The Sun.
London, England, 1848-03-31 00:00:00

MONEY and COMMERCIAL NEWS
CITY, QUARTER TO THREE.
The Cotton Market at Liverpool yesterday was steady,
the demand being fair. There was no alteration in
price. Sales 4,000 bales, of which 3,000 were American,
at 41d. to 54d. per lb. Railway shares closed rather
firmly, without any material ateration in prices. The
market, however, had still a downward tendency.
The confirmation of the acceptance of the treaty of
peace with Mexico by the Mexican Senate has come to
hand this morning, but we find no particular commer-
cial news in the papers.
The continental journals received to-day give no news
of particular importance, but although from Paris the
advices are not good, the absurd holiday-making
system still prevailing, and the Presse news-
paper having been subjected to mob law, there is at
least the favourable circumstance that the Government
is respected. The advices by the Hamburgh mail report
all quiet in most parts of Germany. Holstein was still
arming, but Denmark does not appear to be making any
preparations for war, although its expressed determina-
tion is to incorporate Holstein. At Stockholm there
had been some rioting, but it was suppressed. The es-
tablishment of a republic at Venice is mentioned in the
German accounts, but it is said to have been effected
pacifically.
The following remarks from the forthcoming number
of the Banker's Magazine are worthy of the attention
of all holders of public securities:—
" The violent fluctuations and the rapid decline in
the price of the English Funds which we noticed in our
last review, has continued with scarcely any intermis-
sion up to the period at which we write (March 28th,
1848). In the week ending, February 26th, 1848, the
price of Consols varied from $94 to 87; and in the
week ended March 25th, 1848, the oscillation was be-
tween 804 and 81g.
" The longest tall the Foreign Stocks exhibited is in
the case of French and Belgian investments, and the
circumstance is abundantly accounted for by the combi-
nation of unsettled politics and utterly disorganised
finances with which both these countries have been so
suddenly overwhelmed.
" But the march of depreciation has extended beyond
British or Foreign State Funds, and has included even
the best of our own railways.
" Now, there can be no question that the extraordi-
nary career of receding prices exhibited by these state-
ments of figures, is to be traced almost exclusively to a
feeling of panic. Intrinsically, there is no reason why
the shares of the London and North-Western Railway
should be worth 10 per cent. less on the 24th March,
than on the 19th February ; and the same observation
applies, with almost as great an emphasis, to each
of the other instances put down on our list. It is
the infelicity of our times to pay little regard to
considerations of intrinsic estimation; and in the present
ominous state of the future we can easily understand
how the impetuosity of the timid and unthinking to get
hold of as much hard cash as they can grasp, should lead
to an inordinate sacrifice of sound and substantial pro-
perty. There can be no hope of any restoration of the
price of the Continental Securities for some time; but
we may perhaps hope for a change in the negotiable
value of the best of our railways, a species of property
which cannot very well be stolen, and is not very likely
to evaporate."
The Corn Market is lower to-day.
The Funds have been fiat again this morning, al-
though Money Stock is very scarce, and the sales
pressed just now are nearly all for time. Consols have
been 81 to 814 for present transfer, and 801 to.
81i for Account. The latest prices are 801 to 81g
Bank Stack for Account has been at 1921, and India
Stock at 233. Exchequer-bills have realised 31s. to
34e. premium. The dividends are to be paid on the 6th
April.
This is settling day in the foreign market, and the
most conspicuous feature is the heavy decline in the
Russian stock, now quoted at 75. Spanish Active bonds
have been 11 to iii. Mexican stock has realised 161
to 154. Dutch Two-and-a-Half per Cents. have de-
clined to 38 and 35.
Railway Shares are very dull at rather reduced prices.
ONE CLOSIN G
1* RIC ES OF IinITISH FUNDS. O'CLOCK. PRICES
I per Cent. Reduced Anna 79X xd
8 per Cent. Consols Annuities 81141,y 81 81%
LongAnns. to expire Jan.lB6o
Ditto 30 years, Jan. 5, 1860 $ 7-16 8 4113
India Bonds, 1,0001.
Ditto under 1,000/. ...... 18 p 18 p
Bank Stock for Account ... 1921,E 192%
Consols for Account
India Stock for Account 233 233
Exchequer Bills. 3d.
1,0001.
Small 35 30 p 30 p
ONE CLOSING
PRICES OF FOREIGN FUNDS. O'CLOCK. PRICES.
Mexican, 5 per Cent. 1846 l5l/8 15%
Ditto, Account 151,E 1558
Russian Bonds ...
Spanish 5 per Cent. 1840.
Date, Account ll 11
Ditto, Passive
Ditto, 3 per Cent 2O 20
Ditto, Account . 2Ol
Dividends on the above payble in London.
Dutch 214 per Cent., 12 Guild 3s 35 36
PRICES OF PAID. BUSINESS DONE CLOSING
RAILWAY SHARES. AT ONE O'CLOCK. PRICES.

