The Sun.
London, England, 1854-10-03 00:00:00

MONEY MARKET

AND
COMMERCIAL INTELLT(ENCE.

CITY, VA) 0 o'CLOCK.
The sales of cotton at Liverpool yesterday
were estimated at 12,000 bales, including 3,000
American, and 1,500 Surat taken for expoirt and
on speculation. The market closed with an up-
ward tendency—American and Surat a point against
the buyer. The sales comprised 8,500 American,
180 Pernam and Maranham at Md. to 7d., 500
Egyptian at sid. to 91d., 2,500 Surat at lid. to
4jd., and 250 Sea Island at 11d. to Is. 10d. per
lb. Railway Shares were buoyant at an advance
of 1 to 2 per cent. on all the leading stock.
In referring to the heavy condition of the tallow
market, Messrs. Smith and Charles state :
" It is probable that, but for the article in the Econo-
mist, our market would have declined to-day, in conse-
quence of the news from Sebastopol, there being an
opinion that the fall of this important fortress is likely
to bring the Emperor to terms. Our opinion is the very
reverse, and that the catastrophe in question is calculated
only to excite the exasperation of the Czar, and to lead
him to seek revenge in some other direction. It is quite
certain that, until he is compelled to fly from his own
great cities, he may consider himself not utterly beaten ;
and he has too much at stake to give in till he is driven
to the utmost extremity. We therefore look on this
war as one which may be protracted through many
years, unless the course intimated by the Economist as
iikely to be adopted by the Allies is actually put in
force."
In the Banker's Magazine for October, besides
the general monetary information, there are some
interesting papers upon bankruptcy administration,
the rise and progress of joint-stock banking, and
the power of public companies to borrow money.

Ti; e following account of the Clearing House
is interesting at the present time, now the joint-
stock banks have just been admitted to the privi-
leges which it confers, and as some valuable im-
provements have lately been introduced :

" The Clearing house is a building erected by the pri-
rate bankers of the City of London for their common 194
use, situated in Post-office-court, Lombard-street, and 14
it is there that the committee of bankers meet for the 20
purpose of considering, from time to time, measures for Btu
their mutual advantage, in connection with their busi-
ness of banking. It appears that the system of clear-
-20
ing between the bankers was first introduced so far 10
back as the year 1775. Its objects are to economise 12i
labour and the circulation of Bank of England notes, St.
as well as to simplify the settlement of the multifarious 50
pecuniary transactions incidental to the business of 40
banking in a large mercantile city like London, by 25
concentrating in one place, and under one acknowledged 25
plan, the duties of those engaged as representatives of Bt.
the several banking houses. 812 it
" Each banking house, or joint-stock bank, is repre-
seated by a clerk, whose duty consists in entering in a 50
book, in columns arranged in alphabetical order, the 25
drafts, bills of exchange, and cheques, which, having 1.00
been previously charged out in clearing books at different
banking houses, are sent to the Clearing-house for pre- 21'
sentation, so that the casting of the column shows the 50
amount of bills, cheques, &c., presented by each banking 20
house to one another during the day. The balances s..
of the various accounts are ascertained at 4 p.m., 56
and entered upon the list. Thus, if, at the St.
close of the day's transactions, the comparison shows 16
that the Union Bank of London have a larger claim 16
against Barclay and Co. than Barclay and Co. against 8
the Union Bank, the balance between the two is 8
placed in the left hand column, beaded debtors; but if, St.
on the contrary, Barclay and Co. become creditors, ' and 21
the balance is inserted in the right hand column,' a n
similar trial shows what balances are due either to or gfuu
from the Union Bank with the other banking-houses. "is'i
" When these balances are finally ascertained the 10
balance-sheets are handed to the inspectors, and from 10
these sheets the general balance of the Clearing-house is
made up. 20
"The settlement of the clearing was, until recently, 20
effected by the means of bank notes (odd amounts under 10
501. remaining over till next day), but by the system now 10
in practice no money whatever, in the shape of notes, is 84.
required, the object being ilallomplished with equal cffv,ct,
and a complete relief from risk of robbery to the clerks, 20
whose duty it was, under the old plan, to bring down St.
the bank notes, not unfrequently to very large amounts, St.
to settle the day's clearing. Each banker and joint-stock 10
bank has an account with the Bank of England for the
purpose of keeping-a balance to replenish their tills and ...
f facilitating the ordinary banking operations they may
have with the, Bank. Those bankers or joint stock 5°
banks, therefore, who are debtors to the clearing, fill up
and sign the document which authorises the Bank of 20
England to transfer so much for the account of the 20
banker to that of the Clearing-house account opened in 20
the books of the bank. 25

" Thus, the momentous transactions of the banking
houses are balanced and satisfied without the necessity
of a single bank-note; whereas, prior to the introduction
of this admirable system many thousand pound bank-
notes were requisite. It must be obvious that the cir-
culation of bank-notes (especially of a large denomina-
tion) is in a great measure dispensed with, and that by
the facilities. simplicity, and economy thus afforded the
Joint-Stockßinks will be participating in the advantages
of the clearing system, and reap likewise the benefit in
a pecuniary point cf view, and thereby create a further
stimulus to the increasing value of their shares."

