The Sun.
London, England, 1857-11-09 00:00:00

AMERICA.

(By ELECTRIC TELEGRAPH).
LIVERPOOL, MONDAY MORNING.
The Asia has arrived with advices from New
York to the 28th October, and 98:274 dollars., and
258/. in gold.

The New York Courier and Enqurier of the 28th
says :

"The demand for bills on Europe yesterday and to-
day is quite light. The rates are favourable enough to
remitters, but the extreme scarcity of money disables
most persons from purchasing. The indebtedness of
our merchants to England, France, and Germany,
is necessarily deferred in large amounts, and at the
same time heavy remittances of geld from abroad
are anticipated at this port. Bankers' Ufa at
60 days on London to-day are abundant at 105 to 106.
Good commercial bills from southern cities, well-known
signatures are freely offered at 100, equivalent to 04 dis-
count. Some relief is looked for in this market from the
promised shipments of coin from Eugland. It would be
better for ue to rely upon our own domestic resources and
not add to the disturbance which is feared in Western
Europe. The question of the suspension of the Bank of
England and Bank of France is canvassed freely in finan-
cial circles here, and such an event is by some looked upon
as of slight moment. We cannot, however, but consider
such an event as epublic calamity, one that would work
irreparable injury to the commercial world, and do no
possible good to any parties whatever. It is for this
reason that we hope the banks in England and France
will be fully sustained, and that the export of coin to the
United States will he less than is generally mentioned.
New York will be looked to hereafter as heretofore, as
the pivot upon which the resumption will rest. A wise,
conciliatory, concerted movement on the part of the
banks of this city will, if adopted, relieve our merchants
and strengthen the farmer. There were rumours to-day
of several additional failures, but they were not authen-
ticated. Extension is the order of the day, and one wisely
agreed upon by creditors generally. There are very few
houses that have not found it necessary to ask and to
take time on their liabilities. The west and south in
turn exact the same indulgence from New York. The
former will be able to discharge their liabilities by means
of the large crop of the year ; the south will realise less
from the new crop of cotton than was anticipated. It
is conceded that a heavy decline must occur in the mar-
ket values throughout Europe, and that manufacturers
will require a snore limited supply than heretofore.
Gold was recently in pressing demand, but has now be-
come a mere drug, heavy in the market. The brokers
are paying one-half per cent premium for limited sums,
but this premium is nominal. Large amounts are offered
at the same rate and rejected. In Philadelphia, ex-
change on New York is quoted 31 to 41 premium,
and draughts on Baltimore 3to 4 discount, There
is no reason fur this discrepancy, there is no
variation in the broker's rates for time bills ; unex-
ceptionable paper at two to fur months is freely offered
at 2 to 3 per cent, per month, paper that would under
ordinary circumstances be acceptable to the banks, and
which they could now take with advantage to them-
selves. At last the money comes out of the banks, for
every bill discounted at the broker's lessens the bank
deposits. The stock-market to-day showed a decidedly
buoyant' feeling, and most of the sales were made at a
large advance on the quotations of the past week and of
yesterday."

The latest quotations were as follows :—Near
York State Sixes, 101 ; Virginia Sixes, 75 ; Mis-
souri Sixes, 67 ; New York Central Shares, 63 ;
New York and Erie shares, 10 ; Reading Railroad
shares, 272, ; Michigan Central shares, 40; Michigan
Southern shares, 81 ; Cleveland and Toledo shares,
27a ; Panama Railroad shares, 68 ; Illinois Central
shares, 83 ; Illinois Central Bonds, 751- ; Chicago
and R. I. shares, 64 ; Milwaukie and Mississippi,
19 ; Galena and Chicago, 63 ; La Crosse, 61 ;
Michigan So. New Stock, 20. The New York
commercial list quotes the rate for first-class notes
at 2,3, and 5 per cent, per month. In exchange
there was a better feeling, and at the close of busi-
nsss sellers aised their rates. Importers were
buyers to a moderate extent. The transactions in
continental bills had been very limited. Exchange
on London, 102 to 106. The Bank statement was
more favourable than was generally expected. The
Shipping and Commercial List says :
" Too contraction of loans in the face of a gain of
nearly a million and a quarter of specie meets with but
little favour ; the city circulation has gone down rapidly,
which is owing mainly to the voluntary practise adopted
of substituting country money in payments across the
counter. The policy of withdrawing the city notes is
not a general one, some of the banks holding it to be to
their interest now and on resumption to sustain a good
circulation of their own. The addition to
.th.e deposit
line is unexpectedly large, being nearly 54
,V. 110?
swu,
annex a comparison of the leading itemrs.eveniuus
.10
•
is being
Treasury balance. The United States f
rapidlyr e
.d yr discussed.educed, and
Th thee
President,probabilities
is
gia.velno.anouat,rewailli
oppose all money bills
.except those for indispensable
appropriations. Directions have been given to revise
and reduce all estimates, and the construction of Cue.
tom-houses and many other public works will be sus.
pended at an early date."

A private circular quotes exchange on London at
102 to 107. A letter from Washington says, " The
banks of the district of Columbia in meeting to•
day resolved to receive the notes of the following
banks as curre:acy:—Bank of the Metropolis, Bank
of Washington, and Patriotic Bank of Washington,
Bank of Commerce, and Farmers' and Mechanics'
Bank of George-town, and all the banks of Balti-
more.

The failure of Ross, Mitchell, and Co., of To-
ronto is announced.—liabilities, $1,2500.
The Athenian, from Quebec for South Shields,
was abandoned on the 30th September; crew taken
to New York by the ship Patrick Henry.
A Canadian steamer had been wrecked on one of
the lakes, and 21 persons perished.
Ashes were improving—pot, 6 dole. 87 c. to
7 dols. ; pearls, 6 dole. to 6 dole. 12ic. There
was no demand for cotton, either for export or
home use, and with an insignificant stock quota-
tions were nominal. The demand for flour had
been good for the home trade, and with some salei
for export prices wero steady. The receipts were
large, though light as compared with last year.
Wheat had been in demand for home use and
export, and prices had slightly risen. Indian
corn had declined. Iron quiet. Molasses
slightly improved. Crude turpentine steady.
Spirits of turpentine dull. Linseed oil dull.
Provisions dull. Sugar was steady and firm,
at a slight improvement in price. Tobacco dull.
Freight higher. At a meeting of cotton factors, held
at New Orleans, it was endeavoured to carry a re-
solution binding factors not to sell cotton under 15
cents., but there was no unanimity, and the meet-
ing broke up without coming to a decision. Cotton
was selling at 10 cents for middling. The total re-
ceipts at southern ports were less by 187,000 bales.
Nothing doing in exehange. Money unchanged.
A severe storm was raging at Boston. The entire
valley of the Mohawk was inundated, 'and much
damage had been occasionied to agricultural pro-
duce.