The Sun.
London, England, 1853-06-01 00:00:00

THE SUN, LONDON, WEDNESDAY EVENING, JUNE 1, 1853.

MONEY MARKET AND COMMERCIAL
INTELLIGENCE—(THIS DAY.)
CITY, TWO O'CLOCK.
The sales of cotton at Liverpool yesterday were
estimated at 6,000 bales, of which 500 were taken
for export. The market was firm, and closed with-
out alteration in prices. The sales comprised
4,000 American, 120 Pernam and Maranham at 7d.,
400 Bahia at 6id.to 7/d.„ 500 Egyptian at lid. to
Bid., and 700 Surat at ap. to 3d. per lb. Rail-
way shares dull, and the quotations generally

lower.
The winding-up of the Nova Scotia Mining Com-
pany is an event that ought not to be passed by
without some notice from a public writer, and if
the press upon these occasions exercised its
vocation with more wholesome severity, we might
not again have to record such a disgraceful
concoction as the " Nova Scotia Mining Company."
When this notable scheme was first ushered
forth to the public, it was distinctly stated
in the prospectus that the investigations made
into the value of the minerals placed it beyond
the possibility of doubt, and yet with the names
of some of our most respected merchants at the
head of the prospectus, as vouchers of this assu-

rance, we witness within a few weeks the utter
falsification of all that was asserted, and the dis-
solution of the Company. At least, if no benefit
is to be derived in regard to this particular concern,
by a reference to the past let us hope that it may
constitute a warning for the future. No board of
directors is justified in enticing the public to
subscribe to a new project without having first
instituted the necessary local inquiries, and caused
the fullest surveys to be made by its own agents.
In the present instance these measures were only
adopted after the money was subscribed, and it is
not enough now to take credit for the return of

the capital, intact, and the payment of the
expenses by the Board itself, but we have to con-
sider that hundreds of persons relying upon the
accuracy of the statements made, purchased its
shares for investment at a high premium. What
compensation can it be to these parties, whose
shares cost them 71. or 81., including the deposit,
to have 51. returned to them now. It may be very
well to assert that if persons buy at a premium,
they must take the consequences ; but is there no
moral responsibility attaching to the names of our
men of business, that will render their word as
good as their bond ? If not, there is an end at
once to all commercial confidence, and the sooner
this fact is understood the better. As to the sur-
veyors, who certified to those inflated opinions
about the value of the estates, their conduct is so
flagrant that it is positively unfortunate that the
law could not be put in force to reach them. If a
man errs from ignorance he should be peculiarly
liable for the injury he inflicts, and if he delibe-
rately deceives, something more than a simple fine
should be the penalty. In bringing out these
new companies there are always ample means of
jobbing in the shares, so as to afford a profit upon
upon mere time transactions, and we fear that it
is this which prevents the natural indignation of
original shareholders from obtaining expression at
public meetings. Some speculators are interested
for a fall, and others for a rise, and amid the contest
the less experienced and more confiding subscriber
falls to the ground. Among the bubbles of the
year 1853, and they were not few, the " Nova
Scotia Mining Company" stands pre-eminent.
As was natural to expect, the voluntary " con-
version" will be at a stand-still while politics and
money are lowering and tight. The " assents" at
the Bank of England became " fine by degrees,"
and the opponents of the Chancellor's scheme
exult in what they term his failure. When
we consider, however, that cash now is in
active demand at Three per Cent., we cannot
feel. surprised at the absence of any inducement
to convert, if parties look simply to the moment.
There is, however, a class of persons who sh ould
look more to the permanency of an investment, and
if affairs settle down before October there will he
still a large number willing to receive new stock.
Even if two or three millions of Two-and-a-Half
per Cents. are taken, there will be a market
created, and their very scarcity will be favour-
able to the price. The Lord Chancellor, it
appears from what was stated last night
in Parliament, has not even yet made up his mind
as to the security ho will take, but we doubt
whether the hostile advice of my Lord St. Leon-
ards to demand cash, and lay out the proceeds in
Consols or Reduced, will have any weight, as being
either patriotic or wholesome. The fact that all
funded securities rise and fall nearly in pro-
portion is quite a sufficient bar to carrying out
his lordship's policy. Concerning the renewal of
Eichequer Bills, there is much difference of opinion.
Some say the demand for payment will be very
limited, others that it will be very considerable,
and that the East India Company takes as much as
a million sterling. What is to be done with the
proceeds we shall curiously wait to see.
English Stocks are very fiat to-day, and about
to f per cent. lower. Consols 100 to for Trans-
fer, and Nog for July. The settlement of the
Account progresses without difficulty. The New
Three-and-a-Quarter per Cents. are 102 to and
the Three per Cents. 99 to Bank Stock is firm
at 230. Exchequer Bills are ls. discount to 2s.
premium, and India Bonds 255. premium.
Foreign Stocks are mostly heavy. Mexican
bring, however, 26 to 1, being firm, owing to the
formation of Santa Anna's Cabinet. Venezuela
Bonds have been at 38. The following has been
received by the Spanish American Bondholders
Committee :--
" The Senate and Chamber of Representatives of the
tßepublic of Venezuela in Congress assembled.
" Resolved, Congress authorises the Executive
power to take all 'necessary measures for settling
the foreign claims for interest due on the foreign debt,
and those debts originating from the law of Espera,
olfem thee. April,
29th 1849, which require peremptory set-
" Given at Caracas, the 30th April, 1853."
t
New Grenada promises to make fresh arrange-
ments. Spanish Bonds are rather lower.
Railway Shares are down generally I to A per
cent. The Midland have been flatter, and at one
time were 10s. to 11. lower. Great Northern also
have suffered 10s. to 11. The French Lines have
been about 10s. lower for the Northern, and 10s.
to 15s. for the Lyons and Strasbourg. Upper
India Scrip has been higher, having realised 14
premium.
The Gold Mine Shares are all weak, with very
little inclination to buy ' but Agua Fria, Ave
Maria, and the other Californian companies reman
about the same.
The Joint-Stock Bank Shares are giving way
with hardly an exception, but the new companies
are most depressed.
The Land Companies' shares continue on the
decline.
The quotations of some of the shares not yet in
the official list, are as follows :—Berlin Water-
works, *to premium. Central of France Rail-
way, to 1I premium. Metcalf Mine, 6i- to 7i
premium. Jamaica, 3i to 4i premium: Sue River,
to premium, and Port Royal, 1* to 11 premium.