The Sun.
London, England, 1851-07-21 00:00:00

MONEY and COMMERCIAL NEWS,

CITY, TWO O'CLOCK.

The sales of Cotton at Liverpool on Saturday were
estimated at 6 000 bales, of which 500 were taken for
export. The sales c .mprised 4,500 American, 800
Perram and Maranhana, at 541. to 61,1., 200 Egyptian
at 51d. to 7id., 300 Surat at 21 f. to aid and 40 South
Sea Isla, di at 10d. to Is. 31d. per lb. The market
closed very quietly.—ln Railway Shares very little busi-
ness wai done, at lower prices.

The railway panic continues, although the public sell
but little, even if they buy less. On Saturday afternoon
the Bears contrived with their usual tact to make an im-
pression upon a market usually dull. The " game" of
these unprincipled depreciators of real property is each
week towards the close to sell boldly, then, calculating
upon good traffic returns, they buy back, intending to
renew the same concerted fraud about Thursday and up
to Saturday. It is in vain that one sesks to discover a
tangible motive for all this. We are met by the ur
varying answer on the part of these "gentry" that the
public will not purchase at the existing rates;
that there was a six months' rise, ergo there must be a
six months' !all; that the Liverpool cotton speculators are
at their wit's ends to raise money, and therefore must
sell anything they have, that the present enormous
traffic is only temporary, and that after the lines have
gone down considerably, they may rally from hristwas
next onwards. Admitting every one of these assertions,
there would be no valid reason why a set of pennylcss
gamblers should precipitate and aggravate the losses of
the real holder. As to the public at large, they ma)
not, as a rule, buy upon a falling market, but the day of
retribution may be nearer than is thought, and some of
our great capitalists, encouraged by the next half yearly
meetings, may lead the van, in which case persons of
smaller means would be sure to follow. Any impartial
person will admit that if some lines rose between Octo-
ber and March last more than their position warrant
they have sunk materially since, and are really worth the
current rate. Midlands, for example, have done worse
than most other hues in regard to traffi2, and we are
told will probably recede to 30; but surely 30 is a low
price for three-and-a-half or tour per cent. per
annum, and even if it were so with Midland, should
North-Western, with its enormous and increasing
income, be put in the same boat, for all
seem to decline together? If the mischief
of these railway panics were confined to the dealers
themselves—and we must say there are more of them
out of the Stock Exchange than in—we should leave
them alone to devour each other, as in the long run
they ordinarily do; but we cannot consent as public
writers to stand by and witness an irrational onslaught
henever these professional gamblers may find business
slack. A speculator for a fall is useful iii his sphere, as
well as a dealer fur the rise ; he keeps those in check
who attempt to run up securities beyond their legiti-
mate value, with the sole view of acting according to the
maxim of selling high and buying low. And, somehow,
the public generally take the bait, for they do buy high
and sell !ow. It should be stated, however, that the
man who " bulls" to-day " bears" to-morrow perhaps,
and therefore is a nuisance where be acts recklessly or
wantonly and not upon reasonable grounds. As to the
six months' rise, it took place after a period of depres-
sion _unexampled for severity and duration, and
with the cluing of capital accounts and absence
of " calls" upon new lines, the intrinsic value
of railway property must have improved. The
immense traffic now going may not keep up to the pre-
sent maximum, but we expect large receipts throughout
August and September compared with former years, and
good takings even in October. As the dividends this
half-year will not be generally increased, there is some-
thing good to look forward to in January, and by that
time many railways will have become almost extricated

from former difficulties. Those which are strongly com-
peted with will never perhaps become good investments
at par, though they may pay at 50 per cent. discount.
Lastly, as to the Liverpool cotton dealers. They have
lost most seriously, no doubt, but it is proverbial that
when a jobber goes into cotton he generally gets out Of
railways, and vice versa, and it would be idle to suppose
that the Liverpool cotton speculators hold half the shares
existing, which they must do to supply the amount lately
sold. In making these remarks we venture no opinion
as to future prices. The Bears, it the public do not re-
solutely hold on, may go still further, and thus put off
the time of reaction.
The West India mail has arrived and brings accounts
from ell the colonies. The cholera still prevailed in
many parts of Jamaica. The steamer has a large
amount of specie on board.
The American advices report the arrival of large
amounts of gold from Calitornie. The Flour market
was guud, butCuttou %as dull. Public Securities were

rising. From Baltimore it is stated:—
" The total value of tureign exp..rt, during the month
amounted in the aggregate to 530.882 dolls. 51e., in
. . . .

