The Sun.
London, England, 1853-09-15 00:00:00

THE SUN. LONDON, THURSDAY EVENING, SEPTEMBER

upon his shoulders, creating confusion and re-
peated altercations. This can be avoided by
making the florin of ls. Bd. the unit of the new
system. By that means only will there be no
alteration in the value of any coin now in circu-
lation, except the farthing, the amount whereof
in the hands of the public is of comparatively tri-
vial value, and which might be called in without
any practical inconvenience, if the cent, five
of which would go to the penny, were substi-
tuted. As we have recently shown, all the
other coins might remain without any difference
whatsoever until they were gradually withdrawn
on the introduction of the more convenient de-
nominations of half and quarter florins in ex-
change for, or even auxiliary to, shillings and six-
pences. The pound would be exactly 12 florins,
and we might thus get rid of every denomina-
tion but the florin and its centesimal divisions.
Any sum whatsoever in which fractions of a
penny were not included might be accurately ex-
premed in terms of florins, without the most
trifling loss to either party, the debtor or the
creditor, the payer or receiver, the vendor or the
purchaser. The penny being fl. -05, or five cents,
any number of pence might be at once ascer-
tamed without trouble or difficulty, and fairly
entered in the account-books : thus sixteen
pence, or ls. 4d., would be fl. -80; six shillings, or
seventy-two pence would be fl. 3-60. Two pounds
twelve shillings and fourpence would at once be
seen to be fl. 31-40. There could be no difficulty
in making any calculation, and having but one
denomination of coin would greatly tend to the
simplification of accounts, the object for which
the change is required.
There is no other unit that could be adopted
which would accomplish the change with so little
partial inconvenience. In the dollar of 4s. 2d.,
as suggested by our respected correspondent
A. L., the farthing, or any smaller coin than a
cent, would be totally wanting, a serious loss to
consumers and the humbler classes generally. It
would have that great disadvantage as com-
pared even with the florin of 25., which,
next to that of ls. Bd., would be decid-
edly the best unit. But that would occasion the
difficulties to which we have adverted. The Go-
vernment would not be satisfied with a stamp
value for four mils on letters or receipts. The
toll-collector at Waterloo or Hungerford-bridge
would reject 2 mils, and require 2i, if not 3,
while the gentle cabby, who, by Act of Parlia-
ment, is entitled to 2d. for each parcel carried on
the outside of his vehicle, if there are two or
more passengers, would fling down 8 mils with
contemptuous indignation, and, in disdainful ac-
cents, demand " Vot you vere a hoffering that
for ?" Indeed, the Committee foreseeing the in-
numerable disputes and altercations that would
arise, completely ignored the piece of 4 mils, as
an equivalent for the penny. The truth slips out
from the organ of the moneyocracy, when it sa) s,
" that the burden will be almost imperceptible to
the consumer, and the Government will profit con-
siderably by the change." That, indeed, is the
reason for desiring to ignore the existence of the
penny. The Chancellor of the Exchequer, as
representing the Government, desires to profit
considerably without the public attention being
excited to the operation, and for that purpose all
the inconvenience is to be cast upon the working
population, which might be avoided by selectingthe
florin of ls. Bd. as the unit of the new decimal
system.

MONEY MA.7:1T:.,-7.7

AND
CITY INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday
were estimated at 3,000 bales, all to the trade.
The market was very fiat, and prices of all kinds
were about id. per lb. lower. Railway Shares
were again depressed, at a decline of about 2 per
cent. _

The accounts received from New York by the
steamer Baltic, give more favourable representa-
tions as to the state of the money market, and in
stocks there was a little more activity. Still, cau-
tion was most general, and very properly. The
prospects of the cotton crop were satisfactory. I n
relation to the movement in this market, the ap-
pearance of the new crop, &c., the circular of T. J.
Stewart and Co. of this date, says :

"We issued our last circular for the Atlantic on
the 6th ultimo. Since that date our market has ex-
hibited but little spirit, and each week has closed
with a level of prices one-eighth cent. lower, reflecting
the want of confidence displayed at Liverpool, which
market has governed ours in the absence of any
exciting cause from the coming crop. The sales
of the month, up to last evening, were 28,000
bales. The present week also opened dull, and dur-
ing the first two days few sales were effected ; on Wed-
nesday some pressing lists were closed, amounting
to 4,000 bales, which were taken for Liverpool. The
relief obtained by their removal, and the more favour.
able tone of the letters by the Europa on Thursday en-
abled lc. better prices to be realized, with sales of 1,500
bales. The sales yesterday were 1,200 bales. On re-
viewing prices, we reduce cotton below middling lc. ;
middling 4c., and the upper grades nearly as much.
Our spinners have operated to a very small extent, evi-
dently possessing a heavier stock than we supposed
probable.
" Our crop season closed on the 31st August, and
within a week the official figures will be declared. The
result will be in the neighbourhood of our table at top,
and about 75,000 bales less than public expectation
favoured during the greater part of the year.
"The first bales of the new crop, of which about 20
in all have been received at the ports, are represented to
possess an excellent staple. The New Orleans Prices
Current reports 10 against 313 last year. As the deli-
veries will be late in that section, buyers will resort to
Charleston and Savannah.
" The crop prospects continue on the whole favour-
able. The season so far has been a wet one, and in se-
veral sections the plant has been thrown, from this cause,
too much into weed, and partial complaints of the forms
shedding and of worms are heard of. Should we have
dry weather from this date, and a late frost, we shall
have a good and possibly a very large crop. From the
character of the weather which has prevailed, specula-
tion of injury from worms, or an early frost, has at times
been the current belief, but not sufficiently to start a
speculative movement."
The steamer with the Brazilian mail advises us
of the money market at Rio de Janeiro on the 15th
August being quiet and easy. The sugar crop had
proved very large. In the Argentine provinces the
civil war had terminated, and Urquiza had re-
treated to Entrerios. Trade at Buenos Ayres
therefore was improved. Monte Video, on the
other hand, was unsettled, and had chased away
Oribe.

