The Sun.
London, England, 1850-01-02 00:00:00

MONEY COMMERCIAL NEW
CITY. QUARTER TO THREE.
The sales of Cotton at Liverpool yesterday were esti-
mated at ebaut 8,000 bales, 4,000 of which were taken
on 7n:cilia:ion. were stead. Fsidea's (leo
tetior.3.—Thea was a ir_ t'uo Sheri) lila:It-rt
Not much has 1,,,n done grain to• day, and pti:na
are the same as ou Monday.
We have a letter from Messrs. M'Neir, Greenhow,
and Irving, of Manchester, upon the subjset of the
textile market, in which they state Exactly twelve
months ago we represented the transac.ions of the clos-
ing month as having been almost unprecedented in ex-
tent, considering the season of the year, and to day we
are happy to have it in our power to communicate
a pretty similar statement with regard to the
present month, repeating what we have often reminkcd,
that December in ordinary yt ars is generally marked by
dulness and inactivity. The position of the Mal ket, as
indicated is our last circular, continued, for about ten
days afterwards, gradually Requiring greater force and
f
d epression, and accompanied with a decline in the value
o many descriptions of cloth and twist. At
that period, from a very prevalent belief
that the comm, tic( meat of the new 3 ear
would be characterised by improvement, an active and
vigorous demand for export and the home trade ensued,
which has, notwithstaeding the interruption of the heli-
day season, continued up to the present. time, rendering
the stocks of all kinds of light goods, as well as of some
numbers of mule twist, exceedingly light, and placing
many manufacturers and spinners under contract for
some time hence."
The Bankers' illogazike for January reviews with
accuracy the monetary affairs of the past p ar, and as
the summing up will give an idea of the future and
collect into a compact form the opinions we have our-
selves given from day to day, we subjoin extracts:—
"On the whole, the year has been a quiet one. Our
merchants and capitalists have been indisposed to enter
into any extensive speculations, and there has conse-
quently been an absence of excitement, the commercial
world seeming slispesed to remain quiescent for a time,
and strengthen itself after its severe losses in 1847 and
1848, before entering upon any fresh extensive enter
prises. Such an era appears to be an inevitable accom-
paniment to those of speculation and panic which
precede it ; and if we are to judge by our
experience of former years, it is the precursor of an-
other season ef prosperity and commercial excitement,
such as is invariably created by an accumulation of
bullion in the Bank of England, and a low rate of
interest for money. The chief points of interest in the
monetary history of 1849 are those relating to the public
funds ; the rate of discount ; the Bank of England; the
currency; railways; ar.d the general condition of trade.
" Consols fluctuated last year between the quotations
of 88i and 96i ex dividend, or 98i with the forthcoming
dividend. They opened on the Ist of January, 1849,
at 88, and reached the highest quotations we have
named on the 18th December, 1849. Between these
two prices, there have been various fluctuations, which
we have noticed monthly as they occurred; but the rise
has been gradual throughout the year, although
it was not until the approach of the
November ' account day, ' that any decided
and continuous improvement became evident. The
apprehensions of disturbances abroad made speculators
cautious of going on very far with their operations ; hut
the vast accumulation of bullion in the Bank, and the
reduction of the minimum rate to 21,¢ per cent. by the
directors, gave art impetus to the rise, which has cons
tinned ever since. The following quotations of the
price of Consols for the opening in January of
the past two years, and the present time,
shows the gradual improvement which has taken
:place since the panic of 1847.' Consols for the open-
ing in January, 1848, 85k; Consols for the opening in
January, 1849, 89; Consols for the opening its January,
1850, 96k.
" A comparison of the returns shows some decided
changes in the condition of the Bank of England. The
bullion has increased upwards of two millions during
the year, and upwards of six millions and a half as com-
pared with 1848. The reserve,' or available funds of the
Bauk,has increased ins much greater proportion ; while the
Bank profits, as shown by the state of the rest,' have evi-
dently much diminished—allowing for the bonus which
has been given to the proprietors. The most satisfactory
item in the returns, to many persons, will be that of the
public deposits.' It will be seen that the Chancellor of
the Exchequer has upwards of a million and a halt
sterling more at his credit now than in 1848, and nearly
two millions more than in 1847. Ihese are facts that
must exercise a considerable influence on the money
market, and are highly satisfactory.
" The issues of the Bank of England, of the private
and joint-stock banks in England and Wales, and of
Scotch banks, remain without any material alteration,
while the circulation of the Irish banks has continued to
diminish, showing the extreme depression which
has prevailed in every branch of trade in
Ireland fur a long time past. The fixed
issues of the Irish and Scotch banks and the
English joint-stock banks remain unchanged; but the
English private banks have had their total fixed issue
reduced 17,0651. by the failure of two small banks, and
the ceasing of another to issue its own notes. The real
reduction in the nominal amount of fixed issue is, how-
ever, much larger, as several banks continue to make
returns in the London Gazette of their notes remaining
in the hands of the public, although such banks have
really ceased to issue."
The Funds have been rather fluctuating on account of
the small minority in which the French Ministry finds
itself, but the detailed advice, received by the second
delivery, show that there is no fear of an expedition
against Buenos Ayres. Consols have been 96i tv and
are now 96k The New Three-and-a-Quarter per
Cents. have been 97 and the Three per Cents. 96k to
96k. Bank Stock is steady at 203. Exchequer-bills
have been 58s. to 615. and India Bonds 88s. premium.
In the Foreign Market, there have been a few bar-
gains in Portuguese Four per Cents. at tot
59. toin
Spanish Three per Cents. at 37, in Peruvian at
59i, and in Buenos Ayres at 46k to 47. Brazilian small
bonds have been 88. Venezuela are 28i. Belgian
Four-and-a-Half per Cents. are 88, and Dutch Ta o:
and-a-Half per Cents. 551. Mexican are nominally 28i
to 29.
Railway Shares have been rather duller, and have not
supported the extreme prices of yesterday. Midland
keep up tolerably well, Caledonian are steady, and
North-Western and Great Western maintain fair values.
Norfolk have been lower, and also North Stafford.
South-Eastern are better, and York and North Midland
a shade higher. On the whole, although the market is
not quite so lively as yesterday, it has certainly an im.
proved tone compared with Monday.
BRITISH FUNDS rills DAT AT ONE O'CLOCK.
(From the Official List.)
Bank Stock 203
3 per Cent. Reduced Annuities
New 314 per Cent. Anis. 973/43a %34
Long Annuities, Exp. Jan. sth, 1860 8 946 84
India Stock
Do. Bonds, 1000/ BB p
Ditto under 1.000/
Consols for Account
Exchequer Bills. ••••..
March. June.
1,069/.
500/. ... 68 61 n
Small 5B 61 p
PRICE OF FOREIGN FUNDS AT ONE O'CLOCK.
Brazilian Bonds, 5 per Cent
Ditto, Small
Buenos Ayres Bonds, 6 per Cent 47 46tA,
Dan:sh Bonds 1825, ilperCent 731/1
Guatemala Bonds 26%
Peruvian Bonds, 4 per Cent 59 j 59
Portuguese Bonds, 5 per Cent
•
Ditto 4 per Cent.
Ditto for the Account • .
Spanish Bonds, 5 per Cent,1840
Spanish Bonds, 3 per Cent...— 37
Venezuela Bonds ..
Dividends on the above payable in London.
Belgian 41/2 per Cent.
Dutch VA her Cent., 12 Guild 55 I.A
Ditto 4 ner Cent. Certificates

