The Sun.
London, England, 1849-08-13 00:00:00

11111

MONEY and COMMERCIAL NEWS.
CITY, QUARTER TO THREE.
There was a good demand fcr Cotton at Liverpool on
Saturday; the sales being 10.000 bales, which included
6,500 American, 700 Pernambuco, 400 Bahia, 300 Egyp-
tian, and 1,000 Surat. The market was firm and prices
steady.—ln Railway Shares only a limited business was
done, and prices remained without alteration.
There is but a slow trade for grain today, and at
about last week's decline. One hundred quarters of new
wheat sold at from 50s. to 51s. per quarter, being from
Kent and Essex.
Parties who invest in shares too often forget the
"calls" that (will ensue. A man who takes
fifty shares of 201. each, with a deposit of 2/. per
share, has his attention mainly directed to the payment
. of the first 1001., and he reflects but little upon the re-
maining 900/.,twhich have to be paid at some future time,
and when that time arrives he discovers that he has made
a great mistake in failing to consider when be took the
shares whether he had 1,0001. available for the purpose.
The great difficulty which capitalists now feel is the
want of a channel in which to invest without the fear of
futureerespunsibility of this kind, and the first and most
complete plan of meeting this difficulty which we have
seen, is that of the Islington Cattle:Market and Abattoir
Company, in which the shares are fixed at 1/. only,
thereby avoiding future calls, and preventing the pos-
sibility of the inconvenience consequent thereon. The
party who has 5/., 201., or 501. to spare can invest it with-
out the slightest apprehension of being called upon at an
inconvenient moment for a further contribution. We are
much mistaken if this principle will not be generallyadopt-
ed as calculated to meet the orcamstancesof the times. In
respect to the merits of the Islington Cattle Market and
Abattoir Company, we cannot omit the opportunity of
observing that a more legitimate scheme was never pro-
_ posed to the public. There is a valuable property al-
ready in existence with the privileges of a market conferred
Upon it by Act of Parliament. The buildings are already
erected, the work is done, and so soon as the purchaseis
completed, the shareholders will be in possession of an
estate which is no* producing a certain amount of
revenue, and which will be greatly increased by the
removal to it of the business of Smithfield Market, which
there is no doubt will be effected in the next session of
Parliament. It is not a little singular that Liverpool
should have formerly been situated precisely as London
now is. The Cattle Market was in the centre of the
town, it has been removed to the suburbs, and the re
suit is that the 251. shares pay a dividend of 21. 18s.
per share per annum (upwards of 10 per cent.) exclusive
of the abattoirs, which are paying 'twenty per cent. in
addition to the shareholders. The butchers of the me-
tropolis are a numerous' opulent, and influential body,
Upwards of 1,500 in number; they ought to have a voice
in the management of the great metropolitan cattle
Market, and we shall be surprised if they do not.
Better invest your capital in the promotion of useful
Undertakings at home, with the land for your security,
than speculate in French or Austrian loans.
, Further accounts, a day or two later in date, have
been received by the ship Devonshire from the Cape of
Good Hope. The movemeut against the introduction of
Convicts continued as strong as ever, and even the Hot-
tentots had petitioned against it. The colony generally
continued prosperous.
From Sydney we have accounts of April 14, and from
the Mauritius of May 12, but we glean nothing from
them in addition to what bas already come to hand.
Our Continental news is not of political interest. From
Antwerp we learn that the commercial markets were
quieter last week. The new process for the manufac-
ture of indigenous sugar is patented by the Belgian in-
ventor, and will be introduced probably into other
countries.
From Valenciennes we learn that there were excel-
lent harvest prospects. Clover was abundant and of the
best quality. The cutting of Wheat had commenced,
and would be completed within about a fortnight,
the yield appearing to be all that could be desired, po-
tatoes generally were sound, and all other products mag-
nificent.

There is no account yet of the steamer from Halifax,
but she is not to be considered due.

Messrs. Railton of Manchester are still urging their
friends, and all connected with railways, to inquire
diligently into their affairs. They write that—
, " Until the large proprietors of railway stock assist
to promoting committees of investigation, till every
railway in the kingdom has passed the ordeal, confi-
dence cannot be so perfectly restored as is absolutely
requisite to support the true value it ought to bring. If
a railway has been welt managed, it will have nothing
to fear; but, if otherwise, the sooner its real position is
known the better for general satisfaction ; and, for the
restoration of confidence, let every shareholder, on all
proper occasions, vote for the appointment of Committees
of Investigation."
The state of the railway share-market in general is
'111.137 to be influenced by the balance-sheets that will be
submitted at the forthcoming meetings of the large cum-
Panies, and probably there may be a tendency to exag-
gerate the temporarily unsatisfactory position in which
they are undoubtedly placed. One might infer from
the excellent traffic going on, that there would he an
actual - improvement in the amount available for
dividends, but Fast extravagance or mistakes
neutralise the advantage of this, and only serve
at present to assist in bringing the line round to
a wholesome condition. The North-Western Com-
pany will coutinue to pay 7 per eine, and shows a
surplus, and parties who have analysed the account
think it fair under circumstances. Most likely this line
will improve in productiveness. The South Western
falls off again, and cannot pay much more than 3 per
cent.. per annum at present, or more strictly 1 66 for
the gal!-year. A large amount of capital, however,
just begins to bear a dividend, and the -traffics on
the lines which it represents is not developed. The
Great Western pays but two instead of three per Cent.
for the six months to the 30th June last, and whether a
recovery is to be shortly expected, is more than wa can
venture to say. Investigation by a committee may in
all erubehillty be decided upon in most of the lines, and.
!e,(19 not see why even the beat managed should be an
exception. Something is wanting to give confidence, for
railway property can no doubt be made to rest on a
kraer basis.
It is stated that the-directors of the Great Northern
Railway are likely to negotiate with the Aberdeen
\J
Pany to secure the English traffic in connexion
therewith, but the North Western, &c., are also in the
fitld.

