The Sun.
London, England, 1845-01-31 00:00:00

MONEY MARKET and CITY NhAV:;.

CITY, sSEDNESDAY EVENING

TIMES._ The English Funds continue fl.,t, and sales
have been made, to invest the proceeds in railway slia,rt-s,
which are now almost exclusively the favourite
of the day. The Government broker has not yet con-
cluded his official purchases, but these, though occa-
sionally large, are scarcely sufficient, .in the absence of
other good business, to support prices. It is known as
a fact that within the last few days several considerable
parcels of stock have been sold to lend out the money on
the bonds and debentures of some of the old Railway
Companies, and also to purchase the shares of the select
of the new. In this state of affairs Exchequer-bills are
very sensitive, and whenever a sale of 20,000/. or 30,0001.
is effected, a fall follows. A few purchases within the
last week have had the contrary effect ; but while they
yield so low a rate of interest compared with the securi-
ties of established railways, their market cannot be ex-
pected to maintain a very stable appearance.
The Railway Share Market has been quiet, the job-
bers preparing for the settlement at the close of the
week, which seems to be looked for with some little
anxiety by most parties engaged in business at the Stock
Exchange. It is expected to be one of the heaviest ac-
counts ever yet known, and as large differences will have
to be paid, money is already increasing in demand. The
current rate this afternoon was from five to seven per
cent.; but it is thought that before the whole of the busi-
ness can be got through, a much higher value will have
to be paid. To-morrow appears likely to be the great
day for ascertaining the positive result of the late exten-
sive speculation; and though, of course, till it has pas, ed,
nothing can be known of the true solvency of the dealers,
still there appears to be no fear of any serious difficulties
arising, seeing that operations for the advance have, in
most cases, been attended throughout the period of the
account with complete success. It is not with a rising
market that failures principally occur ; it is when a sud-
den re-action comes, and when prices are enormously
depreciated by the immediate desire of holders to rid
themselves at a sacrifice of a responsibility which they
apprehend will swallow up their all.
At a meeting to-day of the North Kent Railway
shareholders, one of the lines rejected by the recent
decisions of the Board of Trade, it was determined,
in pursuance of an almost unanimous vote, to go to
Parliament with their plans, so strongly do the pro-
moters entertain the opinion of the ultimate success
of their scheme. All dissentients who choose to with-
draw their names and subscriptions from the list are
to be allowed the par value of their shares, without
anything being deducted for expenses up to the pre-
sent time, and about a week is given them for signi-
fying their desire on the subject. In the application
to be made:to Parliament, the cost of such proceed-
ings is guaranteed not to exceed 10s. per sharo. A
very elaborate report was read, which entered into
the advantages of this line compared with their more
fortunate rivals, and hints were thrown out that

it was not improbable, if perseverance were
continued, that the North Kent Company would
be able to come into some arrangement for
perfecting railway communication through that
county with the South-Eastern Company. The
meeting was not very fully attended, but a great
deal of unanimity prevailed among those who t )ok part
in the business before it. In all these cases there are
two sides to the question, and before any sound opinion
can be entertained of the statements made on this occa-
sion, it will be as well to hear what the South-Eastern
Company have to say at their approaching meeting.
Both parties may have great confidence in their respec-
tive schemes, and yet after all, both may be to a certain
extent disappointed. It would therefore be well to weigh
all the different circumstances calmly aad deliberately
before such an enormous outlay of capital is made, and
see whether by some proper adjustment of interests the
struggle and expense of a Parliamentary contest could
not be avoided to the benefit of both Companies. The
Board of Trade is evidently giving the chief considera-
tion to those lines and branches which have already an
interest in, or are identified with, the great branch rail-
ways, and properly so, because, as connected with these,
there is strong security that they will be completed,
while, looking to the question as one favouring mono-
poly, a view of the case recently started, there can be no
doubt that Government supervision will provide for the
necessary accommodation and protection of the public.