The Sun.
London, England, 1849-10-04 00:00:00

TURKEY.

Letters from Malta of the 26th ult. state that in
telligence had been received in that island from Con-
stantinople of the 19th, which gave every reason to
hope that the questions which had arisen between
Turkey and. Russia would be. settled amicably
inasmuch as the Ttussian
asontrteb:inee he found ' WirrviirrivViirtra-triviaita, received a dispatch from
Sir STRAITORD CANNING on the 22d ult. He im-
mediately forwarded it to Sir W. PARKER, who was
at Corfu with the Queen, Caledonia, and Howe,
three-deckers; Prince Regent, Powerful, Vengeance,
and Bellerophon, two-deckers; Thetis frigate, Odin
steam frigate, and Rosamond and Ardent steam-
sloops. It was supposed that Sir W. PARIER would
at once proceed with his fleet to the Dardanelles. It
was•said that a Russian fleet had been met with in
the Black Sea steering towards Constantinople. It
is said that there is proof that the outbreak in Ce-
phalonia was the work of Greeks in the pay of
Russia.

MONEY and COMMERCIAL NEWS

CITY, QUARTER TO THREE.
The sales of Cotton at Liverpool yesterday were
estimated at 6,000 bales, including 500 American for
export, and 1,000 on speculation. The market wes
quiet at previous rates. Tie transactions comprised
5,000 American at 41d. to 6id., 300 Bahia at 54d., 300
Egyptian at 60. to 7id., 300 Surat at 4d. to 41d., and 40
Sea Island at 10d. to Is. 2d. per lb.—Railway Shares
continuk d dull, and prices were tending downwards, with

but little business doing. ✓
Tho sales of Grain in the provincial markets are in-
creasing. The six weeks' average price of wheat is
435. 6d. per quarter.
The American letters received yesterday afternoon
add nothing important to the outline then given in The
Sun, but the intelligence from California is described as
having produced a very marked sensation at New York,
and led to renewed expectations of most important
restilts. The effect upon the trade and currency of the
world may not be immediate, but it will be soon felt in
America, and, not long after, here likewise. Even the
glut of goods at San Francisco must be wholly relieved,
ere long, by the increased consumption, unless the im-
ports are very inordinate, and which is unlikely, seeing
the number of vessels already abandoned in the harbour.
A New York journalist gives the following warning:—
" Look out for a gradual rise in the price of provisions
and produce, and other articles of necessity, as the fall
and winter approach. A number of new banks have
been started in this state, under the present banking
system, for the purpose of enabling speculators to go out
west, and purchase, on speculation, all the produce that
they can lay their hands upon, then advance the prices,
and thus making money, during the fall and winter, out
of the bard-working community of New York. Those
banks will also explode, after being used by the specu-
lators ; but the high prices of provisions will be secured,
without the subtraction of a dime."

As excellent a summary as we have seen of the posi-
tion of various railway undertakings, the causes of their
decline, and the prospects of the market, is given in a
letter that we have received from Mr. Robert McEwen,
of Manchester. Alluding to the satisfactory result of
recent meetings, the writer observes that they will suf-
ficiently account for the lower range of prices that has
lately prevailed, the falling traffic receipts having on the
21st ult. given the coup de grace, and, by leading to a re-
newed decline, destroyed the margin assigned by those
who had loaned money on such securities. The cholera
likewise, had en undoubted influence, f)r in the year
1832 it lessened the traffic of the Manchester and Liver •
pool line to the extent of 70,000 passengers, and it is re-
marked that it is in the item of passengers, not goods,
that the recent decline has occurred on the North-

Western. The reckless competition for the conveyance
of merchandise to Liverpool is another point very fairly
commented on, and the shareholders will doubtless take
up the matter hereafter. The public now in respect to
shores are said to be evincing more than the usual cou-
rage and discrimination, by taking up stock at the cur-
rent low rates for investment. Much more is stared in

