The Sun.
London, England, 1853-11-15 00:00:00

MON EY

MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday were
estimated at 5,000 bales, of which 500 American
and 500 Surat were taken for export and on specu-
lation. The market was tame, but closed steadily.
The sales comprised 4,700 American, 80 Pernam
and Maranham at 61d., 120 Bahia at 61d. to 60.,
100 Egyptian at 7/d. to 81d., and 1,000 Surat at
2d. to 4d. per lb. Railway Shares were steady,
with but little alteration in prices.
The unallocated lands of the Queen's Australian
dependencies are to be placed in the power and
disposition of the Parliament about to be called in
each province, by virtue of the late Act of the Im-
perial Parliament, granting a new Constitution to
each colony, the Colonial Minister at the same
time throwing out a hint in his despatches on the
subject, that the Home Government expected that
the colonists, in modelling their new Legislative
Body, would adhere to the principles enunciated in
the House of Commons. This document has been
Construed by the present Houses of Assembly in
New South Wales, Victoria, and South Australia,
according as each respective body is more or less
democratic, the older colony of New South Wales
aspiring to the creation of a House of Lords. It is
to be feared, therefore, that each Parliament will
have its particular view of the land question, a
question that is of primary importance, and upon
Which the whole fabric will have to sustain not only
the vicissitudes of a migratory people, but the in-
dividual interests of a noviciate executive, amid
unheard-of temptations. It is estimated that the
three Parliaments alluded to will have an aggregate
income next year of 3,000,0001. from the land sales,
and it is obvious that this enormous sum, which for
a few years yet is likely to go on increasing in
amount, ought not to be dealt with as ordinary
revenue, since the quantity annually sold in-
creases, and the residue to be sold gets smaller. If
it be true, and there seems no reason to doubt the
statement, that the continent of Australia, with the
exception of a slip on the seaboard, running only
on an average about 200 miles inland, is a vast arid
plain, it will not take many years, at the present
rate of progress in the colonies, to leave the quan-
tity fit for agricultural purposes at the disposition
•f the three honourable houses very small. Hence
this is not ordinary revenue, but extraordinary in-
come, and ought to be disposed of in some especial
manner, but in what way will depend upon the view
that those future trustees take of this important sub-
ject. The lands will be looked upon either as the
property of the colonists as a people, the interest
theiein of each individual decreasing in compound
ratio with the increase of immigration, and the
decreased quantity left unsold ; or the property of
the proprietary class by virtue of their being the
owners of all but Crown property ; and in that case
the interest therein of each individual of that de-
nomination increasing in ratio to the extension of
the area of itsnumbers, anintricate problem of class
interests is to be solved in the very infancy of those
Parliaments. A correspondent, therefore, makes
the following suggestions :

" Itappears that there is one way this subject may
be treated in which all interests might be in accord,
namely, by at once capitalising all the undisposed
lands upon a very low valuation, and by issuing deben-
tures bearing an interest of 4 per cent. per annum, the
rate at which the Banks in the colony were lending
money on good securities at the date of the last advices
by the Argo, and with such moneys commence at
Once reproductive works in the colonies, such as
the making of a series of trnnk railways, . docks,
the improvement of navigable rivers,' &c. Of course
sums would only be taken into the respective exchequers
as they were required by the expenditure. These de-
bentures, and the interest thereon, would be a wort•
gage on the lands, and would be paid off by the receipts
from its sale. By this arrangement the incomes from
such internal improvement would become permanent
revenue, and would, no doubt, in time, amount to such
a sum as to render the raising of taxes from Customs' or
Excise in the colonies unnecessary ; consequently, each
individual member of any of the three great colonies that
are rising in the southern horizon, would be indirectly
interested by the prospective abolition of taxation, while
the landed class, as a body, would be directly benefited
by the improved value of their properties."

The steamer Australian from Gravesend arrived
at St. Vincent on the 30th ult.

The steamer Severn, with the Brazilian mails,
has arrived, and the commercial news appears to
be satisfactory.

