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

COMMERCIAL INTELLIGENCE.

CITY, Two o'CLocx.

The Liverpool Cotton Market on Saturday closed
With a downward tendency. The sales were 1,500
bales. The Railway Share Market was steady,
Without any change in prices.
The failure of Messrs. Douglas and Westcott,
merchants and shipbrokers, and Mr. A. E. Byrne,
la the Canadian trade, has been announced.
The demand for money during the last few days
has slightly abated, and although it is still very
there is an absence of that stringency and
Pressure which were experienced before the rate of
discount was raised to 9 per cent. At that period
the expectation of advanced terms stimulated the
inquiry, and the commercial public appear to have
obtained much more than they required lest they
should be unable to provide for future engage-
ments except on higher terms. During the
last few days, however, it was imagined that
a further application of the screw namely,
all elevation to 10 per cent. would be avoided, but
a good deal of doubt still exists upon the subject.
The relaxed pressure, however, and the still more
Important fact, that for several days past, the
Withdrawals from the Bank have been unimportant,
have caused some abatement of the apprehension
Which recently prevailed. Although the Money
Market cannot be said to have improved, still
there is a better feeling which might at any moment
be increased by more favourable advices from
the United States, or Australian gold arrivals.
The commercial failures resulting from the trans-
atlantic crisis have not produced so much gloom
a° !might have been anticipated ; but the suspen-
sion above referred to seems to have occasioned
some sensation, owing to its extensive and im-
portant character. The effects cf this general pertur-
bation will not be quickly dissipated, and during the
toll:minder of the year there are likely to be numerous
casualties of a similar, although not perhaps of such
a stupendous kind. A short time since a morni• g
"atemporary stated, with the utmost gravity, that
the existing rates bf discount in the American panic
Would not affect the position of houses that had
prudently conducted their business. The fallacy
of this argument is daily becoming more painfully
demonstrated. Such obstructions to the usual
course of business must materially lead, not only
to heavy losses, but irretrievable difficulties and
disasters.

Last week the imports of the precious metals
amounted to about 45,000/., and the exports to
1,300,000/.

25
St.
20
St.
St.

ANOTHER ADVANCE IN THE RATE
OF DISCOUNT.
Since the foregoing remarks were written the
Bank has come to the determination of raising the
rate of discount to 10 per cent ! This movement
was partly anticipated, although, perhaps, most
Persons thought that it might be delayed until next
Thursday. Under the circumstances, perhaps it is
the best course the Bank could have pursued, for
If it be in its power to give a filial blow to the
crisis, the sooner it is done the better.
"Al a proof that the public were in some degree
Prepared, it may be remarked that the effect of the
Measure upon the Funds has been very unim-
portant.
While, however, it may be said that the advance
has not created astonishment, the effect upon trade
Must be disastrous. Indeed, nearly all branches
will be paralysed, and although Lord Palmerston
and Sir George C. Lewis may be very reluctant to
°°flaent to any new measure, it is clear that Govern-
-laent interference is the next step that will be found
imperative. Already trade is sufficiently depress-
ed, but this additional 1 per cent. must bring it
almost to a stand.
The Market for Public Securities opened with a
flat appearance, but there was no material altera-
tionln prices. When it was anncuuced that the
Bank bad- raised the rate to 10 per cent., however,
slight decline took place, but the market was
n 0t so serionslyaffected as might have been expected
from such an important measure. The American
news had no effect, and the market although in an
Unsettled state is not so fluctuating as might be
Imagined. Consols for money have been 88a f,
and for December 7th, 80j 11. They are now 88i
and 89 to 89i respectively. The New Three per
Cents. have been dealt in at 87/ 88 ; the Reduced,
67i 88 ; and Exchequer Bills 255. to 18s. discount.
Bank Stock 209 to 211.
Few transactions have taken place in the
Foreign Market. Turkish 6 per Cents. have
been 871 to 88, they are now 861 87. The 4 per
Cents. 96i. Spanish 3 per Cents. 401. Peruvian
76. Mexican 181, and Brazilian 99.
The following are the nominal prices of Foreign
Stocks :—Grenada Deferred Bonds, 5 6 ; Mexi-
can, 182 ; Peruvian 41 per Cents., 75 77 ; ditto
3 per Cents., 51 53 ; Portuguese 3 per Cents., 4241
413 i ; Russian 5 per Cents;, 104 106 ; ditto 4i per
Cents., 96 98 ; Spanish 3 per Cents., 40 41 ; ditto
New Deferred, 25k 2.
The Railway Share market has been sensibly
affected by the advance in the rate of discount
this morning, most of the leading lines being fully
to 1 per Cent. lower than at the close of business
on Saturday. Lancashire and Yorkshire, North-
Western, Midland, Oxford, Worcester, and Wol-
verhampton, and South-Eastern declined 10s. •
Eastern Counties, South-Western, and North-
Eastern (Berwick), 15s. ; and Great Western and
Caledonian about 1/. ,to] 11. ss. The Foreign and
Colonial lines are firmer. Paris and Lyons have
slightly improved. Northern of France have
advanced 11. to 1/. 10s. ; Great Western of Canada
have risen ss. ; Grand Trunk of Canada, 10s. ;
and East Indian, 10s.,

