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

MONEY MARKET AND COMMERCIAL
INTELLIGENCE-(THIS DAY.)

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday were esti-
mated at 8,000 bales, of which 1,000 were taken for
export and on speculation. The market was not quite
so firm, and closed quietly without alteration in prices.
Railway shares were very depressed, and 1 to 11 per
cent. lower.

Whatever has prompted the Bank of England to ad-
vance its rate of discount, must have occurred within
the present week ; the return of its liabilities and assets
made up to Saturday last offering not the smallest justi-
fication. We are to assume, therefore, that the demand
for discount accommodation and loans upon stock be-
came suddenly unprecedented ; or, however reluctantly,
we must come to another conclusion, viz., that the
measure is precipitate, and possibly even founded partly
in pique. The next week's return must elucidate
this, and perhaps the item of public and private
deposits will be shown to have been affected. The ex-
planation of such a change, if it did occur, is simple
enough. The transfer books were about to be closed,
the amount of " calls " upon some foreign railways was
larger than of late, although there is no reason to sup-
pose that English holders had to provide the whole, and
an immense quantity of tea was to be cleared after the
long postponement of duty payments, pending the dis-
cussion of the budget, and the 4th of the month (this
day) when a large amount of home bills fall due, was at
hand. But are these permanent influences, and would
not the effect subside almost within the week, unless
artificial scarcity were induced ? As an incorporated
body of traders in money, the Bank has ever a right to
turn its capital to the best account, provided it observes
a decent regard to the interest of the public by whose
favour it enjoys such ample privileges. No one com-
plains of 31 per cent. being an excessive charge, allow-
ing that it is higher than for the last three or four years;
but why proclaim the alteration with " such a flourish
of trumpets," ushering it in upon an already agitated stock
market by a fall of 1 per cent. in Consols, at a time when
great sensitiveness prevails as to our foreign relations,
when the increased demand foemoney was rendering the
renewal of Exchequer Bills more difficult, and when the
last day had arrived upon which the " assents" to the
conversion of South Sea Annuities would probably have
far exceeded those of any previous day ? Perhaps a
glance at the political composition of the bank direction
may throw some light on the matter, the leaven of
Toryism being tolerably strong ; and since the ex-
Premier and his satellites have not deemed it unfair or
unpatriotic to thwart the effort to save the pockets of
the tax payers, one cannot feel surprised if they have
humble imitators east of Temple-bar. Whatever may
be said to the contrary by prejudiced or interested par-
ties, the financial plans of Mr. Gladstone were honestly
framed with due regard to the rights of all parties ; and
if, in the matter of Exchequer Bills, the interest of money
has rendered them less eligible, for the time, there is no
reason to legislate for the hour rather than the twelve-
month ; while, unless a continuance of dear money is
believed in, Government has a justification for keeping
down its terms. Under any other circumstances, we
should have said at once to the Chancellor—." Revoke your
decision, and raise the interest to 14d. per diem." Go-
vernments, like individuals, should pay something near the
current interest, but not take a binding engagement for
a year forward under the stimulus of evanescent scar-
city. Immense sums are due to this country from
Australia, a balance of trade exists against America,
money is returning from Russia, and the entire popu-
lation of this kingdom possesses more of the metallic
medium than was ever before known. This is far pre-
ferable to seeing the amount locked up in the Bank vaults.
The first result of this new movement of the Bank will
be to make money scarce, and to check the projection
of new schemes, a wholesome result ; the next will be
to draw money from abroad, and gradually to lessen its
value here. This done, an actual advantage will arise,
and we quarrel far less with the thing done than with
the manner of doing it. Very cheap money is a positive
evil, and rarely benefits legitimate trade, though it feeds
speculators. Subjoined is an analysis of the weekly
Banking account, contrasted with the previous state-
ment :

Active circulation
Decrease
Bullion
Decrease
Rest

£22,582,030
56,725
17,944,547
5,977
3,110,204

Decrease
Public Deposits..

46,373
5,606,412

Decrease
Other Deposits
Decrease
Seven-day and other Bills
Decrease
Government Securities
Other Securities
Decrease
Notes unemployed
Increase

209,065
11,935,583
17,915
1,303,685
22,448
No alteration.
14,021,714
346,549
8,871,860
137,830

Bills of Exchange were yesterday negotiated at fuller
rates upon Trieste, and at a slight advance on Ham-
burgh and Amsterdam. Paris was very firm, being
25 25 to 30. Amsterdam brought 11 18i to 19, and
Hambro' 13 8/ to Trieste 10 5 8 to 11 2.
The Committee of Mexican Bondholders have re-
ceived a letter from Mr. Falconnet, vid the United
States, dated Mexico the 4th May, being one day later
than his last letter. He reports an interview, which at
his instance Mr. Doyle has had with the President, who
assured him that the funds of the bondholders at the
Custom-houses shall not be touched in any way by the
Government, and that, henceforth, when collected, they
shall be shipped to the joint order of the Chairman of
the Committee of Bondholders and Colonel Facio.

