The Sun.
London, England, 1848-09-26 00:00:00

MONEY and COMMERCIAL NEWS.

CITY, QUARTER TO THREE.
In the Cotton Market at Liverpool to-day the sales
were 5,400 bales, of which 1,200 were for export.
American sorts realised 2 I. to 6.-}d. per lb. The market
Was steady, but there was no change in prices.—Railway
Shares were without any change, and very little was
doing.
The Americans, through their representatives in Ger-
many, are endeavouring to negotiate a treaty of com-
merce with the Zollverein, and one of the New York
journalists affects to believe tHat England is exceedingly
jealous thereat, and will do all in its power to thwart the
efforts of the United States envoy. We scarcely deem
It necessary to refute this misconception or mis-state-
Meat, whichever it may be, but, for the sake of imparti-
ality, we will notice the writer's views. He says—
"The clause which has for so many years been at-
tached to commercial treaties, made with different coun-
tries, that they shall be entitled to privileges equal to
those enjoyed by the most favoured nations, has placed
all upon a par, and prevented concessions in favour of
any that would in return grant equal advantages. It
Was nothing in the world but the insertion of that clause
in all the commercial treaties between the Zollverein and
Great Britain that prevented the treaty made between
the Zollverein and the United States, a few years since,
from being ratified by the combined powers. For
certain concessions in oar tariff on the products and
manufactures of those nations forming the Zollverein,
we were to receive corresponding concessions on our
products and manufactures imported into those countries
composing the confederacy. After the treaty with these
improvements had been negotiated by the representa-
tives of each power, it was discovered that any conces-
sions made in the duty upon American manufactures
imported into the Zollverein, must also be made upon
similar manufactures imported from Great Britain.
This at once arrested further progress; the new treaty
was laid on the shelf, and the old one continued in
force. Since that time we have adopted a new
tariff, which takes precedence of all commercial
treaties, if its provisions are more favourable,
but if not commercial treaties regulate the com-
mercial intercourse between all nations. The tariff
of 1846 places the products and manufactures of the
Zollverein, in entering our ports, upon a more favour-
able footing than the tariff of 1842, or the commercial
treaties now in existence, and it is, consequently, the
law. By that Act we are entitled to concession from
the German confederation in the formation of new
treaties, or in the reconstruction of their tariffs. In
accordance with this, and upon the principle of recipro-
city, the Hon. A. J. Donelson, our Minister to the Ger-
man confederation, was, at the last accounts, at Frank-
fort for the express purpose of negotiating a commercial
treaty of the most liberal character."
The Mexican correspondence given yesterday under
tiis head has afforded much satisfaction, and if the in-
tmtions of the new Republican Government are loyally
carried out, there may be a hope, ere long, of the foreign
0 editors obtaining a dividend. We should be glad,
iedeed, to find that
.a better era was about to open for
tie holders of South American and Peninsular
Stocks generally, and of which there have
recently been some indications. The prospects of
Spain, probably, are not very encouraging, as
the renewal of Carlist movements on a large scale,
Will entail increased expenses, but we bear again of
contemplated arrangements for sending over remittances
from Lisbon, which we should be glad to see realised
by even the smallest payment on account. As opportu-
nity serves, more may be said hereafter on this head.
Another subject, in connexion with this, as-
sumes now so tangible a shape, that although
the document before us is, marked " private and confi-
dential," the particulars have become known, and we-no-
longer feel a delicacy in commenting upon them. A new
loan is proposed to be raised here for the French Go-
vernnient, the parties who moot the project being Messrs.
Devaux and Co., of London, well known in connexion
with French railways, and with the house of Charles
Lafitte of Paris. The support of capitalists is also said
to be conditionally promised. There can be very
little prospect, we imagine, of the public at
large participating in the loan, and as to the part taken
by moneyed men, not much exception can be taken, if
they themselves are " content," and do not intend to
back out, and get away upon the shoulders of the less-
experienced. There are many temptations as to price,
at., and it is really to the interest of England that a
steady and honest Government should be established
in France, and that its finances should be restored to
healthier condition. Whether our currency laws will
safely permit us to indulge in the luxury of twelve
million loans is more doubtful, whatever be the tempta-
tions as to profit. The parties who are interesting
themselves in the matter set forth that—
" The successful effort of the middle classes in France
to replace society on a secure basis, and the course of
p 'hey adopted by the men whom this effort has called to
the management of public affairs, give a strong assur-
ance that France will now gradually improve, and soon
return to her former prosperity. 'ibis state of things,
coupled with the continual large absorption of stock for
investment on the Paris Stock Exchange, has led us to
consider that French Stocks have, subject to momentary
fluctuation, touched their lowest mark. (Their Five
per Cents. ranged, in 1847, from 114 to 118.)
" The French loans contracted with foreign capitalists,
soon after the peace of 1815, produced to the subscribers
not only a high rate of interest, but a gradual increase of
value, of almost 100 per cent. (Nearly all the stock
then issued to English subscribers was ultimately resold
on the French market with very large profits.) A con-
sideration of existing circumstances, leads to the con-
&anion that similar results would follow a subscription
for a loan at the present moment."
The proposition is that a deposit of 5 per cent. on
every 1001. nominal capital should be paid, the terms of
the loan to be arranged afterwards, and if nothing is
concluded the money to be returned.
The letters by the steamer from New York state that
the money market was steadily tightening, but that
capital was by no means scarce up to the date of the
accounts, so that the slight stringency might be only
temporary. Quotations for Continental bills were merely
nominal. The value of goods warehoused at New
York in the fortnight to the 10th inst. was 2,686,243
dollars, of which 277,834 dollars were bonded, and
408,760 dolls. withdrawn. " This," says a local jour-
nalist, " leaves, of tho goods warehoused within the last
two weeks, 2,555,317 dolls. still in warehouse. It is en-
couraging to see a diminution in our imports, and a pro-
bability of a very great increase in the value of our ex-
ports. One branch of our foreign trade has been depressed
about long enough, and we have been obliged to part
with a large amount of bullion to liquidate the balance
against us. the result of large imports and limited ex-
ports. Ivea if no more unfavourable accounts than
those already received come to hand relative to the crops
of Great Britain, there will be extensive shipments of
breadstuffs from this side, and a change in the current of
specie. We shall get back more than has been taken
from us." .

