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

MONEY AND COMMERCIAL NEWS.

CITY, Two o'CLooK.
The sales of cotton at Liverpool 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 sid. per lb. were id. per lb. lower.,
The sales comprised 4,500 American, 100 Pernam
and Maranham at 6d. to 7d., 100 Bahia at 6fd.
to Gid., 300 Surat at 30. to 4id. 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. flue
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 nd.. to 3d. for first class damaged, and Salt-
petre at 275. 6d., for good 71 per cent. refraction
Bengal. There are several auctions of hemp
and jute, but these are still in progress.
Sugar is firm. Wool goes off steadily, and
during the progress of the indigo sales yester-
day, 207 chests wero withdrawn, 250 bought in,
and 560 sold, out of 1,019 passed. Were 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 exchange upon the principal continental
cities were negotiated yesterday afternoon gene-
rally at full prices. Ninety day's paper sold at
25 271 to 30 on Paris, 11 isg- to 19k on Amster-
dam, 13 7f to on Hamburg'', 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 loss 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 mea-
sure of the Bank of England was a wise one in ad-
vancing its terms of discount, be cause 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 which
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 be 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 nerdritvoals sell. In
bullnlioanll
fMroamrch we
shall have
continuous a
Aus-
tralia, which must replace part of the coin that has
been
leavingua n nExchequer
o
. dToh ew Fthort
Bills,ehi Foreign
butnsu
csuccess
s sp Exchangesroefse
nt
the
etmhey
re-
duction have
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 Ms, which will be payable annually,
ae l
something
oc
o beent i inclined
on the new bills will bo 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 whore 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 n 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 by' one of our morning con-
temporaries in asserting that the public deposits will
be smaller. The reverse is the case,theywill 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 99/ to in Consols, but this
morning the highest quotations are 99g to I. The
prices for transfer have been 994 to I. Bank Stock
is quiet at 227. Exchequer Bills have been dealt
in at 30s. to 455., and the advertised bills at 20s.
to 255.--ra strong proof of the cogency of our rea-
soning. The New Three-and-a-arter per Cents.
have been 1038 to , and the Three per Cents.
1001- to 4.
A. loan of two millions of renter 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 474, and the
Deferred 23, being firm. Grenada Deferred Stock
is at 114 to 114. Austrian Bonds have been
quoted 98, about the former value. Portuguese 4
per Cents. are worth 381 to 39. Danish Stock is at
107 k. Venezuela Deferred Bonds are heavy at 14.
Dutch 4 per Cents. have been steady at 97k.
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 thecompanyneither
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 Burns' Creek Mine shares are to have a
settlement on Friday next, but not to be marked
in the list.