The Sun.
London, England, 1853-02-16 00:00:00

AL ONEY AND COMMERCIAL NEWS.

CITY, Two o'CLoarc.
The sales of cotton at Live :pool yesterday were,
estimated at 5,000 bales, of which 1,000 American
were taken on speculation. The market closed
heavily. Compared with Friday's rates, prices of
American under 51d. per lb. were id. per lb. lower.
The sales comprised 4,500 American, 100 Pernam
and Maranham at 611 to 7d., 100 Bahia at 6id.
to 6d., 300 Surat at 3}d. to 4d., and 40 Sea
Islands at is. Bd. to 2s. sd. per lb. Railway shares
were steady at previous rates.
The public sales in Mincing-lane have been limited
this morning as regards the principal staples. Cey-
lon coffee has gone at 535. 6d. to 575. 6d. for f. fine
ord. to mid., and at 475. for triage. Jamaica has
been taken in at 525. to 545. for f. fine ord. and
low mid. pale colory. Allepi pepper has been sold
at 3d. to 3-/d. for first class damaged, and Salt-
petre at 275. 6d., for good 71 per cent. refraction
Bengal. There are sever; . auctions of hemp
and jute, but these ar 3 still in progress.
Sugar is firm. Wool goes off steadily, and
during the progress of the indigo sales yester-
day, 250 chests bought in and 560 sold, out of
1,019 passed. There was no alteration in prices.
Total quantity passed, 6,396 chests, of which 4,063
are sold.

At the General Screw Steam Shipping Com-
pany's meeting held this day, Captain Shuttle-
worth and Mr. Acworth were elected directors, in
the place of those who retired.
Bills of exchatnge upon tho principal continental
cities, were negotiated yesterday afternoon gene-
rally at full prices. Ninety day's paper sold at
25 27A to 30 on Paris, 11 18i to 19 on Amster-
dam, 13 7i to I on Hamburgh, and Frankfort 119 i
to 120. On Trieste there was a decline to 11 6to
to 11 10. . .

If we differ from most of our contemporaries in
the approbation which we yesterday expressed at
the measure adopted by the Chancellor of the Ex-
chequer, it is because we estimate the interests of
the public at large beyond those of either capitalists
or bankers. In thus particularising the two latter,
we are reminded that they generally expressed
disapproval, not very unnatural, considering that
they are losers by the policy which Mr. Gladstone
has adopted. If Sir Charles Wood had proved
himself worthy of the position he held, he could
have accomplished, without the slightest difficulty,
what his successor is now determined to carry out
under much less favorable circumstances. Money,
during the period of his service, was considerably
lower in its market value ; the revenue was pros-
perous there was less anxiety about the relations
of France ; and the Australian gold discoveries
were expected sooner to have told upon the metallic
wealth of Europe. It so happens, however, from
a combination of circumstances, that notwithstand-
ing the yield of gold in our colonies has far ex-
ceeded what the most sanguine could have antici-
pated, there is still a large drain upon us, and from
this state of affairs it has been argued that money
will inevitably become still dearer than at present.
Taking a moderate view of passing events, and de-
siring to draw no hasty or exaggerated conclusions
as to the future, we have admitted that the meas-
ure of the Bank of England was a wise one in ad-
vancing its terms of discount, because it shut out
foreign loans for a time, many of which were known
to be on the Lapis, and enabled the directors to de-
rive that fair profit for their shareholders winch
they have a full right, as bankers, to seek
when the demand for cash increases. Some
people have argued , that if the Bank of
England was right the Chancellor of the
Exchequer must now bo wrong, but we are
far from admitting the justice of such an assump-
tion. If a reduction in the interest on Exchequer
Bills were not attempted now nothing could be
done for 12 months, and with the certainty that
there will be a sufficient supply of capital for all
legitimate purposes, why should the Government
give an interest upon its floating debt that will keep
it at the very high premium of 655. per 1,000/. ?
Bankers and others who require large amounts
at a short notice must always have recourse to Ex-
chequer Bills, even if they paid but 1 per cent.
The choice is either between keeping the money in
their " till" without deriving any profit, or placing
it out on " call" with the discount houses. To in-
vest in funded securities is an operation not to be
attempted, unless the money can be left for a fixed
period. The payment of the bills, _which are now
to bear only Id. per cent. per diem, takes place
next month, and, notwithstanding the prediction
of parties of great weight in the banking world,
we are satisfied that the renewal will be accom-
plished without any difficulty, and that the new
bills will bear a handsome premium. It has suited
the Stock Exchange to feign considerable appre-
hension, and even to decline to deal in these new
securities, so that, at one time yesterday, there
were scarcely buyers at 10s. premium, but we be-
lieve 20s. to 30s. was the lowest at which any one
would have been inclined to sell. In all March we
shall have continuous arrivals of bullion from Aus-
tralia, which must replace part of the coin that has
been leaving us. The Foreign Exchanges may
have something to do with the success of the re-
duction upon Exchequer Bills, but at present they
are looking up to the Bank of England Directors,
who must have been consulted in the matter, and
will, as usual, lend every assistance to the Govern-
ment to effect this nation al saving. Upon the whole,
therefore, 11 10s, which will be payable annually,
on the new bills will be sufficient to maintain them
in circulation, and although the measure was unex-
pected, in consequence of the neglect of previous
Chancellors, it does not follow that it is inexpe-
dient.

