The Sun.
London, England, 1853-04-20 00:00:00

MONEY MARKET AND COMMERCIAL
INTELLIGENCE--(THIS DAY.)

CITY, TWO 0 CLOCK.
The sales of cotton at Liverpool yesterday were
estimated at 5,000 bales, of which 1,500 American
were taken for export and on speculation. The
market was tame, but heavily supported. Prices
of all kinds were in favour of buyers. Americans,
at sd. and under, were 1-16 d. per lb. lower. The
sales include 250 Egyptian, at 7d. to ls. d.; 20
Sea Island, at 13. 10d. to s.; and the remainder
nearly all American. Railway shares were steady.
The schedule of new duties published this morn-
ing enable the commercial public to form a better
idea of the plans and intentions of the Chancellor
of the Exchequer. Following an elaborate speech,
it is difficult to arrive at an exact appreciation of
alterations upon minor articles of consumption ;
and, in the present case, the Chancellor only spe-
cified the more important products that were to
be relieved. It is now found that the list
of alterations does not remove the objection- so
long entertained as to the imposition of small
duties upon a list of articles, which, in the aggre-
gate, do not yield much to the revenue, but at the
same time occasion great expense in collection.
The progress of the Chancellor, however, is in the
right direction, namely to raise a large revenue
from some 20 or 30 important staples, and to free
the rest. The tables now published show, however,
a species of frittering which is decidedly objection-
able. There is no immediate occasion, if the
public income can spare the amount, for
touching many of the items included ; but
if they are to be dealt with, it would be
better that they were at once removed from
the duty list and made free upon importation.
There seems to be a very unsettled feeling among
commercial men regarding this Budget, for although
we are bound to state that in substance it meets
with great approval, the Income Tax always ex-
cepted, there is a fear that between the opposition
that may arise to the latter, and the dissa-
tisfaction which the • Irish members may
feel, the Government may sustain a de-
feat. An immediate effect has been produced
upon some of the principal articles. Thus tallow
has risen ls. per cwt., and palm oil is in great
demand, and held for higher prices. Tea is very
firm, but there is no positive change in the quota-
tions. Various suggestions are made regarding
particular items of the Budget, and some of
them deserve attention. We mentioned yes-
terday our objection to the placing of mere
postage stamps upon receipts, considering that
they may be liable to removal by accident or
design, a receipt unlike a letter or envelope being
retained for many years. It would meet approval,
we think, if blank slips were issued, as at present,
with the ld. charge stamped upon them • unifor-
mity of charge rendering it tolerably certain that
every man of business would keep an ample supply
for use ; whereas, when the• stamp ranged from
3d. to 10s. it was useless almost to attempt to keep
an assortment, and recourse was had instead
to the nearest licensed" -seller. One advan-
tage of the one penny stamp is the fact that it
can be attached to the 'account itself, whereas
a separate receipt must be folded therein. A plan
that would meet general approbation also would
be the stamping of all cheques. If every banker
passed his cheque-books through the Government
offices prior to issue, and had them indented with
the penny stamp, all further trouble and difficulty
would cease, the amount being charged by the
banker to the customer. As there are a great
many parties who do not keep bankers, and
therefore never pay by cheque, the Queen's head
would suffice for them,. the • amounts involved
in such cases being usually very small. -
The position of the Land' Companies in the
British American Provinces—LCanada more parti-
cularly—iS likely to be considerably improved by
the intended formation of a central railway that
will connect the most distant parts, Wand open up
tracts of country hitherto debarred from these
facilities of communication, which will give a mar-
ket value to produce. The Canada Company have
for years past rendered essential service to
settlers upon their estates by attending to this
primary consideration, and they have succeeded in
enhancing the value of their property, and at the
same time in establishing .a character which causes
them to rank very high with the agriculturists.
Another company, however, having its territory in
Canada East, has been much less successful, pre-
cisely from the absence of that outlet which the
]akes in the upper provinces have partly afforded.
The British American Land Company was resolved,
however, a year or two back, to take a large inte-
rest in the St. Lawrence and Atlantic Railway.
Company, which passes directly through their pro-
perty, the town of Sherbrooke being the principal
station. This undertaking will be opened on the
Ist of next July. As far as experience yet justifies,
this undertaking will be of immense service to the
company, and the grand think also is calculated to
improve it very considerably.
The shares of the Company which were formerly
quite neglected iii the Stock Exchange, and were
only transferred among a few parties who had care-
fully watched its progress, have recently been so
largely dealt in, and have experienced such an
extraordinary rise, that it may be interesting to give
some particulars °fits position. The capital is divided
into 6,000 shares of 501. each, with 381.105. paid-up,
representing 231,0001., against which the company
holds 1,2421 acres of land in the town of Sher-
brooke, containing upwards of 3,000 inhabitants,
having doubled itself within the last 18 months,
and being still rapidly on the increase. According
to the calculations of parties who, being interested,
have gone fully into the matter, it is said that
this town property is worth 1001. per acre, and the
various items are thus computed :

