The Sun.
London, England, 1857-12-16 00:00:00

MONEY MARKET

A3l)
--
COM ramoiAL INTLILIGENOZ • Shr.

CITY, Two o'CLocx.

col mention that the Cotton
Market yesterday closed heavily, and values of all
descriptions were fully per lb. lower. The sales
were estimated at 2,000 bales. In the Railway
Share Market a better feeling prevailed, and tie
Market closed firmly, at an advance in prices for
all the leading stocks.

Letters from Liver

There can be no doubt that the Money Market
is becoming much easier. Instead of the hesitation
With which all descript'ons of bills were received by
the brokers, there is now an enquiry for them, and
the choicest kinds are in especial favour, and negoti-
able at to per cent. below the minimum. This
Points to an early reduction of that onerous quota-
tion, because the improvement is making rapid
progress and is not likely to be interrupted.
During the last few days a marked alteration is sup-
Posed to have taken place in the resources of the
Bank, particularly as regards the bullion, bat owing
to the maturing of the paper held by the authorities,
it is thought that the securities have run off to a
large extent, which in turn must have caused an
augmentation of the reserve. Considerable sales
of gold have been made, and the weekly roturn,
Which will be completed this afternoon, will no
doubt show that the terms of discount are soon
likely to be relaxed. Many are of opinion that
some measure of relief will take place to-morrow,
but although it is by no means improbable,
the majority consider that a delay of at least
a fortnight may take place. Before any
change is determined upon, the 2,000,0001.
over issued " credit notes" will have to be with-
drawn, and the question is whether the reserve
Which last week would have stood at 1,900,0001.
those notes had been deducted, bas since re-
ceived a sufficient addition to justify a relaxation
When the period is approaching for the distribu-
tion of the dividends. The directors, it must be
admitted, may be guided by the tendency of
affairs at the present moment, to a greater ex-
tent than is customary, because, with trade so
much curtailed, and in the absence of speculation,
a steady decline in the pressure for discounts
tatty be fully calculated upon. As the engage-
Inents now outstanding mature and are
.liquidated, the demand will fall off ; and
owing to the devastation among the com-
Mercial interests, and the stagnation of the export
trade, some time must elapse before there is a com-
Plate revival. In the meanwhile it is exceedingly
Probable that money will become cheap, from the
simple fact that it will only be wanted on a small
Scale, add a superabundance will ensue. In 1847,
When the terms were forced up to 8 per Cent., and
frost restrictive conditions were imposed, money
a few months after was as low as 4 per Cent. The
Circumstances of the crisis then were different from
those of the present one, but a similar movement
flay nevertheless be predicted.

The precise amount purchased by the Bank yes-
terday was 210,0001., consisting of the remainder
of the supply by the Essex and some of the last
American remittance.

Silver is in steady demand for the Hambro
Itarket, and yesterday about 30,0001. was trans-
kitted to that city. The prices of the metal are
unchanged.

Yesterday afternoon, the continental exchanges
Were generally rather lower.

The Centurion has arrived from New South
Wales, with 107 ounces and 10,000 sovereigns,
reaking a total of about 15,000/.
There has been ra'her an unsettled market for
English Securities, but it shows considerable
alreugth, and any decline that takes place is merely
temporary. A fresh supply of money stock was
brought forward this morning, which caused some
Weakness, and Consols, which were previously
911 t, were then about 91k. They are now
firmer again, being 91i 1. Speculation is very
quiet, but the satisfactory prospects of the money
Market support the quotations. The New Threes
are 91i the Reduced 91.1 1, and Long Annuit'es
24 Exchequer Bills are 4s. discount to par ; ditto
Bonds, 99i ; and India Bonds (under 1,0001.) 355.
discount. Bank Stock is 217 2181
Foreign Stocks are dull, and prices were rather
lower. Turkish 6 per Cents. are buoyant, being
ati 95, and the 4 per Cents. nominal. Buenos
Ayres 6 per Cents. are 92 ; Grenada Now Active
11,.°11c1s, 17i ; Ditto Deferred, 4i ; and Spani'i
41 ll
Neal Deferred, 251.
The following are the nominal prices of Foreign
Stocks :—Grenada Deferred Bonds, 5 6 ; Alexi-
,,e") 181 ; Peruvian 4i per Cents., 74
'6 ; ditto 3 per Cents., 50 52 ; Portuguese 3 per
,eenta. 4 , 43i 44i ; Russian 5 per Cents, 103 105 ;
i per Cents., 95 97 ; Spanish 3 per Cents.,
411 ; ditto New Deferred, 25 251.
The Railway Share Market this morning has ex-
ubited increased firmness ; the transactions, how-
e"r, have not been large, but most of the leading
lines show an improvement of about to 1 per
,cent. on previous current quotations. Great Wes-
?rn) North-Western, Manchester, Sheffield, and
Lincoln, North-Eastern (Berwick), and South
'Wales advanced 10s. ; Smith-Western, 15s. ;
and Eastern Counties, Great Northt,rns, and
Midlands, 11. In the Foreign and Colo-
ilia undertakings, the variations have not
been important. Great Luxembourg improved
about ss. ; Paris and Lyons and West Flanders
Were at former quotations. Grand Trunk of
Canada des:lined 10e. ; andGrea,t Western of Canada
improved ss.

