The Express.
London, England, 1864-06-17 00:00:00

MONEY XARZET.-(THIS DAY.)

Two o'Cumw.

The anomaly of a decline in the prices of public
securities simultaneously with a fall in the value of
money continues to be presented. The funds have
again declined i per cent., and foreign stocks are
heavy, the chief feature being a considerable fall
in Spanish Passive Bonds and certificates. Home
railway stocks are still the firmest securities in the
Stock Exchange.

There is an active demand for money to-day, and
the rate is fully up to the Bank minimum,
6 per cent, while the supply of money appears ,
to be diminishing. It is now evident that a
large number of bills were kept back in expectation
of the bank reducing the rate. In the Stock Ex-
change the inquiry for short loans on English go-
vernment securities is good, at 51 to 6 per cent.
At Paris to-day, according to Mr. Reuter's
telegram, the Three per Cent. Rentes opened at
66fr. 07c., being fractionally lower than yesterday.
Consols are now quoted 891 to 90 ex div., for
money, and 901 to ex div., for the account (July
18). The official business report is as follows :-
1 Three per Cent. Consols, for money, 90, 1,
1891; ditto for account, 901, >j ; Three per Cents.
I Reduced, 891, 881, 891 ; New Three per Cents., 89,
1, 881; Bank Stock, 2381, 239 ; India Five per Cent.
Stock, 104 f, 1 ; ditto Four per Cent., 991 ; ditto
Four per Cent. Debentures, 1866, 98/ ; Exchequer
Bills, March, Be. die. ; ditto June, se. die.
A heavy fall has taken place to-day in Spanish
Passive Bonds and Certificates ; the former are now
quoted 301 to 1, being 1 worse than yester-
day, while the latter are marked 10. The
other speculative foreign stocks are heavy,
with a downward tendency. Turkish Bonds of
1858 are quoted 70 to 1 ; ditto, 1862, 711 to 1 ;
the Consolidis, 48 to ; Swedish scrip, 31 to 4
prem. ; Russian scrip, 31 to 41 prem. ; Greek, 231
to 1, being a fall of ; Mexican, 444 to f—
a fall also of if ; and Confederate, 63 to 65.
Transactions are recorded as follows :—Brazilian
1852, 1868, 1860, 871., ex div. ; Danish,
1864, 951 ; Egyptian, 1014, tr; ditto second
issue, 1011; Greek, for account, 231, 24, 231 ;
Italian (Maremmana Railway), 76 ; Mexican,
for account, 441 ; Portuguese, 1856, ic., 484 ;
Russian, 1822, 90 ; ditto 1862, 87f ; Spanish,
for account, 531 ; ditto Passive, for account, 311,
1, 31, 1, 301; ditto Certificates, 10 ; Turkish,
1854, for account, 90 ; ditto, 1862, for account,
711, 4; Venezuela, for account, 23k.
International Financial shares are now quoted
5f to prem. ; General Credit, 21 to 31 prem. ;
London Financial, 12 to 1 prem. ; Imperial and
Mercantile Credit, 21 to f prem. ; and Hudson's
Bay, 19 to 1.
The last previous alteration in the Bank rate of
discount was on the 26th of May, when a move-
ment from Bto 7 per cent. was announced. In the
interval the coin and bullion have increased from
13,713,9431. to 14,304,205/. (as stated in last night's
return), being a difference of 590,2621., and the
reserve of notes and coin has increased from
7,947,1381. to 8,826,355 L, a difference of 879,2171.
These changes, combined with the indications that
the maintenance of the rate at 7 per cent. would
cause the Bank to be deprived of the bulk of the
business which it ordinarily transacts at this period
of the quarter, besides, perhaps, affording needless
countenance to the objection that the establishment
was charging the public too much for the use of the
public money, must be held to justify the decision ar-
rived at yesterday. The steadiness of the exchanges,
the decline in the remittances of silver to India,
and the satisfactory tendency of the bullion move-
ment generally, have also doubtless had their influ-
ence in the Bank parlour.
The joint-stock banks have reduced their allow-
ance for money on deposit from 5 to 41 per cent.
The discount establishments allow 44 per cent. for
money at call (a decline of;), 5 per cent. at seven
days' notice (a decline of and 51 at fourteen
days' notice (a reduction of 1).
The America has brought 11,5001. in specie from
New York for England.
About 4,0001. in gold was sent into the Bank yes-
terday, while 30,00 u sovereigns wers withdrawn for
transmission to the West Indies by the steamer
Atrato, which will leave Southampton to-day. The
111,0001. by the City of Baltimore, from New York,
came to hand, and was all taken for export, chiefly
to Spain. The reduction yesterday iu the Bank
rate of discount has probably tended to increase the
demand for the Continent. Doubtless from the same
cause there was rather more demand for silver for
the East.