The quarterly general court of the Bank of Eng-
land proprietors was held this morning, and there
was rather a full attendance in consequence of. the
impression that some remarks would be made
touching the present state of the money market.
As an evidence, however, that the eminent capi-
talists, comprising all the first city bankers, who
attended do not feel particularly nervous or
sensitive on this point, not a single obser-
vation was made, and the whole meeting lasted
but seven or eight minutes. By a most unfortunate
misconception, we can call it nothing else, Mr.
Cooke, a proprietor, lauded the directors for having
made money extremely easy to benefit legitimate
trade, and afterwards very tight in order to repress
foreign bubbles and speculation. The falseness of
this view was so palpable, however, that the par-
ties present (proprietors be it understood) could not
endure what really was tantamount to the severest
satire, and cries of " Question " soon brought the
hon. proprietor's observations to a close. The
merest tyro can see that if money at 2 per cent.
encouraged trade—which we disbelieve, for any
fair trader can afford to pay much more—it has cer-
tainly fostered gambling, foreign loans, and all
manner of schemes that promised a good deal more
than that rate. It was the most tender point
upon which Mr. Cooke could have touched,
for all impartial men are blaming the Bank
at this moment, that they first of all pro-
mote speculation and then make the merchants
suffer when they want.to crush them. The Bank
clearly must keep near the market value of money
even at some sacrifice of dividend ; it has no
right, considering the privileges it enjoys, to cause
excitement and suffering by such "ups and downs"
in its rate of discount.

TO 0 r
Li i 7

(BY ELECTRIC TELEGRAPH.)
(THIS DAY.)
SCARBOROUGH STAKES.

Filbert
Snowdon Dunhill

Four ran.

SPORTING NOTES.

THE ST. LEGER DAY.

That great authority the "oldest inhabitant" would
be puzzled to parallel in his long remembrance a more
interesting and exciting " Leger Day" than that just
celebrated. The elements were propitious ; throughout
the afternoon the sun shone with true autumnal bril-
liancy, imparting cheerfulness to the spectators, and
heightening the enjoyment of the sport. The attendance
of all sorts and conditions of people was unprecedentedly
large, the spectators lining each side of the running
ground from the Red House to th• London-road.
The fluctuations which the betting underwent at its
close stimulated the interest which attached to the race,
and excited expectation to its highest pitch. So deter-
mined was the hostility of his opponents on Tuesday
night, that West Australian gave way several points,
and loud were the boastings in certain quarters of
his "rottenness in the market." The powerful
demonstration, too, that was made in favour of Sitting-
bourne, had a prejudicial effect on West Australian's
position ; indeed, so heavy and frequent were the in-
vestments on him, that at one time a probability ex-
isted that he would deprive West Australian of
the "premiership." The Reiver went up and down in
the market like a bucket in a well ; but after a big bet
of twelve " monkies" had been taken about him on
Tuesday evening, he was supported somewhat more
steadily. Cineas was comparatively deserted.
West Australian achieved an easy victory, amidst a
demonstration of delight seldom witnessed. The cheers
which greeted his success were loud and long, and it
required considerable exertion to clear a passage for him
through the crushing crowd that surrounded him on
entering the saddling enclosure. Up to the hour of
starting the most ill founded prejudice had existed
against him, and the most ridiculous reports were
circulated respecting him, his trainer and jockey.
His success, however, effectually silenced the " op-
position" party. The Reiver surprised me by
obtaining the barren honours of second place, and I am
compelled to admit that I was not prepared for his dis-
play of superior racing qualities. To account for Sit-
tingbourne's inglorious exhibition is very difficult ; it
was utterly incompatible with his " antecedents." The
work which this horse has accomplished since the Derby
perhaps tried his constitution too severely, and rendered
him incapable of sustaining a contest under the disad-
vantages of being compelled to make his own running.
His defeat dismayed and astonished his party. Rataplan
justified the favourable opinion which was entertained
of his chance ; but Cineas proved himself to be a horse
of only moderate pretensions.
I never once regretted the confidence which I placed
in West Australian's success. In my," Sporting Notes"
I frequently expressed my opinion that he would prove
the winner of the St. Leger—an opinion which I steadily
adhered to through evil and through good report.
I am now writing in the Betting Room, and from the
busy conversation that is carried on on all sides, I can ga-
ther sufficientto induce me to believe that the settling will
be heavy and unsatisfactory. Subjoined is an acrostic
on West Australian : the original, written in a " legible
court hand," is now in circulation in the room, and is
occasioning much amusement and curiosity. My readers
may form their own judgment on its merits :
W hat crowds throng the course, what shouts rend
the sky,
E ach neck is bent forward, and strain'd is each eye :
S hout, shout, men of Yorkshire, your rightly-named steed,
T he Doncaster nugget, hath won—'tis his meed.
A nd now the news flies through the wonderful wire,
U p hill and down dale upon pinions of fire.
S ail not, my brave boys, to Australia's fair strand,
T he " diggins" are here in your own native land.
R ight royally rode he—Frank Butler the bold—
A Bowes to the rescue, for honour and gold :
L ike Wellington's Duke, a proud victor is he—
I ascribed on turf annals his conquest shall be ;
A nd stout West Australian, the cherished of fame,
N ew Laurels shall twine round Scott's worthy name.