Owing to the occurrence of the share and foreign
settlements so soon after the Consol account, money
has been in more demand in the Stock Exchange
this week, and a rate as high as 3 per cent. per an-
num has been paid for loans obtained upon Exche-
quer Bills for a fortnight. Any one conversant
with Stock Exchange matters, however, will com-
prehend that where a lucrative speculation has to
be carried, or a loss to be retrieved, the payment
of a much higher rate is for a short period a matter
of not the slightest importance. The rate of dis-
count is fairly 24 to 3 per cent. The next published
return of the Bank of England will show a decrease
of 300,000/. to 350,0001. in the bullion, but a sin-
gular mistake is made byf one of our morning con-
temporaries in asserting that the public deposits will
be small. The reverse is the case, they will be larger.
After the present week, we anticipate an increase
also in the bullion.
There were bargains after the close of the official
hours of business in the Stock Exchange yesterday
afternoon, as high as 99k to in Consols, but this
morning .the highest quotations are 991 to The
prices for 6 transfer have been 99k to Banlel. Stock
is quiet at 227. Exchequer Bills have been dealt
in at 30s. to 455., and the advertised bills at 20s.
to 258.—a strong proof of the cogency of our rea-
soning. The New Three-and-a-Quarter per Cents.
have been ling to and the Three per Cents.
1001 to k.
A. loan of two millions ot rentes has been unani-
mously sanctioned by the Senate at Turin.
Foreign Securities have been inactive, and the
change in prices is consequently. immaterial.
Spanish 3 per Cents. are worth about 47k, and the
Deferred 23, being firm. Grenada Deferred Stock
is at 1.1. i to 11k. Austrian Bonds have been
quoted 98, about the former value. Portuguese 4
per Cents. are worth 38 to 39. Danish Stock is at
107 f. Venezuela Del ....ed Bonds are heavy at 14.
Dutch 4 per Cents. have been steady at 97i.
The Railway Share Market has been very firm,
though the advanced prices obtained late yesterday
afternoon, " after hours" have not been sustained.
Several parties looked for further improvement,
but, on the other hand, a rise tempts speculative
sellers, and therefore for a time damps the market.
French Shares keep up.
The Gold Mines are scarcely so dear as yester-
day, but still in demand.

The Australian Agricultural Shares are firm.
The settlement is fixed for Monday next, ex.
the Peel Rivers, which are to be allowed for at the
rate of 141. per share. There will be some diffi-'
culty in the settlement, because the company neither
issues a certificate nor a memorandum, although
requested to do so by the Stock Exchange Com-
mittee, and the transfer books are closed. South
Australian Land shares are very firm.
The Joint Stock Bank shares have been very
firm, but with less doing.
The Dims' Creek Mine shares are to have a
settlement on Friday next, but not to be marked
in the list.

