The Sun.
London, England, 1854-12-22 00:00:00

THE _RESULTS OP ITE BARVEST•

(Front the Constitutionnel.)
The wants of the different States may be estimate all
10,450,000 hectolitres. These figures are thus divided.,
:-
—England, 5,800,000; Belgium, 750,000;
0 Hollandooo.
1,200,000 ; Switzerland, 1,000,000 ; Tuscany, 700,
and the Sardinian States, 1,000,000 ; in all, 10,450,00
Thus, according to our calculation, the deficit in Europ!
this year must be 10 millions of hectolitres, whereas last
year it was 40 millions. France and England alone juv
ported nearly 29 millions. The share of Italy, Switzer.
land, Belgium, and Holland, must have been 11 millionos
which certainly is net an exaggerated amount. In that
paring the two years of 1853 and 1854, it is clear t
the situation of Europe is better this year even withoutb
her having at her disposal the granaries of the Blin,
Sea. The United States alone would be sufficiently rims
to suffice for every want, if there did not remain the Baltic,
Spain, Egypt, and the Danubian provinces, offering
nearly as great an amount of resources. These coi
derations fully justify the decree of Nov. 30. The high
prices in the markets around us imposed it as a
the Government to suspend the ex iiortation of corn, 4
"
without that measure our wheat irvould have-bees son
abroad, and we should have been left without resources
to satisfy the demands of consumption. Thanks to .
protecting measures of the Government, France, it:
cruelly tried last year, will not this year have
et
struggle against the horrors of scarc't Tba bane
y.
of corn leaves over and above the wants a considerable
reserve. If it be admitted with us that this resale
makes up for the deficit left by maize, buckwheat, and
tatoes, it may be said that prices have reached their bigliel
loint. Already even they are beginning to decreuset
for since November an average decline of lfr. SOc. tbeheci
tolitre may be perceived. It is towards the north
the
i,
centre that the fall has been the most marked. in
tb tpfil.
east, where Switzerland had made some pnrcbus—'
the decline does not exceed 50c. According to :
official statistics, the hectolitre of wheat costs on
an average 15fr. 85c. in production. Bvit on cajo
side of that price, there is, on the one hand,
on
Var, where the hectolitre costs 23fr. 50c., unlfr,
the other, the Moselle, where it costs only slatb
But in comparing the average of the cost with t •
; eft'
of the sale, which is at present 26fr. 93c., it '8 ,he
dent that the prices are sufficient to remunerate
agriculturist. In the midst of the critical circU.S.
stances in which the country is placed, duty 80 II;
terest alike counsel the producer not to agg dis•
exorbitant pretensions, which are certain to be b.,
appointed, a situation rendered already so difficult
the dearness of food. Let the farmers, therefore,
place of waiting for higher prices, sell their product°
the present rate of quotations, for in doing so they W•ti
8 a
find it doubly their
..Ft
raVate J
other citizens they have need of tranquillity to pros Pei

MONEY MARKET

.y. ND

COMMITECTAL INTEILRIENcE.

CITY, TV 0 o'CLOCK.
The sales of cotton at Liverpool yesterday were
estimated at 7,000 bales, including 500 Ameri-
can, 70 Pernam and Maranham at 61. to 61d.,
250 Egyptian at sd. to Bd., 500 Surat at 3d. to
30., and 30 Sea Island at 111 d. to ls. 4d. per lb.
Railway shares were quiet, but firm.
Colonial produce has been rather quiet this week.
The markets close to-day for the holidays, and do
not re-open till Jan. 2. Sugar has been steady iu
price, and some of the foreign descriptions have
been a shade dearer. Coffee has been rather dull,
though most descriptions maintain their prices.
In tea only a small business has been done. Spices
have been at nearly the previous rates. Rice has
continued quiet. Saltpetre has been rather dearer
for the better kinds. Cochineal is up fully Id. per
lb. Hemp and flax are very dull, and also oils
and iron. Tallow has been heavy, but yesterday
it was slightly firmer, having recovered to 635. 6d.
to 635. 9d. per cwt.

