The Sun.
London, England, 1854-03-29 00:00:00

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.
The sales of cotton at Liverpool yesterday were
estimated at 3,000 bales. The market was quiet,
and closed heavily. Compared with Friday's rates
American were 4d. per lb. lower, and other kinds
scarcely saleable except at a decline. The sales
comprised 2,700 American, 100 Egyptian at 6id.
to 8.12 d., and 200 Surat at 3d. to 31d., per lb. Rail-
way shares were heavy at lower prices.
The mail brought by the Peninsular and Orien-
tal Company from Australia is exceedingly large,
and the intelligence with regard to commercial
affairs is precisely of the character that must have
been anticipated from the information periodically
communicated of late. For a population of 200,000
persons, the imports into Melbourne and Geelong
amounted last year to about 15,000,0001., whereas
100,000 persons were supplied in 1852 with
goods valued at 4,000,0001. only. Such an amaz-
ing disproportion would have occasioned great
fluctuation and misfortune, but for the generally
prosperous state of the community and the large
production of gold. This, however, brings us
also to another consideration. The amount of
gold by escort to Melbourne laSt year was much
smaller than in 1852, and the great problem to be
solved is, whether this arises from an unfavour-
able season, or from an actual falling off in the
yield. At the latest date there were new disco-
veries which promised ample returns, and the
arrivals by the escort at Melbourne from the 3d to
the 23d January last, were 92,000 ounces. This
is a very fair quantity, and, indeed, there is no-
thing to complain of in the aggregate amount of
last year, since it averaged about 156,000/. weekly
at Melbourne. The only article with which the
Melbourne market does not appear to be over-
stocked is flour, but at the present prices of
grain there is not much profit to the
made, taking freight and other charges into consi-
deration, by cargoes from Europe. The Legisla-
ture of Victoria had decided not to alter the duty
upon spirits to the extent proposed, and the reve-
nue, therefore, will show a large deficiency this
year compared with the expenditure. A loan was
proposed for waterworks and other public improve-
ments. Some failures had occurred in the mercan-
tile world, but they are stated to be of minor im-
portance.
The advices from Lyttleton, New Zealand, reach
to the 24th December. The anniversary of the
settlement took place that day. The Council had
decided on local and responsible management for
waste lands. The experiment of the new constitu-
tion was said to have proved eminently successful.
There is every prospect of the United States
Congress making liberal changes in the tariff this
session. The many difficulties arising from the
imposition of ad valorem duties renders an altera-
tion desirable, if only for that reason, but fortu-
nately there are much better motives for introduc-
ing a reduction. Should the bill proposed by the
Government become law, all attempts to pass goods
at a lower rate of duty than what the law contem-
plated, all controversy between the merchants and
the Customs, and all diversity of practice, will
cease. A sufficient revenue will be obtained for
the wants of the country, and the articles which
are to be made free of duty do not come into com-
petition with the industrial interests of the United
States, although, as the following remarks by the
Government Appraiser, in a report to the House
of Representatives, will show, the idea of protection
is no longer entertained
" The day has passed away when it was thought expe-
dient and equitable in enacting a tariff law to protect cer-
tain classes of manufactures with a high minimum and
specific duty ; in some instances where cottons costing
under 30 cents the square yard were deemed to have cost
that amount, the actual duty levied exceeding one hun-
dred per cent.
" The act of 1846, in this respect, was far in advance of
all previous revenue laws ; and with still greater pro-
priety can the same be said of the bill proposed, inasmuch
as no particular interest is benefited and protected
beyond and at the expense of others. The present tariff,
as I have before shown, is unjust and unequal in this
respect—the fact being that the manufacturers of broad-
cloths are receiving, in effect, a bonus, indirectly, of ten
per cent. over and beyond the manufacture of blankets ;
five per cent more than manufacturers of worsted
and cotton ; five per cent. more than manufacturers of
bockings, baizes, flannels, &c. ; and ten per cent. more
than manufacturers of linen, an important interest just
now commencing operation on an extended scale. It ap-
pears to me to be as unconstitutional to benefit one
branch of industry, to the extent the existing tariff does,
over another branch, as it would be to enact a law autho-
rising the merchants of New York to enter their goods 10
per cent. less than the merchants of Boston ; because, per-
chance, New York must be favoured, being the great com-
mercial emporium. There can be no good and sufficient
reason shown why the manufacturer of cloths and cassi-
meres should receive at the hands of the Government 50
per cent, more protection than the manufacturer of blan-
kets—all made from the same material, being equally
necessary and useful."
The foreign exchanges were rather firmer yes-
terday afternoon. Bills at 90 days were taken on
Paris at 25 30 to 324, on Amsterdam at 11 15 to
151, and on Ilamburgh at 13 4i to 5/.
The state of the money market is now of such
importance that a frequent reference to its changes
is interesting. The demand for gold has not been
active within the last few days ; nevertheless, the
amounts brought in are readily purchased, because
obtainable cheaper than what the Bank of Eng-
land has to sell. Mexican dollars have been
in some request. By the Harbinger steamer,
and some other vessels which left Melbourne
in January, about 115,0001. of gold are coming
forward. The question every one is asking in
the City, is, whether the Bank of England will
to-morrow advance its rate of discount. The Go-
vernment, it is said, wanted assistance in disposing
of its Exchequer Bills, which the Bank of Eng-
land felt reluctant or unable to give, audit is asserted
that Mr. Gladstone has sold Savings' Bank Stock,
replacing it with floating debt, in order to avoid
any obligation to the Bank. On the Bth of next
month there will be over two millions sterling
paid to the holders of South Sea Annuities, and at
the same time the quarterly dividends upon vari-
ous stocks will be due. This, if it presses for a
time upon Government, should relieve the general
market, and make money easier among the public
at large ; but there are many who consider that if
the war goes on for 6 months, it will be impossible
to avoid a small loan. Perhaps, however, the pre-
liminary outlay will be the heaviest, and the rest
may for a season be met by the proposed increase
of taxation.

