The Sun.
London, England, 1854-10-28 00:00:00

MONEY MARKET

COMMERCIAL INT ELL MENGE.

CITY, TSV 0 O'CLOCK,

The sales of cotton. at Liverpool yesterday were
estimated at 7,000 bales, including 1,000 taken
for export and on speculation. The market was
without animation at steady prices. Railway
Shares were quiet.
In the weekly return of the Bank of England to
the 21st inst. we have the anticipated increase of
bullion, and this will continue for another week or
two probably, if the payments for foreign grain do
not absorb any large sum. The amount to the
credit of the Government after the dividend pay-
ments is but small, nor must we expect large ba-
lances to be kept in time of war. In the discounts
and loans there was a falling off, corroborating the
statement as to the greater abundance of money.
Compared with the previous week, the changes
are as follows :

Active circulation.
Increase
Bullion
Increase
Rest

£20,871,520
293,555
13,405,973
501,373
3,125,834
7,566
1,893,487
661,135
11,702,867
486,303
1,115,006
35,020
11,113,273
34,235
14,742,463
373,999
5,946,605

Increase
Public Deposits
Decrease
Other Deposits
Increase.
Seven-Day and other Bills
Increase
Government Securities
Increase
Other Securities
Decrease
Notes unemployed

Increase 121,160
There was a slight decline yesterday afternoon
in the rate of exchange for bills on Amsterdam, 90
days' paper being taken at 11 174 to 17k. Trieste
also was lower, 12 5 to 12 10. Hamburgh was
steady, at 13 5i to 61, Paris at 25 321 to 372, and
Frankfort at 1182 to
All the gold lately arrived is stated by Messrs. 14
Haggard and Pixley to have been melted and sent 1.74
into the Bank of England. There is a good supply St:
of Mexican dollars among the bullion from New st.
York, and also of fine gold. Bar silver is ss. led. 210
per ounce.
The telegraph was opened from Hamburgh to gto.
St. Petersburg on the 25th inst., and messages were 40
received in half an hour through the entire dis- 25
tance, via •Berlin, therefore we may constantly 2st
expect later news from Sebastopol as long as the AI 21
communication on the northern side is open to S,t-
st.
Prince Menschikoff.
The holders of the Spanish foreign debt will
much regret the resignation of Mr. Joseph Tasker,
one of their committee, as announced in the fol-
lowing letter. Much that Mr. Tasker states
therein is incontrovertible, but to do the right
thing at the right moment is the difficulty, and we
feel assured, whatevei differences of opinion may
have arisen, that this gentleman, as an individual
creditor at least, will not withhold his support and
co-operation whenever an attempt is made to ob-
tain justice from the Spanish Government :
" SPANISH BONDS.
"Dear Mr. Collett,—Having given the subject much
reflectien, I must beg to resign the post I hold as a
member or the Spanish Committee. There is a want of
activity and energy that must be detrimental to the
cause of the Bondholders. Their position never stood
better than at this moment—l mean, of course, of
late years, and since the scandalous scheme of Bravo
was forced down the throats of the creditors. You
are aware how much I exerted myself first against the
' whole scheme' as a gigantic and disgraceful swindle ;
and finding opposition to it, as a whole, perfectly
hopeless, how I afterwards opposed to the last,
by every effort and argument I could bring to
bear upon the case, that most infamous part of it
—viz., the confiscation of the Coupons, the must
sacred part of the debt. Here I failed again ; the
opinions of Baron Rothschild, Mr. Capel, the Dutch
Committee, and the holders of Bonds, ex-Coupons, were
allowed to carry the day.' The fair and just plan which
I next advocated of dividing the money appropriated to
the debt equally amongst all classes, Bond or Coupon
holders, was rejected also to my great surprise. Well,
we have lived to see the day when Bravo Murillo is not
only condemned by his own country men as well as by
Englishmen, but to see this unprincipled Minis-
ter proscribed and kicked into exile. Might I
.not, then, with justice be permitted to ask who
was right and who was wrong ? You knew well my
sentiments as conveyed at the very numerous meetings
held upon the subject ; they will be found recorded in
the two reports which were printed. The Minister is
kicked out ; but, alas as to his schemes, there they re-
main at present.
"To undo the grand portion of his last scanda-
_ lous reduction upon reduction of the Active Bonds from
5 to 1 per cent. is, I fear, beyond the hope of possibility.
The home creditors were equally subjected to it as the
foreign, and an unwilling acquiescence was extorted
Irons them. There does remain, however, a very sacred
class of debt not merely cut down or reduced, but wholly
confiscated by the unjust decree of the exiled Minister,
for which something may and must be done. I mean
the certificates of the committee representing the Cou-
pons, and which were in 1841, 1842, and later (in con-
sequence of previous Spanish legislation) at a price of 35,
and now worth a nominal 51. per cent.
"To place this class upon a better footing, however, (o'2
entitled to preference, is not likely, but to be placed upon 20
the same footing, and nothing short of it. as the Bonds 20
and Coupons non-confiscated, is what the Bondholders 2 0
have a just right to demand. 20
" Those persons who advocated the acceptance of the 20
• unjust scheme, seeing the fate of its originator, really 100
owe it to themselves and to the Bondholders to make
every exertion to see justice done, and thus compensate 100
for the egregious blunder, the grave error they corn- 29,
2,,
rnitted.
'The Bondholders should forthwith call a public meet- 22g
ing, add fresh blood to their committee, and select men
of energy and independence, and having an interest in 100
the general debt, for this confiscatory scheme has de-
stroyed all confidence in Spanish credit, and everything leo
Spanish, till it is revoked. Let them send an English 20
agent to Madrid, and hold public meetings, and that 55
frequently, until redress is obtained.
" Some funds still exist, and to what purpose could they
be better applied If inadequate, it is the policy of th© 100
Certificate holders to supply the deficiency.
"This is the proper and only method to be pursued, 100
- and lam satisfied, if pursued, it will he pursuedours with Do
effect and success.—l am, my dear Sir, y very 100
faithfully,

