The Sun.
London, England, 1854-09-02 00:00:00

MONEY MARKET

AYD
coamERCIAT, INTELLIGENCE.

CITY, TV 0 o'CLOCK.

The sales of cotton at Liverpool yesterday were
estimated at 8,000 bales, including 2,000 taken for
export and on speculation. The market was quiet,
but prices were very steady. Railway Shares were
rm.

The Bank of England returns for the week end-
tig the 26th inst., which follow, present no feature
Pf peculiar interest. The small decrease of bullion
and specie might arise from the harvest demands
f°r small change. The decrease in " other securi-
ties,,, that is bills, shows that accommodation had
been less wanted during that week, which may be
readily understood is a comparatively dead season
of the year, and that bills had run off to the ex-
tent. The decrease in private deposits would pro-
bably be owing to country bankers reinforcing their
tills to meet harvest demands, and so diminishing
their bank deposits :
Active circulation..
Decrease
Bullion
Decrease

X2O, 047,515
75,420
13,635,424
65,868
3,395,210
• Decrease
Public Deposits 3,974,574
Increase
Other Deposits
Decrease 405,585
SeVen-Day and other Bills
Decrease 14,659
Government Securities 10,969,279
Decrease 61,594
Other Securities 14,400,809
Decrease 339,988
Notes unemployed 6,896,180
Increase
The exports of the precious metals from London
direct during the week to Thursday last comprised
74,840 ounces of silver, and 2,170 of gold, all to
the Continent.
The Board of Trade returns for the month, and
seven months ended Aug. 5, have been issued.
The importations during the month have in-
creased in the following articles—viz., coffee, oats,
cochi'neal, indigo, flax, guano, hemp, palm oil,
BPieei, rum, sugar, tallow, and wool, but a falling
f in cocoa, wheat, barley, mahogany, rice, opium,
tea, tobacco, and wine.
The value of all the exports, except the " un-
criumerated" articles, amounted to 8,372,1911.,
ah
°wing an increase over the corresponding month
of 1853 of 377,1051.
The 0,- •
g accounts show a falling off in the
entries inwards, but a slight increase in the clear-
ances outwards, over the same. month last year, in
the vessels employed in the coasting trade of the
united Kingdom. There is an increase both in-
'
_rarcts and outwards in the tonnage of English yes-
'els in our foreign trade.
The business in public securities to-day has been
.w. tl;Plit importance, but with an improving ten-
dencyl
in prices. Consols have been bought at 95t1
money, and 95g- for time, arid are now quoted
uoi to for time, and 951 to money. Reduced
Threes 951 to g. Three and a quarter per Cents.
44. °W shut for the dividend were dealt in at 95Z and
* with' dividend for money. Long Annuities
,4 1140. • India Stock 226 ; Exchequer Bills were*
better at 2s. to ss. premium. Exchequer Bonds
°f 1859 at
Foreign Stocks the dealings are limited, but
quotations supported. Mexican Bonds are at 241,
•P'eruvian 4. per Cents. have risen to 72i and '74i,
and•the 3 per Cents. to 54. Sardinian 5 per Cents.
ave 88f. Spanish Bonds kept steady, the 3 per
en.ts. being 38g, the New Deferred 19, and the
eerilfieate Gg. The Turkish Scrip is at 6g.
The. following letter has been addressed to us
I,y the Directors of the privileged Ottoman Bank
in answer to the letter published yesterday, as
Dosteil on the Stock Exchange, under the signa-
ture of Redschid Pacha. The late hour at which
it reached us will not permit of any further length-
'cried observations on the vexed question of the
Turkish Loan. It may, however, be well to remind
the Times "City," that it is broaching a new system
°t* public morality when it avers that ",it is per-
fectly idle" that " any formal notice should be
„,takeri of the
.claiins and rights of M. Trouv6-
'haUvel" in this country, since a precedent is thus
afforded by which all future financial transactions
'With foreign .Governments may be interrupted by
the necessity of examining and replying to any
demands or obstructions • which individuals may
deem .it right to set up. So according to
this new reading of public law and public
reerale, the Sultan, or any other sovereign or go-
Irertement, may commit a scandalous breach of
Public faith (if the fact were so), by practising a
Iross -deception, . and obtaining money under the
'4lB° pretence of the assignment of a special
security already made by solemn public engage-
sent and firman, under his own hand and
