The Sun.
London, England, 1854-10-20 00:00:00

1M ON E Y AItK E T

41:1)
COMAI.6I-ICIAL INTELLIGENCE.

CITY, TVYO O'CLOCK.
The sales of cotton at Liverpool yesterday were
-
estimated at 7,000 bales, including 1,500 American
taken for export and on speculation. The Thema
closed heavily, without change in prices.
sales comprised 5,500 American, 150 Pernam and
Maranharn 51d. to 6.0., 80 Bahia at 60., 300
Egyptian at 6d. to Bd., and 1,000 Surat at 3d. to
41d. per lb. Railway Shares were very heavy,
at lower prices.
The public sales of colonial wool commenced
yesterday, 4,8000 bales being about the quantity
announced. There is besides, however, foreign to
some extent. The auctions have opened with
spirit, at full prices.
There has been a fair amount of business tran-
sacted this week in Colonial produce. Sugar has
been quiet, but for coffee there has been a good
inquiry, and. rice is on the advance, owing to the
rise in grain. In Indigo there has been more
business. Spices generally have been fully sup-
ported. Rum is dearer, and cotton has a steady.
sale. In hemp and tallow there has been a con-
siderable rise, owing to the expectation that Go-
vernment intends to prohibit the importation of
all that is produced in Russia, from whatever part
it may come. The ;tea market has been in rather
an unsettled state.
the Directors, after the
The first report made by
but to
opening of the Deeside Railway, is intere
those of
sting, not
only to their own shareholders,
other companies.
The Deeside Railway is the first of those ch
country
eaply-
constructed lines, running through a
purely agricultural, and having at one of its ter-
mini a town of some magnitude, with a s h
not
stirring
population. The Valley of the Dee,
althoug
nearly so fertile, and without a tenth of the inha-
bitants of similar districts in England, a
cost so
now pos-
sesses railway accommodation, but at
proportioned to the traffic, that the shareholder
finds himself at the end of the first year's experi-
ment with a dividend of 5 per cent.
Looking at this result, the natural question
return,is
How has this railway come to yield a fa
even with a traffic imperfectly developed—with a
Want, as the directors state, of carriages and wag-
gons, and heavy payments to other companies k
?
for
the loan of locomotives and other working
toc
The answer is an obvious one, ECON OMY. Economy
in the designing of the line—in the constr o
the works—in the conduct of the traffic. The gra-
dients were adapted, as far as possible, to the nature
of the ground. Heavy cuttings and embankments
Were avoided. A single line of railway was held
Enfficiont, and a vigilance exercised by the engi-
Leers and directors, which saved, to a great ex-
tent, any outlay for extra works.
We were curious to see how far the original pros-
pectus tallied with the accounts now in our han
the
ds.
By a reference to the statement published by
Directors in June, 1854, the contrast between the
estimates for the works and the actual payments
is as follows :
The estimate for land, works, engineer-
ing, and all other charges up to the
opening of the line was 86,000
The actual expenditure is 93,018

£7,018

Add to this, additional sum required to
fiuish the works by the Directors' report 2,000

