The Sun.
London, England, 1861-10-17 00:00:00

MONEY MARKET AND CITY.

CITY, Two o'CLocx.

There is not the slightest change of importance
in the position of the money market, the applica-
tions being• still very much restricted, while the
rates continue to range from 31 per cent., which,
of course, has the effect of diminishing the number
of enquiries at the Bank of England. There is an
abundance of money on the Stock Exchange,advances
on Government Securities having been negotiable
as low as 2 per cent., notwithstanding the recent
settlement of accounts, which usually has the effect
of stimulating the inquiry.

The progress of monetary affairs on the Conti-
nent continues to engage attention, and it is satis-
factory to find rather a more hopeful tone in the
letters received from Paris. It is stated that the
Bank of France has arranged to draw upon
bankers at Hamburg to the extent of £400,000, and
that further operations of a similar character are in
contemplation elsewhere. The rates of discount in
some other continental cities are advancing, the
Bank of Frankfort having raised its minimum quo-
tation from 3 to 4 per cent.
About £22,000 in gold was taken into the Bank
of England yesterday.
The royal mail steamer La Plata, which left to-
day for the West Indies, took £7,100 in specie.
Increased activity prevailed in the Liverpool
Cotton Market yesterday, and prices were very
firm. The sales amounted to fully 25,000 bales.
Renewed indications of heaviness have been per-
ceptible in the Market for Public Securities to-day,
the position of monetary affairs in France still
operating as an incentive to the speculators to pro-
ceed for a decline in prices. Sales for transfer have
also produced some effect. The variation in prices
to-day, however, has been very limited. Consols
have been 92 for transfer; and 921 for the
7th proximo; but are now 921- g ; and 927 re-
spectively. The New Threes are steady at 907 4 ;
the Reduced at 907 d ; Exchequer Bills, March,
firm at 4s. prem.; ditto, June, at 10s. prem. ; Bank
Stock has receded to 2311 ; India 5 per Cent. Loan
is i 031 104.
Very little alteration has taken place in Foreign
Securities, and the dealings are to an average ex-
tent. Turkish 6 per Cents. are 814, 4 ; ditto, 1858,
691 ; Chilian 41 per Cents. are steady at 844 ;
Spanish firm at 501; Mexican at 25; 261, and
Dutch at 641 ; Brazilian 41 per Cents. are 91.
A firmer tone has prevailed in the market for
American Securities during the past week. The
subjoined remarks are from the circular of Mr. E.
F. Satterthwaite ;—The market in London for
American Securities has been firmer during the
past week, consequent upon the improved quota-
tions received from New York. Prices here still
rule lower than in America, taking exchange into
consideration, so that such Stock as comes to
market is freely taken for exportation.
The last week's railway receipts, ascertained up
to this day, are in round figures as under :--

1861. 1860.
Great Western ..£51,781 £49,578
North-Western
South-Western
Brighton 20,371 20,195
Midland
South-Eastern
Great Northern 32,025 27,973
Lancashire and Yorkshire
Bristol and Exeter
North-Eastern ..
Manchester, Sheffield, and Lincoln 16,112 15,339
Great Southern and Western of Ireland 8,664 8,243
Edinburgh and Glasgow 7,153 6,654
Grand Trunk of Canada
Great 'Western of Canada
These returns -show a continued falling off on
several of the principal lines in the manufacturing
districts. On the North Western there is a
decrease of £3,215 ; on the Lancashire and
Yorkshire, of £2,676; on the North Eastern,
of £569 ; on the Grand Trunk of Canada,
of £283 ; and on the Great Western of Canada, of
£1,980. The Great Western, however, shows an
increase of £2,203; the South Western, of £668;
the Brighton, of £176 ; the Midland, of £839; the
Great Northern, of £4,052 ; and the Manchester,
Sheffield, and Lincoln, of £773.

The dealings in the Railway Share Market have
continued moderately active, and a further slight
advance has taken place in values. Great Westerns,
Eastern Counties, Midlands, and South-Easterns
have improved ss. ; North British, 10s,; and Cale-
donian 155.; Lancashire and Yorkshire, however,
declined ss, and Great Northern brought about
previous rates.
The Foreign and Colonial lines have exhibited
little change of importance. Dutch Rhenish have
improved 55., East Indian and Grand Trunk of
Canada, 55., and Scinde, 10s.

