The Sun.
London, England, 1866-08-04 00:00:00

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- \ Metropolitan Board of Worig
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- tft. The members of this board met yesterda•
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, , 4.11 a = ' offices in Spring-gardens, Sir J.Thwaites in
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FINANCE.
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The cash balances up to July 30 amour
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ty at their
the chair.

nted to
£315,951 10s. 3d., and cheques not presented
£40,591 Ils. 6d.

4d.
STAMPED sd.

NEW THOROUGHFARE TO OXFORD-STREET

and the speculative spirit strong, the prospect of a general
rise seems sure.

Mr. NICHOLAY introduced a deputation from the
committee of the High- street extension, who pre-
sented a memorial relative to the proposed new
thoroughfare from High-street to Oxford-street
through Hinde-street and James-street. The cost
of the improvement would be between £12,000 and
£15,000, to which they asked the board to contri-
bute one-half, the vestry and the ratepayers finding
the remainder.

New York Central sold to-day at 101 to I; Erie, 651;
Reading, 1108 ; Michigan Southern, 83-a ; Cleveland and
Pittsburg, 851 to ; Rock Island, 971 ; North-Western,
3GI ; preferred, 654; Fort Wayne, 991 ; Canton, 53.
Government Securities were dull. 5-20's are slightly
lower, but 7-30's are strong and steady.
As money is abundant the loan market continues easy
at 5 per cent., with exceptions at 4. There are but few
first-class commercial bills in the market, and these pass
readily at about 6 per cent., the extremes being 51 to 7.
Although gold is firm there is not much doing, and it
may be quoted as dull. The supply of coin for delivery is
becoining scarcer in proportion to the demand. The lead-
ing rates vary from 3 per cent. interest for carrying to
1-32 d. per diem for borrowing. To-day the opening quo-
tation was 1501, followed by an advance to 1501-, and a
relapse to 1504, closing at 1501.
Foreign exchange also is inactive, though steady news
is awaited from Europe both by buyers and sellers. The
leading drawers ask 109- for bills, at 60 days on England.
They:do not sell readily at this rate, and second-hand are
quoted at 1091 to I,

The matter, after a short discussion, was referred
to a committee for consideration and report.

THE FIRE BRIGADE.

Mr. NEWTOWN brought up the report of the Fire
Brigade Committee, recommending that the sum of
£2OO a-year be paid to Mr. Creasy during thB plea-
sure of the board for hia services in examining and
reporting on the sites for the permanent fire brigade
stations required, &c., and moved that the recom-
mendation be approved of.
Mr. HOWES seconded the motion.

- When we know the probable result of the war in Europe,
we will be better able to judge of the future. Opinions
are divided about the probable demand for our bonds in
Germany. If the demand increases, we will be able to
liquidate the balance of trade against us ; but there is
every reason to expect a firm market for gold and exchange
for some time to come.
Mining and petroleum stocks are fiat.

A few words may not be out of place here regarding the
cotton crop of this year, as the price of gold and the rates
of foreign exchange are so largely inflamed by this staple.
The reports from nearly all the States are rather discou-
raging. No doubt such reports are not implicitly to be
relied on, but a letter from Georgia speaks in a desponding
tone of the crop, the weather, the seed planted, and, above
all, of the labour. The inundation from the neglect of the
levies, both on the Mississippi and other rivers, have been
most destructive, and will be widely felt. The people of
the States inundated are unable to repair the damages, and
the work has been undertaken by the Government, under
the War department.

Mr. BRUSHFIELD did not think it was a good rea-
son for advancingMr.Creasy's salary because he had
been removed from one office to another. Mr.
Creasy could not perform two things at once.
After a few observations from Mr. RICIIARDSON,
Mr. TITE, M.P., said he did not think it was a fair
accusation which had been made against the Fire
Brigade Committee that they were not doing their
duty to the public. The strength of the Fire Brigade
during the last eight months had been increased
threefold. It had been said that the board might
employ a person for £2OO a-year, but he denied
that they could employ a person like Mr. Creasy for
£2OO a-year. (Cries of " Yes, yes," and " No,
no.") "Mr. Creasy was an architect and the son of
an architect, and a man of great ability ; and if they
Were to employ an architect they could not do so
under £suo a-y ear. lie (Mr. Tite) should certainly
support the motion.

(From Messrs. Smith, Edwards, and Co.'s Circular.)
LIVERPOOL, August 1.

