The Sun.
London, England, 1847-10-02 00:00:00

MONEY and COMMERCIAL. NEWS.
CITY, QUARTER TO Ti-L;EE.
The Cotton Market at Liverpool yesterday was very
heavy, and throughout the week has been drooping,
although partly sustained by the accounts from Americe.
Sales yesterday 3,000 bales.
Railway Shares at Liverpool have been declining, and
were yesterday very gloomy,
The Bank of Eng:and averages for the week, to the
25th ult., show the following results on a comparison
with the previous week :
Notes issued now £22,190,675
Decrease 14,530
Rest, now
Increase
Public deposits now 9,457 851
Increase
Other deposits now
Increase 298,969
Seven day and other bills now i19,785
Increase
Government Securities, the same.
Other Securities now 20,007,232
Increase
Notes now
Decrease 160,650
Total now
Increase
Bullion now 8,782,703
Decrease 97,787
Active circulation now
• Increase
The above return is not different from that given on
this day se'nnight in its main features. The circulation is
being augmented, and the Bank is still liberally disburs-
ing the resources placed at its command by the accumu-
lated deposits. The reserve of notes has also been made
available, and until the dividends are paid, we trust the
Bank will persevere in its present course, and afford, by
advances upon mercantile paper, in preference to Stock or
Exchequer-bills, every possible accommodation to the
mercantile community. Everybody now flies to the
Bank, and although not half the bills offered can of ne-
cessity be accepted, we may judge that the additional
advance of 2,000,0001. upon other securities within the
last fortnight, even at 54, 6, and 64 per cent., the charges
made, must prove an essential relief.
Very little can be judged of concerning the trade of
the country, or the balance in our favour by the present
quotations of the foreign exchanges, which, however, are
nominally favourable.
The demand for money in the Stock Exchange has
been very urgent this morning, and in the discount
market also there is a " squeeze," owing to the prepa-
ration making for Monday, the " fourth," we appre•
hend that the wholesale houses will have more difficulty
than the mercantile establishments.
A writer in the Bankers' Magazine, makes some re-
marks upon railway expenditure which are judicious
and apposite. It is the business of shareholders them-
selves, and with the power vested in them, one cannot
but express the most unfeigned astonishment that they
exhibit such apathy, while openly and unceasingly com-
plaining. The writer observes,
" That the calls already, and in process of being,
made oa railway shareholders, have been far too numer-
ous ana heavy is not denied ; but the remedy for this
evil is simple of itself, and easy of application. Let
meetings be called by requisition, and resolutions
passed, restraining directors from making further calls
without the consent of other meetings called to consider
their expediency. In May last, I addressed a letter to
directors, through the railway press, upon this very
subject ; in it I recoil-mended that—' Where contracts
have been made, the abandonment of which would occa-
sion loss, the amount their completion would require
should be calculated, and made known to the share-
holders ;' 'that where contracts have been made
(but the works not commenced), and can be
called without loss, they should be so; Where
none have been, none should be made ; Where
works have been engaged to be completed within a cer-
tain time, that time should be extended ;' and last and
chiefly, that in all cases the amount that would be re-
quired to be paid up during the next nine or twelve
months should at once be advertised.' Prophets have
no honour in their own country ; so the foregoing was,
of course, disregarded. I then called upon the share-
holders to take the matter into their own hands at the
ensuing hall ►early meetings, and pass resolutions bind-
ing directors to commence no new works, to make no
fresh calls, without the consent of a special meeting to
be convened for that purpose, but all in vain, directors
continue to 'call, shareholders to slumber. Hinc illm
lachrymm.' "
The Public Securities have been exceedingly de-
pressed, and the difficulty of raising money has induced
forced sales of Exchequer-bills to an extent that has
reduced the value to 10s. discount. Consols are 84i to
for Transfer, and £341. for Tine, though since 841 4.
East India Stock has been 228 to 223, and Bank Stock
195 to 197. India Bonds have been 10s. to 20a. discount!
In the Foreign market business is quite at a stand-
still. Spanish Five per Cents. are 19, and the Three
per Cents. 28. Portuguese Four per Cents. are 23.
Dutch Two-and-a-Half per Cents. are 521 to 534.
Railway Shares have all been again most seriously
depressed, and it seems useless just now to press sales.