The Sun.
London, England, 1854-12-05 00:00:00

MONEY MARKET

AND

COMMERCIAL INTELLIGENCE.

CITY, TWO o'CLOCK.

The sales of cotton at Liverpool yesterday
were estimated at 7,000 bales, all to the trade. The
market closed tamely, without change in prices.
The sales comprised 5,000 American, 150 Pernam
and Maranham at 6id. to 6gd., 300 Egyptian at
53/4d. to 611, and 1,000 Surat at lid. to 4d. per
lb. Railway Shares were firm. •
The following remarks upon the silk trade are
supplied by Mr. Henry W. Eaton :
"As might be expected, after the large operations in
October, the silk market during the last month has been
comparatively quiet ; prices, however, have remained
firm, and within the last day or two a decidedly im-
proved inquiry has manifested itself both for export and
home consumption. The accounts from China up to
the 3d October report further business, and an advance
of 15 dollars per pecul, equal to about is. per lb., which,
with the rise in the exchange to 6s. 3d. to 6s. 4d., leaves
little inducement to shippers to this country. The set-
tlements in all China to date may be estimated at
17,000 bales against 30,000 bales at the same period last
season, and shipments about 8,000 against 24,000 bales.
In Bengal silk here there is no new feature. The
last letters from Calcutta advise the exports as very
limited, the bulk of the silk lately offered being of the
rainy bund and too inferior, and had, in consequence,
been taken for native use. In Brutias there is nothing
doing, more on account of the exhausted stocks than
from any objection to the silk, but in Persians several
parcels have changed hands from 9s. to 10s. The un-
cleared stock of the former consists of 20 bales, and the
latter of 1,000 ballots. It is expected that the imports
of both these descriptions will be small for the present.
The Italian market has been almost without a tranae-
tion."

The following observations upon the mode of
raising money to carry on the war are from the
Bankers' Circular :

"The question of war is most essentially a question
of money, and it would be perfectly ridiculous to suppose
that such a war as the one in which _England and France
are engaged would not be a costly one. So long as dip-
lomacy held out the prospect of a peaceful settlement, it
was perhaps reasonable to suppose that we could meet
the expense by a moderate increase of taxation ; but
every hope of this kind has vanished, and preparation
must be made for large and immediate supplies. The
Chancellor of the Exchequer cannot now speculate upon
the advantages or disadvantages of the funding system.
It has been stated, upon the authority of the Times, that
the opinions which have been entertained of the neces-
sity of raising a loan are quite premature. Without
knowing any of the views which the Government may
have upon the subject, it is perfectly clear that the
course which the Chancellor of the Exchequer will have
to take can scarcely be the result of his own choice, if
we refer to the opinions he has already expressed
upon the means for providing for the war. There
are only three courses that are open to him by which
the enormous expenditure can be met. He must raise
an immediate loan, borrow on Deficiency Bills, or levy
an income-tax of 10 to 15 per cent. It may be that he
will reject the first expedient, and adopt the second until
the third can be fully brought into operation. We shall
not speculate upon which of these expedients may be
adopted until the Government scheme is before us, but
it may be well to offer a few remarks upon these three
points."

Money was in rather more demand yesterday for
the payment of the bills falling due as usual on the
"4th," but these were generally well met, and there
has been evidently a contraction in business of late
Which now tells upon the capital ordinarily em-
ployed. The rate of discount for best bills has been
43/4 to 5 per cent, and on call money is worth 41.
English Stocks have been weaker, and the ac-
count so far appearing to be " bullish," there is a
higher charge made for carrying over speculative
transactions. Consols have been 92k to for
transfer, and 92i to for account. At times the
.contago has nearly reached per cent. The nature
of the Austrian treaty is still anxiously canvassed,
and doubts are already arising again as to its scope
and meaning. The New 3 per Cents. have been
901 to and the Reduced 3 per Cents. 901 to I.
Bank Stock is heavy at 208 to 2091 ; Exchequer
Bills are 3s. to 6s. premium, and the Bonds have
been dealt in at 99g.

