The Sun.
London, England, 1849-01-17 00:00:00

MONEY and COMMERCIAL NEWS
CITY, QUARTER TO THREE.
The Cotton Market at Liverpool was very active yes-
terday, and closed with considerable animation. Holders
seem to supply the market with the recent import of
American very freely, but, at the same time, not fast
enough. 'The sales were 8,000 to 9,000 bales, and com-
prise 7,500 American at 3-41 d. to 5411.; 200 Pernam, &c.,
at 41d. to 5d.; 100 Egyptian at 5:1d.; and 700 Surat at
2id. to 31d.—Railway shares were very firm.
The accounts received .to-day from abroad are satis-
factory, and here there is much buoyancy of feeling
among the monied and mercantile classes. Cash on best
bills is worth about 21 to 3 per cent., and on stock say
per cent. In the principal staples a good business
is doing. Sugar, coffee, and several other articles have
been at improved values.
In consequence of the dissatisfaction expressed at the
late Peruvian bondholders' affair, the expediency of a
change in the constitution of the Committee of Spanish
American bondholders is strongly urged by some parties.
It may be affirmed, without disrespect to the committee at
large, that they are at present a very irresponsible
body. As far as we can recollect, they were formed 23
or 24 years back, since which period we are not aware
that the bondholders at large have ever been consulted
further in the matter. If a member of the com-
mittee dies or resigns, his colleagues, we pre-
sume, elect another, and thus, although there
are many who originally belonged to it,
there are likewise several who are comparatively
new comers. We have asked in various quarters the
names of the present members, and is seems that they
are not generally known, so little do the Spanish
American bondholders know about these matters. As
early as possible, therefore, an authorised list should be
published, and a meeting of the bondholders should be
called to re-elect the old or install the new members.
No party in the Stock Exchange should be eligible;
this the more staid brokers and jobbers of long standing
and respectability themselves desire, and we see no reason
why the election should not be renewed annually. Cer-
tain it is that the complaints are very prevalent about
the Peruvian affair, and of course rather among those
who sold, than such as kept their bonds, for several in-
stances could be mentioned of individuals who doubting,
after years of delay, whether any arrangement would be
effected, parted with their bonds much under the pre-
sent range, while the speculators were buying
them up, and „as is boldly asserted upon informa-
tion of very satisfactory terms having been offered. As
we may have occasion to revert to this matter, it is un-
necessary to say more at present.
The remarks which we yesterday made upon the
characteristics and fate of Bear speculators, may justify
some allusion to their opponents, the Bulls, mischievous
in a secondary degree, and, therefore, fairly open to
censure. It will always appear to the unre-
fleeting that a speculator for the rise is more
conscientious than he who operates for a fall,
but no one will deny that there are occasions when
the one may prove almost as great a nuisance as
the other. The fit seizes a wealthy Bull; the minor
operators, possessed it may be of a few pounds only,
follow in his wake; purchases for future delivery are
made; worthless securities, no matter whether foreign
bonds or railway shares, are run up to a high nominal
value; the public who have the money are attracted by such
seeming prosperity and daily increasing firmness, they
become large buyers, the Bulls gradually creep out, the
public remain, and we need not say who are the gainers.
To saddle people with any article at double its price is
clearly dishonest, and yet the thing is daily "managed."
Even within a brief period we have had a " rig" in one
or two South American investments of most dubious cha-
racter, and very little impulse would set the Californian
bubbles going. As it is they have fallen "dead" upon
the market. One word more in explanation. The
speculators are but a small minority in the
Stock Exchange. There each man at starting has
something to lose, and if at ail prudent he husbands
that something. It is out of doors; in the alleys, at the
second-rate coffee-houses—and, we regret to say, of late,
at some of the higher mercantile subscription rooms—
the needy and more reckless operators assemble. By
clubbing they contrive to influence the market one way
or the other, and woe to the broker who, deceived by
punctual payment for a time, allows them to
become heavily his debtors. They have little
sense of honour, and therefore seldom pay when fairly
worsted to a large amount. Either they repudiate
in Coto, or make a paltry compromise. Perhaps the
broker is to blame ; but as there are always young
members anxious for business, they take what the " old
birds" never look after, and thus the dishonest operator
leaves one broker in the lurch and takes his gains to
tempt another to trust him.
There has been a large business done in the Nnglish
Funds, and Money Stock has been in demand. Consols,
from
toB
9 i,
465. h premium;avorisento BankB9i Stockano9o
. Exchequer-bills are
445.
188* to 190 ; New
Three-and-a-Quarter per Cents. 90* to 4.
Mexican Bonds are still, improving. The price is up
to 26k and 27. Brazilian Small have been 77f; Spanish
Five per Cents. are 15k to 16; and the Three per
Cents. 23:1 to 29k.
Railway Shares are still looking up.
BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
(From the Official List.)
Bank Stock 129 1881/, 190
3 per Cent. Reduced Annuities 89% 901/8
3 per Cent. Consols Anna 89%1,4 90 8934
New 314 per Cent. Ames. 9O LA 1/834
Long Annuities, Exp. Jan. sth, 1860 8 13-16
India Stock
Do. Bonds, 10001
Ditto under 1.0001
South Sea Stock 97%
Consols for Account
Exchequer Bills. 21/2d. 2d.
March. June.
1,000/.
500/
Small 45 p 45 46 42p
MICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cent
Ditto Small
Ditto New Bonds, 1829 and 1839 76%
Equador Bonds
Mexican Bowls, 1846, 5 per Cent 26%
Ditto for the Account ....
Portuguese Bonds, 5 per Cent
Ditto 4 per Cent.
Ditto for the Account 27
Spanish Bonds, 5 per Cent,1840
Ditto for the Account 15% 16
Ditto Passive Bonds 33
Spanish Bonds, 3 per Cent 29 283% 2911
Ditto for the Account ..
Venezuela Bonds
Dividends on the above payable in London.