The flatness which came over the Stock Market I l."
yesterday has not been recovered, and thus far the
speculation for advanced prices in anticipation of
10
our success in the Crimea has " discounted" the 5
event. Nevertheless the effect of this great feat of 20
arms must be to give great confidence throughout
the country, and, except that prices already rule ...
high, there would doubtless be a rise. Consols 20 .1-7
have been 951 tog for Transfer, and 95g- for 20
Account. Exchequer Bills have been ss. to Bs. 200
premium, and India Bonds 10s. premium. India 20
Stock is at 230. The Exchequer Bonds have been 20
done at 991 to par. Bank Stock for Account is at 100
215.

100 I
There isno particular feature to notice in Foreign
securities. Mexican Bonds are per cent. better, 25
viz., 25, probably owing to the announcement that 25
the half-yearly dividend due on the Ist January, 100
1853, will be paid on and after the 16th inst.
Portuguese 4 per Cents. are quoted 42, and Sar 110
-
dinian 5 per Cents. 87. Dutch 4 per Cents. are 5
92 to 93. The Turkish Scrip is heavy at 3i 5
20
The following are the nominal prices of foreign ? -
stocks :—Grenada Deferred Bonds, 51 to 61 ; 100
Mexican, 24'i to 251 ; Peruvian, 70 to 72 ; ditto 100
3 per Cents., 50 to 52 ; Portuguese 4 per Cents., 100
40 to 42 ; Russian 5 per Cents., 98 to 100 ; ditto lOU
4i per Cents., 86 to 88 ; Spanish New Deferred, 20,
18t to 18% ; ditto 3 per Cents., 371 to 38i ; ditto 100
Certificates, 5 to 5i ; ditto Passive, 4 to 41. 5
20
The railway meetings announced are the fol-
lowing :
Company. • Date. Place.
Birkubd. Lanc. & Chesh. Jac. Oct. 21, Birkenhead.
Namur and Liege
Ditto Oct. 19, Brussels.
The Railway Share Market has not supported
the improved rates of yesterday, and the amount
of business doing is limited. In several instances
the decline is ss. to 10s. per share. Most of the
foreign shares are nominal, the dealings being un-
important.
The mining, banking, and miscellaneous shares
are generally without alteration. The Crystal
Palace, however, are less buoyant.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.

(Prom the Official List.)

Business done.
3 per Cent. Console Annuities 9s#
India Stock
India Bonds, £3OOO ........ ....... ..........
Ditto, under £lO00.
Bank Stock .
Ditto for the Account 215
Consols for Account 17th Oct.
Exchequer Bills, 24d.
21000
£5OO 5 8
%lan 5 8
Exchequer Bonds 1858, 3i per Cent. 991
Ditto 1859,
PRICE Or FOREIGN FUNDS AT ONE O'CLOCK.
Mexican 3 per Cent.
Portuguese Bonds. 4 per Cent 4l
Sardinian Bonds, 5 per Cent B7
Turkish Scrip .....................
•
Ditto for the •
3i
pividends on the above payable in London.
Datch Exchange, 2i per Cent. 12 Guil
Ditto 4
per Cent. Certificates,,,,~
.HALF-PAST TWO.
C0n5015....................................... 95$
Ditto October Account .................. 95$

CAPTURE OF A RUSSIAN VESSEL IN DUNDEE. A.
Russian vessel, called the Furst Beckhoff Albrecht, has
been seized by the Customs officers of Dundee with
simulated papers.
PERPETUAL MOTION.—Mr. J. G. Hendrickson, of
New Jersey, announces the discovery of the principle of
perpetual motion. The success is obtained by the means
of arms and halls attached to a cylinder so as to keep
the extra weight always on one side, and therefore to
give the cylinder a constant inclination to turn round.
The machine requires no starting; take away the blocks,
and it goes off " like a thing of life." The Journal of
Commerce says of it : " The model was in our office
yesterday, and attached to some clockwork, whiah it
turned without once stopping to breathe. We see no
reason why it should not go until worn out. After a
careful examination, we can safely say, in all serious-
ness, that the propelling power is self-contained and
self adjusting, and gives a sufficient active force to carry
ordinary clockwork, and all without any wisdiug up or
PPlelush'utg.!),