The English Stocks are rather looking up, and if
the money sales were to increase, there would, in
all probability, be a decided rally, owing to the
suddenness of the recent fall. The large sales at-
tributed to the Bank of England and the Govern-
ment fully account for the decline, however ; and
even if they have not been the sellers, other capi-
talists have. Consols have been 86 to 861, and are
now 861 to 86k. Exchequer Bills are better, being
par to 2s. premium. India Bonds have fluctuated
from 15s. to 7s. discount.

Foreign Securities have been quiet, but nomi-
nally rather firmer. Mexican have realised 225 to
for Transfer, and Peruvian 52i to 531, ex divi-
dend. Russian 45 per Cents. have been at 724 to
731, and Dutch 4 per Cents. are 815. The French
45 per Cent. Rentes are at 88, with the exchange
at 25. Spanish 3 per Cents, have been 34 to 1,
and the Deferred 16g.
Railway Shares have undergone no decided and
general change, nor is there much doing. Eastern
Counties are rather better, and greater firmness
prevails. North-Western are better. French
shares are quiet.
The Gold Mines are well supported, but the
Australian Banks have declined. The Land Com-
panies' shares are nominal.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
(Front the Oftcial List.)

Basinexs done.

3 per Cent. Consols Annuities
India Bonds, £lOOO
Ditto, under £lOOO l5 18 7 cl
Consols for Account 18th April
Exchequer Bills, 2d.
£lOOO ....
£5OO ..
Small

861-64

2 p par
2 p
2p

PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Wexican 3 per Cent. 2211
Peruvian Bonds, 44 per Cent. 524 34 x a
Russian Bonds, 1822, 5 per Cent. St , x d
Ditto 44 per Cent 734 2i
Spanish Bonds, 3 per Cent 344 4
Spanish New Deferred, 3 per Cent. ........ 162
Venezuela Bonds, 3.4 per Cent.
Dividends on the above payable in London.

......
French R,entes, 4 6 per Cent........,, 88f. Ex. 25f.
Dutch Exchange, 2j per Cent. 12 Gui 1.....
Ditto 4 per Cent. Certificates 81i
HALF-PAST TWO.
.................. 86t
.................. 86.1

Consols ....................
Ditto April A ccou nt....

CONTRACTS FOR HEMP.—Tenders were delivered yes-
terday for the navy contracts for hemp, but at such high
prices that the Government did not entertain them.
GOLD MINING IN NORTH WALES.- -It is stated that
the operations of gold mining in North Wales have been
regularly commenced within the past week. At one
place four of Berdan's machines have been put up, two
of which are at work, and are alleged to be crushing
quartz at the rate of a quarter of a ton per hour, the
yield of gold from each ton averaging more than an
ounce.
BANK OF PORTUGAL.—This bank, by whom a protest
was issued in January, 1853, against certain financial
measures of the Government, have notified that they
desire to cancel it, in consequence of the affair having
been adjusted by mutual agreement.