Aberdeen 5O ....,.
Amber., Nott., Boston,
and Eastern Junction 314......
Ayrshire and Galloway.. 2%
Belfast & County Down 111 ...... ....
Birmingham and Ox-
ford Junction .... ... 20
Birmingham, Wolver-
hampton, and Dudley 10
Birming.,Wolverh'pton,
and Stour Valley 101. 145... .... ........ ...
Birkenhead, Lancashire,
and Cheshire Junc 73/4 ••• • •••••••••
Boston, Stamfd & Birm. 5
Bristol and Exeter B5
Ditto, Thirds ..- ..... 20
Buckinghamshire... 121. 4s.
Caledonian - ..., —
Ditto, Half Shares .. 33/4 ......

Ditto,Clydesdale June 50

Chester.and Holyhead... 37% 13%
Ditto,-Preference l5
Clarence .................. 78% —
Do. Ist Class, 6 per Ct. 10
Do. 2d Class, 5 per Ct. 10
Do. Government Loan,
4 per Cent.
Direct London & Ports-
mouth
Dublin and Belfast Junc 25
Dundalk k Enniskillen 17%...., —
East Anglia, 251., L. &
E. and L. and D...... 25
Do., 181., E. & H.... 18 .....
Do., 31. 105. . ...... 3% ~..„ ••.•••
Eastern Counties........ 20
Ditto,Extension, 5 per
Cent., No. 1......61. 13s. 4d....
Ditto ditto, No. 2...61. 13s. 4d... par
Do., North. & Eastern 50
Do., Quarters
De., New 23 ......
Eastern Union 50
Dit to, Quarter Shares 12% —
Ditto, Thirds.... ...133.4d. .
Do. (guar.6 per-cent.) 10
Ditto, ditto
East Lancashire
Ditto, New
Ditto, New Quarters 33/ -
4
East Lincolnshire ...... 16%
Idinburgh and Glasgow 50 ...... ...
....
..
Ditto, Half Shares ... 15 .. .. 9 . .
Ditto, Quarter Shares 121,4 —
Edinburgh and Northern 25
Ditto, New 33‘i — ......... .....
Ditto, Newport l2
Ditto, ditto, New 21A.....
Exeter,Yeovil, & Dorch. 2%
Ditto, New
Glasgow, Dumfries, and
Carlisle
Glasgow,Kilinar , & Ayr 50
Ditto, New ... ..... .... 40
Do. Preference Consol. 15
Great Northern
Do., London and York 2%. %
Griot Seuth. and West.
(Ireland)
Great North of En gland.loo .....
Ditto, New, 401 5
Ditto, New, 301 3O
Ditto, New, 151......... 6% • — ..
Great Western 9O ... .. 89 90 88%......
Ditto, 4 Shares
Ditto, IA Shares
Ditto, Fifths
Ditto, New 171. ..... 9% 7k
luddersfield and Manch. 24
Ditto, Thirds
Hull and Selby ..
Ditto, Half Shares
Ditto, 14 Shares
Ipswich & Bury St. Edm 17% —
Do., do., and Norwich 15
Do., do., Extens. Scrip
(late Camb. & Ely) 21,i _
Lancaster and Carlisle... 50 ......
..
Ditto, Thirds
Lancashire & Yorkshire 93 ••••• ,
Ditto, ditto
Ditto, 1,4 Shares ..... 38 ... ..
Do, Quarter Shares... 14% _
... ....
Do. Fifths... ... 9
Do. Sixteenths ' 614
Do. Thirds (Reg.)....101.45......
......«.....
Do. Liverp. and Bury 38
Ditto 1,4 (late Hud-
dersfield and Shelf.) 33

Do.(Wakefield,Ponte-
tract, and Goole) 50

----- _ ......... ......
Leeds, Dewsbury, &c 42h......
Do., Half Shares 17% — ...
Do., (blue) Scrip...... 2%...
Leeds and Thirsk
Ditto, New ...... ....... 22% — ... ...
Do., Prefer. ,6 per CL 3IA —
Liverpool, Crosby and
Southport . 2
Liverp., Manchester, and
Newcastle Junction... 2%......
London & Blackwall...l3/. 65. 8d.... --

Do. New, No. 2 5/. 135.4 d.... 2 dis
Do. Extension ...... 20
London, Brighton, and
South Coast
Do. Consol. Eighths. 40
Do. Guarant. 5 per ct.., 9
Do. Pref. Con. 5 per ct. 50
Ditto, ditto.— 1852 50
London and Greenwich 12/1534d —
Ditto, Preference... 18117 s 2d —
London and N. Western. 100 124% 126 124%
Do. Quarters (L. & B.) 22
Ditto, New
Ditto, Fifths ..... .. 2
Do 401.Shares(L.M.) 20

Do. 101. (81. &B.) A. Ph

W.
Do.(W. Riding Union)4/. 2s 3% di5,.....—. 3% dis.
Do. (Preston & Wyre) 25
Do. % Shares(A)... 9
Leeds and Bradford