The Sun.
London, England, 1844-04-03 00:00:00

moNE f AND CO'

' CITY, TUESDAY EVENING.
The English Securities leave off well, Consols being
99 to 4 ; East India Stock touched 2931.
The Foreign Market was brisk, and Spanish Fives rose
t• 27 and 271 ; the Three pvr Cents. being 3S to I.
Mexican Bonds were 37 to 4 ; Colombian. 158 ; and
Dutch Two-and-a-Half per Cents., 59i to 4, being all
higher, but especially the last. mentioned.
The additional transactions in the Railway Shares
ligre been these—Birmingham and Gloucester were 7 ;
Brighton -5i ; Blackwell ipt ; Greenwich Preference
ex dividend 18 ; and Strasburgh and Bale 1* discount.
Bristol and Exeter were lf to 4 ; Caledonian 1*;
Bristol and Gloucester 15 to 17* ; Edinburgh and Glasl-:
tow I 5 ; New Quarter 26 • Manchester
and Leeds Half 18/ ; ditto. and Birmingham 9 ; Nor,
Wich and Brandon 5* to 5 ; Northern and Eastern 121 ;
North 'Midland Half 6 ; and Paris and Orleans 154 to

16 premium.
The quotations at which' three months bills of ex
change were taken this afternoon, were a shade lower on
Paris, Hamburgh, and Amsterdam. -
The following is the official return of the exports of
Bullion from the port of London for the week ending
Thursday last :
Silver Coin to Rotterdam B,OOO oz.
Hong-Kong B,OOO „
PP f t Belgium - 10,000 „
Bars to Rotterdam 39,000 „
Gold Coin to Calcutta
(From The San of Last Night.),
Cotton at Liverpool yesterday was not lower, and, upon
the whole, there was more steadiness. Sales 2,50 bales, in-
cluding 150 Surats at 3id. to 40., 100 Egyptiati2B 70. to
aid., 150 Pernam at 6d to 60., and the rest American at
44d. to' 68d. per lb. Railway Shares were without any
change,'and in fair request. Birmingham and Gloucester,
908 ; Chester and Holyhead, 78 ; Edinburgh and Glasgow,
64i ; Great. Western, Fifths, 19i ; Caledonian, 68 ; Dublin.
and Cashel, 5i ; Birmingham, 232 ; Paris and -.Orleans, 358 ;
South Eastern, 358 ex div.
The demand for British woollens is stated to be very satis-
factory. Cotton fabrics, however; are said to be accumulat-
ing rather rapidly, the exports not having by any means beery
received to the amount expected. A Manchester circular re-
ceived this morning, states that there is a' decided change fOr
the worse in the markets there ; both for goods and yarns,
prices were lower. The letters from New York, received this
morning, notice the fact that a cotton speculator there , had
failed for nearly 300,000 dollars, and many more were ex-
pected to follow. This must have an injurious influence on
the prices of the staple here, but the manufacturer, as well as
the consumer will be benefited by the breaking up of
one of the most extensive combinations to raise
prices that has occurred for some years:—" The re
sults of
,speculation begin to make their appearanCe.
The crisis has arrived sooner than anticipated. The cause of
this sudden collapse is, not that the business was carried ,to
an enormous extent, but in consequence of the feeble basis
such operations were founded on. The currency will
not admit of these illegitimate transactions. It
is sufficient to conduct safely and profitably the
regular movements of trade, and any species of business
out, of the regular channel, can find no support. This fact
is strikingly illustrated in the late cotton excitement. It is
estimated that the stock of cotton in this market, in the

hands of speculators, reaches full 160,000 bales, which at fifty
dollars per bale amounts to 8,000,000 dollars. The supply
of this staple has depreciated in value within the past two
weeks full 1,000,000 dollars. Of the stock of cotton in this
market, about 100,000 bales are in first hands on Southern
account for which drafts have been accepted, and which have
been discounted at the banks in Wall-street. The balance, say
60,000 bales, is held by speculators in this market. The
drafts drawn by the owners of the cotton at the south, who
ship it to this port, are negotiated through the southern
banks, whose endorsement they receive. A .planter in
Georgia, having a crop of 500 bales, ships to a factor here;
he immediately makes a draft on the factor at short sight..
This" draft comes • north through the bank located in the
vicinity of the planter's residence, and is presented for ac-
ceptance, after which it is discounted by the southern
bank. 'When it nearly reaches maturity, it is sent
on to a bank in this city for collection, and drawn
for before due, the bank here taking for security the
endorsement of the Southern bank. This regular routine
keeps the bank at the South constantly supplied with funds
to carry on these operations. The capital necessary for this
business is, in fact, all drawn from this city. These move-
ments arc not interrupted until some of the acceptances are
protested for non-payment at the counters of our banks. The
moment such an event occurs, the holders loot* to the parties
that made the o, iginal discount for payment, and the specu-
lations drop to the ground. A very large failure took place
to-day. An extensive operator in cotton could not meet
his acceptances, and stopped payment for about 280,000 dollars.
This is the first break-down--others must follow in the same
course. It is the inevitable result of such inflations as have

