The Sun.
London, England, 1857-10-05 00:00:00

MONEY MARKET

AND
C 11171. MER el' AL Ti\TI7LLIGENO7.

CITY, Two o'CLocK.
Letters from Liverpool report that the Cotton
Market on Saturday closed with more animation,
and pikes were a shade de tree. The sales were
estimated at 10,000 bales, 2,000 of whPch were taken
on speculation. The Railway Share Market closed
flat, at a decline in values.
The New York panic appears, by the advises re-
ceived this morning, to havemade farther progress,
since its prejudicial and alarming influence had
extended to Boston and Philadelphia, where
failures and gre tt monetary pressure have been ex-
perienced. It was impossible yet to determine

when confidence would be restored, but in the
me intime it was feared that numerous firms would
succumb. So vast a revulsion in the state of credit
- must in the natural order of things be accom-
panied by such catastrophes, and being aware of
this fact, the merchants as well as financiers were
prepared for additions to the list of failed firms.
The crisis is compared to that which occurred in
1836, which many of our readers will, no doubt,
remember, but it is not for a moment supposed that
the results of the present disorganisation of affairs
will altogether resmble those of that eventful
period. The embarra-sment of old est tblished
firms naturally enough produees general alarm,
and aggravates the panic. It is said that the loss
of the Central America had increased the gloom
felt in Wall-street, as the treasure on board
would have given some assistance to the
Banks. These establishments were proceeding
very cautiously, and a rapid contraction in their
discount operations was being made. Thus their
" loan and discounts," which on the sth of August
stood at $120,139,582. were reduced on the 19 h
ult. $108,777,421. A further retrenchment was
anticipated, and in the meanwhile the authorities
were getting considerable supplies of gold from the
country and from California. The specie on the
19th ult. was at a higher point than for several
months, viz., 513,556,186.
The recommencement of gold withdrawals from
the Bank vaults is likely to create some apprehen-
sion ; and, in addition to our remarks on Saturday,
it may bo stated that a continuance of such opera-
tions, more than an augmented demand for money
on commercial account, would tend to disarrange
the existing discount regulations. A sum of 90,000/.
has just been taken away, and, it is suspected, for
the Bank of France, despite the favourable state-
ments now circulated as to the improved position of
that establishment. Its shares have advanced in
he Bourse, the administration have shown a dispo-
sition to extend their loans, and a reduction of the
minimuen is considered imininen t ; but these cir-
cumstances afford do argument against the proba-
bility of supplies of gold being obtained
rem this country. It is said that private
arrangements have been made here for that purpose,
and, if the efflux should be stimulated, it may be
questioned whether the receipts from Australia
will prove sufficiently large to prevent a declension
in our stock of bullion. The monthly drain to the
continent for the purchase of silver is, in itself, an
important diversion of specie, but now there seems
a prospect of a demand for India, where gold is at
a premium, and for the Bank of France also.
The question of an advance in the rate of discount
may be said, therefore, to depend in a great
measure upon the extent to which gold will thus be
absorbed. At present . there are unfavourable
indications only, and it would bs premature to
speculate upon their results; since changes may at
any moment occur to neutralise their influence with
-regard to the supply and demand in the money
market, there is nothing to excite uneasiness, the
former being large and ample, while the latter has
become quieter through the completion of the corn:-
mercial payments ou Saturday. Thee engagements,
it is satisfactory to know, have been met with punc-
tuality, but, as usual, a few weak firms have suc-
cumbed. Among others a house in Manchester,
engaged in the silk trade, with liabilities estimated
at 40,0001., is mentioned. The thastrons events in
India, arid those connected with financial affairs in
New York, have inflicted severe losses on some of
the manufacturing firms ; but apart from this pre-
judic'al influence, trade remains sound, active, and
prosperous. A subject that excites anxiety just now
is the condition of the potato crop, which it is feared
will bo almost a failure. This will tend to main-
tain the price of wheat, but after the almost unpre-
cedented results of the wheat crcps throughout the
civilised world, there is little cause for complaint.
The Money Market and its tendencies will be nar-
rowly watched during the eext few weeks, since
the question of an advance in the discount quota-
tion will no doubt be decided within that period.
Last week the imports of specie weie estimated at
802,0001., and the exports, including the Colombo,
were about 600,000/.
In Mark-lane to-day business is dull, and Eng-
lish wheat is steady at last Monday's quotations.
The English Stock Market is rather heavy, bu
up to this hour the variation has not been impor-
tant. Owing to the dulness of business a few ope-
rations have a decided effect, but the speculators
seem disinclined to effect any large sales or pur-
chases pending further advices fioni India. The
uncertain appearance 'of the Money Market
and its influences induce a gloomy view, and
a disposition t 3 sell is apparent. The pre-
sent price of the funds, however, and the idea
that the public would prevent them going much
lower, check operations in that direction. Consols
for money have been 90 to 901- and 904 1. For the
account the 14th inst. they have been 904 and
901 The former quotations are now current.
Exchequer Bills are 4i. discount, and the Bonds
98g a. India Stock is 209 to 210, and the Bonds
were 235. discount.

