The Sun.
London, England, 1854-05-06 00:00:00

THE SUN, LONDON, SATURDAY EVENING, MAY 6, 1854.

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO o'CLOCK

The sales of cotton at Liverpool 3 esterday were
estimated at 6,000 bales. The market closed
heavily, without change in prices. Railway shares
were flat.

Messrs. Smith and Charles give the following as
the latest information :—" St. Petersburg]; 27th
ult.—Exchange 341 d. to 34id. 200 casks on the
spot at 122 to 124 Rs. for transmission to Memel.
Also, at Moscow, 200 casks for August at 110 to
112 Rs. No tallow had reached Memel by the last
advices."

The position of the Bank of England does not
improve, and some measures for protecting the
reserve of notes • becomes increasingly necessary.
Whether an advance in the rate of discount would
best accomplish this it is not our purpose just now
to discuss. We simply call attention to the fact,
that the Bank loses its bullion, and has to trench
upon the notes in its " till." The Government ac-
count improved a little. In the discounts there
was a further increase, and the loans upon Govern-
ment Securities ware reduced, or otherwise, as ap-
pears more probable, the Bank was a seller. The
balances of private depositors were curtailed, an-
other indication of the demand for money. Com-
pared with last week, the changes are as follow :
Active circulation £22,247,320
Decrease. 22 875
Bullion
Decrease 398,167
Rest
Increase 5,730
Public Deposits
Increase 2,018,493
250,770
Other Deposits
Decrease
Seven-Day and other Bills
Decrease 62,103
Government Securities 13,080,679
Decrea,se 268,388
Other Securities 14,438,192
Increase
Notes unemployed 3,941,140
Decrease 350,675

Some observations upon the currency and the
Bank of England, contained in the Circular to
Bankers, are very apposite at this juncture. The
writer observes :

" The nation has for 30 years submitted to have its
monetary system restricted within very narrow limits,
while the opposite policy has been pursued with com-
merce. And so long as peace was preserved, and com-
merce was confined within very narrow bounds; the effect
would not so soon, he shown. But now we have entered
upon a war with a Power that has within itself immense
resources in material wealth, and extended our export
trade some 40 millions per annum since our present
monetary system was introduced, we cannot see how,
without some very material alteration takes place, that
we can possibly meet the exigencies of war, and
sustain, at the same time, oar commercial en
gagements. Nor can we look upon the regula-
tion of our circulating medium by the quantity
of gold retained in the coffers of the Bank under such
circumstances, without feeling astonishment at the per-
tinacity with which some parties adhere to the delusion.
That the Bank itself can long support it we cannot be-
lieve ; for although the directors have passed over
another week without raising the rate of discount, in
consideration, we presume, of the scheme of the Chan-
cellor of the Exchequer, that is the only step they can
have recourse to, or to sell securities, unless the drain of
the precious metal shall cease, of which there is not the
slightest probability ; for not only are the prin-
cipal arrivals immediately exported from this
country to the Continent, but the high prices
of the principal necessaries of life, and the advanced
price of labour, prevent the Bank from increasing its
metallic resources from the internal circulation of the
country. Various attempts have been made to show
that there can be no danger apprehended from the posi-
tion in which the Bank is placed by the war ; and it is
highly probable that no conviction of this will be felt
until some financial calamity overtakes the Government
or the Bank itself, and suddenly prostrate the commer-
cial interests of the nation."

There was rather more firmness yesterday after-
noon in the rates for Bills of Exchange upon the
principal Continental cities, and on Trieste there
was a decided advance.

The amount of specie on board the Peninsular
and Oriental Steam Navigation Company's -vessel
Sim'a, is 80,7101., principally for China.
The amount of gold exported from London direct
during the week to Thursday last was 1,425 ounces
and 921., and of silver 154,679 ounces, all to the
Continent.

The official returns relating to trade and naviga-
tion for the month and three months, ending
April 5, 1854 have been issued. From these it
app.a.rs that the total declared value of exports for
the month was 10,042,7541., being au increase of
2,155,5211., comparedwith those of the like month
in 1853. The increase is perceptible in beer and.
ale, coals and cull:a, cotton manufactures, earthen-
ware, haberdashery, and millinery, hardware, and
cutlery, linen manufactures, linen yarn, machinery,
metals, wool and woollen manufacturers. There
was a falling off in silk manufactures and cotton
yarn. _ _

The importations of the principal articles were
larger for the month, as respects oxen and bulls,
cocoa, coffee, wheat, barley, oats, flax, currants,
raisins, guano, palm oil, rice, saltpetre, pimento,
rum, sugar, wine, and tea. There was a diminu-
tion in sheep, flour, cochineal, indigo, hemp, pro-
visions, nutmegs, pepper, brandy, and cotton wool.
The shipping accounts exhibit an increase in the
amount of tonnage employed in the foreign trade
of the United Kingdom for the month of 84, 652
tons for the entries inwards, and an increase of
189,024 tons for the clearances outwards.
In the coasting trade for the month, the vessels
employed show a decrease of 60,694 tons for the
entries inwards, and of 41,028 tons for the clearances
outwards.

