The Sun.
London, England, 1858-10-27 00:00:00

MONEY MARKET AND CITY NE IVS.

CITY, Two O'CLOCK.

The demand for discount accommodation con-
tinues remarkably quiet, and bankers and others
Mid much difficulty-lin obtaining employment for
their resources, notwithstanding the low quotations
now current. An impression prevails that the
joint stock establishments will soon refuse to
accept deposits, even at 11 per cent. interest,
owing to their inability to derive a suffi-
cient profit from the supplies lodged with them
at that rate of interest. Amidst this continued
Plethora, it is not surprising that the conduct of
the Bank of England directors, in maintaining the
minimum at 3 per cent., should be severely criti-
cised in financial circles, and an opinion still
exists that a relaxation will be announced
before many weeks have elapsed. The prospect
of a slightly increased exportation of the
precious metals is no argument in favour of
the adoption of a policy so inconsistent with the
present state of the money market. With a stock
of bullion exceeding £19,000,000, and with an
extensive importation of gold from Australia,
besides other consignments from America, Russia,
&c., the probability of a moderate efflux is
of comparatively little importance, and ought
not to influence the judgment of the Bank
Court. If the " other securities " held by the
authorities consist of commercial bills they must
rapidly diminish, for while their rate is 3 per cent.
the whole of the discount business of the metropolis
will of course be transacted in the open market,
where accommodation is offered as low as 2 and 21
per cent.

The Eastern Exchanges exhibit no alteration of
importance, except in tho quotations at Canton,
Which show an adverse movement likely to stimu-
late exports of silver from this side. As the supply
of that metal is rather limited, and there is a de-
mand for it on continental account, the quotations
rather tend upwards. It is expected that the
steamer to leave for the East, on the 4th proximo,
Will take out £lOO,OOO, being a larger remittance
than for some time past.
Gold is now about 3-10ths per cent. dearer in
Paris than in London, and at Hamburg it is of the
lame value as it is here.

In. the Foreign Exchanges yesterday afternoon
there was no alteration of importance.
A sum of 40,000 sovereigns has been sent to
Lisbon. The gold by the Arabia, amounting to
about £91,000, has also been taken for the Conti-
nent. Another shipment of £150,000 will be made
to Turkey this week on account of the new loan.
The Liverpool Cotton Market, yesterday, closed
quietly, and prices were unaltered. The sales
Were estimated at 4,000 bales. On the Stock Ex-
°lunge rather more business was transacted in
railway shares, but values tended downwards.
~., The meeting of the. Royal Mail Steam Packet
auy has been held to-day, Captain Mangles,
I‘4*P.) in the chair. The report showed that the
itfrairs of the company were in a favourable posi-
tion, the net surplus from the half-year's traffic
being £124,645 Bs. 9d, from which a dividend of
£2 per share was declared. A short discussion
took place, when the report was adopted.
The preliminary arrangements for the liquidation
of the half-yearly account in foreign securities and
railway shares form the principal business trans-
acted at the Stock Exchange to-day ; but although
there is very little activity in the English
market, the Funds are firmly maintained at
the advanced quotations of yesterday after-
noon, A satisfactory feeling has been pro-
duced amongst the speculators by the increased
firmness of the exchanges, and some additional
strength has been imparted to quotations by th
expectation that the Bank directors will at once
lower the rate of discount to 21 per cent.
Consols are now very buoyant at 981 a for
money as well as the account. The
New 3 per Cents. are marked 978 I, and the
Reduced 97 and 971. The 5 per Cent. Annuities
have been dealt in at 117. The March Exchequer
Bills, 40s. prem. Long Annuities, 18 3-16 5-16.
India Stock is firm, viz., 226; and the Debentures,
first issue, 99Z-; ditto, second, 99 i; and the Bonds
(under £1,000), 11s. to 14s.
Foreign Securities are active, and prices are
firmer. - Turkish 6 per Cents. are 931 94 ; ditto
i'criP, first issue, k I, prem. ; ditto, second, 11
Preni• ; Russian 5 per Cents., 1124 ; Spanish 3 per
rents., 47 ; ditto Certificates, 61 ; Brazilian 5 per C.,
21 103; Equador Bonds, 16'4 ; Guatemala 5 per
Cents., 54 ; Peruvian 41- per Cents., 901 ; Por-
tuguese 3 per Cents., 47 ; Austrian 5 per Cents.,
861 ; and Dutch 4 per Cents., 1001.
Intercolonial Royal Mail Steam Shares are k
Prem., and Atlantic Steam, 1 4 prem.
The principal business that has been transacted
to-day in the Railway Share Market has been in
connection with the arrangements for the liquida-
il°ll of the last monthly account, and in several
Instances p
1 rites have slightly improved. Great
" estern and North-Western have advanced ss. ;
Cale-
doianrd Great Northern and Midland, 10s. ; Cale-
ian and South-Eastern declined ss. ; and
North-Eastern (Berwick), 10s. ; Brighton, Lan-
cashire and Yorkshire, and one or two others,
I.ere at pre'rious quotations. The Foreig
ines have been dealt in to a very limited
Ixte.ut, and prices generally remain steady.
441 and Lyons and Northern of France have
81ightlY receded. The Colonial undertakings are
rather flat, East Indian have declined about ss.
Joint-Stock Bank and Miscellaneous Shares
shoe- a downward tendency. Bank of London
declined
h 55., and City Bank 10s. Canada Land
~4 bare receded £2, and Royal Mail Steam £1 to
4 los.
11M--

