The Sun.
London, England, 1849-06-07 00:00:00

MONEY and COMMERCIAL NEWS.
CITY, QUARTER TO THREE.
The sales of Cotton ut Liverpool yesterday were
20,000 I.ales, of which 9,000 were on speculation. The
!mallet was very excited, and prices advanced from *d.
to id. or American, and 1-16 d. for Surat; other sorts
unchanged. In Railway Shares only a limited business
was transacted.
The six weeks average price of wheat is 445. 9d. per
Taal ter, and the sales in the provincial markets which
make official returns were last week 82,671 quarters.
This Leing the Grand Ascot day there is very little
doing in the produce markets.
Ever and anon we are reminded of the disastrous
remunet of the panic of 1847, and certainly few cases
are more distressing than that which appears in another
column of 77ie Sun, under the head of the Bankruptcy
Court. 'We allude to the matter of Melville, Cruik-
shanks, and Co. This firm began business with an
ample capital, which in the lapse of about six
or seven years was wholly lost, and without any
imputation of recklessness against the partners, who
traded cautiously, and drew scarcely anything out of the
concern for private expenses. We point to this in proof
of the gross inconsistency, and want of judgment on the
part of those who advocate " protection." Under an
artificial system, commerce is bolstered up to the injury
of the community, and ultimately, if a change of policy
takes place, as it inevitably must, to the ruin of those
who have not made ample fortunes and retired. Let
us have trade, then, upon a sound natural basis.
The preposition or information said to have been re-
ceived by the committee of Spanish American bond-
holders upon the subject of a general arrangement of
the Mexican debt, has excited a good deal of attention
and discussion among parties interested, as well as in
the Stock Exchange, and there is as yet some doubt as
to the exact nature of them. We believe, however, that we
can state correctly, in general terms, enough to prevent
misapprehension, and to corroborate what has before
been advanced as to the fair intentions of the Mexican
Government. Some months since it was mentioned,
though not officially, that the Mexican Government were
desirous of effecting a general arrangement of the debt,
and, provided the bondholders would make some conces-
sion, of giving them still better security for the pay-
ment of the dividends. It would now appear that
an offer in this sense has been made to Mr. Robertson,
the agent of the bondholders, by the Minister of Finance
at Mexico, and that there is a promise of a large
amount of the indemnity money being set aside should
a Three per Cent. Stock be accepted, provision being
made, of course, for dividends in arrear. Mr. Robertson,
it is said, negotiates for a Four per Cent. security. Now
without entering further into this matter, we may
remark that no one supposed Mexican Stock would pay
five per cent., or the price in the market would ere this
have been 60 or 70, instead of 30 to 34. Every Active
Bond includes some arrears of dividend, and there is the
temptation now of cash down with better security here-
after. A morning contemporary, the Herald, censures
the committee of bondholders, who are said to have
received Mr. Robertson's letter on Tuesday
afternoon by half-past three, for not having
up to this day, communicated a word thereof to the
bondholders at large, al; hough the matter is whispered
about privately, and speculated upon accordingly. Pro-
bably the committee may give some explanation upon
this point.
The English Funds are heavy and lower again,
on account of the mail from Paris bringing no
President's message, and in part also because of
a Russian loan being expected. Certain it is that
the great Petersburgh banker, Baron Stieglitz is
in London, and that as Austria wants money,
the operation might he intended indirectly to supply it.
Consols have been 912 to 911, and are now 91a 4. The
New Three and-a-Quarter per Cents. bring 90-1- to 91.
Bank Stuck is worth 195. Exchequer-bills have been
455. to 48s. premium, and India Bonds 71s. premium.
The Foreign Securities have been very quiet. Mexican
have been worth 284 to 29. Portuguese Four per
Cents. are dull at 26. Dutch Two-and-a-Half per
Cents. are at 50. Spanish Three per Cents. are 33.
Railway Shares are not very active, but have not
varied much in price. The names put forward for the
Eastern Counties Direction are not much thought of.
BRITISH FUNDS THIN DAY AT ONE O'CLOCK.
(From the Official List.)
195