The Sun.
London, England, 1858-08-18 00:00:00

MONEY MARKET AND CITY NEWS.

CITY, Two o'CLocK.
The general symptoms of the Money-market de-
note an increased demand for accommodation. Oc-
casionally there is a temporary abatement of the
inquiry, but it soon revives, and the bill-brokers
and bankers find more employment for their means
than they have for several months past. That a larger
amount of capital must have been brought into trade
is proved by the fact that the accounts from the manu-
facturing districts, the customs' returns, and the traffic
upon the various lines of railway, all show a steady
revival of business, although there is still an absence
of great activity. The intelligence from distant mar-
kets, and especially from America, Australia, &c.,
are of a character to stimulate operations, and there
can be no doubt that a gradual improvement will be
experienced, which, towards the end of the year, will
probably become very apparent in all departments.
The demand for wool continues animated, and for
silk, and other raw materials, there is also a good in-
quiry. This would indicate that the manufacturers
are sanguine with regard to the future, and con-
sider it advisable to increase their production. From
the manufacturing districts generally, we learn that
the mills are in full work, and fair employment ap-
pears to be given to the operative classes. Looking, sh
therefore, at the powerful nature of the crash that
was experienced last autumn, this improvement and
the prospect of its continuance, are as satisfactory as
could have been anticipated.
13
Accounts from Liverpool report that the Cotton str
Market yesterday closed heavily, and prices of all
descriptions were without any material alteration.
The sales were estimated at 5,000 bales. In the Rail-
way Share Market a moderate business was trans-
acted, and quotations were fully maintained. at
The Panther has arrived at Marseilles with the st'
Bombay Mail,
About £72,000, principally Australian gold, was
taken into the Bank of England yesterday.
In the Foreign exchanges yesterday afternoon a
further slight improvement took place compared
with the rates current last post-day.
The half-yearly meeting of the English, Scottish, et
and Australian Chartered Bank was held to-day, g
Mr. Johnston in the chair. The report was not so It
satisfactory as was expected, and showed an amount
of ascertained loss of £6,076 Bs. 3d. During the
half-year a net profit of £14,156 Bs. 4d. had
been derived, from which the directors now n,
recommended a dividend at the rate of 4 per
cent. per annum, £5OO towards preliminary ex-
penses, and £l,OOO towards bank premises and et,
furniture accounts. These deductions would leave 3/'
a surplus of £2,656 Bs. 4d., which would not be
sufficient to set aside against the estimated losses t
Without taking £3,419 19s. 11d. from the reserve it;
fund, thereby reducing it to £6,891 7s. ld. Some Al
discussion took place, but it was not unfriendly, and
the report was adopted.
There was a meeting of the Northern and Eastern 15
Railway Company to-day, but it was only for the n,
announcement of the usual dividends guaranteed by
the Eastern Counties Company.
Speculation is still very inactive at the Stock Ex-
change, not only in Consols, but also in Foreign ti
Stocks and Railway Shares. The apathy extends to n,
the general public, who appear to direct their atten- I it
tiem to new undertakings. The success of the Bra-
zilian, New Zealand, and Indian loans show that a
large aggregate amount of capital has been brought B,
into this description of enterprise. Consols have
been 961 8 for money, and 968 for account. They 1.1
are now 96% 181 and 968 2 respectively. Bank Stock
is marked 228. The New Threes and the Reduced
Annuities, 96.1 97 for both. India Loan Debentures I
are fiat, at 974; ditto (second issue), 971 a ; and the
Bonds, 18s. ; the March Exchequer Bills, 30s. ; and
June ditto, 20s. to 235.
In Foreign Securities a very moderate business has 41
been transacted, and prices in most instances have
been supported. Brazilian 5 per Cents., 1031 ;
Spanish Deferred, 27%; Mexican, 21* ; Portuguese
3 per Cents., 468 4G%; Russian 5 per Cents., 1131;
Austrian 5 per Cents., 82; and Dutch 4 per Cents.,
1011 1021.
-A very limited amount of business has been done
in the Railway Share Market this morning. Prices
have in most instances exhibited little variation of
importance. Caledonians improved 10s. • Great
Northern, 55.; and Great Western and Midland, ss.
Edinburgh, Perth, and Dundee, North-Eastern
(Berwick), and South Devon declined 10s., and al
North-Eastern (York) £l. The Foreign lines have 7
slightly improved. Paris and Lyons have advanced
55., and Northern of France ss. Great Luxembourg
and Sambre and Meuse are at about previous rates. .13.!
In the Colonial market the dealings are very limited,
and prices are unaltered.
Joint-Stock Bank shares are dull. Bank of Egypt

have declined 10e.; City Bank-, is. Ottoman Bank
Improved is. In the Miscellaneous market, Elec-
tric Telegraph receded to 106 ex dividend, and
Peninsular and Oriental Steam improved to 801; 11
Atlantic Telegraph are quoted 830 to 860 ; and Red
Sea Telegraph prem.
Consols for mousy, 96/ s ; ditto account, 96i

