The Sun.
London, England, 1857-02-16 00:00:00

MONEY MARKET

AND
COMMERCIAL INTELLIGENCF.

CITY, Two o'CLoca.

' Letters from Liverpool mention that the Cot-
ton Market on Saturday closed with much excite-
ment, at a slight advance on Friday's rates. The
sales amounted to 20,000 bales, 3,000 of which were
taken by the exporters, and 10,000 by the specu-
lators. The Railway Share Market manifested an
active appearance and closed at an improvemen Et-A
The proposals made by the Chancellor of the
Exchequer, in his financial sta.' ement relative to
the tea duties, has caused considerable excitement
,artiong the trade, and the meeting held this mo-n-
-thg, the particulars of which appear in another
column, was very numerously attended. The feel-
ing manifested was one of indignation at the course
Pursued by the Government, after the assurance given
that the duty should be reduced to the extent origi-
nally stated immediately upon the cessation of war.
It is contended that the present measure will benefit
neither the merchant nor consumer. Besides
Which, in the present state of China, it is contended
that encouragement ought to be given to shippers.
The speeches made elicited general approbation,
and it is hoped that the Chancellor will reconsider
his intentions upon the subject.
There continues to be a very active inquiry for
discounts both in Lombard-street and at the Bank
of England, but the pressure is rather less severe,
as the supply is ample at the current rates, and no
fear is entertained of an advance. Although diffi-
cult to trace the source from whence this continu-
ous demand arises, there can be no question that
it is fully explained by the immense trade which is
being carried on. Contrasted with former periods,
the commerce of the country was seldom_
perhaps never—in so flourishing a condition,
for it is of a steady and bona fide character,
and entirely free from unsafe speculation.
The consequence is that although profits are
diminished by the high quot miens charged for dis-
count the merchants and others engaged therein
are
doing well, and the announcement of a mercan-
tile failure is an affair of rare occurrence. While
caution thus continues to be exercised, a healthy
state of business will be preserved, but from indica-
tions manifested in certain quarters there is a pro-
spect, in the case of money becoming cheaper, of an
extension of speculative engagements. The drain
of silver to the East will no doubt remain unabated,
the advices by the overland mail, telegraphed
from Trieste reporting little alteration in the
Indian exchanges, while the money markets at Cal-
cutta and Bombay are represented as being even
more unfavourable than before. Large shipments
of this metal, therefore, will still be made, while to
China also, notwithstanding the slight decline in
the exchange at Shanghai, remittances will be ef-
feAed, as there is, and will be a large balance of
trade to be discharged by English consignees.
Silk and tea are coming forward very freely, which,
for the most part, must be paid in silver, although
our manufactures, to a small extent, may be ex-
Ported in exchange. Under these circumstances
gold is likely to be sent to the Continent, and in
proof of this it may be mentioned that not only
has about 600,000/. of the 800,0001. recently re-
ceived from Australia been absorbed, but with-
drawals from the Bank have recommenced ; a
parcel of about 32,000/. having been taken away
on Saturday. In the course of a few weeks, how-
ever, fresh supplies will arrive from the Antipodes,
and by this means the metallic reserves in the na-
tional establishment may be maintained at a satis-
factory point.
The annual mee' ing of the Berlin Water Works
was held to-day ; Mr. GOshen in the chair. It ap-
peared from the report that the works were com-
pleted, and that although no profit had attended
this, it was expected that a surplus would remain
over the expenditure of the current year in favour
of the shareholders. As it was found advisable to
carry the works further, a resolution was passed
tor issuing 60,000 of the company's 101. shares, at 5
per cent, discount, to the shareholders.
Some symptoms of weakness have been appa-
rent in the English Stock Market to-day, but they
result mainly from the disposition evinced to realise
profits. There is thus a heavy tone, and accom-
panied therewith are various remarks in reference
to the drain of gold, the continued dearness of
money, &Q., These adverse influences, however,
previously .existed, but with a drooping market
unfavourable views are generally expressed. All
things considered the position of the market is
firm, and there is no just cause for the establish-
ment of a lower range of prices, but of course this
chiefly depends upon the nature of the speculative
dealings. [Consols for transfer have been 93i
for the account 931' then 931 sellers, and they
are now about 931 a. The New 3 per Cents.
are 94 to 94k, and the Reduced 931 Bank
Stock is 216 to 2171, and India Stock 220. India
Bonds are 2s. discount.
Since the above was written, the market has be-
come heavier, owing to some large sales.
The changes in the Foreign Market have not
been very numerous, the quotations on the
whole having been steady. Turkish Six per Cents.
are now about Ha I, and the 4 per Cents. 101 to
101 k, being heavy. Spanish Deterred were 24i ;
Sardinian, 901 ; Russian 4i per Cents., 97 ; Peru-
vian 4i per Cents., 80i • Dutch 21 per Cents., 65,
and do. 4 per Cents., 981
The following are the nominal prices of Foreign
Stocks :—Grenada Deferred Bonds, 61 7 ; Mexi-
can, 21k 22i ; Peruvian, 80 1 ; ditto 3 per Cents.,
65k 561; Portuguese 3 per Cents., 44 6 ; Russian
o per Cents., 108 10 ; ditto 4i per Cents., 96 8 .
Spanish 3 por Cents., 401 4 •, ditto New Deferred,
24g. ; ditto Certificates, 6/ 1 ; ditto Passive,
ti 6.
The Railway Share Market has been influenced
by the flatness of Consols, and prices generally
may be quoted at about per cent. decline upon
previous prices. Caledonian have receded 10s. ;
Eastern Counties, 55.; Great Northern, ss. to 10s. ;
Great Western, ss. Lancashire and Yorkshire,
ss. ; Brighton, ss. ; North-Western ss. ; Midland,
ss. ; North Eastern Berwick, lOs. ; and Scot-
tish North-Eastern, ss. Bristol and Exeter
-have advanced ss. • South-Western, ss. ;
North British, Os. ; and South Wales about 11.
Paris and Lyons have been firm, but
Dutch Rhenish, Great Luxemboarg and Grand
Trunk of Canada have declined ss. British,
Foreign and Colonial Mining Shares rule very
dull, and prices show no material alteration.
Very few transactions are reported in Joint
Stock Bank or Miscellaneous Shares and pricey
have ruled heavy. Union of Australia advanced
about 55., and London Joint Stock declined 5s
Canada Land Shares declined to 21. London Gene
rid Omnibus Company rule firm.

