The Sun.
London, England, 1854-02-28 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, of which 500 American
and 500 Surat were taken on speculation. The
market closed heavily without alteration in prices.
The sales comprised 4,500 American, 200 Bahia
at 6gd. to 6d., 200 Egyptian at 6id. to 7d., 1,000
Surat at 3d. to 4id., and 50 Sea Island at is. 3d.
to Is. 11d. per lb. Railway Shares were flat, with
prices Ito 1 per cent. lower.
The probability of a new loan being contracted
is more canvassed in the City now the Chancellor
of the Exchequer has so early announced his
Budget. It would be a decided relief to the
money-market, if borrowing has to be resorted to
within anything like a reasonable period, to take
the contract at once. In this case the mode of
of proceeding, according to what took place dur-
ing the last war, would be to send an invitation
to our principal capitalists to wait upon the
Chancellor a day or two before the Budget
came on. There would, of course, be no precise
intimation of the amount of the loan until the in-
terview. It would be very desirable to insure as
much as possible the advantage of competition in
such matters, and if the Bank of England were
willing to undertake the agency, and open books
for the purpose, we have no doubt a lean of ten
millions sterling would be signed for in a few hours
by the public at large, so popular is the war. In
this way, too, there would be better terms secured,
because a contractor has his profit to make. Con-
sidering, however, the trouble involved, and the
policy of securing the good offices of our great
firms, in the event of any future emergency, the
usual course will most likely be pursued. It may
not be too much to assume that the effect of a new
' loan is, to some extent, already discounted, as
every one must have foreseen that from the
moment of our entering upon war it was inevitable.
There has been an impression, nevertheless, that
the loan would perhaps not be required for several
months ; and some have thought that by increased
taxation we could have met a great part of
the increased annual cliarge by the income
of the year. If there were a precise and definable
limit of cost, in such cases, this would be practica-
ble ; otherwise the best we can do is to take a loan
so as to conduct the war on a large scale, and get
it sooner concluded ; but at the same time to raise
4 or 5 millions more by annual taxation, in order
to avert an undue augmentation of the Debt, and
to realise as far as possible the view of Mr. Hume,
that we should not saddle posterity too heavily
with our burdens. Since it is to be hoped, how-
ever, that posterity will derive advantage from
what we are doing, and that the opening of the
Black Sea, and the obtainment of " material
guarantees" will repay our outlay, it would be
scarcely reasonable to put too much on the

shoulders of those now in existence. A strong
motive for taking a loan as soon as possible, if the
government really feels it will be required within
a moderate period, is that France, Austria, Turkey,
and Russia are all largely borrowing at home, and
so far competing with us.

Owing to the announcement by the Chancellor
of the Exchequer that his Budget is coming on next
Monday, being much earlier than was expected,
the Funds have become more sensitive, and pro-
bably would not be so well supported, were it not
for the firmness assumed by our Cabinet in the
Eastern question. Having forwarded, however, an
ultimatum. ;o the Emperor of Russia, demanding
the evacuation of the provinces, it is felt we may
count upon something like a relief to our present
anxiety. Consols have been 91i to f, and since
91 to f. The last bargains we have heard of have
been at 91 to k. The New n per Cents. after being
93, have been done at 92g. Bank Stock has been
219, and since at 217 k. Exchequer Bills are 17s.
to 20s. premium.

In the Foreign Market there is a downward ten-
dvieanney67g.enanerciallßyr.aziliMaenxierBl hia.venbueessin e
an Five pruer-
Cents. are about 94 to 95. Sardinian. Bonds have
been as low as 81 to 82. Spanish New Deferred
are worth 18g. Belgian Four-and-a-Half per Cents.
realised 89, and Dutch Four per Cents. 89 to 90.

The Railway Share Market has been very fairly
supported under circumstances, but the chief busi-
ness doing is in the payment of " differences" and
the delivery of the shares. French shares are
quieter. Several of the English lines are now
quoted ex dividend.

BRITISH MlNES.—There is very little doing, and
prices are almost nominal. Mollands, 13s. 6d. ;
Poltimores, 265. to 28s. ; Arundells, 2k to I-.
The Gold Mine shares have been lather firmer.
Australian Consols have been in request, and also
Anglo-Californian.

