The Sun.
London, England, 1854-11-17 00:00:00

MONEY MARKET

AND
COMMERCIAL INTELLIG-ENCE.

CITY, TVc 0 o'CLOCK.
The sales of cotton at Liverpool yesterday were
estimated at 7,000 bales, including 1,000 American
taken for export and on speculation. The market
olosed heavily, and prices of all kinds have a down-
ward tendency. The decline at present is 1-161
to id. per lb. The sales comprised 5,850 American,
20 Pernam and Maranham at 6-al, 30 Bahia at
100 Egyptian at 62d. to 8-id., and 1,000
Surat at 211 d. to 31d. per lb. Railway Shares were

heavy.
25
Colonial produce has been less active this week,
but prices generally have undergone but little St.
change. British plantation sugar has been firm. St.
Porto Rico rather cheaper. Coffee has ruled dull, 10
at steady values. The public sales of tea have •50
passed off without much variation, 4,000 packages 50
being sold. Spices have met with very little 20
attention. Pepper, however, went at fd. per lb. 20
advance. For rice the demand has been inactive, e(l3,
and quotations are almost nominal. For rum '5
there has been but little inquiry. More has been
done in saltpetre, and at enhanced rates. Tallow 25
has receded 6d. per cwt., although early in the St.
0
week full prices were current. St.
There has been a good deal of controversy at
Dundee respecting the Russian trade, but we are st.
glade to perceive, however individual interests 25
may stand in the way, that feelings of patriotism St.
are likely to triumph. A letter that has appeared iSot•
in the Dundee Advertiser is so apposite, and has St.
been quoted in London as so correctly stating the 10
case, that the following extracts will doubtless in- St.
St.
terest. The writer says :
St.
"Twelve months ago I was told by mon of the longest St.
experience in Russian affairs that there would be no war, Et.
that the Emperor dared not ' push things to extremities, St.
because it would ruin the nobles who are dependent upon st.
the produce of their estates, and their ruin would
prove the downfall of the Emperor Nicholas.' Twelve 12
months ago my friends who argued thus believed 50
what they said—they believed it to be true. The 165
Czar, however, did risk the war, and the moment 16
this was Cu fait accorapli down went exchange at St. St.-
Petersburg, to 32d. the rouble, and my friends shook their 193
heads and spoke of an attack of apoplexy being highly 14.
probable, or some such other malady personally disagreeable 20
to the Emperor. First we heard that the Emperor was
terribly irritated, that he had sudden outbursts of passion, st.
then that he would see no one but So and So, then that he St.
was ill, very ill, Sze., &c. In fact, on the first blush of 20
the thing after the declaration of war, and when the 10
exchange had suddenly declined, almost every one, who 12A
knew anything at all about Russia, was talking and st:
arguing upon what ? Simply the Emperor's posi- 50
tion. Unhappily for our country, very soon after 4.
appeared the Declaraion' of her Majesty in relation to 25
Russian trade. That Declaration I have always regarded 25
as the most fatal and suicidal mistake that has been St.
made in the history of this war. It might have been poli- 812,
tically necessary that the rights of neutrals should receive st.
some sort of extra concession, and that certain admissions St.
should be made as regarded them, butte allow the thing to 50
go so far as to encourage British capital (the withdrawal 25
of which had already produced a serious decline in the 1.00
value of the paper currency of Russia) to flow back again 6.)
to the coffers of the Russian nobles was a most serious 2F
mistake, and it is beginning to be so viewed. What was 50
the immediate result? Up jumped the Exchequer in St. 20
Petersburg to 37d., and a while later to 38d., and we have
heard nothing since of the health of the Emperor. My
friends, however, who were so certain about his Imperial
Majesty's tactics before the declaration of war, and so
anxious about his health before the ' Declaration' of her
Majesty, have now, at this moment, a large quantity of
Russian produce of" various kinds, on its weary way from
St. Petersbarg to the Russian frontier and Prussian posts,
and their anxiety for the safe arrival of this property, for
which they have paid their money to the Russian nobles,
makes them forget what they told me 12 months ago, as
the result of long experience. Then they knew that the stop-
page of the trade (which was deemed a matter of course, if
war should be declared) would be the downfall of the Czar ;
but now they argue with our Government. You cannot
stultify yourselves before the world, and if you would,
you cannot stop the trade through Prussia ; it is impos-
sible,' and so forth. No matter that we know we aro
propping up the Russian Government by this trade—that
we are paying the Russian armies by giving a current value
to the paper currency of the empire—we must have the
goods we have bought, and so profitable is the trade, that
we tell you ' You cannot stop it, besides which, you :now
that the goods are required here, and that this and that trade
would languish without them.' There can bo no doubt
that the latter part of the statement is unfortunately too
true. We cannot have and enjoy the fall blessings of peace
and at the same time be engaged in war. Tho ' Declara-
tion' of her Majesty was intended to ' mitigate' the
horrors of war ; they were to be ' mitigated' by our traders
supplying themselves with the produce of the enemy's
country as in times of peace ; but the fact that this opera-
tion would go in two ways (by the direct payment of money,
and by the consequent enhancement of the value of the
paper currency) to strengthen the right arm of the enemy,
was
yov, erlooked. The war is a peculiar ono : our real
enem one man ; and the shortest way to bring about a
peace was, and is still, to gag that one man. We were
already on the highroad to this most desirable result, when
the exchange in St. Petersburg was down to 32d., and, had
not the Government of the country stepped forward with
the fatal ' Declaration,' my belief is; that the exchange
would have declined long before this to the point, rey
friends, who were then friends to an early peace, were an-
ticipating when all eyes ware fixed on the Emperor, and
fits of apoplexy and the like were talked of and appre-
hended."

