The Sun.
London, England, 1853-08-19 00:00:00

MONEY MARKET

AND
CITY INTELLIGENCE.

CITY, TWO O'CLOCK.
The sales of cotton at Liverpool yesterday were
estimated at 4,000 bales, of which 500 American
were taken for export. The market was heavy,
and closed with prices of American in favour of
buyers. The sales comprised 3,000 American,
70 Pernam and Maranham at 6;d. to 70., 50
Bahia at 7d., 300 Egyptian at 6/d. to 10d., .300
Surat at 31c1. to 4id. and 50 Sea Island at Is. 10d.
to 2s. 6d. per lb. iailway Shares were dull.
More has been done in Colonial Produce, though
speculation is limited, purchases being almost ex-
clusively for consumption. Sugar is in demand
for the Continent, and Coffee is dearer. In Tallow
there is some uncertainty, the dealers scarcely
knowing whether to buy or sell • but the conclu-
sion. of the Buenos Ayres blockade will give us sup-
plies again from that quarter. The Tea Trade is
comparatively inactive, notwithstanding the high
prices which prevailed at the latest date in China.
Cotton has been steady.
News has been received in the City from Sydney,
via Overland Mail, up to the 3d of June, which
reports that the Abercrombie diggings were again
attracting great numbers in consequence of several
nuggets having been found. Copper deposits on
the Ophir had been discovered,, of a character to
raise very sanguine expectations.
Mr. Wentworth, the leader of the Conservative
party in the Legislative Council, had moved for a
guarantee of 5 per cent: on the capital of the New-
castle and Maitland (Hunter River) Railway, and
it is stated that he had received the support of the
Colonial Secretary. The bill would therefore pass
forthwith. The capital is to be raised in 40,000
shares of Si. each. In answer to a question, Mr.
Wentworth stated that he had taken 2,000 shares,
that he had desired a larger interest, but was re-
fused by his co-directors. Mr. Wentworth is
chairman of the company.
Money at Sydney was becoming a drug. Some
of the banks declined to allow any interest on de-
posits, and the savings bank had reduced their
charges for advances upon landed property by 2
per cent. It was supposed that even a further re-
duction would have to be made. This is not very
auspicious for the profits of the new banks. Sove-
reigns are likely to be re-shipped ere long to Eng-
land.

Upon the subject of Jamaica Mining Shares, and
especially the Sue River, which respectable parties
were accused of selling immediately after receiving
their allotments, the following explanations are
given, and as they apply to a principle not always
respected, they are interesting to shareholders at
large :

TO THE EDITOR OF THE MORNING JOURNAL (JAMAICA).
" Mr. Editor,—The importance of the subject, not only
as it affects my own character, but also as it regards the
public welfare, induces me to solicit the use of your
columns on a matter somewhat personal to myself.
" I received by the packet which arrived on Friday
last, a letter from the Hon. Edward Thompson, con-
taining the following remarks :—' In reference to your
letter applying for shares, I am sorry to state
that one of the obstacles to the formation of a Com-
pany is the disinclination to allow shares for the Ja-
maica people. They say the majority of persons
who apply in Jamaica merely want them for specu-
lation, and that immediately they go up to a premium,
they rush into the market and sell, and that this applies
particularly to your firm, as (they said) it came within
their own personal knowledge that you had applied for
shares, and having obtained them, offered them for sale
through your agent, before the scrip was delivered, and
that this mode of procedure was enough to mar any under-
taking. They admitted the abstract right of shareholders
to sell if they pleased, but they added emphatically, ' We
are not inclined to embark our capital, or to jeopardise
our position, by allowing our names to appear as directors
in a company for the benefit of Jamaica speculators."
" By the same mail a similar letter was received by a
friend of mine from his correspondent in London, from
which I have been kindly furnished with the following
extract—

