The Sun.
London, England, 1857-03-23 00:00:00

MONEY DI R K T

IND
COMMERCIAL INTELLIGENCE.

CITY, Two O'CLOCK.
Letters from Liverpool state that the Cotton
Market on Saturday closed steadily, without any
alteration in prices from those current on Friday.
The sales were estimated at 8,000 bales, 1,000 of
Which were taken for export, and a similar quan-
tity on speculation. An active business was trans-
acted in the Railway Share Market, at a slight im-
provement in prices.
The accounts from the manufacturing districts in
the north-west of England report no important
movement in the condition of trade, most parties
hibeing so busily engaged in electioneering affairs.
The dearness of money, and the high Prices of the
raw material, also tend to diminish engagements,
and the business of the past week, at Leeds, Man-
chester, Bradford, and Halifax, is described as
having been limited, although prices have generally
remained firm.
' The subjoined circular has been issued by the
Riga and Dunaburg Railway Company :
" The directors have much pleasure in announcing the
receipt from St. Petersburg of official copies of the docu-
ments confirming the intelligence of the successful ter-
mination of the negotiations with the Imperial Russian
aaovernment relative to this railway. In consequence of
made
many advantageous changes which have been
-"mle in the length and route of this line, in the
construction of the architectural works, and in the
relaxation of some of the original restrictive
stipulations, the directors have been enabled to accept
a reduction in the'fixed capital, and thus materially im-
prove the prospect of future dividends. The term of
the concession has been extended from 56 to 75 years,
dating from the opening of the whole line ; during which
period the company will enjoy the profits. The Impe-
rial Government has not reserved to itself the right to
;I_rehase the line during the term of the concession.
The terms, as now arranged, enable the directors to
811hatantiate the original representation of a minimum
n:it:Test of 5 per cent. upon the required capital ;
a
CI the terms of the contract for the construction k
°f the line
as approved by the engineer-in chief, leave E
2"
an a margin as to justify the directors in anticipating 2
-" increase on that percentage. The company is not
required to account to the Imperial Government for its t
expenditure, but the guarantee applies to the fixed
4,!Pital for 75 years; hence any saving in the cost of the Si2l
ever, is
enhances the value of the guarantee. This, how. Fl,
ia of less importance, inasmuch as the result of a
110
tC
more careful examination of traffic confirms the expec-
'°ll of dividends far beyond it. The shares will be re-
duced` from 1001. to 20/., m 500 f., or 125 silver rubles each. St,
I,,be
calls be made over a period of three years ; the St.
.i,ger portion failing upnn the second and third years. 50
he capital authorised by the Imperial Russian Govern- . 25
24 includes a sum granted for the payment of inte-
rest 190_
n during construction. Interest at 5 per cent. per
Harm, will be paid on calls until the opening of the ,V
Due notice will be given of the necessary arrange-
mentshayconsequent upon these alterations, as soon as they
a been decided upon by the directors."
011 Saturday a further withdrawal of gold from
v 1 °Rank of England, amounting to about 10,0001.,
t
the establishment is so rapid that it is impossible
to tell what effect the drain has upon its general
position ; but the knowledge that the late return
showed
so trifling a diminution, when a much
amount was rent away, prevents any anxiety
being felt on the subject.
The exports of gold and silver last week were
equal to 872,8271., and the imports to 203,1431.
Notwithstanding the rather more favourable
Pinion recently' expressed regarding monetary
Prospects, the demand for discounts, though smaller
sthe Bank of England, shows no symptoms of
diminution in Lombard-street. When the magni-
tude of our trade, now larger than at any previous
Period, is considered, however, no surprise can
felt, either at the rapidity with which
money„i is circulated or the extraordinary move-
Sent of the precious metals. Despite the
enormous receipts of Australian gold, the amount
of bullion in the Bank remains at little above
40;000,000/., but as it does not descend below that
Point, in spite of the continuel drain t- the Con-
tinent, and the weekly returns published by that
establishment, indicate a gradual improvement,
ihere are manifestly good causes for looking confi-
dently forward to the future, even though a return
of ease may be delayed. The gold and
silver efflux and the maintenance of the
demand for accommodation are not such unfavour-
able symptoms as some deem them, for the former
results in large profits to our mercantile commu-
nity, thus adding to the prosperity of the nation,
while the other partly follows from the same cause,
and partly also through an extensive conversion of
float;na into fixed capital, by which the means 3
available for trade are diminished. With a Con-
tinuous supply of gold, and favourable harvest _
Prospects, increased ease may soon be experienced, _
as.the tendency both here and on the Continent is it
strongly in that direction ; but if not, and th?, ex-
•l4ting rates prevail some time longer, the effects
i° in
on commerce will not be prejudicial, since they
201
Will induce caution, and keep mercantile affairs leo
generally in a firm and healthy state.
100
A very inactive market exists for English securi-
4. •
to-dav, as business is almost at a stand, owing 120
92
'l' a disposition ter await the further progress of
20
ionetary and political affairs before extend- 20
1..,g, speculative engagements. Although osome 20
Relief is felt in the money market and the elections 174
are progressing satisfactorily, no one seems inclined !it!.
s° operate to any extent, but the influence of the ‘'
20
favourable tendency of affairs is best rem in the wo
stability of prices. The Funds, though dull, are 100
bsla, 'Y supported at Saturday's rates, Consols 20
birng 931 4 for money, and 931 for the Bth
Stnximo. East India Stock is 2211 to 2231. The
March Exchequer Bills are par to 3s. prem., and 'LW
20
the
June ditto 3s. discount to par, while the Bonds 20
are marked 981 204
At present moment Consols-are 934 for money, 204
anu 931 a for account, owing to its having just 1-00
transpired that the West India steamer brings no Iceig
tia
specie, 100
ledTir transactions in Foreign Securities have not
per to much variation in their value. Turkish 6
iisur Cent 3, are about 98 to 984, and the 4 per
marked
remain steady. Spanish 3 per Cents. were
411, the Ditto Deferred 254. Russian 45
Per Cents. 971 to 98, and Peruvian 771. Mexican
Stock is about 23a and Esuador Bonds are 15.
he'following are and
nominal prices of Foreign
Stocks :—Grenada Deferred Bonds, 61 7 •,
234 •, Peruvian, 77 79 ; ditto Three per
°"•1 55 56 ; Portuguese 3 per Cents., 44i 55 ;
Russian 5 per Cents., 107 9 ; do. 44 per Cents.,
~,
99 ; Spanish 3 , per Cents.; 411 ; ditto
_ Deferred 24 51 ; Ditto Certificates, 6i I- ; Ditto
Passive, 51 6.
In the Railway Share Market this morning bnsi-
!less has been moderately active, but in most'
Instances a slight decline in prices may be
quoted. Bristol and Exeter have receded 10s. ;
Chester and Holyhead, 10s. ; Edinburgh,
:Perth, and Dundee, ss. ; Great Northern
A Stock, 105. ; Lancashire and Yorkshire, ss. ;
North Western, 10s. ; South Western, ss. to 10s. ;
Midland, 10s. ; Norfok, 10s. ; and South Eastern,
ss. The French lines have shown a slight im-
provement, but the Canadian are steady, Faris and
Lyons have advanced about 55., Great Western of
Canada, Grand Trunk of Canaa, and East Indian,
have realisedfullyformer rates. The various new un-
dertakings have been at steady quotations.
Mining shares are inadive, and at rather lower
values. Santiago de Cuba realise 21 L and United
Mexican 3/ 3-1.
Joint Stock Bank and Miscellaneous Shares rule
dull. City Bank are at 704 ; London and West-
Minster 467 ; Ottoman Bank, 164 ; and Union of
Australia, 544 to 55. London General Omnibus
_Company were dealt in at 4f is South Australian
Land and Peninsular and Oriental Steam brought
previous rates.

