The Sun.
London, England, 1853-11-03 00:00:00

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday were
estimated at 6,000 bales, including 1,000 for export
and on speculation. The market closed steadily at
previous rates. The sales comprised 130 Pernam
and Maranham at 61d. to Bd., 500 Egyptian at
6kd. to 9d., and 500 Surat at 3d. to 4d. per lb.
Railway Shares were firm.
The remainder of the letters by the Overland
Mail were delivered this morning, and many items
of interest are communicated in the Australian let-
ters, of which a considerable number have come to
hand. It appears that several firms in the drapery,
ironmongery, and other departments had stopped
payment, as was noticed a few days since under
this head, and that they are in one or two cases
even more serious than had been supposed, the
• accounts being very large. Parties who have just
returned from the colonies, and are perfectly cog-
nisant of the state of affairs, express themselves
in many cases as not being surprised at what
has occurred. Such ridiculously high rates
have been paid for stores, goodwill of businesses,
land, and articles imported, of which many houses
have heavy stocks on hand owing to the badness of
the roads to the " diggins," that they find them-
selves speedily brought to a stand when they en-
deavour to raise money, and the banks get shy.
Instances are well known where men who were
comparatively wealthy and flourishing in retail
establishments have launched out into mercantile
operations totally foreign to their own pursuits,
and with a want of judgment that exposed them to
continual loss. The wine and spirit buying of such
parties will, we hear, afford a pregnant example of
this. Still, speaking in a wide sense, there is to
fear of the well-doing of the colonies, and even the
downfall of individual firms will at first benefit the
general consumer.
The following remarks from the Melbourne
Argus deserve especially the attention of mercan-
tile and other clerks :
" We observe that, generally speaking, the immigrants
now arriving are of the useful class, either of skilled arti-
vms, willing and robust labourers, or small capitalists.
The crowd of clerks and Indescribables is not quite so
plentiful; but it ought to be understood that clerks,
shopmen, et hoc genus ornne, are still literally a drug on
the market. Their previous pursuits and training
prevent them having recourse to the diggings, as the
trials and hardships of the mines are almost always
found by such parties to be literally overpowering.
Under these circumstances -the clerk or shopman, not-
withstanding the bright anticipations under which he
left his home, is content at last to accept of a salary
little more than he might have got in England, which is
only sufficient to keep him alive here, in the utter
absence of all those little comforts which, at home, he
may have been in the habit of constantly enjoying.
There is also an obvious decrease in the number of mere
adventurers who come to try their fortunes in the rich
colony, where, they wrongly inferred, there must be a
thousand chances for the schemer.' The truth is, not-
withstanding the gold fields, this is a colony where mere
scheming is as little successful in gaining money as any-
where else: it-is persevering energy, and not scheming,
which gains the prize in the long run, even in Victoria.
This we have said from the very first ; but our warnings
have been disregarded by many, who have found out
their. value at last.

" Some of these adventurers have gone back to Eng-
land with most dismal stories of the colony, and with
loud denunciations of the colonial press in general, and
of the Argus in particular, for "deceiving" them as to
the real state of things here. But the charge is absurd
on the face of it. The local press has not been in the
habit of exaggerating the advantages of the colony for
the purpose o tempting emigrants to its shores. No
factitious stimulus to immigration has been necessary
since the gold discoveries were announced ; and as far
as the Argus is concerned, we may be allowed to say,
that the summaries which we have prepared for readers
in England have invariably been as faithful pictures of
the colony at the moment we wrote as we could make
them. A reference to our summaries is all that is neces-
sary to prove this.
" There is another class of persons who have given
very discouraging accounts of the colony. It consists of
persons who have come out under the strong impulse of
" trying their fortunes " in the new country ; but who
do not possess the requisite qualities for the arduous un-
dertaking. Indeed,.we must warn the journalists of the
mother country against the practice they indulge in of
too readily admitting into their columns c9mmunica-
tions from private persons, often writing anonymously.
By these means very erroneous information is frequently
disseminated, the writers very often coming to rash con-
clusions ; expressing opinions upon important matters
too early after their arrival ; and allowing their reports
to be greatly tinged by the peculiar circumstances, for-
tunate or the reverse, of their own individual cases."
The Government has taken an important step
that will materially disconcert the " croakers:,
Through the medium of the Bank of England, it
has expressed its willingness to pay off at once such
holders of the New South Sea Annuities, Three
per Cents. of 1751, and Three per Cents. of 1726,
as have not converted, and would in due course
receive their money next January. The total is
2,380,0001., and a discount at the' rate of 4 per