The Foreign Market is very dull, but there is
no alteration in prices to report. Turkish 6 per
Cents. are 95i and the 4 per Cents. 99k. Sar-
dinian 5 per Cents, brought 90, and Dutch 4 per
Cents. 98.

, The following are the nominal prices of Foreign
Stocks :—Grenada Deferred Bonds, 5i 6 ; Mex-
can, 21i ; Peruvian 4i per Cents., 78i 79k ;
ditto 3 per c-nts., 53i 54i ; Portuguese 3 per
Cents., 44i 45i ; RusQian 5 per Cents., 109 11 ;
ditto 44 per Cents., 97i 984 ; Spanish 3 per Cents.,
40i 41.1 ditto New Deferred, 25i ; ditto Certifi-
Ates, 611- ; ditto Passive, 51 ssit.
The transactions iu the Railway Share Market
this morning have been active, but prices generally
show a slight downward tendency. Great Western,
North-Western, and South Devon, have declined
ss. ; Eastern Counties, Lancashire and Yorkshire,
South-Western, and Midland, 10s. ; and North-
Eastern Berwick, 203.; Caledonian have improved
10s.; and' North British, 103.; Chester and Holy-
head were flat ; Great Northern and South-
Eastern were at former quotations. In the
Foreign lines business was inactive. Northern
of France improved about ss. to lOs , and Great
Luxembourg are steady. The Canadian and East
Ind;an lines are depressed. Grand Trunk of
Canada have receded 1/. to 1/. 103., and East In-
dian barely sustained former values.
Mines, Banks, and Miscellaneous Shares are
dealt in to a very limited extent, and prices exhibit
little variation from previous quotations. London
Chartered of Australia, and London and County
have improvel about 5 and Ottoman Bank de-
clined ss.

B ITISII FUNDS.—CLOSIXO PRICES—THIS DAS
(From the Oifictal Lista

/fluidness dere
3 per Cient. Consols Annuities 9O 1901 to 4
Liao' Annuities, expire sth Jan. 1800
Ditto 30 Years, expire sth Jan., 1865 2 3-15
India Stock 209 10
svondm.•
Ditto, under ElOnn
Bank Stock for Account
Ex begun Bills, t4(12 '''
"
4.000
00...

, 23 d
. 219
. 90. f

4d
5d
6 t.li
• • 0000
Faenequer Bonds, 1858, 34 per Cent —
Dttto, .0359
PRICES OF FWIEIGIN FUNDS—TFTS
S. r liniau Bonts, 5 per Cont. . O ..... 90 89i
ultb r.omtla, 3 per Gent.
Ditto Now Deferred, 3 per Cen`.
Ta f.; pt. ce3;
.bitto Account ..
.........
oltto Guannteed, 4 per Cent.
Dtto Account: ................................. I
Dividends on the shove payable in Londoc.

.. 25

951 13/4

.
French Renter, 4) per Cent. ..............
Ditto 3 per Cent ...CBf. 25. c. 37ic. ex 25f. 20c,
Dutch Ex par Can; , 12 Guilders
Da. 4 Certilcates ....... ..... 98 a x d
Ditto Account . nu

•
7IIRER O'CLOCK.
Console, •money
Consols for account., October 14......... tOA