The Sun.
London, England, 1848-06-02 00:00:00

MONEY and COMMERCIAL /NEWS.

CITY, QUARTER TO THREE.
There was yesterday a dull market for Cotton at
Liverpool, but without any change in prices. Sales,
3,000 bales. Railway Shares were heavy, and there was
but little business done.

Returns have been completed for the first four
months of the present year respecting the imports and
exports of Belgium, compared with the corresponding
period of 1847. The imports show an increase in cattle,
and a decrease in sheep. The increase in coffee was
from 3,165,320 kilogrammes in 1846, and 9,861,064
kilogrammes in 1847, to 10,734,186 kilogrammes this
year. Of cotton wool the quantity imported last year,
to the end of April, was 1,867,215 kilogrammes; and
this year, 3,054,106 kilogrammes. Of grain the imports
were larger. In raw wool there was a decrease; in
rice a great augmentation, and also in salt and raw
sugar. The quantity of cotton fabrics introduced was
smaller.

The exports of Belgian products and manufactures
were larger as regards fire arms, refined sugars and zinc.
In cotton fabrics also there was an increase. A decrease
is observable in coal, leather, linens, machinery, woollens,
and glass.
There is nothing new in the City, but we hear com-
plaints on nearly all hands of the extreme dullness of
trade. In the Colonial produce markets there has
perhaps not been so much reason to complain, but still
holders are more inclined to press sales.
The corn trade is affected both by the favourable
weather, and the arrivals of foreign, and prices are to-
day barely maintained.
We adverted yesterday to the unfavourable anticipa-

tions with respect to the revenue, and the bare mention
of a possible increase to our present overwhelming debt
is so distasteful, that a counter proposition, viz., for a
reduction, should excite the•opposite feeling, unless con-
sidered, as we apprehend it might, to be too good to be
feasible. In an article upon the effects of the usury-
laws on the funding system, which appears
in the Banker's Magazine, there are, neverthe-
less, some interesting suggestions. The writer observes
that :—" It is obvious, from the manner in which the
loss occurred, namely, that of granting annuities at
three per cent. and four per cent., when the market
rate of interest was five per cent. and six per cent. ; that
if the market rate of interest should rise to five or six
per cent., the government might borrow at one of those
rates, and buy up a great part of the three per cents.,
and so save a considerable portion of the loss. The
same object might be effected to a leas extent if the
Commissioners for the Reduction of the National Debt
were authorised now to create funds of 3+, 3i, 34, and
4 per cents., and sell portions of these funds from time
to time, as the market rate of interest would allow them
to be sold at or near par, the produce of the sale
being laid out in purchase of three per cents.
This plan would entail a slight temporary burden,
"as an annual sum, in the Three-and•a-Quarter, Three-
and-a-Half, Three-and-Three-quarters, or Four per
Cents., would not realise as large a price as the same
sum in the Three per Cents. But there is an instance
stated by M'Culloch which shows that the temporary
increase of annual burden would be trifling compared
with the ultimate reduction in the terms of redemption
of the debt. In the year 1815, when the last loan to
which I have called attention was contracted, 18 mil-
lions of Exchequer-bills were funded at the rate of
107/. ss. per cent. stock for every 1001., being at the
rate of 51. 17s. per cent., or only 4s. Bd. per cent., or,
according to the correction of Dr. Hamilton, of 2s. 6d.
per cent., for the difference between funding Exchequer-
bills and raising loans on 2s. 2d. per cent. of additional
annual charge. Thus, if the entire loan of 36,000,000/. in
1815 had been funded in 5 per cents., as the 18,000,0001. of
Exchequer bills were, 24,120,000/. might have been saved
in the terms of redemption, at the trifling annual charge
of 39,000/. This last year would have afforded a most
favourable opportunity for trying this plan of reduction,
as the Funds were lower than they had been for many
years. Even yet, Three-and-a-Half per Cents. would
sal at par. If this plan of reduction were adopted,
whenever the rate of interest rose they could reduce the
annual charge. Nearly 3,000,0001. of annual charge has
been saved by Government taking advantage of the tall
in the rate of interest ; but I am not aware that any
attempt has been made to take advantage of a rise in
the rate of interest."
There has been more Money Stock brought to market
again this morning, and the quotations have been 83- to
841 for transfer, and 84 to for account. This still
looks like " bulling." Bank Stock has been quoted 191.
Exchequer-bills are better-325. to 365. premium.
The Foreign Bonds have been flat again. Spanish
Five per Cents. 12 to 121, and the Three per Cents.
22k. Portuguese Four per Cents. have been 161. Mexi-
can are 15, and Brazilian 67.
Railway shares are heavy.
BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
(From the Official List.)

Bank Stock 191
3 per Cent. Reduced Annuities 82141A
3 per Cent. Consols Anns 83% 8418 83%
New 314 per Cent. Anas l4
Consols for Account
Exchequer Bills. 2p. & 3d.
1,0001. .... 35 36 32 p
500/ 35 32 p
Small 32 p
Ditto Advertised lB 22 23 p

PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cent
Mexican Bout's, 1846, 5 per Cent l5
Portuguese Bonds, 5 per Cent
Ditto 3 per Cent l5
Ditto 4 per Cent.
Spanish Bonds, 5 per Cent,1810
Spanish Bonds, 3 per Cent 2214
Dividends on the above payable in London.