•
Foreign Securities have been heavy. Mexican
Bonds have been depressed at 21. The Turkish
Scrip has been at 6t to 7 discount. Spanish 3 per
Cents. are firm at 38k, and the Deferred at 18i
to 19. Sardinian Bonds have realised 844 ex divi-
dend. Dutch 2i per Cents. have been quiet at 61.
The following are the " calls " for the present
month :--

Date due. Call.
ri ereford, Ross, and Gloucester, 5i

. .
per cent. 201. - - 1 £4 0 . 1,500
Killarney Junction 1... 1 0 15,000
Londondy. and Eunisk. Gua. Pref 1... 210 6,000
Newpt., Aberg. and Hereford
North London, new 101.
*St. Andrews and Quebec, Class A 20... 2 0 40,000
south Wales, 201. Gua. 4i pr cent. 12... 4 0 unkwn.

197,940

*The proportion called by foreign com-
panies is 80,0001., but the holdings
of English proprietors are not known
Total called in 1351 £13,101,642
The railway meetings announced are the fol-
lowing •

Date. Place.
Demerara - - Dec. 11, London Tavern.
European and N. American Dee. 7, St. John's, N.B.
Great Central of France
Great Luxembourg
Ditto Dec. 22, Brussels.
Northern of France Dec. 29, Paris.

Company.

The following are the nominal prices of Foreign 100
Stocks :—Grenada Deferred Bonds, 5/ to 5i ; Mexi 20
-
ean, 21 to 211 ; Peruvian, 67 to 69 ; ditto 25
3 per Cents., 47 to 49 ; Portuguese 4 per Cents., 25
40 to 42 ; Russian 5 per Cents., 95 to 97 ; ditto 100
4i per Gents., 86 to 88 ; Spanish New Deferred,
AO to 19/ ; ditto 3 per Cents., 38/ to 38/ ; ditto 12
Certificates, 51 to 6 ; ditto Passive, 4i to 4/. 5
In the Railway Market the transactions have 5
been at rather lower rates generally. A decline 20l
has occurred in Caledonian, North Eastern, and 100
Brighton, but the rest are nearly the same as
100
Previously. French shares are duller. Luxem- 100
bourg keep firm. 100
The Mining Share Market has been merely no- 20;
urinal, and the miscellaneous undertakings are no- 100
glected, as well as the banks. 20

BRITISH FUNDS THIS DAY.—CLOSING PRICES,
( From the Official List.)
Butiness done
'lank Stock 2OB 9,
, 2
3 per Cent. Reduced Annuities 9l 1
8 per Cent. Consols Annuities 922 8 ti i g i
Nevi 3 per Cent. Annuities
Long Annuities, Expire sth Jan., 1860
India Bonds, £lOOO • lO
Consols for Aoeount
Exchequer Bills, 24d.'
21000
X5OO 3 6 p
Small 3 6 p
kixehequer BondslBsB, 3. per Ccnt. 99P,
Ditto 1859, ~
PRICE OF FOREIGN FUNDS THIS DAY.
Brazilian Bonds, 5 per Cent 97
Mexican 3 per Cent.
Peruvian Bonds, 4i per Cent.
•IPortugnese Bonds, 5 per Cent —
Ditto ex. all over due Coupons .
Russian Bonds, 1822, 5 per Cent. £St 97
Sardinian Bonds, 5 per Cent B4l x (.1
Spanish Bonds, 3 per Ceut 3B,i
Ditto New Deferred, 3 por Cent.
Ditto for the Account
Turkish Scrip 6 per cent............... 6 , 1 ..... (
Ditto for the Account ......
. 64 7 a
in
Dividends on the above payable London.
Belgian Bonds 4i per Cent. ex. 25 fr ...... 90
Dutch Exchange, 21.1 per Cent. 12 Guil ..... 61
Ditto 4 tier cent. tiertifieates
THREE Co CLOCIL

Coneola ...... 92i
Ditto, A cconnt

THE «NAVVIES" FOR THE CRIMEA