The Sun.
London, England, 1853-09-08 00:00:00

MONEY MARKET

CITY INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday were
estimated at 6,500 bales, of which 1,000 were taken
for export. The market closed heavily. The sales
comprised 200 Pernam and Maranhain, at 74d. to
7/d. ; 100 Bahia, at (lid. to 6id. ; 200 Egyptian,
at 6d. to ls. la. ; 700 Surat, at 3id. to 4pl. ; 100
Sea Island, at 2s. ld. to 2s. lid., and the remainder
American. Railway Shares continue very depressed.
Uf the dried fruit trade in London, as well as of
its general prospects in the country, the following
particulars are supplied by Messrs. Witherby anu
rlansou

" There is a slight alteration in the range of our quo-
tations of currants, owing to an improvement since our
report of the 24th ult. of ss. to tis. per cwt. on the or-
dinary and middling qualities, which had for some time
past been negiected and dull of sale. We have thus had
in each of our bi-montnly reports since Bth July, a po-
sitive advance to notice, each differing in character and
degree : first, ss. per cwt. on new fruit, which has, how-
ever, since been barely supported, then ss. to tis. on
fine fruit owing to purchases by the trade ; next, tis.
to Bs. on the same description, the trade having resold
to speculators at that advance, and now ss. to Os. per
cwt. on ordinary and middling sorts, which have been
taken also from the trade, principally by out-port
purchasers, leaving the former in possession of compa-
ratively very little stock to meet any sudden or ordinary
demand. (Anne fruit the quantity offering is so small,
that it is dithcult to execute colonial orders. New fruit
is held with equal tenacity, owing to the forthcoming crop
being found to be much smaller than was expected even a
mouth ago, and prices likely to open exorbitantly high.
We expect in our next to report a more positive feature
than as present exists in the raisin market. The accounts
from Turkey leaving little hope of more than
one third of a crop, Elemes have been bought at 505.,
and Caesines in barrels fur (it is said) outport
account at 48s. Other descriptions have not ueen
affected. The stock of old Vaaentias here on the Ist
inst. was about 4UU tons, only two-thirds of which, ur
less, are of sound quality. That of Sultanas was about
170 tons, a salad stuck in face of the short supply of
New to come forward. That of Chesines, in barrels, is
still extremely large. Black Smyrnas continue to be
the favourite articles ; this description, Elemes, and
Sultanas, cannot fail to attract notice as the season ad-
vances. Some large contracts have been made this
week in Blacks afloat, and our highest quotation has
been paid paid on the spot for fine fruit. The
arrivals of Denia will be small for the present,
prices having further advanced in Spain ; shipments
nave been much retarded, and many charters thrown
up."

The Commissioners of Land and Emigration
have announced their desire to receive tenders
for vessels to Portland Bay on the 19th, and to
Melbourne on the 24th of next month.

Among the incidents worthy of notice is the re-
port of new foreign loans. How any parties can
be found to give encouragement to these in the
present state of our money market would be a
question difficult to solve, if it were not that under
any circumstances they contrive to make it pay,
the subscribers, of course, suffering in the long
run. Austria, it is asserted, has need of money,
and will soon make the attempt to get it in the
usualay. Belgium is supposed to be in the field, and
srain7
as every one knows, has been trying for some
time past. Added to this, many of the United
railways are introducing their debentures
States
our markets, and these compete strongly
upon
with similar securities issued
s tbrsist yyci
ttslhe
in
abs
Englishtain from
com-
panies. All who desire
to
preventing
greater difficulties should
countenancing these projects.
A strange rumour has been circulated during the
last two or three days, in Stock Exchange circles,
namely, that the pessure of Consols upon the mar-
ket arises from sales made for the Chancellor of
the Exchequer. The object of these sales is stated
to be the purchase of Exchequer Bills, in order to
maintain their premium, and the stocks sold be-
long, it is asserted, to the Savings Banks. If we
could place any reliance in these bold but
incredible assertions, we should say that the
operation was not only most injudicious, but
likewise unjustifiable. There is a large amount
to be provided by Government next month for
payment of dissentients, unless new stock is issued,
but what is now alleged to be done cannot furnish
the means, and while it exercises an injurious in-
fluence upon unfunded property, it raises arti-
ficially the market value of the floating debt,
and makes it rule out of all proportion to
the absolute condition of the money market.
This is not a proper financial proceeding for
an English Minister, and we doubt whether it
would answer the purpose said to be intended eve*
for a brief period. No one could suppose that
Mr. Gladstone was answerable for the appreciation
of money, for no one imagined that we should
have such a deficient harvest, and that gold would
be swept from us faster than it arrived ; but such
being the case, without any imputation upon
his judgment, and without being in any way
held answerable for what some may esteem a
failure in his calculations, the Chancellor of the
Exchequer should raise the interest upon the bills.
We have always advocated the payment of as small
a sum as possible as interest upon the floating debt,
because the public purse is to be considered as well
as the advantage of private capitalists and bankers,
but what former ministers neglected to do when there
was a good opportunity, cannot be forced in an al-
tered state of the market. The judiciousplan would
be to await the tide of events, and if necessary to
raise the rate of interest.
The bills drawn by the Honourable East India
Company during the last fortnight have been to the
following amount :
Bengal ........................£78,811 12 2
Madras ......................... 15,626 16 10
Bombay." ..................... 1,702 18 8