It appears by the report of Messrs. D. Bell,
Son, and Co., that a good deal of business has been
transacted in American securities, especially the
Virginian and Pennsylvanian bonds. The current
prices are as follows :
_

Redeemable. Per Cent.
United States 6 per Cent. Bonds 1862...101 102
United States 6 per Cent. Bonds 1563...1033 1093
United States 6 per Cent. Inscribed
Stock ... 1867-1868...107 103
Pennsylvania 5 per Cent
... 73 75
Pennsylvania 5 per Cent. Bonds 1877... 78 80
Massachusetts 5 per Cent. (Sterl. Bonds) 1868...101 102
South Carolina 5 per Cent. Bonds
(Baring's) 1858-1868... 93 95
Maryland 5 per Cent. (Sterling Bonds)... 93 94
Alabama 5 per Cent. (Sterl. Bonds) 1858-9-66... 83
irginia 5 per Cent. (Sterling Bonds) ...1888... 87 89
Virginia 6 per Cent. Bonds 1886... 82 84
Kentucky 6 per Cent. 1865... 88 90
Canada 6 per Cent. (Sterling Bonds) 1876,..109 110
LOINS OF CITIES.
Boston 4i per Cent. (Sterling Bonds) ...100 101
Montreal 6 per Cent 1857-1865... 83
New Orleans 6 per Cent. 80nd5.... 1893... 82

RAILROAD BONDS.
Great Western of Illinois 10 per Cont.,.

,
Ist Mortgage _
1868... 61 62
Pennsylvania Central R. Rd. 6p. Cent... 1880... 89 90
New York and Erie 7 per Cont. Ist Mort-
gage lB6B-1869-100 101
New York and Erie 7 per Cent. 3,1 Mort-
gage 1883... 76 77
New York and Erie 7p. Cent., Convertible 1862... 70
Northern Indiana 7 per Cent. Ist M0rt-
........_ ___

gage (Gosehen Branch) 1868... 75
Terre Haute and Alton 7 per Cent. Ist

Mortgage 1867... 75
The Stock Market has been a little firmer since
the commencement of business, but the transac-
tions entered into are not of magnitude. The idea
that the Chancellor of the Exchequer has an in-
tention of selling Savings-bank Stock to some
.amount, substituting Exchequer Bonds or a new
security, whether well or ill founded, naturally
has the effect of depressing the Stock Market. The
bankers would look upon such a measure
as the receipt of deposits and their retention
in the Treasury as an interference with their busi-
ness, and the Stock Exchange dislike the assumption
of new powers by Government that will allow in
any shape of the sale of securities without a special
rote of Parliament. It may perhaps be unfair,
however, until the subject is duly considered upon
official information furnished, to come to premature
conclusions, or even to attempt forming a judgment;
but with Mr. Gladstone's known disposition to
innovate, and the fact that the Savings Bank de-
posits exceed 33,000,0001., the distrust that is
manifested in some quarters is the more easy to
understand. Consols have been 91k to and are
now 91i The New Three per Cents. have been
marked 91i to and the Reduced 91 to I. Bank
Stock is worth 208 k, being steady. Exchequer
Bills are 4s. to 75., and India Bonds 9s. to 12s.
premium.

Foreign Securities have been rather firmer gene-
rally. Mexican Bonds realise 24. Peruvian 694
to and Chilian 100 i. Turkish Stock has risen
from 74k- to 751. Spanish New Deferred Bonds
have been 18i to 19. _

The following are the nominal prices of Foreign
Stocks :—Grenada Deferred Bonds, 5 to 6 ; Mexi-
can, 21 to 21i ; Peruvian, 68 to 70 ; ditto
3 per Cents., 48 to 50 ; Portuguese 4 per Cents.,
41 to 43 ; Russian 5 per Cents., 97 to 99 ; ditto
4 per Cents., 87 to 89 ; Spanish New Deferred,
18i to 19 ; ditto 3 per Cents., 381 to 39i ; ditto
Certificates, 5i to 51 ; ditto Passive, 41 to 4g-.
'lke Railway Share Market has been without
any particular change, but the dealings are, in some
instances, at a slight rise. There is no absolute
activity. Iu Foreign Shares there is more doing.
Luxembourg are better maintained.
The Mining Market is dull. The Joint Stock
Banks are much livelier, and at full quotations.
The Australian and Canada Laud Shares are at
full rates, and Scottish Australian higher.