The movements in the cotton market during the past
month have run parallel with the political changes on
the continent, and the general course of prices has been
upward, resulting in an advance of ld. per lb. in American
cotton, lid. per lb. in East India, and 3d. to 4d. per lb. in
Egyptian and Brazil.
At the date of our last issue the quotation of middling
Upland was 131 d. per lb., of fair Dhollera 9d., and of fair
Egyptian cotton, 18i-d. ; the stock was 958,000 bales, and
a general feeling of heaviness prevailed. The Continental
war had just commenced, and no one anticipated a settle-
ment before three months at least ; while the restrictive
effect of a 10 per cent. rate or discount was telling most
unfavourably upon trade.
• •

The CHAIRMAN said he might state as a simple
fact that Mr. Creasy had been engaged from six
o'clock in the morning until eleven o'clock at night
by the extra duties thrown upon his hands, since he
harbeen appointed by the Board as architect of the
fire establishment. Mr. Creasy had not neglected
his duties as the chairman's secretary.
A very long discussion ensued, in which Mr.
Doulton, M.P., Mr. Millet, M.P., and others took
part, after which upon a division there appeared for
the amendment (that the matter be referred to a
committee to consider), 10 ; against it, 16.
The report of the committee was approved of.
TIIE CHOLERA AND THE RIVER LEA.
In reference to the condition of the river Lea in
connexion with the state of fear the public are in
about the cholera, Mr. J. W. BAZALGETTE, the chief
engineer, reported that he had considered the sub-
ject of the river Lea and the Limehouse-cut by
diverting the Wick-lane branch of the Eastern
Counties Railway Sewer, and the overflow of the
Limekilns Dock sewer into the Low Level sewer,
and by a temporary pumping station, raising the
sewer at Abbey Mills into the northern outfall
sewers, which might be accomplished in about
three weeks at a cost of about £1,850, and a further
cost of £6O per week for pumping, assuming that
two 20 horse-power engines were hired for that pur-
pose. mile Loukti u,,puuu,,a ill cteociviiol.6
£250 per week, in addition to the expenditure of the
district board in deodorising the sewers. The cost
would be considerably reduced. The main source
of pollution of the Lea and Limehouse-cut were
the drains, local sewers, and fractures on
the banks, and until the district board should
alter them from the open channels into the
low-level sewer much benefit m ould not be de-
rived from the proposed temporary pumping sta-
tion. On Sunday last the locks at Four Mills
on the river Lea, and the adjoining lock in
Limehouse-cut, and the lock at its outlet into the
river Thames, were all opened, and a further supply
of water thus obtained from the Thames, and a
vast improvement in this channel was thereby
effected. If this operation should be repeated twice
in a week, there would not be much reason for com-
plaint. He (Mr. Bazalgette) was in communica-
tion with Mr. Beardmore, the engineer of the River
Lea Trustees, with a view, if possible, to accomplish
the improvement.

The news, which was considered almost equivalent to
the conclusion of peace, restored a very buoyant tone to
tho market, and for several days the sales reached 20,000
bales daily, and American cotton regained the previous
high point-14d. for middling Uplands. In East India
cotton a heavy business was done ; exporters, relieved
from the incubus that had so long pressed upon them,
bought boldly, their aggregate purchases • last week
amounting to 33,000 bales, of which 23,000 were East
India, and it became noticeable also that our own spinners
were substituting Surat for American cotton to a consi-
derable extent. The advance in some descriptions of East
India cotton was rapid ; sawginned Dharwar came into
great favour, and superior quality rose to 12d. per lb.,
which at the beginning of the month had been 90., and
(hiring the greatest depression in May had been sold as
low as 821 per lb. New Oomrawuttee, of good quality,
was also in great demand, and advanced rapidly to llid.
per lb. for quality that was worth. 91d. shortly before ;
good Comptah became scarce, and at 10d. to 1011 showed
lid. advance for the month ; the old crop second rate
qualities, represented by middling fair Dhollera and
Oomrawuttee, advanced roundly for the month from
to Od. per lb., and Bengal and Scinde were in eager export
demand, and, contrary ‘to expectation, advanced lid. per
lb. from the opening prices of the month, say from 6d. to
74d. for fair Bengals.

Long-stapled cottons that is to say, Egyptian and
Brazil—were also powerfully affected, though not so much
Iron, xtuy uulaa6oLucut vi auuAauti as iio.ll Lawn. great anti
increasing scarcity. With hardly any import from Egypt,
and a stock of 20,000 bales, spinners of fine numbers got
alarmed, and a few days of active demand forced up the
prices several pence per lb. Brazil cotton being the only
tolerable substitute for Egyptian rapidly followed, and the
result is that quotations for the month are raised 3d. to 4d.
per lb. for both descriptions, as already mentioned, and
fair Egyptians now stand at 23d. per lb. against aid. a
month ago, and fair Pernams 171 d. against 1411 It will
be observed from this brief summary that American cot-
ton gained less relatively than any other description, and
now, in comparison with other kinds, it may be pronounced
relatively cheap.

During the last few days our market has varied very
little in -tone or price, the business has been healthy and
legitimate, and holders have met the demand more freely,
thus checking any tendency to a further advance.