aITSINESS DONE IN RAILWAY SHARES AT ONE O'CLOCK
RAILWAYS. PAID. PLY SHANE.
'tberdeen
kinba., Notting., Boston, &c 44

kyrshire and Ciaileway
2

ti ~Ifast and County Down .. 201/2
Berks and Hants Extension
(Gt. West. Perpet.s per ct.) 5
6irnitngiaam & Oxford J unct.,
calls duly pd, or with guar. 20
Do., without a guarantee... 20 .
Birmingham, Wol., & Dudley,
calls duly pd, or with guar. 10 .....
Do., without a guarantee... 10

Binning., Vol., & Stour Val. 131.145.... ..... to
tsirkenhead, Lancashire, and
Cheshire Junction lO
doston, Stamf., & Birming... 5
iiristol and Exeter
Do., Thirds ...... ... ..... ... 27% — ...... to
ISuckinghamshire..
',.;aledonian
Ditto, Quarter Shares 11%.. ...
Ditto, New 101. Preference 7I
Ditto. Clydesdale Junction 50
',','hestet and Holyhead...
Ditto, Preference
,Aarence. ....
Do., Ist Class, 6 per Cent... 10
Do., 2d Class, 5 per Cent... 10
.... _ _

Do., Gov. Loin, 4 per Cent. 10
Direct London & Portsmouth 514. to
Dublin and Belfast Junction.. 35
Dundalk and Enniskillen 2.. 221,4......

East Anglia, 251. L. & E., - -
mid L. & D.
Ditto, 18/., E. & H lB ......
Ditto, 31. 10s., E. & H... 31,4 —
E astern Counties ....
Do. New Guarant. 6 per (;t. 10
Do. Perpet., 5 per ct. No. 1,6/. 13s. 4d... % p x.i. to
Do., d 0....... N 0.2,6/. 13s. 4d...
Do., Northern & Eastern... 50
Do., 5 per cent. ... 50 , — to
Do., Quarter 124... „.
Do., New
Eastern Union, Class A (late
E. U. Shares) ... .. 25
Ditto, ditto, Class A, ditto 31/2 ,
Ditto, do, Class B (I. y 2 & B) 22
~ . —

Ditto, do, Class C,- ditto... 20 .
Ditto Scrip (gua. 6 per ct.) 20 . — to
Ditto (C. & E.), 5 per ct. 21A — to
142ast Lancashire
Ditto, New ... .......... .... . 21
15% to
Do., New Quarters
Do, 6 per Cent. Preference
Quarter Shares VA to
East Lincolnshire 25
Edinburgh and Glasgow 5O — to
Ditto, Half Shares
Edinburgh and Northern ... 25
.~

Ditto,-New port l5
Exeter, Yeovil, & Dorchester 2% — .... to
Exeter and Exmouth 2ls.
Lilasg., Dumfries, & Carlisle..Bl. 6s.Bd — ..... to
Glasgow, Kilmarnock, & Ayr 50
Do. Preference Consolidated
Great Northern
Do. 4 A Deferred ..... ... 12% 5 xi.— to
Do. %B 6 per Cent. Guar. 6t/ 4% x.i. to
Do. Extension ...
Ut. South. & West. (Ireland) 45

Great North of England 'lOO 2371/2 to 238
Ditto, New 401 4O
Ditto, ditto .... ....... .... 25
Ditto, New 301.
Ditto, New 151...... ... ...... 14 ...... 33%.
Great Western 100
Ditto, Half Shares ..... 50
Ditto, Quarter Shares ...... 23
Ditto, Fifths
Do. New 171 l5 - 13% to
Huddersfield and Manchester 30 ......
Ditto, Thirds lO
(lull and Selby s—
o _Half Shares 25 .„,.. _
Ditto, Quarter Shares - 121/2 „,..
to
Lancaster and Carlisle.... ... 50
Do., Thirds... lO
Lancashire and Yorkshire ... 93
72 ...... to
Ditto, ditto
Ditto Half Shares - 4,3, ...... 33 i/e . to 34
1,
Ditto Quarters
Ditto Fifths
Ditto Sixteenths ........... 614-- - .
Ditto Thirds (Reg.)
to
Do., New Guar. 6 per cent. 7%
...... to
Do. Liverpool and Bury... 43
Do. (liudders. and Sheff.) 43