Mr. Matthew Marshall, whose name has been
so long prominently and honourably identified with
the Bank of England, has jut resigned his responsi-
ble office as chief cashier. Mr. M.ershall's labours
in the service of the Bank extend over no; lees a
period than 54 years, for 29 of which he has been
chief cashier. His retirement now, at 73 years of
I age, is solaced by a well-deserved tribute on the
part of those in whose employment he has passed •
long and laborious life. lu a highly complimentary
resolution the Bank Court hate expressed their
deep sense of the value of his services, and when
we add that Mr. Marshall retires on full pay, it will
be recognised that he receives nothing but what he
is justly entitled tq and only what might have been
expected from the character for liberality deservedly
enjoyed by the Court of Directors of the Bank of
England.

1 The Lancashire and Yorkshire Railway traffic
return shows this week an increase of 5,616/.
over last year • the Midland an increase of 4,3991. ;
the North Esatera an increase of 9,6881. ; and the
Manchester, Sheffield, and Lincolnshire an increase
of 2,6514
An extraordinary meeting of the East Indian
Railway Company is convened for the 28th inst.,
for various important purposes, the principal of
which is "approving a bill introduoed into the
House of Commons this session on behalf of the
East Indian Railway Company, having for its
object to raise a further capital of 7,000,0004 ster-
ling by shares or stock, and to raise a further sum
of 2,337,0001. by debentures or otherwise."

The directors of the Provincial Bank of Ireland
have declared a dividend for the half-year ending
Midauwnier, at the rate of 4 per cent, on the paid
up stock, and also an extraordinary dividend of
11 10s. on each 100 L share, and 12.4. on each 101.
share.

A special meeting of the Life Association of
England (Limited) is eon vaned for the 23rd inst., to
confirm the resolution for a voluntary winding up.
A call of 21. is to be paid on the shares of the
Walleobian Petroleum Company (Limited) by the
16th of August.
The North British and Mercantile Insuranos

Company will remove into their new offices, 61,
Threadneedle-street, LC., on Monday next, on and
after which date the business, both of the fire and
life departments, will be carried on there.

A general meeting of the Queen's Hotel Company,
Upper Norwood (Limited), is called for the 21st
inst., when a dividend is to be declared.

The half-yearly interest is announced on the
neves years bonds, and also on the shares, of the
Italian Irrigation Canal Company.

The share certificates of the Eneish and Foreign
Credit Company will be ready for delivery in
exchange for the bankers' receipt, on and after
Thursday next.
It is notified that the half-yearly dividend on
Alabama State Five per Cent. Sterling Bonds due
in London on the first Monday in July with Messn.
Reid, Irving. and Co., will be paid by the Union
Book of London.

-fie-e-et—n-r-n-of—the Bank of England for the week

ending Wednesday,June 15, compared with that far
the previous week, shows the following changes :
Circulation isms
Circulation active 20,127,850 Decrease 144,270
Public deposits 8,512,311 Decrease 216,199
Other deposits
Oo►ernment securities in

tanking deportment 11,122,267 Lamm 50,000
Otherseenritme in banking
department
Coin end bonito in both
departmente
fileomday sod other bale 469.707 Demme 84,576
The Rest 3.266,168 tureen 14,418

Notes ia roam
Total marts Wks is eai
in banking set) . 8,826.353 Loa-ems 405,348
_ _

Both the coin and bullion and the reserve have
experienced an increase, and, though the amount
of the alteration is not absolutely large, it is mainly
to this that the reduction in the Bank rate of dis-
count, announced this day, is to be attributed.
The increase in the reserve is caused by the addi-
tion of 824,1571. to the private deposits, less the
amount of the withdrawals of government deposits
and of the increase of securities.

BANX INGLAND.—An
and etk Vic , e. 32, for the week
1804.

186111 DIP
Notts Issued

L 28,203,1136

BASING DI
=eters' Capital L 14443,000
/1.5218,16 b
Public Deposits tii-
cloolog ksehey..
Say. Banks, com-
mis. of National
Debt, sad Dlv. _

Accoiuital
Other Deposits... 12.720.361
Seven day sad other
Bibs 40,707

Lemont pursuant to the Act Titt
endlog on Wolooulay, June 15.

,ARTZEIrf.
Government debt.. 1.11,016,100
Other aremitim 3,634,900
Gold men and bul-
lion 1
633,883
' Silver bullion ... .

1403.647

IPARTNTRT.
Government Seen-

Inns 10, 1666.

£28,203.856

Mies (Including
Dead Weight An.
nutty) .
Other Securities
Notes
Gold and Silver
Coin

730.17*

LASLI,UT

The following are the returns of the Irish banks
of issue for the four weeks ending the 28th of May :

11-
iiii

!lave:age circulation during .
Alt weeks coding as above.

I FS sa4
la pwsrds.

U oder
LS.