" One thing more I will add in proof of the position
which I urge upon the consideration of your readers ; and
it is a strong fact. By the late advicos from St. Peters-
burg, it appears that the Emperor has appointed a special
commissioner to assist and facilitate the transport of goods
to the Prussian frontier, by every means which the State
can command ! Can env proof be greater than this, of the
value he attaches to the trade ? No doubt the intima-
tions conveyed in several London journals of the probable
feeling of our Government on the subject had reached
him, and he adopts this measure in order to en-
courage British capitalists to go on with the trade;
the result was equal to his anticipations; for we
are further advised that large purchases of pro-
,1
duce were again made, and confidence, which was flag-
202
ging, had been restored. Let every one calmly consider
20
this subject, then, as bearing on an early termination of
20
the war. If measures were promptly adopted by our Go-
-20
Torment, we should, without doubt, obtain increased
20
supplies of most of the Russian exports from other guar-
-20
ters, but although I think thus, I am not the less of opi-
-100
nion that decisive measures taken and acted upon vigo-
rously, would have so rapid an effect, that we should, by
a little economy, find that we have already sufficient of all
4
these articles to supply all our wants until the termination o`2,
of the war, for my information teaches me that the war 43
5
will be concluded far sooner by a catastrophe at St. Peters- ‘2.);
burg, than by the destruction of Sebastopol, or even of "
Cronstadt." 100
Accounts from the Baltic state that cold weather
was setting in, and that merchant ships were not leo
likely to leave the ports of Finland any longer, 20
under the apprehension that if they did so they 5
would be unable to get in again.
20,
There. is a very depressed market again for public
securities, and the sales for money continue. 100
Whether these are motived by politics, or arise
from the arrangement for placing the additional 100
two millions of Exchequer Bonds, is somewhat 100
uncertain ; but the belief is still entertained that 100
the Savings Banks Commissioners intend to take 20
the third series of the Bends, amounting to 100
2,000,0001. Consols have been 92, and since 91i 20
to for transfer, while for account they have 5
varied from 92i to 911 Money is again in 20request, and the Unfunded Debt has sunk to ss.
and 2s. premium. East India Bonds have been 4
12s. premium. The New 3 per Cents. have been 20
ON, and are now 89i to 90. Nothing has been 20
done in Bank Stock. 20
Foreign Securities have been generally lower. 232
Peruvian 4i per Cents, have been done at 661 to 1.0
67. Turkish Scrip has been down to 6,1 and 61 20
discount. In Spanish 3 per , Cents, there have 20
been several transactions at 37i to 381, and in the 0,
New Deferred at 181 to U. The Certificates have if
been at 51. 2C
The following are the nominal prices of foreign
stocks:—Grenada Deferred Bonds, 51 to 5l ; Mexi-
can, 21U- to 21i ; Peruvian, 66 to 68 ; ditto,
3 per Cents., 47 to 49 ; Portuguese 4 per Cents., 2(
40 to 42 ; Russian 5 per Cents., 95 to 97 ; ditto,
4 per Cents., 84 to 86 ; Spanish New Deferred, 11
14 to 18/2 ; ditto, 3 per Cents., 37i to 38 ; ditto, 21
Certificates, 53. to 5i ; ditto, Passive, 41to 5.
21
The Foreign Mining Shares have been dull, but 21
at about the previous rates.
The Joint Stock Bank Shares have been in fair 21
request at nearly the previous rates. The Aus- 2
tralian Land Shares are quiet, and Crystal Palace 2
are supported. 1

BRITISH FUNDS THIS DAY AT ONE O'CLOCK
(Front the Official List.)
Business done
3 per Cent. Reduced ......... 904 a9O
3 per Cent. Consols Annuities 92 1s as
New 3 per Cent. Annuities
Long Annuities, Expire sth Jan., 1860 4 5-16
India Bonds, £lOOO
Ditto, under £lOOO
Consols for Account
Exchequer Bills, 24d.
21000 w 3 5 2 p
Small 6 p
Exchequer Bonds 185 S, 36 per Cent.
Ditto 1859, „
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK
Peruvian Bonds, 46 per Cent.
Sardinian Bonds, 5 per Cent BB
Spanish Bonds, 3 per Cent 37i 84 8
Ditto New Deferred, 3 per Cent lB4 a
Spanish Committee Cert. of Coup. not fun N p
Turkish Scrip 6 per cent
Ditto for the Account
Dividends on the above payable in London.
ETA LP-PAST TWO.
91S
. 91 a

92 14 2a 11

Coisols
Dittis, Account ...

1 GU
DONCASTER FAIR.-At the Doncaster November fair, 25
held yesterday (Thursday), horses for the army were in
great demand, at much better prices than are usually 100
offered. The number in the market, however, was small; 10
they were ncarlyall bought up. Good cart horses realised j 5
as much as 401. each. There was an excellent supply of
,
large supply of sheep beasts ; heifers sold at 11/. to 141. each. There was a, 25
which were well sold up, at good 25
prices, hogs fetching a§ much
@Ai VA Per /I"di ► LO