The Sun.
London, England, 1854-12-05 00:00:00

MONEY MA RK ET

AND

COMMERCIAL LN TELL fGENCE.

CITY, TWO o'CLOCK

The sales of cotton at Liverpool yesterday
were estimated at 7,000 bales, all to the trade. The
market closed tamely, without change in prices.
The sales comprised 5,000 American, 150 Pernam
and Maranham at 61d. to Qd., 390 Egyptian at
51d. to 62d., and 1,000 Surat at 27A. to 4ga. per
lb. Railway Shares were firm.
The following remarks upon the silk trade are
supplied by Mr. Henry W. Eaton :

_ .
" As might be expected, after the large operations in
October, the silk market during the last month has been
comparatively quiet ; prices, however, have remained
firm, and within the last day or two a decidedly im-
proved inquiry has manifested itself both for export and
home consumption. The accounts from China up to
the 3d October report further business, and an advance
of 15 dollars ,per pecul, equal to about ls. per lb., which,
with the rise in the exchange to Gs. 3d. to Gs. 4d., leaves
little inducement to shippers to this country. The set-
tlements in all China to date may be estimated at
17,000 bales against 30,000 bales at the same period last
season, and shipments about 8,000 against 24,000 bales.
In Bengal, silk here there is no new feature. The
last letters from Calcutta advise the exports as very
limited, the bulk of the silk lately offered being of the
rainy bund and too inferior, and had, in consequence,
been taken for native use. In Brutias there is nothing
doing, more on account of the exhausted stocks than
from any objection to the silk, but in Persians several
parcels have changed hands from Os. to 10s. The un-
cleared stock of the former consists of 20 bales, and the
latter of 1,000 ballots. It is expected that the imports
of both these descriptions will be small for the present.
The Italian market has been almost without a tranao-
tion."

The following observations upon the mode of
raising money to carry on the war are from the
Bankers' Circular :

"The question of war is most essentially a question
of money, and it would be perfectly ridiculous to suppose
that such a war as the one in which England and France
are engaged would not be a costly one. So long as dip-
lomacy held out the prospect of a peaceful settlement, it
was perhaps reasonable to suppose that we could meet
the expense by a moderate increase of taxation ; but
every hope of this kind has vanished, and preparation
must be made for large and immediate supplies. The
Chancellor of the Exchequer cannot now speculate upon
the advantages or disadvantages of the funding system.
It has been stated, upon the authority of the Times, that
the opinions which have been entertained of the neces-
sity of raising a loan are quite premature. Without
knowing any of the
views which the Government may
have upon the subject, it is perfectly clear that the
course which the Chancellor of the Exchequer will have
to take can scarcely be the result of his own choice, if
we refer to the opinions he has already expressed
upon the means for providing for the war. There
are only three courses that are open to him by which
the enormous expenditure can be met. He must raise
an immediate loan, borrow on Deficiency Bills, or levy
an income-tax of 10 to 15 per cent. It may be that he
will reject the first expedient, and adopt the second until
the third can be fully brought into operation. We shall
not speculate upon which of these expedients may be
adopted until the Government scheme is before us, but
it may be well to offer a few remarks upon these three
points."

Money was in rather more demand yesterday for
the payment of the bills falling due as usual on the
"4th," but these were generally well met, and there
has been evidently a contraction in business of late
which now tells upon the capital ordinarily em-
ployed. The rate of discount for beet bills has been
41 to 5 per cent, and on call money is worth 41.
English Stocks have been weaker, and the ac-
count so far appearing to bo " bullish," there is a

higher charge made for carrying over speculative
transactions. Consols have been 92i to for
transfer, and 92i to for account. At times the
contago has nearly reached per cent. The nature
of the Austrian treaty is still anxiously canvassed,
and doubts are already arising again as to its scope
and meaning. The New. 3 per Cents. have been
90ir to and the Reduced 3 per Cents. 901 to I.
Bank Stock is heavy at 208 to 2001 ; Exchequer
Bills are 3s. to Cs. premium, and the Bonds have
been dealt in at 99g.

Foreign Securities have been heavy. Mexican
Bonds have been depressed at 21. The Turkish
Scrip has been at 61 to 7 discount. Spanish 3 per
Cents. are firm at 381, and the Deferred at 18i
to 19. Sardinian Bonds hare realised 84i ex divi-
dend. Dutch 2A per Cents. have been quiet at 61.
The following are the " calls " for the present
month :

Date due. Call.

Hereford, Ross, and Gloucester, 53

per cent. 201.
Killarney Junction 1... 1 0 15,000
Londondy. and Eunisk. Gua. Pref 1... 210 6,000
Newpt., Aberg. and Hereford
North London, new 101. t
*St. Andrews and Quebec, Class A 20... 2 0 40,000
South Wales, 201. Gua. AP, pr cent. 12... 4 0 unkvvn.

197,940

*The proportion called by foreign com-
panies is 80,0001., but the holdings
of English proprietors are not known
Total called in 1854 £13,101,642
The railway meetings announced are the fol-
lowing :

Company. Date. Place.
Demerara
European and. N. American Dec. 7, St. John's, N.B.
Great Central of France
Great Luxembourg
Ditto Dec. 22, Brussels.
Northern of France Dec. 29, Paris.

The following are the nominal prices of Foreign
Stocks :—Grenada Deferred Bonds, 51 to 51 ; Mexi-
can, 21 to 21/ ; Peruvian, 67 to 69 ; ditto
3 per Cents., 47 to 49 ; Portuguese 4 per Cents.,
40 to 42 ; Russian 5 per Cents., 95 to 97 ; ditto
4i per Cents., 86 to 88 ; Spanish New Deferred,
19 to 19i ; ditto 3 per Cents., 38k to 381 ; ditto
Certificates, 51 to 6 ; ditto Passive, 41 to 4/.
In the Railway Market the transactions have
been at rather lower rates generally. A decline
has occurred in Caledonian, North Eastern, and
Brighton, but the rest are nearly the same as
previously. French shares are duller. Luxem-
bourg keep firm.
The Mining Share Market has been merely no-
minal, and the miscellaneous undertakings are ne-
glected, as well as the banks.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
(From the Oficial List.)

Badness done
Bank Stock 2OB 9A
3 per Cent. Reduced Annuities,. ... 94 4 i
3 per Cent. Corsois Annuities 92A ~
New 3 per Cent. Annuities
Long Annuities, Expire sth Jan., 1860 -10
Consols for Account , 92A i i
Exchequer Bills, 24 d.
xlOOO. ~„. 3 6 p
£5OO 3 6 p
Small 3 6 p
Exchequer Bonds 1858, 34 per Cent. 99,54
Ditto 1859, ~ . 99 fi
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Mexican 3 per Cent.
Sardinian Bonds, 5 per Cent B4l x it
Spanish Bonds, 3 per Cent 3Bl
2
Ditto New Deferred, 3 per Cent —
Ditto for the Account
Turkish Scrip 6 per cent 1 9 181
G.
Ditto for the Account
6 7 d
Dividends on the above payable in London.
Dutch Exchange, 24 per Cent. 12 G 'uil 6l
Ditto 4 ver uein. t.iertifieates ..... .... 9l

lIALF-PAST TWO.
Con9olB ..................
Ditto, Account ... : ............................ f