BRITISH FUNDS.—CLOSING PRICES—TDISD-A.Y.
( from the Offietal List.)
Postress clone
3 Per Cent. Console Annuities 93;1 i
India Stock
Bank Stock for Account 22o*
Consols for Account ... 93$ ',-
E /chequer Bills, 24du March. June.
£IOOO
.E5BO • par 3 p 3 d par
_,5
5ma11.,.... ..... par 3 p 2 3 d par 100
Ditto Bonds, 1853, 3} per Cent 9Si
Ditto, 1359 .. ........... ,

' PRICES OF FOREIGN FUNDS—THIS DAY.
Brazilian Bonds, 5 per Cent.
' Ditto New, 1852, 41 per Cent. . 9Bi
Equador New Consolidated l5
Mexican 3 per Cent............
Ditto Account ..• 23a i
Pera v i a n Bonds, 41 per Cent
't Ditto Account
Portuguese Bonds, 5 per Cent., Con. 1841
Ditto 1853, 3 per Cent. —
Ditto Account 451
Ditto 1856, 3 per Cent
Russian Bonds, 1822, I: St., 5 per Cent— —
' Ditto, 4i per Cent.
Ditto Small
Bpanith Beads, 3 per Cent. -
Ditto Account
Ditto New Deferred, 3 per et n'.
Ditto Account . ... 25/ 4
Turkish Bonds, 6 per cent 98.1.
Ditto Account
01.1eenrig on the shove ~AyablP, in Lon,l( n.
Dutch Exchange, 21 per Cen:;., 12 Guilders 65
THREE O'CLOCK.
Consols, money 931
Ditto, Accouut.(April_B)