The Sun.
London, England, 1848-11-13 00:00:00

MONEY and COMMERCIAL NEWS.
CITY, QUARTER TO THREE.
The sales of Cotton at Liverpool oa Saturday were
estimated at 4,000 bales; 500 America❑ were for export;
300 Surat realised tlid. to 2-d., and 100 Pernam 411. to
41(1. The market was firm.—Tae Share Market was
better, and prices seem to have an upward tendency.
The Continental letters are not very interesting upon
commercial matters, and in the north of Europe espe-
cially the progress of the seaso❑ was occasioning the
usual contraction of business operations. The state of
the money markets of Hamburgh and Frankfurt con-
tinued the same, but at Berlin there was less confidence.
Iu the accounts from America, received by the
steamer, we are sorry to notice many complaints of the
dulness of trade, and the unremunerating prices for
goods. The exportation to Europe of such a laree
amount of specie, estimated this year at 10,000,0(10
dollars, has not sufficed to meet the indehte lness of the
United States to its European creditors; but if corn
shipments are pushed forward the exchange may go
lower, and at least prevent specie being forwarded either
Way, unless under special arrangements.
In reference to the stock and share market a New
York journalist remaks that—
" There has been no change of consequence in prices
either way. Some securities have slightly advanced, and
some have slightly declined. The interest is accumulat-
ing on most of these stocks; but that appears to mske
very little difference in the market value. The effect of
the tightness in the money market is not seen so much
in the securities quoted above, as in those of a more
fancy character. During the present pressure upon the
market Government and State stocks have not varied
one per cent.; while some of the fancy railroad securi
ties—which are, in fact, safer and better investments—
have depreciated ten, fifteen, and twenty per cent.
"No one can for a moment doubt the ultimate pro•
ductiveness of even the most depreciated railroad pro-
perty in this country, or the safety, as permanent in-
vestments, of those now paying good dividends. Rail-
roads are much more profitable investments in the
United States than in Great Britain or any part of
Europe ; and those which pay dividends, even
in the present state of population, must, long
before the ' country becomes as thickly peopled
as most of Europe, be immensely productive.
Their business is almost unlimited ; and as most of
them have been constructed at small cost, their divi-
dends almost annually increase. Government and
State Securities, on the other hand, are limited i❑
their dividends, and their value as investments is as
great one time as another. It is true, they do not fluc-
tuate in ♦alue so much as railroad shares; but there is
no sounder basis for the security of State Stocks than
that of railroad shares. In our opinion, private credit
and responsibility are at all times more desirable than
public faith. We have had the value of such practically
illustrated in this country, and, in fact, in all parts of the
world, and at all times, and under all circumstances, in-
dividual liability and private credit hare proved vastly
superior to that of Government."
The Corn,Market has been flat to-day.
The following particulars from Aria' Birmingham
Gazette, informs us of the state of the iron trade :
" The increasing inclination to do business at lower
rates, which prevailed after the late quarterly meeting,
has been 'temporarily checked by the more promising
incidents of the last few days. The revival of our South
American connexions, the reduction of Bank discounts,
the favourable news from the continent, and, above all, the
dissipation of much of that apprehension which had
overwhelmed the affairs of our great railway companies
in causeless panic, all operate beneficially upon the feel-
ing of the trade, and assist in re-establishing a tone of
confislence. in every day_ transactions. But the most
,material drawback, so. far as Staffordshire is affected,
appears to be the formidable rivalry of the Welsh and
Scotch markets. The low wages of their workmen, and
the almost nominal royalty paid in many cases for the
minerals, combined with the lighter expense of obtaining
them, enable the Welsh or Scotch maker to realise a
profit upon his iron at prices which would insure a
speedy ruin in Staffordshire. And although the article
produced must be acknowledged to be interior in qua-
lity, yet it is now so much improved that it can be substi•
tuted in a considerable proportion of those uses where
Staffordshire was formerly the only material
consumed. Hence the demand for the latter
has become mere limited, and confined to
better purposes ; consequent'y, the market is
More easily glutted, and the rates obtainable must, in a
great measure, be dependent upon the prices at which
Welsh and Scotch can be brought into the same lo-
cality. These at the present moment are excessively
low, and as yet without any tendency to improve-
ment. The immediate home market of this district
has, however, experienced a slight impulse during the past
week, consequent upon the renewed activity of the mer-
chants and manufacturers of hardware; and although
this is insuffieient to disperse the gloom through which
the prospects of the winter trade have hitherto been
viewed, even in our own neighbourhood, yet, in addition
to the considerations before mentioned, and with a
prospect of a better export trade early in the spring,
more firmness may be expected in maintaining present
rates, and a fair employment will be provided for the
workmen."
Tho English Stock Market is very quiet to -day, but
the quotations have been firm. Consuls have been 861
to for the present Account, and are nearly the same
for the December Account. The Continental news has
not any immediate or present influence, but the state of
affairs at Berlin, and the uncertainty as to events in
France, serve to check a material rally. The " Account"
will be arranged to-morrow, and it is still said the
" Bears " are the losing party; but many of
them have already made their arrangements to
" carry over," and it is not therefore expected
that there will be so much to settle as, under other
circumstances, it would have been natural to expect.
The New Three-and-a-Quarter per Cents. have been
851 to 851, and the Three per Cents. 85 to 854. Ex -
chequer-bills have been 40s. to 435. premium, and
375. to 40s. for those dated March and June respec-
tively. East India Bonds have been 375. to 38s. prem.
The Foreign Securities have been very dull. Spanish
Five per Cents. for Account, 111; Portuguese Four per
Cents. about 23i to 24i; Brazilian 72 to 74; Mexican
21i to 211; Dutch Two-and-a-Half per Cents. 45 to 46;
Grenada about 12i to 13. Most of these prices are
merely nominal.
The market for Railway Shares is rather inactive to-
day, and the higher rates of Saturday are not in all
cases maintained. Great Western and South-Western
have receded. The York lines are better. South-
Eastern steady, and also Eastern Counties. North-
Western firm.