-
'1 he arrivals of shipping at Quebec this year show a
decrease of 32,441 tons.
The Stock Market is exceedingly dull. Consols,
116 i a for Transfer, and 861 I for Account, the
rates current for some time past. Exchequer-bills of
March 30s. premium.
The Foreign Bonds nrc merely nominal. Portuguese
Four per Cents. 23; Mexican have risen to 161 and
171. Spanish Three per Cents. are nominally 221
to 231.
Very fair support is still given to the prices of
Railway Shares, and there is a good business doing re-
latively to stocks.
Australian Mine Shares are flatter.
BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
(From the Official List.)
3 per Cent. Consols Anns 861,4%
Consols for Account ..• .
Exchequer Bills. 2t,Yd. 2d.
March. June.
1,000/.
500/. ......... ...... • `z7 •49 p
Small 34 31 p 29 28 p
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cent
Ditto Small
Mexican Bonds, 1846, 5 per Cent. I63A 17IA
Portuguese Bonds, 5 per Cent
Ditto 4 per Cent.
Dividends on the above payable in London.

BUSINESS DONE IN RAILWAY SHARES AT ONE O'CLOCK
RAILWAYS. PAID. PTA SnazE.
Aberdeen - to
Amber., Notting., Boston, &c. 33/4 —
Ayrshire and Galloway
Belfast and County Down .. 17% .. ..
Birmingham & Oxford June... 20 -
Birmingham, Wol., & Dudley 10 .....
Binning., Vol., & Stour Val. 131.145....
Birkenhead, Lancashire, and
Cheshire Junction..
Boston, Stamf., & Birming 5 ......
Bristol and Exeter
D0., Thirds
Buckinghamshire... l4l. 4s 4% dis. to
Caledonian
Ditto, Half Shares - ...
Ditto, New 101. Preference 21/4 tD
Ditto. Clydesdale Junction 50
Chester and Holyhead 47%
Ditto, Preference
Clarence. .... 7814
Do., Ist Class, 6 per Cent... 10 ..., .... .
... to
Do., 2d Class, 5 per Cent... 10
Do., Gov. Loan, 4 per Cent. 10
Direct London & Portsmouth 5% to
Dublin and Belfast Junction.. 30
Dundalk and Enniskillen ... 20
East Anglia, 25/. L. & E.,
aad L. & D ...
Ditto, 181., E. & H lB ...... --..... to
Ditto, 31. 08.,E. & H 3l/4 — to
Eastern Counties
Do. New Guarani. 6 per Ct. 71/4 B,q to
Do. Perpet.,s per ct.N o. 1,6/.
Do., do N 0.2,6/. 133.4 d... ...,.. to
....
Do., Northern & Eastern... 50
Do., 5 per cent. ............ 50
Do., Quarter .... - ..... ...... 121/4... ..
Do., New
Eastern Union, Class A (late
E. U. Shares) ... .. 25
Ditto, ditto, Class A, ditto 1
Ditto, do, Class B (I. &B) 20 ...... --
Ditto, do, Class C, ditto... 171/4 to
Ditto Scrip (gua. 6 per ct.) 10 -•
Ditto, ditto ........ .......... 20 ...... -
Ditto (C. & E.), 5 per ct. 21/4 — ...... to
East Lancashire

Ditto, New .. ........... .... . 19
Do., New Quarters -
Do., 6 per Cent. Preference
Quarter Shares
East Lincolnshire ... 23
Edinburgh and Glasgow SO
Ditto, Half Shares
Ditto, Quarter Shares l2l
Edinburgh and Northern ... 25 ......
Ditto,New ..... ... ..... ...... 614
Ditto, Newport..... l3
Ditto, ditto, New ,•. 3% — .1,." to --