The Sun.
London, England, 1857-12-07 00:00:00

MONEY MARKET

AJD
COMMERCIAL INTELLIGENCE.

CITY, Two O'CLOCK.
Letters from Liverpool mention that the Cotton
Market on Saturday closed heavily, and values of
all descriptions were unaltered. The sales were
estimated at 4,000 bales, of which 1,500 were for
Speculation and for export. The Railway Share
Market closed with a quiet appearance, and prices
were at a decline on previous quotations.

Although confidence is getting stronger in the
textile manufacturing districts, as well as in Lon-
don, business continues exceedingly dull, and the
accounts received this morning from the North
Mention that the mills are still running short time.
No revival is yet looked for, as the American and
Indian markets are still inactive, and the home
trade is equally depressed. In Australia, tao, the
Markets are overstocke 3, so that the export de-
'nand, as well as for our own use, is very limited.
While money is so dear, and the prices of the raw
Material continue at such an elevated point, the
Manufacturers are loath to increase their stcclot, and
the consequence is, that a large number of operatives
are wholly out of employment, or are only obtaining
a scanty subsistence. It is consequently feared that
this will be rather a severe winter, but as the harvest
proved abundant, and food is comparatively cheap,
the distress will not be so great as many perhaps
imagine. It may be questioned whether affairs will
be restored to their usual healthy condition until
the spring, but in the interval it is hoped that the
Bank of England will be enabled to follow the
example of the Bank of France by lowering the
terms of discount, which will alone suffice to con-
'ince the public that the recovery his made any rt.
solid progress. The administration of the latter 16
establishment have reduced their rates twice within 230
fortnight, the quotations now being 6,7, and 8 per
cent., according to the date of the p iper tendered St.l
for negotiation. This will give another stimulus to It
?renoh trade, which had already benefitted by the 10
first measure of relaxation. As soon as the
Minimum here is fixed at a lower point, say 8 per 25
cent., some signs of returning prosperity may be 25,.
anticipated, but under any circumstances it is 10
doubtful whether there will be any decided amelio- 10
ration until after Christmas, as the commercial st.
Community at this season direct their attention St.
More to the completion of outstanding contracts and 50
to the arrangement of their accounts for the year, ,200
than to the active prosecution of fresh enterprise. 25
Provided gold continues to pour into the 111
sank, and remains there, some indications of
returning ease may soon appear, as the demand for 50st•
Money is quieter, and must become more so as con- st.
fidence increases. The failures of last week, in- St.
eluding that of the old and respectable house of
St.
Sewells slid Neck, who traded with Norway, an- St.
flounced on Saturday, tend to keep credit at a low 2sst.
Point, but should these casualties become less fre- 25
quent, an amendment would soon be visible. As 50
trade is so dull, the actual monetary requirements I St.
Must be proportionably reduced, but these sus-
pensions make people suspicious ; money is kept
idle, and the general supply is so contracted, that
the market remains tight and discounts are difficult to
obtain. With a growth of confidence facilities will
!nervosa and, judging from present appearances,
there is reason to believe that some relief will
be speedily experienced.
The liabilities of Messrs. Sewells and Neck,
alluded to above, are estimated at from 300,0001.
to 500,000/.

On Saturday, 30,0001. in foreign gold was added
to the Bank's metallic reserve.
The arrival of 320,0001. from America, reported
to-day, seems to have given satisfaction, especially
44 the remittance will be distributed in London,
Liverpool, and Havre. A continuance of these
isllPPlies, in addition to those from Australia, which
We know will be large, will soon place the Bank in
ayosition to relax its terms. The accounts from
New
York are favourable, and the news, when it
arrived out, of the suspension of Sir Robert Peel's
Act, does not appear to have had so injurious an 1
effect as many anticipated.
Besides the 320,0001. by the Arabia, the Serin-
114Putani, from Victoria, which arrived on Satur- 21
"3', has brought 12,180 ounces of gold, valued at 121
x,7201. During the week it is very probable that it
Lortber receipts of the precious metal may be
announced from the antipodes. too
Increased buoyancy is manifested in the English 18
'7°4 Market to-day, partly owing to the closing
4) ' one or two. Bear accounts. There can be no 18
doubt, however, that the news from America, and
the arrivals of specie from America and Aus• 1((!1‘-o'
tralia have stimulated the advance. On the
Whole, however, there is an improved tone, but leo
business is not very active. Consols for money 20
, have been 911 and for the Bth January 928 . 2r
They are now rather flatter. The New Three per 20
20
Cents. are 90 Exchequer Bills are 3s. dis. ; 17t
the Bonds 98i ; and India Bonds 335. dis. 20
Foreign Securities have been quiet but firm. St.
Turkish 6 per Cents. are 92 and the 4 per 120
Cents. Guaranteed 99. Russian 41 per Cents. are 00
96 ; ditto, 3 per Cents., 25L ; Portuguese, 43i ; tro
kid Mexican, 181
The following are the nominal prices of Foreign St.
stocks :--Grenada Deferred Bonds, 56 ; Mexi- 100
can,
1 3 182 19 ; Peruvian per Cents., 75 77 ; 20
per Cents., 51 52 ; Portuguese 3 per Ei
0
43 44; Russian 5 per Cents., 104 106 ; ditto 20i
.t per Cents., 95 to 97 ; Spanish 3 per Cents, 40:1 leo
; ditto New Deferred, 2t 25A. 100
A.
very moderate business has been reported in !-(29
VI ,
100 Railway Share Market this morning. Prices,
however, are firm, and in one or two instances a 20
!light advance has taken place. Bristol and Exeter 20
have improved 1/. ; Midlands and South-Easterns, 20
158. ; Eastern Counties and Brighton, 10s. ; and 20
Caledonians, ss. The Foreign and Colonial Lines 20
20
are inactive. East Indian have improved 10s. ; 20
and Great Western of Canada, 10s.
Mining Shares are very quiet. Cobre Copper -
realise 39 ; Wheal Trelawney, 23i ; and Great
Wheal Alfred, 41.
Iu Joint-Stock Bank and Miscellaneous Shares 2t
scarcely any transactionshave taken place. Oiieutal
isank advanced about 10s., and South Australian
Land 10s.

