The Sun.
London, England, 1853-12-14 00:00:00

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK. •
The sales of cotton at Liverpool yesterday were
estimated at 7,000 bales, of which 2,500 Surat
were taken on speculation. The market was steady,
and closed without change in prices. The sales
comprised 3,250 American, 100 Pernam and Maran-
ham at 70. to 7d., and 3,500 Surat at 3gd. to
4-id. per lb. Railway shares were steady.
The public sales of tea have gone off without
spirit, at the previous rates. Tallow is very firm.
The letters by the Overland Mail are expected
to be delivered next Friday. It is _probable that
there will be a very largo number of Australian
etters.

Bills of exchange upon the principal continental
cities were taken yesterday afternoon at rather
ewer rates. Paris, 90 days, brought 25 2n to
30, Amsterdam, 11 151- to 15:1, liamburgh. 13 5 to
4, and Trieste 11 32 to 36.
The conduct of the Portuguese Government in
periodically deducting from the dividend paid to
the bondholders, has met reprehension so perse-
veringly and unequivocally in this country, that it
Would be mere iteration again to dwell upon the
subject, as far as our views are considered. It is,
however, highly satisfactory to have any evidence
that the question.is viewed in the same light among
the Portuguese themselves. A speech delivered in the
Chamber of Deputies, at Lisbon, by Senor Antonio
Carvalho, Honorary Minister of State, one of the
Judges of the Supreme Tribunal of Lisbon, and
Deputy to the Cortes of the Portuguese nation, is,
perhaps, stronger than could have been expected,
considering the official position of the party. It
appears that this gentleman ranks as one of the
most upright of the Portuguese judges, and the
best of her statesmen. In politics he is a moderate
Conservative, and has advocated the navigation of
the Douro, opposed the acts of the two dictator-
ships, and stood forward as an advocate of good
faith and public credit. With a few such men in
the Cortes as Senor Carvalho, we should not de-
tiPair, of early restitution of past deductions, especi-
caally should those men find admission into
the Council of the Sovereign. The speech was
Very elaborate, and it is impossible to do more
here than glance at it. The following, however,
la an interesting portion
" I think the conversion was necessary, but I wish
it had been made by legitimate means. I have already
heard in this place the conversion compared to a mercan-
tile treaty (concordata); but that has not the same ana-
logy, the concordat does not oblige the dissentient cre-
ditors to rebate (AlvarA of 14th of March, 1780, and
law of 15th of February, 1791). Rebate must not be
confunded with (rateio), apportioning into shares.
" The base of finance is a good administration of the
public revenue, it is a well understood-economy ; so also
18 security, fidelity, and punctuality in the satisfaction
of obligations, the fountain of credit. In public trans-
actions of this nature there are not different rules for
the State and for private persons ; there are not two
scales and two weights, there arc not two different pro-
bities.

" It it a generally accepted maxim that conversion
Cannot, nor ought it, be made, except under certain re-
quisites, the concurrence of the creditors being the
essential condition. With what right can the debtor
Irripose conversion and reduction upon his creditor
without offering and proposing to him the option of
receiving or converting ? A forced conversion and re
di:talon, imposed but not accepted, is an act of despot-
ism—it is an act of insupportable violence. How,
without violating the good faith of contracts, justice,
and the sentiments of honour and national pride, can
the debtor say to his creditor, who had assisted him in
his necessities, labours, and agonies---` Thy titule of
100, whatever shall be its value in the market; when
the depreciation itself proceeds from the acts of the
debtor himself, and not the creditor, will be worth 60 ;
that is, I reduce thy credit to 60 nominally ? You lose
40 per cent., because that is my pleasure, and do not
,uumplain, because then I will make and decree an abso-
lute bankruptcy, and you will not receive anything :
Observe that on my side is force, against which thy
right shall not prevail.
" Where, in what part of the world, can such a prac-
tice be admitted without exciting- loud clamours ?

"The conversion and reduction of the interest of
the internal and external debt was made with precipi-
tation and injustice.
_ _

"It is from these two financial operations—capitali-
aation and conversion—that our greatest discredi t
both within and without the country proceeds ;, it is
from them, and only them, that at the present moment
Our progressive discredit proceeds, and not those causes
to which erroneously or deceitfully it is desired to
attribute it.
"It is to facts, and not to professions and words, that
prudent capitalists give credit. Does the Government
Pay and satisfy its. obligations punctually ? Does it ob-
serve a rigorous and indefectible system of well under-
stood economy and good administration of the public
revenue ? Does it endeavour by proper means to de-
'c'elop the national resources ? Does it respect property
hid fulfil contracts ? Satisfying all these conditions, it
credit ; otherwise, evevy discontent is invoked
against it."

