The Sun.
London, England, 1857-07-02 00:00:00

iVIONEY MARKET

AND
COMMERCTIL INTRT.T.TGENCE.

CITY, Two O'CLOCK.
Letters from Liverpool mention that the
Cotton market yesterday was quiet, but firm, at
LF out former rates. The sales were 8,000 bales,

-1,000 for export, and 1,000 for speculation.
The Railway Share Market was dull but steady.
The attention of the public has been called to a
prospectus which will be found in our columns this
day, issued by the Directors of the Lake Ontario
tnd Hudson Railway—who desire to take up a
loan on debentures to the. amount of 800,000/.

200,0001. of which they have already "placed" in
New York. The bonds are to be for 2081. Gs. Bd., or
)nethonsand dollars each, bearing i percent. interest

until 1879 when they are repayable. The possessions

of the company are extensive, upwards of 500,000
acres in the State of New York covered with timber

of great value, for which there is a constant and
quick market at both ends of the line, New York
nd Sackets harbour. The railway is of easy
gradients offering great facilities for construction.
Contracts upon very favourable terms have
been entered into for the necessary works,
but the special feature of this undertaking is
that it possesses upon its own lands an amount
pf traffic, which is more than sufficient to fully oc-
cupy its capability of carriage for years to come,
and at highly remunerative rates.
There continues to be a very dull market for silver,
and, as the supply on hand is sufficient for immedi-
ate wants, the purchases on the Continent will most
likely be curtailed. The impression that the monthly
shipments to India and China will henceforth
diminish has been strengthened by the reduction in
the exchanges for bills drawn upon the Indian
Presidencies. The Hon. East India Company have
given notice that " the rate of exchange at which
they will receive cash for bills on Bengal and
Madras will, from the present date and until fur-
ther notice, be 2s. Odd. the Company's rupee, and
for bills on Bombay 2s. Old. the Company's rupee."
This diminution is equal to 1 per cent. It is now ex-
pected that most of our specie supplies will go into
the Bank, and the late arrivals have already caused
an important addition to the amount of bullion
held there. Yesterday about 5,0001. was sold to
the authorities, and in the course of a few days
some further parcels will be similarly disposed of,
as the Continental demand is now very much con-
tracted.

The Stebonheath with about 21,0001. has
arrived from Australia, and some of the other ves-
sels, so anxiously awaited, will no doubt soon make
their appearance. It is calculated that nearly half
a million sterling is now near at hand from Am-
tralia.

The steamer Magdelena, for the West Indies,
will take out 35,2761. in specie to-day, and about
50,0001. will be transmitted to the Cape by the
Armenian.

In consequence of the large influx of specie, and
the numerous additions lately made to the stock of
bullion in the Threadneedle-street vaults, it was
expected that a further decline of per cent. in the
min'mutn rate of interest and discount would have
been announced to-day. Afr.er a long discussion,
however, the directors determined not to make any
alteration at present, and it is therefore assumed
that the reserve of notes has not increased in pro-
portion to the Bullion, or that the amount
of " other securities" is too large to
Satur-
day,
payments
justify an immediate extension of loan and
discountthe 4th
of operations.the
month,The
and the large for
now having to be made, as usual at the end of the
quarter, have no doubt induced the authorities to
observe great caution, but in a few days, when the
commercial bills are met, and the future scale of specie
e
shipments is more clearly defined their position may
be sufficiently improved to enable them to make a
further concession. Notwithstanding the rate still
remains at 6 per cent., there is reason to believe
that the next Bank return, to appear on Saturday
morning, will exhibit some favourable results, as
the tendency is still towards improvement. Next
week the dividend payments will commence, the
following notice having been issued :

Bank of England, July 1, 1857.
Notice is hereby given that the payment of the
July dividends to the public will commence on Wed-
nesday, the Bth July.
WM. SMEE, Chief Accountant.
This distributionof dividends will, no doubt, tend
to promote increased interest in the Money
Market, although a large amount will have to be
returned to the Bank in repayment of advances.
In the English Stock Market the variation in
prices has not been important. At one period
more firmness was visible, but no permanent im-
provement was established, and since the separation
of the Bank Directors the tone of the market has
been rather flatter. Consols have been as high
as 921 buyers, but they are now 921 sellers, for
the opening they are 921 /. The New Three per
Cents, are 921 ft, and the Reduced 928 11. Ex-
chequer Bills further improved, being ss. to Is.
discount. Bank Stock is 213.
Very few dealings are recorded in the 'Foreign
Market, and the prices are generally steady.
Turkish 6 per Cents. have been 96, and the present
quotation is 95196 k. The 4 per Cents. are 102,
Russian 41 per Cents. 96k, and Sardinian 891 i.
Danish 5 per Cents. 1021.
The following are the nominal prices of Foreign
Stocks :—Grenada Deferred Bonds, -- ; Mexic4n, ,
221 i ; Peruvian 41 per Cents., 78i 91; ditto 3 per
Cents., 54 56 ; Portuguese 3 per Cents., 46 47;
Russian 5 pei Cents., —; ditto 41 per Centc., ;
Spanish 3 per Cents., 404- 1 ; ditto New De-
ferred, 251 1 ; ditto Certificates, 6,1 61 ; ditto
Passive, 5i 6.
certained u
The last week's railway receipts, as p
to this day, are in round figures as under :-
1867. 1856. ',
Great Western
Vorth-Western
Brighton
Midland
South-Eastern _ 21,543 20.703
Caledonian
Great Northern
Bristol and Exeter 6,990 7,290
Birkenhead 3,473 2,648
Lancaster and Carlisle
Alanchester, Sheffield, and Lincoln 11,184 9,649
North-Eastern
North London
North Stafford
Oxford, Worcester, and Wolverh., 5,029 3,915
Glasgow and South-Western
Edinburgh, Perth, and Dundee 3,368 3,264
In the Railway Share Market the transactions
were of an extremely limited character, but a slight
advance was realised upon some of the chief under-
takings. North Western and Manchester, Sheffield
and Lincoln advanced 5a..: South Western and
North Eastern, York, 10s. ; and North Eastern,
Berwick, 15s. -The other lines dealt in brought
pi evious quotations. The French lines have been
depressed, Eastern of France have receded about
ss. ; and Paris and Lyons about 10s. The
Canadian undertakings have also exhibited signs
of weakness ; Grand Trunk having declined about
lt. to 21., and Great Western about 10s., in the
üb-
latter instance, owing in some measure to the p
lication of the report of the Committee of Inquiry,
at Toronto.
Mines, Banks, and Miscellaneous Shares have
shown very little variation in prices. London and
County receded about 55., and treion of Australia
advanced ss. North of Europe Steam'
London
General Omnibus Company, and Crystal Palace
were dealt in at previous rates.

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