- -
1111111IICESS DONE IN RAILWAY SHARES AT ONI O'CLOCK
RAILWAY.. I'AID. PZIL SIAM
Gordoen -
Ditto, Preference Bl -
Arnttr., Notting., Bostou,&c. ii jia - .... •to -
ky rshire and Galloway - -
Belfast and County Down .. 28 .. .. - -
3erks and Rants Extension
(Gt. West. Perpet. 5 per ct.) 6 - ... •• to -
iitirmingnam k Oxford J unct.,
calls duly pd, or with guar. 20 - to -
Do., without a guarantee... 20 ... - to -
Birmingham,Wol.,& Dudley,
calls duly pd, or with guar. 10 ..... - -
Bzu__o:, without a guarantee-. 10 - .. ... te -
Luting., Wol & Stour Val -
1311.,kkenh, !ad, Lan" cashire, and. 123:14/.... -
•••.emir.. Junction
Bristol And Exeter "
Do., Thirds ...... ::: ....... - -
- ..... to -
Buckinghamshire
to Caledonian ..... ..". ...................... 157054. 1-0%143/4 to -
,
-
Ditto. New 10/. Preference 10 ...... 30/4 -
‘Lbitto. Clydesdale Junction 50 - -
%duester and H01yhead......... 50 ..... 93% 1/2 to _
ciDarietntoc,j. reference ........... 15 -
Do., let 61" ........ ... ......... 781 ..... - -
ess 6 per Cent... 10
D0.,2d Ciam:s - . ... to -
Do., GOT. Loan,A)per Cent. 10
Per Cent... 10 .... -
....
....
ttoo
_-
Direct London 8,
Dublin and Belfast .Trutmfira,°; uth 554 - ..
to -
Dundalk and EnniskilfeVl- 40
East Anglia, 251. L. & i•• 30 ...... -..- -
anti L. & D .. ......... '
Ditto, 18/, E. & II
.'. 25
- ..... to -
..18
p. Ct. prof.'Pf. 31, "• ** - ...... to -
Do, 31. las., 6
Do, 71.17 c, 7 per Ct. Prof. 2)1 -
Eastern Counties ..... ........ 20 ...... -- -
Do. New Guarant. 6par et. 10 ......
(.1 .. .. IP to
o
Per Do. Exten., 5 per ct.N o. 1,6/. 13e. 4. -- -
Do., d 0....... ......... N 0.2,6/. 13s. 4d. -
..
Do., Northern & Eastern... 50 ...... -- --- to IX3 p
... 50 ..... .56 . -
Do., 5 per cont.
Ditto, New

•••• 00000
Clam A (late

•••• •• • to .....