The Sun.
London, England, 1854-07-12 00:00:00

MONEY MARKET

AND
CO 211.111ERCI.A. r, INTELI; TGENCE.

CITY, TWO o'CLOCK

The sales of cotton at Liverpool yesterday
were estimated at from 5,000 to 6,000 bales, in-
cluding 2,000 American taken for export and on
speculation. The market closed very quietly,
without change in prices. The sales comprised
500 Surat at 3d to 31d. ; 30 Sea Island at is. Id.
to Is. 5d., and the remainder American. Railway
Shares were very flat.
The report upon the indigo auctions, as furnished
by Messrs. H. W. Jewesbury and Co., is as
follows :

" The quarterly sales of indigo commenced this day,
consisting of 13,925 chests (including 4,185 chests of old
goods, bought in at or withdrawn from former sales, and
1,090 chests in second hands), comprising the foliowiug,
viz. :—Catalogues A 9,322 chests Bengal, Oude, &c. ;
1,373 Madras, 1,311 Kurpah, 56 Bthilipatam, 21 Sa-
lem, 71 Pondicherry, 24 Java ; 480 withdrawn. 177
lots warehouse sweepings, 12,835 chests. Catalogue B
1.090 chests, various, in second hands. Total 13,925
chests. The qualities of Bengal are about one-third
good and fine, and two thirds middling and ordinary ;
the Madras one-fourth good and fine, and three-fourths
middling and ordinary ; the Kurpah one-
fourth good and fine, and three-fourths mid-
dling and ordinary ; the Bitnlipatain chiefly
ordinary, with one or two chests of good ; the
Java good and fine ; the Oude, three-fourths middling
and ordinary, and one-fourth good and fine. After the
announcement of 248 chests being withdrawn, the sales
opened with a parcel of good middling ordinary Madras,
which sold with fair spirit, the lower qualities at barely
last sale's prices, but the better sorts at an advance of
2d. to 3d. per lb. Bengal qualities have ruled from last
sale's rates to 2d. per lb. under, the fall being upon the
finer qualities. For Kurpah of good and fine quulity,
there was strong competition, and an advance
of from 2d. to 4d. per lb. was realised ; but the in-
ferior sorts were not in demand, and prices were rather

