The Sun.
London, England, 1853-01-18 00:00:00

MONEY AND COMMERCIAL NEWS.

CITY, Two o'CLoorc.
The sales of Cotton at Liverpool yesterday were
estimated at 10,000 bales, of which 2,000 American
were taken on speculation. The market was ani-
mated, and closed firmly. The sales ccmprised
6,000 American, 700 Pernam and Maranham at
Sid. to 7d., 2,000 Bahia at Sid. to 6d., 200
Egyptian at 6d. to 9d., 600 Surat at 3id. to 4id.,
and 130 Sea Island at ls. Bd. to 2s. 21d. per lb.
Railway Shares were depressed, and the heavy
stocks declined one to two per cent.
The arrivals from Australia are coming fast upon
us, and there is an abundance of gold. The sums
lodged with the Bank of England for security are
large ; and, although they may not immediately be
brought into the account, and may have first to
pass through the refiners' hands and then to some
amount be shipped to the continent, it is impossible to
conceive that there will not be gradually a large
addition to the Bank reserves. The Calphurnia,
from Melbourne, does not bring later dates, but
has 56,000 ounces of gold on board ; and the
Anna Maria, from Sydney, 23,290 ounces ; and
ships had left, at the date of the last advices, with
more than a million and a half sterling on board.
The new " diggings" at Owen's Creek, 180 miles
from Melbourne, were said even to surpass former
discoveries. In the City there is still a
general talk about the Bank of England, on
Thursday next, further advancing the rate of dis-
count, and the discount brokers are allowing 2 per
cent. for money on " call"—a proof that, tempo-
rarily, at least, there is more want of accommoda-
tion. Should the Bank put up the rate to 3, as
its Lombard-street competitors are asking 2-?:„
large sums now kept idle, in anticipation of
such enhancement, would no doubt be imme-
diately brought into play, and thus immediate
relief would be afforded, for it is impossible
to believe there can be any real scarcity of cash,
when the Bank has so much in its vaults, or when
discounts are but 2i per cent. The monied interest
has been shorn of its profits materially of late, and
naturally makes an effort to increase them when
occasion serves. In this sense the sooner 3 per
cent. is charged the better, because an end will be
put to further doubt, the exchanges will rapidly
advance, and money will flow in rather than be
withdrawn for more profitable employment else-
where. With good harvest prospects there would
appear to us to be scarcely a chance of money here-
after ruling dear. The glut of gold will -ultimately
bear down every effort of the monied interest, and
though we may regret such an issue if speculation
be encouraged, we cannot feel surprised at, nor can
we imagine, any means of averting it. The second
best thing that can be done is to direct the specu-
lation into the safest channels.

At Hamburgh last Friday, the rate for bills on
London was steady at 13 2. Gold was at 425
Stocks were firm, but Railway Shares depressed.
Bills on Amsterdam, Petersburgh, and Frankfort
were in much request. The supply on other places
was large. There was no change in the value of
gold. Discounts were 2i to 3 per cent. Colonial
produce and grain were both dull.
The English funds were looking heavy at the
commencement of business, but are better since.
Consols for transfer have been quoted 99-i and
for account 99/ having been rather sellers since
at 99f, and being now buyers at that price. The
New 31- per Cents. realise 103# f. Bank Stock is
worth 224 k to 226. Exchequer Bills are worth
60s. to 645. premium, and India Bonds 775. pre-
mium.

The Foreign Market is still rather heavy. The
Spanish Certificate, however, is an exception, being
up to 5 and si. The New Deferred Stock is worth
22i to 23. Portuguese Small Bonds are at 404.
Mexican have been 231- to 4, and Grenada De-
ferred 12 to
The Committee of Spanish American Bondholders
received this morning, by way of New York, the
subjoined letter of Mr. Mocatta, their Commissioner
with the Ecuadorian Government, dated—
" Guayaquil, Ist Dec., 1852.
"In my last respects I informed you that I fully
anticipated sending you something definitive ; but not-
withstanding my repeated urgent applications to H. E.
General Urbina, I have only at a late hour obtained
a letter from him, of which I send you a copy—you will
perceive that I am promised to be enabled to remit you
by the ensuing steamer satisfactory accounts, in which I
shall use every effort not to be disappointed."
Here follows the translation of the President's
letter mentioned above
" Guayaquil, Ist Dec. 1852.

" My worthy friend and sir:LThe unexpected arrival
of the mail from the north urgently requiring the de-
spatches to go forward by the steamer, which, as you
will be aware are of great importance, and having
at the same time received a Cabinet messenger
from New Granada, that equally requires an
immediate attention—all this prevents me to give
you an official reply to your esteemed communication ;
but, so soon as I have discharged the pressing duties
which this day has brought me, I shall feel great pleasure
in writing to you, that you may be able to send satis-
factory accounts, by the next packet, to your con sti-
tuents.—l am, &c.,

(Signed)
"To E. Macatta, Esq."

"J. M. URBIND.

Railway Shares have contiuued heavy with
limited sales.

Gold Mine Shares are better than at the close
last evening.
Australian Agricultural Shares are very buoyant
at advanced rates.

BRITISH FUNDS AT ONE O'CLOCK THIS DAY
(From the Official List.)
Business clone.
Bank Stock
3 per Cent. Reduced Annuities.
3 per Cent. Consols Annuities
New 31 per Cent. Annuities lO3 13
Long Annuities, Expire sth Jan., 1860 6 7-16 i
India Bonds, £lOOO
Ditto, under £lOOO 77
Consols for Account 10th February
99i
Exchequer Bills lid. March. June.
£lOO0..
£500
Small 6l 64 60
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cent.
Ditto Small
Chilian Bonds, 6 per Cent —
Ditto 3 per Cent BO
Grenada Bonds, Deferred,
Mexican 3 per Cent
Portuguese 5 per Cent.
Ditto Small
Russian Bonds, 5 per Cent.
Ditto 4i per Cent . 103 x d
Ditto Small
Sardinian Bonds, 5 per Cent.
Spanish Bonds, 3 per Cent 47A
Ditto New Deferred, 3 per Cent 22i 3
Spanish Committee Cert. of Coup. not fun, 51 5
P e
Venezuela Bonds 3i per Cent 39
Dutch Exchange 2a per Cent x d
Ditto 4 per Cent. Certificates,...,.... ,
HAL 2 -PAST TWO.
Consols
Ditto February Account ... 99i i