The Sun.
London, England, 1847-09-24 00:00:00

MONEY and C

OfrIMERCIAL NEWS.

CI: I", QUARTER TO THREE.

The Cotton Market at Liverpool yesterday was
without alteration. There was more confidence among
the holders, and 2,500 bales of American realised 61d.
to 71c1. per lb. Railway Shares were decidedly better,
with an improving aspect.
The grain niaket is lower to-day, wheat being 2s.
to 3s. per quarter under Saturday's rates. The
arrivals arc 36,000 barrels of flour, and 35,000 quarters
of wheat.

The Bank of England is biking in longer dated bills
at 51 and 6 per cent., and this is held to be indicative
of a feeling of greater security on the part of the
directors. :Should it be determined that more accom-
modation shall be extended to the mercantile interest,
there will probably be less morey available for loans
upon stork.

Since many parties labour under the impression that
the Bank of England has not been sufficiently liberal in
affording assistance to houses in difficulties, we may
quote from a most useful and entertaining work, a
" History of the Ba.nk of England," by Mr. John
Francis, the following remarks made by a journalist in
the year 1825, viz., " That to inspire confidence in
houses which can at least only repay it by insolvency,
is to increa-e a direct wrong, and dreadfully to enhance
a great commercial evil. If a house fails, and pays
fifteen shillings in the pound, a foolish cry is
raised that a little reasonable help would have saved
it! A house that was in relation to its debts
one quarter worse than nothing. Ought such a house
to be left standing in a condition where it was every
hour made the depository of other people's money ?
Even if a banker pays 20s. in the pound, and has no
surplus afterwards, he is not a legitimate banker, he is
trading without capital, and the least mishap, or the
least fall in the public funds, if he buy into them with
other men's money, way in one day make him an in-
solvent."

On the other hand, there is a great distinction to be
drawn between propping up tottering and really insol•
vent firms, and supporting healthy houses merely incon-
venienced temporarily by the prevailing want of con-
fidence, and how liberally the Bank of England was
enabled to act in 1825, under its old charter, at a crisis
too of a most alarming character, compared to
which our present clifficulties are a mere bagatelle, let us
judge from the account of Mr. Francis. Alluding to the
Bank directors, this gentleman writes;—" Nor were
they backward in affording assistance. In a few weeks
their discounts rose from five to fifteen millions. Ad-
vances were made upon the simple deposits of title deeds,
often without even an examination. Exchequer-bills
to an enormous amount were sold, to meet the demand
from the mercantile interests. Gold from abroad and
coin from the Mint were constantly arriving at the Bank.
" Mr. llarman said, in his examination before the
Parliamentary Committee, 'We took stock in as se-
curity ; we purchased Exchequer-bills ; we not only
discounted outright, but we made advances on deposits
of bills of exchange' to an immense amount ; and we
were not, on some occasions, over nice, seeing the
dreadful state in which the public were.'
" The course which tho directors adopted, though
opposite to that of 1797, appears to have been correct.
Within three weeks they doubled their discounts."
The arrival of the letters by the Overland Mail is
looked for with much anxiety, owing to the remittances
expected.

Business in the Stock Market has been exceedingly
limited, and there is a better tone in the market. Con-
sols have ranged from 851 to 86 for transfer, and from
86 to 86} for time. Exchequer-bills have been 4s. to 7%
prem. Nothing has been done in Bank or Indian Stock.
The transactions in Foreign Stocks are also of no
account. Spanish Five per Cents. rule lower, being
19i; to i, and Portuguese Four per Cents. nominally 23
to 25. Brazilian have been 81 to 13. Dutch Two-and-
a-Half per Cents. are 531 to 541.
Railway Shares have been held for full rates, but are
quiet.

ONE CLOSING
PRICES OF BErrisrf FUNDS. O'CLOCK. FRICES.
3 per Cent. Consols Annuities 853% 86 8614
Consols for Account ' 864 860
Exchequer Bills. 2d.
1,000/.
500/
Small

