The Sun.
London, England, 1857-07-20 00:00:00

MONEY MARKET

AND
CO DI Nall MAL INTELLIGENCE.

CITY, Two o'Ceocx.
The Liverpool Cotton Market on Saturday closed
firm, and prices were well maintained. The
gales were estimated at 8,000 bales, of which 1,000
were taken by the exporters and speculat9re.. In
the Railway Share Market there was no particular
alteration, and prices were steady.
Tile general business of the port of London last
week was not very active. At the Custom House
171 vessels were reported from Foreign, ports, two
from Ireland, and there were 128 colliers. The
entries outwards were 127, and the clearances 128
west ls, besides 14 in ballast.
The improvement which has taken place in the
general situation of the .Money Market, and the
favourable symptoms still exhibited, induce a
belief that the rate of discount in the course of a
few weeks will be further reduced. Judging from
present indications there is really some cruse for I
this sanguine expectation, especially as the bulliou
at the bank is accumulating se rapidly, but the ex-
periense of the past two years has taught us not E
to place too much reliance upon the tendency of
affairs, while there are yet so many adverse influ-
ences at work, which at any time may increase and Si
checi the amelioration which has commenced. It 18:
as about this period last year when the rate of el
discount was 4 per cent., but towards the autumn SI
SI
the drain of specie to the East and to the Conti-
nen% caused a actions diminution to the Bank's Si
bullion, and the minimum, gradually rose to 6 and
7 per cent. This efflux has since continue 1, but 54
fortunately, it is now going on at a reduced
scale, and our imports of gold and silver s
are in excess of the exports. Thus the-bullion 1
ig increasing, and the consequently improved situa- 2
tion of the establishment is enabling its administra-
tion to extend their discount operations. If no re-
rival of the Eastern and Continental demand takes z
Place, then a lower range for money may be justly
anticipated, and the encouraging harvest prospects
here and on the Continent strengthen the impression 2
that 5 per cent., or even a lower point, may be at-
tained ere long. Besides the favourable turn in the
specie movement, the demands upon the Money 1
Market are less numerous, and it is satisfactory E
to notice the little encouragement that it is given
to new speculative adventure. No sooner bas an
intimation of a new Turkish Loan been given than 1(
a general condemnation is passed upon the scheme,
►
and while this resistance is given to foreign enter-
prise, the amendment in monetary concerns is
likely to be accelerated. On Saturday there was a
fair inquiry for capital, but as the supply is large,
accommodation is easily obtained at the Bank
rate, and in many cases rather cheaper.
The imports of specie last week were 809,9001.,
and the exports, including those by the Indus,
to-day, (the shipments being completed on Satur-
day) about 670,821/.
The Corn Market is again depressed, and Eng-
lish wheat has declined 3s. per quarter. Even at
this reduction it was difficult to effect sales.
At the meeting of the Union Bank of Australia
to-day, a dividend of 94 per cent for the half-year
Was declared, or 19 per cent per annum. The
report was favourable, and stated that the net
Profits for the half-year were £92,693. The re-
port was adopted.
The English Stock Market opened with a heavy
aspect, but theie has since been rather more firm-
Ilese, and the tendency in prices is upwards. There
are unfavourable rumours relative to the progress
of events in India, but they are not generally be-
)ieeed. Consols for money have been 911 to 92 ;
sal for account, 92 to 921. The latter are now
928, I. The New 3 per Cents. are 92 to 921 ; and
the Reduced, 91i to 921. Exchequer Bills are
48. discount to par, and the Bonds, 981, India
Bonds were 15s. to 10s. discount.
Foreign Stocks are firm, and about the usual
amount of business has been done. Turkish 6 per
cents. are 95k and the 4 per cent. guaranteed
l 021 1. Spanish Certificates have been 51. Russian
5
per cents. Mexican 221, Grenada Deferred
t
and Dutch 4 per cents. 98 to 98g.
The following
Stocks are the nominal prices of Foreign
—Grenada Deferred Bonds, 6 64 ; Mexican,
; Peruvian, 81 82 ; ditto 3 per Cents., 55
Portuguese 3
per
Cents.,per Cents., 444 5i ; Russian 5
109 11 ; ditto 41 per Cents., 96 8 ;
_p. anish 3 per Cents., 40 ; ditto Deferred, 251 0;
ditto Certificates, 5i ; ditto Passive, 5,1 1.
Railway shares this morning ruled rather active,
and some of the leading lines showed a slight im-
provement, while in others there was a decline. A
fair business, however, is reported. Great Northen,
Great Western, and North-Eastern, York, advanced
about 58. to 10s. South-Western, Midland, Ox-
ford, Wcrcester, and Wolverhampton, and South-
Eastern advanced ss.
The foreign and colonial lines are dealt in to a
considerable extent, and French were considerably
improved in value. Great Northern of France
advanced 1/., and Paris and Lyons about 21. to
21. 10s. Lombardo-Venetian rose about ss. to
78. 6d. Grand Trunk of Canada improved 11., and
East Indian about 103.
Mining Shates are inactive, at about previous
values.

Joint Stock Bank Shares are very quiet, only
two transactions being reported, viz., English,
Scottish, and Australian Chartered, and Oriental
Bank, which realised former rates.
In the Miscellaneous Market there is very little

doing, but quotations are -r:rm. Australian Agri-
cultural, and London General Omnibus Company
are supported at previous rates.