The Sun.
London, England, 1857-10-12 00:00:00

MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, Two o'CLocK.

The Liverpool Cotton Market on Saturday closed
heavily, and Surats were about 1-16 d. per lb.
lower, but all kinds were unchanged. The sales
were 9,000 bales 6,000 of which were taken on spe-
culation. In the Railway Share Market an im-
provement appeared and prices advanced.
Owing to the disturbed condition of affairs in
New York, and also in India, business in the ma-
nuracturing districts of the north of England is ex-
ceedingly dull, and as several failures have been
produced, there is rather an unsasy feeling. In
Manchester several silk houses have succumbed,
sand in some of the other towns, it is feared, similar
disasters will occur. The losses resulting from the
crash in New York must involve the credit of firms
at home, and it is satisfactory, therefore, to be able
to state that the advices brought home by the
Persia on Saturday were rather more assuring.
Those from India, also, are considered the
most encouraging yet received ; so that, after
all, the depression caused by the recent
course of events may not prove so lasting as
was at first apprehended. When order is restored
in the East, and confidence is re-established in the
United States, business will revive, and the strain
may speedily relax/ A more hopeful feeling evi-
dently exists, despite the elevated rate for dis-
counts, and the knowledge that a rapid recovery is
almost impossible. The advance in the minimum
by the Bank on Thursday, and the expectation of
further restrictive measures, seems to have caused
additional gloom among the manufacturers, who
have many obstacles to contend against, especially
the dearness of money and of the raw materials.
The stocks of goods are light, and the most cau-
tious policy is pursued in all departments, and thus
there is less embarrassment than might otherwise
have been expected.
The letters and papers by the steamer Persia
were delivered this morning. Their contents, upon
the whole, are less unfavourable, and the crisis ap-
pears to have been passed. The City Banks had
succeeded in further strengthening their position,
and no alarm whatever was felt regarding them, while
with respect to the establishments in Philadelphia,
measures had been taken to suspend specie pay-
ments, and business woul I be conducted on a paper
currency for probably 12 month.. The bankers in
New York had deeided to extend their discount
accommodation, and this would greatly relieve the
position of the trading community. The next
two or three mails, although they may record nu-
merous cases of individual misfortune, are expected
to prove more satisfactory, and a slow but steady
recovery is anticipated.

FURTHER INCREASE IN THE MINI-
MUM RATE OF DISCOUNT.
A considerable degree of excitement has been
produced in the City this morning by the Bank of
England directors having raised the rate to 7 per
cent. This measure was not wholly unexpected,
but so serious a movement naturally occasioned
general uneasiness. Unable any longer to
withstand the severe pressure upon their reserves
of notes and gold the authoriti, s deemed it
ptudont to act with promptitude, and not to wait
until the usual Thursday meeting. Ample evi-
dence is thus afforded of the perplexed situation
of the financial affairs ; and fears are freely
expressed that further restrictive measures will yet
be resorted to. The alteration applies to all de-
scriptions of paper, and, as there is no distinction
as in 1856 and 1855, it is decidedly a more stringent
regulation than any adopted since 1847. The effects
of this change will be most disastrous, especially if,
as there is every reason to apprehend, the stringency
will not be of a temporary character. Irrespective
of the adverse influence of the Indian and American
disturbances, the tendency of the demand for our
own purposes and the increasing stringency of the
Continent indicated additional pressure, but the
effects of the New York panic and the Indian Loan
have greatly aggravatt-:d the financial disorder now
witnessed.

The injury that will ba inflicted upon all branches
of business is almost incalculable, and numerous
weak firmsimust necessarily succumb, since they will
have to pay a most usurious rate of interest for the
accommodation necessary to transact their bysiness.
The trade of the country is conducted to such an
immense extent up6n credit that the alteration de-
cided upon this morning must jeopardise such
firms as have not the enjoyment of a first rate
reputation. The majority of our commercial
houses may be of what is termed a second or third
rate character, and though highly:respectable, must
suffer serious inconvenience by the enactment of
such a stringent regulation. The allowance for
deposits "on call" has been increased to 61 per
cent.,- which must C 211.30 a general depressio,u
of all classes of speculative securities yielding an
inferior rate of interest.
Immediately the alteration became known, the
Funds receded about per cent., and it is
. almost unnecessary to remark that the Stock Ex-
change has been in a most excited state all
the morning. As the news from India and
America has arrived, the speculators are in a
position to form a more correct opinion as to
the future, and they have not hesitated to
press sales to a considerable extent. Consols
have been 882 for money, and 901 to ± for ac-
count. They have since receded to 881 and 881 re-
spectively. The present prices are 871 and
87g I respectively, which is a further decline of 1
per cent. The New, Threes were 871 ; nd the Reduced, 87i 'l. Bank Stock was 211 213' a L
In-
dia Bonds, 211. Exchequer Bills were 6s. dis-
count.

Foreign Stocks are all depressed, and a 1.
business has been done. Turkish 6 per. Ceanrgtse
have dropped to 88 and 88g. The present price 18.
85i 86, and the 4 per Cents. are 97i 98. Spanish
3 per Cents, are 401 2. Sardinian 89i 901, and
Peruvian 76 to 77. Some of the other securities
are as follows:—Brazilian 5 per Cents. (1829-39) 99
to 991, Dutch 21r per Cents. 64, Ditto 4 per Colts.
971.

The following are the nominal prices of Foreign
Stocks :--Grenada Deferred Bonds, 5i 6 ;
can, Mexi-
-201 ; Peruvian 4i per Cents., 7'7 IS
ditto 3 per Cents., 53 55; Portuguese 3 per Cents.,
44i 451 ; Russian 5 ner Cents., 109 111 ; ditto per Cents., 97 99 ; Spanish 3 per Cents., 40 41 ;
ditto New Deferred, 251 i; ditto Certilic rtes, —;
ditto Passive, —.
The Railway Share Market this morning has
exhibited a very excited appearance, and the de-
cline in values has been about to 1 per cent.,
prices having been influenced by the downward ten-
dency of the English Funds. North-Western and
South-Western have receded ss. ; Eastern C
ties, Great Western, and South-Eastern, 10s.oun-
;
Caledonian and Midland,t-Western
11. ; and Grea 1.1. 105. ;Brighton 2/. ; and Lancashire and York-