£96,141 7 8
The settlement of the account is in progress in.
the English stock market, and prices are most un-
favourably influenced thereby. The speculators
enianbgleladrgthe better to buy back now
ebeen
are
largely for next time, and by this
hav
means
without sell
causing
a rise. The still unsettled condi-
tion of the Eastern question, and the large food re-
quirements, embolden the operators for a fall, and
even the returns of the trade of the United Kingdom,
showing such a large increase in exports, justify the
impression
and profitable employment in commercial circles.
Consols lia
thatv e b
meconneywill continue to find ready
quoted 963- to for transfer,
and 961 to 97 for October ; but they are now
lower. The New 3 per Cents. have been 991 to
par, and the Reduced 3 per Cents. 97/ to I.
In Foreign Securities there is less doing.
Spanish New Deferred Bonds have been 22/, and
Mexican have receded from 26i to 254. The
Swedish Loan has been at 94g. Russian 41 per
Cents. are quoted at 1011, and Dutch 4 per Cents.
98k to
Railway Shares have been decidedly worse again,
owing to the decline in Consols. London and
North-Western have fallen 1/. to 1/.105.; Midland
to the same extent ; and Oxford and Wolverhamp-
ton, South-Eastern, York and Berwick, and the
other lines, proportionally. French shares have
given way about ss. to 7s. 6d. on the 161. and 201.
paid up.
The Gold Mine Shares have been exceedingly
heavy, and the Australian Banks are lower again,
Union being down about 1/.
The last week's railway receipts, ascertained up
to this day, are in round figures as under :

1853. 1852.
Great Western £23,652 £19,160
North Western
South Western 14,686 14,248
Brighton 15,258 14,046
Midland 27,357 25,603
South Eastern 21,137 t 20,315
Caledonian and Edin. and Glasgow 16,150 13,924
Great Northern 16,148 13,381
Lancashire and Yorkshire 21,446 19,928
York and North Midland, Newcastle
and Berwick, and Leeds Northern 30,506 27,405
The shares of the Land Companies have been
lower, with but few purchasers.

BRITISH FUNDS THIS DAY.
( Prom the Official Liat.)
Business done.
Bank Stock
3 per Cent. Reduced Annuities.... ......
3 per Ceut. Consols Annuities
3 per Cent. Annuities, 1726
New 34 per Cent. Annuities lOO 99 100 994
Long Annuities, Expire sth Jan., 1860
Ditto 30 Years, Expire 10th Oct. 1859
Ditto 30 Years, Expire sth Jan.,1860 sa
India Stock 254 6 3 6
India Bonds, £lOOO ..
Ditto, under £lOOO l2
South Sea Stock
Consols for Account 13th October
Exchequer Bills, id.
21000
2500 2 d par
Small 2 d par
PRICE OF FOREIGN FUNDS THIS DAY.
Brazilian Bonds, 5 per Cent
Ditto Small . IOIA
Grenada Bonds, Deferred
Mexican 3 per Cent.
Peruvian Bonds, 4i per Cent. B2
Portuguese Bonds, 4 per Cent.
Russian Bonds, 5 per Cent.
Ditto 4, per Cent.
Spanish New Deferred, 3 per Cent. 22 1-s 3
Spanish Committee Cert. of Coup. not fun. 6,i 4 p a
Swedish 4 per Cent ......•• . ..... ...••• •••
Dividends on the above payable in London.
Dutch Exchange, q. per Cent.
x d
Ditto 4 per Cent. Certficates ..
THREE O'CLOCK.

Consols --
96 i
Ditto October Account . 94 7