The Sun.
London, England, 1849-08-21 00:00:00

A'

Ilettes.NEY and CO MERCIAL NEW S
CITY, QUARTER TO THREE.
There was afurther i repro eement in the value of Cottol
at Liverpool yesterday. The sales were estimated a'
12;000 bales. The market closed with a strong upwase4
tendency. The market for Railway Shares was firmer
a better business having been done at higher price:.
The accounts of Vac 18th instant from. Frankfore
state that Austrian and Spanish Bonds wire ratlio,
more in demand, and shares firmer. At Vienna, in
the 16th, Funds and Shares were feeble, with
,Olt any particular change, and the Amsterdan
Bourse on the 19:h was rather better for Mexican am
Peruvian Bonds. The three principal banks in Belgian
discounted, from the Ist to the 15th instant, bills to th(
amount of 4,130,598 fr.z. The Dutch civil list, exclusive
of the revenue from Crown domains, is fixed for the pre-
sent reign at 600,000 florins.
The letters and papers by the steamer from Americk
ease
have been received this morning.
The most interesting news is probably that which re-
lates to California, and many of the most sanguine par-
ties in the United States have altered their views on ac
count of the most recent intelligence received. On.
writer observes—
" The news recently received from California ha:
created a revolution in the public mind relative to the
resources of that country, and the result of the encl.
Mous emigration from the shores of the Atlantic to th
shores of the Pacific. We are anxiously waiting later
advices, with the tope that more favourable accounts.
Properly authenticated, may come to hand, and re
lieve the Ellir ewe which thousands labour under, all(
have friends and relatives on their way to that fay
distant land. Our opinion relative to the realizatiot
of riches
from the gold mines of California has ma
tcrially changed since the accounts have reach u'
showing that the difficulties experienced in digging are
such that very few can contend with them success.
fullY. So far as the question of supply is concerned.
there can be but one opinion; but so far as the acquisi
lion of gold is concerned, we are afraid that the ac-
counts recently received will be confirmed in ever)
Particular. With gold, and a large production an-
Lushly, California holds out very moderate induce-
ments for a large emigration. It has no nature'
resources but its mines of precious metals, and i
these fail, we can easily imagine the result. Thi
geographical position of San Francisco is higbls
favourable for commercial pursuits, the magni
ficent bay of that name being capable of floating
almost the marine of the world; but it has such
extent of back country, that it cannot support f
very large population. The valley of the Sacrament(
comprises the bulk of the soil adapted to agriculturf
west of the mountains, the whole territory being but
mere strip of land, compared with the immense prairies
this side seeking an outlet through our rivers to the
Atlantic. The emigration now on its way to California.
could hardly be supported from the cultivation of all
the arable land, when properly improved. Any coma
munication through the mountains would be of littl;
service to the inhabitants of the Pacific coast, as all
West of the Rocky Mountains are represented as
sandy plains ed deserts. The main resources of Cali-
f2rnia, therefoe, n:
are her mines of gold, quicksilver,
u‘e-; and if these fail, the growth of that country will be
limited and moderate. In the absence of other re
sources, mining must be its main dependence; but an
annual product of ten or twenty millions of dollars
Would give an impetus to other branches of industry,
and enable the people to command the industry of other
nations. This would be preferable to the employment
of the bulk of the population in the production of gold.
and would give a greater impetus to the growth of the
Country, and ensure a permanency in its prosperity."
The !ember of vessels arrived at Quebec this year, to
the 4th instant, exhibits a decrease of 22,770 tons,
compared with the corresponding period of 1848.
The ad vices from Mexico, contained in the American
papers, and not always to be relied upon, state that
111. Arangoiz, the Minister of Finance, had
resigned because in Congress there was some
opposition to his plan for a settlement with the bond-
holders, and this assertion is the more curious, because
We are told that the Congress had resolved to pursue
the path of economy recommended by that Minister, and
that the President Herrera had submitted to a reduction
from 36,000 to 25,000 dollars in the amount of his
sts•lary.
Havannah dates of July 30 state that the place was
Very sickly.
Buenos Ayres accounts of June are given in the
Papers, according to which a fresh attempt at insurrec-
tion had occurred in the province of Jujuy. There had
been a shock of an earthquake at Mendoza, and several
holdings wore destroyed.
The Funds are not quite so buoyant, but holders
generally are firm. Consols 92i for Transfer, and
t,21 fur Account. Exchequer-bills have been 445. to
4e4 • p remium and India Bonds 745. to 775. premium.
4ank Stockis firm at 200. The New Three-and-a-
Yalarter per Cents. have been 934 The Paris Bourse
Ass flatter yesterday.
There has been a moderate business in Foreign Stocks.
Mexican have declined, owing to the rumour above
alluded to. They have been 281 to 28g. Equador are
31 l• Spanish Three per Cents. bring 34} t, and Por-
tuguese Four per Cents. 81. Dutch Two-and-a-Half
per Cents. have been 531, and Austrian Bonds 761.
Shares look well again, and although the transactions
are not large, there are fully yesterday's advanced rates
Paid in most cases.
In a statement by an influential stockbroker, we have
the following concerning railways:—
" To this general decline, however, there are two ex
ceptions which deserve notice, a 3 exhibiting, in a very
marked manner, the most serious evil at present affect-
!Tie; railways, and iudicating clearly the means of restor-
ing confidence by placing these undertakings on a sound
basis. These are the North-Western and the Brighton
'lnes, in each of which the directors are pledged to a
speedy and final close of the capital account, and both of
which are consequently at a higher price than in Janu-
aryt lest. Years ago we pointed out, and repeated month
Ymonth, that railways could never attain their legiti-
mate position as investments, nor be other than a fluctu-
oaotiontgtoaore,dd to hazardous property, whilst the capital account
resent a yearly increase ; and experience
now
shows the value of these continued monitions. We
crive peculiar satisfaction, therefore, from the sig-
nificant fact, that the two rail wyas which have at
length virtually placed a limit to their capital,
_
and those
which, in a period of general distrust
decline,
have not only sustained their price, but ad-
need in public estimation. Much may yet remain to
De done—the breaches caused by dishonesty may have to
be repaired, and the damages inflicted by incapacity to
the
redeemed by a permanent diminution of dividend ;
tile science of railway working may be still an unsolved
Problem, the data for which are scarcely yet obtained
from the hands of a rude experience—but there is much
hope for the future, in the circumstance that two of the
must important lines in the kingdom have con-
curred in a fixed determination finally to limit
their expenditure. There is not the slightest
reason why the value of railway shares should not
be as clear and as easily understood as it is
at present confused and unascertainable, the only data
required being a known and fixed capital, honest returns
of revenue, and a correct rule (varying according to the
nature of the line, but which experience is fast deter-
mining) for ascertaining the cost at a hich such revenue
is obtained. Let each shareholder, therefore, consider it
his individual duty to insist at every meeting upon the
immediate and final closing of the capital account, due
allowance being made for the completion of works, if
any, in progress; and more will he done to create confi-
dence and place railways in a sound position than by any
other means."

