The Sun.
London, England, 1853-06-04 00:00:00

MONEY MARKET AND COMMERCIAL
INTELLIGENCE-(THIS DAY.)

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday were esti-
mated at 8,000 bales, of which 1,000 were taken for
export and on speculation. The market was not quite
so firm, and closed quietly without alteration in prices.
Railway shares were very depressed, and 1 to 1-12- per
cent. lower.
Whatever has prompted the Bank of England to ad-
vance its rate of discount, must have occurred within
the present week ; the return of its liabilities and assets
made up to Saturday last offering not the smallest justi-
fication. We are to assume, therefore, that the demand
for discount accommodation and loans upon stock be-
came suddenly unprecedented ; or, however reluctantly,
we must come to another conclusion, viz., that the
measure is precipitate, and possibly even founded partly
in pique. The next week's return must elucidate
this, and perhaps the item of public and private
deposits will be shown to have been affected. The ex-
planation of such a change, if it did occur, is simple
enough. The transfer books were about to be closed,
the amount of " calls" upon some foreign railways was
larger than of late, although there is no reason to sup-
pose that English holders had to provide the whole, and
an immense quantity of tea was to be cleared after the
long postponement of duty payments, pending the dis-
cussion, of the budget, and the 4th of the month (this
day) when a large amount of home bills fall due, was at
hand. But are these permanent influences, and would
not the effect subside almost within the week, unless
artificial scarcity were induced ? As an incorporated
body of traders in money, the Bank has ever a right to
turn its capital to the best account, provided it observes
a decent regard to the interest of the public by whose
favour it enjoys such ample privileges. No one com-
plains of 3),-"per cent, being an excessive charge, allow-
ing that it is higher than for the last three or four years;
but why proclaim the alteration with " such a flourish
of trumpets," ushering it in upon an already agitated stock
market by a fall of per cent. in Consols, at a time when
great sensitiveness prevails as to our foreign relations,
when the increased demand for money was rendering the
renewal of Exchequer Bills more difficult, and when the
last day had arrived upon which the "assents" to the
conversion of South Sea Annuities would probably have
far exceeded those of any previous day? Perhaps a
glance at the political composition of the bank direction
may throw some light on the matter, the leaven of
Toryism being tolerably strong ; and since the ex-
Premier and his satellites have not deemed it unfair or

unpatriotic to thwart the effort to save the pockets of
the tax payers, one cannot feel surprised if they have
humble imitators east of Temple-bar. Whatever may
be said to the contrary by prejudiced or interested par-
ties, the financial plans of Mr. Gladstone were honestly
framed with due regard to the • rights of all parties ; and
if, in the matter of Exchequer Bills, the interest of money
has rendered them less eligible, for the time, there is no
reason to legislate for the hour rather than the twelve-
month ; while, unless a continuance of dear money is
believed in, Government has a justification for keeping
down its terms. Under any other circumstances, we
should have said at once to the Chancellor—" Revoke your
decision, and raise the interest to 11d. per diem." Go-
vernments, like individuals, should pay something near the
current interest, but not take a binding engagement for
a year forward under the stimulus of evanescent scar-
city. Immense sums are due to this country from
Australia, a balance of trade exists against America,
money is returning from Russia, and the entire popu-
lation of this kingdom possesses more of the metallic

medium than was ever before known. This is far pre

ferable to seeing the amount locked up in the Bank vaults.
The first result of this new movement of the Bank will
be to make money scarce, and to check the projection
of new schemes, a wholesome result ; the next will be
to draw money from abroad, and gradually to lessen its
value here. This done, an actual advantage will arise,
and we quarrel far less with the thing done than with
the manner of doing it. Very cheap money is a positive
evil, and rarely benefits legitimate trade, though it feeds
speculators. Subjoined is an analysis of the weekly
Banking account, contrasted with the previous state-
ment :

Active circulation..
Decrease....

£22,582,030
56,725
17,944,547
5,977
3,110,204
46,373
5,606,412
209,065
11,935,583

Bullion

• Decrease..

Decrease
Public Deposits...
Decrease
Other Deposits

Decrease
Seven-day and otter Dills
Decrease
Government SecuriUes
Other Securities
Decrease
Notes unemployed
Increase

17,915
1,303,685
22,448
No alteration
14,021,714
346,549
8,871,860
137,830

Bills of Exchange were yesterday negotiated at fuller
rates upon Trieste, and. at a slight advance on Ham-
burgh and Amsterdam. Paris was very firm, being
25 23 to 30. Amsterdam brought 11 181 to 19, and
Hambro' 13 8,1 to 1. Trieste 10 58 to 11_2.

