The Sun.
London, England, 1858-09-29 00:00:00

MONEY MARKET AND CITY NTH'S.

CITY, Two O'CLOCK.

The question which now occupies the attention
of financiers and others interested in the cou'rse of
monetary affairs is the probable effect of the pre-
sent accumulation of bullion. The stock of the
precious metals now held in the Bank of England
must be within three millions of the highest point
ever known in this country, and before a reaction
can be produced, either by the development of trade,
an increase of speculation, or a drain on continental
account—either for loan or railway purposes—
there is every reason to believe that a further con-
siderable augmentation will take place. Wary as
the public now ar: with regard to their transac-
tions even in the legitimate circles of trade, a con-
fident impression nevertheless exists among experi-
enced capitalists that a new era of speculation will
follow as the natural consequence of the vast
accumulation of means at the command of the
banking community. The extraordinary reserve
and hesitation on the part of those who have money
to employ is considered no index to the future
course of public opinion on the subject of invest-
ments, because it is known that on previous occa-
sions extreme prudence has been quickly followed
by a general rush into wild and extravagant ad-
venture. At present, however, this opinion is based
solelyupon what occurred in previous periods of finan-
cial ease, for notwithstanding a slightly increased
amount of business on the Stock Exchange great
circumspection is still exercised in the time deal-
ings as well as in permanent investments. Secu-
rities of almost every description are advancing,
the uninterrupted flow of bullion into the Bank of
England, and the continuance of low rates of dis-
count rendering the markets exceedingly buoyant,
and a few purchases are sufficient to stimulate the
improvement.
A large amount of gold was sent into the Bank
yesterday, viz., about £250,000, principally con-
sisting of Russian and American remittances. It
will thus be observed that the influx is maintained
even in the absence of Australian arrivals ; and, as
during the next fortnight upwards of half-a-million
sterling is likely to come forward from the anti-
podes, a reduction in the minimum to 21 per cent.
is considered imminent. First-class commercial
bills are negotiated as low as 21 per cent., and the
Bank directors cannot find employment for their
accumulated resources either in the shape of loans
or in discount operations.

The rates of Continental Exchange continue
steady, and gold is still dearer in this country than
in France or Holland. The quotations for 60 days'
bills at New York on England is at a point that
will admit of profitable consignments of specie.
The amounts which may be received from that
quarter, together with the Australian and Russian
supplies, will therefore insure an extensive impor-
tation.

In the Cotton Market at Liverpool yesterday a
moderate amount of business was transacted, 5,000
bales having been disposed of at about previous
quotations. The Railway Share Market pre-
sented rather more animation, and prices slightly
improved.

The general meeting of the Scinde Railway took
place to-day. The works of the line appear to
have commenced under the most favourable circum-
stances, and the whole of the requisite land had
been made over to the Scinde Railway
Company. The works in the hands of the
contractors are making satisfactory progress. The
harbour of Kurrachee was rapidly improving. The
accounts attached to the report showed the external
trade of Scinde for 1857-58 to amount to Rs.
215,92,298, or nearly ten and a quarter millions
sterling, exclusive of the value of Government
stores, being an increase over the previous year's
trade of Rs. 73,90,419. After an able speech from
Mr. Andrew on the relative advantages of the
Scinde Railway, the Punjaub and Indian Steam
Flotilla Companies, the report was adopted.
There is rather less animation in the English
Stock Market to-day, owing to the settlement of
the foreign and railway accounts, but the recent
advance is tolerably well maintained. Excepting
a few sales in realisation of profits, there is nothing
to create the slightest reactionary tendency. The
Government broker has purchased £lO,OOO stock for
the Savings Banks. Consols are 98} for money,
98k 4 for October 4, and 981 I- for the November
account. India Stock remains firm at 218 to 219.
The March Exchequer Bills 355. prem., ditto June
255. to 283. prem., and ditto Bonds are 1001. East
India Debentures are about 991 4.
In the market for Foreign Securities there has
been rather less animation, but prices remain with-
out any material alteration. Venezuelan 5 per
Cents., 40i ; ditto Deferred, 151 ; Mexican, 211 I
ex div. ; Brazilian 41 per Cents., 1858, 96a-
Spanish New Deferred, 30; Turkish 6 per Cents.
are now 971 a ; and ditto New Loan Scrip, par to
4 prem., having experienced a decline.
A further upward movement has taken place
to-day in the value of Railway Shares, most of the
principal lines being about 1 to 1 per cent. higher.
Caledonian, Great Western, and North British have
improved £1 to £1 10s.; Great Northern, Brighton,
and Manchester, Sheffield, and Lincoln, 10s. ; and
Eastern Counties, North-Western, South-Western,
Midland, and North-Eastern (Berwick), ss. The
Foreign and Colonial lines have been at steady
rates. East Indian have improved £1 ; and Paris
and Lyons, and Bahia and San Francisco were at
about previous rates.
Joint-Stock Bank and Miscellaneous Shares were
at almost nominal rates. Union of London de-
clined ss.

