The Sun.
London, England, 1854-10-20 00:00:00

MONEY MARKET

AND
COMMERCIAL INT.ELLFGENCE.

CITY, TV 0 o'CLOCK.

The sales of cotton at Liverpool yesterday were
estimatdd at 7,000 bales, including 1,500 American
taken for export and on speculation. The market
closed heavily, without change in prices. The
sales comprised 5,500 American, 150 Pernam and
Maranham at 51d. to Wid., 80 Bahia at 6gd. 300
Egyptian at 6d. to Bd., and 1,000 Surat at Sd. to
4kd. per lb. Railway Shares were very heavy,
at lower prices.
The public sales of colonial wool commenced
yesterday, 4,8000 bales being about the quantity
announced. There is besides, however, foreign to
some extent. The auctions have opened with
spirit, at full prices.
There has been a fair amount of business tran-
sacted this week in Colonial produce. Sugar has
been quiet, but for coffee there has been a good
inquiry, and rice is on the advance, owing to the
rise in grain. In Indigo there has been more
business. Spices generally have been fully sup-
ported. Rum is dearer, and cotton has a steady
sale. In hemp and tallow there has been a con-
siderable rise, -owing to the expectation that (313-
vernniefit intends to prohibit the importation of
all that is produced in Russia, from whatever part
it may come. The Stea market has been in rather
an unsettled state.
The first report made by the Directors, after the
4741ening of the Deeside Railway, is interesting, not
only to their own shareholders, but to those of
other companies.
The Deeside Railway is the first of those cheaply-
constructed lines, running through a country
purely agricultural, and having at one of its ter-
* tint: a town of some magnitude, with a stirring
population. The Valley of the Dee, although not
nearly so fertile, and without a tenth of the inha-
bitants of similar districts in England, now pos-
sesses railway accommodation, but at a cost so
proportioned to the traffic, that the shareholder
finds himself at the end of the first year's experi-
ment with a dividend of 5 per cent.
Looking at this result, the natural question is,
How has this railway come to yield a fair return,
• even with a traffic • imperfectly developed—with a
want, as the directors state, of carriages and wag-
gons, and heavy payments to other companies for
the loan of. locomotives and other working stock ?
The answer is an obvious one, ECONOMY, Economy
in the designing of the line—in the construction of
the works—in the conduct of the traffic. The gra-
dients, were adapted, as far as possible, to the nature
of the ground. Heavy cuttings and embankments
were avoided. A single line of railway was held
sufficient, and a, vigilance exercised by the engi-
neers and directors, which saved, to a great ex-
tent, any outlay for extra works.
We were curious to see how far the original pros-
pectus tallied with the accounts now in our hands.
By a reference to the statement published by the
Directors in June, 1854, the contrast between the
estimates for the works and the actual payments
is as follows :
The estimate for land, works, engineer- •
ing, and all other charges up to the
opening of the line was R86,000
The actual expenditure is 93,018

£7,018

Add to this, additional sum required to
finish the works by the Directors' report 2,000

