The Sun.
London, England, 1854-04-08 00:00:00

MONEY MARKET

AND
COMMEBOIAL INTELLIGENCE.

CITY, TWO O'CLOCK.

There was a moderate demand for cotton at
Liverpool yesterday. Sales, 6,000 bales, in-
cluding 1,500 for export and speculation. Rail-
way Shares were firm at higher prices:.
There was again a decrease of bullion at the Bank
of England during the week to the Ist of 'April,
but not nearly o much as there would-have been
if the Australian arrivals had not supplied means
of remittance. The demand for money was shown
to be continuous by the large increase in discounts,
and the Bank appears to have been a seller of stock.
In the Government account there was but a trifling
increase. The circulation was largely brought out
by the extra accommodation afforded. Compared
with the previous week, the changes are as follow :
Active circulation £21,684,240
Increase 443 465
Bullion 14,449,718
Decrease 179,564
3,757,576
Increase 13,371
Public Deposits 4,445,788
Increase 21,961
Other Deposits
Decrease 55,073
Seven-Day and other Bills
Decrease 22,666
Government Securities 11,607,616
- Decrease 184,500
Other Securities 16,522,726
Increase 765,122
Notes unemployed 6,633.535
Increase 635,280
The Honourable East India Company drew bills
during the fortnight to last evening, upon the dif-
ferent presidencies, to the amount of 186,502/.28.8d.
Yesterday afternoon the rates for foreign bills of
exchange were still rather heavy. On Paris 90
days' paper was, taken at 25 25 to 25 30, on Ant-
werp at 25 12i to 17i, on Amsterdam at 11 15 to
15i, on Hamburgh at 13 4 to 4k, on Frankfort at
1181 to 0, and on Trieste at 13 57 to 14 6.
A large proportion of the gold received lately.
from Australia has- been purchased for exportation,
and to-day the silver per Solent was disposed of—
bar at ss. 1-4 d., and dollars at ss. Cid. per ounce.
Among the questions which were introduced
recently during the debate upon the Budget, it
was satisfactory to find the currency included.
The operation of the last Act of Sir Robert Peel
is now being felt in a way which, although foreseen
by that statesman, 9.nd probably intended,. will be
none the more acceptable to the community at
large. Owing to the suspension of business by
several banks since the act came into operation,
we have now a smaller volume of currency, and
the Bank of England has taken no measures to fill
'up the void. There is probably, however, a want
of appreciation in the Legislature of the importance
of this subject, and it will be the business of the
public to take it in hand, with a view to modifica-
tions. We cannot do better, upon the eve of a
war, than subjoin the observations of a high prac-
tical authority, the Bankers' Circular. The editor
remarks :
"The Chancellor of the Exchequer has acted with
boldness. He tells the commercial classes that he will
only in the last extremity increase indirect taxation. He
will not add to the National Debt. He will only
ask for a few millions in the shape of Exchequer
Bills, to be paid off, as the phrase goes, out of the 'grow-
ing revenue.' There can be no objection to the course
proposed by the Chancellor of the Exchequer. Other
Financial Ministers have done the t-ame. But do not
merchants see that the Bank resources will be locked up
in a manner in which they never were before. For if
the wants of the Government are to be supplied by defi-
ciency bills, those' bills must he represented by bank
totes before they can be generally applicable to
the public purposes. The apprehensions entertained,
therefore, by Mr. Glyn are fully justified by
the position in which commercial credit will be
Placed, if the demands of the Government are to be
satisfied by the Bank. The foreign exchanges are at
present all unfavourable, and the next returns of the
Bank will probably show a decrease in the bullion. As
far as the wealth of the country, .andlhe means of carry-
ing on war are concerned, no fear need be entertained.
But if, in the midst of this wealth, the credit of the
country is destroyed, the consequences will be ruinous."
Why, then, do not the bankers and merchants at
once come forward, and by their united efforts
enter their opposition to the act which places them
in so dangerous a position ? What is done in
'Liverpool?—what in Manchester, where the losses
1839 hy the Monetary system were stated in the
report of the Manchester Chamber of Commerce to
amount to 40,000,00 W. sterling ? Why do not our
great commercial associations, that have devoted so
much time to the subject of a decimal currency,
turn their attention to a reform in the currency
itself ?