BRITISH FUNDS—CLOSING PRICES.
3 per Cont. Consols Annuities
India Stock _

Ditto Scrip, 2d Issue
Consols for Account

. . . . 99&
... . 98 i .
March J
35 8 1
38
38 1

Exchequer Bills, £l,OOO, 2d. &11d
Ditto £5OO,
Ditto Small, 11-rl
Ditto Bonds, 11358, 3 per Cent
Ditto, 1859....
FOREIGN FUNDS—CLOSING PRICES.
Brazilian, 5 per Cent
Ditto 18.58, 41 per Cent 961 1- 1
Buenos Ayres, 6 per Cent. 7Bl 8
Mexican 3 per
Ditto Account
Peruvian, 47 per Cent.
Ditto (Uribarren), 41 per Cent.
Ditto 3 per Cent. 721
Russian, 1822, £ St., 5 per Cent —
Ditto 41 per Cent.
Spanish 3 per Cent
Ditto New Deferred, 3 per Cent. —
Ditto Account
Turkish, 6 per Cent.
Ditto Account
Ditto Scrip MP
Ditto Guaranteed, 4 per Cent. —
rDitto Account
Venezuela, 5 per Cent.
Ditto Account -
Ditto Deferred 2 per Cent. l5l
Dividends on the above payable in London.
THREE O'CLOCK.
Consols, Money 9B 1 1
Ditto Account 9Bl a

25 8

ARRIVALS AT TAYLOR'S FAMILY CRESCENT
HOTEL, YORKSHIRE.--The Hon. Sir W. Codrington,
M.P., the Hon. Lady Georgiana Codrington and family,
the Hon. Lady Buxton and Miss Buxton, the Hon. Sir
M. Cholmeley, Bart., M.P., the Hon. Lady Georgiana
Cholmeley, Miss Johnston, the Hon. Sir R. Sheffield,
Bart., the Hon. Lady Sheffield and family, the Hon. Sir
W. Jardine, Bart., and the Misses Jardine, Mr. and the
Hon. Mrs. J. C. Wright and the Misses Wright.
A letter from the island of Candia, dated the
15th inst., describes the country to be in a very disturbed
-state. The new Governor has not been able to carry out
the instructions he received at Constantinople. He endea-
voured to arrest some of the chiefs in the late disturbances,
but his agents wore forced to desist, in consequence of the
resistance they experienced. Armed Turks have even dared
to traverse the capital of the island, vociferating " Death
to the Christians." . Some of them were arrested, but were
immediately released, so great is Mussulman influence.
A soldier of the Ist Regiment of Cuirassiers,
bearing the somewhat singular name of Gilblasse, has been
tried at Paris by the military tribunal for a curious robbery:
One night in July last he was (as he had been not fewer
than 642 times before) detained in the lock-up for miscon-
duct, and being a good deal tormented with the heat he got
np and began stamping about the floor. All at once, to his
astonishment, the floor gave way beneath him, and he fell
into a cellar beneath.. At first he was rather frightened,
but he soon discovered to his delight that the cellar con-
tained several casks of wine, and lying on his back he
turned the cock of one of them, and let the wine flow into
his mouth. He then called to some fellow-prisoners, and
they drank of the wine also. On the whole, between 50 and.
60 quarts were either drunk or wasted. The tribunal con-
demned the man to a year's imprisonment. Gal /plan/.
THE GALWAY STEAMERS._We learn by the
British and Irish Magnetic Telegraph that the Royal mail
steam-ship, Indian Empire, sailed punctually on the arrival
of the mails at half-past eight yesterday evening for Halifax
and New York, with a full complement of merchandise, and
406 passengers, of whom 60 were - Brat-class, • 210 second,
and the rest third class,