The Sun.
London, England, 1854-04-25 00:00:00

THE SUN, LONDON, TUESDAY EVENING, APRIL 25, 1854.

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWO O'CLOCK.

The sales of cotton at Liverpool yesterday
were estimated at 6,000 bales, including 500 Ame-
rican taken for export. The market was tame but
steady, at previous rates. The sales comprised
4,500 American ; 200 Bahia, at 614. to 60. ;
250 Egyptian at 6d. to Bid. ; 1,000 Surat, at 20.
to 31d. ; and 100 Sea Island, at ls. to 2s. 2d. per
lb. Railway Shares were fiat, at lower prices.
At the first ordinary general meeting of the Com-
mercial Credit Mutual Assurance Society, the possi-
bility of carrying out a system of in lurance against
bad debts was fully exemplified. Many erroneous
opinions have prevailed upon this subject, and it
has been concluded by some persons, that scarcely
any plan could be devised which would work safely
and advantageously for all parties. Iu a period of
excitement and panic, the losses, it has been con-
tended, would be overwhelming, and the satisfaction
of the numerous claims extremely problematical. It
needs only a perusal however ofthe stringent but very
necessary and wholesome provisions upon which
the society is based, to convince the most sceptical
that no apprehension need be entertained on this
score. The object studiously kept in view is the
inculcation of cautious trading; and, so far from
holding out a premium to the careless or unprin-
cipled, the highest possible inducements are offered
for preliminary inquiry and mutual co-operation
in the avoidance of bad debts. A party insuring
becomes immediately interested in diminishing the
losses that may arise, because they are met by the
common fund ; and there is so little excuse for
trusting unknown or suspected individuals, that
we doubt whether tha society would be acting in
the least illiberally if it excluded from com-
pensation those who open new accounts with-
out first seeking information from what is
termed its " Reference Department." If the
manager reported the person about whom
inquiry was made to be untrustworthy, credit ought
naturally to be declined, and the annals of the
Bankruptcy Court would reveal fewer tales of gra-
dual but ruinous involvement, in which, though the
guilty may suffer, the innocent become involved.
The assured have such ample control that there is
every guarantee for the fair administration of the
undertaking, while a Council of Reference, elected
by themselves, and comprising mercantile and pro-
fessional gentlemen, who, being neither directors
nor shareholders, are wholly disinterested, sits in
judgment upon all claims, and in a special report
to the Board assigns its reasons for their admission
or rejection. The assured have no liability
beyond the payment of their premium and
the Management Commission. In the general ba-
lance sheet from May, 1852, to the close of 1853, as
submitted to the meeting of the assured, it appeared
that the premiums received amount to 31,0321.,
and the admitted claims, less 10 per cent. to the
reserved fund, to 24,5271. The manager's report
states that, on the 31st Dec. last, there were 217
houses insured :
" These 217 houses may be classified as to the amount of
their respective annual returns, as follows :-
44 houses annual returns, under lO,OOO
80 10,001), and not exceeding 15,000
28 „ above 15,000, 20,000
25 „ 20,000. 30,000
11 ~ 30,000, fl 40,000
14
15 5
„ 40,000, ft 50,000
ff 11 %MP

" The premiums payable for the year 1854, by the 217
houses, whose policies existed on 31st Dec. 1853, amount
to 31,006/. ls.

" Further Policies have been issued by the Society since
the let January this year ; and (after allowing also for
policies which have been cancelled) there are on this day
228 houses on the books of the Society, who are Policy
holders, and whose aggregate annual returns amount in the
whole to 4,925,0001.
"The Manager further reports, that the Claims admitted
since the commencement of the Society, and up to the 31st
December, 1833, are 781 in number, and amount in the
whole to the sum of 27,252/. 6s. lld.

" These admitted claims may be classified according to
their respective amounts, as under :
190 claims under £lO
283 „ £lo and not exceeding 25
163 „ above 25 PP 50
93 PP PP 50
P. 100
44 pP IP 10° IP 250
8 „ „ 250

" The manager further reports, that in the reference de-
partment, simre the formation of the society and up to
31st December, 1353, there have been, independent of the
general register of bankruptcies and insolvencies kept- by
the society, 3,288 special inquiries made on behalf of the
assured, and 2,647 answers given to inquiries made by the
assured."