eluded in which are various gouda, to the value of 57,720
dulls. sent to California. The receirs at the Custom
house fur duties tor the month amounted to 89,856 doll,.
16c. From the same sources, from the ht January to
30th Juue, 1851, the receipts amounted 543,857 dolls.
45c. against 513,483 dolls. 37c. for the same period of
1850, showing an increase in the first half of 1851, of
30,374 dulls. 08c. The exports from Baltimore to
foreign ports, (luring the past week, am 'tinted in the
aggregate to 92,009 doll.. 96c.—the principal article.
shipped being breacktutis and t.bacco, the fox mer to the
West Indies and south .America, and the latter to
Bremen."

The English Funds have been steady, the arrival of
nearly two millions of dollars in specie acting as a
counts rpoise to the adverse vote in the French Cham-
bers upon the revision of the Constitution. No one,
however, could have expected any other result, and the
mejorif), all things considered, is good, while it is consi-
dered tolerably cer.ain that the question will come. on
again in October. Consol, have ueeh 96i i tor Crtit.ster,
and 96i / for Account. The New Ttir e and-a-Quarter
per Cent,.. have been marked 984 I, and the `Mee per
Cents. 97i East luoiau Stuck nay been at 263. Ex
chequer uttis are 51s. to 545., and India Bonds 595. to
61s. premium.
Foreign Securities have been a little firmer, though
not much dealt in. Spanish Five per Cents. have been
up to 20 t. 21, and Portuguese Four per Cents. are
quiet at 34 ; Brazilian Sock has been quoted 89k; Vene-
zuela Dete. red Bonds have been quoted 12, and Peruvian
Five per Cents. 89 to 90. Ru,slau Four-and-a- Elalf per
Cents. have been at 1001, and Dutch two-and•a-Hatt
per Cents. at 59k.
Railway Shares are being sold speculatively as much
us ever, though they opened with au improving appear-
ance. They have not generally, however, been so low
as on Saturday.

ONE
PRICES OF BRITIS El FUNDS O'CLOCK.
Eliza btuv,k
3 per Cent. Reduced Anne.
3 per Cent. Conaols Aur 96%1/2
:Yew 31,4 per Cent. Anna........ 9Ba/RiAt
India Stock 263

PRICES.
215
97
96 tg
98N
263
6 p
59 p
96a

India Bonds, 1,0004
Ditto under 1,0001........ .......
Consols for Account
i.xchequer bulb. I%a.
1,0001.
5001.

50 p
b 0 p
CLO4ING
PRICES.
89%

Small, ..
ONE
PRICES OF FOREIGN FUNDS. O'CLOCK.
razilian tionds, 5 per Cent. .. ...... 891,4
Di lxic,an, 5 per ut ,ex Jan. Coupe.
Ditto, Account 304%1X3 3014 ex
9d
Peruvian Bonds, 5 per Cent.— 89 9
Ditto, Account
Portuguese b per Cents.
Ditto, 4 per Cent.
Russian Bonds .. ~ —
Ditto. 414 per Cent
Sardinian Bonds, 5 per Cent.
Ditto, Scrip
5,..au.5,- ,`, por Cult. 184 v
Ditto, Account
Ditto. 3 per Cent —
Venezuela Bonds, 21A per Cent —
Ditto. Deferred l2
Dividends on the above payable in London.
French 3 per Cent . s7f. 50c.
Exchange
Dutch 21(2 per Cent. 12 Guild 5914
6914
Ditto 4 per .44nt. 4 (31-tillvatrin
92.,A

100';

3/4 dis.
2178
381 i
34/2
12