The Sun.
London, England, 1854-04-08 00:00:00

'3,IONEY MARK{' 'Y

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.
There was a moderate demand for cotton at
Liverpool yesterday. Sales, 6,000 bales, in-
cluding 1,500 for export and speculation. Rain
way Shares were-firm at higher prices.
There was again a decrease of bullion at the Bank
of England during the week to the Ist of April,
but not nearly so much as there would have been
if the Australian ari4vals had not supplied means
of remittance. The demand for money was shown
to be continuous by the large increase in discounts,
and the Bank appears to have been a seller of stock.
In the Government account there was but a trifling
increase. The circulation was largely brought out
by the extra accommodation afforded. Compared
with the previous week, the changes are as follow :
Active circulation £21,634,240
Increase 443 465
Bullion
Decrease 179,564
3,757,576
Increase
Public Deposits 4,445,788
Increase 21,961
Other Deposits
Decrease 55,073
Seven-Day and other Bills
Decrease 22,666
Government Securities 11,607,616
Decrease 184,500
Other Securities 16,522,726
Increase 765,122
Notes unemployed 6,633.535
Increase 635,280
The Honourable East India Company drew bills
during the fortnight to last evening, upon the dif-
ferentpresidencies, to the amount of 186,5021.25.8 d.
Yesterday afternoon the rates for foreign bills of
exchange were still rather heavy. On Paris 90
days' paper was taken at 25 25 to 25 30, on Ant-
werp at 25 121 to 171, on Amsterdam at 11 15 to
15/, on Hamburgh at 13 4 to 41, on Frankfort at
118/ to 3, and on Trieste at 13 57 to 14 6.
A large proportion of the gold received lately
from Australia has been purchased for exportation,
and to-day the silver per Solent was disposed of—
bar at ss. I'4d., and dollars at ss. Oid. per ounce.
Among the questiditi'whielt were introduced
recently during the debate upon the Budget, it
was satisfactory to find the currency included.
The operation of the last Act of Sir Robert Peel
is now being felt in a way which, although foreseen
by that statesman, and prQbably intended, will be
none the more acceptable to the community at
large. Owing to the suspension of business by
several banks since the act came into operation,
we have now a smaller volume of currency, and
the Bank of England has taken no measures to fill
up the void. There is probably, however, a want
of appreciation in the Legislature of the importance
of this subject, and it will be the business of the
public to take it in hand, with a view to modifica-
tions. We cannot do better, upon the eve of a
war, than subjoin the observations of a high prac-
tical authority, the Bankers' Circular. The editor
remarks :---

Rest

"The Chancellor of the Exchequer has acted with
boldness. He tells the commercial classes that he will
only in the last extremity increase indirect taxation. He
will not add to the National Debt. He will only
ask for a few millions in the shape of Exchequer
Bills, to be paid off; as the phrase goes, out of the grow-
ing revenue.' There can be no objection to the course
proposed by the Chancellor of the Exchequer. Other
Financial Ministers have done the same. But do not
merchants see that the Bank resources will be locked up
in a manner in which they never were before. For if
the wants of the Government are to be supplied by defi-
ciency bills, those bills must be represented by bank
notes before they can be generally applicable to
the public purposes. The apprehensions entertained,
therefore, by Mr. Glyn are fully justified by
the position in which commercial credit will be
Placed, if the demands of the Government are to be
satisfied by the Bank. The foreign exchanges are at
present all unfavourable, and the next returns of the
Bank will probably show a decrease in the bullion. As
far as the wealth of the country, and the means of carry-
ing on war are concerned, no fear need be entertained.
But if, in the midst of this wealth, the credit of the
Country is destroyed, the consequences will be ruinous."
Why, then, do not the bankers and merchants at
once come forward, and by their united efforts
enter their opposition to the act which places them
in so dangerous a position ? What is done in
Liverpool ?—what in Manchester, where the losses
in 1839 by the monetary system were stated in the
report of the Manchester Chamber of Commerce to
amount to 40,000,0001. sterling ? Why do not our
great commercial associations, that have devoted so
much time to the subject of a decimal currency,
turn their attention to a reform in the currency
itself ?

New York accounts to the 25th ult. have just
Come to hand. The Stock Market was rather
stronger, the foreign news having had no particular
effect. There was much difference of opinion as to
the effect of the war in Europe. Many concluded
that the Emperor of Russia c )uld defy us. Flour
was in better request at 121 cents. per barrel ad-
vance. Cotton was drooping. Hemp firm, but
quiet.