ONE
PAICES OF BRITISH FUNDS. O'CLOCK.
2 per Cant. Reduced Arms 65%4% 85
8 per Cent. Consols Annuities.-- 861/2 1,4
New ni per Cent. Anns....
India Bonds, 1,0001.

CLOSING
PRICES.
851 A
86'4
85%
38 p
86
40 p
40 p
40p
40 p

Ditto under 1,0001. .. ..... - 37 38 p
Consols for Account 86%1/214
Exchequer Bills. 2 lAA. & 2d.
1,000/. March ......
1,0001. June ...... ........-
5001. March
5001. June
Small, March .. .. 40 43 p
Small, June
PRICES OF FOREIGN FUNDS crNE
O'CLOCK.
Grenada Bonds, 1 per Cent. —
Ditto, Deferred —
Mexican, 5 per Cent. 1846 2134 12
Ditto, Account
Portuguese 5 per Cents. —
Ditto 3 Der Cent
Spanish 5 per Cent. 1840.... —
Ditto, Account
Ditto, 3 per Cent —
Dividends on the above payable in London.

40 p
40 p
CLOSnit;
PRICE S.
12%
2%
21%
21%
23%
1114
23%

PRICES OF BUSINESS DONE CLOSING
RAILWAY SHARES. PAID. IT ONE O'CLOCK. PRICES
Aberdeen —
. ..
Amber. Nott., Boston,
and Eastern Junction 4%......
Ayrshire and Galloway.. 7
Relfaat & County Down 19
Birmingham and Ox-
ford Junct., calls duly
paid, or with a guaran. 20
Do, without guarantee 20 .
Birming, Wolverh'ton,
and Dudley, calls duly
pd, or with guarantee 10 .....
Do. without guarantee 10
Birming.,Wolverh'pton,
and Stour Valley 131. 145... ..
Birkenhead, Lancashire,

and Cheshire June.... 10
Boston, Stamfd & Birm. 5 ... ..
Bristol and Exeter 9O -. ..
Ditto, Thirds .... ..... 27%
huckinghamshire... 14/. 4s.
Caledonian
Ditto, Half Shares .. et ...... ..
Do. New:lo/. Pref..... 5 ...... 4%3/4
Ditto,Cly desdale June 50
Chester and Holyhead.- 50
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 June. 35 —
Dundalk & Enniskillen 20
East Anglia, 251., L &
E. and L. and D...... 25
Do., 18/., E. & 1.1.... 18
Do., 31.105.
Eastern Counties 2O ...... 123/45/s
Do. New Guaranteed
6 per Cent. ...,... ..... 714 81441 ...
Ditto,Extension,s per
Cent., No. 1 61.135. 4d.... par
Ditto ditto, No. 2...61. 13s. 4d -
Do. North. & Eastern 50
Do., 5 per cent. ...... 50 ...
Do. Quarters ......... 12%
Do. New
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. Srip (6 percent.) 10 ......
rip (6
... 2O •••••• ........
Ditto (C. & E.) guar.
5 per cent............ 214
.....
East Lancashire
Ditto, New
Ditto, New Quarters 6
ference Quarte-s ... 64
East Lincolnshire
Edinburgh and Glasgow 50 ......
Ditto, Half Shares ... 13 .. .. •••
Edinburgh and Nod ~,,ern 25
Ditto, Newport
Exeter,Y Dumfriesrch. 2% ll/S ii
Glasgow, and
Carlisle -