The Sun.
London, England, 1854-11-01 00:00:00

THE SIEGE OP ~EBASTOPOL.

A. letter from Constantinople, of the 19th ult., says
"No one can without presumption pretend to foretell the
duration of the affair when it has once commenced.
There are so many disturbing causes that calculation
is impossible. The enemy may give way at once,
or resist with a bravery totally unexpected. The walls
may crumble like those of Bomarsund, or bid de-
fiance to cannon like those of the Spanish fortresses.
From letters written by officers who have a wide ac-
quaintance with such subjects, it is clear that many
things have been found easy which were expected with
great apprehension, while difficulties have arisen from
causes wholly unforeseen. There is no reason to
believe that we are at the end of such surprises.
But should nothing unexpected intervene it is proba-
ble that a few days will see an end of the struggle ; at
any rate the fall of the fortress cannot be deferred
beyond the present month. A cannonade of forty-
eight hours is sufficient to effect breaches sufficient
to allow an assault, and the fire of five days would
destroy town, fortifications, dockyards, and ships.
The possibility of an escape of the Russians on the other
side of the bay seems to have been to some extent anti-
cipated and guarded against. The lines of the English
troops extend to some distance round the bay, and the
ong guns from one of the gun-boats have I can placed in
a position where they can command the ferry ; so
that unless the enemy can manage to carry their troops
across at night there seems no likelihood of such a
calamity as that apprehended by the besieging com-
manders. However, the forts on the northern side
will no doubt hold out after the capture or destruc-
tion of the main town, and it appears that another
set of operations will be necessary for their reduc-
tion, so that the complete surrender of the place
and its dependencies can hardly be expected for
another fortnight. Those who calculated that the
campaign would last till the middle of November
will be found not to have been far wrong on the
whole. The retreat of the Russians into Sebastopol
after the battle of the Alma was an advantage totally
unexpected, and on which the Generals of the Allies did
not count. It was thought that, with such a force as
forms the army of the Crimea, and with such a fortress
as. Sebastopol at stake, the enemy would have fought
an action at every available place ; and even the
sanguine and energetic man who commands the
French army looked forward to three pitched battles,
which would have delayed the arrival of the Allies under
the walls of Sebastopol for ten days or a fortnight. We
may think ourselves fortunate that matters are so much
advanced, and that the month of October, called for -its
warmth and dryness the little summer, is likely to see
the most arduous part of the undertaking brought to
an end."

NEWS FROM THE SEAT or WAa.—A. French journal,
the Echo de Valenciennes, speaking "S of the trans
of our
mission
of news from the seat of war, says —ome
readers will, no doubt, be astonished to find that since
the seat of war has been transferred to the Crimea, the
intelligence reaches France and England morannel. The rapidly
via St. Petersburg than by any other che
Russian Generals despatch Tartar couriers, whose activity
proverbial, from the Crimea to Moscow, across the
Ukraine. A televraphic communication exists between
Moscow and St. Petersburg, and another between that
capital and Berlin, whence despatches reach Paris and
London with extraordinary celerity. We must not con-
sequently be surprised that the news from the Crimea
passing through St. Petersburg should arrive in less time
than despatches forwarded via Constantinople ane. d
fro Vienns,
since the Russian couriers have Only to ridm the
Crimea to-Moscow."

MONEY MARKET

AND
COMMERCIAL .INT ^LLfGENCE•

CITY, Two O'CLOCK.

The sales of eotton at Liverpool yesterday
were estimated at 6,000 bales, including 1,500
taken for export and on speculation. The mar-
ket remains steady at previous rates. The sales
comprised 5,000 American, 200 Pernain and
Maranharn at 51d. to 6111., 200 Egyptian at 6d.
to Bd., and 600 Surat at 3d. to 4d., per lb.
Railway Shares were not quite so firm.
The ship Francis Henty brings accounts of Aug.
18th from Melbourne, being not quite so recent as
those previously to hand. She has on board
33,876 ounces of gold.
The Cornhill from Van Diemen's Land has
25,000/. on board.
By the Atrato steamer there are 120,0001. in
bullion. The political advices from Mexico are
unfavourable, if we can rely upon the statements
relative to the progress of the insurgents against
Santa Anna.
From the United Mexican mines the advices are
extremely satisfactory, and the prospects aro con-
sidered good for the shareholders.
The Committee of Mexican Bondholders have
received only a note hastily written by Mr. Rick-
ards, who will write again by the next New Orleans
steamer. The remittance is only 12,000 dollars,
as hard dollars were scarce at Tampico. •
The accounts from New York report the money
market as being more stringent, and the banks
were contracting their discounts as much as possi-
ble. This measure was intended to prevent the
heavy shipments of specie which have been taking
place for some time past, but in a short time the re-
gular bi-monthly arrivals of the precious metals from
California would also come in relief. Stocks which
had been buoyant had become heavy at the period
when these advices left. The grain market was in
rather an unsettled condition, freights were
quieter, and cotton had advanced.
Advices from the East state that the Greek
pirates were again appearing off the islands of the
Archipelago.
The. Committee of Spanish American Bond-
holders have published a report.of their proceed-
ings in relation to the Foreign Debt of Buenos
Ayres, and it does credit to their industry, while
it inspires hopes of a better future. The Minister
of Finance, in a communication dated August 31,
states that the position of the Foreign Debt shall
be submitted to the Legislative Chamber for their
information, as well as to obtain their decision thereon
and the President of the Republic, in his Message,
describes the national finances to be in a very satis-
factory condition, states that all current claims on
the Treasury are promptly discharged, and propoSes
to the Chamber a vote of 12,740,000 dols. currency
for a new custom-house, and 1,200,000 clots. for a
pier, besides other public works certainly not of so
much importance as the payment of the interest on
the debt. The Buenos Ayres debt is 977,0001.,
and there are 1,494,8191. due for dividends in ar-
rear. We aro glad to find that our Minister at
Buenos Ayres was warmly advocating the interests
of the English creditors, acting under the instruc-
tions of Earl Clarendon.
The Bankers' Magazine for November gives very
ample information upon all monetary and commer-
cial features, and its articles upon the state of rail-
way affairs in America, laws of the currency, &c.,
are interesting and well timed.
Yesterday afternoon the rates for bills of ex-
change upon the principal continental cities were
firmer, except Paris, which was not higher than
25 32 to 35 ; Amsterdam was 11 17i to 17i ;
llamburgh, 13 6 to 6i; Frankfort, 118 - to 1181 ;
and Trieste, 12 6 to 12 10.
This being the day upon which the Bank of
England takes its half-yearly balance, the Transfer
Office and the Stock Exchange are, as usual,
closed, but in the Subscription Rooms there have
been a few bargains at lower prices, owing to the
Russian news from Sebastopol, which, if not wholly
credited, has, it is feared, some foundation. Con-
sols have been called 94} to and the Turkish
Scrip is down to 1.2 to 2. Shares are merely
nominal.