The Express.
London, England, 1863-05-22 00:00:00

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HONEY MARKET.-!THIS DAY.)

Two o'Oxixa.

The stock markets to-day are inactive. Many
members of the Stock Exchange are away at
Epsom Races. The funds are steady, at yesterday's
closing quotations. English railways are rather flat,
and a slight reduction is observable in several
instances. The fluctuation in the foreign stock
market has not been important, business having
become slacker.
The scrip of the Italian Loan is quoted lf to 2/
prem. Turkish is better, at 11 to 11 prem.
Consols are now quoted 931 to 4, cum div., for
money, and 921,1, ex div., for theaccount (June 9).
The official business report is as follows :-Three
per Cent. Consols, for money, 931, 1,1, 1 ; ditto,
for account, 924 ; Three per Cents. Reduced, 91f, 3 ;
New Three per Cents., 911, I ; Bank Stock, 235;
Judie Ave per Cent. Stock, 110, 1091, 110/ ;
Five per Cent. " enlaced " rupee paper, 1071;
and Exchequer Bills, 4s. dis., par.
Foreign stocks, in most instances, axe quoted
about the same as yesterday afternoon. Mexi-
can Bonds have receded, being last marked
351. Spanish Passive Bonds and Certifi-
cates are inquired for and firm. Turkish
Consolichis have declined 1 per cent. Some of
the present quotations are annexed :-Turkish 1854
Loan, 89 to sa ; do., 1862, 711 to 3 ; the Consoliddr,
511 to f ;Greek, 311 t 0321; Venezuela Six per Cents.,
551 to 561 ; and Italian Five per Cents., 711 to 72.
Transactions are reoorded as follows :-Brazilian,
1852, 1858, 1860, 944 ; Buenos Ayres, for account,
941 ; Chiliun Four-and-a-Half per Cents., 971 ;
Egyptian, 1001 ; Greek, for account, 311, 321 ;
ditto Coupons, 141, 1 ; French Three per Cents.,
69fr. 750. ; Italian Maremmana Railway, 79 ;
Mexican, for account, SB, 1, 361 ; New Granada
Deferred, 10, ex div. ; Peruvian, 1862, for account,
881; Portuguese, 1856, 1857, 1859, 1860, and
1862, for account, 491 ; Russian, 1862, 921,
I, 1, ex div. ; Spanish, for account, 544 ; ditto
New Deferred for account, 481 ; ditto Passive,
for account, 35, 941-; ditto Certificates, 121,1 ;
Turkish, 1854, for account, 881; ditto, 1858, for
account, 701 ; ditto, 1862, for account, 713, 1, 4 ;
ditto Guaranteed, 1031; Venezuela, 1862, 664,
ex div. _ .

The shares of the two great financial undertakings
are firmer—lnternational Financial at 41 to 1
prem., and General Credit and Finance of London
at 24 to f prem. London Financial Association
are steady at to 1 prem.
The Bank has been for somo days the

cheapest place to get money at, nearly all the
other discounters demanding 31 per cent. There
seems to have been a general belief that
the value of money would rise to 4 per cent.,
and it would almost appear as though the belief
has contributed to the event. Its realisation has
also been promoted by the extreme caution which
is rendered necessary on the part of the discount
establishments by their complete exclusion from
the Bank of England, and which induces them
at times of uncertainty in the money market to
withhold accommodation, except at greatly ad-
vanced rates, from all but their regular connexions.
That the advance has been caused by any really
adverse state of the exchanges, or of the bullion
current, cannot be pretended for a moment. There
is ground, therefore, to believe that, now that
the anticipated rise in the rates has taken place,
lenders will be found easier to deal with, and the
supply of money will increase.
The Lancashire and Yorkshire Railway traffic
return shows this week an increase of 1,8241. over
last year, the Great Western an increase of 1,0191.,
the Great Northern an increase of 1,3031. ; the
Manchester, Sheffield, and Lincolnshire an increase
of 1,1821. ; the Midland an increase of 1,4061., and
the North Eastern an increase of 4,708/.
With regard to the International Financial
Society some remarks have appeared which seem
to be couched solely in a private interest, and
with a view to disparage a combination second
in power, as in respectability, to none in
Europe. There seems, strange as it may appear,
to be au idea in some very exclusive circles,
that all foreign loans are to be reserved for the
monopoly and enjoyment of certain cliques. This
is strange doctrine in a free trade age. In any
case" (run the remarks to which we refer) it is
certain that the evil of overbidding cannot
be carried much further than has been wituessed of
late years, since almost every recant foreign loan
has been taken at • price that has only just
enabled it to float." Surely, then, it is
time to change the system, and to try fresh hands.
" Besides" (the writer goes on to say), " it is pro-
bable that the field for the new companies will be

