The Sun.
London, England, 1854-04-22 00:00:00

LONDON, SATUItDAY EVENING, APRIL 22, 1854.

MON.E Y MA AKE T

- AND
-COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.
The saki of cotton at Liverpool yesterday were
-estimated at 6,000 bales, of which 2,000 were taken
for /ex and on speculation: The market closed
,steadily without animation. Railway Shares were
--ftarat lower prices.
The anomaly of the various regulations connected
with the Russia trade, as altered or expounded
from base to time by our authorities, has already
been noticed under this head ; and, however well-
intentioned, they have the natural effect of dissatis-
fying even those whom they are intended to serve.
Perhaps we should remark that, in giving the sub-
joined statement by Messrs. Smith and Charles, we
leave it to the trade to judge of the interesting de-
tails it contains :

" The Russia trade has once more been thrown into con-
fusion by the Governinent of this country. An Order in
Council was, issued on Tuesday last, which has puzzled our
merchants and their legal advisers to interpret. Stripped
of its contradictions it would appear to amount to this :-
1. Any Russian vessel may leave any Russian port, with a
cargo on board, on or before the 15th May next (new style).
2. After that date no subject of any country whatsoever
may ship goods from a' blockaded port. 3. But neutral or
Britisi subjects may carry on trade with Russia, and bring
the goods so purchased, overland, to neutral ports, whence
they may ship them in British or neutral vessels. 4. Also,
Russian subjects may send their goods overland to neutral
ports, whence they may be brought as above. 5; Also,,
from now blockaded ports neutral vessels may bring goods..
On No. 1 we have to observe that Revel is the only port
where there is any tallow,,and there there are only 300
casks. At Petersburg there is no tallow. It is true 2,000
to 3,000 casks might be brought from Moscow to I'eters-
burg in a few days, but for the following reasons we do
not believe this will be done. The last achfices from
Petersburg are to the Ist (13th) April. The Neva, and far
beyond Cronstadt, was then one mass of ice. The recent
order in council, telegraphed to Petersburg, will probably
reach that city on 24th instant, allowing eight days fer
sending goods from Petersburg to Cronstadt, and getting
them on board at the latter place, we have 13 days (i. e.
from 24th April to 7th May) for ordering and purchasing
the tallow, and forwarding it to Petersburg: by: railroad.
Then 'ave must have open water between Petersburg and
Cronstadt, and we must have vessels to take the goods.
Now, of Russian tonnage, there is at Cronstadt about 1,200
tons; and this, it is most probable, Will be immediately,
secured (supposing the water to be open) for the hemp, flax,
bristlesouid wheat lying at Petersburg, and of which there
are ten times more than these vessels could take. But even
were there 'abundance Oribity room it is most unlikely that
any merchant will incur the risk attendant on' ordering
tallow from Moscow to be shipped under the above circum-
stances, with the possibility moreover of his property being
seized by the Czar. It is one thing for a merchant to
make an effort Di get away his goods already bought, and
lying in Petersburg, it is quite another thing for him
to embark in a fresh operation. No. 2 speaks for itself
No. 3, however strange it may appear, that simul
taneonsly with' a blockade, maintained at as enormous
expense by the allied powers, British •subjects should •
be allowed to carry -on trade overland with Russia,
such would appear to be the fact, and it is our busi-
ness to deal with the actual, and not with 'an ideal
state of things. The question, then is, how will No. 3
affect our-imports ? Now we have already shown (3rd
March) that to bring any considerable quantity of goods'
overfande is a physical impossibility. We have also shown
(31st ultimo) that admitting this to be possible, enough
appears in the looming forms of cruisers, admiralty
courts, confiscation- and prize money, to lead to the con-
clusion that a business surrounded with such difficuities
and accompanied by sucti hazards and possible delays, will
scarcely be attempted by any but our wealthiest mer-
chants, and by them only on a moderate scale. We have
not heard any thing since the date of these circulars to
alter our opinion ; and we have now only to' observe that,
while No. 3 grants- permission -to British merchants to
carry on trade, with Russia, 'and No. 4 permits Russian
subjects to forward their goods overland to England, and
that the4.andeney of these measures• is to afford facilities
to trade that, nevertheless, we believe the difficulties,
dangers, and delays of such business will prevent all but a
very inconsiderable proportion of our last years' supply,
847,267 cwt. coming forward. No. sis not worth notice,
as every port of any' consequence, will of course, be
blockaded. .