The Committee of Mexican Bondholders have re-
ceived a letter from Mr. Falconnet, via the United
States, dated Mexico the 4th May, being one day later
than his last letter. He reports an interview, which at
his instance Mr. Doyle has had with the President, who
assured him that the funds of the bondholders at the
Custom-houses shall not be touched in any way
.by the
Government, and that, henceforth, when collected, they
shall be shipped to the joint order of the Chairman of
the Committee of Bondholders and Colonel Pack..
The amount of silver exported from London direct
during the week to Thursday last, was 214,160 oz., and
of gold, 7,982 oz.
Tte English funds are heavy this morning, but not
lower, the absence of business being the feature chiefly
observable. Consols have been quoted 981 to Pf, ex divi-
dend. The New 31 per Cents, have realised 1018 to a,
and the 3 per Cents. 988 to 99. South Sea Old Annui-
ties are 99 to par. Exchequer Bills are 2s. to 55., and
India Bonds 235. to 275. premium. _

Foreign Stocks continue about the same. Spanish
Deferred Bonds are 238 to g. Portuguese 4 per Cents.
are firmer at 39k. Mexican are about 264 with very
little doing, and Peruvian Deferred 61. Equador dull
at 5.1. Russian 41 per Cents. have not been higher than
103. Dutch 21 per Cents. are at 65.
Railway Shares have been dull, but without any fur-
ther slight decline. Caledonian, North-Western, Mid-
land, and North British have been most affected.
French Shares are merely nominal.
The Gold Mine Shares are at about the previous rates,
except Noveau Monde, which have receded.
The Land Companies Shares are rather better.
The New Australian Banks are very depressed, and
the Chartered of Australia is down to 4 premium.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
( From the Official List.)
Business done.
3 per Cent. Reduced Annuities 98.1 9
3 per Cent. Consols Annuities
3 per Cent. Annuities, 1726
New 3 per Cent. Annuities lola a
New 5 per Cent. Annuities shut
Long Annuities, Expire sth Jan., 1860
Ditto 30 Years, Expire sth Jan., 1860 shut
India Bonds, £lOOO.
South Sea Stock
South Sea Old Annuities
South Sea New Annuities
3 --.1. Cent. Annuities, 1751 shut

Consols for Account July 19
Exchequer Bills, 13A.
£lOOO
£5OO
Small

98i i 3

2 5 p
2 5p
2 5 p
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK
Brazilian Bonds, 5 per Cent •
Chilian Bonds,•6 per Cent lOl
Equador Bonds
Greek Bonds, Red
Ditto, Blue
Mexican 3 per Cent.
Peruvian Scrip
Peruvian Deferred 3 per Cent.
Portuguese Bonds, 4 per Cent.
Ditto for the Account .......
Russian Bonds, 5 per Cent.
Ditto 4A per Cent.
Sardinian Bonds, 5 per Cent 93A 4
Spanish Bonds, 3 per Cent 4BA
Ditto New Deferred, 3 per Cent. 23/ g
Dividends on the above payable in London.
Dutch Exchange, 2A per Cent. ....... 65
TWO O'CLOCK.
.. 98 x d

2G
• par
61

Consols for Opening 19th July

THE TEA DUTY.—INCREASE OF BUSINESS AT THE
CUSTOM-HOUSE.—Since the order for the reduction of the
impost on teas was issued, the aggregate amount of duties
received at the Custom-house approximate closely to
400,0001. The business of passing delivery orders has in-
creased to such an extent that, notwithstanding a large
number of supernumerary clerks have been engaged, they
are employed unremittingly in this department from seven
o'clock in the morning until ten o'clock at night. For this
extra work clerks receive from ls. to 2s. per hour, messen-
gers 9d. per hour, and supervising officers are remunerated
according to their rank. The deliveries of tea from the
various bonded warehouses commence at six o'clock in the
morning, and continue incessantly until seven o'clock in
the evening, the Customs' lockers and other officers em-
ployed receiving extra pay for the additional duty. Up to
yesterday evening it was stated that above 5,000,0001b5.
had been delivered, and although a very large number of
extra labourers are employed at the several warehouses, it
is impossible to keep pace with the presentation of the
orders.
DISPATCHES FOR VICE ADMIRAL DUNDAS AND REAR
ADMIRAL CORBY.—Mi. Tucker, the clerk in charge of her
Majesty's steam-packet Caradoc, Lieut. Commander Derri-
man, left London by mail-train on Thursday for Marseilles,
with dispatches for the commander-in-chief of the Medi-
terranean, at Malta, relative to the state of affairs at Con-
stantinople ; and yesterday morning, at two o'clock, her
Majesty's dispatch-steamer Banshee, Lieutenant Com-
mander Hosken, left Spithead with Government dispatches
for Rear Admiral Corry and the Channel squadron, now
on a six weeks' cruise. It is expected that the Banshee
will proceed direct to Lisbon, as Rear Admiral Corry had
permission to touch at that place in the course of his cruise.
It is not improbable that the instructions to Rear Admiral
Corry include orders to detach a division of his squadron
to Malta, to reinforce the small but efficient fleet of Vice
Admiral Dundas.
DEATH OF EARL DUClE.—Elenry George Francis
Moreton, Earl of Ducie, expired on Thursday. The de-
ceased earl was born on the Bth of May, 1802, and married
on the 29th of June, 1826, the Hon. Elizabeth Dutton,
eldest daughter of Lord Sherbourne (born 19th of February
1807), by whom he had numerous issue—the eldest of
whom, Henry John, born 10th of August, 1829, and elected
M.P. for Stroud in 1852, now succeeds to the ancestral
honours.