And we have a difference of £9,018
The excess is altogether upon the item of land,
the estimate in 1852 being 7,0001., with ground-
rents to the extent of 4871. The actual payments
being 17 0001., with ground-rents of 317/. per an-
Mini. It would appear from this that landowners'
claims are still as unreasonable and vexatious as
ever. Here we have a railway which costs for
works and stations about 70,0001., or 4,4001.
amile only, yet we have the land costing (capi-
talising the ground-rents at twenty-five years'
purchase) 25,0001., or something like 1601. an
an acre. It is gratifying; however, to find that,
notwithstanding the exorbitant payments to land-
owners the first essay in cheap railway making is
likely to pay. The Directors find themselves in a
position to declare a dividend of 5 per cent. on the
capital, and " look forward to the increasing success
of the line with undiminished confidence." We
believe they are right in entertainingthis confidence.
They have carried during 51 weeks (over which
the accounts extend) 164,000 passengers and
23,000 tons of goods. The quantity of goods con-
veyed appears more extraordinary than the num-
ber of passengers, as Deeside has always been a
place of resort to holiday seekers, and crowds of
excursionists might therefore safely be reckoned
on. The gross earnings from goods and live stock
are 3,6001., while the traffic tables submitted to
Parliament showed only 3,1001., a fair proof that
facilities and cheapness of transmission stimulate
consumption. The working expenses are 41 per
cent. of the receipts. Had the position of public
affairs permitted, we have little doubt that the
'example furnished by this railway of cheap con-
struction and economical working would have led
to numerous schemes of a kindred nature.
The steamer Adelaide from Sydney has at
length arrived. Her dates are of course old as she
left Van Diemen's Land on the 7th of June.
The ship Roseberry, from Geelong, brings 10,000
ounces of gold. Her dates are not so recent as those
already to hand.
At, Hamburgh the grain market was very ani- 17i
mated on Wednesday. The rate of exchange on 20
Vienna and St. Petersburg was still declining. 20
The Zollverein deputies assembled at Darmstadt 20
have recommended an increase in the import duty v,
upon Anglo-American leather cloth (toile ciree). 20
Accounts from Berlin, dated Wednesday, state 100
that a telegraphic despatch from St. Petersburg of
the 18th inst. had been received there, in which, 100
under date of the 12th, Prince Menschikoff an- N
nounces that the Allies had not yet commenced ‘,5
the siege of Sebastopol. This information is one 25
day later than what has reached us by other
100
means.
The corn market is higher again this morning in
Mark-lane, owing, partly, to the rise on the 20
Continent.
The English funds have been again depressed, 5
the rise in corn chiefly affecting them. Consols 20
have been 941 to for transfer, and 94-i for 1.00
account. The New 3i per Cents. have been 93t1
to and the Three per Cents 931 to There 100
has been a bargain in the New 2; per Cents. at 82. 100
Bank Stock has been firm, at 210. Exchequer 100
Bills are 4s. to 7s. premium. East India Bonds 20
have been at 10s. premium. 100
The foreign market is heavy, like that for 20
English Stocks. Mexican Bonds have been 23} to 5
f, without the dividend, being rather lower.
Brazilian Bonds have fluctuated from 98i to 99i. 20
Austrian 5 per Cents. have been quoted 87. In 4
Spanish Bonds nothing has been done. The 20
Turkish Scrip is 2f to 2-i premium. 20
The following are the nominal prices of foreign 20
stocks :—Grenada Deferred Bonds, 5i to 61- ; Mexi-
can, 231 to 231 ; Peruvian, 71 to 73 ; ditto, lc
3 per Cents., 51 to 53 ; Portuguese 4 per Cents., 2(
40.t0 42 ; Russian 5 per Cents., 96 to 98 ; ditto, 2C
4 per Cents., 84 to 86 ; Spanish New Deferred,
18,a co 18g- ; ditto, 3 per Cents., 371- to 38 ; ditto,
Certificates, 5 to 51 ; ditto, Passive, 4i to 4i. 2(
Railway Shares are still depressed, and the busi-
ness doing is extremely small. Caledonian have
fallen t to is, and Lancashire and Yorkshire, North-
Western, Midland, and the other principal lines, 2i
are cheaper. In the foreign market very little has
been done, and nominally prices are about the
same.
The Foreign Mines have been neglected ;in the t
Banks there have been several bargains, and also ;
in the Dock Companies. The Crystal 'Palace are 2
steady, and the Australian Royal Mail rather 2
higher. 2

BRITISH FUNDS THIS DAY.-CLOSING PRICES

(From the Ofcial List. )

Business done.
Bank Stock 2lO
3 per Cent. Reduced Annuities 93i
3 per Cent. Consols Annuities 94it a g
New 3 per Cent. Annuities
New 2i per Cent. Annuities
Long Annuities, Expire sth Jan., 1860
MUG 30 Years, Expire 10th Oct., 1859 l-16 3-16
India Bonds, £lOOO ......•........ ..........
Ditto under 21000 lO
p
Consols for Account 14th Nov. 941
Exchequer Bills, 24d.
--C........................ .
U M
Exchequer Bonds 1858, 3, per Cent.
DM* 1859, ~
PRICE OF FOREIGN FUNDS THIS DAY.
Auitrian Bonds, 5 per Cent........
Brazilian Bonds, 5 per Cent ................ 94 8i
Chilian Bonds, 6 per Cent.. ........ .....••••••• 1"
. . 233 x d
Mexican 3 per Cent.
71
Peruvian 41, per Cent. ...........................
Portuguese Bonds, 4 per Cent. ...............37
Ditto, 1848, 3 per Cent .......... .•. .........
Turkish Scrip 6 per cent ....................... 2i P
l)tvid€:,,d, on the above payable in London.
Belgian Bonds 4A per Cent. ex. 25 fr ...... 93i
THREE O'CLOCK
......
...... 94i 3-

Consols
Ditto November A Aconnt

GUERNSEY PosT-orrict.—The number of letters of
all descriptions received at the post-efitee here, and de-
liveited in the island during the week ending the 30th
September, was 7,027 ; the number of money orders
issued during the year ending the 30th September, was
6,595; the amount, 14,72t11. 3s. 10d. ; the number
Paid.,- 4,999 ; amount, 12,4511. 13m. 4d. ;
.the gross re-
venue of the post-office for th e.) tar, Z:,( 4tl, 12s, sd.
queiltBey Star,