The stock market has been dull this morning,
with uneven prices. Consols were 871 -a, and have
since been 87* I. The confirmation of the news
from Odessa has inspired a lively feeling of satisfac-
tion, but the " additional estimates" necessarily
have an unfavourable influence. Bank Stock is
steady at 202 to 205. Exchequer Bills continue at
23. discount to 2s. premium, and India Bonds are
10s. to 15s. discount. The New 31 per Cents, have
been 87 to 87i. . .

Foreign Securities are inactive. Russian 41 per
Cents. have been done at 80. Mexican Bonds are
heavy at 23k. Peruvian 3 per Cents. are at 44.
Brazilian Small Stock is quoted 95.
Railway Shares opened rather firmer, but are
feebler since.

The Mining Share Market is about the same,
and the Banks and miscellaneous are supported.

BRITISH FUNDS THIS DAY.—CLOSING PRICES.
(Prom the Official List.)

_ Business done.
Bank Stock ... 202 5
.3 per Cent. Reduced Annuities 864 i i
3 per Cent Consols Annuities 873 A 4
New 3i per Cent. Annuities B7 i 7
Long Annuities, Expire sth Jan., !C6O
India Bonds, £lOOO ......
Consols for Account 11th May BTi a i I
Exchequer Bills, 2d.
el000

Small 2 p
PRICE OF FOREIGN FUNDS THIS DAY.
"razilian Bonds, 5 per Cent. 95
Grenada Bonds, Deferred
Mexican 3 per Cent.
Peruvian 3 per Cent.
tiussian Bonds, 1822, 5 per Cent. £ St
Ditto 4A per Cent BO
Spanish Bonds, 3 per Cent 36a
Venezuela Bonds, 3} per Cent. ......
Ditto Deferred, 1 per Cent ll
Dividends on the above payable in London.
Dutch Exchange, 2i per Cent. 12 (Gi1..... 58
Ditto 4 per Cent. Certificates
TWO O'CLOCK.
Consols B7l
Ditto May Account . B7l

The Lords of the Treasury have just issued instruc-
tions to the Custom-house authorities that all packages
imported from abroad containing specimens for the
Trade Museum forming by the Society of Arts under
the sanction of the Royal Commission for the Exhibition
of 1851 shall be sent direct to the Vuseum in charge of
an officer of Customs, and be examined there and
delivered duty free.
We are happy to hear that the Archbishop of York
is recovering gradually from the serious attack of in-
fluenza which has confined him to his bed for the last
fortnight, and ever since his return to his house in Bel-
grave-square. _

ST. JAMES'S THEATRE.—Last evening the performance
of French plays was honoured with the presence of her
Majesty the Queen, his Royal Highness Prince Albert,
attended by the Countess of Charlemont, the Hon.
Miss Cavendish, Lord De Tabley, Colonel Bouverie,
and Hon. Colonel de Ros. There were also present
his Excellency the French Ambassador, the Countess
Walewski, and suite ; his Excellency the Turkish Am-
bassador, Madame Musurus, and suite ; the Sardinian
Minister, the Duke and Duchess of Hamilton, Mar-
chioness of Ailesbury, Lady Beauclerk, Lady De Dun-
stanville, Lady Webster, Lord and Lady Ossulston,
Mrs. Packe Reading, the Earl of Wilton, Lord Gran-
ville, Count Cariiini, Sir Alexander Bannerman, Mr.
Norman Macdonald, &o.

APOTHECARIES'-HALL.—'The following are the names
of gentlemen who passed their examination in the
science and practice of medicine, and received certifi-
cates to practise, on Thursday, May 4 :—Silvanus Jones
Morris, Barmouth, North Wales ; Robert Heelis
Thomas Nelson Edwards, Mattishall, Norfolk ; Samuel
Mullings Sible, Hedingharn, Essex.
AUSTRIANS AND HIINGARIANS.—By a recent letter
from Constantinople, it appears that a soiree given by
General Paraguay d'Hiliiers, the Hungarian General
KlaPka Was an invited guest, and that as soon as he
entered the room, all the Austrians present, the corps
dipkomatipc included, went away.

LATEST FOREIGN NEWS.

THE WAR.
THE ATTACK ON ODESSA.

