The Sun.
London, England, 1854-10-17 00:00:00

MONEY MARK ET

AND

COMMERCIAL INTELLIGENC

CITY, TV O O'CLOCK.

•
The sales of cotton at Liverpool yesterday were
. estimated at from 9,000 to 10,000 bales, including
2,000 American and 800 Surat taken for export and
on speculation. The market closed firmly, without
change in prices. The sales comprised 150 Per-
nam and Maranham at 6d. to 7d., 400 Egyptian at
.6d. to. hd., 2,000 Surat at 21d. 'to 41d., and the
remainder nearly all American. Railway Shares
were quiet. •
There arrived in the Thames yesterday 67 ships
from abroad, 3 from Ireland, and 8 colliers.
The accounts from Ireland represent the effect
of the recent Liverpool and London failure as
being exceedingly injurious, and as having occa-
sioned a suspension of payments by several firms
in Dublin and other cities.

The letters and papers by the ship Red Jacket
were mostly delivered this morning, and are as late
as the beginning of August. The gold market
seems to have been deranged by the competition
among the banks, and of this the bullion dealers
were loudly complaining. One broker gives the
following particulars :
" Gold continues et 41.
" The deterininatim, rf one of the banks to outbid all
the others is the cause of the gold maintaining its pre-
sent high and unprofitable rate. Several of them are
already feeling that the competition has betrayed them
. into paying a higher rate for an article of produce than
what they have either capital to invest in, or a legitimate
outlet for, in the course of their business. In support
of this view of the subject, the fallowing extract
from the great political economist, Adam Smith, con-
veys an admonition appropriate to the present ques-
tion :
" "Though the principles of the banking trade may
. appear somewhat abstruse, the practice is capable of
being reduced to strict rules. To depart upon any
occasion from those rules in consequence of some flat-
tering speculation of extraordinary gain is almost always
extremely dangerous, and frequently fatal to the bank-
ing company which attempts it.'.. That the flattering
gains on the first acts of deviation. froin.tbeir legitimate
banking business aro cow being converted into certain '
loss one and all admit, notwithstanding which they still
persevere. This position of things ought soon to rec-
tify itself, after which we may assume that the busi-
ness will be allowed to disseminate through its usual
channels.
" In the South American States the. bullion trade is
there carried on by the merchant, who sends his goods
up to the mines, and receives in return the dust or bul-
' lion,—precisely the course pursued here, until the banks
stepped iii and overturned the usage of the trade by
grasping at the whole.
' "As a practical illustration of the effect of the banks
keeping up the price of gold and the exchange at pre-
sent rates, the folloWing shipments of specie have taken
place since these measures were adopted :
Shipped (per Customs returns) in May £28,512
June 51,533

July 199,710

271,755
d 110 per ant. isken by privati hand 27,975

£307,730

Num' er of persons arrived, 2,303
Nuti),er that have left, 277

Addition this week, 2,026, and yca-, 33,460.
"The escorts have brought from—

_
ozs.
' Mount Alexander and Bendigo 14,002
Ballarat, inc:uding- Geelong 9, 501
The Avoca 9,825

ozs.
Amount this wink 33,328... year. 964,439
OM
Gold shipped in 1854 1,21;3,205
Per Guiding Star, to Liverpool 49,896
„ Norna, Point de Galle 15,000
„ Red Jacket, Ist clearance 58,408
----

1,336,509

Ft. 10
f3t. 101
50 al

c. 11(

EOII.EIGN.

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