The Sun.
London, England, 1851-02-26 00:00:00

6 18 4
6 13 4

15
11 6

Anglo - Mexican (is. 5/. p.)
Asturian .......... • • • •
Australian .... •••• • • ..
liarossa Range .. • • ....
Blaenarvon Iron and Coal
Bolanos Scrip ........ • •
British Iron.. • • .. •
Brazilian Imp- (is. 5/. p.)

-
-

Do. Cocaes and Cutaba

Do. St. Johu del Rey • •
Cobre Copper ..... ..•
Coplapo ............
General • •
Real Uel Monte, Uh.reg.

32% - 32
14% - 13%
32% 343 i
-
13% - 14
!,4

Do, Black D€l;entores-

Do. Ved Debentures ..
Santiago de Cuba ......
Tin Croft
United Mexican. ......

N 6
10 —ll
6 5Xi
,ANEOUS.
42% 46
26% —27%
65% —7,%
73 —69
paid, has been done at 13% 13.
lie errors of the Official Lists, and
d correspondents.]

Gen. Steam Navigation .
& Oriental Steam.
Royal Jlall Steam ......
reninsular and Orienta
f We cannot be answers
will not be influenced by

72% 72

Stearn, 5
able for ti
interestec

MONEY and COMMERCIAL NEWS
CITY, Tiff) O'CLOCK.

The sales of Cotton at Liverpool yesterday were esti-
mated at from 6,000 to 7,000 bales, of which 1,000
American were taken on specul.tion. The market
closed firmly wiih very little American offering. Ame-
rican and Surat were id. per lb. higher, and in solid
Orleans and Mobile 7d. to 7id., the advance is even
but other sorts were less changed.—ln Railway Shares
only a limited business was done, and prices had a down-
ward tendency.

The Bankruptcy Court, although not formerly con-
spicuous for its administration of justice, has within the
latt year or two, and under the wholesome discriminat-
ing law that exonerates the unfortunate, censures the
careless or extravagant, and punishes the fraudulent,
presented in the decisions of its able Commissioners
many valuable warnings and instructive guides. It is
true, that exception may occasionally be taken to the
class of certificate given, but the majority of cases
aff,rd data for a ready conclusion as to the
position in which a bankrupt should stand. Of
all parties bankers are those who have most power in
maintaining or damaging the interest of their fellow-
ttladers and of their deposits, and with power and rank
must come corresponding duties and obligations. We
find, consequently, that the judgment in the case of
Messrs, Nash and Neale, of the Reading, Guildford, and
Reigate Bank, meets general approval in City circles,
and that the opinion is entertained that the public de-
serve to be protected against the supineness of "-sleeping
partner." who lend their name and capital to a firm
without looking to the due employment of either, almost
as much as against the speculator or trader who risks
his customers' deposits.

The letters by the Royal Mail steamer Medway, men-
tion still the prevalence of cholera in Jamaica as being
a great hindrance to business. The steamer has 178,0001.
in specie. The Pacific advises are not later than those
received on Monday via the United States.

It is often objected that our free-trade policy meets
with no response abroad, and as often as we have had
occasion to adduce facts in contradiction of this asser-
tion, we shall not tire in giving new instances from
time to time. In December last the Chilian Government
imposed an additional duty of 10 per cent. on mer-
chatidize imported after the Ist January, 1851, in vessels
belonging to countries that do not reciprocate accord-
ing to the law of July last, and further increased
by six rials the charge upon ships entering for every
ton of measurement. Upon an assurance, however, that
England will reciprocate, British vessels are to be
exempt.

The very unfatisfactory state of political matters, and
the exaggerated reports current as to a Protectionist
Ministry being likely, and a five shilling duty on Wheat,
occasion a good deal of excitement in the City, and quite
paralyse business operations. The effect in the produce
markets has been to occasion the curtailment of all public
sales, and no one knows how to act. Nothing, in short,
would cause greater regret just now than a dissolution
of Parliament that would jeopardise free trade,
but the hope is that at least the " supplies" will
have to be first voted. The market for public
securities participates in the injurious effect of the un-
certainty tt:at prevails, the transactions being very
limited, and at reduced values. Consols have realised
96 to 968 for Transfer, and 96 to 964 for Account. The
New Three-end-a• Quarter per Cents. have been 981 to
98k; and the Three per Cents. 964 to 968. Bank
Stock is 2144 to 2151. Exchequer-bills have ruled at
46i. to 50s. premium.

In the Foreign Market Mexican Bonds have improved,
being 338 to 33t. Spanish Five per Cents. are 198 to
20; and the Three per Cents. 371 to 38A; Brazilian Old
Bonds are 92 to 94; Peruvian Tour and-a-Half per
Cents. have been quoted 801 to 81k; Dutch Two and-
a-Half per Cents. are 58k.
Railway Shares have been fist, and the dealings of less
extent.

