The Sun.
London, England, 1857-02-23 00:00:00

MONEY MARKET

AND

COMMERCIAL INTELLIGENCE.

CITY, Two o'CLoorc.
Letters from Liverpool mention that the Cotton 50
Market, on Saturday, closed firmly, and, compared 13i
with Friday's rates, prices of all kinds were un- t,
changed. The sales were estimated at from 7,000
25
to 8,000 bales, 500 of which were taken by the ex-
-25
porters, and 1,500 by the speculators. The Rail-
waY Share Market closed steadily at a slight im-
proverneut in value. st.
The dearness of raw materials checks business in
50
the manufacturing districts in the North-west of 20°
England ; but trade is nevertheless exceedingly lu
healthy. At Leeds during the past week numerous 19
transactions were concluded for the home and 50
foreign markets, but there was an absence of much tzt.
animation. In Bradford the spring demand has St.
oammeneed, and extensive purchases of seasonable St,
fabrics have imparted additional firmness to prices. 455
The late advices from India have favourably affected St.
some of the Manchester markets, and in the other 20
towns a moderate business is transacted at steady 181
prices.
On Saturday afternoon the failure of Messrs. D.
Franghiadi and Sons, Greek merchants, was an-
nounced, with liabilities estimated at from 75,000/.
to 85,000/. The firm had connections at Galatz
and Alexandria ; and it is alleged that the estate
will enable the creditors to be paid in full.
Accounts have been received from New York per
steamer Arabia, which brings 40,145/. in specie,
probably on French account, to the 9th inst.
These report increased heaviness on the Stock
Market, owing to the stringency of money, the
active shipments of specie, and the large imports i
of foreign goods. From these causes it is presumed ,
that the value of discounts will be maintained for 21.1
the present. The last Bank Return completed to St.
the 7th was unfavourable, showing an increase of St.
$1,090,380 in the loans and discounts, and a de- ig
crease of $1,047,931 in the bullion. 12.
Although some favourable symptoms have re- 25
neatly been apparent in the general money market 25
its position has not materially improved. The it.
10
Only difference yet apparent is that the demand 10
instead of exhibiting continuous pressure is at
times less active. During these intervals the St
best bills can be negotiated s or perhaps per 5€
cent. below the minimum, but it is generally 12!
remarked in Lombard-street that no diffi-
culty is found in employing all the capital at 5(
command at that official quotation. On Satur 21
-
day the inquiry was very brisk, but this morn- S
ing it, is quieter. The numerous dividends now in
course of payment on all the principal railway shares s
and many, other classes of negotiable property no
doubt tend to relieve the market, but the diversion Sc'
of capital from its usual channels through the specie
Operations recently so much in favour assist
in maintaining maintaining the stringency. Preparations
are now in progress for the remittances by
the next steamer to India and China which !
leaves on the 4th proximo, and large purchases'of
silver will be effected on the Continent for that
purpose. This will entail the necessity of with-
drawing gold from the Bank, unless some of the
overdue mails from Australia arrive with sufficient
supplies in time to avert it. On Saturday about
40,000/. was sent away, showing that this
unsatisfactory movement has not yet ceased.
As it is known, however, that several
vessels are en route from Victoria, presumably
With extensive supplies of the precious metal, not
the slightest uneasiness is created, especially as the
bullion in Threadneedle-street during the late drain
was so well maintained, and the foreign exchanges
are becoming more favourable to this country.
Last week the receipts of the precious metals
amounted to about 374,0561., and the exports to
801,432/.—the latter showing an excess of 427,376/.
The Ocean Chief has already arrived from Vic-
toria with 72,312 ounces of gold, and the Black-
Wall is immediately expected with 80,678 ounces,
Making a total of 152,980 ounces, valued at
61.1,9201. The Mermaid, the Vocalist, and the
Maid of Judah are now expected with further
supplies.

20
25
25
25

The meeting of the Buffalo and Lake Huron 10
Railway Company was held to-day. The report 20
stated that the line was opened on the Ist of Nov.,
10
since when the traffic bad gradually increased
from 3701. weekly to 6701. weekly, in January-17.Z 12
The capital of 410,0001. would be found f.,utEcieut
to accomplish the objects contained in the prospec-
tug. The outlay of the company hitherto has been vx;
226,451/. 3s. 9d. 100
Continued weakness is exhibited in the prices
1.00
of English Securities, but it results chiefly from the 20
uncertainty felt with regard to the proc eedtngs in 20
Parliament in connection with the Budget. The E
large arrivals of gold from Australia, and the pro- 17
spect of a further immediate supply, are certainly SO
in favour of values, but their effect has not yet 20
been important. The nature of the speculative 100
engagements has no doubt something to do with 20
the flatness of values ; but the position of the
market is strong, and its tendency is to improve, It
notwithstanding the dullness which temporarily 20
exists. Consols for transfer have been 93i I, and 20
for the account 93,1 The New 3 per Cents. are N.
941 1, and the Reduced 931 94. Exchequer Bills 100
are steady at 3s. premium, and the Bonds are igg
marked 98i /. lc°
Very few transactions have been reported in the
Foreign Stock Market, but in most instances prices
have been well maintained. Notwithstanding the
decline in the Consol Market Turkish 6 per Cents.
have been 951, and the 4 per Cents. advanced to
1011. Spanish 3 per Cents realised 40/. Peruvian
4/ per Cents. were dealt in at 80k. Portuguese 3
per Cents. realised 44a, and Russian 41 per Cents.
advanced to 98k.

The following are the nominal prices of Foreign
Stocks :—Grenada Deferred Bonds, 6 7 ; Mexi-
can, 22 224 ; Per • uvian, 80 81 ; Ditto 3 per
• Cents., 55 56 ; Portuguese 3 per Cents., 44 46 ;
Russian 5 per Cents., 109 111 ; ditto 4 per Cents.l
96 98 ; Spanish 3 per Cents., 404 i ; ditto Deferred,
24i i ; ditto Certificates, 6i i ; ditto Passive,
El 6. ,
The Railway Share Market this morning
ratherli
shown some heaviness,. and only a limitedbusinheasss
has been transacted, in most instances, at
lower quotations. East Lancashire have declined
10s. Great Northern, 10s.; Great Western, ,nd
ss.
;
e
Brighton, 10s; ; Manchester, Sheffield, and Liti-
coln, ss. ; North-Eastern Berwick, 10s. ; and South-
Eastern, 10s. ; Lancashire and Yorkshire advanced
about 55. ; and Norfolk, 15s. The French lines
have been in moderate request, and have realised
fully former prices. Grand Trunk of Canada declined
about 10s., and Great Western of Canada ss. Dutch
-. Rhenish receded ss. to 10s., and Western and
North-Western of France ICs. to 15s. East Indian
and Madras rule steady.
British, Foreign, and Colonial Mining Shares
_exhibit no material variation.
In Joint Stock Bank Shares there has been very
little busin
Australia advanced transacted. London Chartered of
Ottoman Bankaneed about 55.; Oriental Bank, 55.;
minster, 6d.;
55., 7s. and London and West-
The 'Miscellaneous undertakings are inactive, at
Steam New abtollB. Peninsular and. Oriental
Shares advanced ss.