PRICES
N 0
P ti,' !Et; or iiRITISII YUNDS oNE O'GCLCK.
PRICES.
hank Stock
2 Po" Cent. Reduced Anus ......
8 per Cent. Consols Annuities 92V78% 923;i
3 per Cent. Annuities,l726 90% 90 LA
Vew 8;4 per Cent. Anns. .
I,ollg Ann F. to expire Jan.l860
Ditto, 30 years, Oct. 10, 1859
Itclia Stock 255
itdia Bondt, 1,0001.
Consols for Account 923 74 9234
Exchequer Bills. 15/11. & 2d.
1,0001. June 44 47 p 47 p
PRICES OF FOREIGN FUNDS ONE OLOAING

O'CLOCK.
Austrian, 5 per Cent • 76
Brazilian linnets

PRICES.
761 A

Ditto, Small B6 i 4
Buenos Ayres Bonds, 6 per Cent. 53
Equador Bonds
Grenada Bonds, 1 per Cent.
Ditto Deferred 3%
Mexican, 5 per Cent. 1846, with Coupons.'-
Ditto, Ex Coupons
Ditto, Account . ... 285 l/sl4
Portuguese 5 per Cents. Bl
16 lulalish 5 per Cent. 1840.
Ditto, Account lB%
Do.

Ditto. 3 per Cent .. 341%
Dividends on the above payable in London.
Dutch 2% per Cent., 12 Guild. ... 5314 5314
Ditto., Account 53% 53
Ditto. 4 per Cant. Certificates 83
PRICES OF
BUSINESS DONE CLOSING
PAM'
RAILWAY SHARES. AT ONE O'CLOCK. PRICES-
Aberdeen 5O
, '—••• •••
Do. Preference
...... 614
Amber. Nott., Boston,
.- .....
and Eastern Junction 6 •••••• "'«"
Ayrshire and Galloway.. 7% —
Eelfast & County Down 25 ...... --
Becks & Hants Extens.
(GLlVest. Per.s per ct.) 6 -
Birmingham and Ox-
ford Junct., calls duly
paid, or w ith a guaran. 20
Bunning, withoutguarantee 20 , •••
Wolverh'ton,
and Dudley, calls duly
td, or with guarantee 10 .. •••
.„ o• without guarantee 10
nirming,,Wolverh'pton,
and Stour Valley 131. 145... •••
Birkenhead, Lancashire,
and Cheshire June_ —2O
Boston, Stamfd & Birm. 71. 4s.
Bristol and Exeter 9O ..., ~ 65 63% ... ......
Ditto, Thirds ..« 271,4 —
buckinghamhire ... 161. 4s.
Caledonian
Ditto, Quarter Shares 12% —
Ditto, New 10/. Pref... 10
Ch,Cydesdale June 50
ster and Holyhead... 50
Ditto, Preference l5 ......
Clarence
Do. Ist Class, 6 per Ct. 10
Do. 2d Class, 5 per Ct. 10 ••••.• •••
Do. Government Loan,
4 per Cent.
Direct London & Ports-
mouth
Dublin and Belfast June. 40
Dundalk & Enniskillen 22%
.....•••••• . ••••••
East Anglian, 25/., L &
E. and L. and D...... 25
Do. 181.,E,&13.... 18