The Sun.
London, England, 1848-10-14 00:00:00

MONEY aid COMMERCIAL NEWS.

C/ 7' Y, QUARTER TO THREE.
The Market for Cotton has this week been excessively
dull, and prices are barely supported. Sales yesterday,
4,000 baka, and for the week 27,890 bales. The Railway
Share market continued very depressed.
The information we gave yesterday as to the inten-
tion of the railway companies to disprove the figures
published by the Times is confirmed by the following
letters—
" Sir—The statement copied from the " Weekly
Share-list," and re-published in the 7imes of yesterday,
being calculated to mislead and alarm the proprietors of
this company, I am instructed by the directors to ac-
quaint you that the statement in question, so far as it re-
fers to the London and North-Western Railway, is
grossly erroneous, and that there is being prepared, and
will shortly be issued to each shareholder, a full and
correct account, exhibiting the present position of the
company, and all its engagements.
" I am, sir, your obedient servant,
"CHARLES STEWART, Secretary.
" Office, Euston-square, 13th October, 1848."
There was last week some reduction •in the general
business operations of the Bank of England, and the
withdrawal of deposits occasioned a diminution of the
bullion. The public deposits were on the decline, th•
quarterly official payments having commenced, as usual,
before the dividend payments. The circulation was
affected by the bullion reduction, but in both items there
will, no doubt, be an increase in the course of a week or
two. The following is the comparison of the items with
the previous week's retnrn:—

Notes issued 26,823,635
Decrease
Rest
Increase
Public Deposits 6,962466
Decrease
Other Deposits 8,053,104
Decrease
Seven Day and other Bills . 1,028,171
Increase
•• 7,548
Government Securities
Other Securities
Increase
..•••• 64,691
Notes
Decrease
Bullion
Decrease
Active circulation
Decrease
A letter addressed to the Railway Directorates of
England, under the title of " Railway Rescue," con-
tains some useful suggestions to "all parties concerned,"
but from which our space oaly enables us to give the
following:—
" Railway property is at present depreciated from
three causes:—First, the general depression of all
trade. Secondly, the competition which is springing
up between approximating railways. And-, thirdly, the
large amount of branch lines, made far too expen-
sively, and, worse than all, at the cost of ruinous con-
tests. ' Suckers, and not feeders, I call them,' said a
railway shareholder; but this is not quite a true
statement. Many are not yet finished, and but few
are in full work. They Nill all ultimately pay, not-
withstanding the wasted Jutlay, because the profits-
are a growing quantity. But, as a financial calcula-
tion, there never was any course more absurd than the
senseles oppositions mule by almost all the main lines.
It origirested in the idea that it was possible to monopo-
lise railway transit as had been done by canal transit,
forgetting the obvious distinction thal canal water is a
limited quantity, while railway land is all but unlimited.
There is, it is true, s species of railway monopoly quite
practicable to establish, and of which I will presently
speak, but that is a monopoly peculiar to each railway
and not to be abstracted from one by another.
" Railway directors are at the present time generally
in a state of discomfort at their reduced dividends. To
remedy this, they propose to make the public more un-
come-A-table. first, by increasing the fares, and, secondly,
by diministing the number of trains. It requires no
great amount of foresight to predict that one result of
this will be the increase of horse transit, for it is an as-
sured truth that people will travel as much as possible
at their own convenience, and also as cheaply as they
can. It is a question for consideration, whether it .
is wise to tempt people to try new modes before
every means have been resorted to, to diminish the ex-
pense of the old. Light trains and frequent are the true
policy, and it is worth the inquiry how far friction and
gravity may be reduced by new or careful construction.
Otherwise new lines may be enabled to beat the old ones
out of the market. It is a perilous experiment to prac-
tice on public patience.
" But little skill is required to see that the rolling
stock and the rails are mismatched to one another.
Any man, woman, or child, passing through a turnpike
on a highway, may observe a table of tolls regulated, or
supposed to be regulated, with a progressive advance
proportioned to the destructive powers of the vehicles
travelling on the road.
" If there be any doubt expressed as to the discre-
pancy of strength between the rolling-stock and the
rails, a very plain answer may be found 'in the fact of
the general renewal of rails now required. if this be
not enough, let the proportions of the periphery of a lo- -
comotive driving wheel be compared with the rail be-
neath it. The former weighs upwards of 2001bs. per
yard, the latter from 701bs. to 801bs."
A great deal of silver has been exported again this
week direct from London, say 315,000 ounces, but the
result probably will be returns in gold from the Con-
tinent. The exchanges abroad are already more in our
favour. At ilanaburgh the rate last Tuesday touched
13.7 f. As to the silver, it is not required here, and
there are ample arrivals this week from South America
and various other parts.
Assisted by the weather, which, although it can do no
harm, promotes a depressed feeling, by the apparent re-
flux of bullion to which wo attach no importance, by the
political events at Vienna, and the publication of the
export returns of the kingdom, the Bears have succeeded
in depressing again the value of the Funds. Consols
have been 85 to since 84i and are now about 84i
Exchequer bills of March are 345. to 365. premium.
Bank Stock is 185 to 187. The New Three-and-a•
Quarter per Cents have been 84 to
Mexican Stock is lower again, being 18f to 19. Por-
tuguese Four per Cents, are 23i, and Spanish Three
per Cents. 221. Dutch Two-and-a-Half per Cents. have
realised 44 to 441..

