The Sun.
London, England, 1853-08-15 00:00:00

MONEY MARKET

AND

CITY INTELLIGENCE.

.-..c,_.-__

CITY, TWO O'CLOCK.
The sales of cotton at Liverpool on Saturday
were estimated at 8,000 bales, of which 2,000 Ame-
rican. were taken for export. The market was tame
at previous rates. The sales comprised 6,000 Ame-
rican, 600 Pernam and Maranham chiefly at 721,
100 Bahia at 6d., 500 Egyptian at bid to 9d., and
500 Surat at 3d. to sd. per lb. Railway shares
were flat.
The Corn market h.as been very dull, and prices
generally have been Is. to 2s. per qr. lower.
The accounts from Birmingham with respect to
the iron trade are satisfactory. The works are
'well supplied with orders, all hands fully employed
and the workmen satisfied. The dearness and
scarcity of fuel, however, is still felt. Various old
works, for some time idle, are being repaired,
and preparations are being made for extended
operations.
The intelligence by the Overland Mail concern-
ing the Indian markets is not very satisfactory in
the matter of imports, and produce ruled compara-
tively high. The China trade, however, is in a
still more critical position. Availing themselves
of the existing political troubles, the native mer-
chants were exacting high rates for produce ; and
owing to the competition among the foreign houses,
these they were enabled to maintain. A difficulty
existed in bringing produce from the interior to
the ports of shipment; for although the "patriots"
were generally triumphant, there seem to be
marauding bands, belonging probably neither to
them nor the Imperialists, who robbed the waggons,
&c., on their way down. Many parties seem yet
doubtful of the result of the warfare carried on.
As to imports, the purchases were very limited,
and great caution seems requisite in sending out
consignments.
At Singapore the markets were dull, but con-
siderable animation was expected upon the return
of the native traders with produce from the various
ports in the Archipelago. Produce was in good
demand. Exchange on London, Oriental Bank,
six months, 4s. 91. Tonnage was in demand at
4/. to 4/. 10s. to ngland.
Piracy was extensively carried on in the Gulf of
Siam and the China Seas.
Sir James Brooke had been seriously ill, but was
recovering at the latest date.
The Australian advices to May 31 from Sydney
are very good, but the supply of merchandise was
increasing. The Adelaide steamer would need re-
pairs before returning to England. Very few let-
ters have been received, and the bulk probably will
come in a few days, via Southampton.
The English funds are heavy this morning, prin-
cipally owing to the alleged greater demand for
money. The bankers, however, are very full of
cash this morning, and disinclined to give such
high rates on " call." Consols have been at 98 to
I all the morning. The New 3i per Cents. have
realised 101 k to and the 3 per Cents. 981
Bank Stock is firm at 2281, and India Stock at
258 to 259. Exchequer Bills are 3s. discount to
par. The political advices are tranquillising.
The arrangements for to-morrow's settlement in
the Foreign Market are in progress to-day. Mexi-
can Bonds realise 26i to 27, Grenada 22, and
Buenos Ayres 67 to 69. Brazilian Small Stock
' has been at 101/. Equador Bonds are at 5. Por-
tuguese 4 per Cents. have realised 431, Spanish
Deferred 23g and the Certificates 6g- Russian
Small Bonds are 102 A. French 3 per Cents. bring
80 25, with the exchange at 25. Dutch 4 per
Cents. are 98 to 11,-. Sardinian Stock brings 96k.
Railway Shares have been generally lower, and
also the Mines and Banks, owing to the settle-
ment.
The railway meetings announced are the fol-
lowing
COMPANY. DATE. PLACE, &c.
Belfast and County Down Aug. 18, Belfast.
Bideford Extension Aug. 24, London Tavern.
Bristol and Exeter Aug. 25, Bristol.
Cork and Waterford Aug. 30, London Tavern.
Direct London and Portsm Aug. 26, London Tavern.
Eastern Counties
fast Indian Aug. 16, London Tavern.
East .Kent Aug. 24, London Tavern.
Great Korthern Aug. 20, London Tavern.
Gt. Sthrn.L!T.Westrn.,lreland Aug. 27, Dublin.
Great Western , Aug. 18, Bristol.
Hull and Selby Aug. 20, Hull.
Kilkenny & Great Southern
and Western, Ireland Aug. 30, London Tavern.
Lancashire and Carlisle Aug. 31, Lancaster.
Leeds Northern Aug. 30, Leeds.
Llynvi Valley Aug. 22, Bristol.
London and Bla,ckwall Aug. 17, London Tavern.
Loughor
Mane., Sheffield, & Lincoln Aug. 31, Manchester.
Midland
Midland Gt. Western., Irel Sept. 2, Dublin.
Newmarket Aug. 31, London Tavern.
Newp.,Abergay.,& Hereford Aug. 31, London Tavern.
Newry and Enniskillen Aug. 16, Guildhall-coffeeh.
Norfolk . . Aug. 29, Guildhall-buildgs.
North Devon
Northern and Eastern Aug. 18, Bishopsgate-stn.
Northern Counties Union Aug. 25, London Tavern.
St. Andrew's and Quebec
(Class A) Aug. 25, 26 Parliament-st.
Shrewsbury and Hereford
South Wales Aug. 26, Paddington-stn.
South Yorkshire Aug. 26, Sheffield.
Thames Haven Aug. 31, London Tavern.
Vale of Neath Aug. 31, Neath.
Waterford and Limerick Aug. 30, Waterford.
West Cornwall Aug. 31, Throgmorton-st.
West End & Crystal Palace Aug. 29d0, n
-b3 Adelaide-place,
Lonridge.
Wharfdale Aug. 19, Skipton.
Whitehasen & Furness June Aug. 26, Office.
York, Newcastle, & Berwick Aug. 30, York.
The committee of Mexican bondholders have re-
ceived the following document respecting the pro-
posed formation of a bank in the city of Mexico
The recent project of establishing a bank in the city
of Mexico, as submitted to the Government there, and
not yet finally decided on, is contained under the follow-
ing thirteen heads :
I. To establish, in the capital of the republic, a na-
tional bank, for the space of twenty years, to continue
as the law may decide when this term expires.
"11. The capital of the bank to be $6,000,000,
$4,000,000 in money and $2,000,000 in bank notes. So
soon as individuals or companies sufficiently respectable
in the estimation of the Government have subscribed the
amount in money ($1,000,000) the bank shall be con-
sidered established, and the subscribers shall take the
characters of proprietors.
" 111. The capital of the bank shall be represented by
6,000 shares of $l,OOO each. It is an obligation on the
proprietors to keep open for the public for the space of
six months the sale of half at least of these shares, in
order that all who desire so to do may buy and become
participators in the bank. During that period the shares
cannot be sold to the public for more than the value
they represent.
"IV. The bank to have the legal title of ' Sociedad
AllOl3/1313: Joint Stock Company ; consequently, the pro-
prietors and such persons as may at any time take
shares are responsible for the operations of the estab-
lishment to the extent of the sums which their shares re-
present. This being done, their responsibility ceases.
"V. The operations of the bank with the commercial
body and with private individuals are to be—
"l. Exchange operations in money between one
place and another on stipulated terms.
" 2. To discount bills, promissory notes, &c., in the
city of Mexico.
"3. To undertake the collection, which may be en-
trusted to them, of accounts without law proceedings,
charging for it a convenient commission.
" 4. To receive money on deposit at call, charging a
commission.
" 5. To receive extra judicial deposits which may be
confided to them, of money, bars of gold or silver, and
precious jewels. There can also be placed in the bank
judicial deposits, always with the sanction of both con-
tending parties, each to pay a commission.
"6. To make private loans on golden ornaments, sil-
ver, pearls, or precious stones, and upon bars of gold
and silver, charging interest, which shall not exceed the
rate charged by the Monte de Piedad' (Government
pawnbrokers).
"7. Likewise to make loans upon State paper and
undertakings duly accredited, and upon articles of mer-
chandise of ready sale.
"VI. The operations of the bank with the Govern-
ment are to be—
" 1. To open a credit in its favour for $9,000,000 per
annum as follows :—5500,000 each month fur the gene-
ral wants of the Government; 25,000 each month for
the widows, invalids, and pensioners.; $16,666 each
month for the judicial fund, if the Supreme Court agree
to give up the revenue of the stamped paper; $BOO,OOO
every six months for the dividend on the foreign debt ;
$200,000 every six months for that on the home debt ;
$250,000 every six months for the diplomatic conven-
tions.
"2. To take charge of the following revenues of the
national Treasury:— "1. The maritime and frontier cus-
tom-houses ; 2. The deche de consamo (octroi duty) on
foreign goods in the interior of the republic ; 3. The
contributions of the district, such as are not municipal.
4. The duty on silver throughout the nation ; 5. The
duty on tobacco ; 6. The duty on stamped paper, if the
judicial power agree to give it up.
"VII. In performance of the administration which is
confided to them, the bank authorities will regulate the
localities and salaries of the offices of the revenues
which they have to manage, will propose to the Govern-
ment the employes who have to serve in them, and will
be able to remove these persons from their posts when-
ever they do not perform their duties.
" VIII. The bank, in the account which it will have
with the Government, will charge the latter with what
is furnished it on the credit opened, and will credit the
Government for the amount of the produce of the re-
venuese
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account of commission to be settled every six months.
" IX. If the revenues under le administration of the
bank should produce more than those which on an aye.