Rest

.New York accounts to the 25th ult. have just
Come to hand. The Stock Market was rather
stronger, the foreign:news having had no particular
effect. . There was much difference of opinion as to
the effect of the war in Europe. • Many concluded
that the Emperor of Russia could defy us. Flour
was in better'request at 124 cents. per barrel ad-
vance. Cotton was drooping. Hemp firm, but
quiet. •

The amount of the precious metals exported
direct from London during the week to Thursday
last was 573,700 ounces in silver, and 29,527
ounces in gold, all to the Continent.
The English Stock Market has been very buoy-
ant again, and the withdrawal of the Turkish Loan,
in conj unction with purchases on Trust Account from
the proceeds of the South Sea Old Annuities just re-
deemed, with the dividends now being paid, throws
lore capital into the market for investment. One
circumstance cannot fail to attract remark, viz., that
if a popular loan like that proposed for Turkey,
and upon such advantageous terms, cannot now be
tegotiated, and ,which there is perhapg. reason to
regret, we are tolerably secure against the intro-
duction of other foreign loans. Consols have been
for as high as 87i and 83 for transfer, and 87i
for account. The New 3i per Cents. have been
84 to .-g; and the Reduced 3 per
'Cents. 86i to
86k. Bank Stock: is very firm, at 2141. Exche-
quer Bills have risen to Is. and Os. premium.
There is a quiet' market for Foreign Stocks, and
prices are not, in all cases, at-the highest range of
Yesterday. Brazilian 5 per Cents. are firmer,
being 92k ex - dividend. Mexican have been 24
Russian 5 per Cents. at 921, and the
15," ants:` at 81, being weaker. Spanish 3 per
-ents. have risen 1 per cent., viz., to 351, but the
w Deferred are flat at 17t. Dutch 2 per Cents.
have further advanced, being 56 to 57, and the
n Per Cents. are quiet at 84k.
, Railway Shares have been about per cent.
better in most cases. The French lines are
Steady,
Gold Mine Shares are firm ; the Joint Stock
13_anks without particular change, and the Land
?amp/lies' steady. A large business has been done
111 Canada Government Six per Cents., at about
108. to 15s. per share advance.

lIRITISEI FUNDS THIS DAY.-CLOSING PRICES.

(From the Official List. )

Raciness don,
tank Stock .
3 per Cent. Reduced Annuities B6i-!, Z
3 Per Cent. Consols Annuities 874 i i 8
!'evr 31 per Cent. Annuities
87i i
Long Annuities, Expire sth Jan., 1860
Ditto 30 Years, Expire sth Jan., 1860 4 15-16
In Bonds, £lOOO ...... ..........
Ditto under £lOOO
Consfor 2 P
Account 18th April
87i 2 i Sh 8
Excb.-
-wilier Bills, 2d.
£lOOO
..5 1 6 p
anal,
. .
2500 .
...................................... 51 6 p
_ _l6 p
.... .
PRICE OF FOREIGN FUNDS THIS DAY.
Brazilian
- Bonds 5 per Cent. O2/ x(1
"eues Ayres Bonds, 6per Cent 55
Mexican 3 per Cent. P
Ditto for the Account 244
Peruvian Bonds, 44 per Cent. 6O
Russian Bonds, 1822, 5 per Cent. £St 92i 4
Ditto 4A per Cent.._ ... .
BPanleh !fonds, 3 per Cent .... ... ....... : 354
SPanish New Deferred; 3 per Cent,.,, l7i
,r, Dividends on the above payable iLondon.
Ijltteh Exchange, 2i per Cent. 12 Gull
Ditto 4 per Cent. Certifieates .....
TWO O'CLOCK.
87Z-8
871 S

Consols
Ditto April Account ,

of the
TEE CIVIL SERVICE.—The appointment of chairman
Audit Board is vacant, caused by the retire-
Inent of Sir William Lewis Herries, K.C.H., whose
sFrida uperannuation was settled at the Treasury yesterdaysof
Y) ( afternoon, There are two vacancies
Mr. E
cle f.
assistant-examiners in this department.
Vaughan, Junior examiner is to be senior examiner,_r.
secondlclass, vice J. Wilkinson, promoted. M
or
Albert G. Braithwaite, assistant-examiner, to be jun,
S. examiner, vice B. Vaughan, promoted. Mr. J. S
Slade, of the Commissariat branch of the Treasury, has
been appointed to act as a Deputy-Assistant-Commis-
be berts ry-General with the expedition to Turkey. Mr. Ro-
of the Audit-office, and Mr. Hawkins, of the
Queen's Remembrances-office, will also proceed to Tur-
key to assist in the office of the Commissary-General.
The appointment of Under-Keeper of the Manuscripts
in the British_ Museum is vacant, vice Holmes, deceased,
salary 400/. per annum, is the gift of the trustees,—the
Lord Chancellor, the Archbishop of Canterbury, and the
Speaker of' the House of Commons.—Civil Service
Gazette.
OMNIBUSES IPOR TRADESMEN.-
If a spirited company
'would take this maer p much good might be done. I
rode to-day in three 'buses, and they were not half full,
because the fares were too high, and the deception too
lrequent. I suspect that these omnibus proprietors will
not see their interest until the new light brings the air
nd water carriages upon the road, and then good-bye
tO ,D • • , -
nanibuoes.—Gorrespondent of Ow Ruilacr.