The Sun.
London, England, 1857-11-13 00:00:00

MONEY MARKET

COMMERCIAL INTELLIGENCE.

CITY, Two O'CLOCK.
The Liverpool Cotton Market yesterday closed
quietly, and values continue to decline. The
sales were estimated at 1,500 bales, The Railway
Share Market closed flatly, and all the lelding
stocks have declined in price.
The Markets for Foreign and Colonial Produce
this week have been very depressed, the perplex-
ities of the money market, and the contraction of the
retail demand having limited operations in all de-

partments. Since the crisis commenced the fall
in produce has been •ery extensive, but most
articles are still dear. Holders of sugar
have withdrawn a large quantity of what has been
intended for immediate sale ; and this has tended
to prevent a decline. Coffee has been at lower
rates, tea is dull but steady, and most other de-
scriptions have remained very heavy. Yesterday
afternoon when it became known that Government
had come to the assistance of the Bank, greater
firmness prevailed, and tallow, as well as some
other articles, have advanced.
The last series of wool sales for the present year
commenced yesterday evening with a rather large
attendance of buyers, both home and foreign, but
the biddings were dull, owing to the high rates
current for money, which prevented any speculative
transactions being entered into. Compared with
the prices realised at the conclusion of the last July
sales, Sydney and Port Philip wools went at a de-
cline of about lid. to 2d., and Cape wools 2d. to
20. per lb. lower. The quantity to be offered at
this series is about 44,000 bales, the greater portion
of whieh is Cape wool.
After the receipt of the Treasury letter the
Bank Directors issued the following notification,
which, as may be imagined, produced intense
excitement :

" The Governors of the Bank of England give
notice that they have received a letter from the
First Lord of the Treasury and the Chancellor of
the Exchequer, authorising a further issue of Notes
on approved securities at a rate of interest not less
than 10 per cent."
It is impossible to disguise the fact that the Minis-
terial Letter has calmed the excitement which pre-
♦iously prevailed. As far as can be judged at pre-
sent, the crisis is over, but the Bank Charter Act
has again proved unequal to the functions which
have been assigned to it. Power is granted to issue
additional notes, but the conditions:are burdensome,
and, although an attempt is made to support the old
system as much as possible, the Government will
no doubt be convinced ere long that an increased
circulation is imperatively necessary. The period
has approached when the plan so exclusively advo-
cated by The Sun must be adopted. Small
notes are desired by all classes, and although
a temporary delay may ensue, the general wish may
be complied with at the next meeting of Parliament.
The question will then be thoroughly and
disinterestedly discussed, and if the commer-
cial public act with determination, there is
every reason to hope that they will be relieved
from the trammels of the existing system. It has
been ordered that notes may be issued, unrepre-
sented by bullion on "approved securities," pro-
vided the minimum is kept up at 10 per cent. By
" approved securities" is meant good commercial
bills, produce warrants, and so forth, but
not Consols, and the relief that must neces-
sarily be afforded to trade will be iastantly
felt. Indeed, a better feeling has already been
generated, and in Mincing-lane a tendency towards
improvement is discernible. Confidence had re-
ceived a severe blow, and the step, which was
absolutely forced upon the Government, will
have a restorative effect. No time must be
lost in agitating for currency reform, but
it cannot be supposed that merchants and others
pill be so apathetic as to allow the present oppor-
tunity to pass away. The alteration is of a too
recent date to exhibit its full influence in various
departments of business, but the opinions expressed
are satisfactory, the accounts from Liverpool state
that the announcement produced hilarity and the
funds have manifested increased buoyancy.
At a meeting of the creditors of Messrs. Holy and
Co., who recently suspended, it has been an-
nounced that the estate will probably realise 10s.
to 15s. in the pound..
In. Mincing-lane, today, the various markets
appear a shade firmer. The holders, who had
hitherto shown a disposition to sell, now appear
unwilling to do so, unless at a slight advance. Tea
is about /d. per pound dearer, and sugar is also at
a slight advance, but it is almost too early to pre-
dict what effect the financial regulations of the
Bank will exercise.