Mining Shares are quiet. Alfred Consols realised
16 to 17 ; and United Mexioan, 3i. Joint-Stock
Bank and Miscellaneous Shares are flat ; Bank of
Australasia have declined 11. ; London Joint Stock,
BE. ; London and Westminster, ss. ; and Union of
Australia, ss. to 10s.

25
25
St.
10
10

Miscellaneous Shares are quite neglected. Na-
tional Discount Company, and Australian Agri-
cultural are a shade lower.

20
20
10
St.

18
20i
.00
1.00

BRITISH FUNDS.—CLOSING PitICES—THIS DAY
(From the Officsal List.)

• .
Business dens.
15,nk stock
3 per Cent. Reduced Annuities
3 per Cent. Consols Annuities BB4 i i 3
New 3 per Cent. Annuities BBi 7 it
Lleg Annuities, expire sth Jan. 1860 —
Ditto 30 Years, expire sth April, ISSS l7i
I uls Bonds, £lOOO
'Milo, tinder £lOOO 5O d
oot Eols for Account
Br-hAnntr Bills, 20.
£lOOO . •••
k;sou
S rmil l7 d
2228 17 24 d
Exchequer Bonds, 1858,34 per Cent
Ditto, 1859
PRICES OF FOREIGN FUNDS—THIS DAY.
Brazilian 5 per Cent.
Grenada New Active, 21 per Cent.
Ditto Deferred 5
Mexican 3 per Cent lB3/4
Peruvian Bonds, 43/4 per Cent —
Ditto Account ............
Portuguese Bonds, 5 per Cent., Con. 1841
Ditto 1853, 3 per Cent 42A
Russian Bonds, 1522, t St., 5 per Cent lO5
ilip‘nish Boyd., 3 per Cent.
Ditto New Deferred, 3 per Cent.
Ditto Account
Spanish Committee Cert. of Coup. not fun. 5.
TrirVish Bonds, 6 par cent .... ....
Ditto Account
Ditto Guaranteed, 4 per Cent.
Ditto Account
Dividends on the above payable in Loudon.

THREE O'CLOCK.
Consols? money ....
Ditt© account (November 1.0). ....... 85!

ilOO
100
,100
all
all

all
' all
100
100
,all
all

;100
all
all
13.00

TROOPS FROM Pramoura,—ln consequence of the
Austria not being quite ready the re-embarkation of the
94th Regiment, 850 strong, ha 3 been deferred for two
days. The (19'11 Regiment is to proceed overland to
India in three divisions, the first division leaving this
garrison on the 11th inst., the second or. the 18th inst.,
and the third on the 2d Dec. The several divisions will
embark on board steamh'pl. The regiment will pro-
ceed in ships to be supplied by the Australian Steam
Navigation Company to Alexandria, whence they are to
proceed overland to Suez, to be thence conveyed by the
companies steamers to Point de Galle, from which place
they will be taken on by steamers sent for them from
Madras. Four officers and 128 men are hourly expected
front Jersey to join the regiment.