The Sun.
London, England, 1853-12-22 00:00:00

MONEY MARKET

A ITD
CO.2IIIIIERCIA.T., INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday were
estimated at 7,000 bales, of which 500 Surat were
taken on speculation. The market was very dull,
without change in prices. The sales comprised
5,500 American, 100 Pernam and Maranham, at
61d. to 81d., 100 Bahia, at 61d. to 60., 200 Egyp-
tian, at 6d. to'8„0., and 1,000 Surat, at 21el. to 4d.
per lb. Railway shares were flat.
The Colonial and Foreign Produce Markets close
to-morrow, as far as public sales are concerned, and
will not reopen until the 3d of January.
The very fine new steamer City of Sydney, be-
longing to the Australasian Steam Packet Com-
pany, and recently launched by Messrs. Smith and
Rodger, of Glasgow, has unavoidably been obliged
to postpone the day of sailing for Australia, in
consequence of the delay in getting a neon Boome-
rang-propeller applied, in place of the ordinary
screw, originally fitted in when the Sydney
.was
built. It is, however, anticipated both by the
patentee, Sir Thomas Mitchell, and the owners,
that the Boomerang-propeller will prove more effec-
tive than the common three-leaved screw, and that
the short delay in sailing will be made up by in-
creased speed on the voyage. We understand that
Sir T. Mitchell is likely to take his passage in the
City of Sydney, which is now appointed to sail on
the 3d January for Australia. From the liberality
of the company in sparing no expense either in the
outfit of the ship, the bill of fare, or in those
numerous appliances which administer so much to
comfort at sea, there can be no doubt but passen-
gers will find the City of Sydney as desirable a
conveyance as has left these shores for the Austra-
lian colonies.

The samples of gossan forwarded from the dif-
ferent English mines to be tested by Berdan's
machine are very considerable, and the results pro-
mise to be most important. The Circular to
Bankers in commenting upon the matter states :---
" Professor Ansted has made his calculations upon
the experiments, and has assumed the machinery to re-
quire an engine of 25-horse power, and to be worked
continuously, except when stopped for repairs or deli-
vering the amalgam, from which he estimates that
16 tons of average ore might be reduced per
day in England or Western Europe at an average
cost of 13s. 9d. per ton, and that in California
the cost would exceed 20s. a ton. Without attempting
to depreciate the value of Professor Ansted's scientific
inquiries, we may, perhaps, be permitted to offer a few
remarks upon the practical part of his caculations.
From the several inquiries we have made upon this
point, we think his estimates are not put in the most
favourable light as to the cost of working the ma-
chine, and this is far too important to be over-
looked. We find that he has put the cost of wear
and tear of the machine at 60 per cent., or 1,4401. in the
"annual charges." Surely this must be a very extreme
rate, and, if correct, the friction caused by the working
must be already very considerable. But we understand
that, so far from this being the fact, there is scarcely
any perceptible wear discoverable, though the machine
has been at work upwards of two months. This
seems to us to be the principal point in
Professor Ansted's estimate 'to be correctly deter-
mined ; for we cannot conceive, from the exami-
nation of the working of the machine, that it is possible
that the annual deterioration can reach so high a pro-
portion. Professor Ansted appears to ground his esti-
mate upon the opinion, 'that.the basin and balls would
probably require frequent replacement.' For he says of
the machine itself, It is not likely to get out of order.'
We are induced, therefore, from his own remarks,
to question the rate of 60 per cent. for deterioration
and replacement of machine.' We are also inclined to
believe that the quicksilver acting upon the balls and
then moving in a circular direction, would contribute
materially to diminish the wear and tear."

There has been a heavy market for English Secu-
rities, and prices rule at the lowest point paid after
hours yesterday afternoon, Consols being 94g- 1.
The New 31 per Cents. have been quoted 96i to
g, and the 3 per Cents. 94 to Exchequer Bills
have been at 3s, to 6s. premium. •Money is in
great demand in the Stock Exchange, as much as
41 per cent. having been paid for loans, a circum-
stance hardly anticipated so soon after the large
purchases of stock by the public, and the amount
thereby thrown into circulation.
There have been very few transactions in the
foreign market, but a rise has again occurred in
Peruvian Bonds, which have been done at 69 and
70 for the 4i per Cents; and at 49 and 50 for the 3
per Cents. Mexican Stock has been quotfed 241.
Sardinian Bonds have been marked 90. Belgian
4.4 per Cents. have realised 9G, and Dutch 21 per
Cents. 64. There have been no bargains in Spa-
nish or Portuguese.
The Railway Market is rather flatter, and in
some cases a decline has occurred of about )2 per
cent. Lancashire and Yorkshire, Great Western,
Midland and North British have been chiefly dealt
in. Eastern Counties are firmly supported, and
Peruvian have been a shade higher. Foreign
Shares have been quiet, but the Luxembourg
are firm.

The Gold Mining Shares .have been a shade
firmer, though in very little request.
There has been a further slight decline in the
shares of the Joint-Stock Banks.

Tho Land Companies Shares have receded about
10s. for the Australian Agricultural, but the South
Australia is very firm.

BRITISH FUNDS THIS DAY.
(From the Olicial List.)

Business (inns.
3 per Cent. Reduced Annuities 944 41 A ;47-
New 34 per Cent. Annuities 964
Long Annuities, Expire sth Jan., 1860
Consols for Opening 18th Jan. 94} A
Exchequer Bills, ld.
£l000
Small 6 p
PRICE OF FOREIGN FUNDS THIS DAY.
kustrian Bonds, 5 per Cent ... 97
Grenada Bonds, Deferred
Greek Bonds, Red ...

Ditto, Blue
Mexican 3 per Cent.
Peruvian Bonds, 4i per Cent.
Ditto 3 per ent.
Rusilan Bonds, 44 per Cent —
Ditto Small
Sardinian Bonds, 5 per Cent.. .......... ...... 904
Spanish Bonds, 3 per Cent 464 B
Spanish New Deferred, 3 per C0nt..... 22

Dividends on the above payable in London.
Austrian Bonds 5 per Cent. 10 Gs• 2••••••• 81}
Belgian Bonds 4i per Cent, ox. 25 fr
Dutch Exchange, 24 per Cent. 12 Guil
THREE O'CLOCK.
Consols for Opening ISth January 94i x d