The Sun.
London, England, 1853-04-06 00:00:00

MONEY AND COMMERCIAL NEWS.

CITY, TWO O'CLOCK.
The sales of cotton. at Liverpool yesterday
were estimated at 8,000 bales, of which 270'
American were taken for export and on speoll4
tion. The market was firm at previous rates. ,Lni
sales comprised 7,000 American, 300 Pernam and
Marmham, at 60. to 'ad. ; 200 Egyptian, at On'
to 10d., and 200 Surat at 3id. to 41d. per 113'
Railway shares were very dull.
. The foreign exchanges were very firm yesterday
afternoon. Three months' bills were taken en
Paris, at 25 274- to 30 ' • Amsterdam, 11 181 to 19
Hamburgh, 13 71 to 8 ; and Trieste, 11 6 to 10.
The crude reports yesterday circulated concern'
ing the financial intentions of the Chancellor of the
Exchequer have resolved themselves into will
thing more tangible, and it is now the belief On
there will be an endeavour to issue debenturel
bearing interest at the rate of 2 per cent., see.Pr7i
for twenty years. We have heard a good da
of discussion .in monetary and Stock 'Exchgg
circles respecting the probable success of
attempt, and, upon the whole, opinion is fs'
vourablo. There are difficulties in the waif
unquestionably, but the whole matter will
_4ll
in the nature of an experiment, and it is propw,
that something of the kind should be attempt
when we see foreign loans and undertakings da,ll
01
brought forward in consequence of the facility
fered here for raising money. It is high time 0
own Government should endeavour to profit bl
the exalted state of our credit ; and although
might not be possible to reduce the interest 6
Consols while they stand so very little above psi
the scheme proposed will perhaps insensibly 1 ,1
to a future conversion. Upon the first blush it wouw
seem that Exchequer Bills could not be kept
circulation supposing Debentures were issued, 131
cause the former bears a much lower rate of

terest than 21 per cent. It should be recollecte4
however, that the floating debt is of a very peat
liar and convenient character. Barkers can scarce
venture to place any of their surplus in other i
vestments, because Exchequer Bills cont3titute wh
is termed' in Stock Exchange parlance, " a
upon the Government at par," that is to say, atl
given date from the period of issue, the hold'
is entitled to receive back the full amour;
of his capital. Under any circumstances, therefoFii
the monied man who can afford to keep the sea rl,'4
until the day of payment arrives, is secure aggi-v
loss. He may have all the chance in the meantile,

of selling out at a profit, according to the rise it
the premium. But, it will be objected, perhal
that there have been periods when Exchequerß
have 1 aled. at a discount. This again is correct ; bt
with the changeable character of our koney M 3,,
ket there is no obviating such a result, and certaillp
there is no security so little expored to variation allu,i!
safe as regards the capital. We believe, on IYI
other hand, that the propx -_'d 2i per Cent. Deb
tures would find favour with those who may 10.,1j,,
an investment for two or three months, and clisll7l
the trouble of attending at the Bank to tral3B',,e,,
stock, while the issue of the Debenture:; with 'Lis
coupons attached would enable any one to send '9l,'
his dividend warrant to an agent without the 11,,
trouble. Further, a guarantee for 20 years is viol, v
something, whatever we may think of a conversiono
of Consols, when the 3 per Cent.. Stock raa,,
steadily at 5 or 6 per cent. above par, our Govelfj
ment will. unquestionably make the attempt, aP,
there are more improbable thing than this, 11°,',
withstanding the new outlets for orr-. surplus Ot
pital. The extent to which the public. may thiv.
proper to exchange Consols for debentures will V,
a fair test of the popularity of the now my
sure, supposing that the Stock Exchange ha s
got the light version. The very impo
information has been received from Pmt
of the intention of the French Governfllcol
to grant power to execute a great Central 11',,
way, with a 99 years' lease, which is calculated to 244
ercise a material influence upon our money marl
the main stipulation being that the whole suP"f
to be raised in London. Louis Napoleon WI
considers that the Paris Bourse would not bear by
weight of such a gigantic operation ; and profits#
as the scheme may be, we cannot but express re
opinion that such a arge demand upon our 130,
sources for absorption in fsreign countries, sll°o/1/1
render parties exceedingly cautious as to the,„o
gagements they contract. It is just possible l'
the whole power of the Australian gold ira ,i)
pori
may be neutralised by the rapidity with Yr°
loans and companies are being brought out.
..