The Count Alphonse Matis has arrived at the
Brunswick Hotel from Alexandria. The Count Ludoif has
taken his departure from the same establishment.
Mr. Thos. Masterman, Mrs. and Miss Masterman,
have arrived at the Queen's Hotel, Upper Norwood.
Mr. Verschoyle has arrived at Farrance's Hotel,
Belgravia, from Nice.
THE. INDIAN COUNClL.—General Sir R. Vivian has
been appointed to a seat in the Council, in addition to those
whose names we have already announced. He may be con-
sidered to represent the Madras Presidency and army, nei-
ther of which had any representative in that part of the
Council elected by the late directors, or among those hitherto
nominated by the Government. General Vivian was nomi-
nated a director
,of the East India Company under the act
of 1833, and commanded the Turkish Contingent in the
Russian War. He was for several years Adjutant-General
of the Madras army.
THE RIGHT OF VISIT.—The understanding which
has been arrived at between the British and American
Governments on the subject of the identification of the
nationality of vessels is based upon the acceptance by the
British Government of the doctrines laid down by Mr. Secre-
tary Cass in his letter to Lord Napier of the 10th of April,
1808, In that letter Mr. Cass, borrowing an illustration
from one of Mr. Webster's letters on the subject, written 16
years ago, thus states the ease :—" As the identity of a per-
son must be determined by the officer bearing a process for
his arrest, so must the national identity of a vessel be deter-
mined at the like hazard to him who, doubting the flag she
tikplays, searches her to ascertain her true character. There,
no doubt, may be circumstances which would go far to
madify the complaints a nation would have a right to mnke
for such a violation of its sovereignty. If the bur:ding
officer had just ground for suspicion, and deported himself
with propriety in the performance of hie task, doing no in-
jury and peacefully retiring when satisfied of his error, no
nation would make such an act the subject of serious recla-
mation." This version of the law, as laid down by Mr.
Cass, might well he accepted by the British Government,
since it grants, in fact, mere than that Government hassver
claimed. They hate limited thetnselves to claiming a right
o 'visit, merely ; a right to call apt' the captain of the
vessel to show his papers, expressly restricting themselves
from any right to press this visit to the extent of a search,
which they have admitted to he exclusively a belligerent
right. Mr. Cass, it will be seen, while insisting that visi-
tation, under the circumstances supposed, shall be regarded
not as a right, but, should the vessel turn out to be Ameri-
can, as an excusable trespass, concedes at the same time
that in such cases the boarding officer is not limited to what
be may discover by casting his eye over the papers and the
deck of the vessel, or the cabin, should he be invited to
enter it, but that he may proceed to the extremity of lifting
the hatches, overhauling the cargo, and mustering the
Frew—in one word, of search. Search, and not visit,
is the word that Mr. Casss employs to describe the
operation of identifying the flag, which operation,
while insisting that it must be undertaken at the
risk of the party who employs it, he admits at the same
titne to ha an act which, if entered upon in good faith, on
reasonable grounds of suspicion, and conducted without un-
necessary violence, or injury to the vessel or its crew, no
nation would make the subject of serious reclamation. This
employment by Mr. Cass of the word " search " instead of
" visit" was no doubt deliberate and intentional, since in his
famous pamphlet ng iinst the Quintuple Treaty he argued at
length that the distinction set up by Lords Palmerston and
Aberdeen between the right of visit and the right of search
Was wholly illusory and unfounded, and that visit, to be of
any practical efficacy, must, in many cases at least, be
pushed to the extent of search, and must therefore be re-
garded as in substance the same thing. In accepting Mr.
Cass's version of the law, the British are thus enabled to
push the process of verifying the flag further than they have
ever hitherto claimed to go, for, however it may be urged
that theoretically visit and search amount to the same
thing, there is a very.palpable practical difference between
calling on the captain of a sinp to show his papers and
proceeding to the extremity of searching his vessel.—Nato
York Tribune.
HORNCASTLE FAIR.--This great horse mart, which
was brought to a close on Tuesday, ranks as one of the most
celebrated horse fairs in the: country, and it is invariably
qualified for this distinction by the production of one of the
finest shows of young horses that can be brought together.
Lincolnshire has ever been held in renown as the great breed-
ing' quarter of the best description of the various breeds of
horses, and prior is the existence of locomotive travelling,
and during the period of stage-coaching, this county was
resorted to for the supply of road horses, and colt breeding
to a large extent was kept up; but when railways came
into operation, and stage-coaches disused, the demand for
horses suddenly ceased, and it was then very generally pre-
dicted that horses would be reduced one-half in value, colt
breeders were discouraged, a panic ensued, and the immense
tract of fen and pasture lands which bed hitherto been stud-
ded with brood mares and young stock for a first: became a
was! e , and the vast resources which this: ceanty afforded for
this impertan t branch of stock breeding remained in abeyance,
but noir ithstandiog the increase of railways in every utrec-
,
lion, a steady and increasing demand for horses spruce; up,
breeders actively resumed their avocations, strenuonsly en-
deavouring, by careful and studied consideration to improve
the breeds of horses and meet the requirements, and a gradu-
ally increased value has since accrued, and colt-breeding is
now by far mere extensively carried on than ever, and
higher prices obtained. The fair this year commanded a
great sale throughout, and the mart was daily supplied with
fresh arrivals to meet demands. Carriage horses continued
to sell quickly. For hunters there was much competition,
and some were sold and resold several times; young horses
suitable for chargers and the artillery were bought up
eagerly to complete a foreign contract. As we have pre-
viously recorded prices, it would be superfluous to recapitu-
late them ; suffice it to say, that no abatement was made in
the prices of horses to the end of the fair. London dealers
continued to boy the best selections, many of whom took
away strings of horses varying in value from £l,OOO to
£4,000.