The current prices for the Jamaica Mines, not
officially quoted, are as follows :--Jamaica, par ;
Metcalfe, par to prem. ; Sue River, discount
to par ; Port Royal, to prem.
The Joint Stock Bank Shares have been im-
proving.

The shares of the Land Companies are firm
generally.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK,
( Prom the Oficial Lig.)

Rusin MI done.
Bank Stock .......... ................. 219 171
3 per Cent. Reduced Annuities 9ll
3 per Cent, Consols Annuities 9ll 1 # 1 1
New 31 per Cent. Annuities 93 23 1
Long Annuities, Expire sth Jan., 1860
South Sea Old Annuities lOOl
Bank Stock for Account 2lBl
Consols for Account 16th March ... 9ll 1
Exchequer Bills, ld.
£lOOO ..., l7 20 p

£5OO l7 20 p
Small .

PRICE OF FOREIGN FUNDS AT ONE O'CLOCK
Brazilian Bonds, 5 per Cent. 9Bl 1
Ditto New, 1852, 41 per Cent
Idaxican 3 per Cent.
Ditto for the Account 241 1
Peruvian Bonds, 44 per Cent. 67
Ditto for the Account 661
Russian Bonds, 1822, 5 per Cent. St 95
:Ditto 4i per Cent
Sardinian Bonds, 5 per Cent............
Spanish New Deferred, 3 per Cent lB

Dividends on the above payable In London.
Belgianlßonda 4i per Cent. ex. 25 fr
Dutch Exchange, 24 per Cent. 12 Guil —
Ditto 4 per Cent. Certificates ..... .

HALF-PAST TWO.
Consols 9l 4
Ditto March Account 9l g

Sr. PETERSBURG.—The advices from St. Petersburg
reach to the 18th inst., and do not inspire any hopes of
peace. Great accounts are given of the ardour of the
people, and one Russian patriot is reported to have pre-
sentel the Emperor with 18 millions of silver roubles
for the purposes of the war. As this, however, would
be nearly three millions sterling, it is, of course, one of
the many fictions manufactured to serve the Government.
The rate of exchange continued with a declining ten-
dency, and it was expected that an order prohibiting the
exportation of bullion would be issued in the course of a
week. In the recent interview of the British residents
with Sir Hamilton Seymour, after the suspension of dip-
lomatic relations, they were told that they would have
for the present the Danish Minister as intermediary.
THE LATE SIR HENRY PBYTON, BART.—This vene-
rable baronet, so well known in West-end circles as one
of the survivors of the once famed "Four-in-hand
Club," died on Friday last at his seat, Swift's House,
Oxfordshire, in his 74th year. He was son of the first
baronet, Sir Henry Dashwood, Bart., who assumed the
name of Peyton on the death of his uncle, by the eldest
daughter of Sir John Row, Bart. Sir Henry married,
in 1803, the daughter of Thomas Fitzhugh, Esq., suc-
ceeded his father in 1789, and represented Cambridge in
1802. He is succeeded in his title and estates by his
son Henry (now Sir Henry), born in 1803, who married
the third daughter of Sir Christopher B. Codrington.
RAILWAY COLLISION AT STOCKPORT.—Yesterday
morning, as a goods train, which bad left Crewe for
Manchester at eight o'clock, was standing in the Edge-
ley tunnel, a few hundred yards south of Stockport, it
was run into by a passenger train going in the same
direction, and eight or ten of the passengers were more
or less bruised, but no serious result followed. The
goods train was inside the tunnel signal, which being
seen at a distance of 465 yards, should have protected
it from danger had the, driver of the advancing train
been on the look out and used prompt exertions to stop.
At least, such is the prevalent opinion of those who wit-
nessed the occurrence ; and, in fact, the man did suc-
ceed in slackening speed so as to prevent injury to the
carriages of either train, and the provision of buffer-
springs to the goods train waggons would probably have
saved the passengers from harm. Those who had bruises
were promptly attended to by the company's servants
and the medical attendants of the district, and were
able to proceed homewards without maistauos.