BRITISH FUNDS AT ONE O'CLOCK THIS DAlr,
(From, the Official Lid.)
Business ctone.
Bank Stock

3 per Cent. Reduced Annuities lC3i i
3 per Cent. Consols Annuities
3 per Cent. Annuities, 1726
New 31 per Cent. Annuities .........103 R a
Consols for Account 10th March
Exchequer Bills lid. March. 99
£IOOO.
£5OO 3O 45
Small 3O 45
Ditto Advertised 2O 25 .

PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Austrian Bonds 5 per Cent 9B
Danish 5 per Cent
107 i
Grenada Blinds, Defe7red,
Mexican 3 per Cent...........
Portuguese 4 per Cent.
39 8g d
Sardinian Bonds, 5 per Cent. .....
Spanish New Deferred, 3 per Cent........,.... 23
Venezuela Bonds 3i per Cent.
Ditto Deferred, 1 per Cent .................. 14
Dutch Exchange 2i per Cent
Ditto 4 per Cent.
.....
Consolsll44l4-P4ST TWO.
............................ - ........
Ditto Nara Account 99iDui

IMPERIAL PARLIAMENT.

HOUSE OF COMMONS.-(THIS DAY.)

The SPEAKER took the chair at 12 o'clock.
Mr. Monnis took the oaths and his seat for Car.

marth en.

The committees appointed to inquire into Tavistock,
Bridgnorth, Lancaster, and Canterbury elections, were
sworn at the tables.

The following private bills were read a second time,
and ordered to be committed :

Aberdeen Railway ; Ambergate, Nottingham, and
Boston and Eastern Junction Railway (No. 1) ; Amber-
gate Nottingham, and Boston and Eastern Junction
Railway (Nottingham, &c.); Ardrossan Railway ; Bangor
and Caernarvon Railway ; Bangor Waterworks ; Birken-
head, Lancashire, and Cheshire Junction Railway
(Poulton cum Seacombe, &c.) ; Birmingham and Oxford
Junction, Birmingham, Wolverhampton, and Dudley
and Great Western Railways ; Blackburn Gas • Black-
burn Railway ; Blackpool and Layton with Warbrick
Improvement ; Bristol Gas ; Bristol Gas and Bristol and
Clifton Gas Companies Amalgamation ; Bristol Water-
works ; British Elelectric Telegraph Company ;
Cambridge University and Town Waterworks ; Cardiff
Waterworks ; Carmarthen Markets ; Cheltenham and
Oxford Union Railway ; Cork Municipal Corporation ;
,Crystal Palace Company • Darlington and Barnard
Castle Railway • Devon and Dorset Railway ; Devon-
port Gas ; Dudley Gas ; East Grinstead Railway ; East
and West India Docks and Birmingham Junction Rail-
way ; Eastern Counties Railway (North Woolwich, &c.) ;
Eastern Counties. Railway (Woodford and Loughton) ;
East Lancashire Railway (No. 1) (Clifton to Salford) ;
East Lancashire Railway (No. 2) (Southport, &c.) ;
East London Waterworks ; Electric Telegraph Com-
pany of Ireland; Evesham Bridge; Glasgow Improvement;
Great Extramural Cemetery Association ; Great North-
ern Railway (No. 1) ; Great Northern Railway (Bedford
branch) ; Great Yarmouth Wellington Pier ; Holme Re-
servoirs ; Hull and Holderness Railway ; Irwell Valley
Waterworks ; Leeds and Whitehall Roads ; Leeds Cen-
tral Market ; Leeds Gas ; Lee River Trust ; Limerick,
Ennis, and Killaloe Junction Railway (power to sell, &c.);
London and North-Western and Buckinghamshire Rail-
ways ; London and North-Western Railway (Crewe to
Shrewsbury) ; London and North-Western Railway.
(Northampton, &c.) ; London and North-Western Rail-
way (Oldham Branch) ; London and North-Western
Railway (Saint. Alban's &c.) ; London and North-
Western Railway (Stourbridge, &c.) ; London and
North-Western Railway (Tring and Oxford) ; London
Assurance ; London, Brighton, and South Coast Rail-
way ; London Docks ; Lough Foyle and Lough Swilly
Drainage and Reclamation ; Lowestoft Water, Gas, and
Market ; Magchester and Southport Railway ; lan-
chester Division Stipendiary Magistrate Manchester,
Sheffield, and Lincolnshire Railway ; Midland Railway
(Leicester and Hitchin) ; Monkland Railways ; Norfolk
Estuary ; Nottingham' Gas ; Ormskirk Gas ; Peebles
Railway ; Plymouth Imprnvement ; Portadown and
Dungannon Railway; Preston Gas ; Preston
Waterworks ; Price's Patent Candle Company ; ,
Reading Market ; Redruth and Chasewater Railway ;
Rogers Inclosure ; Rossendale Waterworks ; Run-
corn and Weston Canal ; St. Helen's Canal and
Railway ; Salford Extension and Improvement ;
Severn Navigation ; Severn Valley Railway ; Shef-
field Waterworks ; South Devon and Tavistock Rail-
way; South-Eastern Railway (Canterbury and Whit-
stable, &c.) ; South-Eastern Railway (Lewisham, Croy-
don, and Bromley) ; South-Eastern Railway (North
Kent Railway to the Thames, &c.) ; South-Eastern
Railway (Reading Extension, &c.) ; South-Eastern
Railway (Strood to Maidstone) ; South Wales Railway
(Monmouth) ; Staffordshire Potteries Waterworks ;
Stockport Improvement ; Sunderland Dock ; Sunder-
land Gas - Warrington and Altrincham Railway (Stock-
. port) ; West Cornwall Railway ; Whitechapel Improve-
ment • Whittle Dean Waterworks ; Wigan Waterworks
and Police ; Wildmore Fen, and East and West Fens ;
Wimbledon and Croydon Railway ; Wolverhampton
Markets and Fairs &c. ; Woodford Railway ; Wor-
cester and Hereford Junction Railway ; and Worcester
and Hereford Railway Bills.
Mr. HUTT presented several petitions from Gates-
head praying for the distribution of parliamentary papers-
Several other petitions were presented.
Mr. R. LOWE presented a petition from the letter-
carrier of Kidderminster comp aining of inadequate pay-
ment.

