The Sun.
London, England, 1850-01-07 00:00:00

(..3 lAii. N
CIT Y. Q U.:III7IER TI-1 The Cotton Market at Liverpool on Saturday was very
bafirm at previaus rates; the sales were estimated at 6,000
les, of which 2,000 American and 500 Surat were
taken on st eculation. The sales comprised 5,000
American, at 64d. to 7d.; 300 Pernam and Atlaranheni,
at id. to 6id.; and 800 Surat, at 4d. to 4id. per lb.-
In Railway Shares only a limited business was done,
and generally at lower rates.
The Corn Market is heavy to-day.
The following is part of an elaborate statement upon.
the metal trade, furnished by Mr. William Short:-
" Iron-The aspect of the market, and the nature of
the demand, have changed frequently through the year.
In the first three months bars in Wales ranged from
5l 103. to 61., and at one time touched 6Z 55.; but
throughout the summer they remained about 51. To-
wards the end of October they had dropped to4l. 12s. 6d,;
but as the large shipments to the United States had ex-
hausted stocks in dealers' hands at Liverpool, a very
active demand sprung up early in November, and con-
siderable business was done, beginning at 41.
12s. 61, and ending at Li., which was per-
haps the nearest price at the close of
1849, although some makers ask 5/. ss. The
shipments of iron to all India, from London and Liver-
pool alone, are 37,448 tons, or nearly double those of
1848, three times the exports of 1847, and five times
those of 1846, so that the requirements of India seem to
be on the increase. All experience proves that no
money power can permanently establish high price!,
when the production of any article greatly exceeds (as
Scotch Pigs do) the demand. We may anticipate con-
siderable orders for the United States, and it must not be
forgotten that our whole exports to that country in 1849'
were only 94,000 tons, whilst the increase of stocks, in
despite of these exports, reaches above 100,000 tons.
Copper-Sheathing was at 9cl. per lb. in January, rose to
10d. during February, March, and April ; fell to 9d. in
May, June, July, and August ; was again advanced in
in September to 91d., and continued at that price.
Tin-English Block was at 87s. in January, rose to
925. in February, and gradually fell to 735. in June,
and so remained until the close of the year, when it was
suddenly advanced to 80s., and seems likely to
be higher. Bence had leclined to as low as
705., but as English tin got scarce Banca
became in more request, and considerable parcels being,
taken at 785., the market is now stiff at 80s., and Straits
Tin 3s. to 4s. cheaper. Spelter fluctuated less than any
other metal, which is very unusual. The highest price
during the year was 16/., and the lowest 14/. 10s., to
which it declined in July. Since then heavy purchases
hive been made, and the price has reached
16/. to 16/. 2s. 6d. Quicksilver having steadily declined
from 3s. 6d. in Jartuary, 1849, ..to 3s, in Otitober, hits
again risen to 3s. 6it,. aa .d hrmeatethe atiVatice."
The steamer fie4rn the W eeite Indies and Panama,
fully due to-day, his not arrived. She will bring, it is
said, a considerableUtnount in gold dust.
The continental 4elvicss possess but little interest, and
are still comparatively in arrear. There was an in-
crease last year in the number of ships sailing from Ham-
burgh from 3,298 to 3,416.
:Formal notice has been given by the leading discount
houses in Lombard-street, to the effect that they can
now allow but 1 per cent, for money on "call," and
some of the joint-stock banks are prepariog to reduce their
allowance upon customers' balances to 1 per cent. In
Scotland a similar movement is making, and everything
betokens a cheapening of capital, which must exercise a
powerful influence upon the Bank of England, and per-
haps bring it at an early period to the necessity of
further lowering its discount. How long the direotors
can postpone such a step it is scarcely possibly to say,
but the speculators in produce and public securities are
under the impression that the minimum may be 2 per
c(-nt. even on Thursday next. We must say we should
prefer a slight delay, especially if the Bank experiences
any increase in the securities offered for discount or the
obtainment of loans, as was shown in the last weekly re-
turn, although we are inclined to think such was the
result of purchases of Consols.
The Revenue accounts give general satisfaction in the
City, and the slight decrease in the year, after such im-
portant reductions, the postponement of the hop.daty,
and the absence of China money, is held to be the sure
harbinger of a progressive increase. The augmentation
on the quarter, however, offers most encouragement in
this respect, and we see no reason to doubt but that the
current three months will be equally productive.
We have received from Messrs. Railson and Sone, of
Manchester, sonic very useful reflections and suggestions
upon railway property. They contend that-
"ln every rail, ay there should be one master-minded
competent person appointed, for the regulation of per-
sons placed at the bead of every department connected
with the works, (excepting the books, which the public
auditor will take care to keep right, aided by his col-
leagues in that department). Such managing director
should have no share in the capital stock of the com-
pany, neither should he have a vote at the board; but he
should be entitled to sit at all board meetings.
lie should, in fact, sit at the board -as a sort
of silent representative of the shareholdeis, to
watch dispassionately their interests. Such is the
vastness of increasing floating wealth seeking
employment or investment at the present time, and the
confused condition it labours under, that the Three per
Cent. Consols, taken at 97, yield only 3/. Is. I lien per
cent. per annum, the discount of commercial bills 2 to
4 per cent., and securely guaranteed railroad invest-
ments 41. lOs. 7d.! Above all, the public must have
correct statistical information, in the most simple form,
of the condition and proceedings of all railroads. It is
as necessary for public safety, and for the security of
their own shareholders, as the weekly statement of the
Bank of England.
" Allow us to suggest, with a view to the required
improvement, that all railway books should be kept by
double entry, and on one general uniform system. Those
connected with capital should be kept perfectly apart
from income, by separate books, and perhaps separate
hauliers. They would be easier to audit, errors or at-
tempted frauds would be -sooner detected, and the half-
yearly statements for the information of proprietors of
stock and the public would be the easiest accomplished.
Two suitable auditors should be elected by each com•
apeaknnyo, thewalneddged le
twtaoSntti,ould appoint a public accountant of
conversant with the routine of
railway affairs, as a third auditor. In the
event of any disagreement between the public
aecouhtsnt-auditor and the other two auditor!,
an appeal should go before some Government official, or
Government board, which should be promptly answered
and be final. But if the Government should make the
appointment of the public accountant as auditor, and
any difference should arise, the case also should be
decided by the Government board. No private suspense
accounts should be allowed in money affairs; every
matter should be entered at once in its proper place ;
shareholders require to know that the accounts are, as
they stand, really faithful and true, and that nothing
whatever is concealed. Some clear mode for using
proxy votes should be given by the proprietors."
It is confidently stated that Government are prepared
to assist those Irish railways, as in the case of the Cork
and Bandon, which are in a condition to comply with -
certain requirements made by the Exchequer Loan
Commissioners. The Dublin and Belfast Junction being
in this condition is expected to obtain a loan of 300,000.,
which will enable the directors forthwith to complete the
line.

