The Sun.
London, England, 1846-09-25 00:00:00

MONEY and COMMERCIAL NEWS.

CITY, QUARTER TO THREE.
The Cotton Market rtt Liverpool yesterday was fully
supported. Sales, 10,000 bales. Shares were dull again.
Some particulars of very general interest, especially
to the readers of a " City Article," are contained in a
work upon Practical Arithmetic, by Mr. A. Nesbitt.
Upon the subject of the Fund the author is much
better informed than most parties uncon-
nected with the Stock Exchange, while he is
on that account also, the more impartial. He
states:—" The business of speculation in stock is founded
on the variation in the price of stock; and which varia-
tion it probably tends in some measure to support. It
consists in buying and selling stock according to the
views entertained by those who engage in this business,
relating to the probability of the value of the stock rising
or falling before the arrival of some future period. This
business is partly conducted by persons of considerable
property in the Funds, with a view of making gain; but
a practice also prevails, among those who have no such
property, of contracting for the sale of stock on a
future day, at a price agreed on by the parties. For
example, A may agree to sell to B 1,0001. of stock, in
the Three per Cent. Consols, to be transferred in twenty
days, for 9601.; and this would be at the rate of 961.
per cent. A has, in fact, no such stock ; but if the

pane on the day appointed for the transfer, should be
only 941. per cent., he may purchase as much stock for
9401. as will enable him to fulfil his contract, and thus
he would gain 201. by the transaction. If, on the other
hand, the price of that stock should rise to 981. per
cent., then he would lose 201. by his specula-
tion. The business, however, is generally settled
without any money purchase, or transfer of stock,
by A paying to B, or receiving from him
the difference between the price of stock on the day of
settlement, and the price agreed on by the speculators.
" All the business, however, which is done in the
stocks for time' is not of a gambling nature. In a
country of such extensive commerce as England, and
especially in London, many opulent merchants,
who possess property in the Funds, and are unwil-
ling to part with it, have frequently occasion to
raise money for a short time to meet some unexpected
exigency. In such cases their resource is, to sell for
money, and buy for account ; and although the money
raised in this manner may cost a little more than the
usual interest, yet it affords an important accommoda-
tion ; and the transaction may be rendered strictly legal,
and the stock, or its value, become recoverable, by due
course of law."

At a late hour yesterday, the Commissioners of the
Admiralty decided upon tenders sent in for the supply of
salted beef and pork for the use of the navy. The
quantities required were unusually large—say 12,000
tierces of beef, and 18,000 tierces of pork. All the latter
was taken, but only 8,000 tierces of the former. The
b:ef is to be delivered at 71. is., and the pork at 71. 13s.
per tierce. We have received the following note
relative to the contract from an experienced firm. The
remarks are important at this period when the prices of
provisions are so high:—
The contract for beef and pork was only taken in
part by the Government yesterday, the prices for both
articles being considerably higher than last year,
which confirms us in the opinion that additional chan-
nels must be opened for the Government to obtain their
supplies, or submit to most exorbitant rates."

The state of the Corn Market to-day is most satis-
factory to the farmers—not so for the millions. Prices of
wheat are up 2s. per quarter, notwithstanding the supply
is most abundant. The purchases were freely made.
Consols for Money and the Account are a shade
lower to-day. A sale of the former has been made at
95k, and of the latter at 954. The premium on Exche-
quer-bills continues at l ls. to 14s.
Mexican Bonds are at 25 to Ti; Portuguese are flat at
401- Spanish are at 261 1; the Three per Cents. at
371; the Dutch Two-and-a-Half per Cents. at 594 I;
and the Four per Cents. at 95. The Chilian Six per
Cent. Bonds have realized 101.
Railway Shares have not been dealt much in to-day.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
(From the Official List.)
3 per Cent. Reduced Annuities 95%1/2
Long Annuities, Expire sth Jan. 1860
Do. 30 Years, Expire Jan. 5, 1860.. 10 1-16
South Sea Stock
Ditto New Annuities
Consols for Account 95%1/2
Exchequer Bills. I%d. 114 d.
1,000/.
5001. ... 14 11 pm.
Ditto Small — ... 14 11 pm.
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Chilian Bonds, 6 per Cent lOl
Danish Bonds 1825, 3 per Cent.... 88%
Mexican Bonds, 1846, 5 per Cent.

Account
. .
Ditto for the A . 25%14 25
Portuguese 4 per Cents 4014
Spanish Bonds, 5 per Cent, 1840 —
Ditto for the Account 26%
Ditto 3 per Cent..
Ditto for the Account
Dividends on the above payable in London.
...