characterised the movements in cotton for some time past. It
is only about three months since the first symptoms of specu-
lations in cotton were visible. Within that short period, the

bubble has reached a head, and exploded. With a crop
several thousand bales below that of last year, with a demand
for the raw material for actual consumption much larger than
has been known for years, with a general revival in all
.branches of business, and the greatest abundance of money;
we see the crisis of cotton speeulations brought about in three.
short months."
In the commercial accounts there are but few items of
interest, as respects the demand and
.supply of British
manufactures.
• From Canada we learn, that the continuation of public
works already commenced, and the opening of others' in
contemplation, were matters which occupied the earnest
attention of Sir Charles Metcalfe. It was calculated
that in this way 3,000,0001. will be expended
in the aggregate. A fine field will thus be opened
for the . employment of emigrants who are about to
proceed from the mother country. We are informed
that a great and a valuable addition to the population of
Canada is expected to be made this year, in the persons of
comparatively wealthy agriculturists from Ireland and Scot-
land, as well as from England.
The purchases of the Commissioners this morning amounted'
to 30,0001. Consols, for which they paid 99i. This is now
the value for Money as well as for the Account. The amount
.of business done in other respects is small. The New Three-
and-a- Half per Cents. have been at 102k' ; Exchequer Bill
have advanced to 70s. 725. premium ; and the New South
Sea Annuities to 97k.
The information received from Madrid as to the tobacco
contract, and upon Such favourable terms to the Treasury,
led to many speculations
,for an advance in the Spanish
Funds this morning. The Three per Cents. have improved
froin 37i to 38i, and the Actives from 261 to 264. A slight
improvement has taken place in Dutch and MeXican Bonds.
Old Portuguese Five per Cents. have been sold just now at
80. Brazilian have been purchased at soi ex div.
The fluctuations in the market for Railway .Shares have
been slight, and not much business up to the present hour
reported.
MANCHESTER STOCK EXCHANGE, Arlin. I.—We have had
a firm market to-day, and prices have still an improved ten-
dency :—Lancaster.and Preston, 39 ; Sheffield and Manches-
ter, 701.; Dublin and Cashel, 54 ; Bury and Rossendale, 71-
t 0.4 ; South-Eastern New Creation, 5 premium.
- CLOSING PRICES.
BRITISH FUNDS. •

Indian Stock.... .... . . - —Pm -
Ditto Bonds B7 pm.
Ditto 011 Annuities
Ditto New Annuities.,, 97%
Ex. Bills, 1,000!. I lid.,. pin.
Ditto 5001 . .........
Ditto Small — pm.
Bank Stock for Acct —
Consols for Acct 99
,India Stock for Acct 293% '
I FUNDS.
Austrian. 5 per Cent ..... .. . ' Portuguese, 5 per Cent 79
Belgian, 5 per Cent. .... ....... Ditto, New Ditto-- ...... .
Brazilian Bonds. • Prussian, 5 per Cent -
Buenos Ayres, 6 per Ce..t... Russian, 5 per Cent 117%
:. Milan, . —.M
6 per Cent .......... Ditto, Metallic
Colombian, 6 per Cent
Ditto, 1824 — Ditto, 3 per Cent .. . ... ....... 38S
Cuba Bonds, 6 per Cent 93 Ditto, Deferred l6
Danish, 3 per Cent — ;French, 5, er Cent...—. —f. —c.
Greek, 18 5, 5 per Cent — Exchange —f. —c.
Mexican, 5 per Cent
Ditto, 6 per Cent., 1837.
Peruvian, 1825, 6 per CenL., DUO, 5 per Cent 99%
SHARES.
Birmingham and Gloucester (100 paid) '93
Bristol and Exeter (.0 paid)
Edinburgh and Glasgow (50 paid) - 65 -
Lon lon and Brighton (50 paid)
London and Blackwali (161. 13s. 4dl) 6%
London and Birmingham (Stock)
Ditto New Quarters ( -2 paid) 2B
London and Greenwich (1 :1. 1: s. 4(1 paid) 5%
i Attb, Preference or Privilege (131. 178.2 d. pd) 'l7
Manchester and Leeds (70 paid) —
Ditto FLilf Shares ( 0 paid)
MAtchcster and Birmingham • 9
Norwich and Brandon ( 2 paid) • 7
Northern and Eastern (44, paid)
North Midland (100 paid)
Ditto Half Shares (40 paid) 46
Paris and Orleans (20 paid)
Strasbourg and Bale (14 paid) 12%

Bank Stock
per Cent. Red
3 per Cent. Cons
3% per Cent. Rei
New 3% per Cent 1072%
New 5 per Cent...—.
Long Annuities to expire.
Jan. 1860
Oct. 1859

Jan. 1860