The Sun.
London, England, 1854-08-14 00:00:00

M K .

AND
COMAIEBOIAL INTELLIGENCE.

CITY, TWO o'CLOCK,

The sales of cotton at Liverpool on Saturday
were estimated at 6,000 bales, including 1,000
American taken fur export and on speculation.
The market was tame, but steady. The sales com-
prised 5,000 American, 250 Pernam and Maran ham
at bid. to 6d., 20 Bahia at 6id., 200 Egyptian at
bid, to 90., 300 Surat at 3d. to 4d., and 350 Sea
Islands at 10d. to ls. sd. per lb. Railway Shares
were dull at lower prices.
As might be expected from the continuance of
the fine growing and harvest , weather the corn
market was in a drooping state to-day, and prices
generally in decline. About 150 quarters of new
wheat were on sale in Mark-lane in excellent con-
dition. The reduction in cereal values so far, and
Which from present appearances may be looked for
continuously for some time to come, is calculated,
with other beneficial consequences, to exercise a
considerable influence on the money market, and on
the rates of interest and discount. Large amounts
of capital will of course become disengaged, which
heretofore have been necessary to the representa-
tion of the higher prices of corn ruling, added to
which the tendency of an abundant production of
home growth will be to diminish materially the
quantity of bread stuffs required from abroad,
whilst from the lower prices which will prevail so
much capital less will be absorbed in payment
for that lesser quantity which shall arrive.
It may be observed that whether such payment
be made in hard money or bills representing money,
or in commodities, the effect will be the same, of
releasing so much capital. Supposing, which may
be hoped, and so far as the United States may be
anticipated, that payments for imported breadstuffs
shall be balanced or covered by fabrics and pro-
ducts exported, and that the present market value
of these shall be supported, if not enhanced, it
should result that with a greatly-decreased cost of
the raw material of life the country will be the
gainer in addition by all the profits of exported in-
dustry. In so far a large proportion, if not the
whole, of the surplus profits from past high prices
necessarily paid away for an excess of foreign sup-
plies will be recovered, and thus on the sound free
trade principle the trading intercourse of nations
will be found to adjust a balance itself.
In the face of these encouraging circumstances,
and with prospects of such promise, it would seem
impossible that the present high rates for money
accommodation should be long maintained. With
disposable capital daily in increase, and the sup-
ply of bills in the discount market notoriously
short, arising mainly indeed frcm the greater pre
valence of cash payments induced by the high rates
exacted for discount and the more restricted credit,
it should follow that the directors of the Bank of
England will find it necessary to take further steps
in the reduction of their present minimum rate of
5 per cent., under-sold as they already are by the
banks and discount houses. The recent reduction
of per cent. appears inadequate to satisfy the
legitimate conditions of the present state of money
and commercial affairs.

The commercial advices by the Overland Mail
from India are of a mixed ch E.racter. At Cale :tta
the trade in piece goods was heavy, and prices on
the decline, without attracting purchasers. At
Bombay, on the contrary, the heavier kinds of
cotton goods were not difficult to move at a slight
reduction upon previous quotations, although finer
goods, such as jacconets, are neglected. The export
trade was dull, chiefly on account of the high
prices and short supplies of produce, and freights
had fallen in consequence, and with a full supply
of shipping. From Hong Kong and Canton a fair
amount of business was doing in imported commo-
dities, but teas were ruling at advancing rates,
with light stocks and not much offering. The ope-
rations of the insurgents in the province of Canton
were calculated to interfere with the passage of the'
supplies from the tea districts.
The New York accounts by the St. Louis notice
a depressed stock market. Money continued easy
upon good paper, and the bankers, it is stated,
found difficulty in employing their capital. The
latest weekly return of the city banks showed a de-
crease in the deposits of $1,168,426; in the circula-
tion of $11,512; and in the specie of $333,445. The
item of discounts increased $576,709. The exports
of specie during the week ending the 29th ultimo
were $985,755, making the total for the year up to
that date, $19,108,319. In the dry goods market
foreign products were in improved demand, but
still the aggregate transactions were limited, and
the prices irregular.
There is little change to report in public:securi-
ties, in which the transactions have been of in-
considerable extent, as usual, on the first day of
the week, with a thin attendance of dealers at this
season of the year. Consols have ranged between
93,1 to for money, and the same for time, the
market firm. Reduced Threes 93t to 4. Three-
and-a-Quarter per Cents. 94 to Exchequer-
bills, par to 2s. premium. Long Annuities
4 11-16.
Foreign securities are quiet, and generally
without material variation in prices. Brazilian
Small Bonds are quoted 1001, and the New Four-
and-a-Half per Cents. 95i ; Grenada Deferred have
been dealt in at 6 to 6±, and Peruvian Four-and-
Ilalf per Cents. are firmer at 78i. Russian 41 per
Cents, are 86, and Swedish Four per Cents. 854.
Spanish New Deferred are dull at 18g-, and the
Committee's Certificate at 4i Nothing has
been done in Mexican or Dutch Bonds.

