The Sun.
London, England, 1854-05-11 00:00:00

THE SUN, LONDON. THURSDAY EVENING. MAY.II, 1884.

can give the best security for the redemption of its
promises. It is obvious that the guarantees re-
quired from a private establishment may be dis-
pensed with, and that all the objections to small
notes under the denomination of 5/. would be re-
moved when issued by " the National Bank."
We would thus provide the great desideratum—
a safe and equable circulation—not liable to the
panic or the undue contraction or dilation that
may occur at the most inopportune periods, and
by a plentiful supply of 11. national notes the
gold in daily use would be liberated to meet any
emergencies that might arise, to bear the expenses
of the war without any extraordinary difficulty,
and to develope to their fullest extent the won-
derful elasticity of the national resources.

MONEY MARKET

LATEST FOREIGN NEWS.

AND
COM MERCIA L INTELLIGENCE.

THE WAR.

CITY, TWO o'CLOCK

THE COMBINED FLEETS AT SEI3ASTOPOL.

The sales of cotton at Liverpool yesterday were
estimated at 7,000 bales, including 1,000 American
taken for export and on speculation. The market
closed without alteration in prices. The sales com-
prised 5,500 American, 300 Pernam and Maran-
ham at 60. to 6d., 50 Bahia at 64.1, 200 Egyp-
tian at 6d. to 91, 800 Surat at 3d. to 4d., and
50 Sea Island at ls. Id. to 2s. per lb. Railway
shares were firm.

The Austrian Correspondence of yesterday, pub-
lishes the following, under date of Constantinople,
May 5 :
" It is affirmed that the Admirals of the com-
bined fleets have resolved to defer the attack upon
Sebastopol, nfit deeming it advisable whilst the
Russian fleet remains for protection there. Some
frigates approached and threw shells into the
harbour, to provoke the Russian ships to come out,
but in vain."

The proprietors of the National Provincial Bank
of England have just had their twenty-first annual
meeting, and have received a very favourable re-
port from the directors. The following are ex-
tracts :

"During this year of extensive and prosperous trade,
the returns from the company's branches, as might have
been expected, exhibit a steady and healthy progress,
and in some districts connected with the great staple
products, a large increase of valuable business has take❑
place. This accession of business, and the rise in the
value of money above noticed, enable the directors to
lay before the proprietors a favourable statement.—{The
balance sheet gives the net profits of 1853 at 65,2421.]
" This prosperous condition of the Bank's affairs jus-
tifies in the opinion of the directors a larger division of
profits amongst the proprietors. Accordingly it is the
intention of the Directors to declare a dividend at the
rate of 8 per cent, per annum as well as a bonus of 4 per
cent out of the profits of last year. The bonus to be
paid along with the dividend; at the usual period in July
next."

"It will be in the recollection of the proprietors that,
on the occasion of their last annual meeting, it was in-
timated that a strong desire had been expressed among
the officers of the company, for the formation of a Pro-
vident Society for their mutual beaefit, embracing also,
if possible, the principle of a guarantee fund. The pre-
cise nature of the scheme it was then left for the direc-
tors to consider and determine. At the outset of their
deliberations,. the Cirectors found that the guarantee
scheme was objected to by a large number of the officers,
and it was therefore abandoned.
" The other' objects aimed at are—first, a provision
for the widoWs and children of officers at their death ;
and secondly, a superannuation allowance for the offi-
cers themselves.

" To effect the first and most pressing of these objects,
the directors recommend to the proprietors that the offi-
cers and clerks should be assisted in effecting insurances
upon their lives to the following extent, by the bank pay-
ing for them one-half of the yearly premium, viz.:-Ist,
managers of branches and agencies to insure for not less
than 5001. and not more than 1,0001. ; 2d, junior officers
and clerks to take out policies for sums not under 2501.,
and not exceeding 5001.
"With respect to the question as to a superannuation
allowance, the directors intend to postpone the conside-
ration of it, in the hope that at a future period they
will be able to deal with it in a more satisfactory manner
than they could do at the present moment."
ALTERATION IN DISCOUNTS.—The Bank of Eng-
land Directors, at their parlour meeting, have just
come to the determination to advance the minimum
rate of discount to 5i per cent. This has taken
many by surprise, as it was expected the measure
would be deferred, gold being less in demand. The
new Austrian loan has probably had some in-
fluence.

The settlement of the Consol Account has been
in progress this morning, and has occasioned con-
siderable fluctuation, being of some magnitude.
The Bears, at the commencement of business, were
buying back, and ran up the price to 88/ for
money, a " backwardation " of per cent.
existing, as the quotation for June was never
higher than 98/ ft. The price since, upon
large sales made by influential brokers, has
dropped to 868 for account, and the character
of the account is entirely changed, a " contango" of
per cent. having arisen in place of the " backwar-
dation," as the June price isno w above that for money.
Exchequer Bills are ls. discount to 2s. premium,
and no official price is given for Exchequer Bonds.
The New Three-and-a-Quarter per Cents. have
been at 888 and 87i, and the Three per Cents. at
878, and since at 861. Indian Stock has been at
235 to 237, and South Sea Stock at 115.
Foreign securities had been buoyant at the
commencement of the market, but are worse now.
Mexican were 241 a, and now are 24f. Peruvian
4. per Cents. have been at 591. Grenada Deferred
Bonds are 6,i. Brazilian Old Stock is worth 96.
Russian 5 per Cents. have been at 93/, and Dutch
21 per Cents. at 58. Spanish 3 per Cents. bring
37, and the New Deferred 17k.
The last week's railway receipts ascertained up
to this day are in round figures as under :