,he same letter upon the subject of remunerating direc•
,ors adequately, in order to prevent amateur manage-
ment, and of the necessity of dividing the boards into
managing and consulting; and, after observing that de-
velopment of the traffic is to be looked to especially, we
have the following :
" However continuous the downward current of prices
has been, it necessarily cannot be perpetual. Prices
iaren t nothe
tlriakeffi Icy r to
receipts
eriapl
tl rally, h oivr e vcr, w
these
fai
lt
lh oo ufftan im
provement
in
and
parlia mu
t
does not authorise an advance of shares, dividends and
prices must necessarily decline proportionably. Yet the
general state of the country would promise success to
any sound and well-managed undertaking. Liabilities
in respect of calls are now within a narrow compass.
The calls for September were 443,1811. in all (2E0,000/.
being for the South Wales alone), against 2,592,763/. in
September last year. Money, for short periods, is only
worth two per cent. in Lombard—street, and first- class
paper is being discounted at 21 per cent. Such an easy
condition of the Money Market has been always followed
hitherto by an advance in the price of produce and secu-
rities. The internal business of the country is active and
remunerative, artisans and operatives being fully em-
ployed. The foreign trade for the year, as evidenced by
the Board of Customs' returns, has been on a scale of
unusul magnitude. The weather has continued provi-
dentially favourable, so that the late crops of the r.orth
of England and Scotland have been secured, in as good
condition and as great abundance as the earlier ones in
the south. The cessation of war and political ferment
on the Continent has led to an active resumption of
our commercial relations with the various European
states, throughout which peace and plenty once more
prevail. The horizin is clear at the moment of most
of the threatening elements that used to depress the
more speculative and sensitive class of securities. The
ravages of cholera are mercifully mitigated. The pulse
of business might well beat more feebly in the metropo-
lis, when, as in the first week of September, 2,000 of
her citizens were numbered among the victims of the
epidemic. In Hull its virulence was not less fatal; and
seems to have attained its acme during the month in all
the large towns. It would have been unseemly, had the
effects of such a visitation not been perceptible in every
walk of life and business, and not least in its more spe-
culative branches. The disease, happily, seems now
everywhere decidedly and gradually on the decline. It
may he that the country is emerging from a series of
disastrous to one of snores vas 11y t prosperous years.
,Such, too,
-=;""1 fAher.askosn ni ton _ nwitusee:But while almost
lt of
every ot have only sunk deeer
sae slough. Surely this is an anomaly that canno the
everlasting."
Port Philip accounts to the beginning of June have
been received by the ship Hero. The revenue for the
quarter ending the 31st March was 40,1311. ss. 11d.,
showing a decrease, compared with the corresponding
period of 1848, amounting to 5,3341. 18s. Bd. This
arises, however, chiefly from the falling off in the pro-
ceeds of the sale of Crown lands and licences, for the
general revenue exhibits an increase under nearly every
item. Bills on London at au pc' utrut,. era-
count. The wages of married couples, without family,
were 28/. to 341. per annum. Owing to the opposition so
strongly manifested in all thh
seaetct colonies
mt oentoGhr eot
north
introduction
:wasotefnedoendvitcotsioiutnd
a reported
new
penal
Whatever may be urged against transportation, it is
certain that the foundation of the Australian colonies is
slue to the system.
From Van Dieman's Land there are accounts of the
18th May. The production of grain had been very
prolific, and there was a difficulty in disposing of the
large surplus of the island as well as of South Australia.
Some proposed the erection of Government stores. The
first colonial built ship had just been launched at Hobart
Town, and is described as being as fine a one as any in the
port. Two more were on the stocks, destined to increase
the whaling fleet, each of 350 tons, or the same service,
and two of 700 and 500 tons respectively for the London
trade. If this is followed up with spirit, the eoloni.,s
will effect a great annual saving upon their exports, and
we shall soon see whether cheap built ships cannot be
got by England as well as the Continent, to the advan-
tage of all classes, because of the increased trade. Im-
mense quantities of produce, Sze., are now withheld from
distant parts where they would be useful, solely on ac-
count of the necessarily heavy charge for freight.
The Continental adjices are not of much interest., and
the prevalence of contrary winds has checked the ar-
rival of the usual number of mails. At Paris the news
of the decline in Consols upon the Russian affair occa-
sioned some fall in the Bodes.
The Funds have been fairly supported, but are not
quite so buoyant as they were at the opening. Consols
have realised 92+ f, and are now 92+ I for transfer,
and 921 i for account. The value of Exchequer-bills
has been 395. to 425. prem.
In the Foreign market Mexican Stock bas been
somewhat firmer, viz., 26 to Buenos Ayres Bonds
have been at a rally to 43, upon the semi-official an-
nouncement that the French Government does not in-
tended to renew the quarrel with Rosas. The public,
however, should be warned against this security as
being dangerous even at 10 per cent. under present rates.
Spanish Five per Cents. have been marked 161 to
Dutch Twesand-a-Half per Cents. are 52i to 53.
Railway Shares are again exceedingly quiet, but in
some cases firmer.