The English Funds have been re-opened to general
transfer to-day, and there has been the usual disposition.
tnnke sales by parties, who bought principally for the
dividends. This may last a day or two, but in the face
of a diminishing rate of interest among the bankers,
will soon be counteracted. Consols have ranged from
96i to 974- for Trans'er, and from 96i to 970 f for Ac-
e,unt. Exchcquer-bills have been steady at 595, to
625., and India Bonds have touched 925. premium.
Bank Stock is firm at a Itirtker rise to 2051. The New
Three•and-a-Qtarter per Cents. have been 98-a to 99,
and the Three per Cents. Reduced 97 to 97e.
In the Foreign Mallet there is no particular change
except in Moxican, which have been done at 29i. Pe-
ruvian have become duller at 61i and 61. Grenada are
steady at 16a for tke 0111 bonds. Spanish Five per Cent.
Stock is 19i, and the Three per Cents. are 37i. French
Five per (Jews, have been done at 92 francs, with the
exchange ct 25 50. Belgian Four-and a-Halt per Cents.
have realised 89 ; and Dutch Two-and-a-Halt per
Cents. 5.51,-.

Shares have been rather firmer, but quiet.

ONE
~,,,.t.NG
P C 4;,-_, .12 ItITNE. :=.1.1N1),- O'CLOCK. PlucES.
auk 8 tock
•.•
.
3 6:- Cont.- Reduced Arms .....• . 205 y, 2051/2.. 97M 97 9714 97
3 pe: Cont. Uunsols Annuities 96%34 971/2 9714
Now 3M per Cent. Ann 5...... ...
Ditto, 30 years, Oct. 10, 1859. B% 8V
Ditto 30 years, Jan. 5, 1860. 8A
!ndia Stock. ....„ ..
.—.
.............
Ditto under I,oool ...... ....—.••• 92 p Consols for Account 97 967 g 93 p
97%
P:,xch equer Ilillp. 140. &
1,0004 June 59 62 P 2a
97
500/. June
..... ...... 59 62 p
Small. Juno ...... ... 59 62 p

62 p
62 p
62 p
ONE
CIAMINC4
Danish Bond 5,1825,3 per Cent. , O'CLOCK. PRICES..
Ditto 5 Der Cent. ..., .............. 99,4
Equator Bonds .. ..... .... .......... 3% Grenada llonds, 1 per Cent. ...... 16,5
Ditto Deferred ................. ... 3% tkioxican, 5 per Cent. 1846,. with Coupons—
Ditto, Ex Jan. Coupons ... ...... Ditto, Account 29 291 29U
Peruvian Bonds, 4 per Cent........,....
Ditto, Account 6l C 134 61 62
Ditto Deferred 20% 21 21
Portuguese b per Cents. —
_,.
Ditto, 4 per Cent. Ditto Account ... ................ —
Ditto, Small
Npanisth 5 par Cent, Itl4o — Ditto, Account 191
Ditto, 3 per Cent •
Ditto, Account
Vems,'zitela Bonds, 2!;,i per Cent......•
Ditto, Account
Dividends on the above payable in London:
French Rentcs, 5 per Cent 92f. 92f.
Exchange
55*
.outon 21/2 per Cent., I.li Guild. .. 5514
Bel igan, 4 t/2 per Cent. .. ...
Bgi
Ditto. 4 var Cont. Certificate,. 851/2:14
;195f. 50c. 25f.859014c.
PRICES Oir
AT ONE O'CLOCK. rErcts-
- 1 Iti
A boJrde,en ... 50 ...... Il!di
•••
diS•
Aii.,,ivAy su.iu
Es. ?AID. :EUSINESS DONE C140._Q1.11
Do. Preference ...... 81 ...... dis. .. Anther. Nom, Bot;ten,
and Ls.stern Junction 6%...... —.
.....
!-ella3t. f`; County Down 28
Berk; & fic,nts Extens.
(Gt. West. Per.s per ct.) 6 ::ir ...... ..... .— —
ruingbara and Ow

PRICES OF FOREIGN FUNDS.

374
16%

861,40
36%
19%
37%

f• rd Junct., cal;s duly
paid, or withagua;:an. 20 110, ......
7,-iilloutguaraLtee 20 • .....