The Sun.
London, England, 1854-03-14 00:00:00

COVENTRY RACES.
(THIS DAY.)

( 13Y ELECTRIC TELEGRAPH. )

ORDER OF RUNNING.

Handicap
Steeplechase
Hurdle Race

2.15
3.15
4,45

LATEST BETTING.
COVENTRY HANDICAP.
3to 1 agst Candlewick (taken).
7to 2 agst Georg,. (taken.)
6 to 1 agst any other.
STEEPLECHASE.
Even on Bourton (taken).
5 to 2 agst Vainhope (taken.)

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.
The sales of cotton at Liverpool yesterday were
estimated at 6,000 bales, all to the trade. The
market was tame, but steady, at previous rates.
The sales comprised 5,000 American, 130 Pernam
and Maranham, at Old. ,to 71d. ; 100 Egyptian at
61d. to 7d., 500 Surat at 3d. to 40., and 80
Sea Island at lOid. to ls. Bd. per lb. Railway
Shares were quiet.
The following view of the existing portion of the
Russia trade is taken by Messrs. F. J. Smith and
Charles, in consequence of the declarations of Lord
Clarendon and Mr. Wilson :
"In our respects of 10th inst. we gave an extract
from Lord Clarendon's despatch to the British Consul
at Riga, in which it was declared that the produce of
Russia, exported therefrom in British or neutral vessels,
would be liable to capture by her Majesty's cruisers,
although the property belonged to a British merchant.
It was stated, however, in the House of Commons, on
Friday last, by Mr. Wilson, one of the Secretaries to
the Treasury, that Russian produce, under similar cir-
cumstances to those just mentioned, with the exception
of its being shipped from a neutral port, will not be liable
to capture. So that if it be possible to get the produce
of Russia brought overland to neutral ports, there will
be no legal impediment to its being exported to this
country. It now becomes our duty to our clients to
make a few observations on these official declarations.
We have already shown (viz., on 3d inst.), that it is
physically impossible to bring any considerable quantity
of produce overland from Russia to neutral ports. But
allowing this to be possible, we can scarcely believe that
the people of Great Britain and France (for the voice of
the latter must be listened to in this matter) would long
tolerate the continuance of the trade. For it must be
remembered that the allied Powers will, all the while,
at a very great expense, be keeping up a blockade for
the purpose of preventing the commercial transactions
of Russia being carried on, crippling her resources, and
bringing the war to a close ; and that all these objects
will be in some measure defeated if permission be granted
to merchants to purchase produce in Russia, and bring
it overland to neutral ports. We advise our
friends, therefore, not to calculate this year on
a supply of Russian tallow to any extent worth
naming-Ist, i because (as we showed on 6th ult.)
the quantity made in Russia during the last season must
be short ; 2d, because, in consequence of the absence of
buyers in the interior of Russia during the sledge-roads
season, a large proportion of the tallow made will not
have been sent to the wharves on the great internal
rivers for transmission to St. Petersburg and other ports
—and the season for this work terminates about the first
of April ; 3d, because the blockade will prevent goods
being shipped from Russian ports ; 4th, because it is
physically impossible to bring overland to neutral ports
any considerable quantity of produce from Russia ; sth,
because, if it were possible, we believe the voice of the
combined people of Great Britain and France would
speedily prohibit the trade.
"As bearing on the subject of our home supply of
tallow, the following information is important. The
North British Agriculturist says—' A great proportion
of the sheep in the lower districts of England are rotten,
numbers have died, and many more will die.' The
Devizes Gazett! states—' Severe losses have been sus-
tained both in lambs and ewes. There is also much out-
cry about the rot. The epidemic is making sad havoc
in many flocks."'
Upon the same subject, we have the following
from Mr. N. Soames, who looks at it from rather a
different point :
" Many requests are made for opinions arising from
the prevalent conviction, that there is nothing enduring
in present prices, and that they are likely to fluctuate
very considerably. To meet these inquiries, the following
remarks are ventured :—ln cases of exigence it is po-
litic to abridge the subject under review, and take only
a restricted portion of it. Adopting then this line, let
us take the range of a year, and start with a stock of
35,000 casks of tallow, and couple with this fact the
assumed conclusion that we shall not receive any tallow
from ithe Baltic—we may expect 50,000 casks from
other sources. The problem in this supposed case would
be—what range of price would restrict our consumption
to 75,000 casks ? Would 705., 755., or 80s. have that
effect ? I leave each reader to fix his own mean, and
for the argument sake suggest a price of 755. as the
penalty we may be likely to pay for Russian exclusion,
and a reserve in London, March 1355, of 10,000 casks
of tallow, which supposed "stock will be nearly even
with the actual stock of 1847 and 1843 when the prices
were aboat 51s.