01E (A:KM:K. Unsll, G
?Mr} Or ,tRITISU FUNDS FRICE S.
3 per Cent. Consols Annuities 921“4 % 92%
tong Anns. to expire Jan.lB6o
Ditto 30 years, Jan. 5, 1860 B% 8 9-16 8 9-16
India Stock .•• 255
Consols for Account .. ... 925/814% 921
R;xchequer Bills. 11.4 d. & 2d
1,000/. June 39 42 p
5001. June
Smell. June 39 42 p

42p
42 p
CLOSING'
PRICES

PRICES OF FOREIGN FUNDS. ONE
O'CLOCK.
Buenos Ayres Bonds. 6 per Cent 43
Chilian Bonds 6 per Cent ...... —
Equador Bonds
Mexican, 5 per Cent.lB46, with Coupons—
Ditto, Ex Jan. Coupons ......
Ditto, Account ............. 2634 %%% 26%
Prianish 5 per Cent. 1840 I6IAA% 16%
Venezuela Bonds, 21/2i per Cent
Ditto Deferred

421,4
95 ex d.
34

Dividends on the above payable in London.
Dutch 21 per Cent., 12 Guild. .. 53 52% 6234
Ditto, Account. 53% 531
Ditto, 4 per Cent. Certificates... 81 82 ex d. 82 ex d.
PRICES OF PAID. BUSINESS DONE CLOSING
RAILWAY SHARES. AT ONE O'CLOCK. PRICES
A berdean 5O —
Do. Preference ...... 614 6%9 ••••••
Amber. Nott., Boston,
and Eastern Junction 6 ...... dis
Ayrshire and Galloway.. 71h —
Belfast & County Down 261 h ....
Man
Berks & Hants Extens.
(Gt. West. Per.s per ct.) 6
Birmingham and Ox-
ford Junct., calls duly
paid, or with a guaran. 20 ...... —.
Do, withoutguarantee 20 ......
Birming, Wolveth'ton,
and D•idley, calls duly
pd, or with guarantee 10 .....
Do. without guarantee 10
Binning.,Wolverh'pton,
and Stour Valley 131. 14-s ...
Birkenhead, Lancashire,
and Cheshire June-- 20 -
... ............
Bristol and Exeter 9O ...... ...... ... ...... __
Ditto, Thirds ..-
llnckinghamrhire
Caledonian
Ditto, Net,/ 104 Pref... 10
Ditto,Clydesdalc June 50
Chester and Holyhead.- 50
Ditto, Preference ls
Clarence
Do. Ist Class, 6 per Ct. 10
Do. 2d Class, 5 per Ct. 10
Do. Government Loan,
4 per Cont. , lO ~H.•

64