The Sun.
London, England, 1854-07-27 00:00:00

MONEY MARKET

AN%)
COMMERCIAL INTELLIGENCE,

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday were es-
timated at 10,000 hales, including 2,000 American
taken for export and on speculation. The market
closed with increased firmness, but without alteration
in prices. The sales comprised 8,000 American, 120
Pernam and Maranham, at bid. to Bd., 300 Egyp-
tian, at 6d. to 11d., 1,000 Surat, at 2id. to 4d.,
and 300 Sea Island at is. ld. to 2s. Bd. per lb.
Railway Shares were dull.

The letters and papers by the Overland Mail
have only just been delivered, and consequently
there has not been much time to examine their
contents. It would appear, however, that the
Sydney market was firmer than that at illelbourne.
Wines were being re shipped to England, owing to
the relative higher value here, and the expectation
of a deficient vintage in the vine-growing countries
of Europe.
Accounts from Hamburgh state that the com-
bined fleets were off one of the principal islands of
Aland, and that an attack was hourly expected.
The French troops. it was supposed, would make
a descent upon Finland, but at St. Petersburg
there is stated to be very little apprehension, and
no re inforcement of troops had been sent, the
usual number, 12,000, being distributed over the
province. The exertions of Admiral Plumridge to
secure the services of local pilots in the Gulf of
Bothnia are stated not to have been very successful.
At the general court of proprietors of the South
Sea Company, held to-day, a report and resolution
were passed authorising the sale, calling in, and
conversion of the assets of the company by the
Court of Directors. Power was also given to
make provision fcr compensation, allowance, or
pensions for the various officers of the company. A
lengthy discussion took place with reference to the
mode of dividing the assets, and a vote of thanks
was passed to the chairman, Charles Franks, Esq.,
when the court adjourned.
The difficulty experienced in obtaining the re-
quisite capital for the Indian railways, intrusted
to one gigantic company, induces us to recur to the
ground upon which the erroneous principle was
adopted of not giving the contract to two distinct
companies ; and the following extract, from a
financial despatch of the Honourable East India
Company, written last August, but only just laid
before Parliament, will show how great has been
the mistake committed :

" Considering the relative position of the Indian rail-
way companies and the Government of that country,
the former can only be regarded as agents for carrying
out and executing the wishes of the latter, and we cer-
tainly do not perceive the necessity of emplying a greater
number than is consistent with the convenience and ad-
vantage of the public service. Under this system, we
may hope that the usual beneficial effects of competition
will be derived from a vigilant Government superin-
tendence, and the inconvenience which would pro-
bably result from the pressure of conflicting interests,
will be avoided. We are even now apprehensive that
the competition for freight will create a difficulty, al-
though the railway companies will send their materials
to different ports ; but we think that the number of
competitors for freight to one port should be limited aci
far as possible ; and as you are of opinion that a single
management could safely and effectually control a line
extending from Calcutta to Delhi, we do not deem it ex-
pedient to employ two agencies for this line, but shall at
once place ourselves in communication with the East
Indian Railway Company in view to making arrange-
ments for the commencement simultaneously in various
parts of the line as far as Delhi, and for its ultimate ex-
tension to the North-West Frontier.

" We shall be glad if arrangements can be made to
allow those who have come forward under the denomi-
nation of the Upper India Railway Company to take a
share in the extended undertaking, by the,r amalgama-
tion with the East Indian Railway Company."

The English Funds have been very heavy again.
Consols having been done at 921, and since at 92/
for transfer. The account prices have been at 921-
to 0. Business is exceedingly dull. Bank Stock
is quiet at 210, and India Stock has been at a de-
cline from 22G to 222. Exchequer Bills are par to
3s. prem. The Bonds have been dealt in at 93/ g.
Foreign Securities have been dull. Spanish 3
per Coats. have been at 37/ ex-dividend, and the
Deferred at 18-i. Mexican Stock has been at 241,
and Brazilian New at 93/. French 41 per Cents.
have been done at 99.

The following are the nominal prices of Foreign
Stocks :—Grenada Deferred Bonds, 6 to 61 ; Mexi-
can, 244 to 24k ; Peruvian, 66 to 63 ; ditto Three
per Cents. 50 to 52 ; Portuguese Four per Cents.
39 to 41 ; Russian Five per Cents. 97 to 99 ;
ditto Four-and-a-Half per Cents. 81 to 83 ; Spanish
New Deferred, 18k to 181 ; ditto Three per Cents.
361 to 37k; ditto Certificates, 31 to 41; ditto Pas-
sive, n to 4k.