BRITISH FUNDS THIS DAY AT ONE O'CLOJK.

(From the Ogicial List.)

Bu,iness done
Bank Stock 2061
3 per Cent. Reduced Annuities.... ......... 914 1
3 per Cent, Corsols Annuities
New 3 per Cent. Annuities
Long Annuitie3, Expire sth Jan., 1860 4.5-16

Ditto 30 Years, Expiro 10th Oct., 1859 41-16
India Bonds, £1000
Ditto, under £lOOO 9 12
Consols for Account, 10th January
Exchequer Bills, lid.
£1000
Small 4 7
Exchequer Bonds 1858, 3i per Cent. —
Ditto 1859, ~
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Chili= Bonds, 6 per Cent... .......
Mexican 3 per Cent.
Ditto for the Account 214
Peruvian Bonds, 4,i per Cent. 69 i i
Spanish Bowls, 3 per Cent —
Ditto New Deferred, 3 per Cent l9 18i
Turkish Scrip, paid up in full
Ditto for the Account
Dividends on the ahovo payable in London.
HALF-PAST TWO.
91g

Consols_

SAVINGS-BANK FUNDS.

The statement of the Chancellor of the Exchequer on
Thursday night, on moving a resolution for a change in
the present system for dealing with the funds of savings-
banks, caused the English funds to open yesterday at a
decline. There is reason to believe, however, that no
ground exists for this adverse movement, and that it origi-
nated in an erroneous impression that the contemplated
measure is intended to give the Government increased
power to sell or otherwise deal at pleasure with the
savings-bank stock now standing in the names of the
commissioners, and which amounts to a total of about
33,000,0001. So far from this being probable, the pur-
port of the bill in quarters likely to be well informed is
understood to be, that about two-thirds, or 22, 000,0001.,
of the savings-bank stocks now held shall be abso-
lutely cancelled, and that in place of that amount a Go-
vernment money debt shall be created, bearing the same
rate of interest (3 per cent.), and for which half-yearly
warrants shall be issued to the commissioners, in the same
manner as dividend warrants have been issued to them
heretofore. The process, therefore, will merely be to
change the form of the debt from as inscription in the
Bank of England books to an inscription in the Treasury
books ; and one of the advantages to be gained is, that
the liability of the Government to the savings bank de-
positors will thenceferth assume its true form. At this
moment the amount of stock held by the commis-
sioners on account of the savings banks does not
represent the actual liability of the country by nearly
3,000,0001., and an apparent deficiency, which has
an objectionable look in such matters, has therefore
always to be estimated. This deficiency has ori-
ginated in the fact that the Government hold them-
selves bound to pay all deposits in full, whatever
may be the fluctuations from time to time in the value
of the securities in which those deposits have been in-
vested. They are therefore liable, whenever the funds
are low, to sustain all the consequences of the deprecia-
tion, and, as the deposits always increase when, in con-
sequence of money being abundant, the funds are high,
and as invariably diminish in times of pressure, the Go-
vernment purchases and sales of stock are necessarily, in
a majority of instances, made at the most unfavourable
moment. By avoiding any fresh investments of future
receipts, and holding them as they would be held by a
banker, the Treasury will prevent all recurrence of the
mischief, while by retaining one-third of the deposits in
their present form of stock the means will exist, as usual,
of meeting by sales any excess of withdrawals over de-
posits that may meanwhile have to be met.—Times'
City Article.

SCOTCH LEGAL APPOINTMENTS.-Mr. Craufurd, the
present Solicitor-General, will be appointed to the va-
cant seat upon the bench. There being at present an
Earl of Crawford there would be inconvenience in his
prefixing " Lord" to his name, and he will therefore
take his seat as Lord Ardmillan. Mr. Mackenzie, the
Sheriff of Ross, obtains, with the full satisfaction of
the profession, the gown of Solieitor-General.—Edin-
buTql4 WitresBo, - .

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