The amount of the precious metals exported
direct from London during the week to Thursday
last was 573,700 ounces in silver, and 29,527
ounces in gold, all to the Continent.
The English Stock Market has been very buoy-
ant again, and the withdrawal of the Turkish Loan,
,
eonj unction with purchases on Trust Account from
the proceeds of the South Sea Old Annuities just re-
deemed, with the dividends now being paid, throws
amore capital into the market for investment. One
if cannot fail'to attract remark, viz., that
lf a popular loan like that proposed for Turkey,
and upon such advantageous terms, cannot now be
negotiated, and which there is perhaps reason to
regret, we are tolerably secure against the intro-
unction of other foreign loans. Consols have been
dOIIe as high as 87i and 88 for transfer, and 87i
for account. The New 3i per Cents. have been
27* to and the Reduced 3 per Cents. 86i to
86i. Bank Stock is very firm, at 2144. Exche-
quer Bills have risen to ls. and 6s. premium.
There is a quiet market for Foreign Stocks, and
prices are not, in all cases, at the highest range of
yesterday. Brazilian 5 per Cents. are firmer,
eing 92} ex dividend. Mexican have been 24k
"° 44i, Russian 5 per Cents. at 921, and the 44
per Uents. at 81, being weaker. Spanish 3 per
hNrwlts. have risen I per cent., viz., to 351, but the
Deferred are flat at 171. Dutch 21. per Cents.
4a, ye further advanced, being 56 to 57, and the
1 Per Cents. are quiet at.B4f.
railway Shares have been about k per cent.
better in most cases. The French lines are
steady.
Gold
Mine Shares are firm ; the Joint Stock
Banks without particular change, and the Land
i.:lnPanies' steady. A large business has been done
'-us. to 15s.
Canada Government Six per Cents., at about
per Share advance.

13RITISEt FUNDS THIS DAY AT ONE O'CLOCK .

( From the Official List. )

_ Business done.
Ilsak Stock . . ........ .... ..... 214 i
. ..... .•••••••••••
Per Cent. Reduced Annuities Bsi i i 0
`iper Cent. Consols Annuities 87$ i 4 °
rr 3i per Cent. Annuities B7* $
.1)*
30 Years: Exp f•
atn.t.o Annuities Ex ire sth Jan., 1860
P.
5 h Jan 1860 ire .. • ,
4 11-16 i
India Bonds £lOOO
Ditto, under £lOOO •
Consols for Account 18th April 2
87
Exchequer Bills 2d. S A
.£lOOO .. ' 51 6 p
500
Small ............................... 5 1 6 p
PRICE or FOREIGN FUNDS AT ONE O'CLOCK.
hrazii la.n Bonds, 5 per Cent. 92/ x d
Mexican 3 per Cent. . ...
Ditto for the Account ... : ..
: ... ::
RUssian Bonds, 1822, 5 per..cnt.. :est 924
Ditto 4A per Cent . _ ... .
,„81Anish
Deferred, 3 r Cent .. —.—
'anish New 3 per beld....
Dividends on the above payable to Lon 17f
don.
Nteh Exchange, 2. per Cent. 12 Gnu , 56 7
Ditto 4 per Cent. Certificates .....

Consols
Ditto April Account

TTVO O'CLOCK.
87i 8
87i 8

THE CIVIL SERVICE.—The appointment of ell
°f the Audit Board is vacant, camel by the: whoseinnretirae
retire-
ment of Sir William Lewis Herries,
.cH•
superannuation was settled at the Treasury yesterday
o
(PridaY) afternoon, There are two vacancies
B.
..ssiAant-exatniners in this department. M Vaughan, junior examiner, is to be senioorteedx.amimnerr..
second-class, vice J. Wilkinson, Prom
Albert G, v Braithwaite assistant-examiner, to be jia,:,..or.
ice B. Vaughan, promoted. Mr. J. S. Slade, of the Commissariat branch of the Treasury, u”
been appointed to act as a Deputy-Assistant-Commie'
tory-General with the expedition to Turkey. Mr. Ro-
berts
of the A.udit-office, and Mr. Hawkins, of the
Queen's Rernembrancer-office will also proceed to Tur-
key to assist in the office of the Commissary-General.
appointment of Under-Keeper of the. Manuscripts
in the British Museum is vacant, vice Holmes, deceased,
salary 400/. per annum, is the gift of the trustees,—the
Lord Chancellor, the Archbishop of Canterbury, and the
Seaker of the House of Cominons.,—Oiri/ Service
gazette.
OMNIBUSES FOR TRADESMEN.—If a spirited company
Would take this matter up much good might be done. I
!•ode to day in three 'buses, and they were not half full,
Irello!ecause the fares were too high, and the deception too
noduent. I suspect that these omnibus proprietors will
nsee their interest until the new light brings the air
water carriages upon the road, and then good-bye
tot--correeponds of the Builder.