The Sun.
London, England, 1846-01-06 00:00:00

MONEY and COMMERCIAL NEWS.

CITY, QUARTER TO THREE.
The sales of Cotton at Liverpool yesterday were 6,000
bales. The market was steady, but without any animation.
Sales, 500 bales Pernam, at 51/2d. to 534 d.; 400 Egyptian at
5%d. to 7d. ; 650 Sarat, at 2%d. to 33/4d. ; and 4,500 Ame-
rican at 31/2d. to 6d. per lb. A considerable business was
done in Railway Shares at full prices.
The statement of the revenue has not disappointed the ex-,
pectations of those who take a warm interest in such matters
as exhibit the prosperity of the country. The falling off
in the Customs most unquestionably is to be attri-
buted to two causes—one very generally under-
stood, the other not yet alluded to. Perfectly true it
is, in the first instance, that the reduction and the
abolition of duties upon imports has made a serious
inroad temporarily upon receipts, but the great cause of the
diminution is to be found, as far as the last three months are
concerned, in the general apathy on the part of the commer-
cial interests to engage in new operations until some-
thing definitive is known with respect to the future
status of the corn-laws. Upon the whole, it is
considered in the City that the revenue returns
bears a satisfectory character, and a decided feeling is gene-
ral that there are good grounds for a relaxation of the in-
come-tax. The Premier, in the opinion of many, would do
well were he to limit the impost to those who have 5001.
a year and above, and not to the low sum of 1501.
Mr. Tuck, the compiler of the " Railway Shareholder's
Manual," gives us, in his seventh edition, a fair illustration
of the absurd apprehensions sought to be inculcated on the
subject of railway extension. The writer very justly states:—
" But, were Parliament to sanction all the projects that
have complied with the standing orders, requiring 200
millions of capital, the country could carry the whole into
effect. without feeling the slightest symptom of exhaustion
or dis:ress ; and should this be the case, we shall have
abundant opportunity to test the assertion, so pompously
put forth by the Times, ' that we cannot add 50 millions
of money to railway enterprize without the most ruinous,
universal, and desperate confusion.' It would be impossible
to complete these lines in a less period than four years, and
that would give an expenditure of fifty millions per annum.
Now, this country raises from its own population for Queen's
taxes, poor-rates, church-rates, highway-rates, county-rates,
and municipal imposts, a sum considerably beyond 100
millions per annum : it has been doing this for years,
yet no one infers that it cannot continue to do it for
many years to come. In this instance it takes from
productive labour by the expensive machinery of taxation
above 100 millions per annum, and distributes the amount
on unproductive labour, and yet we are gr vely told that
the county cannot expend 50 millions a year upon pr, ductive
labour witt out producing the most ' ruinous, universal, and
desperate co lusion.'
" It is no doubt true, that if the 50 millions were required
to be got together by any given day, some effect would be
produced on the country by the temporary scarcity of
n-.oney, as would also be the case if the 100 millions annually
raised by taxation were withdrawn from circulation, and
not let loose until the end of the year."
The Public Securities have been very well supported to-
day, and it is evident that the revenue returns inspire con-
siderable confidence. Consols have been marked 94% to 95
ex-dividend, and for time 943/4 to 95; special transfers
have been made to-day. Bank Stock has been steady at
204 to 1/2. New Three-and-a-Quarter per Cents have been
97% to %.
The Foreign Investments are very quiet. Spanish Five
per Cents. realize 29 to %, and the Three per Cents. 43%.
Mexican have been at 3134 ; Chilian Bonds have been at
983/,1 to 99% •, Belgian Four-and-a-Half per Cents. have been
97, and Dutch Two-and-a-Half per Cents. 6034 to 6118.
Railway Shares have been very firm again to. day, and
with a fair business doing.

ONE CLOSING
PRICES OF BRITISH FUNDS. O'CLOCK. PRICES.
Bank Stock .204% 204%
3 per Cent. Reduced
3 per Cent. Consols Annuities 943A 95 94%
New 314 per Cents. 9730/i% 97%
Long Annuities toexpireJan.lB6o 10 7-16 9-16 10 9-16
Ditto 30 years,Oct. 10,1859
India Bonds, 1,0001
Ditto under 1,0001... ....
Bank Stock for Account... « 204
Consols for Account - ......
Exchequer Bills, 1,0001., I%d 2B 26
Ditto 5001.
Ditto Small