The following are the nominal prices of foreign
stocks :—Grenada Deferred Bonds, 6 to 6i. ; Mexi-
can, 24 to 24i ; Peruvian, 68 to 70 ; Ditto 3 per
Cents., 51 to 53 ; Portuguese 4 per Cents., 39 to
41 ; Russian 5 per Cents., 98 to 100 ; Ditto 4.i per
Cents. 83 to 85 ; Spanish New Deferred, to
19 ; Ditto 3 per Cents., 39 to 39i ; Ditto Certifi-
cates, 4i to 5i ; Ditto Passive, 3i to 4k.
The railway meetings announced are the fol-
lowing

Company. Date. Place.
Belfast and County Down Aug. 31, Belfast.
Birken. Lane. and Ches. Jn Aug. 26, Birkenhead.
Ceylon Aug. 17, Copthall-buildings.
Darenth Valley
Dui lin and Wicklow
:astern Counties
Edinburgh and Bathgato Aug 15, Edinburgh.
Glasgow and South-Western Sept. 6 Glasgow.
Great Northern
Great S. and W. of Ireland
Great Western
Llanelly
London and South-Western Aug. 16, 34, York-road.
Manchester, Buxton, and
Matlock
Maryport and Carlisle
Melb 'urns Dock and Railway Aug. 21, London Tavern.
Midland
Newry and Enniskillen......... Aug. 29, Guildhall Coffee-h
Norfolk Aug. 30, 69, Lombard-st.
N. and S. Western Junction Aug. 15, Euston-square.
North Eastern
Northern and Eastern
Oxford, Worces., & Wolver Aug. 29, London Tavern.
Royal Danish
Royal Swedish
St. Andrew's and Quebec (A) Aug. 31, 26, Parliament-st.
Sambre and Mense Aug. 24, Jardinet.
Severn Valley Aug. 19, 31,. Parliament-st.
Shrewsbury and Hereford Aug. 16, Shrewsbury.
South Devon , Aug. 22, Plymouth.
South Eastern Sept. 7, Bridge-house Hotel
South Wales
Taff Vale Aug. 17, Bristol.
Thames Haven ... Aug. 28, London Tavern.
Vale of Neath Aug. 30, Neath.
'Waterford and Limerick Aug. 30, Waterford.
Wells and Fakenham Aug. 23, Fakenham.
'West Cornwall
W. E. London and Crys.Pal Aug. 21, London T avern.
West London Aug. 22, London Tavern.
Wharfdalei
Wimbledon and Croydon Aug. 22, Fendall's Hotel.
Worcester and Hereford
In Railway shares not much is doing, and the
quotations have further tended downwards. The
decline is most observable in South-Western, Man-
chester, Sheffield, and Lincolnshire, Midland, and
York and Berwick. Great Western are consider-
ably lower, the report just issued not being so
favourable as generally anticipated. The Foreign
lines are dull but steady.
Mining shares attract very little attention, Joint-
stock Banks are rather better, and Land shares
firm.

BRITISH FUNDS THIS DAY.—CLOSING PRICES.
(From the Oticial List.)
Pustnelm dnne.
Rank Stock
i 3 per Cent. Reduced Annuities 94 3 4 3
3 per Cent. Consols Annuities 93a 4
Se per Cent. Annuities
Long Annuities, Expire sth Jan., 1860
India Stock
Consols for Account 17th August
Exchequer Bills, 2d.
£5OO
Small par 2 pm 2 die
par 3 pm
Exchequer Bonds Scrip
Ditto 1859
PRICE OF FOREIGN FUNDS THIS DAY:7
Brazilian Bonds, 5 per Cent.
Ditto Small
1001
Ditto New, 1852, 4 per Cent .
Grenada Bonds, Deferred
Peruvian Bonds, 4} per Cent'. .... . .. 70j
Russian Bonds, 1822, 5 per Cont. £ St
Ditto 4i per Cent
86
Spanish Bonds, 3 per Cent
Ditto for the Account 3it• 9
Spanish New Deferred, 3 per Celt. ....
Spanish Committee Cort. of Coup. not fun 4l o
Swedish 4 per Cent... ..... .......
Dividends on the above payable in London.
Dutch Exchange, 2a per Cent. 12 Guil
Consols THREE O'CLOcie. 931 i
Ditto Augut Account 931