Railway Shares have been in a very depressed state
again, and in several instances there is a further decline,
this being ticket day, and shares being expected to be
ready for delivery to some extent. We, however, have
our doubts about this.

oNIS CLOSING
P:iicEs OF BRITISH F'UN'DS. O'CLOCK. PRICES.
Bank Stock lB6 185 187
187
3 ;.er Cent. Reduced Arms 84 83% 83%
3 per Cent. Consols Annuities 85% t-'4%% 84%
New 314 per Cent. Anus-- ... 84% 84 84
Lor:i Anne. to expire J an. 1860. 814. 814
Ditto, Oct. 10, 1859
..... --8% 8t India 6 tcck 237 237
India Boncl::, 1,0004
Ditto under 1,0001. .. —. .86 p 36 p
South Sea Stock
Bank Stock for Account...
C aisols for Account, Oct. 17
Exchequer Bills. 2%d. Sz 2d.
1,1)(.1}1. March 34 36 p 26 p
1,000/. June 2O 31 p 34:p
p
5001. June
Small, March ... 36 p 36p
Small, June
ONE CLOSING
'CF S.
Mexican, 5 par Cent. 1846 OlB3O 19 18% TRI
19!,‘
Portuguese 5 per Cents. —
Ditto, 4 per Cent
99 23% 23%
Russian Bonds ... 99
Spanish 5 per Cent. 1840.
Ditto 3 per Cent 2234 22%
Venezuela Bonds, 2 per Cent -
Ditto, Deferred — 4
Dividends on the above payable in London.
Dutch 2% per Cent., 12 Guild 44% 44 44
Ditto. 4 per Cent. Certificates 681/2 67% 67%
Ditto, Bonds

PRICES OF FOREIGN FUNDS.

PRICES OF PAID' BUSINESS DONE CLOSING
RAILWAY SHARES.
AT ONE O'CLOCK. PRICES.
Aberdeen 5O
Amber. Nott., Bolton,

and Eastern Junction --
Ayrshire and Galloway.. 5
Belfast & County Down 17%
Birmingham and Ox-
ford Junction 20 22 ...
Birmingham, Wolver-
...
hampton, and Dudley 10 .....
Birming.,Wolverh'pton,
and Stour Valley 13/. 148...
•••
Birkenhead, Lancashire,

and Cheihire June.... 10 ...... Boston, Stamfd & Birm. 5 """""•'•••
... ..
Bristol and Exeter...... 85
Ditto, Thirds ... ...... 25 .......... . -
r, uekingham t h i r e . . . 141. 4s.
..... ...
Caledonian. 5O ..... 17 16%
Ditto, Half Shares .. 83i...... Do. New 101. Pref. .... 2%...... IA% «
Ditto,Clydesdale June 50
Chester and,llolyhead... 471/a......19
Ditto, Preference
Clarence
Do. Ist Class, 6 per Ct. 10
Do. 2d Class, 5 per Ct. 10 -
Do. Government Lor

Jan,
4 per Cent.
Direct London & Ports-
month
Dublin and Belfast June. 35
Dundalk & Enniskillen 20
Fa.st Anglia, 251., L. &
E. and L. and D...... 25
Do., 181., E. & ....
18 ......
Do., 31. 10s. .........
Eastern Counties... .... 20 .... 12 11%
Do. New Guaranteed
6 per Cent
Ditto, Extension,6 per
Cent., No. 1 ....... 61.135.
Ditto ditto, No. 2...61. 13s. 4d...
Do. North. & Eastern 50 Do., 5 per cent.
Do. Quarters .
% ....... . --
Eastern Do. New
......
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 percent.) 10
...... .
-- •. .
.... ...... .. --
..... - Ditto, ditto
Ditto (C. & E.) guar
5 per cent.....
East Lancashire ......... 25
Ditto, New .. 21 ....
Ditto, New Quarters 614
Do., 6 per Cent. Pre-
ference Quarters ... 44..
East Lincolnshire ...... 23
Edinburgh and Glasgow 50 ......
...._
Ditto, Half Shares ... 15 .. .. —.
...•
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eeeee fam.