The Sun.
London, England, 1853-05-18 00:00:00

MONEY MARKET AND COMMERCIAL
INTELLIGENCE-(21IIS DAY.)

CITY, TWO O'CLOCK.
The sales of cotton at Liverpool yesterday were
estimated at 8,000 bales, of which 3,000 American
were taken for export and on speculation. The
market closed firmly at full prices. The sales com-
prised 6,000 to 7,000 American, 220 Pernam and
Maranham, at 6gd. to 7id., 300 Bahia, at gd. to
6id., 70 Egyptian at 7d., 1,000 Surat at 3d. to
4d., and 30 Sea Island at 2s. to 3s. per lb. Rail-
way shares were quiet but steady.
At the public sales of Tea yesterday, 9,322
packages passed, of which about 3,300, including
1,800 boxes, were sold at fully previous rates.
Young Hyson rather dearer.
The Indigo sales went rather firmer yesterday,
and a larger quantity was sold ; considerable
parcels of Kurpah passed to-day. The good and
firm qualities realised fully last sale's prices to
rather above, but the inferior sorts were 2d.'to 3d.

under last sale. Further quantities of Bengal were
withdrawn, leaving about 2,000 chests to be dis-
posed of-1,671 chests passed to-day •of which
611 were withdrawn, 450 bought in, and 610 sold.
Total passed 12,06* chests, of which 2,801 are
sold. _

At the-annual general meeting of the contribu-
tors to the Benevolent Fund of the Provident
Clerks' Mutual Life Assurance Association held
this day 145/. was voted to annuitants. To one
clerk who is incapacitated, from paralysis, the an-
nuity of 30/. was granted, and one annuity of 25/.
was awarded to a widow, three annuities of 20/.
were given to three others, and two of 15/. to two
more. Thomas Baring, Esq., presided, who, as
well as Mr. Jones and Mr. Reynell, expressed
himself warmly on the merits of the Association.
It seems that the support given by the higher
class of clerks was very limited, but the progress
nevertheless was satisfactory, and, during the pre-
sent year, 163 policies have been effected, repre-
senting 31,050/. A donation of 10/. 10s. was ac-
knowledged from Anthony Rothschild, Esq. ;
Baron Rothschild was absent on the Continent.
John Abel Smith, Esq., the Chairman, was not
present owing to ill health. We most earnestly
call upon clerks to join this excellent association,
the benefits of which, in many cases of great dis-
tress, have come within our personal knowledge.
At the meeting of the Eastern Counties Railway
Company this day, the bills for making the branch
line to the proposed Victoria Docks, and the line
from Stratford to Woodford and Loughton, and for
enabling the company to capitalise their debt, were
approved unanimously. In reply to a proprietor,
it was stated that the expense of the line to the
docks would be borne by the Victoria Dock Com-
pany.
The leading discount houses having yesterday
issued circulars to the effect that they will allow
2-k instead of 2i per cent. for money on " call,"
there is naturally renewed inquiry and discussion
as to the probable success of the Chancellor of the
Exchequer in his attempt to get the June Bills
circulated at Id. per cent. per diem. The
official notice having been given this week,
it is obvious that up to the present time Mr. Glad-
stone has not in the least changed his mind, and
that he considers it possible to effect the reduction.
Certainly, under other circumstances, there would
have been a fair prospect of success, since money
was considerably cheaper when the financial plans
of the Government were first made known. The
very decided change that has since occurred could
scarcely have been anticipated when gold was so
freely arriving in Australia ' • but, the fact is,
that sovereigns have gone out almost as fast, and
that the Continental demand has been continuous
and large. The cause has frequently been ex-
plained under this head, and there remains now to
consider what is the future prospect. At-the pre-
sent time, the " calls " upon the French and Cana-
dian lines are particularly heavy, and there will be
a respite after these are provided. The Central
of France taking 8/. per Share within a few
weeks upon so many thousand shares is enough
to pinch the holders, and to occasion a demand for
cash in the Stock Exchange, while the Grand
Trunk of Canada has taken about 700,000/. There
have been shipments of specie also to Russia and
Germany, and in other directions to a smaller
amount. The Indian demand has, in the meantime,
absorbed the silver coining here, and thus we easily ,
account for the movment in progress here as regards
the temporary enhancement of the rate of discount.
Some have imagined that in consequence of the
Chancellor of the Exchequer reducing the rate of
interest on a portion of the debt, parties were
sending their capital away to invest it in French
Securities, but this can only be true to a limited
extent ; because, after all, the conversion, except
in the case of the South Sea Stocks, is voluntary.
Up to the present date the total sum of new
stock and Exchequer Bonds " accepted" is under
2,000,000/. The particulars which we yesterday gave
from Australia show conclusively that it will now
pay to send out coined gold. Hence one drain is
temporarily stopped. Next, we believe, the re-
mittances to France, ,Canada, &c., if not actually
forwarded, are so far arranged as to have taken
the amounts out of the market. Therefore the full
pressure is already felt ; and lastly, we anticipate
very large arrivals of Australian gold within a
week or two. Several abortive companies,
including one or two projected banks, are returning
their deposits, and as most new undertakings are
at a discount the temptation to bring out more is
destroyed. An easier state of things, is in our view
likely to ensue, but we de not look for any decided
cheapening of money. The " conversion" just
now hangs over the money market prejudicially,
and there is no doubt the bankers and brokers are
opposing the Government strenuously, being dis-
satisfied at the intended reduction in the interest
on Exchequer Bills.
The Foreign Exchanges were quoted yesterday
afternoon for three months' bills as follows :—Paris,
25 25 to 30 • Antwerp, 25 25 to 30 ; Amsterdam,
11 18/ to 14- ; Hamburgh, 13 84 to 8/ ; Frank-
fort, 120/ to 12o1; and Trieste, 10 53 to 57. These
rates show an improvement as compared with those
of last post day.
The English Funds have been weak again, and
there are renewed money sales. Consols have
realised 1008 to g for Trapsfer, and 104 to~s. for
Account. The New 34 per Cents. have been
103 a to g. A bargain has been effected in New 5
per Cents. at 125. Bank Stock is very firm at
229, and East India Stock at 261 to 263. South
Sea Stock is worth 1154. Exchequer Bills aro ls.
discount to 3s. premium, being still very heavy.
Foreign Securities have been very inactive, but
Peruvian Bonds are better. Greek Red have been
done at 10. Equador are 57;- to 6. Buenos Ayres
is not higher than 65, a fall of 6 to 7 per cent.
Spanish Deferred are dull at 24. Portuguese 4
per Cents. are worth 392 to 404. Dutch 24 per
Cents. are 65?.
English Railway Shares are about 1 per Cent.
worse, and French are down 10s. to 1/. on the 25/.
Shares. The Strasbourg are now quoted ex-
dividend.
The Gold Mine Shares keep steady, and are
more dealt in.
Australian Agricultural and Crystal Palace
Shares are depressed.