BUSINESS DONL IN RAILWAY SHARER AT ONE O'CLOCK
RAILWAYS. PAID. FYI SHARE.
Aberdeen

Amber., Notting., Boston, &c. 3
Ayrshire and Galloway
B:llitst and County Down .. 14 .. ..
Birmingnam & (Word June... 20
3irmingham, W 01.,& Dudley 10 ... .
Birraing., Wol., & Stour Val. 121.45. ...
Birkenhead, Lancashire, and
Cheshiro Junction 73/4 . ... to
Boston, Stamt., & Birming... 5
Bristol and Exeter

D0., Thirds
Buckinghamshire..
Caledonian
Ditto, Half Shares
Ditto. Clydesdale Junction 50
Chester and Holyhead 42% — to
Ditto, Preference
Clarence.
Do., let Class, 6 per Cent... 10
Do., 2d Class, 5 per Cent... 10
Do., Gov. Loan, 4 par Cent. 10
Direct London & Portsmouth 5% — to
Dublin and Belfast Junction.. 27%
Dundalk and Enniskillen ... 17%
East Anglia, 25/. L. & E.,
and L. & D ... 25 to—
Ditto, 181., E. & H lB .....

Ditto, 31. 10s., E. & H... 3% 3IA to
Eastern Counties ....
Do.NewGuarant. 6 per Ct. 21/a 3% to
Do. Perpet., 5 per ct. No. 1,6/. 13e. 4d...
Do., do N 0.2,6/. 133.4 d... ...... to
Do., Northern & Eastern... 50
Do., Quarter .... . ...... ...... 121/2... ..
Do., New
Eastern Union, Class A (late
E. U. Shares) ...... ... .. 2i
Ditto, ditto, Class A, ditto 1
Ditto, do, Class B (I. &B) 171,E 5l/2 to
Ditto, do, Class C, ditto... 171/2 to
Ditto Scrip (gua. 6 per ct.) 10
Ditto, ditto
Ditto (C. & E.), 5 per ct. 21/2 to
East Lancashire
Ditto, New ... .......... .... . 17
Do., New Quarters
East Lincolnshire ... 201/2 to
Edinburgh and Glasgow
Ditto, Halt Shares
Ditto, Quarter Shares l2l/2 to
dinburgh and Northern ... 25. ......

Ditto,—New....... ...... ...... 64 ...... to
Ditto, New port.. ... ........ 13
Ditto, ditto, New 3% — ...... to
Exeter, Yeovil, & Dorchester 2% — to
Ditto, New
Glasg., Dumfries, & Carlisle..Bl. 6s. 8d...
Glasgow, Kilmarnock, & Ayr 50
Ditto, New
Do. Preference Consolidated 15
',lreat Northern.— .......... ... 15
Do. London & York Eaten. 2%
Gt. South. & West. (Ireland) 40
Great North of England 100
Ditto, New 40/

Ditto, New 301 •.. 30

Ditto, New 154-- ... ...... 111;2. . ... to

Great Western - 93
Ditto, Halt Shares
Ditto, Quarter Shares
Ditto, Fifths
Do. New 171 9%•• ... .. ... to
Huddersfield and Manchester 26 .. ...
Dittc, Thirds
Hull and Selby SO
Ditto, Halt Shares .
Ditto, Quarter Shares 12% — to
Lancaster and Carlisle.... ... 50
Do., Thirds lO ......
Lancashire and Yorkshire ... 93 .....
Ditto, ditto
Ditto Half Shares
Ditto Quarters
141%••... ... .. to
Ditto Fifths
Ditto Sixteenths ... ..... ... N..... to
Ditto Thirds (Reg.)
Do. Liverpool and Bury... 43
Do. (Hudders. and Shelf.) 38
__. . . . _. _

Do., Wakefield, Pontefract,and Goole
Do., West Riding Union... 6 .... „ _
...
Do., Preston and Wyre ... 25
Do., do., Half Shares (A) 9
Leeds and Bradford
Leeds,Dewsbury,& blanches. 47% — to
Do., Half Shares
Ditto, Blue (scrip) ..... .... 2%
Leeds and Thirsk 45
Ditto, New - 26 • ••••
Do.,de.,Prefer., 6 per Cent. 3%. .... _
Liverpool. Crosby, an d Seut h-
port.
Liv,:pool, Manchester, and
Newcastle Junction DA__ to
London )ic Bfackwall ......13/. 6s. 8d....
Ditto New; No. 2 6/. 13s. 4d....
Do. Extension
.. to

Lond., Bright., & South Coast 50... 311/„, 3% %x.n to
Do. Consolidated Eighths... 40 ......-._ ... to
Do. Guaranteed 5 per Cent. 9 .
De. Pret. Cony. 5 per Cent. 50 ...... ..... ..
Ditto, ditto 1852 50 •• •••
L.ondou and Greenwich... 121. 15s. 4d....
Ditto Preference lBl 178 2d... ....., to
London & North Western.....loo l2B ...„ to 127
Do. Quarters (L. and B.) 22 ...
D,. New
Do. Fifths
Do. 40/. Shares... L. & M 20 ...... ..... to

Do. 10/.... M. and B. (A.) VA..... 9 to --