The English Steck Market has been weak again
upon the Eastern news, but there have been no
sales, and at present the tone is better. Consols,
after having realised 951 to have been up to
951 for transfer, and the account prices have
been 951 to 95 1. Exchequer Bills are 3s. dis-
count to par, and India Bonds Is. to ss. premium.
Foreign Securities have been very quiet, but, as
was anticipated, buyers have come forward to sup-
port Peruvian Stock, and it is now called 76 to 80.
Mexican Bonds have been at 24k to 241. Brazi-
lian New Stock has been quoted 98. Spanish De-
ferred are 22 to 22g. Sardinian are at 93 to k.
Dutch 4 per Cents. bring 97k. Russian 5 per
Cents. have declined to 113, a price quite ade-
quate to their value.
There has been an improvement in the English
railways, with a decided increase of business, and
the speculators for a fall have been hanging back.
It is stated, however, that some influential brokers
have been purchasers for investment. The diffi-
culty of tracing these things renders it impossible
for us to say how far this may be true, but consi-
dering the temptation of low prices after a great
fall, the matter has a reasonable appearance.
North-Western, Midland, South-Eastern, and East
Lancashire have most improved. French Shares
have been better within the last half hour.

No betting has yet taken place on the Doncaster Cup.
The Reiver, however, is likely to be the favourite. He
has incurred a 31b. penalty, but the extra weight will
not be deemed sufficient to militate against his success.
The horses which I shall take against the field are Hun-
gerford, Goorkah, The Reiver, and Rataplan. The last
two mentioned, will, perhaps, occupy the foremost places
in the race. Calculating upon the absence of West
Australian, I have purposely omitted all mention of his
chance.

The Gold Mine Shares have generally improved,
and the prospect of their making some return by
crushing quartz seems to give confidence.
The:Australian Bank Shares were all better, and
in the Land Companies' there is likewise greater
firmness, except the Van Diemen's Laads which
have been lower.

___..
The Bank of England have raised the minimum
rate of discount to 44 per cent.

BRITISH FUNDS THIS DAY.
(Prom the Official List.)
Business done.
Bank Stock ....... ..... ..... shut
3 per Cent. Reduced Annuities shut
3 per Cent. Consols Annuities 9sk i i i
3 per Cent. Annuities, 1726
Long Annuities, Expire sth Jan., 1860 ... shut
Ditto 30 Years, Expire 10th Oct., 1859 .... shut
India Bonds, £lOOO .
Ditto, under £lOOO 5 1
Consols for Account 13th October
Exchequer Bills, ld.
21000
2500 3 d par 4 d
Small 3 d par 4 d
PRICE OF FOREIGN FUNDS THIS DAY.
Brazilian Bonds, 5 per Cent
Ditto New, 1852, 4i per Cent 9B
Mexican 3 per Cent.
Peruvian Bonds, 43 per Cent. 77 x d
Portuguese Bonds, 4 per Cent.
Russian Bonds, 5 per Cent.
Sardinian Bonds, 5 per Cent 93k 3
Spanish New Deferred, 3 per Cent. 22
Ditto for. the Account

The St. Leger winner is also engaged in the Don
Stakes, and 200 Sovs. Stakes on Friday ; for the former
he may walk over, and for the latter, he will not, per-
haps, start, his stable companion, Umbriel, being likely
to do battle in his stead.
A FRESH MAN.
Doncaster, Wednesday Night.

Dividends on the above payable in London.
Dutch Exchange, 21 per Cent.
Ditto 4 per Cent. Certifieates
THREE O'CLOCK.
Consols 95 it
Ditto October Account 9si