" The wars of 1800 and 1807, starting from near about
a similar point of price as the present, produced great
advances and great declines. War between Russia and
Britain, always an exceptive state, is sure to have be-
come by the long interval of peace we have enjoyed
more irksome and injurious to both sides, and it is not
to be lost sight of that though the preparations for war
are visible and exciting, peace may come unexpectedly
without notice ; and such is the elasticity, energy, and
enterprise of the present times, that a renewal of inter-
course would soon be established, and therewith a return
to average prices of tallow. If it be practicable to avail
ourselves of the Continental railroads at all, the winter
season would be the best suited to that purpose.
"There have been but few seasons that would have
found us better prepared for this outbreak than the pre-
sent one. We have a large command of substitutes for
tallow, and the prospect for home growth is more satis-
factory than it has been.

." The use then to be made of this survey would ap-
pear to be this : that in supposing the case to be one of
total exclusion—very extreme ground is taken—a middle
course, that is to say, a partial supply of tallow may
come ; and further, that in making any investments in
tallow, whether in manufactured stock or otherwise, it
is policy for each trader to take all the experience time
(with reference to his own particular position) will afford
him, and not to lose recollection of the fact, that war
between Great Britain and Russia is an exceptive state,
and has always proved so to be."

A large amount of bar gold, we are informed by
Messrs. Haggard and Pixley, was taken out of the
Bank of England yesterday, and all the silver per
Magdalena has been purchased for India, at ss. O'd.
per ounce, for Mexican and South American
dollars.

The subjoined memorandum relates to the debt
of Buenos Ayres :--
"The committee of Spanish and American bondholders
have this day received a letter from their special com-
missioner, Mr. Giro, dated 'Buenos Ayres, January
28,' advising his arrival in that city on the 19th of
January. Mr. Giro had been presented to the Buenos
Ayres Finance Minister by her Majesty's Consul. The
Finance Minister gave Mr. Giro a very courteous re-
ception, and promised to bring the object of his mission
under the notice of the Government."

To-morrow, a public meeting of the Association
for Promoting the Formation of Tribunals of Com-
merce is to be convened, and the attendance of the
mercantile community generally is requested. It is
understood that matters of considerable interest
will come under discussion. Lord Beaumont is to
take the chair.

The average speed of the Atrato steamer, on her
trial trip last Saturday, was 13.869 per hour. The
diameter of the cylinder is 96 inches, the length of
the stroke 9 feet, and the number of revolutions
181 per minute.
One of the consequences to be expected to arise
in our commercial ramifications under a state of
war occurred to-day. A respectable firm in the
north of England having mercantile relations with
Central America, has requested its insurance broker
to cover a cargo of hides from the port of shipment
to Bristol, and thence by rail to a port in the county
of Durham. This order will have come at an in-
opportune moment, intelligence having been re-
ceived at Lloyd's of the loss of a large American
barque with a cargo of iron on board, under simi-
lar circumstances, and within a few yards of the
place where the Demerara experienced her fate.
After this the Bristolians, we apprehend, will
have to make choice of one or two alternatives—
namely, the diminution of their trade, or some
suitable provision for it at the mouth of the Avon by
the formation of docks.

Although there is very little doing in English
securities, they bring fully the prices realised to-
wards the close of yesterday's market. Consols
have been 91k tog for transfer and account. Ex-
chequer Bills have been 10s. to 145., and India
Bonds 45., prem. Consols now are 91 to j.
Foreign securities have been quiet, but there is
a firm tone, and Russian are looking up, owing to
the statement that the Emperor, if the emancipation
of the Christians be required by the western powers,
would join with them, considering his object gained.
The Five per Cents. have advanced to 91. On the
other hand, it is rumoured that Turkey objects to
the treaty proposed by England and France as
going too far. Austrian Bonds have been done at
77 for the Five per Cents. ; Chihan have realised
101: ; Mexican Stock is worth 24g ; Spanish
Three per Cents. being 37i.
The French Loan is improving, owing to the
notice by the Government that discount will not be
allowed upon loans of more than 1,000 francs of
Rentes. Large capitalists, therefore, cannot ob-