1,2421 acres in Sherbrooke 4124,250
564,016 f acres (taking the average at 12s. 6d ,
according to previous sales) 352,510
Property in Montreal 377
Mortgage debts and loans secured on real estate 94,390
Bills receivable, accounts, and other debts 3,430
Shares in the St. Lawrence and Atlantic Rlwy 25,000
Debentures on ditto ......,.-7 .. . . .... 2,949
Loan to St. Lawrence and Atlantic Railway.... 25,000
Sundries, as per report 1,833

£629,639

It is stated that 100,000 acres of the land are
about to be sold to a Mining Company, on very
favourable tern?, while. the increased value of all
the remaining land; when the Canadian Trunk
Railway is completed, is estimated at 7s. 6d. per
acre. The result, excluding the mining offer and
this estimated increase, would be that each share
might be valued at 105/, but of course there
Theareß
certain
e Reserve
contingencies o
Fund is about 25,0001. The last ad-
vices tingencies to be taken into account.
from Canada state that there is a considerable
local excitement about the gold,. and that Professor
Logan had examined four localities' on the' Magog
river, and has found gold at each spot. This river
runs into the St. FranciS River, both of which go
through the Company's property, the former very
near to, the town of Sherbrooke. Other minerals
are said also to have been discovered.
The Foreign Exchanges yesterday were at about
the same rates as previously for three months' bills
on Paris, Amsterdam, liamburgh, Frankfort, and
Trieste.
The English Funds are very quiet, and decidedly
-flatter. The quotation of Consols for Transfer is
1001 to , and for AccoUnt 1001 to There is
increasing doubt about the Budget passing. The
New Three-and-a-Quarter per Cents. have been
104 to , and the Three per Cents. 99 to.
Bank Stock has advanced to 224 and 227. Ex-
chequer Bills of .March are 4s. to Bs. premium.
Foreign Stocks have been steady generally, but
Mexican are rather lower, being 274 to 28. Spanish
Certificates bring 7i to 31. Portuguese 4 per Cents.
are of to
The Railway Share Market is drooping, the de-
cline being to 1 per cent., but the French lines
are firm. _ _

Gold Mine Shares are heavier, and the Land
Companies are down 3/. to 5/.
The Joint Stock Bank Shares are dull.

BRITISH FUNDS THIS DAY.
(From the Official List.)
Business done.
Bank Stock .. . ... . .. .. ...........•
" 2251 7
3 per Cent. Reduced Annuities t
3 per Cent. • Consols Annuities
New 31 per Cent. Annuities . . ...... ... .
Long Annuities, Expire sth Jan., 1860 -16 6
Ditto 30 Years; Expire 10th Oct. 1859
Ditto 30 Years, Expire sth Jan., .186.0 6 3-16
South Sea New Annuities . ' lOOl
Consols for Account
Exchequer Bills lAd. June. March.
£1090.....
£5OO 9 8 4
Small 59 84

PRICE OF FOREIGN FUNDS THIS DAY.
Brazilian Bonds, 5 per Cent. lOOl .
Ditto New, 1852, 4. per Cent 99i
Buenos Ayres Bonds, 6 per Cent -
Chilian Bonds, 6 per Cent... ..... .....••• lO4
Danish Bonds, 1825, 3 per Cent. ........
Grenada Bonds, Deferred
Ditto Ex. Dec., 1149, Couprn
Greek ex over-due Coupons . 9 . .
Mexican 3 per tent.
Ditto for the Account
Peruvian Scrip 3l r
Portuguese Bonds, 4 per Cent, . -
Russian Bonds, 5 per Cent.
-Ditto 4. per Cent lO4
Sardinian Bonds, 5 per Cent. .. 974' i -
Spanish Bonds 3 per Cent 4Bi; 8
I, 4
Ditto New Deferred, 3 per Cent • 24
Spanish Committee Cert. of Coup. not fun 7ll I. 7 . p c
THREE O'CLOCK.
.. _. . ..
Consols.... - - .. 1004
• . Ditto May Account - - - - - - - - 1001 fi