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

MONEY MARKET

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 flat, and prices of all kinds
were about id. per lb. lower. Railway Shares
were again epressed, 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. In
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 '2c. 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 c. ;
middling ie., 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.

The English Stock Market has been weak again
upon the Eastern news, hut there have been no
sales, and at present the tone is better. Consols,
after having realised 95/ to have been up to
951 for transfer, and the account prices have
been 95,1- to 952 Exchequer Bills are 3s. dis-
count to par, and India Bonds ls. 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 24/ to 24g. Brazi-
lian New Stock has been quoted 98. Spanish De-
ferred are 22 to 221. Sardinian are at 93 to
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.
The Gold Mine Shares have generally improved,
and the prospect of their making some return by
crushing quartz seems to give confidence.
The,. ustralian Bank Shares were all better, and
in the Land Companies' there is likewise greater
firmness, except the Van Diemen's Lands which
have been lower.

The Bank of England have raised the minimum,
rate of discount to 412- per cent.

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

_ -
Business done.
Bank Stock ....... .....
...
.. .. . shut
3 per Cent. Reduced Annuities
3 per Cent. Consols Annuities 9si i i
3 per Cent. Annuities, 1726
Lung Annuities, Expire sth Jan., 1860
Dittc, 30 Years, Expire 10th Oct., 1859
India Bonds, £lOOO . .
Ditto, under £lOOO 5 1
Consols for Account 13th October
Exchequer Bills, ld.
£IOOO
£5OO 3 d par
Small 3 d par
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cent
ttlDitto New, 1852, 41 per Cent 9B
Hexican 3 per Cent.
Peruvian Bonds, 43 per Cent. 77 X d
Peruvian Deferred 3 per Cent.
ltussian Bonds, 5 per Cent.
Sardinian Bonds, 5 per Cent 933 3
Spanish New Deferred, 3 per Cent. 22 i
Dividends on the above payable in London.
(hitch Exchange, 21 per Cent; — ic cl
Ditto 4 per Cent. Certificates . 971

HALF-PAST TWO.
Consols
Ditto October Account - 9 B 9B