Cent. per annum will be charged to those who ap-
ply for their money. As the funds are low, it will
well answer the purpose of those who dissented
to come into these terms and .re-invest. No
less an amount than 1,0001. of Stock will be
paid off. The Government must have made an
arrangement with the Bank to supply the means,
unless the sales of Exchequer Bills have provided
the means, which is rather probable.
The English Funds have been very buoyant,
again, and continued purchases of money stock
have occasioned a further rise. The proceeding
above referred to is calculated to throw money into
the market, and give a tone to prices. The specu-
lators for a fall have become seriously alarmed,
and their buying back pushes up values. As
to the Eastern affair, it no longer occasions
uneasiness, for even the news stated to
have been just received by telegraph, that the
Turks have had a battle and been defeated by the
Russians, has only produced a fall in Consols from
95i to 94 fl for Transfer. The Account prices
have been 941 and 95. The New 31 per Cents.
have realised 951 to 961, and the 3 per Cents., 93/
to 94. Bank Stock is steady at a rise to 216.
India Stock has been 250 and 253. Exchequer
Bills are 2s. to ss. premium, and India Bonds 2s. dis-
count to is. premium.
Foreign Securities have been very animated,
and, in most cases, at improving values. Mexican
Bonds have been quoted 26, and since 268 1.
Equador Stock is at 51 1. Spanish New Deferred
have been marked 21i. Portuguese Four per
Cents. have been at 41. Dutch Four per Cents.
are 941 to 95, and Russian Bonds 113., Sardinian
Stock is at 92 and 93.
The Committee of Mexican Bondholders have
received information that Mr. Falconnet is on his
way home. Remittances have been made through
Messrs. Baring Brothers and Co., and there is
now enough in hand to pay one dividend, but
250,000 dollars were obtained by anticipating the
duties coming to the bondholders. In September
the duties on the cargoes entered amounted to
718,750 dollars, of which one-fourth would be for
the foreign debt.
The last week's railway receipts ascertained up
to this day are in round figures as under :-
1853. 1852.
Great Western

North-Western
South-Western

49,216 46,487
11,981 10,032

Brighton 12,354 10,703
Midland
South-Eastern....... 16,070 14,604
Great Northern
Lancashire and Yorkshire
28,141 25,331
York and North Midland,Newcastle i
and Berwick, and Leeds Northern C
Railway Sharesi are up 1 to 2 per cent., and as
respects the Great Northern even more. The
French lines are ss. to 10s. per share higher.
The Banks, Mines, and Land Companies' Are
rising.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK
(From the Official List.)
Business done.
Bank Stock . .... . ...•............... ...... 216
3 per Cent. ..
Reduced Annuities 934 4
3 per Cent. Consols Annuities 95 4i 5p 4-5'
New 31 per Cent. Annuities 9si 6y 5
Long Annuities, Expire sth Jan., 1860
Ditto 30 Years, Expire 10th Oct., 1859
Ditto 30 Years, Expire sth Jan.,1860 5 9-16
India Stock
India Bonds, £lOOO . ....... ........ ..........
Ditto, under £lOOO 2 d 1 p
Consols for Account
Exchequer Bills, 2d.
£l000
£5OO 2 5 p
Small 2 5 p

PRICE OF FOREIGN FUNDS AT ONE O'CLOCK,
Cuba 7 per Ct. (Matanzas & Sabanilla Bonds) 101
Equador Bonds .
Greek Bonds, Red ... 8
Mexican 3 per Cent.
Ditto for the Account 26i a a a
Peruvian Bonds, 4i per Cent.
Portuguese Bonds, 4 per Cent 4lt
Russian Bonds, 1822, 5 per Cent. £St ll3
Sardinian Bonds, 5 per Cent 92 3
Spanish Bonds, 3 per Cent 444
Spanish New Deferred, 3 per Cent
Venezuela Bonds, 3 per Cult. ... ...

Divldendsontha above payable in London.
Belgian Bonds 4 per Cont. ex. 25 fr
Dutch Exchange, 2i per Cent. 12 Guil
Ditto 1 per Cent. Certificates ......•
HALF-PAST TWO.

Consols 94/
Ditto November Account 944