The Sun.
London, England, 1848-11-02 00:00:00

1V10:.-41:;f C 011,3 :t.E.tt k_A AL. • 112; WS.
CITY, QUARTER TO THREE.
The Liverpool Cotton Market yesterday was very
firm, but not so buoyant as on Tuesday. Tho sales were
estimated at 6,000 bales, including- 5,000 Ainei ican. of
which 500 were on speculation; 150 Bahia realised 41d.,
and GOO Surat 24d. to 2-Z-d. per lb.—There was not so
good a demand for shares, the transactions being more
limited, and prices towards the close of the market gave
way.

The decline which is noticed in the accounts
from America as having occurred in the rate of
exchange at New York, has led to some refli ction as
to the probability of an exportation of the precious
metals from England, but upon this score we think
there is no present cause for apprehension. Money in
the London Discount Market is exceedingly cheap upon
Government and first-rate mercantile securities, but
second-class bills are charged with rather free latitude.
On the Continent there is an ample supply of bullion
generally. At Amsterdam the rate for loans has this
week been 24, and for discounts 3 por cent. At Ham-
burgh cash continues abundant, but there was an in-
creased demand for bills on London, which may ere
long have some effect in absorbing a portion of the
floating capital.
REDUCTION OF DISCOUNTS.

That the Directors of the Bank of England have no
apprehension on the head of bullion exports may be in-
ferred from the fact of their having this morning dis-
counted good bills as low as 3 per cent., their previous
minimum being 31 per cent.
We remarked yesterday that we did not think the
railway crusade would terminate immediately. Further
attacks and continued vigilance will be needed to oppose
the active researches of the parties inimical to railway
property, or only professedly anxious to improve it by
investigation. Were such conducted upon fair promises
no one could object, since nothing is safe as an invest.
ment that will not bear the severest probing. To calcu-
late unflinchingly and conclude dogmatically from an
undigested mass of figures designedly made, for the
purpose of elfrct, to include abandoned branches, was
obviously so disingenuous as to merit in its fullest extent
the reprobation awarded to it. A Mr. Robert Frank
Cleveland has now published a pamphlet on the North-
Western line, and as it is right the public should
have the earliest opportunity of hearing all sides, and of
judging for themselves, we give one or two extracts
" bearing" the line in question. Tho writer, alluding to
the company's statement i❑ detail that has just appeared,
observes that the capital paid, and yet to be raised is
30,234,419/., but that the mortgage (debentures we
presume) amounts to 9,186,6721., and he thus asserts
that—

" The detailed account, now published, of the engage-
ments and liabilities of the concern, (if we take for
granted that the calls will be regularly paid up, and that
the estimate of further outlay is not to be exceeded),
shows that the total funds of the company will
fall short 4,814,2654 of the amount yet required. The
future traffic of the lines, consequently, is to provide not
only for the dividends, but for this deficiency of
4,814,2651., in the event of the public confidence in their
undertaking mot being sufficient to enable them to.Tenew
their loans. With respect to this future traffic, the re-
marks upon the guaranteed lines may be considered
satisfactory by the sanguine portion of the shareholders;
but, as the directors justly admit, they do not offer
any early or flattering prospects of
'profit,' the re•
sults being necessarily problematical, and therefore
the directors merely ' assume that the liabilities will be
met by the proceeds.'"
_ _

It is almost impossible hero to avoid asking it. ques-
tion which must strike the mind of every reader, viz.,
" What prospect have these unfinished lines in the way
of remuneration which the lines now working to not
possess? Cannot a line from London to Birmingham or
Liverpool pay; or must it be carried through Scotland
to make it remunerative?"

Now the pamphlet in question comes so hastily under
our notice, that being anxious to give shareholders the
earliest intimation of any matter affecting, or likely to
affect, their interest, and not to allow speculators to get
the first " hint," we give the above statement without
having had time to verity it.
The Federicton (New Brunswick) Reporter says:—
" We are informed on the best authority, that our
Canadian Boundary Line difficulties are at last settled,
and on terms which recognise the full rights of New
Brunswick. We believe the difference between this
lino marked out some time ago by the Honourable
Surveyor-General of this province, and that now
adopted is very trifling."
From Pictou, Nova Scotia, we have the following :
" The crops are now pretty generally housed through-
out this country, and from anything we can learn re-
specting the quantity of grain in the country, it appears
that owing to the unfavourable weather that wo have
had for the last few weeks, both for ripening and
harvesting the grain, the crop is far below an average.
This is the case more particularly among the back set•
tlements, from some of which we learn that the wkole of
the crop secured by the farmers this season will not
more than feed their families till the month of February
or March. There is no doubt that much distress; will
ho found in the country unless some means be devised
by the Legislature to enable the people to obtain
money with which to buy food, and to enable them to
save, from what lade they have, a sufficiency of seed for
next season."
The Funds were heavy early in the day, but have
taken a decided start since, Consols having rallietl from
85} to 86i since the reduction in the discounts be-
came known. Exchequer-bills of Jane have been 425. to
r".. re.reime Ranh Stook h..s been at ibu to f. New
Three-and-a-Quarter per Cents., 854 to
The Foreign Market is good. Spanish Three per
Cents. have realised 23 to I, and Portuguese Four per
Cents. 231- to 24. Mexican fluctuate a little ; they
have been 2li to 4, Brazilian Old Bonds hare realised
72 to 73. Dutch Two•and-a-Half per Cents. are
45i to
Railway Shares, though not supporting the highest
rates of Tuesday, are looking well, and may close higher
ere the market shuts this afternoon.
BRITISH FUNDS TillS DAY AT ONE •'CLOCL