Joint-Stock Bank and Miscellaneous Shares
are a shade firmer. London and Westminster im-
proved 10s.; Oriental Bank, £1 ; Canada Land
declined 10s., and Red Sea Telegraph ss.

BitITISH FUNDS—CLOSING PRICE`.
B tnk Stock
3 per Cent. Reduced Annuities 9oa a
3 per Cent. Consols Annuities
New 3 per Cent. Annuities
India Stock 66 t.
Ditto 5 per Cent.
Ditto Loan Scrip, 5 per cent
Ditto Entaced Vapor, 4 per Cent. —
Ditto 51 per Cent.
Dirt,, Bonds £l,000
Consols for Account, Nov. 7 921 k a
India Stock for Account, 5 per Cent
March June.
Exchequer Bills, £l,OOO, 2d..... 4 pm
Ditto £5OO ..
Ditto Small

FOREIGN FUNDS—CLOSING Pis:loE6.
Brazilian, 5 per Cent
Ditto 41 per Cent., 1860 9l
Chilian 6 per Cent
Ditto 41 per Cent
Mexican, 3 per Cent.
Ditto Account
Portuguese 3 per Cent.. 1853 .
Ditto 3 per Cent., 1856, '7, '9, and '6O 463
Spanish 3 per Cent...
Turkish 6 per Cent
Ditto Account
Ditto New Loan
Ditto Account
Ditto Guaranteed, 4 per Cent.
Dividends on the above payable inilondon.
Dutch 2, per Cent., Exchange 12 Guil.
French Rentes, 3 per Cent., Ex. 25f.
THREE O'CLOCK.
Consols, Money 921 i
Ditto Account

INDUS FLOTILLA DEBENTURES.

WHO IS RESPONSIBLE FOR THEIR REDEMP-

TION ?

An important question on this head has been raised by a
pamphlet which has recently appeared, casting doubts on
the validity of the Indian guarantees.* The contract be-
tween the Government and the Indus Flotilla Company, it
seems, provides that 17 per cent. shall be annually set
aside by the Governor of Bombay as a first charge on re-
venue, and which accumulated amount is to be forfeited to
the Government should the latter be called upon to purchase
the vessels. The question therefore arises, if this annual
payment, or its accumulated arrears, is to be regarded as a
first charge on the capital, where do the debentures rank ?
A debenture is virtually a mortgage of property, given as
security for repayment of money advanced as a loan. But
it is only in,special cases in which a mortgage is considered
good, unlesi it is a first mortgage ; and in the case of such
perishable property as river steamers, even a first mortgage
can scarcely be considered a very eligible investment. It is
highly important, then, that the fact of this alleged in-
debtedness should be fully investigated by those contem-
plating the investment of money in such Indian securities
as those now being offered, as, if it should turn out that the
vessels of tle company issuing those debentures are al-
ready virtually mortgaged, by a charge of 17 per cent. per
annum on the capital, a material fact will have been kept
out of sight.

"A Guido to Indian Investments.. By a Manchester
Man. London: Trubner and Co.

Orders have been given in France to construct
six mortar vessels according to a new plan said to have been
devised by the Emperor Napoleon himself,
The new works for the enlargement of the bar-
racks at Warley, near Brentwood, are to be carried out forth-
with at a cost of £6,000. The Royal Artillery force at that
station now amounts to 700 rank and file.
DEATH OF W. TAGET, F.R.C.S.I.—This dis-
tinguished member of the medical profession in Ireland,
the contemporary of Cusac, Marsh, Harrison, Sx.--ex-
pired yesterday, after a protracted illnes. As an hospital
:surgeon and school lecturer, says Saunders, he did " more
than any other man of his time to elevate the character of
Irish surgery."
SNOW IN SWITZERLAND.—A letter from the can-
ton of Uri (Switzerland), states that great quantities of
snow have fallen there within the last few days. A dili-
gence was overwhelmed three days since by an avalanche
near Hospenthal, but all the passengers ware rescued un •
hurt. In the Grisons, 200 sheep have been buried under
avalanches, and 700 head of cattle lost from a similar
cause in the canton of Ticino.