The amount of silver exported from London direct
during the week to Thursday last, was 214,160 oz., and
of gold, 7,982 oz.
Thq English funds are heavy this morning, but not
lower, the absence of business being the feature chiefly,
observable. Consols have been quoted 98a to f, ex divi-
dend. The New 31 per Cents, have realised 101 K to
and the 3 per Cents. 98a to 99. South Sea Old Annui-
ties are 994 to par. Exchequer Bills are 2s. to 55., and
India Bonds 235. to 275. premium.
Foreign Stocks continue about the same. Spanish
Deferred Bonds are 234 to I. Portuguese 4 per Cents.
are firmer at 391. Mexican are about 26/ with very
little doing, and Peruvian Deferred 61. Equador dull
at 51. Russian 44 per Cents. have not been higher than
103. Dutch 21 per Cents. are at 65.
Railway Shares have been dull, but without any fur-
ther slight decline. Caledonian, North-Western, Mid-
land, and North British have been most affected.
French Shares are merely nominal.
The Gold Mine Shares are at about the previous rates,
except Noveau Monde, which have receded.
The Land Companies Shares are rather better.
The New Australian Banks are very depressed, and
the Chartered of Australia is down to / premium.

BRITISH FUNDS THIS DAY.
( From the Official List.)
Business done.
3 per Cent. Reduced Annuities ..... 9
3 per Cent. Consols Annuities
3 per Cent. Annuities, 1726
New 31 per Cent. Annuities lols
New 5 per Cent. Annuities shut
Long Annuities, Expire sth Jan., 1860
Ditto 30 Years, Expire 10th Oct., 1859 5 11-16
Ditto 30 Years, Expire sth Jan., 1860 shut
India Bonds, £lOOO
South Sea Stock
South Sea Old Annuities
South Sea New Annuities
3 per Cent. Annuities, 1751 shut
Consols for Account July 19
Exchequer Bills, 14d.
£l000
.5 p
£5OO 2 5 p
Small

PRICE OF FOREIGN FUNDS THIS DAY.
Brazilian Bonds, 5 per Cent
Austrian Bonds, 5 per Cent. .............
Ditto New, 1852, 4i per Cent 9Bl x d
Chilian Bonds, 6 per Cent
Danish Bonds, 1825, 3 per Cent B6
Equador Bonds
Grenada Bonds, Deferred
Ditto, Blue
Mexican 3 per Cent.
Peruvian Scrip par
Peruvian Deferred 3 per Cent.
Portuguese Bonds, 4 per Cent.
Ditto for the Account . .
Russian Bonds, 5 per Cent.
Ditto 43 per Cent.
Sardinian Bonds, 5 per Cent 93a 4
Spanish Bonds, 3 per Cent 4B
Ditto New Deferred, 3 per Cent 231 g a
Venezuela Bonds, 3i per Cent.

Fivldends on the above payable in London.

Dutch Exchange, 2i per Cent. ..•••••—••• ••• 65
TWO O'CLOCK.
Consols for Opening 19th July 9Bs x d

THE TEA DUTY.--INCREASE OF BUSINESS AT THE
CUSTOM-HOUSE.—Sinco the order for the reduction of the
impost on teas was issued, the aggregate amount of duties
received at the Custom-house approximate closely to
400,000 i. The business of passing delivery orders has in.
creased to such an extent that, notwithstanding a large
number of supernumerary clerks have been engaged, they
are employed unremittingly in this department from seven
o'clock in the morning until ten o'clock at night. For this
extra work clerks receive from I.s. to 2s. per hour, messen-
gers 94. per hour, and supervising officers are remunerated
according to their rank. The deliveries of tea from the
various bonded warehouses commence at six o'clock in the
morning, and continue incessantly until seven o'clock in
the evening, the Customs' lockers and other officers em-
ployed receiving extra pay for the additional duty. Up to
yesterday evening it was stated that above 5,000,0001b5.
had been delivered and although a very large number of
extra labourers are employed at the several warehouses, it
is impossible to keep pace with the presentation of the
orders.

DISPATCHES FOR VICE ADMIRAL DIINDAS AND REAR
ADMIRAL CORRY.-Mi. Tucker, the clerk in charge of her
Majesty's steam-packet Caradoc, Lieut. Commander Derri-
' man left London by mail-train on Thursday for Marseilles,
with dispatches for the commander-in-chief of the Medi-
terranean, at Malta, relative to the state of affairs at Con-
stantinople ; and yesterday morning, at two o'clock, her
Majesty's dispatch-steamer Banshee, Lieutenant Com-
mander Hosken, left Spithead with Government dispatches
for Rear Admiral Cony and the Channel squadron, now
on a six weeks' cruise. ,It is expected that the Banshee
will proceed direct to Lisbon, as Rear Admiral Corry had
permission to touch at that place in the course of his cruise.
It is not imi6robable that the instructions to Rear Admiral
Corry include orders to detach a division of his squadron
to Malta, to reinforce the small but efficient fleet of Vice
Admiral Dundas.
The Queen gave a concert last evening at Buckingham
Palace. The invitations amounted to near four hundred,
anti included the Royal Family, the whole of the Foreign
Ministers, and a large party of the nobility.