The Sun.
London, England, 1853-06-04 00:00:00

CONVERSION OF EXCHEQUER BILLS.

(From, the Times Money Article .$

' The final amount of the proposed new securities
of the Chancellor of the Exchequer accepted by
the holders of the 9,500,0001. petty Three per Cent.
Stocks in 'preference to being paid off is 1,342,1891.,
while the extent of voluntary conversions of Con-
sols and Reduced is at present 1,681,3571., making
an aggregate of 3,023,5461. Of this 252,5991. has
been taken in the New Three-and-a-Half per Cents.,
2,761,4771. in the New Two-and-a-Half per Cents.,
and 9,470/. in Exchequer Bonds, and the immediate
annual saving to the country, as far as the substitu-
tion of the specified sums is concerned, will be
rather more than 7,000/. There remains, however,
8,157,8111. to be paid to the dissentient holders in
1854, and it is upon the ultimate liquidation of
this more considerable sum that the success of the
measure must turn. Many persons will, probably,
assume that because the total acceptances of the
proposed securities amount to so small a, proportion
of the sum attempted to be converted, the measure is to
be viewed as a failure. But this is not the case. Not
merely will there be an absence of failure even if Consols
should merely remain at par about the period when
the 8,157,8111. will have to be discharged, so as to en-
able the money to be borrowed upon the same terms as
have hitherto been paid for it, namely, 3 per cent., but
there is a margin for an improvement in those terms
in any manner that shall not involve a cost to the
country of more than 7,000/. per annum, the amount
saved by the new securities already disposed of. Even,
therefore, under the supposition that the Chancellor
will have no alternative but to create fresh stock to
pay off that which will fall due in January and
April, there is little ground to apprehend that the
balance of the whole transaction will in any case
show a loss ; and while the danger is thus slight
on one side, there are a number of contingencies
open on the other which aro advantageous. There can
be no doubt that but for the singular turn which the
market has taken from the political anxieties caused
by the conduct of Russia, coupled with an unexampled
prevalence of easterly winds retarding the arrival
of even a fair proportion of gold from Australia,
and which Mr. Gladstone could not be expected to
have included in his calculations, the entire conver-
sion would at once have been effected on the offered

terms. All that is required, therefore, to put the
country in a position that would enable a bargain at
least as satisfactory to be made between this period
and the beginning of next year, is that the Turkish
question should be settled, and that the Australian
delays should cease ; while if the Bank bullion
should not only be restored to the point at which it
lately stood, but should again, after the drain which
has now continued, with few intermissions, for 12
months, gradually augment, it will, of course, be
possible not only to obtain the required amount on
the terms which have just been rejected, but upon new
ones which would be still more favourable for the Go-
vernment. It is also to be remembered that an active
state of the revenue may increase the Chancellor's anti-
cipated surplus of 493,0001. in April, and place him i n
funds that would lessen the necessity of a loan in any
shape. The question, therefore, to be considered is, whether
a state of affairs as bad or worse than that which now exists
or one of restored animation and confidence is most
likely to prevail during the next eight or nine months.
A large majority, it is believed, of the commercial com-
munity are disposed to look upon the cause of the pre-
vailing perplexities as essentially of a temporary cha-
racter, while the prospects yet to be realised of the

gold discoveries are permanent ; and these persons, it
may be presumed, will still look upon the Chancellor's
measure with satisfaction. On the other hand, sonic
may entertain forebodings of the harvest, and also that
the Continental difficulties may increase in a degree that
will more than counteract all the prosperity that is pro-
mised ; but even in that case they will have no right to
impugn the Government plan, since the reason of its
failure will be found in circumstances to which all finan-
cial arrangements spread over any period of time must
be subordinate.

With regard to the Exchequer-bill operation, completed
on Thursday, the considerations are also not unsatisfactory.
It appears that the aggregate for which payment will
be demanded is 3,110,0001., and that the amount of new
bills accepted at the reduced rate of a penny a-day is
5,890,0001. Upon the latter, therefore, a saving to
the country is effected of 22,001. per annum, while, as
respects the amount paid off, the interest will for a
time be entirely economised, since the Government
balances will be employed for the purpose, which
would otherwise be lying in the Bank of England.
The extent of the ultimate gain will depend upon the
future state of the money-market and the revenue re-
ceipts ; but it is, at all events, gratifying, that by a
judicious employment of moneys actually in band tile
Government is enabled to maintain the circulation of
the British floating debt to the extent of 15,000,0001.
at a rate of interest, as compared with all other
securities, without example in the history of commercial
nations.

The Government purclumes on account of the Sinking
Fund were made yesterday in Three per Cent. Stock,
owing to the dealers being unwilling to sell Exchequer
bills at the rates at which they have been recently
offered, the closing quotation of those securities yester-
day being is. to 4s. pzemium.
It appears that with regard to the 469,0001. of the
Three per Cents. to be paid off or converted, held on
account of suitors in Chancery, the Lord Chancellor
finally determined not to order Stock to be accepted. •
The amount of Exchequer Bills exchanged for Exche-
quer Bonds is 237,0001. These, it is believed, were
chiefly sent in by the Irish banks.