The despatch received by the Government yes-
terday from Belgrade containing details of the ope-
rations against Odessa, will be found in our Par-
liamentary report.

The Mo- niteur of this day (Saturday) publishes
an official despatch from the French admiral of the
attack of the fleets.

On the 22d of April, eight frigates, three French
and five English, opened their fire at six a.m.
Twelve moles and batteries replied by a brisk fire.
The firing continued till five p.m. The battery of
the mole was set on fire, a powder magazine blown
up, and fifteen vessels either burnt or sunk. The
marine establishments were on fire, and much
damaged by shells. The merchant port was re-
spected:
Various vessels came out ; amongst others the
only two French ones there.
This despatch is dated Ville-de-Paris, Odessa
April 25.

A nearly similar despatch is published to-day by
the Times. It was as follows :
On the 211 ult. 12 steam-vessels of the combined
fleet commenced the bombardment of the military
port of Odessa.
In a few hours they had destroyed the fortifica-
tions, the batteries, and the military magazines of
the Russians.

Two powder magazines of the enemy blew up
during the action, and 12 ships of war were sunk.
The commercial harbour was spared, and the
merchant ships in it escaped destruction.
The loss of the allies only amounted to five killed
and ten wounded.
The whole of the combined fleet has sailed. from
Odessa for Sebastopol, and 13 Russian ships laden
with munitions of war, have been taken.
The commander of the British squadron off
Odessa is said to have promised that the Austrian
vessel which was burned during the bombardment
should be paid for. The magazines, near the water,
containing the property of the foreign merchants,
were not injured. The fleet consisted of 24 vessels,
which during the bombardment were drawn up in
three lines of eight ships each. Only one of these
divisions fired. About 8,000 Russians are guarding
the Sulina mouth of the Danube, where two re-
doubts and four batteries have been constructed.
On the 18th of April English and French cruizers
were continually iu sight.

GALLIPOLI, April 26.—The Golden Ago and the
Kangaroo, with two regiments of the Guards,
have arrived here and passed on to Constan-
tinople.

BUCHAREST, May 2.—The Turks have issued a
very tranquillising proclamation. None are to be
prosecuted for political opinions. Every one is to
continue his usual occupations, and it is promised
that everything shall be paid for.
Three thousand kilogrammes of rice are to be
distributed to the poor.
The Bishop of Krajova goes to meet the Turks
at the head of a deputation.
Since this morninf, there is a report of the eva-
cuation of Great Wallachia.

In Odessa it was reported on the 28th that the
Russian fleet left Sebastopol on the 24th or 25th.
BERLIN, Friday.—The resignation of General
Bonin, Minister of War, has been accepted.
Count Waldersee, Commander of the Federal
Garrison at Frankfort, is to be his successor.
The Wanderer of Vienna says A letter
from Odessa, 24th ult., states that the bombard-
ment has produced great terror among the inhabi-
tants ; they had emigrated en masse, and the
town was almost deserted. We are assured that
several foreign consuls went on board the English
or French vessels. Admiral Dundas has declared
that an indemnity will be paid for the Austrian
vessel burned in the port. On the 23d and 24th
the bombardment did not continue, but the in-
habitants feared that it would be recommenced.
The blockading squadron consists of 24 vessels
placed in three lines, eight in each. It was only
the vessels of the first line which fired. The
warehouses situated on the port, and belonging to
European commerce did not receive any damage.
The English and French gunners aimed admirably,
and only hit the houses and warehouses of Rus-
sians. We are assured that a combat took place
on the 9th between an English vessel and a Russian
corvette."

In an article on the Czar's last impudent procla-
mation the Constitutionnel says :—" Before the
naval campaign, which is now commencing, shall
have terminated, Russia will have lost in a few
weeks the fruit of more than a century of persever-
ing efforts, gigantic labours, and immense sacri-
fices. The fortresses which she has raised at such
great expense on the coasts of the Baltic and the
Black Sea will fall to the ground—set on fire and
demolished ; and the fleets which she has formed
by dint of patience, money, time, tyranny, and
skill will vanish—burnt and annihilated by the fire
of the allied squadrons of France and England."
The Ost Dcutche Post communicates a letter
from Constantinople, which professes to give the
substance of au official report from Omer Pacha to
the Minister of War, of date the Bth ult. Omer
intimates that he has assembled a force of 70,000
men at Shumla, urges the Government to hasten
up reinforcements to him, not to enable him to
commence aggressive operations immediately, but
to form a reserve ; and concludes by stating that
if his requests are complied with he would be in a
condition to give battle to the Russians as far as
numbers are concerned, declaring at the same time
that he would not- take such a step until Varna
and Kustendje, with all the intermediate ports,
were occupied by the auxiliary European forces,
and the Russians threatened in the rear by the
concentration of a strong naval force at the mouth
of the Sulina.