Mining Shares were at quite nominal quotations,
40 business being reported.

Joint Stock Bank and Miscellaneous Shares rule
very quiet. City Bank declined 11. ; London and
Westminster, 10s. ; Orintal Bank, 15s. ; and Aug.
tralian Agricultural about ss.

"tit (TISH FUNDS.-CLOSING PRICES--THIS DAY.

(from Vie Official lA:di)
Dusineesdere.
8,1111 Steak ..
isr:r Lent. iteduced A nunit'a P
L;w 3 per Cent. Annuities 9li
''f= Annuities, expire sth Jan. 1860 2
Ditto 30 Years, expire sth April, 1855 l7l
ituia ods,
_ClMliti
0 'lnt°, nlldOr £3OOO 35 d
ot sots fur ACConnt
Ereliagner Bills, 2V.
£1 WO
..... .
1:660 3d 4d par
B:nsli par2dlp3dlp
•••
Ditto Rxeliequer Bonds, 1858, 3i For Cent.... 993
, 185 i
PRICES OF FOREIGN FUNDS—THIS DAY.
,
liraznien 5 per Cent.
Buenos Ayres Bonds, 6 per Cent. 92,
Grenada New Active, 24 per Cent. . 17i
Ditto Deferred 4 A
Etpulibli BoKitt., 3 per Cent. . . — ri
Ditto New Deferred, 3 per ten'.
l'o. ki,,t, 1,0,18, 6 per ..
Ditto &cconnt
Ditto Guaranteed, 4 per Cent.
Dividends on the above payable in London.
Dutch Exchange, 2:, per Cen;., 12 Guilders 83
2-Hillue o'cr,ocw.
Consols account, Jan. 8

SPORTING I V TELLIGENCE.

____~ ~--

BETTING AT MANCITESTER.-TUESDAY.

TWO THOUSAND GUINEAS STAKES.
6to 1 agst Clydesdale (taken)
7 to 1 asst Brother to Marthio ness (taken)
Bto 1 apt Happy Land (akr.)
Bto 1 agst Lord of L3rn (taker.)
20 to 1 agst C,xxold (taken)
CHESTER CUP.
Not a bet laid on tl:is event.

DTRBY.
1.1 ti 1 avet: C;rNst!d-e,
160 to 7 ag,st (rakes,)
18 to 1 a:v,t; (al:to))
25 to 1 ag:t Ditto (taken)

THE SWELL MOB OF THE LONDON OMNIBUS.-All
American gentleman havinv seated himself in a London
omnibus saw and heard what a little amused him. A
Itan, bearing no peculiar marks of authority, looked in
at the door, took a professional view of the passengers,
and called out to the driver, without any pretence at
modest concealment of his thoughts, "You c,in't go or,
there's two of the swell mob in here." The coach waited,
tll at length a pursy, welt-looking old man rose and
Stepped, saying as he did so, "I've too much money to
ride with pickpockets." In a moment more a spruce
Yuung Per on said, as he decamped, "I'd follow that old 60
gel9tlennan'a " en now," said the detective loci
1)(41"raano "the swells have got out, and all's right." •00