20
20
10
10

" JOSEPH TAME%
" Middleton Hall, Brentwood, Essex, Oct. 24. 1
" To the Secretary and Committee of
Spanish Bondholders."
The shipments of specie from London direct
during the week to Thursday last comprised
184,719 ounces of silver, and 6,750 ounces, toge-
ther with 6,0001., of gold, all to the Continent.
The Stock Market has been firm, although quiet,
and money is particularly easy. Consols have been
941 to 4 for transfer, and 94 I for account. Ex-
chequer Bills are 6s. to 95., and India Bonds 13s.
premium. The New 3 per Cents. have been quoted
931 toil, and the 3 per Cents. 93k to 4.
Foreign Securities are dull. Spanish 3 per Cents.
bare been 38, and the Committee's Certificate has
been done at 51. The Turkish Scrip is lower, being
2to 21 premium. Buenos Ayres Bonds have
realised 55 to 57. There has been a bargain in
Swedish 4 per Cents. at 85. Dutch 4 per Cents.
are 904 to 91.
The following are the nominal prices of foreign
stocks :—Grenada Deferred Bonds, 51 to 6 ; Mexi-
can) 224 to 23 ; Peruvian, 71 to 73 ; ditto,
3 per Cents., 51 to 53 ; Portuguese 4 per Cents.,
40 to 42 ; Russian 5 per Cents., 95 to 97 ; ditto,
4i per Cents., 84 to 86 ; Spanish New Deferred,
18i to 18i ; ditto, 3 per Cents., 374 to 38i ; ditto,
Certificates, 5i to 54 ; ditto, Passive, 41 to 4i.
Railway Shares have been at a slight advance
upon yesterday's rates, with a few bargains in North
Western, Great Northern, Caledonian, Midland,
and South Eastern. The Foreign lines have been
fully supported, bpt there is less doing.
In the Mining Market there has been very little
done, and the Banks are not so brisk, though firm.

BRITISH FUNDS THIS DAY.—CLOSING PRICES,
( From the Uiliciat List. )
91s3Itnessdone.
3 per Cent. Reduced Annuities
3 per Cent Consols Annuities 94
New 3 per Cent. Annuities .........1....... -16
Long Annuities Expire sth Jan., 860 •
13
India Bonds, 1000 .... . ..... ..•
1:
Consols for Account 14th
Exchequer Bills. 24d.
£lOOO ......................... -
Small ............................
Etchequer Bonds ISSB, 36 per Cent.......
Ditto 1839,
PRICE OF FOREIGN FUNDS TH • DAY.
Buenos Ayres Bonds, 6 per Cent ....... 55 7
Sardinian Bonds, 5 per Cent ........ obi
38
Spanish Bonds, 3 per Cent ...................
..
Spanish Committee Cert. of Coup. not fun. 5i p c
2 p
Turkish'S crip 6 per cent ....................... 2i2 i
Ditto for the Account ........................
Swedish 4 per C0nt.....,.. ........... 88
t rrdends en the above parable in London.
Belgian Bonds 4i per Cent. ex. 25 fr ...... 91
Dutch Exchange, 26 per Cent. 12 Gun .....
Ditto 4 per Cent. Certifieates... 94 5
THI B JO'CLOCI.

Consols
I
Ditto NoTorabor loos/at ttttt 9