" Depend on it that and John Nethersole
have done a great deal of injury to the copper interest in
Jamaica. From all I hear, it would appear that John
Nethersole left instructions that ' Sue River' shares, which
he expected to be allotted to him, should be sold immediately
as they got to a premium, and that his agent, in compliance
with his instructions, did sell out before even the scrip was
delivered. This circumstance is so severely commented
upon here that I have some doubts whether shares in any
other company will be allotted to John Nethersole.
"A disinclination now exists here to give mining shares
to Jamaica people, as they only want them, it is said, to
damage the concerns by selling at premiums, and not as
permanent investments."
" I am also led to believe that similar reports have been
circulated throughout the city to the prejudice of my charac-
ter, and that of my firm, as well as injuriously to the in-
terests of a Company of which I have been an active pro-
moter. I feel myself bound, therefore, thus publicly to
vindicate both their character and my own against such
aspersions.
"When the Sue River Company was formed in this
country by Messrs. Wright, Armstrong, and Co., I was
in England. My partners here, however, applied for 500
shares, which were allotted to them, and on the 26th
February, 1853, ordered the agents of the house in London
to pay the deposit on that number of shares in the follow-
ing terms :
" We have to request you will pay to the Sue River
Mining Company a deposit of ten shillings per share, on 500
shares allotted to us by Messrs. Wright, Armstrong, and
Co'

" I had not yet left England when this order to
pay the deposit on 500 shares reached London, and
I immediately on learning of it, waited personally on
Mr. Kemshead, the chairman of the directors, for
the scrip, and applied for 200 additional shares. He
declined, however, to receive the deposit money,
and being about to embark for Jamaica, I referredlhim to
my agent, when the number of shares allotted to me was
ascertained. I left England in the packet of the 2d April,
and arrived in this island on the 23d of that month. On
my arrival I learnt from my !partners, that for certain
reasons which I shall presently state, they had by the
packet of the 12th March written to our agent in London
to dispose of one half of the Sue River shares, which by
the previous mail they had authorised him to purchase.
One of my partners stated that he had made application
for liberty to inspect the Sue River mine or its indications,
but although he had obtained the sanction of Mr. Wright
in this city, he had on two occasions on visiting the pro-
perty been refused permission to see the mine, after having
gone to the property for the purpose at considerable personal
inconvenience. As my partners had taken the shares for
the firm without my knowledge or sanction, they were
fearful that should the mine not answer the expectations
which the public had been induced to form, I might blame
them for taking so large a number of shares without my
knowledge. They therefore ordered one half the shares to
be disposed of. Having great confidence, however, in the
good faith of the parties at the bead of the company, I at
once directed that the order for the sale should be recalled,
and by that very packet, three days after my arrival, my
firm wrote to our London agent, under date 20th April,
in the following terms :
" ' Our senior has expressed a wish that we should not
dispose of any of the Sue River shares. You will please
therefore retain them."
" This letter, it appears, was too late. The sale of 250
shares had been effected, in pursuance of the previous in-
structions, but immediately on the receipt of our letter
of the 26th April, countermanding the sale, our agent re-
purchased the same number of shares, and my firm at this
moment hold 500 shares in the Sue River Company, the
whole number of which have been allotted to us.

" I now put it to you, sir, and to the public, whether
there is anything in the whole of this transaction which
can for a moment justify the attempt which has been made
to stigmatise me as a jobber, or my firm as mere specula-
tors, whose share transactions are calculated not only to
exclude them from that position in the commercial world
which they have attained, or can justly be made a pretext
for rejecting the claims of the inhabitants of this country
to a participation in the advantages which are likely to
result from the establishment of companies for conducting
mining operations in this country ?—I am, Mr. Editor,
your obed. servant, " JOHN NETHERSOLE.
"Kingston, July 9, 1853."

The Bankers have determined to make out drafts
payable to order on penny stamps, after the 10th
October next, in accordance with the new Stamp
Act. For credits at specified terms after date, the
usual stamp to bills of Exchange will be required.
The Funds have been very buoyant this morn-
ing, but not particularly active. Consols 98/ * for
Transfer and Account. New 31 per Cents. 101 1„ 2,
and the 3 per Cents. 99 to Bank Stock has
been quoted at 228/. Exchequer Bills are 2s. dis-
count to Is. premium, and India Bonds 13s. pre-
mium.
The Foreign Market is good. Grenada De-
ferred have been as high again as DI, the agent of
the Bondholders at Bogota having written home to