The Sun.
London, England, 1857-06-18 00:00:00

MoNEv ETA RK 72, T

zAND

/COMMERCIAL INTELLIGENCE.

CITY, Two o'CLock.
The Liverpool Cotton Market yesterday closed
with a quiet aspect, but very firmly, at fully last
week's, currency.. The sales were 5,000 bales. In
the Railway Share Market but little business. was
transacted, and at rather lower rates.
Notwithstanding the official returns published
from month to month show that an extensive trade
is being carried on, a general compl ,int of dulness
is made in all departments. This has. been parli-
cu?arly the case within the last feeweeks, and it
may in part be ascrited to the hope indulged of an
early change in the condition of the money mar-
ket. If the present onerous terms were modi-
fied, there can be no doubt an important stimu-
lus would be given, but in the meantime
with high prices, and 61 per cent. as the minimum,
production is limited and profits are diminished.
The consequence is that many of the manufacturers
in the north of England are working "short time,"
' by which the earnings of the operatives are seriously
diminished. The shipbuilding and many other
trades are also clepre.sed, as might naturally be
expected from such a stringent money market. The
sooner an improvement lakes place the better it
will be for the material interests of the country •
and it would be well if the proceedings of the Bank
Charter Committee, were made public, instead of
being conducted in secrecy, and that the whole
question should be fully discussed, and measures at
once adopted for an extension of the circulation.
Bather more favourable advices have been re-
ceived during the last few days relative to the pro-
. gress of the silk crops, and, as far as can be judged
at present, it is prought that the results will be far
more satisfactory than has been represented. As
the yield will necessarily have animportantinfluence
on the silver drain to the East, every item of in
telligence from the South of Europe bearing
on the subject is. eagerly perused, especially as
• the, exports to India and China are now on
the increase. It is stated that the amount to he
Sent away on the 20th will be nearly a million
aqd a quarter sterling, and it is evident that if
future remittances are equally lar4e considerable
disturbance in monetary affairs will ensue.
While the monthly exports were not more than a
million, or a million and. a quarter sterling there
was really no ground for anxiety, seeing the large
and: steady arrivals froth various quarters, but wh..un
they are suddenly increased to two millions
and a half sterling some degree of uneasi-
ness. is • naturally manifested. It is impos-
sible' to tell how long this state of things
la.st,,but the effiux—incre,sed to such a vast
extent—really seems not to be justified by the
nature of our commercial transactions, and it would
Sot; therefore, be surprising if some mitigation of
the evil should speedily take place. A small re-
duction in the .exchanges would give an imme-
diate check, _and on this account later intelligence
from India and China is awaited with considerable
curiosity. .
There was a special meeting this day of the Peel
River Land and Mineral Company, at which the
various resolutions passed at the meeting on
the Ilth of May were confirmed. It was
iltated by Mr. Leslie, the chairman, that the
last accounts from the colony were favourable, but
11,great falling off had taken place in the gold
4cens,,s, from the Government having lowered the
impost in 2s, 6d. per ounce, which would, of course,
reduce the advantages of the private owners of gold
lelds.. _ _
Atter a brief deliberation, the Bank of England
birectors resolved to reduce the minimum rate of
discount to 6 per cent., and it is now presumed
that the Bank of France will soon make a similar
alteration. Considering theprotracted nature of the
4111,ringency, and the maintenance for many months of
Ine quotation at 6f per cent., this change, when it is
lade' known throughout the country, will no doubt
.13e hailed with satisfaction, since it will stimu-
late trade. A further improvement, how-
ever, is yet - desirable, and if during the
treat few months 5 per cent. should be at-
tained,. commercial affairs will be restored to
a lunch-more favourable position. •At about this
little last year, or a little earlier, the rate was re-
"eed from 7 and 6 per cent. to 5 per cent. and,
With the ;exception of the specie drain, there is
Ilv.ething to prevent a similar line of policy now,
eut-it will be necessary to avoid speculation, and
to.
_discourage the introduction of specious home
kid foreign adventure in order to establish a per-
teanent amelioration.