easier.
" We quote fine Bengal 2d. lower, middling and or-
dinary about last sales. Madras, good ord fine 2d. to
3d. higher, ordinary sorts about par ; Kurpal, good and
fine 2d. to 4d. higher, ordinary sorts barely last sale's
rates. The room presented a fair attendance, and the
sales have opened much better than was expected. 1,228
chests have passed to-day, of which 385 were withdrawn,
212 bought in, and 631 sold."
Accounts from France state that one-fifth more
wheat has been sown there this season as compared
with last.
There was a slight decline yesterday afternoon
in the rates for Bills of Exchange upon some of the
Continental cities. Hamburg, 90 days, was not
higher than 13 51 to si, and Paris was 25 221 to
27k. Amsterdam was at 11 17 to 171. Frank-
fort was at 118 a to 1188. Trieste was higher,
being 13 to 13 10.
The annual accounts of the Union Bank of Lon-
don was held this day, Sir Peter Laurie in the
chair. The profits of the year ending 30th June
last was 84,6311. lls. 2d., from which a dividend,
after the rate of 10 per cent. per annum was re-
commended, with a bonus of 5 per cent., making
15 per cent. for the past year, clear of income-tax.
The sale of the reserved shares would raise the
reserve fund to 126,0001., and clear off the prelimi-
nary expenses. The report was adopted.
The following are the principal passages in the
report :
"The fifteenth annual report, which affords the most
satisfactory evidence that the progress of the business in
every department, and the prosperity of the bank during
the past year, have not been exceeded in any period since
the establishment of the company.
" The profits of the year ending the 30th of June last,
amount to 84,6311. lls. 2d., after allowing for all current
charges, and for the sum of 107,739 17s. sd. interest
paid and due to customers on their current and deposit
accounts.
"On a careful consideration of the accounts on the
31st December last, the Directors felt justified in raising
the dividend from 8 to 10 per cent, per annum, for the
half-year then ended ; the profits of the last six months
have fully equalled their expectations, and the Direc-
tors have now the satisfaction not only of declaring a
dividend at the rate of 10 per cent. per annum, but of
adding a bonus of 5 per cent., making together 15 per
cent. for the past year, clear of Income-tax.
" After payment of the dividend for the year, and the
bonus amounting to the sum of 63,4351., and the usual
appropriation of 5001. in reduction of the preliminary
expenses, there will remain an unappropriated surplus
profit of 20,6961. lls. 2d., to be carried to the credit of
profit and loss New Account.
"The directors are, of opinion that the time has now
arrived when the reserved shares may be appropriated
with benefit to the Bank and advantage to the proprie•
tors ; they have, therefore, resolved (in pursuance of the
powers prescribed by the deed of settlement) to is'ue
them to the present proprietors, in the proportion of two
additional shares for every five shares now held, at a
premium of 51. per share. The details of this arrange-
ment will be read to the meeting at the close of the report,
and subsequently communicated by a circular letter to
each proprietor. The paid-up capital will then amount
to 600,0001., which the directors feel convinced has be-
come desirable from the magnitude of the business, and
will extend the influence and augment the prosperity of
the Bank.
" The premiums thus receivable on the reserved s hares
will be appropriated, fir-t, to raise the reserved hind'
to 120,0001., being 20 per cent. of the paid-up capital,
beyond which amount it is not at present intended to
increase that fund; and next, to tho entire liquidation
of the preliminary expenses, which have been hitherto
in course of repayment by annual instalments.
" The appropriation of the reserved shares will leave
794 undisposed of, and affords an opportunity which
the directors have long cleared, of expressing in some
substantial manner that entire and cordial approbation
which the proprietors have so frequently recorded of
the eminent services of Mr. W. W. Scrimgeour, the
general manager, as well as of other valuable officers of
the company.
" It would be an agreeable duty to the directors to
enlarge upon the manner in which Mr. Scrimgeour has
discharged his arduous and most responsible duties, but
the present position of the Bank best attests his un-
wearied zeal and tried ability, which have so materially
contributed to that result, and the directors feel assured
of the hearty concurrence of the proprietors in the pro-
position to appropriate the residuary shares at par, to
Mr. Scrimgeour ; as well as to Mr. Barton, the assist-
ant manager ; Mr. Clack, the manager of the Regent-
street branch ; Mr. Wight, the manager of the Charing-
cross branch ; and Mr. Walter Laurie, the secretary,
who have each, in their several departments, well en-
titled themselves to the respect and confidence of the
proprietors."
A crude report has been circulated that the
Chancellor of the Exchequer is negotiating for a
new loan.
The English Stock-market has been further de-
pressed, and there is still a fair supply of stock.
Consols have been 90K- to 91k and are now 911-
The operations connected with speculative opera-
tions, according as parties have the " call" or " put"
available, partly influence prices, but the poli-
tical uncertainty, together with the absence
of sunny weather, are also acting upon the
quotations. The value of Bank Stock is higher
again, being at 210. Exchequer Bills are par to
2s. premium. The Exchequer Bonds of 1859 have
been done at 1 premium. East India Stock is at
228. The New 31 per Cents. have realised 91,
and since are 911 I.
Foreign Securities have been heavy. Grenada
.1,
Stock has been done at 161, and Mexican at 24.
Spanish 3 per Cents. have been firmer at 37 to
371, ex dividend. Russian 5 per Cents. have been
at 96i, being still heavy. In Dutch 21 per Cents.
there have been several transactions at 58'4 to 59k,
ex dividend, and in the 4 per Cents. at 891- to 901.
The following are the nominal prices of Foreign
Stocks :—Grenada Deferred Bonds 61 to 61, Mexi-
can 231 to 24, Peruvian 65 to 67, ditto 3 per
Cents. 50 to 52, Portuguese 4 per Cents. 39 to 41,
Russian 5 per Cents. 96 to 98, ditto 41- per Cents.
80 to 82, Spanish New Deferred 181 to 19, ditto
3 per Cents. 37 to 38, ditto Certificates 4 to 41,
ditto Passive 4 to 41.
The Railway Market is influenced by the decline
in the English stocks, and although there is no
material pressure of sales, the disposition is rather
to part with shares. Great Western, however,
and Great Northern A stock are better supported
than others. Brighton are down, and the North
British also. French Shares are neglected.
Mining Shares are inactive. Banks flat, and
Land Shares though dull are steady.

BRITISH FUNDS THIS DAY.—CLOS2ioNtisiGinleaPisßdiolnCe.E S.
(Prom the Oficial List.)
' Bank Stock ...
• par Cent. Reduced Annuities
3 per Cent. Consols Annuities 9l 904 1i 904- 1 90i
New 3i per Cent. Annuities 9lk A i i i
Long Annuities, Expire sth Jan., 1860 -16
Ditto 30 Years, Expire sth Jan.,1860 4
India Stock
Consols for Opening 19th July
Exchequer Bills, 240.
1.000
.ESOO
Small 4 2 p
Exchequer Bonds, 1858 .....
Ditto Scrip, 1851
PRICE OF FOREIGN FUNDS THIS DAY.
Grenada Bonds, li per Cent l6l
mexican 3 per Cent.
Russian Bonds, 1822, 5 per Cent. £ St 9ii4
Ditto 4A per Cent.. B2
Spanish B-onds,"3 per Cent 37i 7 x d
Dividends on the above payable in London.
Belgian Bonds 4. 13,3 r Cent. ex. 25 fr
Dutch Exchange, 2s per Cent. 12 Gull
Ditto 4 per Cent. Certificates .....

THREE O'CLOCK.
Consols for )penin 15th July 9O x d