchants, owing to the high rate of
exchange (2 per cent. prem.), were remitting gold
in preference to Bank bills. The diggings are re-
markably well spoken of, and the really productive
season of the year had commenced, owing to the
washing of the stuff accumulated during the first
four or five months of the year. We have not ob-
tained an inspection of letters so late as July, but
the advices of June 29 have been in our possession,
and from these it would appear that there is every
reason for congratulation as to the condition of the
colonies. It is quite true that many articles of im-
port had fallen considerably in price owing to the
want of storage room, but there were still good
profits abtained upon such manufactures as would
be shipped from England. Winter clothing, boots
and shoes, blankets, hosiery, and other similar
articles, had suffered considerably, although they
were suitable and necessary for the season. The re-
turns, which early in June would have been at least
cent, per cent. on the invoice prices, were after-
wards reckoned at 50 or even 30 per cent. In the
interest of the colonies, we cannot regret that they
should be thus reasonably supplied, for the mer-
chant will make, even under such circumstances,
enormous profits. It is so important, however, to
show precisely the state of the market, that we give
the following ample details, dated to about the
11th of Juno, with the remark that no very mate-
rial alteration appears to have occurred up to the
29th of that month :

" Melbotrne, June , 1853.
"There have been comparatively fewerllth arrivals and
smaller importations this last week than for some time
past, yet prices de not improve : on the contrary, they
continue to fall, and sales cannot be effected without
forcing, and even then at a sensible reduction of prices,
which are felt in almost all descriptions of materials.
As we have already remarked, breadstuffs have been
the first articles to be seriously affected, and as a matter
of course, American importers, from the extent of their
dealings, begin to feel the reduction very unplea-
santly. They already talk of not quitting their goods,
unless at remunerative prices, and bespeak their inten-
tion of rather holding on and storing. How many
more would follow in their footsteps could they store,
we need scarcely say ; but where there is no ac-
commodation, there can be no storage, and where storage
cannot be effected, even at any price, the result is too
obvious to admit of conjecture. In this respect there
has been a very narrow-sighted policy pursued by those
interested, the corsequences of which are now beginning
to be painfully felt. Our merchants, in fact, have been
too much occupied in the contracted routine of their
business to exercise any expanded foresight, so as to
provide for contingencies, and far less to speculate upon
the result of emergencies not merely possible, but most
probable, particularly in isolated, dependent positions,
such as we occupy. Sufficient unto the day is the
profit thereof,' seems to have been their motto, and
they have literally acted upon it, buying and selling, and
filling and emptying their limited storehouses, as if there
never was to be a check either to the supply or
to the demand; and as if both were to follow each
other in such beautiful rotation as just to feed,
without over-stocking, the market. Thus there
has been no prevision for to-morrow's difficulties, and if
these are really at hand, which are seriously apprehended
they will tell in a manner proportionate to the want of
ordinary preparation, which has been made for them.
We wish not to exaggerate evil. We only desire to rouse
attention to the wants and necessities of our market,
well knowing that till we convince our merchants that
both their trade and profits are to be largely benefited by
a more liberal and expanded policy than they have
hitherto pursued, it would be hopeless to expect
that they will bestir themselves, or believe that they
have any other higher duties to perform than merely
to negotiate the routine of their business, with a due
regard to a large per tentage on the sale of whatever
amount of goods they can command. But probably,
when their goods accumulate at the Bay without the
possibility of their being landed, unless after serious
delay and great loss ; and when after being landed
they can neither be sold nor stored, they may then begin
to discover that there are matters outside of their coun-
ters which are worthy of their attention. Then, and
not till then, shall we find full attention paid to the
questions of wharves and docks and granaries, and
every other accommodation suitable for a rising port,
which at most enterprising cities are generally the first
great points of attention, though here they have been
sadly undervalued, at least overlooked and neglected.
If, therefore, the present alarm at the want of storage,
the delay at landing, and the filthy nuisances at the land-
ing-berths, shall be the means of forcing public attention