It is believed that the Bank will not lend upon
stock, but the point has not yet been decided upon.
Sovereigns are again sent to Scotland.
Two small failures are spoken of, but they are
not important.
The Market for English Securities presents a
somewhat different appearance from what was gene-
rally anticipated. The advance which commenced
yesterday afternoon, has not been sustained, but,
on the contrary, a reduction has been produced by
the rumour that the Bank will not make advances
upon Consols. This determination would affect
the speculators more than the general pub-
lic,
and, if adopted, it is not likely to detract
from the efficacy of the measure of relief
announced yesterday. On the contrary,
it may give a beneficial influence by repressing
speculation. Through the effect thus produced,
there have been some large sales by speculators who
have bought at lower prices, which, together with
the fear that some commercial failures may yet
take place, has created a heavy tone. Consols for
money have been largely dealt in, and the present
prices are 89k For account they are 89i The.
New 3 per Cents. are 88k and also the Reduced.
Bank Stock, 2091. Exchequer Bills, 30s. to 2so.
discount.

Business in the Foreign Stock Market is inac-
tive, and prioes are generally without any important
change. Turkish 6 per Cents. are 87A 88 ; ditto
4 per Cents., 96t ; Brazilian 6 per Cents., 98/
93/4 ; Grenada 2k per Cents., 18 ; Spanish New
Deferred, 25i ; Belgian 43/4 per Cents., 93 ; and
ditto 4 Cents., 961.
The following are the nominal prices of Foreign
Stocks :—Grenada Deferred Bonds, 5 6 ; Mexi-
can, 18 181 ; Peruvian, 73 75 ; ditto 3 per Cents.,
50 52 ; Portuguese 3 per Cents., 42i 433/4 ; Russian
5 per Cents., 104 106 ; ditto 4i per Cents., 95 97 ;
Spanish 3 per Cents., 40 40} ; ditto New Deferred,
25 25k.

Messrs. D. Bell, Son and Co., give the following
its the prices of American securities :
GOVERNMENT SECURITIES.
United States 6 per Cents. Redeemable. Per Cent
.... .. 67-1868._ 105
18 United States 6 per Cent. Bonds .......... 1868...103 105
STATE SECURITIES.
Alabama 5 per Cent ..... . ........... . .... . ...
Maryland 5 per Cent. (Sterling Bonds)...
Massachusetts 5 per Cent. (Sterl. Bonds).
Mississippi 6 per Cent. Pl. Bk.
Bonds lB4l-1871._ 40 42
Mississippi 5
per Cent. Union Bk. Bonds
... 20 2L
76 70 72
Pennsylvania 5 per Cent. Stock
'... 74
Pennsylvania 5 per Cent. Bonds 877•..
••
Tennessee 6 per Cent. Bonds -
Virginia 6 per Cent. Bonds 1886... 75 78
Virginia 5 per Cent. (Sterling Bonds) 1888... 80
LOANS OF CITIES.
Boston 4i per Cent. Bonds 1883... 83 20
Montreal 6 per Cent. 80nd5......... 185
New Orleans 6 per Cent. Stock 1883...
RAILROAD BONDS.
Illinois Central 7 per Cent. let Mortgage,
not Convertible 1875— 71 73
Illinois Central 6 per Cent 1875... 71 73
Illinois Central 7 per Cent. Freeland
Bonds
............. .
Ainois Central (ShareS), VO
Do.
do. do. ........ 1869... 76 78 New York Central 7p. Cent.;Co-nVert 1864.- 88 90
New York Central 6 per Cent., not
Convertible ...............1883... 68 72
, . ...............
New York and Erie 7 per ... 3d. Mort-
gage ....................................•.. 1883... 60 N. York and Erie 7p. Cent. Convert. ib1e..1862... 35 40
N. York and Erie 7 per Cent. Sinking
Fund. .......................................... 1875... 38 40
Panama 7 per Cent., let Mortgage ........... 186-
Pennsylvania Central 6P. Cent., Ist M0rt.1880... 80 84
The Ra,flway Share market has hen exceetlin,,
buoyant, c.dd pries generally advanced about
to 2 per cent., more particularly Caledonians,
which have improved fully 5 per cent. Manches-
ter, Sheffield, and Lincoln, and North-Eastern

... 78

... 89 90
••• 26 96