The prospects of the market do not at present invite a
lengthened discussion, no important alteration iu the facts
of the case has occurred since our last issue, saving that
peace has been re-established on the Continent. This cir-
cumstance, however, will exert an important influence
upon the future of East India cotton, and prevent that de-
pression and glut of supply which once seemed imminent.
At the same time there is room for believing that the
major part of the effect has already been produced—a very
considerable advance has taken place in Indian cotton,
say 2id. to 3d. per lb. on the average, from the lowest point
of the market in May, or about 30 per cent. ; and with the
very large supplies still afloat it is difficult to see how a
larger advance could be supported. The arrivals of Indian
cotton in Great Britain for the next three months must be
at the rate of 50,000 bales per week, and the largest pos-
sible demand can scarcely be expected to absorb all this
Doubtless the amount of cotton now afloat from the East
represents the bulk of what we will get from that quarter
for six months to come, for we know by telegraph that
scarcely any cotton is now shipping for England, nor is it
likely that exports will be resumed freely for several
months ; still these considerations cannot be expected to
weigh much till later in the year, and only then if the
prospects of the American crop are poor. It is evident
that we will have an ample supply of 'Milan cotton to
last till next January or February, and by that period we
will be receiving freely whatever America has to spare
from the next crop.
More moderate views are also entertained now of the
future of American cotton. The opinion was long clung
to that great scarcity would be felt this autumn, at least
before next crop arrived, but it is seen now that the old
stock will last longer than was expected. The demand
has turned largely upon Surats, and there is no reason to
believe that any excessive scarcity of American cotton will
be felt this year. The long staples occupy the strongest
position. Very little Brazil and Egyptian cotton can
reach us before November, and meanwhile the trades will
be greatly pinched for supply ; the present price of Egyp-
tian cotton is sd. per lb. higher than it was at this time
last year, while American cotton is sd. per lb. cheaper,
showing a difference in their relative position of 10d. per
lb.—an anomaly perhaps never witnessed before. This
state of things must last till the new crop arrives, and no
doubt one effect will be to strengthen strong stapled
American cotton ; but whether it will be sufficient to draw
up the whole mass of American cotton materially in price
is doubtful.

Upon the motion that the report of the engineer
be approved,
Mr. E. R. CooK, the member for the district, said
there was much public feeling in the neighbourhood
concerning this matter, and he was sure it would be
a source of gratification to the inhabitants to learn
that the board were doing everything in their power
to allay the state of mind into which the dread ap-
proach of cholera had brought the people.
The CHAIRMAN hoped the matter would be made

public.
Mr. COOK moved, in conclusion, as a rider to the
motion that the engineer's report be approved,
" That as the low-level sewer is now complete
under the river Lea, and the engineer has reported
that it is possible to intercept the sewage which
flows from the board sewers into the river, and by
means of the temporary station at the Abbey-mills
pump into the northern outfall sewer, the engineer
be authorised immediately to carry this into effect."
This resolution was carried unanimously.

The keystone to the future position of the market is un-
questionably the next American crop ; all the influences
already reported are unimportant compared to that. It ap-
pears probable that by the time it reaches Europe in quan-
tity the stocks in the ontrepots will be but moderate, and
the quantity afloat from other quantities small. Therefore,
if the prospects of supply from America turn out to be
poor, the markets of Europe will be ripe for an advance;
but should the prospects be good, or even moderately good,
there will remain sufficient ballast of old stock in Europe
to keep down any tendency to advance.
fmroonnithAmagereic; a
tahree
crop for some
iwn
eoTar
tehheefavourablee we
te
gh aao rnoed nowtfho
ery t :wee ee
growing
ver
ov
i ag
weeks past in the South, and the injury sustained at the
start has in some measure been repaired ; still we under-
stand that the appearance of the plant is poor, the season
backward, and the prospects of a good yield not promis-
ing. Estimates of crop are at present mere guess work,
but as far as we can collect; the favourite opinion among
reliable authorities is two million of bales, though this is
usually accompanied by the condition that the pick
ng
season must be fine. Really reliable crop estimates can
seldom be formed before
atnheimmoninntuhso3f
dNe,toivedmerbend,
the advent of "killing frost "—in other words, the depends upon
in
a season like the present
upon
the advent of "killing frost "—in other words, the termi-
er,
of picking.

The JUDGE IN CRAUBERS.—Mr. Baron Bram-
well, who has sat as Chamber Judge for three Courts dur-
ing the present circuits, will conclude the sittings in a few
days, and will be succeeded by one of the learned Judgos
from circuit. During the long vacation the sittings at
chambers will be twice in each week.
SAN FRANCISCO, July 7.—Figures received from
Chinese sources give the total Chinese population in Cali-
fornia as numbering 58,300 persons, one-fourth of whom
are employed upon the Pacific Railroad improvements.

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757/:Y

Mr. COLLINSON moved an amendment, that it be
referred to the committee appointed by the board
to consider the question of salaries of the officers.
He was surprised that the Fire Brigade Committee,
which had only been in formation about a month,
should bring up such a proposition, and if Mr. Creasy
had shown such extraordinary ability it should have
been referred to the proper committee. He should
not like it to go to the world that almost the first
act of the:committee was to raise an officer's salary
from £5OO to £7OO a-year.
Mr. HEALEY supported the amendment.
_ _