The Sun.
London, England, 1857-06-18 00:00:00

MONEY MARKET

COMMERCIAL INTELLIGENCF.

CITY, Two O'CLOCK.
The Liverpool Cotton Market yesterday closed
With a quiet aspect, but very firmly, at fully last
Week's currency. The saes were 5,000 bales. In
the Railway Share Market but little business was
transacted, and at rather lower rates.
Notwithstanding the official returns published
from month to month show that an extensive trade
is being carried on, a general compl-tint of dulness
is made in all departments. This has been parti-
cularly the case within the last few weeks, and it
may in part be ascribed to the hope indulged of an
early change in the condition of the money mar-
ket. If the present onerous terms were modi-
fied, there can be no doubt an important stimu-
lus would be given, but in the meantime
With high prices, and 61 per cent. as the minimum,
Production is limited and profits are diminished.
The consequence is that many of the manufacturers
in the north of England are working "short time,"
by which the earnings of the operatives are seriously
diminished. The shipbuilding and many other
trades are also depressed, as might naturally be
expected from such a stringent money market. The
sooner an improvement takes place the better it
will be for the material interests of the country ;
and it would be well if the proceedings of the Bank
Charter Committee were made public, instead of
being conducted in secrecy, and that the whole
question should be fully discussed, and measures at
once adopted for an extension of the circulation.
Rather more favourable advices have been 're-
ceived during the last few days relative to the pro-
gress of the silk crops, and, as far as can be judged
e't Present, it is prought that the results will be far
• •
more satisfactory than has been represented. As
the yield will necessarily have an important influence
2rl the silver drain to the East, every item of in
'ell'gence from the South of Europe bearing
°b the subject is eagerly perused, especially as
r e exports to India and China are now on
the increase. It is stated that the amount to be
aent away on the 20th will be nearly a million
and a quarter sterling, and it is evident that if
future remittances are equally large considerable
disturbance in monetary affairs will ensue.
'hile the monthly exports were not more than a
teillion, or a million and a quarter sterling there
Was really no ground for anxiety, seeing the large
411(1 steady arrivals from various quarters, but wh in
they are suddenly increased to two millions
:11d a half sterling come degree of uneasi-
`ess is naturally manifested. It is impos-
eible to tell how long this state of things
will last, but the efflux-increased to such a vas'
extent-really seems not to be justified by the
nature of our commercial transactions, and it would
lnot,t, therefore, be sty-prising if some mitigation of
el 3• evil should speedily take place. A small rim-
potion in the exchanges would give an imme-
diate check, and on this account later intelligence
front
India and China is awaited with considerable
curiosity.
River
was a special meeting this day of the Pt- el
;laver Land and Mineral Company, at which the
the
resolutions passed at the meeting on
i
11th
of May were confirmed. It was
stated by Mr. Leslie, the chairman, that the
last accounts from the colony were favourable, but
great falling off had taken place in the gold
nrises, from the Government having lowered the
reduce
to 2s. Gd. per ounce, which would, of course,
the advantages of the private owners of gold
444.
Directors
a brief deliberation, the Bank of England
"'rectors resolved to reduce the minimum rate of
di
ebbunt to 6 per cent., and it is now presumed
that the Bank of France will soon make a similar
It •
ration. Considering the protracted nature of the
tkringeney, and the maintenance for many months of
made
at 6i per cent., this change, when it is
bade known throughout the country, will no doubt
lae, bailed with satisfaction, since it will stitnu-
'e trade. A further improvement, how-
ever is yet desirable, and if during the
teY few months 5 per cent. should be at-
commercial affairs will be restored to
▪ much more favourable position. At about this
time last
last year, or a little earlier, the rate was re-
Aceel from 7,and 6 per cent. to 5 per cent. and,
Lh the exception of the specie drain, there is
but
to prevent a similar line of policy now,
,bt it will be necessary to avoid speculation, and
n discourage the introduction of specious home
and foreign adventure in order to establish a per-
m'atient amelioration.
The English Stock Market opened quietly, but
h firmness. Business, however, was dull. When
ee decision of the Bank became known, instead of
7811dden advance, the quotations appeared flat, and
though there is now more firmness, the effect has
ziklit been so great as might have been expected. Con- -
"8 have been 93k for the 9th proximo, and 931 1
,(;1
eo for the opening. The New Three per Cents
.g92-i 93, and the Reduced 92i Exchequer
14°J.8 have recovered to par, and the Bonds are 98k.
'"'ulk Stock is 2121. 1
ti!,oreign Securities are firmer, and business is I
6u,u• Turkish 6 per Cents. are 96k /, Brazilian I
9Aer Cents. New 100, Peruvian 41 per Cents. 77k,
?rtuguese 3 per Cents. 46k, Ru.sian 44 per Cents.
ditto Small 994, Sardinian 5 per Cents. 89k,
'4lclSpanisb New Deferred 26k.
The following are the nominal prices of Foreign
2201t5:-Grenada Deferred Bonds. 6/ ; Mexie tn,
; Peruvian 41 per Cents., 76i 714 ; ditto 3 per
ellts., 53 4; Portuguese 3 per Cents., 46 47 ;
Nsian 5 per Cents., 109 111 ; ditto 41 per Cents., 1
979;
2, Spanish 3 per Cents., 42} 421; ditto Deferred,
; ditto Certificates, Gi ; ditto Passive, 51 6.
to he last week's railway receipts, ascertained up
this day, are in round figures as under :-
G. 1857. 1856.
Great Western
£34,058 £31,810
Lrth•Western
kuidilhatn°dll 15,118 15,421
o
29,938 29,141
firth-Eastern
`al edonian
Gr• eat Northern
roeashire and Yorkshire
'Vlienhead 3,001 2,553
rirbiatol and Exeter 7,503 7,287
eater and Holyhead
I,st Lancashire 6,892 6,087
7.4neaster and Carlisle
tondon Gen. Omnibus Company 12,568
,anchester, Sheffield, and Lincoln 10,016 9,271
North London
North-Eastern
• Stafford
36 213 34,265
„ford, Worcester, and Wolverh 4,258 3,383
Tait' -Vale 5,042
West
Cornwall
est Hartlepool • 3,325 2,918
„,l,hhburgb and Glasgow
Glasgow and South-Westetn
Grand Trunk of Canada
vreat Western of Canada... 9,755 10,423
Northern of France
A rather large business, has been done in the
Railway Share Market. Prices generally have
ruled rather firmer, having been influenced
°Y the improved appearance of the Con-
11°1 Market. Lancashire and Yorkshire, Mid-
Zdi North-Eastern (Berwick), and South-
estern have improved ss. Caledonian 10s. Ox-
ford, Worcester, and Wolverhampton 15s. Man-
V:tester, Sheffield, and Lincoln, 1/., and South-
•Lt;astern and Great Northern 11. to 1/. ss.
The French lines are inactive, at previous
quotations, but the Canadian are rather
higher. Grand Trunk of Canada advanced about
12., and Lombardo-Venetian declined 55., and East
Indian about 10s.
Mining Shares are exceedingly quiet. Wheal
Basset realised 161, Wheal Edward 61, and Cobre
Copper 501 51.
, Joint-Stock Bank Shares rule rather firmer, but
business is dull. London and Westminster im-
Proved ss. ; Ottoman Bank, se. ; and Union o:
Australia, ss.
Miscellaneous Shares are quiet.
Agricultural advanced ss. to lOs.