rage they rendered net in any one year of the last five
years, the excess shall he divided in equal parts between
the said bank and the public Treasury.
"X. The existence of the credit opened in favour of
the Treasury and the administration of the revenues of I
the bank shall be for two years certain, binding on both
sides, and may be continued for three years more at the
option of the bank. Notwithstanding this, there shall
not be altered during these periods the maritime duties,
nor the original laws of the other revenues which it ad-
ministers. The bank has the exclusive power to issue
notes payable to bearer.' At no time can it have in
circulation notes whose amount shall exceed a third part
of the amount of available funds* in its coffers. Said
notes shall be always payable at sight and to bearer.
Their admission in trade and commerce shall be at the
free consent of the parties concerned ; but the foregoing
of them shall be punished with the penalties which the
law imposes upon the coiners of bad money.
" XI. The smallest amount of the notes shall be for
$lO and the largest for $l,OOO. Immediately on the
formation of the bank the said notes shall be admitted
in all the offices under its control in payment of duties
and contributions.

" XII. Immediately that the four millions of dollars
which form the capital fund of the bank are subscribed,
the proprietors of the bank shall be allowed to cancel
forthwith $8,000,000 of the bonds of the interior debt,
in re-emplacement of which there shall be created in
London a new fund for an equal sum, say 1,600,000/.,
with interest at 3 per cent. per annum, there being as-
signed to the payment of this dividend, and to the sink-
ing fund of the capital, ei derecho de averia,,'± which
is collected in the ports of the republic. The paying off
the capital shall take place, in twentieth parts at a time,

in the space of twenty years.
" XIII. The proprietors shall present to the Govern-
ment within two months after their first meeting a plan
of the statutes, in order that, examined and approved by
the Government, it may be put into execution.
" Mexico, May, 1853."