Seal, specially pledged to other parties. And,
.
'°rsooth, the parties so aggrieved, because they
thesimply
Public Of their previous and overriding
itri. The British public, it should rather be
said, ought to feel grateful for the information thus
afforded, so that they may not be led to embark in
Ignorance in a loan operation, so long, at least, as
a taint remains upon the guarantee proposed, which
hall not be explained away or removed. It may
_._°e
.observed, in conclusion, that Redschid. Pacha is
:pnister of Foreign Affairs merely, and not of
lance) and appears rather officiously, therefore—
say nothing offensive—to put himself unneces-
-44.i rilY forward about the loan. We leave the letter
'0 speak for itself.
THE TURKISH LOAN.
TO THE EDITOR OF THE SUN'.
to" TIII—The letter relative to the Turkish loan, pub-
insC the papers of this day, necessitates that we
~,eald once more intrude ourselves upon the public.
-.,-bacat letter states, in the name of his Highness Reschid
ha, that ' he authorises his Excellency M. Musurus,
` declare and to publish, in case of need, in the most
4,ora
manner,' that anything Monsieur Trouv4 Chau-
Zs" may assert as to the tributes of Egypt being already
posed of for other purposes, is entirely incorrect ;
ucl'ng, that they are entirely disposable according to the
instructions which are in the hacds of Messrs. Black and
Durant, our agents for the loan.
"The opposition which has been raised to this loan, is
based upon the present existence of an Imperial firman
sell hatti cherif, which, so long as they continue to
exist, I hypothecate, by an inviolable law of Turkey,
the tributes of Egypt the Ottoman Bank. That firman
bears date 23d Marcb, 1853, and one of its most promi-
nent features is the assignment of the tributes of Egypt
to the bank for a period 15 years. It is not necessary
that we should enter into the causes which for a moment
suspended the operation of the bank—suffice it that they
issued in war, and were accepted by H. I. M. the
Sultan as a full and sufficient reason for the
temporary withholding of the funds needed for the bank,
and that it was agreed that all contracts then existing
should remain in statu quo until such time as peace
should be established.
"A proof of their continued existence, and that such
existence is not contested by the Ottoman Government
uP to this day, is that, so late as the 7th of July last, a
botification was addressed to his Excellency Vely Pacha,
a'rlci a similar document forwarded on the 19th of the
same month to H. H. Reschid Pacha, respecting the
rights, privileges, and obligations of all parties contracting.
The question of rights and obligations could not have been
• discussed if the firman had ceased to exist.
l;erA.noofther
his and a crowning proof is furnished by the
Highness Reschid Pacha himself. He
does not even hint at the non-existence of the firman ;
`,e, la entirely silent upon that point, the only one of im-
'2taace. And why ? He well knows that there is no
intention, as there is no power, to withdraw the firman ;
that the violation of our firman would imply, de ipso
ithact
to, the power of violating a second or a third, and
1,4_,51811 ich suspicion would bhimself withe the death-blan as-
ow to
seru credit. He contents
tiwon that M. Trouve's statements are incorrect.
ts
..._aPPeal to documents devised in forms of the
irk s t legality, invested with an Hatti-Cheriff, sacred
put it
character and inviolable in law, and by that appeal
ass,e,rtio beyond our power to retract or modify any one
n which we have yet made.
it,T Whom
letter already published by us from the bankers
With we had treated, and which we communicated
the Ottoman Government,t proves that we were car-
taYolny__)o.uutoour. par of the contract.. even before the time
gsa7Zeil3l
teaieand, finally, it is certain that if the firman
'wuld not have hesitated from. us his Highness, Reschid Pacha,
enlacedhesitated to put an end to the state of
sir by simply proclaiming the fact.—We are,
Your obedient servants,

Rest

"A. TROUPE CHAUVEL.
" E. H. STANLEY."
The following are the nominal prices of Foreign
'Stooks :—Grenada Deferred Bonds 6 to 6i, ca Mexi-
n 241 to 24i, Peruvian 69 to 71, ditto 3 per
%its. 51 to 53, Portuguese 4 per Cents. 40
to 42, Ittusian 5 per Cents. 97 to 99, ditto 4i per Cents.
es to 90, Spanish New Deferred 18i to 19, ditto
Z, per Cents. 38 to 384, ditto Certificates 4/ to sf,
4i to Pullin 31 to 4.