The Sun.
London, England, 1857-06-26 00:00:00

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STATE SECURITIES.

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AND
CoyiIAERCI INTELLIGENCE.

CITY, Two o'CLocK.

Letters from Liverpool mention that the Cotton
Market yesterday closed with a firm appearance,
and prices were fully maintained. The sales were
estimated at 3,000 bales, 1,000 of which were
taken by the speculators. The Railway Share
Market closed quietly, and only a limited business
Was transacted, but prices were a shade bean-.
In the Foreign and Colonial Produce Market
this week there has been less animation, and the
general tone of business is quieter, but at the same
time the quotations of nearly all the chief articles
steady. Sugar has been less active, but holders
have withdraWn several parcels offered publicly, so
as t) support prices, arid thus very little variation
has taken place. Coffee has realised full prices,
and a good demand has existed. At the forthcom-
ing Dutch auctions 80,794 baskets and 2,745 bags
of Java, besides 7,377 bags Mauritius, will be of-
fered. Cocoa is quiet, but 2e per cent. dearer.
niceeontinuee steady, and for tea there has been an
active enquiry, at a rice of id. per lb. Spices are
steady and tallow has advanced. The declarations
for the Indigo sales of next month are extended to
12,381 chests, and same additions may still be made.
In:the course of examination we find a very large
Proportion of the Benla( crop to be more than com-
monly cold and otherwise defective. Sound red
qualities suitable for Russia are very scarce, and are
likely to command higher prices. The deliveries of
late have been steady, the arrivals early, and the
stock still shows a temporary increase upon that of
last year. .
The stock of saltpetre on the 20th instant was
5,532 against 6,121t0ns at, the same date last year.
,The Bank of Fiapce have reduced the rate for
discounting bills from 6 to 5t per cent., but no
alteration is made in the terms for advances on
stock. This measure, as far as we ere in a position
to judge, is a sound one, and, notwithstanding an
?pinion is loudly asserted in some quarters that it
is utterly inconsistent with sound principle, there
can be no question that the administration will
bltimately be proired to have acted with prudence
arad a due regard to probak le cowing( ncies. Sup-
posing the stock of bullion has been diminished to
the extent of 800,0001., as stated, that is no reason
Why the position of the Bank should render a
change impolitic, and a wise determination is
evident in the course pursued, viz., the
Withholding of increased facilities from the specu-
lative public. It is proved by the premiums paid
for the" call" of different kinds of stock that a
disposition exists to extend operations on the
Bourse, and if .these were encouraged by an offer
on the part of the Bank to grant loans 'on easier
terms the results might be disastrous, and the
improvement in financial affairs thus impeded.
Again, there will soon be an issue of 50 franc notes,
the emission of the scrip of shares representing the
hew capital having already commenced. As soon
as some of the instalments are paid, note
circulation will be increased ; and with the pros-
Pects of a gool harvest it will no doubt be
found, iu spite of the doubts expressed,
that the alteration made yesterday was not only
Opportune but perfectly justifiable. Of course
there is a good deal of disappoiertmente some ex-
pected a reduction of 1 instead of per cent., while
others made sure that the measure, whenever it
was adopted, would apply to loan as well as dis-
count operations.
During the fortnieht ending last evening the
amount of hills drawn by the Honourable East
India Company ou the three Presidencies were as
follows :
Rates of Exchange— Amount.
On Bengal, 2s eid per rupee... £41,851. 8 9
On Madras, 2s OAd per rupee... 7,840 18 0
On Bombay, 2s. id, per rupee... 600 0 0

Total.

The Trade and Navigation Returns for the month
d five months, ended the 31st of May last, have
been published this morning. These exhibit a steady
expansionof our commercial intercourse with most
Parts of the world, notwithstanding the tightness of
the money market and the dulness which seems to
Prevail in most branches of business. The value
Of. our exports, and the results when comps:el
With the previous year, are m under :
One month. Five months.
1857 ... £11,382,204 ... £50,195 541
1856

Increase...£2 648,904 ... £6,888.212

The import tables are also satisfactory, and those
lelative to shipping show that a larger amount of
tonnage has been employed this year than.in 1856
or 1855. _ _

This day a large meeting of shipowners, mar-
chant-s.e.tmen, and others, was held at the London
Tavern, Bishopsgate-street, R. W. Crawford, Esq.,
M.p., in the chair, the object being to affect a re-
Deal of the Act of 1854, and to induce the Govern-
ment to grant a charter of incorporation for the
merchant seamen of the

Although exceedingly dull, the English Funds
have been very firm all the morning, the decline in
the minimum at the Bank of France, notwithstand-
jag the depression on the Bourse, having given
support. The market remains in the same dull and
apathetic state, and there is no variation of the
slightest importance to comment upon. Consols
have been 93k I, and they are now flat at
these quotations. For the opening they are 93g.
The New 3 per Cents. are 92k 93, and the Re-
duced 921 93. Exchequer Bills have further receded
le., being 7s. to ss. discount, and the Bonds are at
98 India Bonds are marked 4s. discount.
Foreign Securities are quiet, but on the whole
rather firmer. Turkish 6 per Cents have risen to
961 A, I, and the 4 per Cents. are firm_ at 1021.
The only other transaction recorded is Russian 5
per Cents., which have been done at 110.
The following are the nominal prices of Foreign
•Stocks :—Grenada Deferred Bonds, 6 61; Mexican,
221 ; Peruvian 41 per Cents., 77 79 ; ditto 3 per
Cents., 53 55 ; Portuguese 3 per Cents., 46 47 ;
Russian 5 per Cants., IC9 111 ; ditto 41 per Cents.,
98 100 ; 'Spanish 3 per Cents., 411 21; ditto De-
ferred, 25k 261 ; ditto Certificates, 6A 6/ ; ditto
Passive, 51 6.
Messrs. D. Bell, Son and Co., report that during
the week there has been very little business in.
American Securities, and little change in prices.

GOVERNMENT SECURITIES.
Redeemable. Per Cent.
United States 6 per Cents. 1867-1868...106 1061
United States 6 per Cent. Bonds 1868...106 106

Alabama 5 per Cent _
... 78
Maryland 5 per Cent. (Sterling Bonds) ... 89 91
Massachusetts 5 per Cent. (Sterl. Bonds) ./.100
Mississippi 6 per Cent. Pl. Bk
Bonds - 1841-1871... 40 42
Mississippi 5 per*Cent. Union Bk. Bonds ... 20 22
Pennsylvania 5 per Cent. Stock
Pennsylvania 5 per Cent. Bonds 1877... 79 81
Tennessee 6 per Cent. Bonds '
••• -
Virginia 6 per Cent:'-Bonds 1886... 833 843
Virginia 5 per Cent. (Sterling Bonds) 1888... 84 86
LOANS OF CITIES.
Bolton 43 per Cent. Bonds 1883... 90 92
Montreal 6 per Cent. Bonds 1856-1865...
New Orleans 6 per Cent. Stock 1883.... 75 77