Sir E. FILMER presented a petition from Canter-
bury to the same effect.
Mr. R. LO WE presented a petition from 3,000 mem-
bers of the Church of England in the colony of New
South Wales praying that in any establishment which
might be made for the Church of England in the colo
nies, the bishop, clergy, and laity, might deliberate in

one chamber.
Col. SIBTHORP presented a petition from Mr.
Brown, a solicitor of Lincoln, against the certificate
duty.
Lord HOTHAM presented a petition from Beverley
praying that the poor law guardians might have some
control over the county rates expenditure.
COUNTY POLLS ELECTION BILL.

Lord R. GROSVENOR moved the third reading of
this bill.

Colonel SIDTHORP said, he considered the bill as

democratic measure, subversive of the constitution in
Church and State, and he should therefore move that
the bill be read a third time this day six months.

Mr. DEEDES opposed the bill, as a specimen of piece-
meal legislation.
Lord R. GROSVENOR said he should certainly
persevere with the bill.
Mr. SPOONER thought the bill would be productive
of great inconvenience, and he should therefore divide
against it.
The house then divided, when there appeared
For the bill 129
.Against it — 28

Majority lOl

The bill was then read a third tinie.

Captain SCOBELL then moved an additional clause,
to provide that no place for taking the poll shall be at any
licensed public-house or beer-house.

After some discussion the clause was withdrawn.

Lord R. GROSVENOR moved an amendment, with
the object of fixing the declaration of the poll on the day
after the election.

Colonel SIBTHORPE said the noble lord ought to
have given his notice of his intention to move such an
amendment as this.
Mr. NEWDEGATE opposed the amendment.
Mr. PALMER thought that, in many counties, it
would be impossible to carry out this amendment.

Lord R. GROSVENOR said that, not having given
notice of the amendment he should not press it.
The amendment was then withdrawn, and the bill
passed.