The Sun.
London, England, 1854-11-29 00:00:00

MONEY MARKET

commERCIAL INT ELL IGENUB.

CITY, TXV o o'CLOCK.
The sales of cotton at Liverpool yesterday were
estimated at 5,000 bales, including 500 American
and 500 Surat taken for export. The market
closed very heavily, with prices of American and
Surat 1-ICd. to per lb. lower than on Friday
ilst, and rCli oilier 60; tis in favour of buyers. The
sales comprised 3,800 American, 150 Egyptian,
at 6id. to 10d. ; and 1,000 Surat, at 3d. to 44d.
per lb. Railway Shares were very depressed.
The following statement, relative to the condi-
tion of the London markets, during the last three
weeks, is furnished by Messrs. H. W. Jewesbury
and Co. :

"As is usual at this season of the year, the foreign
and colonial produce markets are without animation,
and prices, with few exceptions, have ruled rather in
favour of the buyers ; there is an entire absence of any
speculative feeling, and operations are confined to actual
requirements. The amount of transactions, either by
public sale or private contract, have been inconsiderable.
The arrivals have been large, and the markets generally
have been well supplied by importers, but as they are
firm in their demands, the goods are mostly withdrawn,
unless full market rates are given. The deliveries
from the warehouses continue good for home use, and
for export they also show further improvement. Dyes and
dyeing materials have been only on moderate demand,
but the present low rates of a few articles are evidently
attracting attention, and at the late public sales both
cochineal and safflower have been sold freely. Indigo
remains firm, but lac dye is quite neglected. The late
advices from the continental produce markets report that
there is not much doing, but prices generally are firm.
Rice is quoted rather easier. From our cotton manu-
facturing districts the reports notice that no improve-
ment had taken place during the past month, and that
the advices by the last mail from India were as unfa-
vourable for imports as the preceding one. In the
woollen districts the demand has lessened, as is general p
at this period of the year, but prices remain firm." 50
The letters received from Australia have now El
been long enough in hand to be perused and judged se
of, and we must say, as the result of inquiry in Ni
many quarters, that they are decidedly the most 25
unfavourable received since the gold discoveries 11i,
were made. The enormous supply of merchandise Bst.
t'
from England, although it may have benefited the 20
colonists by occasioning a decline in prices, had 8.,
produced the usual evil results—namely, the em- st:
barrassment of numerous traders, and a sudden 540
contraction of the demand for labour. In the in- 25
terior there is ample employment not only for the 25
workmen already there, but for thousands more
872 s
who may arrive, and public works will have a better st.
chance of being prosecuted when labour is cheap. It
Still the reaction shows that a period of trial and 25
transition has ocourrod. Many tradespeople were 100,
asking for time, and we can naturally judge what 41
this will lead to—namely, their ultimate suspension. 50
Others who had bound themselves to pay enormous 20
rents were wholly unable to do so, and, as the
most honest course, wore delivering up possession
of the premises. This necessarily will affect parties
at home who derive their incomes from rack rents,
building having progressed so fast that stores and
houses were already in excess of the wants of the
population. It is but right to mention, however,
that a large number of persons who wisely resolved
not to take advantage of the furor, and let their
premises at the same rents as before the gold dis-
coveries, would come off scathless. While the pro-
duction of the precious metal continues so large
there will be good hope of the colony maintaining
its ground, and certainly no public works could be
carried out while labour was so dear.
It is with extreme regret that we notice the fact
that the Peninsular and Oriental Steam Navigation
Company have abandoned their Australian con-
tract, the loss upon 12 months' working being, as
we understand, no less than 46,0001. By the mail
steamer just arrived at Marseilles there were only
three passengers from Australia. It is obvious that
totally different arrangements must be made, and
that the colonies, as well as the mother country,
must act liberally if steam communication is to be
maintained.

The assertion, upon almost semi-official autho-
rity, that the public Exchequer is for the present
well supplied, has occasioned some reaction in the
funds ; but from the opinions we hear expressed,
we feel certain that any attempt to stave off the
raising of large additional means with the object
of vigorously prosecuting the war will cause regret
and dissatisfaction. It may be true that the money
is not forthwith required, but this is precisely the
reason why it could be obtained on better terms.
Consols have been 911 to for Transfer, and 91/
for Account. The New Three per Cents. have
been 90 to 901, and the Reduced 90 to 1. Bank
Stock has been steady at 209 to 210. Exchequer
Bills are 3s. to Gs., and Indian Bonds 10s. prem.
Foreign securities have been comparatively dull,
the only stock much dealt in being Turkish, which
has been flat at 7/ to 81 discount. Spanish New
Deferred Bonds have realised 18k, and the Pas-
sive 4i. Russian Four-and-a-Half per Cents.
have been done at 87, and Dutch Four per Cents.
at 90± a.
The followiit are the nominal prices of Foreign no
Stocks :—Grenada Deferred Bonds, ntos/ ; Mexi- 20
can, 21i to 21± ; Peruvian, 67 to 69 ; ditto,
25
3 per Cents., 47 to 49 ; Portuguese 4 per Cents., 25
40 to 42 ; Russian 5 per Cents., 95 to 97 ; ditto,
4i per Cents., 85 to 87 ; Spanish New Deferred, 100
18i- to 181 ; ditto, 3 per Cents., 371 to 381; ditto, ico
Certificates, 5t051 ; ditto, Passive, to 4/. 20
5
This is settling-day in the Railway Share Market, 5
and the rates charged for carrying over are ex- 20
tremely moderate. Prices are in many instances 100
rather firmer than yesterday, but, except in con-
nection with the settlement, there is not much 0
doing. The interest or " contango" is mostly at 100
the rate of 3or 4 per cent. per annum. French
20,
shares have been quiet. 100
The Mines are rather more in demand, at the 20
previous rates. Joint-Stock Banks are heavier. 5
Peel River Land Shares are firmer. 20

BBITISS FUNDS THIS DAY AT ONE O'CLOCK.
(From the Oticial List.)

Bn4iness done
Rank Stock 209 10
3 per Cent. Reduced Annuities 9O
3 per Cont. Consols Annuities
9391 i i
3iii
New 3 per Cont. Annuities
Long Annuities, Expire sth Jau., 1860
India Bonds, £lOOO ....... ..... 1
Bank Stock for Account
Consols for Account
Exchequer Bills, 2icl.
£lOOO ......................... ...........
2500 3
3 6
Small
Exchequer Bonds 1858, 3A per Cent.......
Ditto 1859, ~ ...... 99A