, There is very little doing in the Funds, and the settle-
o?ent of ihe account has occa,ioned some flatness, Bull
BRP-illations having been rather extensively pro,ecut, d
of lute. The continuation to September is about f per
;le", and last week even 3-16:hs was 'given. Consols
ave been 921 i all the mornitor. There is un absence
Of political news. The New Three-and a Quarter per
Cents. have been 93i to i, and ,he Three per Cents.
92i 1. Bank Stock is fir at 1991, ad Idia S!ock at
2521 to 954. Exchequer-mtills have rul. and India Sock at
254. ExeheuQr4ills hive rul d 46+. to 495.
premium, and India Bonds at 78s. to 80s. premium.
• The Foreign Securities have been heavier, in conse-
quence of the depression in Conn'/+.Spanish Five per
Cents. have been marked 18-a- i, and the Three per
Cents. 34i. Portuguese Four per Cents. are nominally
28i to 29k. Mexican have been 26i to 27*, and Peru-
/,„jan 51*I to i-. Equador are 31; Dutch Two-and a-
-41411 per Cents. are quoted 521 to 4.
Railway Shares are all very flat and lower.
MBlllBll FUNDS Ili U, DAI AT OINE O'CLOCK.
(From the Official List.)
Bank Stock 1991
3 per Cent. Reduced Annuities
3 per Cent. Consols Anna
New 34 per Cent. Anns. 933,0',3
Long Annuities, Exp. Jan. sth, 1860 874
India Stock 25214 254
00. Bonds, 1000/ 7B p
Ditto under 1.0001 7B 80 p
Qoptoutitasea Stock —
Old Annuities
Consols fot Account
tzellequer Bills. 11,0- 2d.
March. June.
1,000/.
5001
',
1.. RICF OF FOREIGN FUNDS AT ONE O'CLOCK.
Equador Bonds
Mexican Bon .is, 1846, 5 per Cent., GJupons 271%
. Ditto Ex Coupons
Ditto for the Account
Peruvian Bonds, 6 per Cent —
Ditto. 4 per Cent., Active 51%%
Spanish Bonds,s per Cent,lB4o
Ditto for the Account
.Ditto Passive Bonds 4
Spanish Bonds, 3 per Cent Cent
Ditto for the Account .. ...
Dividends on the above payable in London.
.Dutch 2% per Cent., 12 Guild

...- .
11.-i ;•,11.4 Ez4, ;qkNt., iN RAILWAY SIIALtEa AT O. r ,YCLI.4 1
RAILWAYS, PAID. Pr 3 SUADL'.
Al,rdeen
Ditto, Preference . .... 4 L,4 -
A admr., Notting., Boston, Sic. l;
Ayrshire and Gallaway - i ,
1/2
4
Btlfast and. Ccunty Down .. 25 .. ..
Berlv

Ks and Hants Extension
,-, (Gt. West. Perpet. 5 per ct.) 6
onnnngnam & Oxtord J unct.,
calls duly pd, or with guar. 20
13irinc,:, without a guxr!!nte.e... 20 ...

.inghain,Wor.,& Dudley,
b°,
calls duly pd, or with guar. 10 ... . ...... two --... ni without a guarantee... 10
ru'ing., \Vol., & Stour Val. 131.14 s
Birkenhead Lancashire, and
to
Cheshire. Junction 2O
11
ton. Stamt., & Birming...7l. 4s — ”•••• ttio' = Bristol and Exeter
be, Thirds
16/. 48
~ ',elunghainshire..
‘daiedonian
Ditto,to
,
Ditto, Quarter Shares l2l/.2.. ...
New 10/. Preference 10 ...... 111 A
to
Ditto. Clydesdale Junction 50
Chester and Holyhead... 5O ''''
Litt°, Preference
Clarence . '
78%
Do., It Class, 6 per Cent... 10
U0.,2t1 Class, 5 per Cent... 10
...
, Do., Gov. Loan, 4 per Cent. 10
.. to
uirect London & Portsmouth 5% —
il?Dublin and Belfast Junction.. 40
undaik and Enniskillen ... 22%..•...
2ast Anglia, 25!. L. & E.,
'id L. & D
Ditto, 18/., E. & H lB .••
to
to
, Ditto, 31. 10s., E. & 11... 3% —
c;lstern Counties ...
Do. New Guarant. 6 per Ct. 10
DDo. Exten., 5 per ct.N o. 1,6/. 13s. 4d .. %p to
0., d 0....... ...... No.r), 61. 138.44... —••.—
to
... -
Do., Northern & Eastern.- 50
to
po., 5 per cent.
to
uo., Quarters....
... 121/2 -
Ditto, New ..... ~. .........
.. 43
4 Eastern Union, Ciao A (late . ~..
E. U. Shares) ... ... .. 25 Ditto, ditto, Class A, ditto 31/2 —
Ditto.Ditt do, Class B (I. & 13) 25 ......
Ditto , do, Class C. ditto... 22%
Scrip (gua. 6 per et.) 20
•...,• .........