The Sun.
London, England, 1845-11-17 00:00:00

ttrbi bttion

MONEY and COMMERCIAL NEWS.

CITY, QUARTER TO THREE.

There was a dull market for Cotton at Liverpool on Sa-
turcTay. Sales only 2,000 bags, all to the trade. There
was no change in prices.
A most valuable document has appeared in our morning
Contemporary, the Times, of the railways at present formed
and in operation—of those that are in the course of construe-
tiore—and of the newly-projected lines. To the lines
already in operation it is not our intention at the
present time to refer, nor to those in the course of
construction ; but we shall confine our remarks to
the projected companies. Taking the return noticed to be
correct, it appears that the amount of deposits actually paid
up for fresh railways is within a few pounds of 50 millions
sterling. This was more than was anticipated by the most
active capitalist who is daily watching the state of the money
market. The capital represented as required to
carry out all the intended projects is given at
almost 800,000,000/. The Times makes this statement
the handle to claim credit for its warnings to the public since
July last, so that people having cash should not further em-
bark in railway schemes—of course, whether good or bad.
Now, if ever there was a feature in the history of this coun-
try more pre-eminently indicative of the wealth of Great
Britain, it is the fact that, with so large an amount of money
locked up in deposits for railway projects, the reaction in the
value of the public securities should this year have not been
more than sto 6 per cent. Our Consols are the highest
priced securities in existence, and though very many sales
have been made to pay deposits, and notwithstand-
ing the increase of the rate of interest by the
Bank of England, and the unwarranted course
adopted by the Times in exciting alarm, what has
been the result ? Consols have fallen from 1001,E to 95, but they
have since rallied at least 1% per cent. But the Times says
not a word of the amalgamations that have taken place, nor
of those about to take place, by which a vast amount of de-
posits will be returned into circulation ; nor, fearing to
damage its crotchet, does it say one word of the
increased employment that will be afforded to the
labouring population—the increased wages that will
be earned—the increasel demand that will arise
from manufactured goods, and the additional value land
will realise in the districts where fresh lines are formed. It
is an absurdity to imagine that one-fifth of the projects now
in contemplation will be sanctioned by Parliament ; but the
more the better, as the country must be bene-
fited.: The Bank Directors have no fear of an ex-
tensive demand for specie for exportation. The
principal demand of late has been in consequence of the
wants of its branches to meet the extra payments for labour.
Tons upon tons may be sent to the shops of coin, throughout
thetinited Kingdom, to meet the increasing demand, but like
the ebb and flow of the tide, it will be used to promote the
prosperity of the millions. There is no fear that any aug-
mentation of the railways in this country will tend to do
injury. Quite the reverse.
The Funds opened rather higher again this morning,
Consols being 961, %, and, both on account of the rather
easier state of the money market, and the impression in some
quarters that there is more wheat in the country than
has been supposed, the improvement seems likely to be
maintained. At present Stock for transfer is 96% %, and
for Time 961/ %. The premium on Exchequer-bills has been
firm at 245. and 275. The New Three-and-a-Quarter per
Cents. are 9714 to 97%, a rise of nearly % per cent. ; and
the Three per Cents. 95% to 964. Bank Stock
has fluctuated from 202 to 2031/2, and India Stock from 263
to 264, both being rather higher. East India Bonds are
quoted 38s. premium.
The Foreign Investments have been very quiet. Portu-
guese Four per Cents. have receded from 581/2 to 57, the
advices from Lisbon stating that the Treasury was again in
a bad plight. Spanish Five•per Cents have been firm at 29k,
and Mexican have improved to 30i. Brazil Stock is
worth 82 to 821/, an advance of 1 to 11,( since Saturday.
Dutch TWo-and-a-Half per Cents. have brought 603 A, and
the Four per Cents. 94 to I,h.
Railway Shares are again slightly mending.

oHL CLOSING
PRICES OF BRITISH FUNDS. O'CLOCK. PRICES
Bank Stock 203% 202 202
; per Cent. Reduced
3 per Cent. Consols Annuities 96% %% 9614
New 314 per Cents
Long Annuities to exnireJan.lB6o 10 9-16 10 9-16
Ditto 30 years, Oct. 10,1859
India Stock 263 264 264%
India Bonds, 1 000/
, - 38 38

Consols for AccOunt ...... 96541% 9614
Exchequer Bills, 1,0004 I%d. 24 27 pm. 27
Ditto 5001.
Ditto Small

London and Birminghmloo 2lB 217 2l—
7 Do. Thirds:l
Do. 14 Shares
...••
Ditto:Fifths —
Ditto Extension ...... 1
London and Blackwall. 161. 13s. 4d.
Do. New
Ditto Extension ...... ...... . —
London and !Brighton... 50 ..... 62% 62
Do. consolidated Bths... 35

Ditto, Sixths ... ...... 01/2.--
London and Croydon, 13/. 15s. 9d. 211/2 224
Do. Guaranteed 5 per
Cent.
Lon., Chel., 0x.,G10. and.
Hereford .. . 1A...... - -
London and Greenwich 12115 s 4d... 91/2 9%

Do. Preference ...18117s 2d —
London, Hounslow, and

Western - .. • ••• ....-.
Lon& & S.Western 411 Gs 10d 77 76
Do. New Consol. Bths 20
Do. New
Do. New
London & South Essex ......
London and York . 21,! 4112%
London and Windsor ... 1
London, Warwick, and