The Sun.
London, England, 1848-02-28 00:00:00

GOVERNMENT SECURITIES.

Offered. Asked.
United States Loan, 6 per cent., 1856 ... 984 981
ditto ditto 1862 ... 1004 101
ditto ditto 1867 ... 101 1011
ditto 5 per cent., 1853 ... 91 914
United States Mexican Indemnity ... 83 85
Treasury Notes, 6 percent. . . ... 991 99i

COTTON TRADE.

The advices from England up to the 15th ultimo,
received by the Acadia on 'Wednesday morning, the.
2d instant, are by no means encouraging for our
staple. The decline of one-eighth on the better
grades quoted in the Liverpool circulars is, perhaps,
not quite so tangible and well defined, yet, on the
other hand, there are a variety of circumstances in
connexion which render the accounts in ques-
tion decidedly unfavourable, and as they were dif-
ferent from the expectation of operators here, a dull
and declining market has been the result. It continues
to be evident that holders there have to depend
exclusively on the demand from the trade, who have
no inclination and little moans of purchasing beyond
their actual wants ; and, impressed with the convic-
tion of an ample supply, importers have offered their
receipts of the new crop freely, and rather pressed
them upon the market, bringing the range of prices
within a narrow compass. The small advance which
had been realised at Liverpool in the operations of
the preceding two weeks had at once the effect of
checking sales at Manchester, and general trade
there, which had showed such bright symptoms of
revival, had again relapsed into inactivity. The
stock of bullion and the reserve of unemployed notes
in the Bank of England continued to increase, and
public securities were advancing daily in value, thus
showing abundance of money; but mercantile credit
has received such a shock that a comparatively small
portion is allowed to flow into commercial channels.
Each successive arrival from India also brings ac-
counts of improving markets for British manufac-
tures, but the length of time required in operations
with such distant customers puts it out of the power of
merchants and manufacturers, in the present state
of credit, to avail themselves of the favourable
opening.
In the present posture of affairs in England, the
crop question must necessarily excite less than its
usual attention. A crop of 100,000 or 200,000 bales,
more or less, will make but little difference, for it is a
fixed fact, that it is not only an abundant one, but far
more than adequate to the consumption, and the later
accounts from the various south-western ports advise
that planters are commencing to exhibit less reluc-
tance to meet the views of buyers, being:pretty well
satisfied that the range of prices this season will be
on a low scale. Factors, however, do not appear to
be pressing their stocks on the market, but go on
steadily selling at fully current rates. The proba-
bility is, that the crop will soon come into market
freely, and that but little will be held over fcr
another season. The , discrepancy between the re-
ceipts of the last two seasons is gradually disappear-
ing ; the difference now stands at 70,000 bales.
The stock at numerous new depots in South Carolina
and Georgia is larger than usual, and only waits
satisfactory prices to be thrown rapidly into the ports.
At the following old depots, with which the trade
abroad is familiar, the comparison stands thus :
Augusta and Iluabgrgh, 641000 against 3710001aat