The Sun. — 1858-01-13 (London, England)

COMMERCIAL INTELLIGENCE.  CITY, Two o'CLocic.  The Money Market continues very easy, and the expectation that the Bank directors will reduce the minimum to-morrow, tends to check the present demand. It is imagined that the next alteration, whether adopted at once, or a week hence, will not be more than 1 percent., but as the terms out of doors are already as low as 4 and 4i per cent., such a modification will not secure much discount business for the authorities, who shortly afterwards perhaps will find it convenient to make a further concession. At first it was imagined that the downward movement would stop at 5 per cent., but now an unusually low rate is anticipated, many believing that money will become quite a drug in the market. Without pretending to say what quotation may be attained, it may be safely averred that nothing short of a sudden efflux of specie, or a rapid absorption of capital for the prosecution of fresh joint stock enterprise, can arrest the relaxation of the rates of interest. For the moment specie is pouring in from various quarters, and on a scale that must occasion a large accumulation in the Bank vaults, but if the continental exchanges continue to recede, and the Bank of France, as stated, is losing gold, some diversion of the Australian, and other supplies, may shortly take place, though not, perhaps, to such an extent as would trench very seriously upon our metallic reserves. A further addition of 175,0001. was made yesterday to the Bank's stock of bullion. The Teviot has brought 200,1681. in Australian gold, the whole of which, it is expected, will be taken into the Bank.  In the Silver Market there is no variation, bars being quoted ss. lid. per oz. standard. A further slight decline took place yesterday in the rates of exchange for bills drawn upon the principal cities of the Continent, but the movement was unimportant. The Liverpool Cotton Market yesterday exhibited a very quiet appearance, and values of most descriptions were unaltered. The sales amounted to 4,000 bales, 500 of which were taken on speculation and 500 for export. The Railway Share Market closed steadily, and the transactions were of a limited character.  At the meeting of the members of the National Provident Institution held to-day, it was moved and carried that policies of members who* might die by suicide or duelling, should be held valid, provided they had been assured for four years previously.  Although there has been scarcely any alteration in the English Stock Market it appears dull and heavy. Speculation is exceedingly quiet, and it seems as though the orkators required some new event upon which to continue their transactions. The amount of engagements already outstanding, however, is very large, and pending the meeting of Parliament, it is only naturll that there should be a little less activity and buoyancy. At the present moment there is rather more firmness. Consols for money have been 941 1, and 94a 1 for account. The latter are now 942. The New Threes are 94 ; the Reduced, 94i New 2i per Cents, 78 ; and Bank Stock is 222. Long Annuities are 2 1-16 ; Exchequer Bills, 15s. to 20s. pm. ; Ditto Bonds (1859), 99 ; India Stock, ' 221 ; and India Bonds (under 1,0001.), par. Foreign Stocks are dull, a smaller business than usual having been done, and prices show no particular variation. Turkish 6 per Cents. are 97i 98; ditto 4 per Cents., 1041 ; Brazilian 4i per Cents., 952 ; Mexican 3 per Cents., 20k ; Peruvian 4i per Cents., 78 ; ditto 3. per Cents., 531 ; Spanish New Deferred 251 ; said Dutch 4 per Cents., 99. The following are the nominal prices of Foreign Stocks :—Grenada Deferred Bonds, 53/4 6; Mexican, 20112- ; Peruvian 41 per Cents., 76 78 ; Ditto 3 per Cents., 52 54 ; Portuguese 3 per Cents., 44 45 ; Russian 5 per Cents., 108 110 ; Ditto, 4k per Cents., 98 100 ; Spanish 3 per Cents., 41k 411 ; Ditto New Deferred, 25k 26k ; Ditto Certificates, —; Ditto Passive, —. In the Railway Share Market this morning business has been rather active, and prices have fluctuated about to 1 per cent. Caledonians, Brightons, and North British, declined " ss. ; South Eastern, and Chester and Holyhead, 105.; and East Lancashire 15s. Lancashire and Yorkshire, and Manchester, Sheffield, and Lincoln, improved ss. ; Eastern Counties and South-Western, 10s. ; and Great Northern and Great Western, 11. The Foreign and Colonial lines were dull, but prices slightly improved. Eastern of France advanced ss. ; Grand Trunk of Canada, 10s. ; Great Western of Canada, 55., and East Indian, 10s. Mining Shares were in rather better favour. Par Consols realise 178 18 ; Tin Croft, 3/ ; St. John Del Rey, 111 ; and United Mexican, 4i For Joint-Stock Bank and Miscellaneous Shares there is a fair inquiry. City Bank have improved 1/. ; English, Scottish, and Australian Chartered, ss. ; London and Westminster, ss. Crystal Palace shares are at la 1k ; Eastern Steam at 5 ; Peninsular and Oriental Steam, 73i ; and South Australian Land, 34.