The Sun.
London, England, 1858-01-28 00:00:00

MONEY DIAR,K ET

~TD

001NIMERCJAL INTELLIGENCa
CITY, Two O'CLOCK.

Letters from Liverpool mention that the Cotton
Market yesterday presented a very firm appearance,
and prices of all descriptions continue to improve.
The sales were estimated at 8,000 bales, 2,000 of
which were taken by the speculators. The Rail-
way Share Market closed quietly, and only a very
limited business was transacted, at about previous
rates.

About 11,0001. in gold was sent into the Bank
of England yesterday, and the total stock of bul-
lion in that establishment must now exceed
15,000,000/. The Australian vessels, now overdue,
will no doubt ensure a further augmentation, the
export demand being very quiet. Nearly three-
quarters of a million sterling must now be near at
hand; some of the ships, including the Marco Polo,
the Northumberland, and the Oliver Cromwell,
having been upwards of 90 days on the voyage.

The demand for silver continues very inactive,
but the prices of bars remains firm at ss. lid. per
oz. standard.

ALTERATION IN THE BANK RATE OF

DISCOUNT.

A reduction of 1 per cent., viz., to 4 per cent.,
has been made to-day in the minimum rate of dis-
count. It was generally expected that the directors
would adopt this course, owing to the easy condi-
tion of the Money Market and the immense accumu-
lation of both notes and gold which has taken place
in the national establishment. In anticipation of
the change, the London and Westminster Bank had
lowered their allowance for deposits to 2 per cent. for
sums of 5001. and upwards, and 1 percent. for smaller
deposits. The other banks will no doubt make a
similar reduction, as they have already more money
than they can satisfactorily employ. In Lombard-
street there is still a ♦ery limited inquiry, and bills
are negotiated at 3 per cent. and under, so that the
reduction just made will fail to attract an increased
business to the national establishment, where a
further relaxation may be consequently expected
in a few weeks.

The Funds are buoyant. Before the decision of
the Bank Court was known a rise had taken place,
and the measure itself produced no additional im-
provement, showing that it had been "discounted."
Business in the Consol Market is not very brisk,
owing to the approach of the settlement, but pur-
chases for the March account have been effected,
which have increased the strength of the market.
Consols have risen to 958 for transfer and the
4th proximo, and to 95 for March. They are
now 95f a and 95 respectively. The New 3 per
Cents. are 95i ; the Reduced, 958 ; Exchequer
Bills, 20s. to 235. prem ; do. Bonds, 99 to 1001 ;
and India ditto, 15s. to 17s. prem. Bank Stock
is 226, and India ditto 218 to 222.

In the Foreign Stock Market a general advance
has taken place, and a fair amount of business has
been transacted. Turkish 6 per Cents. have ad-
vanced to 984 99, and the 4 per Cents. to 105 f.
Peruvian 4i per Cents. are higher, being 79 ;
Brazilian 5 per Cents. have improved to 1024 ;
ditto 44 per Cents. to 984 ; Buenos Ayres 6 per
Cents. to 98; and Sardinian 5 per Cents. to 894.
Portuguese 3 per Cents, are steady at 441 ; and
Dutch 2i per Cents. at 651.
The following are the nominal prices of Foreign
Stocks :—Grenada Deferred Bonds, 516; Mexican,
; Peruvian 4i per Cents., 77 79 ; Ditto 3
Per Cents., 53 55 ; Portuguese 3 per Cents.,
44 45 ; Russian 5 per Cents., 109 111 ; Ditto 4i
Per Cents., 98 100 ; Spanish 3 per Cents., 44 ;
ditto New Deferred, 25i 26.

The last week's railway roceipts, ascertained up
to this day, are in round figures as under :

18t8.
Great Western
North-Western
South-Western
Brighton 10,393
`idlar

1857.
£24,700
56,247
11,905
10,300

Mk .nd
South-Eastern _ 15,492
Great Northern
Lancashire and Yorkshire 19,102
Bristol and Exeter 4,913
East Lancashire 5,078
Lancaster and Carlisle
Manchester, Sheffield, & Lincoln 9,127
North-Eastern . . 28,273
North Stafford
Oxford, Worcester, and Wolverh 3,812
Edinburgh and Glasgow
Glasgow and South-Western
Scottish North-Eastern 3,440
Grand Trunk of Canada
Great Western of Canada 8,212
Great Luxembourg