BRITISH FUNDS.—CLOSING PRICES—THIS DAY
(From the Official LiSt:)
Bank stock
t. 21,5 17Business done.
3
per Lent, Reduced Annuities
ii.e7,•Cent, Consols Annuities . 9ll i A
n'i, Per Cent. Annuities 9O i
N° w2O vr 4 0 Per Cent. Annuities 75. 7
actit Builds, £lOOO
iitto, under £lOOO 33 25 6 d
Vt.sols for Account (Jan. 8)
6x ,heriner Bills, 24d:
XlOOO — ... ......... .... ........ 3 d par
£5OO par
Small
RxcheqUer Bonds, 1858, '34 per Cent 9Bl
Ditto, 1859
PRICES OF FOREIGN FUNDS—THIS DAY.
I.quador New Consolidated ... 13
Mexican 3 per Cent
Ditto Account ''' 184 i a
Portuguese Bonds, 5 per Cent., Con. 1841 ---
Ditto 1853, 3 per Cent —
'Ditto Account
Russian Bonds, 1‘22, £ St., 5 per Cent —
Ditto, 44 per Cent.
Sardinian Bonds, 5 per Cent.
Sp‘nish Bonds, 3 per Cent.
Ditto New Deferred, 3 per Ce11%
Ditt. Passive si
Spanish Committee Cert. of Coup, not fun. 44 5
Tarkibh Bonds, 6 per cent
Ditto Account 92/ i it
Ditto Guaranteed, 4 per Cent,
Ditto Account 94
Dividends on the above payable in London.
Belgian 2i per Cent., ex. 25 francs
Do. 44 per Cent.. ex. 25 francs , O4
Dutch Ermauge, 2,,i per Cen;,., 12 Guilders 62,,
THREE O'CLOCK
Consols, money
•....... .
Consols account (January 8)
921 i

x d

The English opera at the Lyceum bas nog only a few 100
more nights to run ere the theatre is claimed by by Mr. 10200
Dillon, Mr. Wallace is again here, from America.
Miss Balfe is now in Paris, and is, it is aid,ra.
likely to
1220
obtain some engagement there.
Madame Lind Goldschmidt is, it is said, about to
give, with the assistance of her husband, a grand con. .5.6
cert, in aid of the funds for the erectidn of a monu-
-00
ment in the town of Halle. 00
The Right Hon. Sir Charles Wood, as First Lord of 20
the Admiralty, received a numerous deputation at the 50
Admiralty on Saturday last, comprising— Sir R. Fergu- i2O
son, M.P., Mr. F. W. Russell, M.P., Mr. J. C. Evart, 25
M.P., Mr. J. Vane, M.P., Mr. W. Kirk, M.p Mr. 120
H, M. Cairns, M.P., Mr. R. Davidson, m.p.. Mr. W. (IC
J. Fagan, M.P , Mr. James M' Bann, M.P., Mr. S. M.
Geer, M.P., Mr. Bagwell, M.P Mr J. It'cliardson, 2`?
M P., Colonel Fords, M.P., Mr. W. Malconoson (Water-
ford), Mr. W. Watson (Dublin), Mr. R. Henderson
(Belfast), Mr. Frederick Hemp, Mr. J. Laird (Birkeu hl
-
head), Mr. A. G. Robinson, Mr. W. Law Ogilvy, and 10,
Mr. R. Hadley (London), on the subject of ship lights. 101