1854. 1853.
Great Western
North-Western
South-Western
Brighton . 11,946 11,280
Midland
South-Eastern . 15,425 13,575
Caledonian, and.Bdin. and Glasgow 15,665 14,169
Great Northern 17,553 16,766
Lancashire and Yorkshire 18,511 18,456
York and North Midland
Newcastle and Berwick } 23,060 27,223
Leeds Northern

The railway share market has been s to I per
cent. better, and has now lost that improvement,
and is rather lower than at the close of business
Yesterday. The transactions are exceedingly
limited. French shares have been rising, be-
in, los. better generally, but at present they
suffer a relapse.
The Joint Stock Bank Shares have been dull,
and also the Mines. Crystal Palace are better.
The state of the dried fruit market is thus de-
scribed by Messrs. Witherby and Hanson :

" Although the increase in the clearances of currants
indicates an improved demand, we have to report that
a very favourable change has occurred in the market
since Easter. The demand for 1853 fruit, noticed in
our last, has continued, and an advance of Bs. to 108.
upon prices then offered has been in many instances ob-
tained. Last week there was more inquiry for good
and fine 1851 fruit, and of this description extensive
purchases have been- made by London houses both here
and at Liverpool at-'Bss. to 905., prices which establish
a reaction on such descriptions of ss. to Bs. per cw,.
They are, however, still below those of last autumn
before the demand so suddenly fell off. In face of the
impossibility of any fresh supplies of such fruit coming
forward, of the disastrous news of every character from
the places of growth, of the termination of the strikes
in the North, and of the prospect of an abundant har-
vest in this country, a further improvement is confidently
expected. The trade generally have not made any
purchases since August last. Shipments of 1852 low
fruit are still going on, and we shall next month have
again to report a reduction in our stock.
"The unexpected pressure upon the Valentia Raisin
Market of several extensive parcels received coastwise
has tended much to depress it, and renders our quota-
tions nominal. The improved state of things, however,
in the north, since these parcels were despatched from
thence, renders it by no means unlikely that part of the
London Stock, which may be termed light for the sea-
son, will still be required in the manufacturing districts.
Within the last few days, sound fruit has been more in.
quired for, but no purchases of any consequence have
yet been made. Of black raisins, a small parcel of fine
quality has been sold at auction at 28s. Chesmes in
barrels have been taken for export kt 345. to 38s. In
Elernes, Sultanas, and other sorts there is no business
to report. The accounts from all the producing coun-
tries continue of such a character as to afford little ex-
pectation of even a moderate supply next season, and
holders, under apprehension of still more unfavourable
accounts from week-to week, generally prefer looking
on for the present." -.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
( Prom the Official Litt. )
Business done.
per Cent. Reduced Annuities B7i 3 63
3 per Cent. Consols Annuities BBi 4 b 81 74
New 31 per Cent. Annuities BBs 8A 7
Gong Annuities, Expire sth Jan., 1880 -16
Ditto. 30 Years, Expire 10th Oct., 1859 43
India Stock
India Bonds, 13000
South Sea Stock
Consols for Account 6th Juno
Exchequer Bills, 2d.
#l000
Small 2 p
2500 3 p
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
nrazilian Bonds, 5 per Cent. 96
Grenada Bonds, Deferred
.110XiCall 3 per Cent.
Ditto for the Account 244 3
Peruvian Bonds, 44 per Cent.
Russian Bonds, 1822, 5 per Cent. £ St 93
Ditto 4A per Cent Bl.
Spanish Bonds, 3 per Cent 37
Spanish New Deferred, 3 per Cent.
Dividends on the above payable in London.
Dutch Exchange, 24 per Cent. 12 Gull 5B
Ditto 4 per Cent. Certificates
HALF-PAST TWO.
Consols 874
Ditto June Account 873 t

RATE or EXCHANGE.—The favourable alteration in
the rate of exchange at Paris is maintained, and the
transmission of gold from the Bank of England no longer
admits of any profit, the French Mint having extended
their time of coinage to 53 days. It is now considered
certain that the Bank of France will reduce their rate of
discount to 41 per cent.
ST. PETERSBURG.—The advises from St. Petersburg
are to the 2d of May, at which date the money market,
was iu a rather improved condition, the exchange on'
London baying advanced to 34d. to 35d. The Neva
was full of broken ice, and the weather was warm and
fine. According to some statements, the supply of tal
low this year would amount to 110,000 casks, which i,
about equal to that of last year, and of this about hall
was expected to be exported overland. In consequence
of these advises, the London tallow market was dull yes
terday, and there were no buyers, even at a decline of
18, per cwt.