9434
pm. 26
pm. 26
pm. 26

oNE CLOSING
I-RICES OF FOREIGN FUNDS. O'CLOCK PRICEs!
Brazilian Bonds
Chilian Bonds 6 per Cent.... •
Ditto Deferred — 53
Columbian Bonds, ex Venezuela — 171
Mexican, 5 per Cent. 1837 —
Ditto, Account
Ditto, Deferred —
Portuguese 5 per Cents. —
Ditto, Account —
Ditto, 4 per Cent —
Ditto. Account
nuss i a n Bonds ....... 113%
Spanish 5 per Cent. 1840.
Ditto, Account 29%
Ditto, Indemnity —
Venezuela Bonds, 2 per Cent 431/
Ditto Deferred ... 12
Dividends on the above payable in London.
Belgian 41/ per Cent ...... 97 97
Dutch, 2% per Cent .
Ditto Account
Ditto, 4 per Cent. Certificates
Ditto. Account ..... ... ....-
?BIC 'Ff.:l3 OF BUSINESS DONE CLOSING
RAILWAY SHARES PAID' AT ONE O'CLOCK. PRICES.
Aberdeen
Aberdeen,Banff, & Elgin 2%
Armagh, Coleraine, and
Portrush l%
Aylesbury and Thane.. 1% —
Belfast & County Down 2% .
Bideford andTavistock... 1% —
Birmin. and Gloucester. 100 13014.
TA:ika ...7,11 17% —
Birmingham and Ox-
ford Junction
Birmingham & Leicester
Direct 425.
Boston, Stamfd, & Birm. 225. —
Bridgewater &Minehead 425......425......
Bristol and Exeter 7O
Ditto, New
Bristol and Gloucester... 30 ...... 57 ..
Bristol and Liver. Junc . 2%......
Buckinghamshire
Caledonian
Ditto Extension ... .. 2%.......
Cambrian & Grand Jane 42s
Cambridge and Lincoln 1% 3% •••
Do. New
Cambridge and Oxford ll4 —
Canterbury and Dover.. 1% —
Central Kent
Chelmsford and Bury ... 1% ll/8
Chester and Holyhead... 15
Chester and Manchester 425. % di5..... ......
Cheltenham and Oxford 2
Clydesdale J unction ..... 5
Cork Blackrock, and
Passages
Cork and Killarney
Cork and Waterford ... 11,4 —
Cornwall
Coventry, Nuneaton, Bir.
and Leicester ll4 —
Dartmouth, Torbay, and

. _ •
Exeter
I )erby and Crewe —
Derby, Gainsbro', and
Great Grimsby ... 1% —
Derby, Uttoxeter, and
Stafford 2%...... ........«....
Direct Manchester

( Remington's)
Ditto (Rastrick's)...... 514
Direct Northern
Direct Norwich 1
Dublin and Armagh 1N.....
Dublin and BelfastJunc 5
Dublin, Belfast, and
Coleraine
Dublin and Galway..... 4
Dudley, Madely, and
Broseley
Dundalk & Enniskillen 2%
Eastern Counties 141. 16s. 23M
Ditto New 6/. 16s. BN% P ...... •..
Ditto Perpetual, 5 per
Cent, No. 1 6!.135. 4d.... p
Ditto ditto. No. 2... 41. 13s. 4d... p
EastDereh'sn andNor'ch 1
Eastern Union
Ditto, Quarter Shares 334 —
Ditto Extension
Do. Ipswich and Bury 4 —
Do. Exten'ntoNorw'h 2%
Do., Camb. and Ely.. 21/......•
East Lincolnshire - 3%14
East & West of England 1%......
Edinburgh and Glasgow 50 ......
Ditto Half Shares ... 5
Ditto, Quarter Shares 12% ......
Ditto, New
Edinburgh & Northern.. 1.•••••• •••
Edinburgh and Perth... 3 ...... 5 _
Ely and Huntingdon ... 5 ...... 64
Enniskillen and Sligo ... 21/ —
Essex and Suffolk .. ... 1% —
Exeter. Dorchester, and
Weymouth
Exeter,YeoTil,& Dorset 2%
Glouc.,Abelystwith,and
Central of Wales 1%...... 14
Goole and Doncaster .. 425.
Grand Junction ...100
Ditto Half Shares 5O
Ditto Quarters 25
Grand Union l% . 2
Great Eastern &Western 2 iii...... • ....... ----
GreatGrimsby and Shef-
field
Great South. and West.

(Ireland)
Ditto Extension
Great Munster 2 ......
Great North of Scotland 2 A ......
Great Northof England..loo .218 220
Ditto New 5 —
Do. New .... .. ........ 2 — •••
Great Western BO 167

Ditto 1/2 Shares
Ditto 14 Shares 2l/2 lBl
Ditto Fifths
Guildford, Fare'm, Ports. 5
Harwich
Hull and Selby 5O ..............
Ditto 4 Shares
Do. Half Shares 2 ......
Inverness and Elgin 1
Ipswich, Norwich, and
Yarmouth 2 ...... -- ••• • • ...... ••
Irish North Midland l% ....
Isle ofAxholme 2% 3
Killarney Junctions ll4 — ............ ..
Kendal and Windermere 11,6 --
Lancaster and Carlisle... 30 --.
Larne, Belfast, and Bal-
lymena - ...... .. ......
Leeds and Carlisle
Leeds and West Riding
Junction - .
Leicester & Birmingham 221
Leicester and Bedford ... 4% ,
..... ~ y••# o• • ••••••••
228.
Leicester and Tamworth 428...,
Liverp. and Manchester .100
. -
Do. 1/2 Shares
Do. Quarters
25•...... r ...............
....
Liverpool& Leeds IYrect 25, ...... " ....... ......
Lpool., lint' sty, & New_ 78 •• •• • 25A14 ...... ' ...
castle Junction
, ...... 21,4 ~.,,,,, r.. 9 ........ ,111.
London and B,:fmingnmloo .••• 'l