The Sun.
London, England, 1854-11-16 00:00:00

MONEY MARKET

AND
COMMERCIAL INT ELL raridNoE.

CITY, TV 0 o'CLOCK.
The sales of sotton at Liverpool yesterday were
estimated at 7,000 bales, including 1,500 American
taken for export and on speculation. The market St
dosed flatly ; compared with Friday's rates, prices 12
of all kinds tend downwards. The sales comprised 50
5,500 American, 130 Pernam and Maranham at 13
6:d. to M., 300 Egyptian at sd. to Bid., and Qi
1,000 Surat at 2id. to 41d. Railway Shares were w.
very dull.l 27
The Indian and China mails are expected to-
-22
morrow, baying arrived at Marseilles. 25

Tho Admiralty is taking up steamers in every
possible direction, and a further notice out this day
invites tenders for the conveyance of troops, with-
out any particular day being named. In fact there
is a pressure for the vessels, and the faster the
tenders go in the more acceptable to the authorities.
The meeting yesterday of the proprietors of the
General Screw Steam Navigation Company is of
public as well as special importance, and shows the
inconvenience to which the mercantile community
is exposed by a probable cessation of the direct
steam communication to Australia. Already the
line established between England and the Capo of
Good Hope has been abandoned as unprofitable,
and now we have official information of what has
been before averred, viz., that heavy losses have
attended each voyage to the antipodes. The
enormous quantity of coal required engrosses
all the available tonnage room, and throws
the whole burden of defraying the expense
upon the passengers and the postage. Under
these circumstances it becomes of great moment to
consider what remedy can be devised. Occasion-
ally the steamers navigating by the Cape of Good
Hope make good voyages, but the clipper sailing
ships frequently outstrip them, and unless an ade-
quate pecuniary return can be secured there is
evidently no prospect of steam being kept up
either by any company or individual owner.
The movement recently made by the Australian
Postal Association is particularly interesting,
and so long as the war lasts the plan they
suggest will probably be the only one practicable,
all the available steamers of the General Screw
Steam Navigation Company being engaged as
transports for the troops. It is this peculiar state
of things which, at the meeting of the company 25
St.
yesterday, led to very strong opposition to the it go
adoption of the directors' report, and the dividend St.
recommended at the rate of 5 per cent. per an- St
.
auum for the six months, the belief being enter- 25
tamed that the company's trading operations have 100
6j
bean unremunerative, and that if the accounts 2r:
were made out in another form very different re- 150
sults would be shown to those now exhibited. The 20