to these important matters, one great object at length
will be gained, even though it may be at the cost of
some present suffering.
" Ihe particulars of our weekly market may be ga-
thered from our introductory remarks. In breadstuffs
generally there has been a large fall—in American flour
particularly, but in Colonial also. The reduction in
American flour is so great that we do not venture to
quote it, but it is undoubtedly such as ought by this
time to have effected a considerable reduction to the
consumers, which it has not done, bread remaining as
dear as ever, while some kinds of flour are reduced more
than one-third in value. A short time now, however,
will test the price more accurately, both of Colonial and
American produce. In other articles, such as hay,
bran, and maize, the fall during }the week has not been
so perceptible ; oats, too, maintain their price, but meal
has gone down very low.
" Groceries and provis:ens continue much the same as
we quoted them last week, though many of the items
under this head are a little lower. Hams, cheese, but-
ter, &c., are on the decline, and are now coming within
a more reasonable scope as regards price. Sugar and
coffee are in good demand, and sell well. Dried fruits
and spices also maintain their former quotations. Pickles,
preserved salmon, &c., have very much declined last
week, and, like all other articles of provision, are feeling
the full demand.
"Brandy, particularly Martell's, maintains its price,
though other qualities have somewhat fallen. Rum is
in fair demand, at least first-rate quality, but inferior
kinds are offering very low. Gin still continues at
former quotations. Whiskey, however, is falling, and
is little inquired after.
"Wines of a light description, such'as champagne and
claret, are much reduced in price, but good port and
sherry continue in demand, though they do not quote
any higher.
"Ale and beer in bulk and bottle have fallen consider-
ably. Large lots have, during the week, been forced on
the market, but they do not go off freely, and we there-
fore note a reduction in the price of this important
article of consumption.
" Winter clothing, boots and shoes, blankets, hosiery,
and other similar articles, have suffered a considerable
reduction in price, notwithstanding that they are suit-
able and necessary for the season. The returns, which
two weeks ago would have been at the rate at least of
cent. per cent, on the invoiced prices; are now reckoned
good even at one-half, or even 30 per cent. Still such
goods are in demand, and saleable at remunerative
prices.
The quantity of gold received in Melbourne
during the week, to the 11th of June, was much
larger than previously. The total quantity shipped
from Victoria in 1853, reckoned at 755. per oz.,
was about four millions sterling up to the 11th of
June. The following from the circular of Mr.
William Paterson, is dated Geelong, June 10 :
“The price has advanced this week. Considerable
competition in buying has ensued, in consequence of a
further alteration in the exchange in favour of the metal,
making it desirable for remittalnce at the present time,
and also that some first-class vessels are on the eve of
sailing. The price at this date stands at 76s 9d.
"The news from the Victorian diggings generally is
of the most cheering description. The total of the an-
nexed escort returns equal the most palmy days of the
bygone season. It will, however, be observed that there
is part of this delayed irom last; week, owing to the state
of the roads, but with last week's amount added to the
present, it tells remarkably well for a fortnight's yield,
showing that the fields are greatly improving.
" Bencligo is turning out richly, as was expected, now
that they have got plenty of water. The other adjacent
fields are simultaneously improved.
" The revival on the Balaarat side is fully confirmed.
The new gullies opened are proving rich, with every
appearance of being extensive. There is now a very
satisfied tone with the diggers there ; they believe that
their prospects are good for the winter. The escort
from Balaarat on Tuesday brought but part of the gold
lodged at the Cornm.;ssioners, from being at the time
short of horses : the remainder, however, has been since
brought down, the gross amount proving a decided im-
provement for tke week, and establishing the fact of

its increased yield. The, Wardly Yallock,—the scene of
a late rush, is now, it seems, really confirmed as a gold-
field, a commissioner having been dispatched there to

issue licenses.

" The Wimmera is said to be a likely place ; a few at
work there speak sanguinely as to its future importance,
and ray that it only requires a population in order to
rival our most celebrated fields. However, all that at

pres( nit is known is, that some fine samples of largish
gold, is, from time to time, received from there.
" It must be allowed, from present apperrances, that
thetopfidently expressed opinion of the greater number