The Sun.
London, England, 1858-09-22 00:00:00

Er MA

PITY NEWS.

CITY, Two O'CLOCK.
The specie movement continues to attract con-
siderable notice in financial circles. It is in fact
the most important feature connected with mone-
tary affairs that has been exhibited for some time
past, and it is likely to influence the general
terms of discount accommodation. A re-
duction of per cent. in the rate fixed by
the Bank for the negotiation of the bills of
the mercantile community is freely spoken
of ; but as money is considered cheap enough
already, for all business purposes, it can scarcely be
lid that much anxiety is felt upon the subject.
Still, the progress of the market is watched with
some curiosity by speculators, as well as those en-
gaged in commercial pursuits. Very little advan-
tage will be obtained by a further relaxation, for
cheap money cannot force trade at the present
time—a return of activity being contingent upon
the recovery in the foreign and colonial markets,
which are being gradually relieved from the
excessive stocks of merchandise, occasioned by the
reckless shipments before the late crisis. When

these are removed, and room is made for fresh sup-

plies, then a stimulus will be given to our indus-
trial enterprise that must gradually bring about a
restoration of prosperity throughout the United
Kingdom. The movement at present is in its
incipiency, but a beneficial influence has already
been experienced in the manufacturing districts,
where the mills are now extensively worked and
the operatives better employed.
The Liverpool Cotton Market yesterday presented
a very firm appearance, at former quotations. The
sales amounted to 10,000 bales. In Railway
Shares the business was rather limited, but
prices tended upwards.
In the Foreign Exchanges, yesterday afternoon,
there was no material alteration, except in the rate
upon Holland, which was rather lower.
Yesterday about £65,000 in gold was taken into
the Bank of England.
There is still a very limited demand for accom-
modation, and the discount firms readily negotiate
commercial bills at the current rates, which average
about 2 per cent. for first-class bills. Towards
the end of the month there will, no doubt, be an in-
creased number of applications, but the commercial
operations having been much curtailed, the pay-
ments of the 4th will not require a very large
amount of capital.
The price of gold is now 1-10th per cent. dearer
in London than in Paris ; and it is also 3-10ths per
cent. higher here than in Hamburg.
Silver continues quiet, and there is very little
buKiness doing. Bars are quoted 51s. per ounce
standard.

An extraordinary meeting of the Ottoman Bank
has just been held for the declaration of a dividend
on account, and the presentation of a report from
the directors. A. H. Layard, Esq., took the chair.
The report alluded to the difficulties incurred by
the Bank during the late financial crisis, and its
gradual recovery from the effects of that period.
There was every expectation that the part which
this bank had taken in the New Turkish 6
per Cent. Loan would be highly beneficial to its
interests. The balance to the credit of the profit
and loss account of the 30th of June, including the
balance brought forward, was £12,358 12s. 5d., the
exchange being taken at 164 piastres per pound
sterling. Looking at the present state of the
Bank, and that of the current half-year, the direc-
tors had no hesitation in recommending a dividend
on account of 5 per cent. per annum, free of income-
tax. Some discussion took place, and the report
was adopted.

The English Funds have not undergone any
material variation, but they are decidedly flatter.
This, however, can excite little surprise, consider-
ing the paucity of business. Consols are about
97 3-16ths s.l6ths for money, and 971„ sellers, for
the account. Speculation continues dull, and
there is very little demand for investment. The
New 23- per Cents. are marked 82 ; India Loan
Debentures, 98a 1, being firm ; ditto,2d issue, 98 i;
the March Exchequer Bills, 355. to 38s. prem. ;
June ditto, 255.
• In the Foreign Stock Market business is mode-
rately active, and prices are quiet. Turkish 6 per
Cents. were 96 4 ; ditto New Scrip, f-' dis. ; ditto
4 per Cents., •1041 ; Mexican 3 per Cents., 22 ;
Peruvian 41 per Cents., 91 ; ditto Dollar Bonds,
761 ; Portuguese 3 per Cents., 46'1; "Russian 5
per Cents., 1113 1; and Spanish Passive, 11.
The Railway Share Market has been moderately
active, but in most of the principal lines there is a
tendency towards a decline. Caledonians, Great
Northern, Great Western, Brighton, North-
Western, and South-Western have each re-
ceded about .ss. Eastern Counties, and
South-Eastcrns have improved about 10s. In
the Foreign Market Paris and Lyons declined 55.,
and Northern of France 10s. The Colonial lines
are flat. Grand Trunk of Canada declined about
68.; Great Western of Canada and East Indian
'were at previous rates.

Joint Stock Bank and Miscellaneous Shares are
very dull. Bank. of Australasia have declined ss. ;
London Joint Stock ss. ; Atlantic Telegraph Shares
have receded to 300 and 320.

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
3 per Cent. Consols Annuities
New 2% per Cent. Annuities
India stock
Ditto Debentures
Ditto ditto, 2d Issue
Consols for Acedunt

98'
• 981
97j

March

J line.

Exchequer Bills, £l,OOO, 2d. &lid— 35 1 - .L--.
Ditto Small, I.ld 35 8 1 25
PR.ICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Mexican 3 per Cent —
Ditto Account
Peruvian, 41 per Cent.
Ditto Account
Portuguese, 1853, 3 per Cent.
Damian, 1822, £ St., 5 per Cent lll4 1
Spanish 3 per Cent —
Ditto Passive
Turkish, 6 per Cent.
, Ditto New Loan Scrip II- d
`! Ditto Guaranteed, 4 per Cent.
• Ditto Account