rather in the direction of public enterprises than of
actual loans in which private contractors like
Messrs. Rothschild, who are kuowu to embark
their own maim to a vast extent whenever they
enter into such affairs, and who can exercise a pro-
portionate power of management, will be sure in the
foxy run to command a preference." We confess
we are surprised to find advocacy of so narrow au
order in such a quarter. These are not times
when any loan contractor is " sure to command a
preference" over all competitors, still less over
associations of capitalists whose aggeegate means
and power must be far beyond those possessed
by any iudividual. Some remarks have
been made upon the fall in the shares of the Inter-
national Financial Society from 10 to 4 prem.
The responsibility of having quoted these shares
too high at first must rest with the dealers in the
Stock Exchange, who committed an error of judg-
ment very natural wheu an enterprise quite sus
generis is presented, but we confess that, for our
own part, we regard with great satisfaction the excel-
lent example set by the directors of this important
concern in leaving the shares, without the slightest
artificial support, to find their true and natural
level in the market. In these days of share-
rigging and official jobbing the present example is
strongly calculated to attract permanently the con-
fidence of the investing public, and to prove that
the respected names ou this company's prospectus
are not designed for ornament only.
The annual meeting of the shareholders in the
Provincial Bank of Ireland was held yesterday, when
the directors' report was adopted. It mentioned
that, although a smaller amount of profit had been
obtained than in the previous year, the same rate
of dividend will be cautioned. The directors will
accordingly propose to pay in July next an " extra-
ordinary " dividend of &as on each 1001. share, and
12s. on each 101. share, is addition to the ordinary
dividend of 4 per ceut.,making the amount to be then
paid 21. 10s. on each 1001. share, and 11. on
each 101. share for the half-year ending at Mid-
summer next. The chairman, in the course of
his speech, congratulated the proprietors on
the state of the company's affairs, and explained
the causes of the depression Latterly prevailing in
Ireland. _ _

The adjourned general meeting of the Atlantic
Royal Mail Steam Company will be held on
the let of June, but merely pro format, the
details of the contract with government not being
completed.
An extraordinary general meeting of the Iffa-
remmium Railway Company is called for the 11th
of June, at Leghorn, to consider propowils for the
amalgamation of the undertaking with the Leghorn
Railway Company.

- .
The half-yearly interest at the rate of 5 per cent.
per annum is announced on the shares in the Bom-
bay Gas

- _
Messrs. Rothschild have announced the dividends
due the Ist proximo on the Brazilian Leans.
The Therese and Severn have been engaged to
convey government emigrante—the former to Mel-
bourne and the latter to Sydney'.

The return of the Bank of England for the week
ending Wednesday, May 20, compared with that
for the previous week, shows the following
changes:
OironLaos Was ...... ...... M 34005 Demme EXAM
Circulation active .... ..... 10,610,110 increase 46,600
Poblic deposits ..., 7,610,278 lacrease 875,141
Other deposits
Government securities in
banking department
Othereec unties in banking
department
Coin sod bullion in both
departments 14,529,451 Daereses 121,690
Seven day and other bills 685,205 Demobs 30,101
The Rest
Notes in mom 7,661,396 Damara 82,920
Total reserve (notes &coin
in 'making &Putman* 8,496,341 Dereems 169,180
These changes tend to confirm the view ez,-
pressed above with reglad to the state of the
money market. The commercial public have
pressed heavily upon the Bank for money (as
shown by the great increase in the private seenri-
tier), but, apparently, mainly as a measure of pre-
caution, for the private dvta, instead of being
drawn upon, have inamaml. The influx of govern-
ment money has at the same time been large, and
thus the decline in the reserve is of immaterial
extent Neither is there anything in the move-
ment of the coin and bullion to warrant, of itself,
an advanoe of I per cent. (by two stages of I per
cent. each) in the Bank rate of discount within a
week.

