The Sun.
London, England, 1848-10-12 00:00:00

MO•+iEY and C4)3liviEjtClAL E

CITY, QUARTER TO THREE.
The Cotton Market at Liverpool, yesterday, was
steady. Sales 4,000 to 5,000 bales at previous rates.
Shares were a little brisker.
As the dividends will to-morrow and subsequently,
give to annuitants a sum of six or seven millions
sterling, from which it is but lair to assume there
may be a good surplus available for re-investmeat,
we shall be curious to observe what may be the security
selected. In the present dull state of trade, and with
money exceedingly cheap, there cannot be much pros-
pect of discount business absorbing any additional
amount to that already in the coffers of the bankers,
and there remains but the choice of transferable or fixed
properties. Stocks and shares constitute the former, land
and houses the latter. The public securities will, no
doubt, as usual, come in for the larger share of favour,
as many wealthy parties make it a practice to add
periodically to their stake, and shares no doubt
would have proved attractive had they been 30 or
40 per cent. higher. Yes, we repeat the word,
higher, for it is a remarkable fact that whereas
all the world was mad for railway speculations
when it should have kept aloof, because the temp•
tation of 3 or 4 !per cent, did really not repay the risk,
seeing the liabilities into which the companies were
rushing, every one now is sacrificing his shares at half
what they cost, and at rates bringing 6 or 7 per
cent. per annum, with improved management and
curtailed responsibilities. Our contemporary the 7imes,
after a prolonged silence, and without having the
slightest claim to having warned the public of the pre-
sent reaction, or enlightened it as to the capital accounts
of the great companies, and the necessity for searching
inquiry, now comes forward to aggravate the panic, and
arrogate to itself the mischievous reputation of " having
done it all." It is easy to take advantage of a temporary
feeling of alarm, and to foment uneasiness, especially
where little scrupulousness is exhibited in distorting
or colouring information only partly founded on facts.
It may be true, for instance, that Parliament has sanc-
tioned lines which if executed would involve an outlay of
134,000,0001., and, not having time just now, we will ac-
cept the statement as correct, even though we have
misgivings on that score, but should it not, in candour,
have been added that not one half, probably not a third,
of the schemes will ever be carried out, and that the
annual expenditure for the next two years will be far
less than it has been at any period since 1845—that the
cost of construction will be greatly reduced, and that
branch lines are steadily coming into use, and
by promoting facilities of internal communi-
cation, adding to our means of manufacturing
and competing with foreign countries, bringing
metallic wealth from abroad, as well as economizing

labour and capital at home—should not these things
have been stated to stay the sacrificer in too many cases
unnecessarily made? But our Contemporary, regardless
of consequences, writes simply for effect. It has a
giant's power and mercilessly uses it. Let us hope that
for once, however, the holders will judge for them-
selves, look to substantial grievances, urge the gradual
closing of " capital accounts," the imitation of calls,
the publication of unreserved financial statements, and
reject the bugbear that there are new railways costing
134,000,0001. about to swallow up the national resources.
This is a Jewish holiday, and many parties are absent
in consequence.
The Funds are improving after the unaccountable de-
pression of the last day or two. Consols have been
85k / for transfer, and 85k to 1 for time. Exchequer-
bills are 30s. to 335. premium. Bank Stock is at 187 to
190 ex dividend. The New Three-and-a-Quarter per

Cents. are 84i i.
The Foreign Securities have been very quiet. Mex
can are firm at 19k to i•, Spanish Three per Cents., 231_
Brazilian ex div., 72k; Portuguese Four per Cents. about
23f to 24k.
Railway Shares are flat, but there is no material
change, and business is not brisk.
0 N E
CLOSING
PRPO. s oF isRITISII FUNDS O'CLOCK.
PRICES.
Bank Stock lB7 190 x d 190 x d
3 oer Cent. Reduced Arms.. 83% 844 x d 84% x d
8 per Cent. Consols Annuities 85141 IA 855,E
New 314 per Cent. Ann 5.....-
Long Anna. to expire J an. 1860 -16 x d 8 5-16 x d
India Bonds, 1,0004 ........ .....
Ditto under 1,000/. ... ..... .- 36 p 36 p
Consols for Account, Oct. 17
Exchequer Bills. 2%d. & 2d.
1,0001. March ......
1,000/. June 3O 33 p
500/. March
Small, March .. ... .. 37 p
Small, June
PRICES OF FOREIGN FUNDS ONE
O'CLOCK.
Brazilian Bonds ... 72 %xd
Chilian Bonds 6 per Cent...........—
Mexican, 5 per Cent. 1846 —
Ditto, Account
Peruvian Bonds, 6 per Cents 32 32
Spanish 5 per Cent. 1840.
Ditto, Account — 11%
Ditto, Passive
Ditto 3 per Cent 231,4 22%
Dividends on the above payable in London.
Belgian 4% per Cent. 7214
PAID.
PRICES OF BUSINESS DONE CLOSING
1 RAILWAY SHARES. AT ONE O'CLOCK. PRICES.