war contracts, it is contended, have alone redeemed
the position of the company, and, therefore, the pre-
sent would be a favourable opportunity for selling the
vessels of the company and winding up. We need
not say that the lines started by the company have
proved most useful, and that their cessation upon
many points, at any rate, would be matter for
sincere regret. This is a question, however, for
the proprietory, who cannot be expected to do
otherwise than consult their pecuniary interest,
and the result we shall learn at the adjourned
meeting next Wednesday, a ballot being taken in
the interim. What we desire no et, however, more
particularly to dwell upon is the proposal of the
Australian Postal Association at present under the
consideration of the authorities:First, they ask a semi-monthly communication.
Second, greater regularity.
Third, a speed equal to 10 knots per hour.
Fourth, a direct course.
To accomplish this, the overland route via Suez
seems the only reliable means, as far as letters are
concerned ; and if the vessels are wanting, the
China service, which is of far inferior value, can be
altered from a fortnightly to a monthly route.
There is nothing in the least unreasonable, or
even difficult, in the plan submitted I y
the Postal Association a plan which would
bring the Australian colonies within 41 days
of England were the same speed kept up as between
England and India. The route would be simply
this :—From Dover to Marseilles 1 day 11 hours,
Marseilles to Alexandria 5 days 21 hours, Alex-
andria to Aden 7 days 12 hours, Aden to Galle
9 days 3 hours, Gallo to King George's Sound.
14 days 2 hours, King George's Sound to Mel-
bourne 5 days 18 hours.
If the Chagos Island were made a coaling depot
instead of Galle, the distance would probably be
accomplished in 43 days.
The English Stock Market has been unfavourably
influenced by the scarcity of money experienced in
the " house, and the fact that a few of the specu-
lators have been unable to meet their differences
with promptitude upon Turkish Scrip. Consols are
91.-g to 92 for Money, and 91i to 92% for Account.
The New 3 per Cents. are 904 to 90 and the Re-
duced Annuities 934 to 4. Bank Stock is rather
weaker;being 211 to 212. Exchequer Bills are 35.
to 6s. prem., and India Bonds Bs. prem. Exche-
quer Bonds of 1858 are marked 99k, and those of
1859, 93± 17.
The following are the nominal prices of foreign
stocks :—Grenada Deferred Bonds, 54 to 54 ; Mexi-
can, 214 to 21a Peruvian, 65 to 67 ; ditto; 100
S per Cents., 47 to 49 ; Portuguese 4 per Cents., 20
40 to 42 ; Russian 5 per Cents., 95 to 97 ; ditto, 25
4 per Cents., 84 to 86 ; Spanish New Deferred, 25
184 to 184 ; ditto, 3 per Cents., 37i to 38 ; ditto, 25
. Certificates, 54 to 54 ; ditto, Passive, 412-- to 5. 100
In the Foreign Market this has been settling day
in Turkish Scrip, and the circumstance of one 100
party having been unable to meet his differences 29
Upon a large amount, and of others having serious ;,
difficulty in accomplishing the same, has caused 20
considerable agitation and a further decline in the
quotations. Probably, however, after this account 100
is got over, and the next instalment is provided,
we shall have a steadier market. The extreme 1-°Ol3O
rates have been 4i- to 5i discount. Spanish 100
New Deferred Bonds have been at 18±,
and the Committee's Certificate is at si. 20:
Portuguese 5 per Cents. ex over-due Coupons 100
have been done at 381. Buenos Ayres Bonds have 20
realised 57, and Brazilian New 96. Dutch 4 per 5
Cents. have been 90i to 914.
20
The share market is again lower for all the Eng-
lish lines. Some, however, are relatively better 4
than others, and among these must we include the 20
Caledonian, which has only receded per cent. 20
The Great Northern, which is about the same as is 6
yesterday, to decline. Great Western has dropped 33J
to Great Western about 1, Midland 2 toi, and 10.
South Eastern 4. The foreign ides have given way 20
about to 1 per cent., but with very little doing. 20
Great Western of Canada are firmly maintained. I 20
The h
mining market asbeen quite neglected. DI
In the Joint Stock Banks b
there are but limited 20
dealings at about the former rates, and the Crystal
Palace Shares continue heavy. The Australian
Pacific Mail are a trifle better, probably in conse-
quence of the General Screw Company's steamers
being at present off the routes.
The last week's railway receipts ascertained up
to this day are in round figures as under :
1854. •1853.
Great Western
North-Western
South-Western
Brighton
Midland
South-Eastern
Caledonian
Great Northern 23,063 18,820
Lancashire and Yorkshire
North-Eastern

20
20
10
10

20
St.
St.
tO
GA

St.
10
St.
25

20
20
50
20

BRITISH FUNDS THIS DAY.—CLOSING PRICES.
(From the Official List.)
Business done
Bank Stock ... 2ll 12
3 per Cent. Reduced Annuities l)3a
3 per Cent. Consols Annuities 9l 2 14 2 11,-
Now 3 per Cent. Annuities
Long Annuities, Expire sth Jan., 1860
Ditto 30 Years, Expire sth Jan.,1860 4 9-16 fi
India Bonds, £lOOO ...........
Ditto, under £lOOO ........ .
Consols for Account ............ .............. 91i 2i 2
Exchequer Bills, 2icl.
3 6
21000 ......................... p
Small
Exchequer Bonds 1858, ai per Cent. 99i
Ditt• 1859, ......
PRICE OF FOREIGN FUNDS THIS DAY.
Brazilian Bonds, 5 per Cent....................—
Ditto New, 1852, 4l per Cent ............. 5,3/4
Buenos Ayres Bonds, 6 per Cent ............. 57
Peruvian Bonds, 4. per Cent. ............... 67
Ditto 3 per Cent. .............. ..... 48
Portuguese Bonds, 5 per Cent. ............... 38
Ditto ex. all over due Coupons .
Russian Bonds, 1822, 5 por Cent. XSt 97
._Spanish Bonds, 3 per Cent
Ditto New Deferred, 3 per Cent lBl
Spanish Committee Cert. of Coup. not fun N c
Turkish Scrip 6 per cent
Ditto for the Account
Dividends on the above payable in London.
Dutch Exchange, 2k per Cent. 12 Gull
Ditto 4 per Cent. Certifieate5......
THREE 0 CLOCE,
Consols 92
Ditto A99(Na