The Sun.
London, England, 1851-03-25 00:00:00

MONEY and COMMERCIAL NEWS

CITY, TWO O'CLOCK.

The sales of Cotton at Liverpool yesterday were esti-
mated at 8,000 bales, of which 1,500 American, and 500
Surat were taken on speculation. The market closed
firmly.—Railway Shares were flat.
Messrs. Wetherby and Hanson furnish the informa-
tion subjoined concerning the Currant trade:—
" The clearances show the operations of the
month to have been on an extensive scale. The
varying, mixed, and perished nature of much of
the fruit this season has produced an un-
precedented range of prices, fine Vostizzs realizing
by auction 434. to 455., whilst rain-damaged, very
earthy, and foul has been sold also by auction at the
opposite extreme of 20s. per cwt. Until the bulk of the
low fruit has been cleared off, the second and better de-
scriptions will be neglected. The consumption conti-
nues to run upon Fruit obtainable at aGs. to 375.
Meanwhile, as the article continues to rule high at the
places of growth, with little business doing, in conse-
quence of the unusual scarcity of shipping and the
losing prices in this market, several cargoes of sound
Fruit have lately been withdrawn from sale."
We givo the following remarks on the business trans-
' acted in Cotton from the Circular of Messrs. Sclarceier
and Mummy, published by Mr. Jamo Irvine, of Cook-
street, Liverpool :

" New Orleans, March 1, 1851.

" Since our Circular of the 15th of February the
arrivals of the Africa and Baltic, successively convoying
intelligence of lower prices in Liverpool, our market last
week became suddenly depressed, and prices have
fallen 4c. per lb.-33,000 bales were sold during that
period. The business this week has amounted to 16,000
bales, and although little excitement prevails it is evident
that a growing better feeling pervades the minds of ope.
rators, satisfied as they mostly are, that the large crop
estimates, which have tended to lower prices in Liver-
pool, were premature, and are not to be realized. For
the present, however, as this evil cannot be remedied, all
look to further unfavourable accounts from the other
side, by reason of the large receipts at our ports, which,
for the time being, would seem to confirm the large crop
estimates. Under this expectation speculators enter our
market with a view solely to reduce the average of past
purchases, convinced, as they are, that a material reac-
tion must occur in the markets abroad at no distant pe-
riod. Besides the unfavourable features of the accounts
by the two last steamers, and the extent of our stock,
which has pressed heavily upon factors, the scarcity of
shipping and consequent advance of freights to all points,
have added to the distress, and reduced prices of Cotton
here below what they otherwise would have been. We
regret that we are as yet unable to speak knowingly of
the extent of the crop of Cotton now coming to market—
our advices from the important growing districts lead us
to adhere, however, to our early estimates of 21 to
2,200,000 bales, and of this figure not less than from 50
to 100,000 will be frosty inferior, scarcely merchantable
Cotton, and which, but for the high prices current only
a few weeks since, must have been abandoned in the
fields. Every lot of Cotton now offered for sale contains
a larger proportion of this inferior Cotton, and it is only
by taking such mixed lots that one can buy somewhat
below the following quotations, which are for uniform
running parcels:—Ordinary, 9c. to 9c.; good ordinary,
94c. to 10c.; middling, I*. to 104 c.; good middling,
114 e. to 111 c.; middling fair, 114 c, to 12c.; fair, 1210.
to 121 c. Sales during the last fortnight, 49,000 bales.
Receipts at this port since Ist Sept. inner, 696,538 hales,
against 606,039 bales last year. Increase of receipts at
all the ports up to latest dates, 126,750 bales."
In Valparaiso accounts of January 24 we have various
items illustrative of the progress of the Chilian Republic.
A vessel had just been launched which was intended as
a sloop of war for the Chiliau navy. The timber,
copper bolts, and cordage were all of domestic manu-
facture. _

•
Tne exports of Chili for the year 1850 are estimated as
follows:—Mineral productions, 8,115,000 dolls.; agricul-
tural productions, 3,200,000 dolls.—total, 11,315,000 dulls.
On the 24th, there was quite a fleet of war vessels
in the harbour of Valparaiso, viz.:—British ships,
Asia, Daedalus, D iphne, and steamer Driver ; the
American frigate Raritan ; and the Chilian frigate
Chile, brig Meteoro, and brigantine Janequeo. The
American sloop of war Vincennes sailed for Coquimbo
on the 16th. The British frigate Portland was expected
about the Ist instant to relieve the Asia.

