The Sun.
London, England, 1847-01-22 00:00:00

Humber, Hopkinson, St. John's, New Brunswick, and sailed
for Hull; Beaufort, Cuba.
CORK, JAN. 19.—A French barque with loss of rudder and
mainmast gone, was spoken on the Bth inst. by the Horatio,
Hamel, at Cork.

o,(iliEY and COMMERCIAL NEWS
CITY, QUARTER TO THREE.
The Cotton Market at Liverpool yesterday was very dul
again. Sales about 2,000 bales, including 1,500 American
at 7d. to 71/2d. per lb. Shares were drooping.
Of course attention has been almost entirely absorbed by
the present condition of monetary affairs in the city, and
we must say that, during a long course of experi-
ence, we have seldom seen such a gloomy
aspect, except in times of actual panic. The question natu-
rally may be asked, how far the existing apprehension is
justified by circumstances? We believe that in the general
excitement few stop to reason, or if they consider matters at
all, they look upon them in an unfavourable light.
The policy of the Bank of England, unfortunately, is
seldom one that gives support or confidence at
the periods when it would be most opportune.
llere, for instance, have we and our centemForaries
been writing during the last two or three months almost in-
cessantly upon the cotton speculation, and the necessity of
checking it, and yet not an indication did the Bank directors
give, either directly or through their supposed organ, the
limes, (too busy in decrying railways), of disapprobation
at the operations of the cotton jobbers. An advance of %
per cent. in the rate of interest six weeks or two months
since, when the food question was known to be urgent,
would have saved England an immense amount
now irretrievably lost by the payment to the
American grower and merchant of a sum much beyond
what was necessary for the supplies of cotton received. The
staple, however, has been sold to an immense extent—the
engagements are made, and the money must be paid. Now,
however, the Bank directors are alarming everybody by the
opposite policy pursued. One week they raise their dis-
counts 1/2 per cent., the next Thursday another 1/2 is added ;
and, seeing their precipitancy, no one can tell what another
week may produce. Surely the Bank directors, with
their extensive means of information, as practical
merchants, must have been aware of the large
orders given for foreign corn, surely they must
have known the extent of railway engagements, surely
they must have been sensible of the pecuniary requirements
of Ireland, and who knows but what they were not even
consulted as to the necessity of a new Government loan.
Our own impression is strong that they were so consulted,
and that a new loan is extremely probable, unless it is in-
tended to try the effect of an issue of Exchequer-bills at an
advanced rate of interest, which even then will not keep in
circulation any large amount.
We shall be told, possibly, that the Bank of England is
now a private bank, acting fo.r its own safety or advantage,
and not bound to study the public ; but we repudiate the no-
tion. The Batik still has great favours accorded to it by the
nation, and as such must not be held exonorated from alle-
giance. If, as same suppose, the Bank wishes rather to
alarm the public by its headlong policy, and not so much to
excite a pressure, we need only answer that alarm always
does create a pressure, and that if the Bank had been for
months past discounting at one per cent., and then weekly
advanced the rate, although the advance in itself were not
onerous, the same results would follow, viz., fear and even
panic. However, there stands the fact, that the minimum
charge of the Bank on first-rate ninety-five-days bills was
yesterday raised to four per cent., and that no one can an-
swer for its not being whipped up to five per cent. within
a fortnight. We hope it may be otherwise, but certainly
the proceedings of ti e Bank directors de not re-assure us.
After the remarks above made, it must be expected that
we have but a gloomy account of the stock markets. The
" bears" eagerly looking out for a new loan have done their
utmost to excite bond tide sales, for without these their time
bargains would ba of no avail. To some extent they have
succeeded, not so much from the actual extent of the business
done, as from the co-operation afforded by the jobbers in the
house, who decline to deal unless at lower rates. Thus we
have had a sale or two for money at a decline, firstly, to
91%, and subsequently to 9034, while for Account the range
has been from 91% to 91. As to prognostications, they are
all in favour of still lower values, and if parties will give
way to alarm, we can scarcely expect any other result. Ex-
chequer-bills have realised Bs., and since 3s. and 7s. premium.
The New Three-and-a-Quarter per Cents. have been reduced
from 9314 to 92%. Bank Stock is 2041 A to 205.
The Foreign Funds are all weak again. Spanish Three per
Cents. have declined to 34% and %, Mexican to 21% and 1/s,
Brazilian New to 841/2, and Dutch Two and-a-Half per
Cents. to 57. Russian Bonds have been at 110% to 111, and
Danish at 87.
Shares are considerably lower in many instances, and
cheaper in all.
BRITISII FUNDS.

ONE CLOSIN G
O'CLOCK. PRICES.
Bank Stock .. .. .. .. .. .. .. 2043 205 205
Three per Cent. Reduced Annuitlis3 .. .. 9130 % % 915
Three per Cent. Consols Annuities .. .. 91% 90% 91
Three per Cent. Annuities, 1726 .. .. 90% 90%
New Three-and-a-Quarter per Cent. Anus. 93% 92% 93
Long Annuities, Expire .Jan. 5, 1860 .. 9% % 9%
Ditto, 30 years, Oct. 10, 1859 .. 9 7-16 9 7-16
Ditto, 30 years, Jan. 5, 1860 .. • • 9% 9%
South Sea Stock .. .. .. ~ „ „ --

Ditto: Old Annuities .. .. .. 90%
Ditto, New Annuities .. .. .. 90 89%
Consols for Account .. .. .. .. .. 91";;, ILA %91 91
Exchequer Bills. 11 d. 1 li d.
1,0001... .. --.... 8 3 7 pm. 8
Ditto, Small .. .. 7 pm. 7

ONE
O'Ci.OOK.

FOREIGN FUNDS.
Brazilian Bonds, 5 per Cent .. ..
Ditto, New Bonds, 1829 and 1839 .. 84%
Danish, 3 per Cent • . .. 87
Grenada, 1 per Cent .. .
Mexican Bonds, Old, 5 per Cent .. 21%
Ditto. for the Account .. 21% yi%
Portuguese Bonds. 5 per Cent .. ..
Ditto, 3 per Cent ..
Ditto, for the Account
Ditto, 4 per Cent .. • • .. • .
Ditto, for the Account
Russian Bonds ..
Spanish Bonds, 5 per Cent
Ditto, for the Account ..
Ditto, Passive Bonds ..
Ditto, Deterred 161
Ditto, Three per Cent .. ..
Ditto, for the Account 34% 33%
Dividends on the above payable in London.
Belgian Four-and-a-Half per Cent .. 94%
Dutch Two-and-a-Dalt per Cent .. 57
Ditto, for the Account .. .. 57
Ditto, 4 per Cent. Certificates .. 91
Ditto, for the Account ..

110% 11l 110