The Sun.
London, England, 1854-03-11 00:00:00

MONEY MARKET

AND

COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday
were estimated at 6,000 bales, including 1,000 for
export and on speculation. The market closed
without spirit, but there was no pressure to sell.
Railway Shares were very dull, at to I per cent.
decline.

Considerable importance in respect to the pro-
bable future supply of Russian produce • may be
fairly attached to the consideration that even
neutral ships will not be permitted, under any cir-
cumstances, to convey it. It is fortunate that the
quantity on hand will meet our wants for some
months to come, and the next matter for considera-
tion is where we are to seek it in future. A long
period is required to develope any new branch of
commerce, and although it has been known in South
America and Australia that we were involved in a
dispute with Russia, it is probable that most per-
sons believed it would be settled, and accordingly
that there has been some reluctance to embark
capital in the trade, the main item of expense
being in the bringing of supplies from the interior.
Should the war last even twelve months, we have
some hope that a new trade will have been fostered
with distant countries, and have acquired sufficient
strength to compete with Russian industry, even
when the restoration of peace shall have caused, as
it probably may, a temporary glut of some staples.
In the reply of Lord Clarendon to the British Con-
sul at Riga, concerning the liability of Russian
goods to seizure, one point is not considered to be
very clearly laid down, viz.—whether produce
shipped before war is declared, and being the pro-
perty of British subjects, would be liable to seizure.
There would, perhaps, be a little inconvenience in
at first drawing distinctions, but the ships which
sailed prior to the declaration, would soon arrive
at their destinations, and might produce consular
certificates in proof of the time of their departure.
In the contingency of war, our law courts- are
already resorted to by parties who have entered
into contracts that seem to involve risk. A char-
terer, two days since, was sued for the per-
formance of his agreement. He pleads the dan-
ger of War ; but as this may be avoided even
at the last moment, the question arises, Can that
exonerate him ? An actual declaration of war
would undoubtedly have the effect, because the
voyage to an enemy's port would be contrary to
national law. In this instance, moreover, the ship
bore the Russian flag. We shall have plenty of
similar cases ere long, it is to be feared, and our
merchants and shipowners may usefully resort to
arbitration, or by reasonable and mutual conces-
sions save an appeal to the law, with its concomi-
tant vexation and outlays.
The French Government is understood to be
taking up vessels in England for the conveyance
of troops.
The effect of the gold shipments to the Continent
becomes more palpable in tho. absence of any im-
ports of the metal. The weekly statement of the
Bank of England, made up to the 4th of March
inst., shows a material falling off in the amount
of the precious metal,. and in proof of the
greater demand for money, we must look at the
withdrawal of deposits and the decrease in the re-
serve of notes. The very trifling addition to the
Government deposit account will explain the ne-
cessity for a prompt collection of the taxes. Com-
pared with the previous return, the changes are as
follows :

Active circulation £21,557,950
Decrease 141,555
Bullion
Decrease 377,262
Rest
Increase
Public Deposits 2,741,851
Increase 19,506
Other Deposits

Decrease
Seven-Day and other Bills
Decrease
Government Securities 11,751,555
Decrease 6,149
Other Securities 13,241,821
Decrease 5,62]
Notes unemployed 7,599,720
Decrease 216,235

There wag no general decline in the quotations
for bills of exchange negotiated yesterday after-
noon, but the rates were tending downwards, and
Hamburg. receded to 13 3 to 31; Paris, 90 dayi,
was 25 221 to 25 ; Amsterdam, 11 141 to 15 ; and
Frankfort, 1181 to
The amount of gold exported direct from London
during the week to Thursday last was 14,450
ounces, and of silver 104,800 ounces.
The English Funds have been heavier, and the
attitude of Prussia excites still some incertitude.
Consols have been 90i to 91± for Transfer, but not
higher than 90,7, to 94 for Account. Exchequer
Bills have been quoted 12s. to 16s. premium.
East India Stock has been marked 233.

Foreign Securities have been neglected. Mexi-
can realise 241, and. Brazilian Small 99. Russian
4-,12- per Cents. are heavy at sq-, and Sardinian at
79. The value of the Dutch 2& per Cents. is 551.
Spanish Deferred Stock is at 18.