3 •ITISII FUNDS THIS DAY AT ONE O'CLOCK.
3 134. Cent. Reduced Annuities
Cent. Consols Annuities
s Neer„„_ 3ner Cent. Annuities
12.`4. Celli. Annuities ll7
g A.nnuities, expire sth Jan., 1860 —
In
tonto 30 Years expire sth April, 1885 lB 5-16 3-16
,dia Stock ' 226
'l4lO Debenture:,
994
to
ditto, 2d Issue
i),Lto Bonds, £l,OOO
oldc under £l,000
'ollsols for Account .................
March J une.
Xchequer Bills, £l,OOO, 2d. &lid... •
40 1
I'ItICE OF FOREIGN FUNDS AT ONE O'CLOCK.
1/tulli. an, 5 per Cent.
bitto, 1852 44 per Cent 99
,
..h Ditto 1858,'4/ per Cent. 971 1
'll,lador New Consolidated
~ uitto Provisional Land Warrant 4l
ieuatereau,
5 per Cent.
901
p„r12_741), 41 per Cent.
.
puese, 1853, 3 per Cent.
'4,881a n, 1822, £ St., 5 per Cent ll2l
iJitto 41 per Cent
spansh 3 per Cent. 47 ~ Daitto New Deferred, 3 per Cent.
Turkish7P nis orn. Cert. of Coup. not funded 6 1
, 6 per Cent.
Ditto New Loan Scrip I( 13
Ditto 2d Issue
Dividends on the above payable in London.
tusf,._.
hle,.. ..tn, 10 Gu. £, 5 per Cent.
—"I. Cent.
p: Exch 12 Guil. 21 per
til JittO Certifi angeca4s, 4 per Cent. . . 1004
vian Dollar Bonds, 41 per Ct. Ex. 4s. 77

TWO O'CLOCK.
Consols, Money
Ditto Account 9B 1
98

; a !'RICE OF GOLD.—The quotation of gold at Paris
'about at par, and the short exchange on London is 25-10
Per £1 sterling. On comparing these rates with the Eng-
figh Mint price of £3 17s. 10Id per ounce for standard gold,
:t appears that gold is 3-10th per cent. dearer in Path than
l'„,.London. By advices from Hamburg the price of gold is
,t 4 per mark, and the short exchange on London
. 13-.5i
rr £1 sterling. Standard gold at the English Mint price
`lh s therefore about the same price in London as
R
aMburg. The course of exchange at New York on
Tendon for bills at 60 days' sight is about 110 per cent.,
Which when compared with the Mint par between
. the two
.
Iltries shows that the exchange is slightly in favour of
4land'; and, after making allowance for charges
le
ofatza n sa-
Thtt,,,and difference of interest, the present rate
4etftatuesP,rofit on the importation of gold from the United
davtIENASE FOG AT LIVERPOOL.—LIVERPOOL, Tues-
' fog of a very dense character set in in the lower
tatt,af of this town, covering the river and extending
to th
tioel. So thick upon the river was the fog that yester-
-"Dr/ling and evening the ferry boats, with the excep-
a of those belonging to Woodside, did not ply.
it in
'eYester-
.eaing the town presented a gloomy aspect, especially
of til rugher districts. To-day there is a great diminution
iii, fog, but there are indications that as the night closes
ho t "", once more settle down over the town. We have
is thearaed of any accident having occurred On the river or
ivi°,,..t"vn from the density of the fog.
IovrCHESTER TRADE REPORT.--MANCHESTER,
uY.—The market for yarns is inactive and id. per lb
hmer • It is, however, supposed that the demand, which
ti how been slack for five weeks, must soon be revived.
at itl,llfacturers arc perhaps better under order just now ;
katZete the pressure to sell manufactured goods is less