The Sun.
London, England, 1848-12-11 00:00:00

and COMMERCIAL NEWS

CITY, QUARTER it) T/fldL ti.
The Cotton Market ut. Liverpool on Saturday w,s
agtun w, li supported. Railway Shares were rather
quie, but maimaini (1 previous rates.
-Ace,iwits if July 6th have been received from Mel-
bourne, P rt Philip. These are nit later dab s, and we
find nothinc; of general intereq in the letters beyond
wha.; ha; alrFa ly api-wiired. Mr. La Trobe, the superin-
tend,nt, wouid tipp,ar to be by no means so unpopular
tisBomix pa: ties make ont, the meeting to petitioil fur his
rectal having by,-n attended by only about six settlers
and the coliv,•ners.
The following is a statement of the transactions of
the Auckland branch of the Union flank of Australia
during the fir:-t six months of its e,tiblishmt:nt:—

Amount ot 13fIls diseountcd:—
BritiNh Bills ... •
• • •
Porpilm Bi HA
•••
Lval Bills . •••

..E12.636 17 11
. 472 16 0
. 14,844 15 4

Total £27,954 9 3
Arn.,unt of coin paid into the Bank:—
Gold .Z 39 645 10 9
••• ••• ••• ••• . • .
Silver ... 15,729 9 0

Total ... £55,374 19 9
Amomit of drafts i;suoci ou London Office

and BrL,nehes ... 22,084 17 2
Notes in circulation ... 5,170 0 0
The amount of the daily balances in the Bank be
longing to the public exceeded 17,0001.

And thrt toNI amp unt of transactions between the
Pubic and the Bank was upwards of a quarter of a

The followintr, a report from Birmingham of the
state of iho iron tratit.:—

" The nee :ants from Glasgow, and particularly from
Louth, are still of a most dispiriting character.
Pig iron is quoted free on board in the Clyde at 41s.
per ton, without buyers, and a writer in a Bristol payer,
from Merthyr, reports that the ' iron trade there is in
a very depressed state. This staple manufacture of
this district is selling almost at ruinously low
prices, and rumour (we hope it will not prove true) has
it that we are on the eve of another reduction.' And
again, he says, " the workmen employed at Plymouth
iron-works received a month's notice on the 25th ult.,
that a reduction of 10 per cent. would take
place in a month.' Extraordinary disclosures
also have been made during the week, plainly
showing that sales are not only being forced
without attention to profits, but, under an unprincipled
competition, far below the actual cost of production.
While it must be acknowledged that these statements
afford a sufficient cause for dismay, we can, how-
ever, ' con sratulate ourselves that at present no
unusual stagnation has been felt in this dis-
trict ; indeed, the immediate local demand con-
tinues as brisk as usual. at this season of the year,
and as this is the main support of the lesser manufac-
turers, who would be unable to continue working
ing to stock during a scarcity of, "orders,
there has yet been little complaint of want
of employment. We should, however, scarcely
think that the larger houses are so well supplied
with orders, as they are more dependent upon
the export trade, and at this time not only have to
contend with the disastrous Welsh and Scotch rivalry,
but also with a very serious falling 'off of foreign ship-
ments, as compared with the transactions of pre-
vious years. From the Government returns,
it appears that in the month ending November 5, 1847,
the total exports of iron and steel amounted to 434,0101.
while in the corresponding month of the present year
they only reached 272,9761., showing an ominous de-
crease of 161,0341. it, one month. These facts, joined with
the continued uncertainty that overclouds our commercial
intercourse with the Continental States, afford no very
glowing prospect for the winter; and it is not a matter
of surprise that an impression should prevail of an ap-
proaching reduction in price, originating, contrary to the
general course, with the larger firms, who have usually
hitherto taken the lead in an advance, but avoided
that post in retrograde movements. It is,
however, worthy of serious consideration before taking
such a step, whether there is an imperative necessity for
it, and whether it would not be better to first make an
attempt to reduce the superfluous make to meet the re-
duced demand, and to refrain as much as possible from
plunging into a wild and ruinous competition with
other districts, leaving them for a time to fight out
their own destructive battles. The benefits of submit
ing to continued reductions in price have already been
proved by experience to be sufficiently precarious, while
they are unavoidably accompanied with an abridgment
of the comforts, if not of the necessaries of life, among
the labouring classes, to an extent deplorable to be con-
templated."
The Money Market has a buoyant appearance again
to-day, and there is a hopeful feeling as to the future.
Business, generally, is without any material alteration,
but there are the elements of improvement, to be
brought, we may hope, into active operation next
year. With abundance of cash, reviving confidence,
diminished stocks of goods on hand, and a fair supply
of food, these can be no drawback, as far as we
are enabled to judge, except political troubles.
Consols opened this morning at 87k 81, rose
to 88k, and are now 87+ to 88. The New Three-
and- a-Quarter per Cents. have been 86k to 87*, and the
Three per Cents. 861 to 864. Bank Stuck is worth 190
to 191". Exchequerßills have been 395. to 425., and India
Bonds 38s. pr. The approaching closing of the Transfer
books. causes money stock to be rather in demand,
and as to the account there is some anomaly, the con-
tango beink comparatively high, viz, 4 to 3-16, while
the Bears are generally supposed to be the losing p.rty.
The probable election of Louis Napoleon, strange to say,
has not unfavourably influenced prices. The Batik
broker has been a seller.
The Foreign Securies have been looking up. Mexican
Stock has been 221 to and Peruvian 38 to 39. Spanish
Five per Cents. have been marked 12k, and the Three
per• Cents. 254 to 25*. Russian Bonds have been quou4
101+ to 10.. Dutch Ts o• and-a-Halt per Cents. are 4i is,
to 48, being a further improvement.
The Railway Share Market has been very healthy,
and prices of some of the principal lines, including Great
Western, Caledonian, York and North Midland, and
North-Western, are higher.
BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
(From the Official List.)
Bank Stock
3 per Cent. Reduced Annuities 86%1%3%
per Cent. Consols Anus
New 314 per Cent. Anna. 86%% 871/s
India Stock
Do. Bonds, 10001 3B p
South Sea Stock
Ditto New Annuities
Consols for Account .. 873 % 88% 87%
ttxchequer Bala. 21/Sd. 2d.
March. June.
1,000/.
5001 43 p 40 p
Small 43 p 39 p
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Mexican Bono's, 1846,5 per Cent......
Ditto for the Account . 22%1%1/214
Peruvian Bonds, 6 per Cent 3B 39
Russian Bonds, 1822,5 per Cent 101.:N"v, 102
Spanish Bonds, 5 per Cent, 1840
Ditto Passive Bonds 3
Spanish Bonds, 3 per Cent Cent
Ditto fur the Account 254%
Dividends on the above payable in London.
Dutch 2th per Cent.,l2 Guild 47% 48
nusitsEt.is, post. IN RAILWAY SHALtEI; AT v.:N.6 o'CLQCK
RALLWAId. PAW. PER SHAME.
Aberdeen
A pnbcr., Notting., Boston, &c. 414 to
Asrshire and Galloway ...... 71/2
13-slfast and County Down .. 19 ..
liirmingham & Oxford J
calls duly pd, or with guar. 20
Do., without a guarantee... 20 ...
Birminghans,Wol.,& Dudley,
calls duly pd, or with guar. 10 ... . 14% to
_.Do., without a guarantee... 10
lliralitig.,
•\Vol., la Stour Val. 13/.145....
Birkenhead, Lancashire, and
_ Cheshirs Junction lO
!I•oaten, Storni., & Birming... 5
ristoi,
Ts and Exeter
ticll::c:ke Thirds ss h
i.r.; ... ..... 27 % — to
141. 4s ...... to
50
Ditto, Half Shares
Ditto, New 101. Preference 5
Ditto. Clydesdale Junction 50
Cheater and Holyhead 5O ..
Ditto, Preference
tlarence.
.Do., Ist Class, 6 per Cent

