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

MONEY MARKET

AND

COMMERCIAL INTELLIGENCE.

CITY, Two o'CLocK.

Letters from Liverpool state that the Cott• n
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 tram:-
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
being so busily engaged in electioneering afT tire.
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 L-els, Man-
chester, Bradford, and Halifax, is describ3d as
having been limited, although prices have generally
remained firm

The subjoined circular has been i,sued 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
G overnment relative to this railway. In consequence of
the many advantageous changes which have been
made in the length and routs 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
Purchase the line during the term of the concession.
The terms, as now arranged, enable the directors to
IMbstantiate the original representation of a minimum
interest of 5 per cent, upon the required capital ;
and the terms of. the contract for the construction
of the line as approved by the engineer-in chief, leave
Such a margin as to justify the directors in anticipating
an increase on that percentage. The company is not
required to account to the Imperial Government for its
expenditure, but the guarantee applies to the fixed
capital for 75 years ; hence any saving in the cost of the
Works enhances the value of the guarantee. This, how-
ever, is of less importance, inasmuch as the result of a
More careful examination of the traffic confirms the t xpec-
tation of dividends far beyond it. The shares will be rr-
duced from 1001. to 201., of 5001., or 125 silver rubles each.
The calls will be made over a period of three years ; the
larger portion falling upon the second and tbird years.
The capital author iced by the Imperial Russian Govern-
anent includes a sum granted for the payment of inte-
rest during construction. Interest at 5 per cent. per
Mauna] will be paid on calls until the opening of the
line. Due notice will be given of the necessary arrange-
ments consequent upon these alterations, as soon as they
have been decided upon by the directors."
On Saturday a further withdrawal of gold from
the Bank of England, amounting to about 10,0001.,
took place. The influx of the precious metals into
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
larger amount was sent 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
Opinion recently expressed regarding monetary
Prospects, the demand for discounts, though smaller
at the 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
be felt, either at the rapidity with which
Money is circulated or the extraordinary move-
ment of the precious metals. Despite the
enormous receipts of Australian gold, the amount
of bullion in the Bank remains at little above
10,000,0001., bat as it does not descend below that
point, in spite of the continued drain to the Con-
tinent, and the weekly returns published by that
establishment indicate a gradual improvement,
there are manifestly good causes for looking confi-
dently forward to the future, even• though a return
of easo 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
floating into fixed capital, by wh;ch the means
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 011 the Continent is
strongly in that direction ; but if not, and the ex-
isting rates prevail some time longer, the effects
on commerce will not be prejudicial, since they
will induce caution, and keep mercantile affairs
generally in a firm and heal'hy state.
A very inactive market exists for English securi-
ties to-day, as business is almost at a stand, owing
to a disposition to await the further progress of
Monetary and political affairs before extend-
ing: speculative engagement'. Although some
_ .

relief is felt in the money market and the elections

are progressing satisfactorily, no one seems inclined

to operate to any extent, but the influence of the
favourable tendency of affiirs is best seen in the

stability of prices. The Funds, though dull, are
firmly supported at Saturday's rates, Consols
being 93g- for money, and 93a / for the Bth L!
proximo. East India Stock is 2211 to 2231. The
larch Exchequer Bills are par to 3s. prem., and
the June ditto 3s. discount to par, while the Bonds
Are marked 981 f.
At present moment Consols are 931 4 for money, 1
and 931 for account,. owing to its having just
transpired that the West India steamer brings no
specie.
, The transactions in Foreign Securities have not
led to much variation in their value. Turkish 6
Per Cents. are about 98 to 984, and the 4 per
Cents. remain steady. Spanish 3 per Cents. were
Marked 411, the Ditto Def,Tred Russian 4i
Per Cents. 971 to 98, and Peruvian 77i. Mexican
Stock is about 23g and Equador Bonds aro 15.
The following are the nominal prices of Foreign
Mocks :—Grenada Deferred Bonds, 61 7 ; Mex!-
.e. 41) 234 ; Peruvian, 77 79 ; ditto Three per
ct
'las., 55 56 ; Portuguese 3 per Cents., 44 5i ;
Russian 5 per Cents., 107 9 ; do. 4z per Cents.,
r 99 ; Spanish 3 per Cents., 411 ; ditto
Deferred, 24 51 ; Ditto Certificates, 6i ; Ditto
Passive, 5i 6.
In the Railway Share Market this morning busi-
ness 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, 10s. ; Lancashire and Yorkshire, 53. ;
North Western, 10s. ; South Western, ss. to 10s. ;
Midland, 103. ; Norcolk, 10s. ; and South Eastern,
Ss. The French lines have shown a slight im-
provement, but the Canadian are steady, Paris and
Lyons have advanced about 55., Great Western of
Canada, Grand Trunk of Canada, and East Indian,
have realisedfully former rates. The various new un-
dertakings have been at steady quotations.
Mining shares are inactive, and at rather lower
values. Santiago de Cuba realise 2i-,1 1, and United
Mexican 31- 3Z.
Joint Stock Bank and Miscellaneous Shares rule
dull. City Bank are at 701,; London and West-
minster, 464- ; Ottoman Ban, 16•& ; and Union of
Australia 54 to 55. London General Omnibus
Company' were dealt in at 41. -a. South Australian
Land and Peninsular and Oriental Steam brought
previous rater.

BRITPH FUNDS THIS DAY AT ONE O'CLOCK.
(From the Official LisQ
ensinesP done
3 per Cent. Consols Annuities 93'A' A
India Stock
Consols for Account 93i
b• • •
E tehegter Bills, 20. March. June.
£lOOO par 3 p 3 d par
£5OO
Small
23d dpaprn Ditto Bonds, 18E8, 3i per C0nt...... 984
Ditto, 1359 ..... ....... •
PRICES OF FOREIGN FUNDS AT ONE O'CIJOCK
Brazilian Bonds, 5 per Cent.
Ditto New, 1852, 4i per Cent.
cluador New Consolidated l5
Mexican 3 per Cant
Ditto Account
rertivian Bends, 41, per Cent.
Ditto Aecoi:nt - _ 77'
•
P"tiu•ifuese 1100,1,,, f iwr (.!,Alt., Coa. li4l - -
Ditto 1853, 3 per Cent.
Ditto Account 451
q.stan Bonds, I 22, 4 St., 5 per Cont.—
Ditto, 41 per Cent.
Ditto Sni.l.ll . • 98
8 • ' ..
,etnell Bonds, 3 per Cent.
Ditto Accoun
Ditto New DeferrA, 3 per Ctn..
„. Ditto Account
4:llrkitli fonds, 6 per cent 9B i
Ditto Account
Dt,ltiondt:on the above :ATnr,lo it; l'' '''', n•
TWO O'CLOCK.
Corools, money 9:11 ',l
i Ditto for account