The Sun.
London, England, 1854-12-05 00:00:00

E MONEI MA 11K17:41'

011MERCIA!, 1' .LLL I(I 'IN-OE.

CITY, TWO o'CLOCK.

The sales of cotton at Liverpool yesterday
were estimated at 7,000 bales, all to the trade. The
market closed tamely, without change in prices.
The sales comprised 5,000 American, 150 Pernam
and Maranham at 61-d. to 6g-d., 300 Egyptian at
Rd. to 61d., and 1,000 Surat at 20. to 4id. per
lb. Railway Shares were firm.
The following remarks upon the silk trade are
supplied by Mr. Henry W. Eaton :
" As might be expected, after the large operations in
October, the silk market during the last month has, been
. comparatively quiet ; prices, however, have remained
firm, and within the last day or two a decidedl3l- im-
proved inquiry has manifested itself both for export and
home consumption. The accounts from China up to
the 3d October report further business, and an advance
of 15 dollars per pecul, equal to about is. per lb., Which,
with the rise in the exchange to 6s. 3d. to 6s. 4d., leaves
little inducement to shippers to this country. The set-
tlements in all China to date may be estimated at
17,000 bales against 30,000 bales at the same period last
season, and shipments about 8,000 against 24,000 bales.
In Bengal, silk here there is no new feature. The
last letters from Calcutta advise the exports as very
limited, the bulk of the silk lately offered being of the
rainy bund and too inferior, and had, in consequence,
been taken for native use. In Brutias there is nothing
&ding; more on account of the exhausted stocks than
from any objection to the silk, but in Persians several
parcels have changed hands from 9s. to 10a. The un-
cleared stock of the former consists of 20 bales, and the
latter of 1,000 ballots. It is expected that the imports
of both these descriptions will be small fir the present.
The Italian market has been almost without a tranac-
tion."
The following observations upon the mode of
raising money to carry on the war are front the
Bankers' Circular : •
" The question of war is most essentially a question
of money, and it would be perfectly ridiculous to suppose
that such a war as the one in which England and France
are engaged would not be a costly one. So long as dip;
lomacy held out the prospect of a peaceful settlement, it
was perhaps reasonable to suppose that we could meet
the expense by a moderate increase of taxation but
every hope of this kind has vanished, and preparation
must be made for largo and immediate supplies. I The
Chancellor of the Exchequer cannot now speculatetupen
the advantages or disadvantages of the funding sy6tem.
It has been stated, upon the authority of the Times, that
the opinions which have been entertained of the eces-
-1
sity of raising a loan are quite premature. Without
knowing any of the views which the Government may
have upon the subject, it is perfectly clear that the
course which the Chancellor of the Exchequer will' have
to take can scarcely be the result of his own choice, if
we refer to the opinions he has already expressed
upon the means for providing for the war. There
are only three courses that are open to him by which
the enormous expenditure can be met. He must !raise
an immediate loan, liorrow on Deficiency Bills, or levy
an income-tax of 10 to 15 per cent. It may be that he
will reject the first expedient, and adopt the second until
the third can be fully brought into operation. We shall
not speculate upon which of these expedients may be
adopted until the Government scheme is before us, but
it may be well to offer a few remarks upon these three
points."

Money.was in rather more demand yesterday for
the payment of the bills falling due as usual on the
4th," but these were generally well met, and there
Las been evidently a contraction in business of late
which now tells upon the capital ordinarily em-
ployed. The rate of discount for best bills has been
41 to 5 per cent, and on call money is worth 41.
English Stocks have been weaker, and the ac-
count so far appearing to be " bullish,", there is a
higher charge made for carrying over speculative
transactions. Consols have been 92k to for
transfer, and 921 to for account. At timei the
contago has nearly reached I- per cent. The nature
of the Austrian treaty is still anxiously canvassed,
and doubts are already arising again as to its scope
and meaning. The New 3 per Cents. have been
90a to and the Reduced 3 per Cents. 901 to
Bank Stock is heavy at 208 to 2091; Exchalquer
Bills are 3s. to 6s. premium, and the Bonds have
been dealt in at 991.
Foreign Securities have been heavy. Mexican
Bonds have been depressed at 21. The Turikish
Scrip has been at 6i to 7 discount. Spanish 3 per
Cents. are firm at 38k, and the Deferred at, 18i
to 19. Sardinian Bonds have realised 844 exklivi-
dend. Dutch 24 per Cents. have been quiet at 61.
The following are the " calls " for the pr4sent
month :

Date due. Call. ;
Hereford, Ross, and Gloucester, 5i
per cent. 201.
Killarney Junction 1... 1 0 15,000
Londoady. and Ennisk. Gua. Pref 1... 210 6,000
Newpt., Aberg. and Hereford
North London, new 101.
*St. Andrews and Quebec, Class A 20... 2 0 40,000
South Wales, 201. Gua. iti pr cent. 12... 4 0 unkwn.

197,940

*The proportion called by foreign com- i iu
panies is 80,000/., but the holdings
1 5
20
of English proprietors are not known 20
Total called in 1854 £13,101,542
The railway meetings announced are the fol- ...
17