The Sun.
London, England, 1860-04-25 00:00:00

MONEY MARKET AND CITY NEJVS.

CITY, Two O'CLOCK.

A quiet tone still pervades the general discount
market, and unless renewed activity is shortly ex-
perienced, the probability of a reduction in the
minimum rate of discount wiil soon attract atten-
tion. Already the subject is referred to in specu-
lative channels, because, in addition to the dimi-
nished pressure, and the reactionary tendency of
the rates, large quantities of gold are coming for-
ward, which, for a time at least, may accumulate in
the Bank's vaults. The rates at which choice de-
scriptions of mercantile bills can be negotiated in
the open market now range as low as 4 per cent.,
but the commercial public, no doubt anticipating a
further decline, are only supplying their immediate
wants, and the market has therefore assumed a
very inactive appearance.

The extent of the frauds committed by Pullinger,
the late chief cashier of the Union Bank of London,
s now ascertained, and the report made by the
directors has created great astonishment. The
amount involved is £263,070, which, from its mag-
nitude, will place Pullinger at the head of the list
of defaulters, comprising Watts, Robson, and Red-
path. In order to provide for this deficiency in the
capital of the bank, the directors purpose to re-
transfer the sum of £120,000 applied to the reserve
fund in July, and to take a further amount of
£lOO,OOO from the same fund, leaving the balance
of £40,000 to be met out of this year'sprofits. There
is every reason to believe that the position of the
bank will not materially suffer in consequence of
this catastrophe, and it is hoped that the share-
holders and the public will continue to place every
confidence in its stability and continued prosperity.
The foreign exchanges yesterday afternoon were
in most instances rather lower.

Notice has been given that the half-yearly in-
terest on the Corporation of Montreal Six per Cent.
Consolidated Bonds will be paid on and after the
Ist proximo.

In the Liverpool Cotton Market yesterday a
rather active demand prevailed, and prices were
well supported. Tho sales amounted to 12,000
bales. The Railway Share Market closed quietly,
And the tendency of quotations continued down-
ward.

The half-yearly meeting of the Royal Mail Steam
Packet Company has just been held, and the pro-
posed dividend of £2 per share was agreed to.
The official returns relating to trade and navi-
gation for the three weeks ending 31st March have
been published, from which it appears that the
total declared value of the exports from the United
Kingdom amounted to £30,481,907, against
£30,520,794 in the like period of 1859, showing a
decrease of £38,887. The decrease is most percep-
tible in cotton manufactures, haberdashery and
millinery, hardwares and. cutlery, silk manufac-
tures, thrown silk, and refined sugar, There is au
increase, however, in beer and ale, coals and culm,
coottn yarn, earthenware and porcelain, leather,
machinery, British spirits, woollen manufactures,
and woollen and worsted yarn.

The importations of the principal articles were
larger as regards cocoa, coffee, raw cotton, fruit,
provisions, rice, spices, tallow, tea, tobacco, wine,
and sheep and lambs' wool, but there is a diminu-
tion in wheat, flour, indigo, potatoes, raw silk, and
unrefined sugar.

The shipping accounts exhibit an increase in the

amount of tonnage employed in the foreign trade
of the United Kingdom for the three months of
247,208 tons for the entries inwards, and of 117,402
tons for the clearances outwards.

In the coasting trade for the three months
155,780 tons more were employed than in the cor-
responding period of 1859 for the entries inwards,
and 280,875 tons for the clearances outwards.

There is very little activity in the market for
Public Securities to-day, and the few dealings re-
ported have not led to any material variation,
Consols being Mt '4 for money, and 94 sellers for
the account. The New Threes and the Reduced
are firm, at 931- ; India Loan is steady, at 1061 ;
ditto 5 per Cent. Enfaced Paper, at 981 ; Exche-
quer Bills are Gs. to 10s. prem., and Bank Stock
has improved to 225 226.

A moderate amount of business is recorded in
Foreign Securities, and prices aro firm. Turkish
6 per Cents. are 761 to 771 ; ditto New, 611; to
611 ; and the 4 per Cents, have advanced to 1012 ;
Russian 3 per Cents., to 651 ; Sardinian, to 841 ;
Spanish are steady, at 47 1-; Dutch 22 per Cents.,
at 66; and ditto 4 per Cents. are firmer at 1001 K.
The Ocean Marine Insurance Shares are 28
pm. ; the Universal ditto, 1 pm. ; and the Victoria
Loan is 105:i.

A slight improvement has taken place in the
Railway Share Market, prices in several instances
showing an advance of 1- to per cent. Lan-
cashire and Yorkshire, South Western, and Mid-
land have improved 55.; Caledonian, Great
Western, and North Western, 10s. ; Oxford, Wor-
cester, and Wolverhampton, and South Eastern
have declined ss.

The Foreign aid Colonial lines remains very in-
active, with little change of importance to notice
in values. Northern of France realise 381 ; and
Paris and Lyons, 371 ; East Indian Peninsula, 99
to 99 ; and Great Western of Canada, 13Z- 131.

Joint Stock Bank Shares are dull ; Union of
London have declined to 25 and 26 ; Ottoman
Bank are lit ; and London and Westminster, 58.

In the Miscellaneous Market Peninsular and
Oriental Steam are steady at SO, and Royal Mail
Steam are 53.

BRITISH FUNDS-CLOSING PRICES.

B uak Stock -
3 per Cent. Reduced Annuities 93/ a a
3 per Cent. Consols Annuities
N m 3 Der Cent. Annuities
Anns. 30 Years, expire sth Jan., 1880
Ditto for 30 Years, expire sth April, 1885 171 7-16 i
1 ilia Stock
Ditto 5 per Cent.
Ditto Enfaced Paper, 4 per cent. —
Ditto 5 per Cent. ..,.... 981 8 .
Ditto Bonds, £l,OOO 5 d
Consols for Account (May 9)
ExchNuer Pills, £l,OOO, I}d..
Ditto Small
FOREIGN FUNDS—CLOSING PRICES.
Brazilian 5 per Cent.
Ditto Account
Ditto 44 per Cent., 1858
Ditto Scrip, 1860
Buenos Ayres, 6 per Cent
Ditto Account
Chilian 6 per Cent
Ditto 44, per cent.
mexioan i per Cent.
Ditto Account
Portuguese. 1853, 3 per Cent.
Ditto Account
Russian, 1822, £ St., 6 per Cent ..
Ditto 44 per Cent.
Ditto 3 per Cent. 1859
Sardinian, 5 per Cont. 844
epanish 3 per Cent.
Ditto Account
Ditto New Deferred, 3 per Cent.
Ditto Account .. 364
Spanish Corn. Cert. of Coup. not funded.. 41 4
lur•kish 6 per Cent. —
Ditto Account
Ditto New Loan
Ditto Account
Ditto Guaranteed, 4 per Cent.
Venezuelan 3 per Cent
Dividends on the above payable in London.
Patch Exchange, 12 Guil. 24 per Cent 66
Ditto Certificates, 4 psi. Cent.
• THREE O'CLOCK.
Cons,ls, Money 944
Ditto Account