The dealings in the Railway Share Market this
morning have been very limited, and the few
transactions reported hare been chiefly in con-
fection with the settlement of the account, the
arrangements for which are now in progress.
North-Eastern (Berwick), South-Eastern and
Great Western, improved 10s. ; Lancashire and
Yorkshire; North-Western, South-Western, and
North-Eastern (York), 11. ; and Caledonian and
Great Northern, V. 10s. The Foreign lines have
been quite neglected, and in the Colonial under-
takings there is a slight improvement to report.
Grand Trunk of Canada have advanced R., and
East Indian, 10s. ; Great Western of Canada and
Great Indian Peninsula were at about previous
rates.

Joint Stock Bank and Mi3cellaneous Shares are
quiet. Bank of Egypt have advanced 10s. ; Lon-
don and Westminster, ss. ; Australian Agricul-
tural, 10s. ; and Netherlands Land Preference
Shares, ss.

BRITISH FUNDS.—CLOSING PRICES--THIS DAY.
( From the Official Lith)
Busineos doze.
Bonk Stock
S pe, ~ent. heduced Anuuities
3 per Gent. Consols A.nnaittee 9siiiiillia 5
Now 1 per Cont. Annuities 95 i
Now 2. per Cent. Annuities
India Stock
ladle Bonds, £lOOO ............ .........
9itto, under £lOOO lB p
CoLsols f•r Account,
Exchequer Bills, 21d.
4000 ._
7500
8 nail
Exchequer Bonds, 1858, :li per Cent 99i 1001
Ditto, 1859
PRICES OF FOREIGN FUNDS—THIS DAY.
Brasitian 5 per Cent.
Ditto 1852, 4i per Cent.
Buenos Ayres Bonds, 6 per Cent. 9B 9
Milian Bonds, 6 per Cent lO3
Ditto 3 per Cent....... 72
Grenada New Active, 21 per Cent.
Peravian Bonds, 4i per Cent 79 8:1 9A
Portuguese Bonds, 5 per Cent., Con. 1841
Ditto 18b3, 3 per Cent 44i 5
Sardinian Bowls, 5 per Cent.
Spanish Bonds, 3 per Cent.
Turkish Bonds, 6 per cent...
Ditto Guaranteed, 4 per Cont.
Ditto Account
.. 105,
Dividends on the above payable in London..
Dutch Exchange, 2i per Cent., 12 Guilders 65i 5
"t MAKE O'CLOCK'.
Consols, money 95 i
Ditto account (February 4)

Advices are shortly expected to reach London by tele-
graph announcing the arrival of the steamer European
at Sues from Australia. As the acccounts which reached
London early in the present month stated that the
ships Blackwell, Donald M'Kay, and Guy Mannering
were-fixed to leave Melbourne in November, and the
Kent and Shaftesbury early in December, the intelli-
gence by the European will probably mention the
shipment of a large quantity of gold in addition. to
,
the 712,0001. already known to be actually at sea.
TELEGRAPHIC COMMUNICATION WITH INDIA. The
Court of Directors have again had under their considera-
tion the question of telegraphic communication with
India, and have again expressed their willingness to
grant to the Red Sea Telegraph Company such support
and assistance as would enable them to raise the neces-
sary capital for the undertaking. We believe that the
amount estimated for a line of telegraph from Suez to
Burrachee is 700,0001. ; anti the Court, we understand,
are prepared to join with her Majesty's Government in
guaranteeing a revenue equivalent to 5 per cent. upon
that sum, so soon as the work is finished and as long as
it is kept in good order. The proposition now only
awaits the ratification of her Majesty's Treasury,
to whom, by the bye, a similar plan was submitted four
months ago without eliciting any expression of approval
or support. —Daily News.
STATE OF TRADE.—MANCHESTER, Tuesday.—The
rise of 04. per h, in th' Ltverpooi market, tlitice Ffichty
has influenced this roarget in a similar degree. Spinner:
are asking from id. to id. per lb. more than on
.Thursday and Friday, and iu isolated cases this advance
is obtained ; but, ea a rule, the effect has been to
materially check business, the sales of the day being
limited. The trade, collectively, are buying cotton so
largely as to induce the belief that they have no
objectiok, to re - enact the crisis of 1857.

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