The Express.
London, England, 1862-11-25 00:00:00

MONEY MARKET.-(THIS DAY.)

Two o'Onocx.
The stock markets to-day are very steady. The
funds are firm, and though scarcely the slightest
change has occurred in prices, the tendency is
favourable. In the other markets the variations
have been of little importance. As regards two or
three foreign stocks, including Greek, realisations
have rather predominated.
At Paris this morning, according to Mr. Reuter's
telegram, the Three per Cent. Rages opened at
70fr. 05c., showing a decline of sc. since yesterday.
Consols are now quoted 931 to 1, cum div, for
money, and 92 3-16 to 5-16, or 924, ex div., for
the account (Dec. 4). The official business
report is as follows :-Three per Cent. Consols, for
money, 93j, 4, 4 ; ditto for account, 924 ; Three
per Cents. Reduced, 92, t ; New Three per
Cents., 92, 1; India Five per Cent. Stock, 1091,
ditto Bonds, 265. prem. ; Four per Cent.
enfaced " rupee paper, 941; ditto Five per Cent.,
1061 ; ditto Five-and-a-Half per Cent, 1121, 112 ;
Exchequer Bills, June, 11a, Bs. prem.
There has been a fair amount of business in the
foreign stock market. Greek bonds have declined,
having been last dealt in at 161. Mexican are also
fiat, while Egyptian have improved. Spanish
securities are steady. The Turkish Loan of 1854
is quoted 834 to 84 ; that of 1858, 704 to
71, showing a rise of 1 per cemt.; the scrip of 1862,
11 to 2 prem. ; and Consolidie, 381 to 4, a
fall oft. Russian scrip is quiet at Ito t dia., ex div. ;
Portuguese, at 24 to 3/ prem. ; Venezuelan, at 14
to 14 die., ex div. ; and Peruvian, at 14 to. 14 die.
Transactions are recorded as follows :-Austrian,
671, ex div. ; Brazilian Old Five per
Cents., 1001 ; Buenos Ayres, 93 ; Dutch
Certificates, 1021 ; Egyptian, 901, 914 ; ditto
second issue, 894, 901 ; Greek, 17, 164 ; ditto
Coupons, 71, 1 ; Italian, for account, 701 ; Mexi-
can, for account, 33 ; Moorish, 95 ; New Granada,
ex overdue Coupons and Hectares, 121 ;
Portuguese, 1853, for account, 474 ; ditto 1862,
471 ; ditto scrip, 3 prem. ; Russian Five per
Cents., 1862, paid up scrip, 931, 4, ex div. ;
Spanish New Deferred, 461, 1 ; ditto Passive,
234, 224 ; Turkish, 1858, for account, 71 ; ditto,
1862, paid-up scrip, 691, 70 ; Venezuela Three
per Cents., for account, 244, ex all ; ditto Six
per Cents., 1862, scrip, 14, 4 die., ex div.
The shares of the London and Northern Bank
are firm to-day, at If to 14 prem.
The fortnightly settlement in shares and foreign
stocks will commence to-morrow (" continuation

