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

MONEY and COMMERCIAL SEWS
CITY, QUARTER TO THREE.
The Cotton Market at Liverpool on Saturday was
again well supported. Railway Shares were rather
quiet, but maintained previous rates.
Accounts of July 6th have been received from Mel-
bourne, Pert Philip. These are not later dates, and we
find nothing of general interest in the letters beyond
what has alreaiy appeared. Mr. La Trobe, the superin-
tendent, would appear to be by no means so unpopular
as some parties wake out, the meeting to petition for his
recal having been attended by only about six settlers
and the conv,liers.

The followtng is a statement of the transactions of
the Auckland branch of the Union Bank of Australia
during the tirfA six months of its establishment:—
Amount of Bills discounted:—
British Bills

... £12,636 17 11

Foreign Bills ... ...
Local Bills . ... ...

472 16 0
14,844 15 4

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

Total ... £55,374 19 9
Amount of drafts issued on London Office
and Branches ... ... 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.
Aud the total amount of transactions between the
public and the Bank was upwards of a quarter of a
million.
The following is a report from Birmingham of the
state of the iron trade:—
" The accounts 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 paper,
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,- con4ratulate ourselves that at present no
unusual stagnation has been felt in this dis-
trict ; ind -ed, the immediate local demand con-
tinues fully 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 work-
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 iu the corresponding month of the present year
they only reached 272,9761., shoeing an ominous de•
crease of 161,034/. it, one month. these facts, joined with
the continued uncertainty that overclouds our commercial
intercourse with the Continental Stateg, 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 en 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 mush 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, there can be no drawback, as far as we
are enabled to judge, except political troubles.
Consols opened this morning at 875,- 874, rose
to 881, and are now 87-1 to 88. The New Three-
and-a-Quarter per Cents. have been. 861 to 87*, and the
Three per Cents. 861 to 864 e Bank Stock is worth 190
tol9l. Exchequer-bills have been 395. to 425., and India
Bonds 38s. pm. 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 being comparatively high, viz., to 3-16, while
the Bears are generally supposed to be the losing party,
The probable election of Louis Napoleon, strange to say,
has not unfavourably influenced prices. The Bank
broker has been a seller.
The Foreign Securities have been looking up. Mexican
Stock has been 221 to ie and Peruvian 38 to 39. Spanish
Five per Cents. have been marked 121, and the Three
per Cents. 251 to 251. Russian Bonds have been quoted
1011 to 102. Dutch Two•and-a-Half per Cents. are 471-
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.

ONE CLOSING
P,UCES OF BRITISH FUNDS. O'CLOCK. PRICES.
Bank Stock l9l 190 190
3 per Cent. Reduced Anus 86%143A 863/4
3 per Cent. Consols Annuities...... 87% 88%s 87% 8734
&.w 3M per Cent. Anu5......- 8634% 871/,'3 86%8
Long Anns. to expire Jan. 1860
Ditto 30 years, Jan. 5, 1860 — 8 13-16
India Bonds, 1,000/.
Ditto under 1,000/. .. ......
South Sea Stock
Ditto New Annuities
Consols for Account 87%5/8 881/8 87% 8734
Exchequer Bills. 2d. & 2d.
1,000/. March ......
1,000/. June 3B p 33 P
5001. March 42 p 42 p
5001. June
Small, March 43 p 43 P
Small, June

PRICES OF FOREIGN FUNDS. OICE CLOSIN(
O'CLOCK. PRICES
12

Grenada Bonds, 1 per Cent.
51exican, 5 per Cent. 18-16 —
Ditto, Account 22% ][4l/14
Peruvian Bonds, 6 per Cents 3B 39
Portuguese 5 per Cents. —
Ditto, 4 per Cent —
Russian Bonds ... ...... IOI3A VI 102
Spanish 5 per Cent. 1840.
Ditto, Passive
Ditto, 3 per Cent
Ditto. Account ..... ...
Venezuela Bonds, 2is per Cent —
Dividends on the above payable in London.
Dutch 2% per Cent., 12 Guild 47% 48

PRICES OF BUSINESS DONE CLOSING
PAM
RAILWAY SHARES. 'AT ONE O'CLOCK. PRICES.

Aberdeen
Amber. Nott., Boston,
and Eastern Junction 414......
Ayrshire and Galloway.. 71A —
Belfast & County Down 19
Birmingham and Ox-
ford Junct., calls duly
paid, or with a guaran. 20
Do, withoutguaraotee 20 .
Birming, Wolverh'ton,
and Dudley, calls duly
pd, or with guarantee 10 ..... 141 i,
Do. without guarantee 10
Birming.,Wolverh'pton,
and Stour Valley 131. 145... .........
Birkenhead, Lancashire,

and Cheshire June.... 10
Boston, Stamfd 8c Birm. 5 .
Bristol and Exeter 9O ... 5314
Ditto, Thirds
Luckinghamthire... 14/. 4!s.
Caledonian
Ditto, Half Shares .. 8% —
Do. New 10/. Pref..... 5 ... 4% 5
Ditto,Clydesdale June 50
Chester and Holyhead... 50
Ditto, Preference l5 ..... 13 ..
Clarence
Do. Ist Class, 6 per Ct. 10
Do. 2d Class, 5 per Ct. 10

.
Do. Government Loan,
4 per Cent.
Direct London & Ports-
month
Dublinand Belfast June 3554 ..
..
.... ... ....
.
Dundalk & Enniskillen 20
East Anglia, 251., L. &
E. and L. and D...... 25 -
D0.,18/., E. & IL— 18
Do., 31. 10s.
E astern Comities........ 20 ... 11%
Do. New Guaranteed
11 x d
6 per Cent. ..... ..... 10
= Ditto, Extension, 5 per
Cent., No. 1 61.135. 4d....
Ditto ditto, No. 2 61. 13s. 40...
Do. North. & Eastern 50
Do., 5 per cent.
Do. Quarters ......... 121/2 ••
Do. New ... ... 34
Eastern Union, Class A
(late E. U. Shares) 25
Ditto, Class A, ditto... 1
Ditto, Cises B (1. &
and B.) 2O
Ditto, Class C, ditto.- 20 .
Do. Scrip (6 percent.) 10
Ditw, ditto
Ditto (C. &E.) guar.
5 per cent......
,East Lancashire
Ditto, New
Ditto, New Quarters 614,
Do., 6 per Cent. Pre-
ference Quarters ... 61A • ••••
East Lincolnshire ...... 25
Edinburgh and Glasgow 50
Ditto, Half Shares ... 20 ..
..
Edinburgh and Northern 25 •
Ditto, Newport l5 ••
Lester,Yeivil, & Dorch. 2-',9 •••
1%

17
••,....