The English Stock Market has been extremely
buoyant, and with a large money business doing.
The Chancery broker made a purchase of 40,0001.
yesterday afternoon, and in the present state of
the market even small purchases have a great effect.
As to the political, news from the East no one now
seems to pay attention to it, although the more
active interference of England and France is con-
sidered to be increasingly probable. Consols have
been 94 to 95$ fcr transfer, and 94k to 95 for ac-
count. The Nev. 3k per Cents. have realised
95i to 96, and the 3 per Cents. 93/ to 94. Ex-
chequer Bills have Unproved to 3s. and Gs. prem.
East India Bonds are is. discount. Bank Stock is
nominally at the previous rates.

More is doing in Foreign Stocks, and the alter-
ation in quotations is not of particular moment.
Russian Bonds keep their ground remarkably
well, the 5 per Cents. being 1121, and the 41
per Cents. 981, or very little different from the
prices recorded a day or two since. Mexican
Bonds are firm at 251 to 25, and Grenada Defer-
red are better, being 8. Portuguese 4 per Cents.
have been dealt in at 41k, and Brazilian New Bonds
at 951. Spanish 3 per Cents. are firmer, at.4si,
and Dutch, at 63k. Belgian q per Cents. have
advanced to 951 ex div.

The Railway Share Market has been rather
higher, and with more business doing. French
Shares have been rather firmer also, •

The Gold Mine shares have beet very quiet.
The Land Companies' shares are rather looking
up. In the Australian Banks there have been no
bargains.

BRITISH FUNDS THIS DAY AT OIcE O'CLOCK
( From the Official List. ) _

gi ness done
3 per Cent. Reduced Annuities 94 4
3 per Cent. Consols Annuities 94g N., 44 5,i
New 31 per Cent. Annuities 9si 6 5i
Long Annuities, Expire sth Jan., 1860
Dittc 30 Years, Expire 10th Oct., 1859 4 15-16
India Bonds, £1000
Consols for Account
Exchequer Bills, ld.
£l000
£5OO . 3 6 p
Ditto Small

PRICE OF FOREIGN FI7NDS AT ONE O'CLOCK
Brizilian Bonds, 5 per Cent.

Ditto New, 1852, 4A per Cent ...., 9sa
Grenada Bonds, Deferred
Mexican 3 per Cent.
Ditto for the Account 258 i
Portuguese Bonds, 4 per Cent 4li
Russian Bonds, 1822, 5 per Cent. £ St ll2l
Ditto 4i per Cent 9B
Spanish Bonds, 3 per Cent 45
Dividends on the above payable in London.
Belgian Bonds 4i per Cent. ex. 25 fr
Dutch Exchange, 2i per Cent. 12 Guil

HALF-PAST TWO.
Consols 94 51.
Ditto December Account 94i 5

AUSTRALIAN GOLD.—The report received yesterday
from Liverpool, by telegraph, of an arrival of 300,0001.
in gold from Australia, is without foundation.
The new Romance of " Savile House," embodies the
eventful period of the early rut of the reign pf George
I. with a domestic story of intense interest, in which
the happiness of one of the old families of England—
the Gerards—is disturbed by the machinations of a most
accomplished apostate yclept Hitchmough. Pope, the
profligate Duke of Wharton, Lords Pembroke and
Scarsdale, as well as George's mistress, Madame Kil-
tnansegge, are some of the actors. The author has been
exceedingly happy in the deliceition of Edith Fleetwood
and Madeline.
THE WILL OF THE LATE LIEUT.-GENERAL SIR C.
ICAPIETI- BART., G.C.B.—Several paragraphs have ap-
Peared in the newspapers, with reference to this dis-
tinguished commander's will, in one of which the per-
...
ZOpal property was reported to have been
sworn under
00,000/., and in another that it was swam that the
Personal property was under 20,0001. This latter para-
gtrapate h has excited considerable astonishment, as it was
d that the gallant General had receißd' 70;000/.
Prize money from the conquest of Scinde. It appears
by the will that 50,0001. had been given away by the
gallant General before his death ; so that the proving of
the
will under
denr2o,oool. will account, with the 50,000/
given away, for the Scinde prize money. The other
real property, is not of course taken into
--"utit in proving the will.