The Sun.
London, England, 1854-06-30 00:00:00

THE SUN,_ LONDON, FRIDAY EVENING, JUNE 30, 1854.

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO o'CLOCEI

The sales of cotton at Liverpool yesterday
were estimated at 8,000 bales-, including 1,500
American, and 500 Surat, taken for. export, and
on speculation. The market closed very firmly
with prices of all kinds against the buyer. The
sales comprised 6,000 American ; 400 Pernam and
Maranham at sd. to 6d. ; 300 Egyptian, sid. to
9d. ; 1,000 Surat, at aid. to 41(1., and 80 Sea
Islands at 10d. to Is. lid. per lb. Railway Shares
were very active at higher prices.
Colonial produce has been taken to a fair extent
this week. Sugar is quiet. Coffee rather dearer.
Rice has been dull, and Rum has gone lower. Nut-
megs have been rather cheaper, and most other
spices. Saltpetre has been dull. In Scotch pig
Iron there has been a decline of ls. per ton. Tal-
low has been rather inactive, and hemp and flax
firm. Tea has not been much dealt in.

The steamer Himalaya, was 'got off" at one
o'clock this morning, greatly to the satisfaction of
all mercantile men.

Letters for India and Australia per Overland Mail,
owing to the detention of the steamer Candia, will
be in time until eight o'clock on the morning cf the
Gth instant if sent by way of Southampton, and
until six On the evening of the 10th instant via
Marseilles.

We commend to the attention of mercantile
readers the following remarks by the editor of the
Bankers' Circular :

" We do not think that there is any rational' ground
for believing that the proposed duty on foreign bills will
be productive of any serious obstacles to our commercial
intercourse with foreign parts. A small duty is already
charged in several countries on the continent, and we
cannot see the force of the arguments used against
taxing foreign bills here. But there is a point of
still greater weight which appears to have been
scarcely touched upon by the opponents of this part of
the bill, the losses to which the holders of them are
liable, in the event of the acceptors or indorsers having
become bankrupt or insolvent. If,- as it has been ad-
mitted in the Bankruptcy Court, the holders of such
bills of exchange are not entitled to any claim on the
bankrupts or insolvent's estate, whence is the remedy to.
be obtained to prevent the public from becoming subject
to very extensive frauds by such transactions, if not
from Government ? This very material part of the
question seems to have received very little attention from
the opponents of the bill ; but it is one to which we
attach great importance. For if it became known that
a merchant may draw bills in the city of London, pur-
porting to be drawn in the colonies, or in a foreign
country, and that the holder has no power of recovery,
we can hardly conceive a greater encouragement to
fraudulent speculators to increase their number under
the express knowledge that no such power of recovery
exists. The cases that have already occurred are suffi-
cient to show that it is the duty of Government to pro-
vide a remedy against a similar occurrence. We can
scarcely conceive a more important duty for the
Legislature to perform in connexion with the
commercial transactions of_ the country, than that
of protecting parties engaged in them from fraud,
where the individuals have no direct means of pro-
tecting themselves, which is undoubtedly the case under
the existing laws respecting foreign bills. Therefore,
notwithstanding the influential names of the parties who
opposed this bill, we believe that it will meet with the
general concurrence of the public, and that neither our
home nor foreign trade will receive any injury from its
adoption."
The bill last night introduced for the purpose
of altering the usury laws is of importance to the
railway companies in the regulation of their loans
upon debenture bonds, and it is not likely any
valid objection can, in these days, be taken to the
granting of the same facilities to companies as to
individuals in borrowing money at its current
market value. As to the landed interest, they
have long since been 'obliged, when needy, to resort
like others to justifiable evasion when they re-
quired accommodation and were unable fo obtain
it at what is called the legal rate.