MINING INTELLIGEN OE.

( From the Mining Journal of this day.)

Business in Gold mining shares this weelc: has been
very flat, and the downward tendency in their value
even continues. To add to the derangement of Cali-
fornian matters, a dispute has arisen between Colonel
Fremont and Mr. Hoffman, respecting the agency deal-
ings in leasing the Mariposas estate, certain documents
being called• for by the Vice-Chancellor. The arrivals of
gold are frequent, and of astounding amounts ; • but,
judging from the fact of the Bank of England raising the
rate of discount, and their stock of
,bullion decreasing,
it is clear that it scarcely meets the general requirements
of extended commerce, at home and abroad.

In Miscellaneous Shares, business has been generally
flat during the week. Australian Agricultural have ex-
perienced a further decline of 191., having been down to
55 to 58. The only important feature has been the ex-
traordinary fluctuations in British American Land,
which on Tuesday rose 131., and were firm at 80 to
83, or from 30 to 33 prem. ; the cause of the advance
was attributed to the receipt of news from Canada that
further discoveries of gold had been made, but they did
not maintain their position, and declined to 72 to 75.
The other land shares were all lower.

MlNES.—There is no via media in the mining mar-
ket. It is either the height of excitement, or the
extreme of depression. When the fever of speculation
is wild and rampant, the public rush in and buy,
and shares are forced beyond their value. In
times of great depression, like the present, the same
public, without looking to the condition of their mines,
which, as regards their prosperity, cannot be effected by
political events, or injured by circumstances arising
from mere temporary and extraneous causes, become
frightened, and sell out (or attempt to do so) at almost
any sacrifice, and thus help to create the very panic
they dreaded. The old stager acts differently ; when
the excitement is on he sells ; and in times like these he
quietly lays in his stock.
In the metal market, generally a very brisk demand
for all kinds continue. Considerable transactions have
taken place in tin and plates, and it is expected that
coke and charcoal will advance, the makers having
abated hands ; consequently, stocks are getting more
reduced in quantity. Copper has given way 91. 10s.
per ton for cake and tile, and is now down to 1071. 10s. ;
sheathing, is. per lb. Business is, therefore, increasing,
and the manufacturers will, doubtless, make greater pur-
chases. The stock of spelter is gradually lessening ;
221. ss. is the price in the market for present delivery,
and ss. additional for one and two months' delivery on-
wards. The demand for railway and manufactured iron
is again on the increase, principally for exportation.
Scotch-pig is in request at the advanced figure of 535.
for cash, 28. more for three months' delivery. Lead
may called stationary. The total dividends declared in
May amount to 53,1621.

THE WOOLLEN TRADE.

(From the Leeds Mercury of this day.)

The imports of wool into London last"v;eek were
11,090 bales, of which 2,181 from Port Philip, 2,747
from Sydney, 4,252 from Adelaide, 1,348 from Van
Diemen's Land, and the rest from Germany, Buenos
Ayres, &c. The public sales are going off tolerably
well, the better sorts having the preference.
In the Foreign Wool trade we have to report a
slightly improved demand for foreign and colonial wools
this week, prices being firm, at late quotations.
In the English wool market very little has been done
in sales, either of combing or clothing wools. Prices
are quoted the same as last week.
In the woollen trade of Leeds we have no change of
any consequence to report. The causes we adverted to
last week, as contributing in some degree to the present
inactivity and dulness, continue in operation. The busi-
ness transactions of the week have, consequently, been
only of a limited character in the Cloth-halls. There
has been, perhaps, a little improvement in the business
of the warehouses this week, 'but still, on the whole,
the woollen trade is much quieter than it was a few
weeks since.

HUDDERSFIELD, MAY 31.—There is no alteration to
notice in our market to-day, and the warehouses are
about the same as they are generally at this season.
Prices about the same.

ROCHDALE FLANNEL MARKET.—We have had rather
less business doing in pieces, but the old prices have
been, fully maintained. The wool market has been very
quiet ; the manufacturers do not seem at all eager to
buy, but rather desirous to work up the stocks they have
on hand, which aro rather heavier than was anticipated.
BRADFORD WORSTED MARKET.—The tone of the mar-
ket was dull, and was characterised by nothing remark-
able. Orleans are in good demand. Wool maintains
its price, but on the whole it is rather easier to buy,
notwithstanding the influence of the London and pro-
vincial sales.

HOSIERY.—TRADE OF LEICESTER.—We have to no-
tice a decided dullness in the warehouses. Shipping
orders are nearly completed, and the very great advance
now required by the country houAes on their last year's
prices, induces shopkeepers to suspend their orders until
old stock laid in at from is. 6d. to 3s. 6d. per dozen on
hose under what is now.required is further disposed of.
Worsted yarns are firm, and a full confidence in prices
being maintained is established. The wool market is
quiet, holders being firm in their prices,

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