ONE CLOSING
PRICES OF FOREIGN FUNDS. O'CLOCK PRICES
Brazilian Bonds 823/4 823/4
Ditto, Small B3 83
Ditto, New, 1829 and 1839
Russian Bonds .. • ••• - 105
Spanish 5 per Cent. 1840.
Ditto, Account 19% 19%
Ditto, 3 per Cent .. ....
Ditto, Account . — 28%
Venezuela Bonds, 2 per Cent 36% 36%
Dividends on the above payable in London.
French, 5 per Cent ll4f. 25c. 114 f. 25c.
Exchange 2sf. 50c. 25f. 50c.
Belgian, 2% per Cent 531,2 53%
/Inch 214 per Cent. .
Ditto. Account
Ditto. 4 per Cent. Certificates 86
PRICES OF PAID. BUSINESS DONE CLOSING
RtILWAY SHARES AT ONE O'CLOCK. PRICES
Aberdeen
Amber., Nott., Boston,
and Eastern Junction 2%....,, % 7B
Ayrshire and Galloway.. 2%
Belfast & County Down 10 ...... ..,
Birmingham and Ox-
ford Junction
Birminghaii, Wolver-
hampton, and Dudley 10 ... ..
Birming.,\Volverlepton,
and Stour Va11ey..... 8 ......
Birkenhead, Lancashire, .
and Cheshire June.— 61,4
Boston, Stamfd, & Birm. 5
Bristol and Exeter 75
Ditto, Thirds - ....
Buckinghamshire Bl. 4s
Caledonian
Ditto, Half Shares..... 2% — ~. .....
...... _
Ditto, Clydesdale June 40
Chester and Holyhead... 321,6 — .. —
Cheltenham and Oxford 2
Clarence
Do. Ist Class, 6 per Ct. 10
Do. 2d Class, 5 per Ct. 10
Do. Government Loan,
4 per Cent.
Dublin and BelfastJunc. 20 1....
Dundalk & Enniskillen 12%
East Anglia, 25L, L. &
E. and L. and D....... 25 ......

Do., 181., E. & H.... 18
Do.,
3/. 10s., E. &H. 1
Eastern Counties 2O ...... 17%
Ditto, Perpetual, 5 per .
Cent, No. 1....... 6/. 13s. 4d...
Ditto ditto, No. 2... 61. 13s. 4d... ......
Do., York Extension.. 10 ...... 85/1,% B%
Do., North. & Eastern 50 ...... •••
Do., Quarters
Do., New
Eastern Union 5O .• ... ... ...... _ ...
Ditto; Quarter Shares 121
Dian, Thirds ... l3s. 4d
East Lancashire
Ditto, New
Do.. do., Exten. Scrip 11%
East Lincolnshire
Edinburgh and Glasgow 50 ...... ... ••• •• -
Ditto Half Shares ... 15
Ditto, Quarter Shares 12%
Edinburgh & Northern.. 20
Ditto, New
Ditto, Newport ..... ... 7 ...... .....„
Ditto, ditto, New . .... 1%
Edinburgh and Perth... 2 ......
' Ditto Extension 105...'....
Ex eter,Yeovil, & Dorch. 2% — .
- -
Ditto, New
Glasgow, Dumfries, and _ _ _

•
Carlisle B/. U. 8d
Glasgow, Kilmar.,& Ayr 50 ......
Ditto, New .. 35 . —

Do., ils Shares (5 per
cent. guar.) ... ...... 121 h......
Great Nortkern
Do., London and York 21A.. ... .....
Great South. and West.

(Ireland)
Great North of England..loo 227
Ditto, New 40/.
Ditto, New 30/
Ditto, New 15/ I %
Great Western B5 102
Ditto, % Share. .. 50
Ditto, 1,4 Shares ...... 15
Ditto, Fifths 2O
Ditto, New 171 ... 7
Huddersfield &Manche& 19
Ditto, Thirds .. o 7 —
Hull and:Selby 5O .....100 ........ ...... 100
Ditto, Half Shares 25
Ditto, 14 Shares 12%
Ipswich & Bury St. &l in. 15 ... .
Do., do., and Norwich 12
Do., do., Extens. Scrip
(late Camb. & Ely) 2%.....
Lancaster and Carlisle... 50
Ditto, Thirels
Lancashire & Yorkshire 82
Ditto 1,4 Shares . ... 38 -
Do. Quarter Shares... 14%
Do. Fifths 6l/.1- ••• 8 ,:, IM,, 8
Do. Sixteenths......
Do. Thirds (Reg.)....71. 4s. 3% dis.
Do. Liverp. and Bury 34
Ditto 42 (late Hud-
dersfield and Sheff.) 28 ......
._
Do.(Wakefield,Ponte-
fract, & Goole
:.
Do. (W. Riding Union) 4/. 2s —
.........
......
Do. (Preston & Wyre) 25
Do. 1/, Shares (A) 9
Ditto ditto (13) ... 1;4
.....
Leeds and Bradford 45 ......
Leicester and Bedford... 16s.
4 14 dis.
Leeds, Dewsbury, &c.... 37%
..... •••••••••
Do., Branch I/2 Shares VA,. „ _
........ _
Do• New Branch( bl ue) 2%
Do. Extension (green) 2%..
Do. Newlixten. (pink) 2%...... • --
DDoit.,to
P,
reNewfer . , . .6. .
p..e•r. .
c..t... 31371171/2: ..
...... —2l/8.
Leeds aid Thirsk
....... .•.•••
Liverpool, Crosby, and 213
Southport....