The Sun.
London, England, 1854-04-12 00:00:00

MONEY Id Alt KE .t 7.•

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday were
estimated at 7,000 bales, including 1,000 American
taken for export and on speculation. The market
closed steadily, with prices of all kinds quite as
dear as on Friday last, but with more animation.
The sales comprised 5,750 American ; 110 Pernam
and Maranham, at 64d. to 71d.; 20 Bahia, at 61d.;
100 Egyptian, at 6d. to mid. ; and 1,000 Surat,
at 2id. to 4d. per lb. Railway Shares were heavy
The letters by the Overland Mail are expected to
be delivered to-morrow.
The statement of the Chancellor of the Exche-
quer last night that the revenue between March
and April improved nearly three-quarters of a mil-
lion sterling compared with his estimate when he
made his financial report, has given much satisfac-
tion, but it does not remove the impression as to
the necessity, ere long, of augmenting our re-
sources. The surplus of income over expenditure
for the year ending the sth April last was about 3i
millions, being about a million larger than in the
previous year. The balance in the Exchequer
on the sth inst. was 2,778,0001., an important
diminution compared with the like period of 1853.
Every one is aware how this occurs. There have
been more than eight millions of public debt re-
deemed, and about 716,0001. paid in advance for
public works, while the unfunded debt was les-
sened to 1,718,0001. It appears also that to keep
Exchequer Bills at a fair market value, the Com-
missioners for the Reduction of the National Debt
had created stock to the amount of 1,274,0001.
The Chancellor, of course, has had to avail himself
of Deficiency Bills, and 5,472,0001. thereof have
been created. Mr. Gladstone well explained, how-
ever, that he did not need to borrow all this of the
Bank of England, and intricate as are the national
accounts the result was clearly demonstrated that
only 2,800,000/. of Deficiency Bills had been required
up to yesterday. It is very desirable to place
this matter in the right light, because we are
satisfied that there are parties in the City who nar-
rowly watch the public finances and scrutinise the
Parliamentary returns, who take an erroneous view,
and have done so, more particularly of late, misled
by the statements of Mr. Disraeli and others, that
the Government was in a very embarrassed posi-
tion. Whatever errors might have been attributed
to Mr. Gladstone, it is not very patriotic or
wise to exaggerate his difficulties at a crisis like
the present. As to the Bank of England,
Mr. Hankey was at no time justified in expressing
alarm at the probable demand upon it, for it has
frequently been called upon to do much more for
the Chancellor of the Exchequer, and could at the
present moment have done so. Fortunately, there
has been no necessity to test severely either its
power or its willingness.
Bills of Exchange on the principal continental
cities rallied a little yesterday afternoon. Paris,
90 days', was at 25 274 to 30 ; Amsterdam, at 11
15 to 15k, Hamburgh, at 13 41 to 41, and Trieste,
at 13 45 to 55.

Gold is still in demand, for exportation, and bar
silver has been somewhat in request for the same
destination.

The English Stock Market has recovered to some
extent from the depression of yesterday, and there
has been more disposition to buy. The intelli-
gence from the Dobrudscha appearing to be more
favourable to the Turks, there is a better feeling.
Consols have been 88 to 88i for transfer, and 88 to
88 for account. The New 3f per Cents. have
realised 87i to 88g, and the 3 per Cents. 87 to 87k.
Bank Stock has been firm at 215 to 216. Exche-
quer-bills have been at ls. to 4s. premium, and
India Bonds at 2s. discount. _ _

The Foreign Securities have had a better tone,
although there has not been a large business done.
Spanish 3 per Cents. have been quoted 35 to 35i,
and Portuguese 4 per Cents. 36. Brazilian 5 per
Cents., ex div., have been at 92 to 93. Buenos
Ayres Bonds have been at 54, and Chillian at 9911
ex div. Mexican Stock has been at 24 to 24g.
Russian 5 per Cents. have recovered to 92i and 93,
and the 4i per Cents, to 80 and 82. Dutch 4 per
Cents. have been at 841 ex div. Peruvian 4i per
Cents. bring 61.
The half-monthly account is being adjusted in
the foreign market, and there is little else doing.
Caledonian Shares have been higher by 10s. to
15s. ; North Western, 15s. ; Brighton, 1/. to 1/.
10s. ; and Great Northern, U. The other lines
have been nominally higher. French Shares are
about to dearer, but very quiet.
The Mining Shares have been supported. The
Banks are not so high, the London Chartered of
Australia being down ss. ; the London and West-
minster, 1/. ; and the Union of Australia, los.
The Land Companies' Shares have been about
the same.

The current rates of frei
given in the General Weep
measurement goods, per 1

ight from London are thus
kly Shipping List, for fine
;on of 40 feet :

Australia—
Adelaide 9O
Hobart Town B5
Hobart Town (stmr.) l2O
Launceston 85s to 100
Melbourne or Geelong
Wharves 105 s to 120'
Melbourne or Gee-
long Bss to 100
New Zealand...loos to 120
Port Philip (steamer) 120
Portland Bay 120
Swan River

lonian Islands
Jamaica 3os to 40
Kurrachee 7os to 80
Leghorn 3O
Lima
Lisbon 2O
Madeira
Madras 60s to 70
Malta
Malaga (Aubert's Line)

353 to 45
Malaga (Blackall'a Line)

Sydney 80s to 90
Alexandria 3O
Algoa Bay 4ss to 55
Ali canto 6O
Anemia
Antigua►
Athens
Barbadoes
Barcelona
Batavia
Bilboa (Blackall's Line
203 to 30
Bilboa Regular ship-
pers by Aubert's Line
of Packets
Bilboa other shippers
45s to 50
Bombay
Boston 35
Buenos Ayres . 6O
Cadiz sos to 40
Calcutta
Canton BO
Cape Town, Cape of
Good Hope 45
Carthagena .........30s to 50
Ceylon 6O
Constantinople
Constantinople (steamer) 70
Danube (Galatz and

20s to 30
Marseilles
Matanzas
Messinit
Monte Video 6O
Montreal 3O
Moulmein
Naples 4O
Nassau
Nevis
New York 3O
Oporto 3O
Palermo 4O
Quebec
IRio Janeiro
San Francisco 85s to 90
San Sebastian (Anbert's
Line) 25s to 45
San Sebastian (Blackall's
Line)
Santandar
Seville 3ss to 45
Shanghai
Sierra Leone 6O
Singapore
Smyrna • 3O
Smyrna (steamer) 7O
St. John's, N.B.
St. Vincent
St. Kitts 6O
St. Lucia 3O
St. Thomas
Syra 3O
Tobago
Trieste 3O
Trinidad 3O
Valparaiso
Valencia 6O
Venice 35
Whatnpoa

Ibrail) 4O
Demerara
Dominica
Genoa 3O
Gibraltar . 2O
Gijon
Grenada 3O
Havannah 503 to 60
Hong Kong