32p
33 p
33 p
37 p
34p

CLOSING
PRICES.
73xd
83%

Aberdeen 5O ..... -
Amber. Nott., Boston,
and Eastern Junction 41A ...... -
Ayrshire and Galloway.. 5 -
Belfast & County Down 174 -
Birmingham and Ox-
ford Junction .... ... 20 - ..
Birmingham, Wolver-
hampton, and Dudley 10 ..... 12%
Birming.,Wolverh'pton,
and Stour Valley 131. 145... - •••
Birkenhead, Lancashire,
and Cheshire June-- 10 - ........ ..•• •••
Boston, Stamfd & Birm. 5 ... -
Bristol and Exeter B5 ... .. 48
Ditto, Thirds ..- 25 -
Buckinghamshire.- 141. 45. -
Caledonian
Ditto, Half Shares .. et -
Do. New 101. Pref..... 2%..._.. % 1
Ditto,Clydesdale June 50 - -
Chester and Holyhead... 471,( - • -
Ditto, Preference l5 ...... - -
Clarence - -
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. 35 ...... - -
Dundalk & Enniskillen 20 ...... - -
East Anglia, 25/., L. &
E. and L. and D...... 25 ...... -
Do., 18/., E. & H.... 18 - -
Do., 3/. 105. -
Eastern Counties
Do. New Guaranteed
6 per Cent. .... ...... 7%...... 8 7% .... .....
Ditto,Extension,s per
Cent., No. 1 6/. 13s. 4d.... -
Ditto ditto, No. 2.-61. 13s. 4d... - -
Do. North. & Eastern
Do., 5 per cent. ...... 50 ... .. -
Do. Quarters .... ..... 1214 - . ..... ...... .
Do. New 34 -
Eastern Union, Class A
(late E. U. Shares) 25 -

,
Ditto, Class A, ditto-. 1 -
Ditto, Class B (I. &
and B.) 2O
Ditto, Class C, ditto... 20 .
Do. Scrip (6 per cent.) 10 --- . .... ..
Ditto, ditto
Ditto (C. & E.) guar.
5 per cent............ 21,4 -
East Lancashire
Ditto, New
Ditto, New Quarters 614 --..... ......
Do., 6 per Cent. Pre-
ference Quarters ... 41A — ..», ..»,
East Lincolnshire ...... 23 . 22'.........,
Edinburgh and Glasgow 50 ...... ....
Ditto, Half Shares ... 15 .. .. 9
Edinburgh and Northern 25 — .

123%

••••• 22%

9

Ditto, Newport
Exeter,Yeovil, Si Dorch. 2% — ..... .....,
Glasgow, Dumfries, and
Carlisle
Glasgow,Kilmar ,& Ayr 50 ..... .
Do. Preference Consol.
Great Northern
Do., A Deferred ... IVA...—. 21A
Do., 1A B 6 per Cent.
guaranteed ... ..... 4% 3/4
Do. Extension VA .....»....
Great South. and West.

(Ireland)
Great North of England.loo ......
Ditto, New, 40/ 40
Ditto, ditto
Ditto, New, 30/ 3O —
Ditto, New, 151 —
Great Western 9O ... .. 74 73%
Ditto, % Shares 5O ...... 4214 % 421,¢
Ditto, 14 Shares
Ditto, Fifths - 2 O 2O
Ditto, New 171........ 13 ... .. 9
Huddersfield and Manch. 28
Ditto, Thirds
Hull and Selby .. ...... 50 ......
Ditto, Half Shares ... 25 ..-..
Ditto, IA Shares - ...
. .., .. . __

Lancaster and Carlisle 50 - ...... —..-
Ditto, Thirds
Lancashire & Yorkshire 93 —
Ditto, ditto
Ditto, ih Shares -
Do. Quarter Shares l7l/t — •••••••• ••••••
Do. Fifths
Do. Sixteenths 614 —
Do. Thirds (Reg.) ..... 13 ..... ... .........
Do. New Gua.6 per ct. 5
• ,

314

Do. Liverp. and bury 43 ..... -
Ditto % (late Hud-
dersfield and Sheff.) 43
.._

Do.(Wakefield,Ponte:
Tract, and Goole) 50

Do.( W. Riding Union) 7 ....• ••• ...... •••• ••
Do. (Preston & Wyre) 25
Do. % Shares ( A)... 9% ......
Leeds and Bradford
Leeds, Dewsbury, &c.... 50 ••••••
Do., Half Shares ...... 25 ....•• .... .....
Do., (blue) Scrip."... Oh— .•
Leeds and Thirsk ...... 50
Ditto, New ...... ...•••• 35 - •• ... --
Do., Prefer., 6 per Ct. 3% — ......."...•»
Liverpool, Crosby and
Southport 3142
Liverp.,Manchester, and
Newcastle Junction... VA..,
London & Blackwall...l3/. 6s. 8d.... -
1)o. Extension ...•• ... 22% —
London, Brighton, and
South C00t......". V)