BRITISH FUNDS.—CLOSING PRICES —THIS DAY.
(From the Ojimal List.)
&ion., e
Bank Stock 2lB 16 17
3i ,ter Cont. Reduced Annuities 93i
3 per Cent Console Annuities ............ 931 ;
New 3 per Cent. Annuities 94h 4 31.
Loag• Annuities, expire sth Jon. 1860 2
India Stock
India Bonds, £lOOO
Ditto, under £lOOO 2 d
Consols tor Account 935
Bxeheciner Bills, 2id
.£lOOO .
000 ........ 3 p
Small
PRICES OF FOREIGN FUNDS—THIS DAY.
Brazilian Bonds, 5 per Cent. lO3
Ditto 7 per Cent. (Matanza and Sabanilla) 101
Greek Bonds 6i
i
Mexican 3 par Cent 22 1 2
4
Peruvian Bonds 4i per Cent
80
. Ditto Account ...
Russian Bonds, 1822, £ St., 5 per Cent —
Ditto, 4i per Cent.. . ....
37
7i
Ditto Small
Sardinian Bonas, 5 per Cent. ......... 90 I
SpaniFh Beads, 3 per Cent. .................. 40A
Ditto Few Deferred, 3 pet ......... 24,
Litt,. Passive 5l
Turkish Ponds, 6 per cent
Litto Account
Ditto Guaranteed, 4 or Cont. ........ .
Dividend, on thl above payable ir9Trf.,l67'
French rates,ltee4ni per Cent. Ditto 3pr c t.
6 S 755nc:.. eexx 2255fi. 225 cc..
Dutch Exchange, 21
Ditto 4 per Cent. Certificates
per Cent., 12 Guilders 65
Certificates 981
Consols, moue THREE O'CLOCK.
y
Ditto, Account-at—rel. ... ............. 9937
•

' RAILWAY ACCIDENT.---A. fearful accident occurred on
Friday night on th
of North-Eastern Railway,
Shields. The axletreee
and in consequence the train?ne of the carriages broke,
across the line •near
a portion
was thrown completely
, knocked down, and the wholenof the paraet was
tchaerriages narrowly
escaped being precipitated
ato theund. Fortunately
no one was killed, but numberof passengers were severely injured.
SCURRILOUS •PUBLICATIONS.—On Saturday., the
Judges' Chambers, the proprietor and publisherat of a
,enit pre
penny publication, was brought betieothmi his ord
ifper,
roend
'''''- ' , • a warrant granted upon a bill of '
against him by the Society for the Suppression of Vice
for selling and uttering an obscene, indecent, and scur-
rilous publication. It was stated that this publication
contained many gross libels on private individuals, and
every person who sold it was liable to be prosecuted.
The prisoner's committal was therefore asked for under
heavy bail. Mr. Justice Coleridge said that, considering
the nature of the publication, he should require two
sureties in 100/, for the prisoner's appearance to answer
the indictment. He was then removed to prison in de.
fault of bail. It was intimated that the society intended
to proceed against the vendors of all publications similar
in character to the one in question.