With
English Stock Market opened quietly, but
With firmness. Business, however, was dull. When
the decision of the Bank bec'une known, instead of
tsudden itdvinee, the quotations appeared flat, and
though there is now more firmness, the effect has
tlOt been so great as might have been expected. Con-
kis have been 93i for the 9th proximo, and 931
also for the opening.' The New Viz ee per Cants
are 92i 93, and the Reduced 92± Exchequer
tills have recovered to par,_and the Bonds are 98i.
tank Stock-is 212±.
Poreign Securities are firmer, and business is
dull.. Turkish 6 per Cents. are 961 Brazilian
6,_perCents. New 100, Pernvign 4i per Cents.
4'nrtuguese 3 per Cents. 46i, 'Ruksisn 41 per Cents.
'8) ditto Small 99f, Sardinian. 5 per Cents. 891,
~nel Spanish New Deferred ‘26±.
6 The following are the nominal prices of Foreign'
Ootjks:—Grenada Deferred Bonds. 61i ; Mexte.n,
;Peruvian 41 per Cents., 76i 7h ; ditto 3 per
kOnts.," 53. 4 ; Portuguese '3 per Cjiits., 46 47 ;
~_ntlssian 5 per Cants., 109 111 ; ditto 4/ per Cents.,
w-(6,. 9; Spanish 3 per Cents., 42142±; ditto Deferred,
th-dittii Certificates, 61 -If; ditto Passive, 51 6.
The last week's railway receipts, ascertained up
t:Fi this dah_Fre in round figures as under :

1857. 1856.
Great Western
North-Western
alighton 15,118 15,421
...Midland.
tiOnth-Eastern 19,069 21 668
Caledonian.
Great Northern
14neashire and Yorkshire
Xirkenhead 3,001 2,553
tristol and Exeter 7,503 7.287
heater and Holyhead
Xist Lancashire 6,892 6,087
•Laneaster and Carlisle
London Gen. Omnibus Company 12,568 -
Manchester,,_ Sheffield, and Lincoln 10,016 9,271
~..Ixorth London
'North Staffard
Aorth-EaNtern
2zford Worcester, and Wolverh 4,258 3,383
Taff Vale 5,042 -
West Cornwall
West. Hartlepool

A- rather large business has been done in the
Railway Share Market. Prices generally have
Ned rather firmer, having been influenced
by the improved appearance of the Con-
eel Market. Lancashire and Yorkshire, Mid-
land, North-Eastern (Berwick), and South-
Western have improved ss. Caledonian 10s. Ox-
ibifl, Worcester, and Wolverhampton 15s. Man-
2hester, Sheffield, and Lincoln, 11., and South-
astern and Great Northern 11. to 11. ss.
The French lines are inactive, at previous
quotations, but the Cans dian are rather
higher. Grand Trunk of Canaria advanced about
1.)., and Lombardo-Venetian declined 55., and East
indian about Ws.
Mining Shares are exceedingly quiet. Wheal
Basset realised 161, Wheal Edward 6}, and Cobre
Copper 50A 51.
Joint-Stock Bank Shares rule rather firmer, bul
business is dull. London and. Westminster im
Proved ss. ; Ottoman Bank, ss. ; and Union o:
Australia, ss.
Miscelaneous Shares are quiet.
Agricultural advanced ss. to 10s.

Australian

tRITISEI FUNDS.—CLOSING PRICES—THIS DAY
(from the Official Ltst.)

- Puniness done.
sank Stock
' }pert ant.. heduced Anunitims
3 Per Cert tlonsolr, o:nnition Shut
liew 3 per Cent. Annuities 92i i 3
itiiin Bonds, ,10till .•••.........„ ...... s 3 d
Cansolos ?or A acorn, ......
Ditto for Opening 93i 1
.If..tenequet ;min,„ -44 d.
E,lo(tc, . ....
...
£560 1 p par 4 d
• - Email ......... ........ .
Ditto Bonds, 1858,'.? per Cent.
Ditto, 1859
~,, PRICES OF FOREIGN FUNDS—THIS DAY.
-o,razilion 5 per Cent. ...
... •
Do., New, 1829 and 1839, 5 per Cent
Ditte 1813 984
_Mexican :i per Cent
~, Ditto Account
r eruvian Bonds, 4 per Cent 77
-Ditto Account - ................. 77
•Koituguese Bonds, 5 per Cent., Con. 1841
Ditto 1853, 3 per Cent. 4li
Ruanal, Bends, 1622, 2!-2 St., 5 per Cent._ ___.
• Ditto Account .... ~.. - 1101
Ditto, 46 per Cent. 9B
Witte Small
es..diniais houls, 5 per Cent.
Ditto Account
-'4P AniEh Bonds, 3 per Cent.
Ditto Account
Ditto New Deferred, 3 per (Au'.
Ba Ditto Account
tsP 'fish Committee Cert. of Coup. not fun. Gi
a'n -it ik ti i ends, t. par cent ..

Ditto Account
tioltto Guaranteed, 1 per Cent,
LAU° Account
eaezuela Bonds, 41 per Cent
••1,,L enua Ott the aL ova , use, o Loudon.
THREE O'CLOCK.
Coneolß for AuCOUUt: July 9 93fiad