The Parliamentary RTaburn upon the Russian
Dutch Loan shows the aggregate sum paid by
Great Britain for the principal and interest there-
of, under the Convention of May, 1815. It ap-
pears that the redempton takes place at the rate of
1 per cent. per annum, and that 5 per cent. inter-
est is paid ; consequently, the amount of the latter
decreases annually. Up to the close of last year
4,110,9681. ss. 10d.. had been paid as principal and
interest, and there remains no less than 3,386,889/.
9s. 2d. principal and interest yet to be discharged
by England.
In American Securities this week, according to
the report of Messrs. D. Bell, Son, and Co., there
has been an active market. The United States 6
per Cents. of 1868 have been at l 07i to 108 ex
dividend, the Pennsylvania Fives at 79 to 81, the
New Orleans City Loan at 80 to 81 ex div., the
Pennsylvania Central Railroad Bonds at 901 to 911,
and New York Convertible of 1862 at 79 to 81.
• The inconvenience to which the Russians are
exposed by the -blockade is daily getting more seri-
ous, and when goods are taken across the land
frontier, the Prussian carmen are to be allowed to
accompany them to Moscow, Riga, &c.
The New Austrian Loan for a nominal Capital of
forty millions sterling would startle any one not
conversant with the actual position of the imperial
finances, and bad-as we believe them to be, there
is, nevertheless, a mixed operation involved which
would reduce this by an exchange of stock and
floating securities to probably 1G or 12 millions
sterling.
The Funds have been a shade better than they
were yesterday afternoon, but without much doing.
Consols opened at 94k, and are now 93i to 94.
The New Three-and-a-Quarter per Cents, have
been 94i to and the Three per Cent. Reduced,
in which there has been a good deal done, 934 to
being precisely the same as Consols, although
three months' interest has accrued. Bank Stock
is up to 206 and 208. Exchequer Bills are ls. dis.
to par, and the Bonds are not higher than prem.
East India Bonds are at par to 2s. prem.
Foreign Stocks are dull. Peruvian Deferred
have been firm, however, at 511 to 52. Chilian
have been done at 74 for the 3 per Cents. Bra-
zilian Old Bonds have realised par. Mexican
Stock has been heavy at 24 to and Spanish
steady at 41. Dutch 21 per Cents. are at 61/.
The following are the nominal prices of foreign
I stocks :—Grenada Deferred Bonds, of to 61; Peru-
vian, 67 to 69 ; Portuguese 4 per Cents., 41 to 43 ;
Russian 5 per Cents., 97 to 99 ; do. 4 per Cents.,
85 to 87 ; Spanish New Deferred, 20 to 20/ ; do.
Certificates, 4i to 4 ; do. Passive, 4to 4/.
The advices received by the Mexican Committee
mention that 25,000 dollars were coming forward
from Tampico, besides 12,771 dollars in bills. The
present remittance for the dividends is 54,000 dol-
lars, -as stated yesterday. The private accounts
from Mexico are not good, the Government finances
being very low.
Railway Shares have been flatter, as was to be
expected, after yesterday's decided rally in connec-
tion with the settlement of the account, and there
is much less doing. Still the market is expected
to maintain its growth and to gain strength. A
failure has occuirod, but Bear speculations in Con-
sols were the principal cause. Foreign Shares are'
neglected. Australian
'rather cheaper.
Landaarreewh aicitvlhieiotuseltigchhtalnyge. further advanced.
Agricultural GoldCrystal
Palace
s

BRITISH FUNDS THIS DAY.—CLOSING PRICES.
(From the Oticial List.)
Business done.
Bank Stock
3 per Cent. Reduced Annuities 934 4 31 4i
3 per Cent. Consols Annuities .• shut
3f per Cent. Annuities
Long Annuities, Expire sth Jan., 1860
India Bonds, £lOOO ......„.. ........ ....•••••• par 2 p
Ditto, under £lOOO par 3 p
Consols for Opening 19th July
Exchequer 8i115,24d.
£lOOO
X5OO par 3 p 1 d
Small 2 5 p
Exchequer Bonds Scrip, 1853....•.......••••• ii P
Ditto 1849
PRICE OF FOREIGN FUNDS THIS DAY.
Flrazilian Bonds, 5 per Cent.
Chilian Bonds, 3 per Cent • • 74i
Mexican 3 per Cent. ........................... 24 i
Ditto for the Account 241
Peruvian 3 per Cent.
Ditto for the Account
Russian Bonds, 1822, 5 per Cent. £ St 99i
Spanish Bonds,*3 per Cent ............ . ..... ~
Dividends on the above payable in London. •
Dutch Exchange, 2 per Cent. 12 Gull
Ditto 4 per Cent. Certificates ,
THREE O'CLOCK.
Consols for Opening 19th July

THE JUNG OF PORTUGAL IN LIVERPOOL.—D(II Pedro
V., accompanied by the Duke of Oporto, and attended
by Lord de Tabley and his Excellency the Viscount de
Carreira and suite, arrived in Liverpool on Wednesday
evening, by the London and North-Western Railway,
from Manchester. The Royal party, who had travelled
in one of the state carriages, which bad been placed at
their disposal by the company, arrived at the Lime.
street station at 10 minutes to 11 o'clock, and were re-
ceived on the platform by the Mayor of Liverpool (Jr.
J. D. Lloyd) and the town clerk (Mr. Shuttleworth),
and were immediately driven off in the Mayor's state
and private carriages to the Adelphi trete], where two
witting rooms and eight bedrooms had been engaged for
them. Yesterday morning his Majesty and suite visited
St. George's Hall, the Derby Museum (bequeathed to
the town by the late Earl of Derby), the Sailors' Home,
the Custom-house' the Albert Dock and warehouses, and
the Town-hall. They then proceeded to the Adelphi
Hotel, in the Mayor's carriages, and, after partaking of
luncheon, they took a short sail on the river in Messrs.
M'lvor's steam tender Satellite, used in the conveyance
of mails and passengers to and from the Transatlantic
steamer. They ultimately sailed in the Satellite, to the
Monk's Ferry, on the Cheshire side of the river, and at •
3 o'clock in the afternoon started for Bangor by the
Cheater Eolyhod
_