day") and terminate on Friday.
It is notified that 300,0001. of Canadian Four
per Cent. Debentures, which will mature on the
Ist Jan. next, will be paid in due course upon pre-
limitation at the Bank of England.
Some attention has been excited by the Con-
stantinople telegram, announcing that " the
negotiations for the establishment of a national
bank have been brought to a conclusion." There
appears to be no longer any question that
the Ottoman Bank, after having for yes..rs peat re-
fused to have anything to do with projects of the
sort, have at I last undertaken on their own con-
ditions to establish a National Bank of Turkey.
Some delay will naturally arise in carrying out in
their entirety the arrangements connected with
so important a scheme, but it is well understood
that the matter has been of necessity placed
in the hands of the Ottoman Bank, as
the only establishment able to satisfy the
requirements of the Ottoman government
and to inspire confidence in Europe. It is
right to remark that the Ottoman Bank, far from
being competitors for the project, have refused all
competition, and therefore it may be presumed
that the concession will be granted to them on the
terms which they have all along considered essen-
tial to the success of such an undertaking. With
regard to the claims which are nom set forward by
parties who have hitherto failed in the attempt to
establish the proposed institution, it may be useful
to state—what has become more than current ru-
mour—that the failure of their scheme arose from
their inability to raise the required capital, and
not, as alleged, from any default of the Ottoman
government. It appears that after the failure of
the project of Messrs. Rodocanachi, Russell
Ellice, and others their concession was sold
to Messrs. Frnhling and Gosehen for (it
is said) 30,000/., including about 20,0001. caution
money. The Turkish government contend that
this concession has entirely lapsed, but at the same
time it is believed that they will be willing to
return the caution money. This would be quite
consistent with their honourable action in all such
matters. It is clear, however, that the government
owe it to the interests of the empire, after so long
a period of ill-success and financial confusion, to
place the affair in the bands of those persons who,
from experience and ability, are best fitted to pro-
mote the general benefit. It is difficult to
over-estimate the value of a bank of this
kind, when once successfully established, as
it will (tend to put an end to prac-
tices which, while enriching local money lenders,
have impoverished the finances of the empire. The
formation of a National Bank will increase the
faith of both the foreign and home creditor, and
tend to place all Turkish securities on a more cre-
ditable footing, their present depreciation being ex-
clusively due to a system which it is the express ob-
ject of the new bank to amend.
At a meetingyesterday of the creditors of Mr. James
Miller, elastic web manufacturer, of Deptford, the
liabilities were estimated by Messrs. Hart Brothers
and Hayles, the accountants, at 11,5281., and the
meets at 4,3341. After a long discussion, it was
resolved to appoint a committee of the principal
creditors to investigate the transactions of Mr.
Miller, and the meeting was accordingly adjourned
for that purpose.
The committee of the Stock Exchange have ap-
pointed Monday, the Ist of December, a special
settling day in the shares of the European Gas
Company and the Oriental Commercial Company.
The sham of the former undertaking are to be
marked in the official list, but not those of the latter.
The receipts of the Grand Trunk Railway of
Canada for the week ending the Ist November
were 19,7701. sterling, being 1,2481. less than in
the corresponding week of last year.
The directors of the Standard Bank of British
South Africa are inviting applications for the two
poets of secretary in London and manager in the
colony.
We are requested to state that no applications
will be received for the new issue of Bonds of the
Atlantic and Great Western Railway Company
after Saturday next.
It is announced that Mr. James Caird, M.P.,
the well-known agriculturist, has joined the direc-
tion of the Queensland Wool Company (Limited).

MONDAY Evidintn.
Consols, which closed on Saturday at 92b to f ex
div. for the 4th December, opened and closed to-
day at the same quotation.L. For money the
last price was 93k to f with div. The
official business report is as follows :—Three
per Cent. Console, for money, 93k, f, g ; ditto,
for account, 921, 1 ; Three per Cents. Reduced,
92, k ; New Three per Cents., 92k, 92 ; Red
Sea Telegraph, 21/ lndia Stock, 229 ; ditto Five
per Cent. Stock, 109 k, 4 ; ditto Four per Cent.
Debentures, 1864, 1001 ; ditto Bonds, 265. prem. ;
Five per Cent. " enfaced " rupee paper, 106, k.
The India Five per Cent. stock was quoted 109}
to 1. India Bonds were sold at 26a. prem. A
further decline of la. has taken place la Exchequer
Bills, both the March and June being quoted
7s. to 11s. prem.
The foreign stock market was moderately active.
The principal demand was for Greek and Turkish
securities.
A further decided advance has taken place in the
shares of the Ottoman Bank, owing to the consider
!idiom' touched upon above. The old shares closed
at 31} to 32, and the new at 51 to 61 prem. There