There is ever a danger in giving currency to indi-
vidual opinions upon the value of property, whether
funded or of a speculative crass; but as publicity chal-
lenges refutation, a notice of adverse statements is salu-
tary in so far as it prevents a sapping of the market
value of an undertaking, without the proprietare being
aware of what was doing. A history of the Belgian
railways, now appearing here and at Brussels, is com-
menced by an account of the State lines and
the Namur and Liege Railway with reference
to their money value. The author tells us that
a soon after the opening of the Liverpool
and Manchester Railway, the Belgian authorities having
ordered all the necessary calculations, and selecting
those lines which would be cheap in their construction,
the Parliament were enabled to introduce a lower rate
of tariff than will be found on any other line of railway
in Europe; and the lines selected embracing every town
in Belgium above the population of twelve thousand
souls, it must be admitted that no kiogeh in Europe is
to be found with equal advantages. Having secured for
the country the hues above referred to, with the low
tariff mentioned, the Government left the branch lines
to be carried out by private enterprise; and although the
• working of the State lines did not produce the common
interest of 5 per cent., the lines (with few exceptions)
cheaply constructed, and the best lines secured ro
the state, yet there were speculators to be
found to take up the projects ; eighty-one
separate lines were applied for, which led to
ten separate lines being taken up. Ot th, sir latter I
shall speak hereafter. I may here remark that, although
these lines act as feeders to the State lines, they are un-
productive in themselves, and almost wholly carried out
with English capital, the Belgians appearing to have no
confidence in those undertakings. It appears from re-
turns that have been furisished, that not one-hundredth
part of the original capital has been furnished by Bel-
gians; they have, in some insineere, advanced money en
preference shares at high rates of interest, but appear to
have no confide nee in the branch lines. The result proves
the correctness of their judgment in this reser. ct. It
may here be remarked, that as the parties have only
terms or leases of the said branch lines, they will become
the property of the Government, without cost, at the end
of 90 years; thus entailing upon the respective companies
the necessity of setting apart an annual sum to meet the
capital (as now practised in France). how this is to be
effected when many of the lines are not paying their
working expenes, to say nothing of the borrowed capi-
tal, remains to be seen. It is quite evident to me the re-
sult will be forfeiture to the State before many years of
the leases expire; and that, in many cases, the proprie
tors of the branch lines must change hands, and they
must become the property of the mortgagees. The
State lines, with an average traffic of thirty-two pounds
per mile, and constructed at a cost of 17,0001. per mile,
produce about 3i per cent. to the State."
The . prospects of the Namur and Liege Line, the
author, `who professes to be a resident in Belgium,
sums up in the most unfavourable terms, so much so
that we refrain from quoting, and advise parties in-
terested to read and judge for themselves. One remark
we will make before quitting the subject, and having
given expression to the same opinion for several years
no suggestion of others prompts us thereto, via., that of
all the foreign Governments that of Belgium has
proved most illiberal to the capitalists who have been
so unwise and credulous as to add to its great public
works at a ruinous sacrifice to themselves.

QUARTER TO THREA
9ei
... 961

CODSOIe ••• •• -- -
•••-
Ditto Account, March 12 ...

ONE SIN
PRICES OF BEITISR FUNDS O'CLOCK. PRCLO GICES.
Baia toc.:-.
3 tmi tent. Reduced Anna.
3 pw- Cent. Consols Annuities 96 9614 9658
geW 314 per Cent. Anna_ ...
~,ng Anna. to expire Jan.lß6o
India Stock . 264 k6l
.ndia Honda, 1,000/.
Ditto under 1,0001.........
South Sea Stock
Ditto New Annuities ......
onside lor Account .......... ~.....• 96q 96 961 A 96
kchequer li 14,0. 6 2d
E: n.
I,COOI. June ...
500/. June ... 46 50 p 50 p
Small. June 46 50 p 59 p

ONE
PRICES OF FOREIGN ruNns. O'CLOCK.
Baenos Ayres Bonds, 6 Der Cent.—
Danish 130nd5,1825,3 per Cent. —
Do., 5 per cent
Equador Bonds
tkenada Bonds, 1% per Cent—

CLO
PRICES.
54

Ditto Deferred —
M I:.ica.ti, f• per Cent. 1848, with Cou pens—
Ditto, Ex Jan. Coupons ......, 33%3/a
Peruvian Bonds. 4% per Cent 81 tO,sx, 811 A
Ditto. Account
Ditto Deterred .. .... 363/4 37
Po stuguese 6 per Cents
Ditto, 4 per Cent.
S ~t),:sh s per Cent. 1840 .........
Ditto, Passive. 5
Venezuela Bonds, 21,4; per Cent
Ditto, Deferred
..I,ividends on the above ptygibh in Lot don.
Dltch 2% per Cent., 12 Guild. ... 58%
Dittos 4 Rex Out! Certificategm 9176.