And we have a difference 0f............ £9,018
The excess is altogether upon the item of land,
the estimate in 1852 being 7,0001., with ground-
rents to the extent of 4871. The actual payments
being 17,0001., with ground-rents of 3171. per an-
num. It would appear from this that landowners'
claims are still as unreasonable and vexatious as
ever. Here we have a railway which costs for
works and stations about 70,0001., or 4,4001.
a mile only, yet we have the land costing (capi-
talising the ground-rents at twenty-five years'
purchase) 25,0001., or something like 1601. an
an acre. It is gratifying, however, to find that,
notwithstanding the exorbitant payments to land-
owners, the first essay in cheap railway making is
likely to pay. The Directors find themselves in a
position to declare a dividend of 5 per cent. on the
capital, and " look forward to the increasing success
of the line with undiminished confidence." We
believe they are right in entertaining this confidence.
They have carried during 51 weeks (over which
and
the accounts extend) 164,000 passengers
23,000 tons of goods. The quantity of goods con-
veyed appears more extraordinary than the num-
ber of passengers, as Deeside has always been a
place of resort to holiday seekers, and crowds of
excursionists might therefore safely be reckoned
on. The gross earnings from goods and live stock
are 3,6001., while the traffic tables submitted to
Parliament showed only 3,1001., a fair proof that
facilities and cheapness of transmission stimulate
consumption. The working expenses are 41 per
cent. of the receipts. Had the position of public
affairs permitted, we have little doubt that the
example furnished by this railway of cheap con-
struction and economical working would have led
to numerous schemes of a kindred nature.
The steamer Adelaide from Sydney has at
length arrived. Her dates are of purse old as she
left Van Diemen's Land on the 7th of June.
The ship Roseborry, from Geelong, brings 10,000
ounces of gold. Her dates are not so recent as those
already to hand.
At Hamburgh the grain market was very ani-
mated on Wednesday. The rate of exchange on
Vienna and St. Petersburg was still declining.
The Zollverein deputies assembled at Darmstadt
have recommended an increase in the import duty
upon Anglo-American leather cloth (toile eiree).
Accounts from Berlin, dated Wednesday, state
that a telegraphic despatch from St. Petersburg of
100
the 18th inst. had been received there, in which, 20
under date of the 12th, Prince Menschikoff an-
N
nounces that the Allies had not yet commenced 25
the siege of Sebastopol. This information is one
day later than what has reached us by other 100
means.
The corn market is higher again this morning in 1-(1;,°0
Mark-lane, owing, partly, to the rise on the 5
5
Continent. 20
The English funds' have been again depressed,
the rise in corn chiefly affecting them. Consols 100
have been 94g- to for transfer, and 94i for
account. The New 31 per Cents. have been 93,1 100
to and the Three per Cents 931 to k. There 100
has been a bargain in the New 2i per Cents. at 82. 100
Bank Stock has been firm, at 210. Exchequer „A
Bills are 4s. to 7s. premium. East India Bonds 100
have been at 10s. premium. 20
The foreign market is heavy, like that for 5
English Stocks. Mexican Bonds have been 23k to
I, without the dividend, being rather lower. 2C
Brazilian Bonds have fluctuated from 98k to 994. 4
Austrian 5 per Cents. have been quoted 87. In 2(
Spanish Bonds nothing has been done. The 2(
Turkish Scrip is 2/ to 2i premium. 2(
The following are the nominal prices of foreign. F!
stocks :—Grenada Deferred Bonds, 51 to 6/ ; Mexi-
can, 231 to 233/4 ; Peruvian, 71 to 73 ; ditto,
3 per- Cents., 51 to 53 ; Portuguese 4 per Cents., 2
40 to 42 ; Russian 5 per Cents., 96 to 98 ; ditto,
2
4 per Cents., 84 to 86 ; Spanish New Deferred,
18i to 18k ; ditto, 3 per Cents., 37 to 38 ; ditto, 1
Certificates, 5 to 5i ; ditto, Passive, 4i to 41.
Railway Shares are still depressed, and the busi-
ness doing is extremely small. Caledonian have
fallen 1 to 1, and Lancashire and Yorkshire, North-
Western, Midland, and the other principal lines,
are cheaper. In the foreign market very little has
been done, and nominally prices are about the

St.
10
St.
25

20
20
50
20

same.
The Foreign Mines have been neglected ; in the
Banks there have been several bargains, and also
in the Dock Companies. The Crystal Palace are
steady, and the Australian Royal Mail rather
higher.

BRITISH FUNDS
nt THI
Olicial S DAY
List AT
.)O NE O'CLOCK.
( Fro the
Business done.
Bark Stock
210
3 per Cent. Reduced Annuities 934 i
3 per. Cent. Consols Annuities 941 $ a
NOV 3 per Cent. Annuities
New 2i per Cent. Annuities
Long Annuities, Expire sth Jan., 1860
Dittc 30 Years, Expire 10th Oct., 1859 4 1-16 3-16
India Bonds, £lOOO ......••••• •
Ditto, under £lOOO
Consols for Account 14th Nor. 941 i
Exchequer Bills, 211.
U.OOO ....................... ... ..
Exchequer Bonds 1858,
DM* 1859, ~
Per Cent.
991
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK,
Austrian Bonds, 5 per Cent...• •-• ••• •-•'*"' 87
Brazilian Bonds, 5 per Cent
Chiliad] Bonds, 6 per Cent ........ ... .....
M exican 3 per Cent.
it
Peruvian 4i per Ceat.
Portuguese Bonds, 4 per Cent ................
Ditto, 1848, 3 per Cent ....... ...... ......... 31
TurkishSciip 6 per cent ....................... 2 i p
Dividends on the above payable in London.
lIALF•PAST TWO.
Consols ....................................... 94a
Ditto November Account ..........•.•• 94i i

GIIBRNSET POST•OFFICE.—The number of letters of
all descriptions received at the post-office here, and de-
livered in the island during the week ending the 30th
ScPt°',"'l)", wag 7,017 the number money orders
I;s,'d"ii,g tile -year ;,nding the NCI qcp.,:aber,
vP)." ; the amount, 14,7261. 3s. 10d. ; the number
• pvaid, 4,999
; amount, 12,4511. 13s. 4d. ; the gross re-
, emus of the post-office for the year, 3,0181. 12e. OC—
flornny 45t4".