The Sun.
London, England, 1849-07-13 00:00:00

MONEY and CO-8i NIERCIAL NEWS.
CITY, (117.-tlti ER TO Milk:E.
The sales of Cotemi at Liverpnol yesterday were eeti-
meted at 10,000 belee of which 3,C00 tore taken on spt-
culati-n and 1,000 for expert. The transactions in
eluded 7 000 American, 1.000 Permm and Maranhato tt%
sd. to 54d. 5011 Bari. at 5i I. to 5F1., 500 Egt ptian at
51 I. ,o 1., and 500 Surat. at 31.1. to 31 r in. The
market se. Bed 'site 1,4, aninie lon. Raile ay Shares
were heavy. and p. ices had a downward tendency.
The Corn Mar ket has been firm.
From the ietormatien furnished by the differ.-nt
brnkets, it would net aepear that the business done in
the Mieciee-lane markets has been of magnitude this
week, and the very ample supplies have caused prices
to rule in respect to sug ,r arid ceffee, tither in favour
of buyere, the last menteined rather- g pereicularly
dull. For whd 7,nil cotton the sic has been brisk, and
the buyers tr. m Yorkshire are operating freely, at im-
proved prices, compared with the last arias.
The accounts received this merniug from the Con-
tinental markets are of a good tone. At Odessa
not mu. h influence had been exercised upon
the pace of corn by the accounts from England, owing
to the vvin. of shipping to bring away the produce.
Wool was in r. quest for Erigleed. At Breslau on the
s;h inst. there wits a good business doing in wool. The
Government spinning wills were being worked success-
fully by a Dutch firm. At liamburgh on Tuesday last
not a great deal was doing in exchanges, but bills on
London were in request at 13 9i. Funds and Shares
were quiet.
In the term of a letter to Mr. Henry Lebouchere, as
President of the Board of Trade, Mr. C. Locock Webb
furnishes some useful and interesting remarks and sug-
gestions. He says truly that—" Shareholders look with
dread to new calls, for they find that, unlike almost
every other source of investment, the more the efficiency
arid magnitude of railways are advanced, the more rapid
is the decline in the marketable value of the shares;
unlike money invested in the improvement of land,
which, even in spite of late Parliamentary measures
(causing much uneasiness with landowners, and a dread
of impending ruin on tenant farmers), increa(e in value,
in equal ratio to
,the remount expended in adding to its
fertility ; unlike capital embarked in trade or com-
merce, which well directed and prudently managed,
inert ases in value with the progress thereof, unlike
tal invested in manufactures, which is regulated in its
value by the extent to which improvements are intro-
duced in the machinery employed in its production, or
to the degree of perfection to which the goods them-
selves can be brought; railways, with all their manifold
improvements, their increasing safety, and their appa-
rent rapid approach to perfection, with their great mag-
nificent tr iumeh over the obstacles of nature, at once
spanning the broad river, and utilising the herd rock to
their operai ns, and with their acknowledged benefit to
every cIiSN and every industrial breech in the country,
sePill to sink ii value, and theirdepression becomesgreater
us they increase in usefulness in the application of
discoveries in science, in importance, and, in reality,
in intrinsic werth. Indeed, to such an extent is rail.
way property depreciated, that if no impending liabi-
lities exist, cl, their position calls loudly to Parlia-
ment to adept some measure tending to re-
store confidence in -them. I am quite aware
that one great cause of 'this want of con-
fidence is, that the true position and value ,of rail
ways are neither understomi nor appreciated, and the
public is too readily led away by interested alarmists;
but, without discussing the cause, it is enough that we
have an effect which is most deplorable, spreading ruin
abroad, and unless stayed, no one can foretell its com-
pass. 1 would ails pat, sir, to weigh the loss which
the want of confidence has created in the value of rail-
way property. wi ich may be calculated at no less a sum
than 100,000,0001, as compered with the present prices
of Railway Stock and those of 1845. I contend, there-
fore, that it is not enough that a full inquiry should be
instituted into the bona fide nature or the accounts of the
companies; for although, placing the amounts of din-
deeds out of the qusstion, the actual traffic returns snow
that the sum total would give a dividend not interior to
Government Securities—although it is well known that
the nature of the one is to improve whilst the other is to
re main stationary until a downward step is taken, we
find that the market value of Railway Shares does not
permanently improve, neither is railway property re-
gal d.z.d as possessing stability and security.
The Money Market is remarkably easy, and people
are more than ever inquiring what is to be done with
the surplus that still accumulates. As a necessary con-
sequence, Pubic Securities must be first influenced, arid
political affairs continuing quiet, we shall next have
s. me siens of speculation in the mercantile markets.
This wilt be a gradual process, but it is as certain as
that one wave follows another.
The English Stuck Market has been very buoyant
this morning, arid prices are* per Cent. higher. Consols
have ranged trtin 92i- (so 93 for transfer, and the same
for settling day. Bank Stock has been marked 1984,
and India Stock 252. This is a rise in the former or uo
less than 3 to 35 per Cent. within a week. The New
Three-and-a-Quarter per Cents. are 934 4, and the
Three per Cent. Reduced, 92t to 93. Exchequer-bills
have. been 48s. to 51s. premium, and India Bonds 80s.
to 83s. premium.
'1 he Foreign Stock Market has been dull, and there
has been a want of tone, but nothing can be cited that
should act as a drpressing cause. Spanish Five per
Cents, have realised 171 to 181. Portuguese Four per
C..nts, have been quoted Rot to St. Mexican Bonds,
ex-coupens, are 28 to Belgian Four and a Half per
Cents. have been 84t to 85, and Dutch Two-and-a-Halt
per Cents 51 to it.
The Railway Share Market is still in a comparatively
inert state. Caledonian, Midland, North Stafford, and
South-Eastern, are heavy. Eastern Counties are still
rising. N. rth-Western and Great Western are firm,
and York and North Midland have advanced.
Utz tNO
etlTt6it :I.ll,aPf PRIPF S.
-lank Stock
3re Cent. Reduced Anns ...... 92%3/4 93 93
3 per Cent. Consols Annuities 923/4 93 92%
New 3% per Cent. Anna.—
Long .krins. to expire .t an, IBAO
Ditto 30 years, Jan. 5, 1860 B% 84
India Stock
India Bonds, 1,000/,
Ditto under 1,0001.. . 83 80 p
South Sea Stock
Ditto Old Annuities
Ditto New Annuities ... 90%,
Cousob tot Account 95%3/4 93
Exchequer Bills. t ae & 2d.
1,0001. June 4B p
MX June ..... 48 51 p
Small. June 4B 51 p
PRICES OF FOREIGN FUNDs rma:
O'CLOCK.
Mexican, 5 per Cent.lB46, with Coupons
Ditto, Ex Coupons
Ditto, Account,
Portuguese 5 per Cents.
Ditto,4 per Cent 3l 3014 30% 30%
Spanish 5 per Cent. 1840.
Ditto, Passive
Dividends on the above payable in London.
French,3 per Cent s4f.
Exchange 2sf. sice.
Belgian 41/2 per Cant
'lnch 214 per Cent.. 12 Guild 5l 5114 5114
Ditto. 4 per Cent. Certificates EOl4 80 80
PRICES OF BUSINESS DONE CUMIN,
AIL WA Y SHARES. PAID.
AT ONit O'CLOCK. PRICE:.
hsrcleso ... 50
Do. Preference
C 4 tedonisn
Do. New 10/. Pref • 10 ... 11%
Chester and Holyhead... 50
Ditto, Preference l5
Eastern ..... 20
Do. New Guaranteed
6 per Cent. ...._ ..... 10
Ditto, Extension,s per
Cent., No. 1 .61. 138.4 d.... 44 p• p
Ditto ditto. No. 2...61. 13a. 4d...
East Lancashire
Eva. Lincolnshire ...... 25
Edinburgh and Glasgow 50 ...... 41 41 sees
Great Northern
Do., 5 per Cent. Pref. 5 - --•- sees. 3 !,5.
neat North of England .100 233
Great Western 100 ...... 84
Ditto, 14 Shares
Ditto, 14 Shares
Ditto, Fifths ...... ...... 20
Ditto, New 17/.... 15
Lancashire & Yorkshire 93 -
Do. Quarters 22% 1734
Do. Fifths... ....... 10
Do. New.Gua.6 !sere,. 10
Do. (W. Riding Union) 9
London &Blackwell 12% 4%
London, Brighton, and
South C0a5t........ 50
Ditto, New Si., guar.
6 per cent. ..
London and Greenwich 12/15s 4d... 10 ...
London and N. Western 100 ......13214 132 132
Ditto, New Quarters.. 12
14, tv,,,torn ~... 50 ...... ...... 36%
Ditto, New 504 42 sees.—
Midland ...... .. 66 653% 66% 65% 65%
Do.. do., 50L Shares 30 ...
earth Bridal) 25
Ditto, Thirds •••3%
North Staffordshire 17112% 13 123/4... 123/4
Oxford, Worcester, and
Wolverhampton ...., 50
Reading, Guildford, and
Reigate
Royston and Hitchin 414•• ••• •• .....-•••••
2 4
Scottish Central