A letter from Vienna, of the 29th ult., states
that a rumour was prevalent there that the Rus-
sians had raised the siege of Silistria. On the other
hand, recent letters from the banks of the Danube
declare that the Russians were still investing the
town, but they had ceased their fire on it.

win the sympathy and re-assure the sinking cou-
rage of its subjects :
" ST. PETERSBURG, April 14.--The European press
had paid a legitimate tribute of eulogy to the liberal
manner in which the Ottoman Government has acted
towards the Russian merchant flag, by abstaining from
exercising towards it, dui ing a given period after the
declaration of war, that severity which is authorised by
maritime law.
" We learn that England, which boasts of propagating
liberal doctrines in Turkey, has not felt bound to follow
the example of her disciples in this respect. The allure-
ment of gain appears to have been too strong to allow
her to imitate the example of the Turks. The English
cruisers, in their impatience to realise gain, set to work
immediately upon the receipt of the declaration of war,
to capture our merchant vessels, and to do this with the
greater ease, they make use of a stratagem which con-
sists of hoisting the Russian flag or that of a neutral
power.
" The following are a few of the facts which have come
to our knowledge :
"On the 31st of March (0.5.), at break of day, and in
sight of Sebastopol, although at a considerable distance
from the port, a war steamer was seen with Austrian
colours flying. Two Russian barques were sailing at the
same moment for Eupatorie. The steamer succeeded in
cutting off one of these, took it in tow, and running up
Englis colours steamed away with the prize; the other
escaped. The alarm being given, two Russian frigates,
followed shortly afterwards by two steamers, gave chase
to the enemy, who, however, was too distant to allow
our vessels much chance of success. Nevertheless, they
continued the chase obstinately and obliged the enemy
to abandon the vessel. The crew of the latter, with the
exception of one man, who had hidden himself in the
hold, was taken on board the enemy's steamer.
" Some cannon shots, the first fired by the English,
were exchanged during the chase.
" On the 27th of March, the Dutch vessel, the Jo-
hannes, met between the islands of Gothland and Oesel,
five English steamers, one of them carrying Russian
colours. The Johannes was visited, and the captain
learned from the English that they had already captured
a Russian vessel. On the 30th of March a Finnish ves-
sel, the Alma, met near to Dagerort two steam-frigates,
one of which approaching the vessel, run up Russian
colours. The frigate lowered a boat, and afterwards
replaced the Russian by the English flag. The vessel,
however, was fortunate, and was allowed to pi oceed
after having been searched.
"On the 3d of April two steamers without flags ap-
proached the roadstead of Libau; as they did not answer
the signals that were made, it is believed that they be-
longed to the enemy.
" One of them had been seen before carrying Swedish
colours.
" The house of Shroder, at Riga, received, by
despatches, the news that one of their ships—the In-
dustry—having a cargo of salt, was captured coming out
of Memel, and sent away in charge of an English officer
and sailors, whilst the Russian crew was transferred on
board the captors. Since that time, three other vessels
belonging to the same house have been captured:
" We think it a duty to bring these lacts before the
public, and to warn navigators to be on their guard
against the use which English cruisers are making of the
Russian flag and that of neutral powers, in order the
more easily to get possession of Russian vessels."
A. letter from the Baltic, of the 25th ult., in the
Moniteur says :—" The thaw of the Neva is ex-
pected in two days. The ice has already broken up
in the Gulf, at a little distance from Cronstadt,
which will be very probably accessible at the end of
the month. The approach of hostilities is strongly
felt at St. Petersburg, and measures are being taken
with a view to dangers which are profoundly ap-
prehended, though denied. Four batter:es have
just been established at the entrance of the Neva.
The metallic reserve of the fortress was sent eight
days ago to Moscow. From the 27th, the com-
mand of the town will be divided between four
military governors, and the state of siege will be
applied in all its vigour. Many persons are leaving
for the interior of the country. The departure of
the Emperor for Peterhoff, where the Court was
to have gone on the 27th, is adjourned. His
Majesty is in such ill health that he had been
obliged to countermand twice a review which he
had intended to pass. The displeasure (meconten-
tement) caused by the policy of. Austria was every
day expressed more openly. It had been affirmed
in some salons that the Government was preparing
to place that power, by an ultimatum, under the
necessity of pronouncing for or against it. But at
bottom, it is with a sentiment of sadness, more in
conformity with the gravity of the circumstances,
that the attitude taken by the Cabinet of Vienna
and the signature of the protocol of Vienna, which
has cemented the understanding of Germany with
the Western Powers, has been seen at St.
Petersburg."