Australian

BRITISH FUNDS THIS DAY AT ONE O'CLOCK.
(From the Official List:)
Business done.
ti'nk Stock
3Pe, uent. t,ediicod Annuities
Per Cent. Consols Annuities Shut
New 3 per Cent. Annuities 92 i 3
iirtia b onds, I:100
()angels for Account,
...... .. 93k i
Ditto for Opening 93i a
P..C4liequel r.;. ' . .60.
41( )0 : ......... par
1-'5691 p par 4 d
mall •
Ditli to Bonds, 1858, :34 per Cent. ...
nitto 11359
PRICES OF FOREIGN FUNDS AT ONE O'CLOCK
trazilian 6 per Cont.
, Do., New, 1829 and 1839, 5 per Cent
remvian Bonds, 4A per Cent 77 i
Ditto Account 77
Portuguese Bonds, 5 per Cent., Con. 1841
Ditto 1853, 3 per Cont. 4si
Russian Bonds, 1.!,22, I; St., 5 per Cont —
Ditto, 46 per Cent. 9B
Ditto Small
f 4 •
-arrlinian Bonds, 5 per Gent.
r3P%niEh Bonds, 3 per Cent.
Ditto New Deferred, 3 per Cur.
Warkitt. Ponds, 4: per cent Hi
Ditto Account
‘..s.
'.-,-,- D: ,Icends or. the above pueblo in Londcn.
LI. r• TWO O'CLOCK,
4.,., • Consols for Account ~. ... 931 i