The changes arising froM the quarterly pay-
ments exercised a sensible influence again upon the
Bank of England d.uring the week to the flth inst.,
and the exports of bullion likewise conduced thereto.
The amount to the credit of the Government was
trenched 4on for' the same (reason, and- the want
of money iii private circles is shown by the reduc-
tion of the other debosits. -.Probably the repay-
ment of loans obtained from the Bank, as well
as specie shipments' conduced to this; since the
other securities are • dirdinished. • Conipared with
the previouis week, jhe changes are as follows :
Active circulation 422,490,355
Increase 79 505
tullion .:., 13,510,873
Decrease ' 620 726
Rest .,
Increahe 6,069
Public Deposits.
' ' De4rease 918,390
Other Deposits , 12,795,201
Decrease
Seven-Day and other Bills
Increase 18,326
Government securities 13,686,596
Decrease 252,536
Other Securities., 14,763,256
Decrease . , 957,015
Notes unemployed - 4,278,125
Decrease 690,630

The rates for bills of exchange upon the principal
Continental, cities were yesterday rather higher.
Paris, 90 days, was,. taken at 25 25 to 30 ' • Amster-
dam, at 11 151 to 151 ; Hamburgh, at 1344 to 5f ;
and Trieste; at 13 42 to 54. •
All the gold recently to hand by tlie Harbinger
is reported by Messrs. Haggard- and Pixley as
having been, sold, and that by the Soveieign of the
Seas is expected to be disposed of.
The notice
,given late yesterday afternoon, by the
Bank of Ehgland; and CoMinunicated in a late
edition of The .Sun, as to the proposed issue of six
millions .of Ekchequer Bonds, took the majority of
.the Stoc- Exchange members by surprise, the
whispers of the mprning attributing the decline iu
Consols,to sales by the Savings: Bank Commissioners
or the Bank of England to facilitate a funding or a new
loan. The invitation now given to tender for Ex-
chequer Bonds is quite a " new reading," since it
is a mere transfer of one security for another,
although undoubtedly, sliculd it prove successful,
it will pave; the way for a, loan hereafter. Any
further issue of such bonds' this session, it is spe-
cially promiSed, shall not be made, but the ques-
tion asked will be whether more Exchequer bills
would be put upon the market. The government I
will not please specUlators and capitalists who de-
sired to profit by its necessities, and possibly on that
account they may discountenance the present
scrieme ; but the public are' concerned that perma-
nent additions to the Debt should be avoided if pos-
sible, and it would be very satisfactory if the Bonds
could be floated on the market as an experiment.
Th© interest and the convertibility of the new secu-
rity are the points which will be strietlyscrutinised
under existing circumstances ere people tender.
• The amount of silver exported from London
direct during the week to Thursday last, was
178,163 oz., o' gold 4,457 oz. •
The English Stock Market has been exceedingly
quiet, and opened at the decline which occurred
" after hours" 'yesterday afternoon, when the
notice came: down from government—viz., at
87 to for Consols. The quotations, however, are
now improving, the news of: a Russian defeat
having occasioned a rally al to per Cent. Con-
sols now are 87i- to g. The New 3± per Cents.
have been 86 to 87t, and the 3 per Cents. 86 to I.
Exchequer Bills have been at-4s. premium.
Foreign„SecUrities have been quite neglected.
Mexican Bonds lutve been, flatter, at 23; to 24, and
Dutch-21 per Cents. have been done at 56. to 54.
The Slrre' Market has been every inert, and
prices are down about per Cent., as far as can be
judged by the very limited transactions entered
into. Foreign Shares are equally dull.
The Mining Market is without the least move-
ment, and Joint-Stock Banks are nominally rather
heavy. Land Companies'. Shares have been steady.

BRITIS ITCrIiD4 THIS DASD'.—.-CLOSING PRICES.
(From the Ofrial lag.)

Business done.
Bank Stock
per Cent. Rednced Annuities . 864 6 •
3 per Cent. Consols Annuities B7ii 11 4
New 34 per Cent.' Arnuities 864 71
Long AnruitiesrExpiro sth. Jan., 1860
Ditto 30 Years, Expire 10th Oct., 1859 4 7-16
Consols for Acconnt 11th May B7
Exchequer Bills, 2d..
£lOOO •
2500
Small
PRICE OF. FOREIGN FUNDS THIS DAY.
Mexican 3 per Cent.
Russian Bonds, 1.822, 5 per Cent. £St at
Venezuela Bonds, 3i per Cent. ..„ .... ... 224 '
Dividends on the above payable in London.
Dutch Exchange, 2,4 per Cent. 12 Guil
Two oczocz.
consoit,
Ditto May Account

APOTarcARIESArt.—The following are the names
of gentlemen who passed their exatnination in the science
and practice of inediainei and received certificates to
practise, on ThirsdaY, the 20th of April, 1854;—Spencer
Edmonds, St. Heleris, Lancashire;. Heckstall Smith,
St. Mary .Cray; Kent • John Allder Vincent, Oxford ;
Henry Stear, Cambridge ; James Hinton, Clifton, Bris-
tol ; George James Stilwell, Epsom ; George Grey,
Newcastle-upon-Tyne ; John Sparrow, Tours, France ;
Charles Stuart Watkins, Chandos-street ;, Robert Wm.
Cockerill, army; ; Francis Albert Nesbitt, Louth, Lin-
colnshire ; John Fox, Old Strafford, Manchester.
BANKnuncf.7—At-the Court of Bankruptcy yester-
day the final eiamination of Mr. W. B. 4.Werson Was
further adjourned, The debts, and liablbtiee are stated
to be 204004 and 'the assets in band 2 4001, A fur."
ther am will is anticiPatedt be ree4izek----

• • .