The last week's railway receipts ascertained up
to this day are in round figures as under :

1854. 1853.
Great Western
North-Western
Sou tk•Western
Brighton
Midland
south-Eastern 21,175 19,238
Czledonian, and Edin. and Glasgow 17,983 16,189
Great Northern 18,488 15,549
Lancashire and Yorkshire
This is " making up" day in the English Railway
Market, and the quotations vary according to the
particular course of speculation during the last
fortnight. On the whole there is no activity, and
the prices are not buoyant. Midland, however,
are firm, and Lancashire and Yorkshire also.
Foreign shares are iu fair request.
Mines are nominal, banks firm; and miscellaneous
dull, at about former rates.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
( Front the Ogcial List.

gnstness don.
sank Stock ..... .......
per Cont. Reduced Annuities • ... 92,i i
3 per Cent, Consols Annuities . 92 2;
:31 per Cont. Annuities . 93 24-
ung Annuities, Expire sth Jan., 1860 ... 4i
, )ittc 30 Years, Expire 10th Oct., 1859.... 4i
ndia Stock ... 223 2
ousols for Account 17th August
o:xchequer Bills, f 4 d. -

1000
2500 ..................................................
43
pp
ppaarr
';mall
Exchequer Bonds, 1858 ...... .
98$
Ditto Scrip, 1859
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
razilian Bonds, 5 per Cent. —
Ditto New, 1852, 4L; per Cent ~,,
exican :3 per cent. ......................... -
Spanish Bonds, 3 per Cent •371 x d
Vanish New Deferred. 3 per Cont. lBl x d
oividen,li on the %hove Payable in London
French Routes, 4i Per C'ont,
HALF-PAST T IV U.
Consols 92i 0
Ditto August Accou,lt 92i i

THE MINISTRY DIVInED AGAINST ITSELF.

A curious scene took plafle in the House of Commons
last night on the debate on the Russian Securities Bill.
The principle involved in this bill is the old-fashioned Eng-
lish doctrine that, if you are at war with an enemy, it is
augment his resources with your money
as to assist him with your arm. It makes very little differ-
oncejust as criminal to
whether you hire troops and lend them to Russia or
lend Russia the money to pay them with. Mimmon does not
see this, or will not see it. Mammon does not care whether
his guineas come to him covered with ordureor reeking with
blood. Mammon holds with Vespasian, that money, how-
ever procured, cannot stink in the nostrils. A guinea is a
guinea in Mammon's eyes,
and, let it be as black as a mur-
derer's conscience, Mammon will find means to polish it.
Thus Mammon in the House of Commons knows no differ-
ence—except that shown by the various rates of interest
—between money lent to the Queen for the purpose of
punishing the Czar and money lent to the Czar for the pur-
pose of enabling him to shoot the subjects of the Queen, and
Mammon very naturally voted fortho sale of Russian secu-
rities. In the great money market Mammon says, `` Let
QupdVictoria and the Czar stand upon an equal footing "
It is gratifying
to find that Mammon has it not all his
own . way in the House of Commons. He and his
Russpin friend could do nothing against the righteous
English feeling which actuated most of the members.
During the debate on the subject, Mr. Wilson, one of the
Secretaries of the Treasury, expressed opinions adverse to
the provisions of the bill., Lord Palmerston, who took
the proper common-souse English view of the question, in
the course of his observatis, remarked that the state-
ments of the Secretary to the Treasury were "sheer non-
sense." This is a curious way of backing your friends.
anti -Russian, the Secretary for the
Something still stranger took place. A division took
place, when Lord Palmerston and Mr Wilson were
the two tellers on opposite sides. The noble Home
Secretary was
-Russ
Treasury was forfree trade iu Russian promises to
pay. After the division attention was called to the
fact that an honourable member, Sir W. Molesworth,
who was in the house before, and in tho lobby when
the division was taking place, had abstained from voting.
Here is the Home Secretary abusing, the Secretary to the
Treasury,
and the President of the Board of Works trying
to get rid of the responsibility of a vote. This was not the
termination of the Comedy of Errors. After the division
for reporting progress Sir J. V. Shelley, ono of the tellers,
reported that Mr. Lowe, the Secretary to the Board of
Control, who was in the house when the division
.was
called, bad " bolted up stairs," and abstained from voting.
All this is very small, very pitiable, very cowardly, very
mean. Are scenes like these calculated to give. confidence
to the country in the Coalition Ministry ? —Datly dens. i

LIVERPOOL, Wednesday.—At noon, to-day, the United
States Mail ti team-ship, Atlantic, Captain Briggs, sailed
from the Mersey, for New York, with the usual weekly
mails for the Western Continent ; 160, passengers and
a lull cargo of merchandise on freight.
BEVERLEY ELECTION.—A Mr. Arthur Gordon has ad-
dressed the electors of Beverley, offering himself to sup-
ply the vacancy caused by the resignation of Mr. Law-
less. From ttie mode of his announcement, it would
seem thatin making it, he has acted in concert with the
retiring candidate. Mr. Gordon appears to be an asto-
nished admirer of the present administration. His family
name suggosts a pasiblo relationship with its head,