The firms that insure, include manufacturers,
founders, corn-dealers, retailers, factors, coal,
iron, provision, leather, stone, and timber mer-
chants, paper stainers, jewellers, gold beaters, d:c.
The Council of Reference report that when a
claim is made, immediate steps are taken to assist
the party in recovering the debt, even before it is
shown that the society funds are answerable for
the payment, and that an assured house has con-
siderable advantages over an uninsured one, in
other respects similar. In the winding up
of many estates, thanks to the zeal and ability of
its officials, this society has done far better for
creditors than they could have hoped to have done
for themselves, and excellent dividends have been
realised where the asserted assets were exceedingly
small.

The Overland Mail is telegraphed as having
arrived. The rebellion in China appears still to
be spreading.

A feeling of greater anxiety prevails in the city
respecting the continuous drain upon the bullion
of the Bank of t ngland. We hear that the return
for the week to Saturday last will show a total of
less than 13,250,0001., and it is certain, from the
amounts withdrawn this week, that the balance-
sheet to next Saturday will look still worse. The
gold by the recent vessels from Australia is al
bespoken, and the question is naturally asked, "can
the drain be arrested, and how I" It is confidently
stated that the Bank will, on Thursday, raise its
rate of discount to 6 per cent., but if the remit-
'
tances are for Government account, and the war
must be carried on, it will be idle to suppose that
the bullion can be retained. We trust sincerely
the excellent plan of Exchequer Bonds will suc-
ceed, as these documents' may possibly become in
favour abroad, and attract' -specie hither, as even
Consols would do now but for the fear of a greater
depression in prices, and the absence of any gua-
rantee that they will hereafter be liquidated at
par.
Stocks are weaker this morning, although the
foreign political news is good on the whole, and it
is probable that the decline in the bullion, and the
intention to invest in Exchequer Bonds induces
the sales. Consols have been done at 867 T for
money, after having been quoted 871 I. For ao-
count the lowest price has been 87. Exchequer
Bills have been at par to 4s. premium. India
Stock is marked 230 to 233. •
Foreign Stocks have been rather tending down-
wards. Russian 5 per Cents. have been at 92 to
93, being very firm. Spanish 3 per Cents. have
been at 354., and the New Deferred at 17g t. Mexi-
can Stock is worth 23g and Equador at.
The Railway Share Market has been flatter by
about 1 per cent.
The Gold Mine Shares have been firm, and
Aqua Fria better. The Land Companies' and
Banks are steady.

BRITISH FUNDS THIS DAY.—CLOSING PRICES.
( From the Official Lid.)
Business (Inns.
3 per Cent. Reduced Annuities B6 5i 61 51 6k
3 per Cent. Consols Annuities B7i 1 64 71 4 7 1
Now 31 per Cent. Annuities 864 74 64 74
Long Annuities, Expire sth Jan., 1860
India Stock 230 33
Consols for Account 11th May B7l 7 4
Exchequer Bills, 2d.
E1000
2500 ..................
Small par 4 p

PRICE OF FOREIGN FUNDS THIS DAY.
Buenos Ayres Bonds, 6 per Cent 55
Chilian Bonds, 6 per Cent
Equador Bonds
Grenada Bonds, Ex. Dec., 1849 ;Coupon l6l
Grenada Bonds, Deferred
Greek Bonds, Red
Ditto, Blue
Mexican 3 per Cent.
Peruvian Bonds, 4i per Cent. 6O
Russian Bonds, 1822, 5 per Cent. £ St 92 3A 2i 3 2i
41 Ditto 4A per Cent . BO 791
Sardinian Bonds, 5 per Cent. 79 8
354 4
Spanish Bot}ds, 3 per Cent .
Spanish New Deferred, 3 per Cent
Dividends on the above payable in. London.
Dela Exchange, 2. per Cent. 12 Guil
THREE O'CLOCK.

Consols B7
Ditto usy Accoll34 ,666611+111111101u„ 87 t