BANK OP KNOLAWD.—A2
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Other Deposits 18.890.464
Seven der sadother
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THIMIDAY 2111111E116. .
Consols, which closed yesterday, at 94 to
ex div., for the 9th June, were first marked
this morning 921, and after declining to 92 to
1, closed at 921 to 1. For money the last price
was 931 to 1 with div. The official business
report is as follows : Three per Cent. Con-
sols, for money, we, 1,1 cunt div. ; ditto for ac-
count, 921 ex div. Crhrw per Cents. Red 911,
New Three per Ceuta, 911, 1, I
Bank Stock, 236, 2331; India Five per t.
stock, 1091, 1101 ; ditto Four per Cent. Deben-
tures, 1864 or 1866, 1001 ; ditto Bonds, 13s. to
17s. prem.
The India Five per Cent. Stock was quoted
lon to 1101, showing no change ; India Bonds,
13e. to 17s. prem. ; and Exchequer Bills24e. dia. to
IPar•
There were several variations in Mexican bonds,
which finally closed 1 per cent. lower than yester-
day.
In the market for bank shares the tendency of
prices was decidedly upwards. An improvement
occurred in Bank of London, Australasia, Anglo-
Portuguese, British North American, Chartered
Bank of India, Australia, and China, City, English
and Irish, and Union Bank of Australia. Alliance
Bank and London and Northern Bank were dull.
Crystal Palace Preference and Debenture stocks
were inquired for. Joint-stook Discount and Ber-
lin Waterworks were rather flat.

Ocean Marine shares closed today at 10
to 104 prem. ; Universal Marine, 14 to 1 din;
Thames and Mersey, 2{ to 3i prem. • Commer-
cial Union, to 14 prem. ; North British and
Mercantile, 174 to f ; and Oriental and General
Marine, 1 to 14 prem.
The closing quotations for shares in new under-
takings to-day were as follows :—British and
Foreign Marine, it to 4 prem. ; London Bank
of Scotland, i to 14 prem. ; London Financial Aso-
elation, f to 1 prem. ; Empire Marius f to
prem. ; Dartford Creek Paper Mills, f to
prem. ; English and I,cottish Marine, tof prem.;
Cannes Hotel, 44 to Cl prem. ; Mediterranean
Hotel, Ito If prem. • Margate Hotel, to 1
prem. ; Clarence Hotel, 1 to 14 prem. ; 13ontn-
anipton Imperial Hotel, 1 to If prem. • Kings-
town Hotel, 1 to 14 prem. ; and Aleiandri Hotel,
If to 1 prem.

MINES.-(THIS DAYS)

Two o'CLocw.

On she whole there is a better tone in the
mining market to-day, canoed by a slight reaction
in the standard for copper ore. East Caradou
shares opened at an advance, but have
since declined to 311, "sellers." This quo-
tation, however, is not worse than that
last current yesterday. Wheal Beton, Wheal Lud-
oott, and Tincroft are in good demand. Wheal
Seton are quoted 242 e to 247 e ; Tincroft, 101 to I ;
Wheal Ludcott, 6¢ to 6 ; East Basset, 100 to 1024 ;
Mogan, 30s. to 325. 6d. ; Wheal Crebor,
3i toe ; Wheal Harriett, 34 to ; New South
Caradon, to I ; East Cam Brea, 74 to 8 ; and
Marko Valley, 6e to f.
Yudiunimutana shares are inquired for, other
colonial, as well as foreign, mines being quiet, at
previous prices.
Wheal Gr,Ua sold on the 18th inst. 10 tone 2 cwt. and
411 w. of black tin for 8811.17 a 4d., and oe the 18th imet.
10 toes 17 eat 10 qrs. and 2716. for 7331.35. 9d.,}lsloag
ao aggregatA of 1,4151. le. ld. This leaves a profit of frees
400 E so Va. for the north.