The Sun.
London, England, 1857-11-26 00:00:00

MONEY MARKET

AND

COMMERCIAL INTELLIGENCE.
Shr.

CITY, Two o'CLocK.

Accounts front Liverpool state that the Cotton
Market yesterday closed with a heavy appear-
(wee, but prices were without any material altera-
tion. The sales were estimated at 4,000 bales.
The Railway Share Market closed with more ani-
ination, and values of all the leading stocks slightly
advanced.

The failures which almost daily take place afford
abundant evidence of the general unsoundness of
trade, and although the purifying process which it
is now undergoing may be ultimately attended by
satisfactory results, considerable inconvenience and
distress will be experienced in the meantime. All
branches of business are prejudiced, and the longer
the present stringency continues, the greater must
be the injury inflicted. Such rates as 10,
11, or 12 per cent. cannot fail to repress
business, and although the Board of Trade
returns may show a steady expansion of our
commerce, they do not prove that it has been con-
ducted at remunerative rates. It may be safely
averred, on the contrary, that the most disastrous
losses have been incurred. These statistics exhibit
the extent of our trade, but afford no proof of its
prosperity. Amidst the devastation which the
money crisis is causing in all directions, there is
some consolation that the Parliamentary Session is
drawing near, and that a full investigation into our
currency laws will take place. The commerce of
the country demands a reform, and even many of the
most stedfast supporters of Sir Robert Peel's Act
are now disposed to admit that some modification
a absolutely necessary. Before the end of the
year it is feared that numerous failures will occur,
although an easier feeling may prevail, and the
position of the Bank may become stronger. When
the price of the stock is duly considered, it is rather
surprising that more disasters have not occurred,
but it is impossible to tell how many more may yet
be added to the list. The daily proceedings in the
Bankruptcy Court, and the numerous insolvencies
reported in the Gazette, demonstrate the power
of the financial difficulties against which
the mercantile classes have to contend, but there
is one point which. is now attracting general
attention, and that is the mischief which has been
caused by the vast facilities which the joint stock
banks have afforded those who have departed from
the legitimate course of trade and carried on ex-
tensive and speculative operations. Speculation
has been fed by the means thus obtained, while
sound trade has not been sufficiently assisted. The
prices of produce have been forced up to a
fictitious point and the collapse has seriously
aggravated the injury occasioned by the American
panic. r We trust that if the money question
1.1 fully discussed, that the present system of
Joint-stook banking will also be considered. The
amount of deposits which these institutions re-
ceive should in some measure be regulated by the
extent of their paid-up capital. Unlimited sums
are now received, and in several cases their depo-
nte are seven, eight, and nine times more
than their subscribed capital. The consequence
is that with these immense means, the
/nest liberal advances are made in securities
and the proceeds employed in all kinds of impru-
dent trading, and when there :s the least reaction
ul credit, such as may be periodically expected, the
Most distressing effects are produced.
The stoppage of the Northumberland and Dur-
ham District Bank will, it is feared, be productive
of severe distress in the North, and trade in the
Various towns, wherein its branches are located,
already very depressed, will be almost suspended.
During the fortnight, ending yesterday, the
amount of hills drawn by the Hon. East India
Company upon the three presidencies was as
under :

On Bengal
On Madras
On Bombay ...

£3,167 10 6
697 19 6
609 11 3

Total £4,475 1 3
The Bank Directors have held a prolongel dis-
cussion, and their meeting has not yet been ad-
journed.