BRITISH FUNDS AT ONE O'CLOCK THIS DAY
( From the Official Ltst.)
Business done.
Bank Stock
3 per Cei.:;. Reduced Annuities 99 a i
3 per Cent. Consols Annuities
New 3,1 per Cent. Annuities
New 5 per Cent. Annuities
Long Annuities, Expire sth Jau., 1860
India Stock
India Bonds, £lOOO
Di;;.,o, made- £IC3O 25 p
South Sea Stock . .... . ... ......... ...... ...
Consols for Account Ist Julio , lOOl I
Exchequer Bills 10. June March.
£lOOO ld 3 p I 1 d 3p
£5OO ld 3 p 1d 3p
Small ld 3 p ld 3p

PRICE OF FOREIGN FUNDS AT ONE O'CLOCK
Buenos Ayres Bonds, 6 per Cent 65
Et„aador Bonds
Greek Bonds, Red
Peruvian Bonds, 4i per Cent. BBi
Portuguese Bonds, 4 per Cent.
Russian Bonds, 5 per Cent.
Sardinian Bonds, 5 per Cent... .. ... 9Bl i
.... Aca

Spanish Bouds 3 per Cent
Spanish 3 per Cent., New Deferred
Ditto for the Account 24
Dividends on the above payable in London.
Dutch Exchange, 23 per Cent. 12 Gull.
Ditto 4 per Cent. Certificates • 96