Privacy for bookmarks and privacy for lists are separate things. One is independent from the other. Your bookmarks will always keep their privacy setting that you chose when you created (or imported) them. If a bookmark was public before, it will still be public when being saved to a private list. If a bookmark was private before, it will still be private when being saved to a private list. So, a private list can contain both private *and* public bookmarks, yet the list as a whole will remain private. In a list, you cannot see the privacy setting for bookmarks because the privacy setting applies to the list as a whole (but as individual bookmarks, public bookmarks will remain public as already mentioned above).
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