80 p
FO p

90
9(
93

'sop

(MOS I •
TRIO FS.
804
18
; 28

44
i 51,4
11%

11A

S :nth 14:astaro
York, Newcastle, and
Berwick. .... ........ 25
Do. Newcastle Extern. 20 ...... 1:3 14
Do. G.N.E.Preterence 8 ..... ......
York and North Midland 50 ...... 2914 .....
Ditto, Preference lO
FOREIGN RAILWAYS.
Central of France (Or-
Vierzon)
Northern of France...—. 13
Paris and Rouen...
JOINT STOCK BAN KS.
London. Joint Stock
Union of Australia

21%

LLOYD'S SHIPPING—(THIS DAY.)
LONDON, JULY 13.—Wind this day at noon E.N.E.,
pleasant breeze, and fine clear weather.
PLYMOUTH, JULY 11.—Wind E.—Sld. Isabolla,
liorens, Adelaide, South Australia; Tasman, Port
Phil `p.
LIVERPOOL. JULY 12.—Wind S.—Arrd. 11th, York.
Now Orleans; Constitution, Britton, New Y,,rk;
Ozark, Davis, ditto. Sid. Sarah, Sydney, New South
Wales; Pet, Calcutta; Martha, Smal cross, Buenos
Ayres; Susan, Howell, Virginia; Wyoming, Philadel-
phia; Andrew Foster, New York; Clara, Sywes, Quebec;
Empire Queen. Savannah. Off port, Liverpool, Cole.
man, Jamaica; Sash, Horne, Africa.
"vz Dovrit.—.l34rbara, Hobson, Quebec, for Ouzglor-
laud