The Sun.
London, England, 1854-05-13 00:00:00

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday were
estimated at 6,000 bales, including 1;000 American
taken for export and on speculation. The market
was flat, and buyers showed less inclination for
business. Railway shares were firm.
The return of the Bank of England for the week
ending the 6th inst. is much of the same cha-
racter as the preceding statements of late ; one
item, however, having undergone some change,
viz., that of the public deposits, in which,
probably from the Exchequer-Bond arrangement,
there was an increase. The demand for money is
evidenced by the withdrawal of private balances
and the increase in discounts, to meet which the
Bank appears to have sold stock or other Govern-
ment Securities. In this way the circulation was
kept down so as to respond to the diminution in
the bullion. Compared with the previous week,
the changes are as follows :

Active circulation..
Decrease ...

Bullion .

Decrease

Rest

Increase
Public Deposits
Increase
Other Deposits
Decrease
Seven-Day and other Bills
Increase
Government Securities
Decrease
Other Securities
Increase
Notes unemployed
Decrease

• £21,974,300
273.020
12,608,079
307,847
.. 3,204,862
32,679
.. 2,338,822
320,329
..▪ 10,688,531
628,274
.. 1,164,631
37,635
.. 12,566,607
514,072
.. 14;749,460
311,268
.. 3,900,430
40,700

On Amsterdam and Hamburgh the rates of ex-
change slightly improved yesterday afternoon, but
Paris, 90 days, remained at 25 25 to 27i. Trieste
was 13 38 to 50 ' • Frankfort, 118,1 to I ; Ham-
burgh, 13 4l to 5 • and Amsterdam, 11 15k to 51.
There is no gold being taken from the Bank of
England for exportation, with the exception of
parcels that, contain silver, as Messrs. Haggard
and Pixley report that there would be scarcely any
profit in sendinc, it.
The amount of silver exported direct from Lon-
don during the week to Thursday last was 94,281
ounces, nearly all to the Continent, and of gold
11,410 ounces, to Hambro', Sweden, France, Hol-
land, and Belgium.

The steamer Thames, from Brazil, brings 10,7071.
in specie. Trade had been rather duil at Rio and
Pernambuco, and there had been dissatisfaction
among the foreign merchants at the mode in which
the Customs duties were levied. This occasioned
an alteration, however, that appeared to meet the
case.

The Marco Polo, clipper ship, is telegraphed as
having arrived off Holyhead. She left Melbourne
Feb. 19, and will therefore bring later dates by
about a fortnight than any received direct. In all
probability she has a large amount of gold on
board. The Gipsey, from Australia, has arrived
at Belfast.

There has been a very quiet market for public
securities, and prices are firm. Consols have been
87i to 88i for transfer and account. The New 3i
per Cents. bring 87i to 88. Exchequer Bills are
2s. discount to ls. premium, and India Bonds 15s.
discount. Nothing has been done in Bank Stock.
Foreign Securities have been steady. Russian 5
per Cents. 931, and Dutch 4 per Cents. 88. Buenos
Ayres Bonds are 55k. Mexican nominal.
The Railway Share Market has been rather
heavy, without much doing. French Shares are
quieter.

The Gold Mines are flat, but Australian Agri-
cultural Land have again advanced.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
(Front the Official List.)
Bniiinsss done.
I per Cent. Reduced Annuities B6l 7
3 per Cent. Consols Annuities B7l 81
New 3i per Cent. Annuities B7l 8
Long Annuities, Expire sth Jan., 1860
Dittc 30 Years, Expire 10th Oct., 1859 4l
India Bonds, £lOOO
Consols for Account Eth June B7l 8i
Exchequer Bills, 2d.
£l000
Small 2 p
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cent. 961 7
Buenos Ayres Bonds, 6 per Cent SS.
Russian Bonds, 1822, 5 per Cent. £ St 934
Ditto 4A4 per Cent Boi 14
Sardinian Bonds, 5 per Cent Bl
Spanish New Deferred, 3 per Cent. lB
Dividends on the above payable in London.
Dutch Exchange, 2. per Cent. 12 Gnil
Ditto 4 per Cent. Certificates .
TWO O'CLOCK.
Consols B7H 8
Ditto Juno Account B7i 8

SUBMARINE AND EUROPEAN
TELEGRAPII.

OPENING TO LIVERPOOL AND MANCHESTER.
The above companies' k.ubterrancan line of telegraph be-
tween Liverpool and London was completed by Messrs. Frond
and Hamill, and opened to the public last Wednesday, and
messages were forwarded from point to point. In accordance
with the principle upon which the extension of the companies'
operations was based, and which was primarily put in opera-
tion at Birmingham, a great reduction was effected in the tariff
of charges.

The previous amount of ss. from Liverpool and Manchester
to London was replaced by the more moderate one of 2s. 6d.;
and Manchester, Liverpool, and Birmingham were put into
intercommunication for ls., instead of 2s. 6d.
No charge is henceforth to be made for name and address
in the messages, and despatches by this company are to be de-
livered as heretofore, free of charge, within a circuit of a mile
from the different offices. The increased certainty of an under-
ground system combined with the above programme, and the
assurance it contains of the due fulfilment of the companies'
previously expressed intentions, should secure the support of
the commercial world. A system of cheap telegraphs, as de-
manded by the mercantile world, is now placed within their
reach, and within the grasp of the country generally, but to
assure its continuance and its universality, the company
should not be left in the lurch when other tariffs aro reduced
to the same liberal amount. For in the present instance the
reduction is voluntary and part of a recognised system, whilst
in other instances it will be due somewhat to the influence of
example, but more especially to the absolute necessity of self-
preservation.

It appears that from Liverpool and Manchester to the north
by Leeds, Hull, Glasgow, &c., the wires of the Submarine and
European Telegraph Companies will be joined by those of the
British Telegraph Company, thus giving a direct circuit with
Loudon to those important districts. A reduction in the tariff
will also shortly be made, and in this manner the advantages
insured to Liverpool and Manchester will be extended over a
vastly increased area.

Most interesting experiments were made at Liverpool and
Manchester on Wednesday and Thursday, by which the prac-
ticability of direct services between those important centres
and Paris and Brussels was very successfully demon-
strated. The French wires and the wires from Liverpool
were joined together at the office, 30, Cornhill, London,
and Liverpool and Manchester proceeded to hold direct
communication with the metropoli of France and Belgium,
a distance in the one case of 535, and in the other
of 520 miles. The currents from the offices, Castle-street,
Liverpool, and Market-place, Manchester, passed without
any intermediate assistance instantaneously from those office's
into the offices of our Gallic neighbours. The Mayor and
principal merchants of Manchester wore present at the expe-
riment, and messages were interchanged. The query as to the
state of the weather in Paris, and the reply " Fine and
cold," occupied about one minute. The Mayor of Manchester
congratulated the Mayor of Paris upon the establishment of a
direct communication between the two places, and the Prt3-
feet of the Seine afterwards forwarded the following reply :-
" The Prefect of the Seine to the Mayor of Manchester, Wed-
nesday. Warm thanks for the obliging despatch, and assur-
ances of the cordial sentiments of the town of Paris for tha
city of Manchester."

Sir JAmEs CARMICHAEL, the deputy-chairman of the com-
panies, also congratulated the Vicomte de Vougy.
Most probably the managers will endeavour to establish
permanently direct services from Liverpool and Manchester
to Paris, and the enlightened liberality wnich distinguishes
the Emperor in telegraphic matters is a pretty sure guarantee
of the success of such an endeavour, should it be made.