The market for English Stocks is very firm, and
Blight symptoms of buoyancy are visible. This im- 5
Proved tone has been produced by the statement 5
that the Bank has gained considerable strength 20
during the p ast week and that the next balance- 10
sheet will exhibit amaterial increase both in the
totes and 20
10
gold. Money is also in better supply,
81114 on the Stock Exchange loans can be ob-
tained at 4 to 6 per cent. The public also
Li--T)
are buying, and speculators are more dis- 18
Posed to operate for a rise. All these circumstances
tend to improve the market. Consols have been 18
908 i, 904 I, and 901 4, for money. The account _ 20_!
Prices are 908 I, 9og, 4, and 90i 11. They are now .1i?,?,
",..,(4 i and 90g i respectively. The New 3 per '
...ellte. are 891 1, and the Reduced, 891 1. Ex- lop
chequer Bills are 3s. discount, the Bonds, 97i, and 20
India Bonds 355. to 30s. discount. i
20
Foreign Stocks are rather firmer, and a mode-
rate business kas been transacted. Turkish 6 per 217°,
Cents,
are 88 881; ditto 4 per Cents. 971 98 ; 20
Brazilian 5 per Cents., 998 ; Portuguese 3 per st.
Cents., 431 t; Russian 5 per Cents., 1051 ; Sardi- 120
4„:4all 5 per Cents., 888 ; Spanish New Deferred, .99
45 ; Dutch 21 per Cents., 63i ; and ditto 4 per '
20
Cents., 961.
The following are the nominal prices of Foreign St.
Stocks ;-Grenada Deferred Bonds, sto 6 ; Mexi- 100
can, - ; Peruiian 4i per Cents., 75 76 ; ditto 20
3 per Cents., -- ; Portuguese 3 per Cents., E,
421 43i ; Russian 5 per Cents., 104 106 ; Ditto 4i 20?
Per Cents., 94 96 ; Spanish 3 per Cents., 401 414 ; 100
ditto Deferred„ 25 251. 100
The last week's railway receipts, ascertained up I°4
to this day, are in round figures as under
1857. 1856. 20
Great Western £26,383 £25,500 20
North-Western
South-Western
Brighton 12,965 12,782 20
Midland
South-Eastern _ 17,049 17.014 20
Great Northern 21,453 23,860 - -
Lancashire and Yorkshire 18,828 21,343
Bristol and Exeter 5,271 5,509 -
Eat; Lancashire 5,004 5,922 10
Manchester, Sheffield, & Lincoln 9,177 9,526 20
North-Eastern
2C
North Stafford
North London
Oxford, Worces.) & and Wolver 4,006 8,942 2(
West Hartlepool 3,249 3,204 2(
Edinburgh, Perth, and Dundee
Edinburgh and Glasgow
681 5,677 2(
Glasgow and South-Western ...... 6,732 6,727 21
Scottish North-Eastern 3,432 3,267 t
Grand Trunk of Canada
tit
Grt Western of Canada 10,569 13,972 i
The Railway Share Market this morning has 2
beep. very inactive, but an advance of about i per
cent. may be noticed in the value of some of the 2
chief lines. North Western, Great Western, ?,
Eastern Counties, North Eastern (Berwick), South I
Western, Brighton, and Caledonian, each im-
proved ss. ; Manchester, Sheffield, and Lincoln, ;
declined ss. ' • and Great Northern about 1/. The ]
Foreign and Colonial undertakings were very quiet ;
Northern of France, and Paris and Lyons have
slightly improved ; Great Western of Canada have
advanced about ss. ; Great Indian Peninsular and
East Indian realise about former quotations.
Mining Shares are neglected, and rates are quite
nominal.
Joint-Stock Bank Shares are steady but quiet.
London and Westminster advanced about 11. ; and
Union of London 10s.
In the Miscellaneous Share Market there is no
change of importance to report.

•BRITISH FUNDS.—CLOSING PRICES —THIS DAY.
( From he Official List:l
Business dose.
3 per Cent. Reduced Annuities
:4 per Cent Consols nliiitins .. 9O iiati
New 3 per Cent. Annuities B9l i d
Loac Annuities, expire -3ti. Jan. 180
Ditto 30 Years, expire 10th Oct., 1859 1i
Ditto 30 Years, expire sth Jan., 1860 2 3-16
, Indih Hondo, £lOOO ............. .. ..... .... 30 d
'ditto, under 4000 . 30 35 d
OeLsols for Account . Milli
Et ahequer U 11: 8, 1 i da
•
....... 3 7 d
. .................... , i d
is ~,di
.. ........... •.• ...
Exchequer-. Bonds. . ... 6 d
Ditto istr,9 . . 858,24 per Cent....
PRICESp
Brazidan 5 rq....0.1..E..th..N.. F.. 1T—ND.....5.-- T9H711 DAY.
e Con .
' Portuguese Bonds 5 Cent., Con. 1841 99i
Ditto 1853, 3 per CePnet .
Ditto 1856, 3 per Cent:
.g
Per Cent losi
Sardinian Bowls, 5 Per Opt
........
...
....
Bp nish do...ds, 3 per (:'nt. . .........
.." 88 9
D'ttr New Deferred, 3 4(2t
Ditto Account
Turkish t;onds, ti per cent ............ 254

- Ditto Guaranteod, 4 per Cent.
88'71 Si
.... 93 i
Dividends on the above pavaile in London.
Dutch Exchange, 2:1 per Cent., 12 Guilders 63
Do. 4 per Cent. Certificates -
7HREE O'CLOCK,
Consols, money
Ditto account (December 7) ,,,,