.„ There has been a very h eavy market for English
to and the quotations have further declined ±
IA) per cent. The political news is sufficient to
the
for this, as others vise there is no change in
"Ile money market. Con sols have been 941 to
the New Three-and- a-Quarter per Cents. 964
"13 j• Exchequer Bills as e Gs. to 9s. premium, and
In •
la Bonds 2s. to ss. premium.
There is a little activity in Foreign Stocks, but
prices in some cases evince more weakness. Rus-
rr..o Bonds, however, b.; we been in favour, the
t ve per Cents. being 1 per cent. better, viz., 112/
0 114. The Four-and-a-Half per Cents. are firm
Zt 98g. Sardinian Bonds are marked 901 ex div.
rPanish Stock is rather depressed, the Three per
being 464 to 46ii , and the New Deferred
2to 22k. The Certificate is also lower, 54 to 5/.
f Peruvian have declined to 69, and Grenada De-
ierred are flatter at 8 and Chilian Bonds are
3, Brazilian Five per Cents. heavy at 98, and
d.e Four-and-a-Half per ,Cents. steady at 93i, j ex
dencl. There have been no bargains in Mexi-
cali or Dutch Bonds.
Railway Shares have gone lower generally, in
doing
with the funds, and there has been less
2'ng in them. The decline generally is about 4
t cent., but in the Midland, North Western,
d shares
Caledonian it is to 1 per cent. French
have ve verybeen dull, and Belgian are merely
nominal.
In the Gold Mine Shares there have been a few
3,,bargains at the previous. rates.
" Australian Bank Shares are generally
goer, and there has been an advance of 1/. to 21.
'!outh Australian.
fiery little business has been done in the Austra-
ti2l Land Companies' Shares, and Peel River con-
reque flat. British American Land, owing to the
red of gold discoveries of some value, and cor-
xuaration of former news, have been done at a
at rise, namely at 80.

IIItITISTI FUNDS THKS DAY AT ONE O'CLOCK.

( From the Ofteictl List. )
Thudness done.
8 Der a
944
--eilt• duced Annuities
shut 95.,
icrt Cent. Consols Annuities
9q, i 3
1:34 Per Cent. Annuities
05i
India Abal F• • sth Jan., 186
sties, 4zpne
13°8. dOOO
114) p a A
couso R f
R=11„-- 'c'r CiDening 18th Jan.
--e..eqner Bills, I.d.
£lOOO
6 9 p
.
£5OO
small
....................................................
66
99
PP
..b ...............................
'n.,4i I. C. E OF FOREIGN FUNDS AT ONE O'CLOCK.
nzilian Bonds, 5 per Cent..
ellilttall 33cmde
"'kw,s Cent . 1852, 4A per - A x(1 GI- Cent
8
I'e etlada onds, Deferred
1031,- Blllrian Bonds, 4i per Cent.
41,tilisian Bonds, 1822 5 per Cent. £St ll2l 14
Ditto 4i per Cent '
'alCa..:linia. n Bonds, per Cent 9Bs
90A x (I
epaauillissiill isrlioncia3 per Cent 46iT
El New Deferred, 3 per Cent.
Leh Committee Cert. of Coup. not fun 54 i p c
Dividends on the above payable in London.

Consols for Openin; 18th JanuaryLF-PAS O.
94i TW
3 x

-t•nrET NEWS—(THIS DAY.)

CORN EXCHANGE.
b I.o•Clay'a ,
'nglieh , blarket was very rioderately supplied with
Intl,. -,.. wheat. For all kinds the demand ruled steady, at
J An or, a „ , .
Not .trY 8 prliCes.
14 wi—'stanaing that the show of foreign wheat was
I,g e, and that the imports continue liberal, that grain
ee,,e(ttl. off freely. Many of the holders refu ed then sell
the
tuve'Letsan advance of from is to 2s per quarter ; ce
A. 31 doing was not large. higl4:ng cargoes were in fair request, awl the turn
°°43l6lilail was Tng.
r l
doe for barley, at extreme rates. In malt
Nre 'etatiere in good request, but all other articles were

Elvis,
444 a ..
Forte ::

Wheat.
1,250

AIIatVALB TELIS WEEK.
Barley, Bralt. I Oats.
4,790 4,5,0 2490,510
400 —1,
3,400 1b,290

29,9 g;

Flour.
1,540

1,400 s
5,950 brl

~.•
WRITECHAPEL.
tell 6 general demand ruled. firm to-day, as follows :
Ifit°l74 28 10d to 43 2 • mutton, 3s 2d to 48 8d ; veal,
ase'laci
.to 48 10d ; pork, 3s 4d to 4s 10d per Ribs by the

vir
HOP.
144 e I°ll4/111e to 13
hao ROUGH a very inactive dead for all
ut)Psi the prices of which are barely auan
pPortvd,