-llo.,2(.1 Class, 5 per Cent... 10

...
Do., Gov. Loan, 4l per Cent. 10
..
Direct London & Portsmouth 51% —
Dublin and Belfast Junction.. 35
Dundalk and Enniskillen ... 20 ......
East Anglia, 251. L. & E.,
iiid L. & D
Ditto, 181., E. & II lB
Ditto, 31. 108., E. & 11... 31,E —
l':astern Counties
~„Do.New Guarant. 6 per '.'dt. 10
uo.Perpet.,s per et. No. 1,6/. 13s. 4d...
0., do N0.2,61.:135. 4d...
0., 5 per c'.int. bO., Northern & Eastern... 50
50 ..... 50% to 51
'-',
,1)0., Quarter 12%•••
1-10., New
Eastern Union, Claes A (late
E. U. Shares) ..... .... .. 25
Ditto, ditto, Class A, ditto 1
Ditto, do, Class B (I. & B) 20
Ditto, do, Class C, ditto._ 20
Ditto Scrip (gua. 6 per ct.) 10
.•••••
Ditto, ditto ........ .......... 20 ...... • to
Ditto (C. & E.), 5 per et. 2% — to
East Lancashire
Ditto, New ... .......... .... . 21
Do., New Quarters
Do., 6 per Cent. Preference
Quarter Shares
East Lincolnshire .. 25
Edinburgh and Glasgow
'Ditto, Halt Shares
Edinburgh and Northern ••• 25 ......
Ditto, New port l5
t _ to
Exeter, Yeovil, & Dorchester 2% w..
Glasg., Dumfries, lit Carlisle..Bl. 64.8 d — ..... to
Glasgow, Kilmarnock, & Ayr 50
Do• Preference Consolidated
—6l/0.1..... to
--
Great Northern....
........ ... 19
Do. % A Deferred
..... ... 121,i 3.:, 's ... to
Do. 1/ B 6 per Cent. Guar. 6% 3
Do. Extension .. ..... ..... 2%...
Gt. South. &‘Yeet. (Ireland) 42% —
Great North of England 100
Ditto, IN, w 401. 4O
Ditto, ditto . .
Ditto,—
New 301.......... ...... 30 ...
Ditto, New lA__ ... ...... 14 ...... .
Great Wesurn
Ditto, Halt Shares
Ditto, Quarter Shares
Ditto, Fifths
Do. New 17/ ......
Huddersfield and Manchester 30
..
PM to
Ditto, Thirds.. ............... 10