The Gold and other Mine Shares have been
rather more in request. United Mexican are
firmer.

The current prices for the Jamaica Mines not
officially quoted, are as follows :—Metcalfe, to /
premium ; Sue River, I discount to par ; Port
Royal, z to h premium.

the' Joint Stock Bank Shares are rather firmer,
and also the Land Companies.
The Railway Share Market has been well sup-
ported, with a moderate business. French Shares
have been firm, and Great Western of Canada rather
higher.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
( Prom the Official List.)

Business done.
Bank Stock
3 per Cent. Reduced Annuities shut
3 per Cent• Consols Annuities 9l 908 1
New 31 per Cent. Annuities shut 92l with div.
New 2i per Cent. Annuities
Long Annuities, Expire sth Jan., 1860 •shut
Ditto 30 Years, Expire 10th Oct., 1859 shut
India Stock 233
Consols for Account 16tN March
Exchequer Bills, ld.
£IOOO
_ _ _

2500
121 G
_ ,
Small l2 16
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cent.
Ditto Small
Mexican 3 per Cent.
Ditto for the Account 241
Russian Bonds, 1822, 5 per Cent. £ St
Ditto 4A per Cent Bl4
Sardinianßonds, 5 per Cent 79
Spanish New Deferred, 3 per Cent. lB.}
Dividends on the above payable in London.
Dutch Exchange, 24 per Cent. 12 Guil 554
Ditto 4 per Cent. Certifieates

TWO O'CLOCK.

Consols 91- I
Ditto March Account 90,1 lk

CONTINENTAL RATES OF EXCHANGE.—The closing quo-
tations from the Paris Bourse last evening exhibited a
moderate improvement. The last telegraphic accounts
from Hamburgh also show greater firmness, and at
Vienna within the last few days there has been a consi-
derable rally, the funds having experienced an improve-
ment of between one and two per cent., while the ex-
change on London has receded one and a-half per cent.,
the last quotation being 12.44. The advices from the
continent with regard to the general appearance of the
exchanges are again all unfavourable, and, unless some
considerable arrivals shall take place from Australia,
Russia, or elsewhere, the diminution of the bullion in
the Bank, which has been going on during the last few
days, will be likely to continue. In relation to the
French loan the Paris letters again express an opinion
that it will be raised by public subscription, instead of
being contracted with any special establishment.
NEUTRAL VESSELS.—The answer contained in the
despatch inserted yesterday from Lord Clarendon to the
British Consul at Riga, on the question as to what re-
spect would be paid by British cruisers,in the event of
war, to bond fide British property, the produce of Rus-
sia, if shipped on board neutral vessels, was strictly in
accordance with the known precedents for such cases.
One of the first consequences of a declaration of war is
the complete interruption of commercial intercourse,
"even to the extent of holding it unlawful, after
war has begun, except under special license from
the Government, to send a vessel to the enemy's
country to bring home with their permission one's
own property." Lord Clarendon has, therefore,
simply stated the law as it is generally held.
He has not made any intimation that there will be hesi-
tation in authorizing, under proper circumstances, such
exceptions as are fairly allowable, since he particularly
refers to the possibility of such exceptions "in pursu-
ance of a license or some special instructions from her
Majesty to the officers of her navy."
SOUTH AUSTRALIAN COPPER COMPANY.--A meeting of
the South Australian Copper Company was held yester-
day, when Op report of the committee of manage-
ment was unanimously adopted. It was stated that
the ruining staff and machinery have arrived safely
in the colony, and that active operations have been
commenced. The property consists of about 650 acres
of mineral land at Strathalhyn, about 28 miles from
Adelaide, and 8 miles from Purt Elliot. The opening of
the navigation of the river Murray will, it is presumed,
greatly increase the facilities of transport, while the ad-
vantages from this communication are also likely to en-
hance the general position of the estate, the agricultural
portion of which is described as valuable. In addition
to mining, smelting operations will be carried out, the
supply of ore in the neighbourhood being considerable.
At the termination of the proceedings the committee
were authorised to prosecute the undertaking with
vigour, and to raise, if necessary, a loan upon the 9,000
unissued shares.