The Sun.
London, England, 1853-10-06 00:00:00

MONEY MARKET

AND
CITY INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday
were 6,000 bales, including 500 taken on specula-
tion. The market closed heavily without any mate-
rial change in prices. The sales comprised 240
Pernam and Maranham at 64d. to 7d., 200
Egyptian at 50. to 10d., and 500 Surat at 20. to
4d. per lb. Railway shares were inactive, but
closed at an improvement of 1 per Cent.

Indigo went off much the same as yesterday.

Tallow is flatter.

It appears that in the provinces, and very justly,
too, there is much dissatisfaction evinced at the
constant changes in the proceedings of the Bank of
England, but no measure has so much elicited dis-
approbation as that adopted about a fortnight since
when the Bank lent money at 4 per Cent. on
stock, although a few days after it raised
its terms to 4i per Cent. We have no hesitation
in affirming that this misled numerous par-
ties, and that they felt confident the Bank con-
sidered itself in an improved position, and would
not be under the necessity of making any further
advance. There are, indeed, parties who think the
Bank had stock to sell, and wished to support the
funds, but such temporary expedients do more
harm thangood, and damage the commercial interest
whoever else maysuffer. It should be the rule of any
bank, much less of a national establishment, to
avoid frequent changes. Preferable even is strin-
gency maintained for awhile, than a high charge
one day and a low rate the next. The main fea-
ture just now perhaps is politics, for all traders
keep a larger balance at command than otherwise
they would do, while the manner in which the
large amount of bills that fell due on the " fourth"
was met shows business to be in a remarkably
healthy state. We are not inclined to open a crusade
against the Bank of England. It is trammelled by
the Currency Act in a way to render its managers
timid upon the least pressure, and hence, when it
offered loans on stock at 4 per cent., and kept its
discount rate at 4i, the demand for accommoda-
' tion became in a moment excessive, because the
large houses thought it a good opportunity, and
and had little reliance in the charge being kept
long at one point. This day the Bank Direc-
tors have not made any change in the rate,
and we expect their stock of bullion has in-
creased, although the amount perhaps did not
come in sufficiently early—having to be assayed—
to appear in the weekly return which will be pub-
lished in to-morrow evening's Gazette. On the
other hand, there is not much expectation that
money will be cheaper between this and Christmas,
and it may be dearer. A settlement of the Eastern
question would at once cause specie to be sent to
the Continent again in discharge of debts that are
temporarily delayed, especially for grain, but we
imagine the Austrian and other loans on the tapis
will not find favour here.

The Oriental Bank has this day declared a
dividend for the half-year to June last, at the rate
of 12 per cent, per annum, after payment of which
there is a good surplus upon the six months'
profit.
There was a large meeting this day of the share-
holders of the Upper India Railway Company, for
the purpose of taking some steps for the suspension
of the call made for the Ist of November, till Jan-
uary or February next, on the Extension Shares,
in consequence of the original shares being at a
discount, and the depressed state of the money
market. The meeting agreed to the formation of
a committee to see the East India Company on the
subject, and to adopt such steps as might be
deemed advisable.

The Stock Market has been very firm, with an
improving tendency upon the report that the Em-
peror expressed himself very pacifically at Olmutz,
but it requires much credulity to believe in his
sincerity, and most people would rather act upon
his fears than trust to his magnanimity. Con-
sols, owing to some demand for money stock
within the ;last day or two, have touched
917 and 92, but are now down again upon the
rumour that Parliament is to be convoked, that
French troops are to leave Toulon, and that if
Turkey declares war, Russia will annex the Prin-
cipalities. The current prices have been 91 to
and are now 91k to # for account. Exchequer
Bills are 7s. to 12s. discount. Bank Stock is at
219 to 222.

Foreign Securities have been improving. Spanish
New Deferred realise 211 to 21i, and Portuguese
Four per Cents. 421. Peruvian are 70 to 71.
Mexican have not been dealt in, or Russian.
Dutch Four per Cents. are 93/.
The financial agent of Mexico in London has
communicated to the Committee of Mexican Bond-
holders the following letter from his Excellency the
new Minister of Finance
(Translation.)
_ .

" Ministry of Finance, MeXico, Sept. 1, 1853.
"Having, by favour of his Excellency the President,
been appointed to the Ministry of Finance, of which
office I have been in charge since the 6th of August, it
has been one of my first cares to examine how the divi-
dends of the foreign debt have been paid, as this busi-
ness had already come under my notice as member of
the old Board of Public Credit, and of the committee of
the same name of Congress.
" It was with deep regret that I found that the strait-
ened circumstances of the Treasury at the late political
revulsion in the Republic in favour of a better internal
organisation had prevented proper attention being be-
stowed on the punctual payment of what was due to the
foreign creditors, and that the dividend of the Ist of
July, 1851, as well as those of the Ist of January and
the Ist of July, 1853, were in arrear.
"His Excellency the President, to whom I represented
this, and who like myself is most anxiously desirous that
the engagements entered into by the nation should be fully
carried out, has been pleased to direct me to communicate
to you, for the information of the Committee of Bond-
holders in London, that the present administration will use
its utmost efforts to pay the overdue dividends, and to
provide for the future payments in such a manner as to
satisfy all concerned, and as justice and public policylre-
quire.
"In the state of annihilation to which the public
revenue had been reduced, and from which it is impos-
sible to revive it as speedily as might be wished, the
Government is unable to provide immediately for what is
due ; but the measures taken for improving the finances
may perhaps enable the Government, in a very few days,
to effect an arrangement by which the generous sacrifices
submitted to by the bondholders, in accepting the de-
cree of the 14th of October, 1850, as a final adjustment
of this matter, will meet with the return to which they
are entitled, in the exact and punctual fulfilment of their
claims.

" SIERRA Y Rosso.

"Colonel F. Facio, London."
The last week's railway receipts ascertained up
to this day are in round figures as under :

1853. 1852.
Great Western

North-Western .

54,473

51,428

South-Western .

13,611 12,893

Brighton
Midland

14,236 14,481
27,256 25,574

South-Eastern..