Belgian 41/ per Cent - - 9734
Dutch 2% per Cents
Ditto 4 per Cent. Certificates
BUSINESS DONE IN RAILWAY SHARES AT ONE O'CLOCK.
RAILWAYS. PAID. PER SHARE.
Aberdeen
Amber., Notting., Boston, &c. 2% 2l/8 to
Armagh, Coleraine, & Portrush 1% to
Aylesbury and Thame l% to
Belfast and County Down .. 21/2 .. ..
Birmingham and Gloucester..loo ......
Do. New (iss. at 71/2 dis.).. 17% — to
Birmingham & Oxford June... 2
Birkenhead, Lancashire, and
Cheshire Junction... 234 — .. ... to
.. __.. - -

Boston, Stamf., & Birming... 225.
Bristol and Exeter
D0., New
Bristol and Gloucester 3O
Bristol and Liverpool June... 2%
Buckinghamshire..- 42s. -
Caledonian

Ditto, Half Shares
Ditto, Extension
Cambrian and Grand Junct.. 425.
Cambridge and Oxford
Central Kent 2I,E — to
Chester and Holyhead... 271/ 24% to
Churnet and Blythe
Chester and Manchester 425.
Cheltenham and Oxford 2 .. ..

Clydesdale Junction
Cork, Blackrock, & Passages 225.

- ,
Cork and Killarney — 2l/2.— to
Cork and Waterford llh — to

Cornwall
Ditto, Half Shares
Cornwall and Central Devon 25/e — to
Derby and Crewe 2% to
Direct Lincoln, East Retford,
and Sheffield Junction 2% to
Direct Manchester (Rem.)... 23/4 .....
Ditto ( Rastrick's) 5,4 — to
Direct Northern
Direct Norwich 1
to —.
Dublin and Belfast Junction.. 10

.. •••• • • to -

Dublin, Belfast, & Coleraine 21/2. ...... to
Dublin and Galway

Dundalk and Enniskillen ... 71/,
Eastern Counties 141. 16s 2130/2... to
Do. New lOl. 16s — to

Do. Perpet., 5 per ct. No. 1,6/. 13s. 4d...
Do., do N 0.2,6/. 13s. 4d.

Do., York Extension ...... 10s. ...... 2
East Dereham and Norwich 1
Eastern Union 35
Ditto, Quarter Shares
Do. Extension to Harwich lys
Do. Cambridge and Ely ... 24

East Lancashini
East Lincolnshire ... 1l
East and West of England... IN3 — to
Edinburgh and Glasgow .
Ditto, Half Shares
Ditto, Quarter Shares
Edinburgh and Northern ... 12 V 2.....•
Edinburgh and Perth
Ely and Huntingdon . -
to
to
-17

Enniskillen and Sligo ...... 2
Exeter, Yeovil, & Dorchester 5% — to
Glasgow, Kilmarnock, & Ayr 50
Ditto, New

Do. 14 Shares (5 per ct. gua.) 12% .....
Glouc., Aberystwith, and Cen.
of Wales
Goole,Doncaster,Sheffid., &c. 42s — ...... to
Grand Union (Nott. & Lynn) 1% — ... .. to
Great Eastern and Western... 2% — to
Great Grimsby and Sheffield 10
Gt. South. & West. (Ireland) 27% 3ll to
Great Munster - ...... to
Great North of Scotland 2% to
Great North of England 100 ... .
Ditto, New 5 — to
Ditto, New
Ditto, New.. ..0 ...... 1%......
Great Western
Ditto, Half Shares
Ditto, Quarter Shares.
Ditto, Fifths
Do. New
Guildfd.,Farehm., &Portsmth. 5
Harwich and E. C. Junction 2 .... .

Hull and Selby 5O lO5l/2 to
Ditto, Quarter Shares l2l/2 21114...... to
' Ditto Half Shares .... ...... 25
Ipswich & Bury St. Edmunds 111/ — ... .. to
Do. do. and Norwich
Irish North Midland
Killarney Junctions l4 — ...... to
Kendal and Windermere ll/2•••••• ...... to
Lancaster and Carlisle
Do. New 5 ...... —. ......to—
Lame, Belfast, & Ballymena 425. ...„, —7.
.... to
Leeds and Bradford
Leeds and Carlisle ...... 2% — ...... to
Leicester and Birmingham... 225.
to
Lei:ester and Bedford 22s.
Leeds and Dewsbury . ........ 17 I/2 — to
Leicester and Tarnworth, &c. 425.
Liverpool, Manchester, and
Newcastle Junction 2l/2 to
Liverpool and Bury l4
London and Birming. Exten. 1% — .... to
London & Blackwall...l6/. 13s. 4d 8
Do. New
Do. Extension 5 -

London and Brighton
Do. Fifths
London and Croydon...l3/. 15s. 9d 21% to
Do. Guaranteed 5 per Cent. 9
London and Greenwich... 121.155. 4d... -
Ditto Preference lB/ 17s 2d...
London Hounslow &Western 2 . to

London and North Western..100
Do. Quarter Shares - 2
... 2314 ...... to
Do. do. New ...... .... ...... 2
Do. do. Fifths
Do. Eighths G. J. 12% — to
Do. New Quarters ...G. J. 5
Do. 40/. Shares.....L. &M. 8
London and S. Western.... 411. 6s. 10d. 701,4 to 621
Do. New consolidated Bths.. 40
Ditto New . .. «..... 17%.. ...
Do. New ..... .. . 14
London and Y0rk............... 2% 2 ..... to

Ditto Half Shares
London and Windsor ... 1%...... -