The Custom-house receipts at Valparaiso, for the year
just past, show an increase over those of 1849, of 216,871
dollars.
The sum total of silver exported from Copiapo during
the year just closed, has amounted to 387,049 marks of
silver, valued at 3,870,41)0 dolls. The produce from other
sections of the country, imported during the same period,
was 536,698 dolls.
It appears by the Havannah accounts that the question
of admitting American and English gold coin to pass
current there was much discussed, the adverse state of
the exchanges rendering it very desirable that some-
thing should be done. The exchange on New York was
5 per cent. discount early this month, and the merchants
and bankers were already admitting gold in their trans-
actions.
At Amsterdam on the 23d inst. Spanish Five per
Cents. were not quite so firm. The Passive Bonds were
at 51, and the Three per Cents. were well supported;
Mexican Stock realized 314; Dutch Two-and-a-Half
per Cents. were 57k.
Hamburgh accounts of Friday quote the Exchange
on London it lower, viz., 13 3i.
The hope of a re-consideration of the question of the
Spanish Coupons, appears to be very feeble. In truth as
far as Mr. Weisweiller, the agent of the bondholders at
Madrid, -« .7,1 the com-
mittee in London must take it up, or even, if nec0,,3..79
1,11 Ulf constituents. It is lamentable
that such utter disregard of honourable dealing should
be exhibited by any European Government, but the un-
fortunate creditors, great as may be their indignation and
disgust, have been so long harrassed and disappointed
that the Spanish Legislators not unreasonabiy hope to
tire them into acquiescence. The present state of affairs
is fully explained in the following correspondence, trans-
mitted to us by the London committee:—
" Madrid, March 17, 1851.
" Dear Sir,---Referring to my letter of yesterday, I
beg to hand you herewith the translation of the com-
munication I have addressed to his Excellency the
Finance Minister, on behalf of the overdue Coupons,
although lam sorry to say that his Excellency has
not taken it into his Consideration, as in the
last sessions of the Commission, the Minister
has not consented to any amelioration, and has
rejected the observations made in favour of the Coupons
by two members of that Commission, the Messrs.Vilohes
and Llorente, who have voted against that part of the
project of the law, the remaining five members having
voted in favour of the reduction proposed by the Govern-
ment.

" I have thus exhausted my continual efforts, and I
must leave to your better judgment, and to your influ-
ence in your own country, to aot as you will co❑sider it
as most serviceable to the interest of the bondholders.
" Believe me to remain, my dear Sir,
" Your most obedient servant,
" DANIEL WEISWEILLER.
" James Capel, Esq., Chairman of the
Committee of Spanish Bondholders
in London."

(Copy.)
"Excellent Sir,—The President of the Committee of
the Spanish Bondholders in London, in acknowledging
the receipt of the letter which your Excellency deigned to
write to me on the 21st alt., and which I communicated
to him in compliance with the wishes expressed therein
by your Excellency, tells me, as I already have had the
honour to manifest verbally to your Excellency, that he
regrets most deeply to see that your Excellency insists
in the project of reducing to the half the overdue
Coupons of the Active Debt. He desires me to
represent again respectfully to your Excellency all
the injustice and inconvenience of a measure so
pernicious to the future credit of an honest country,
which is allied by ties of ancient friendship with Eng-
land and the other foreign nations, so considerably in-
terested in tho question of a satisfactory settlement of
the public debt of Spain; therefore I can but yet hope
that your Excellency and the representatives of the
Spanish nation will decide with the equity which is due
the reclamation which I am charged to reproduce to her
Majesty's Government.
" God preserve your Excellency.
" Madrid, March 16,1851.

" The Delegate of the English Committee of
Spanish Bondholders.
(Signed) " DANIEL WE/SWZILLEB.
" H. E. Senor Da Juan Bravo Murillo,
Minister of Finance, President of
the Counoil of Ministers, &o. &c."
In the English Stock Market there is scarcely any-
thing passing, and the quotations are steady. Consols
have been as high as 9Gli for Transfer, and are now 961
1. For Time they have realized 96i Exchequer-
bills have been 51s. to 545., and India Bonds 575. to 58s.
premium. India Stock for Account is at 264.

The Foreign Securities have been rather firmer, al-
though still comparatively neglected. Mexican have
been 331 to Portuguese Old Bonds have been at 89,
and the Converted Fives at 36. The Four per Cents.
are 33/ to 34k. Spanish Three per Cents. have been
38k, and the Five per Cents. 21i I. Brazilian Small
Bonds have realized 91/.
In Railway Shares business has been contracted, al-
though there is a somewhat firmer tone in a few of the
lines. Midland have improved. East Anglian have been
firmer. Ambergate are a shade better. Caledonian and
Aberdeen are neglected, and Eastern Counties, East Lan-
cashire, Great Western, Manchester, Sheffield, and
Lincolnshire, North British, and most others, including
the foreign lines, are in favour of buyers.

QUARTER TO
96 THREE.
•• ••• •••
96i
BRITISH FUNDS THIS DAY AT ONE O'CLOCA.
(From the Official List.)
3 per Cent. Consols Anne 96 '
India Bonds under 1,000/..
India Stock for Account 264
.................
E xehequer Bills. 11%d.
March.

Consols ...
Ditto Account

2d.
June.
54 51 54 p
MY. 54 51 54 p
Small 54 51 54 p
Ditto Advertised,.......... 51 55 p
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cent. ..... --
Ditto, . .................. ..
3.ll:ltunks, 1446,5 per Caut , e.aputh.
1111 B —
Ditto Ex Jan. Coupons
Ditto for the Account
Portuguese Bonds, 5 per Cent

1,000/. .. -
_