The Express.
London, England, 1864-01-12 00:00:00

MONEY MARKET.-(THIS DAY.)

Two o'CtLoos.

The stock markets to-day are dull, but, with the
exeeption of a slight reduction in some of the specu-
lative foreign bonds, prices are fairly supported.
The funds remain at yesterday's quotations. Home
railway stocks generally retain much steadiness.
Business is very languid, a check being given to
speculation by the unfavourable course of the ac-
counts of the Bank of France combined with a
rumour that that establishment will find it neces-
sary to raise its rate of discount.
At Paris this morning, according to Mr. Renter's
telegram, the Three per Cent. Routes were quoted
66fr. 80c., showing no alteration.
Consols are now quoted 901 to 1, for money,
and 91 to for the account (February 4).
The official business report is as follows :—Three
per Cent. Console, for money, 901, 91 ; ditto for
account, 911, 91 ; Three per Cents. Reduced,
91, 901 ; New Three per Cents., 901, 91 ; New
Five per Cents., 106 ; Bank Stock, 237 ; India Five
per Cent. Stock, 1061, I ; ditto Four per Cent.,
1001 ; ditto Bonds, par ; Five per Cent. " enlaced "
rupee paper, 104 ; and Exchequer Bills, par.
Foreign stocks are rather fiat, and very de-
ficient in business. Turkish Consolid6s are f
per cent. worse at 461 to 47, and Greek lower at
231 to 24. Spanish Passive Bonds are
dull at 3371 to 34, and Mexican at 351 to 361.
Other foreign stocks present little change.
Transactions are recorded as follows:—Brazilian,
1862, 1868, 1860, 871 ; ditto 1869, scrip,
1 die. ; Egyptian, 100# ; ditto second issue,
1001; Greek, for account, 231, 1 ; Italian, for
account, 68, ex div. ; Mexican, for account, 361,
I, 98; Peruvian. 1862, for account, 851, ex div. ;
Portuguese, 1856, &c., for account, 47g, ex div. ;
Russian, 1862, 89 ; Spanish Passive, for ac-
count, 331,1 ; ditto Certificates, foraccount, 131, I ;
Turkish, 1858, for account, 701 ; ditto 1001. Bonds,
74 ; ditto 1862, for account, 671, ex div. ; ditto
1001. Bonds, 68, ex div. ; ditto Guaranteed, 103.
International Financial shares are quoted 4.1
to prem. ; General Credit, 21 to 1 prem. ; Lon-
don Financial, 10 to I prem. ; Hudson's Bay,
17 to I, ex div. ; Egyptian Trading, 11 to 2
prem.; Merchant Basking, 31 to 4* prem. ;
Land Mortgage Bank of India, 2to I prem. ;
English and Swedish Bank, I to 1# prem. ;1
East London Bank, 21 to 1 prem. ; Consolidated
Discount Company, # to 1 prem. ; West India
and Pacific Steam, to 2 prem.; Mauritius
Land Credit and Mortgage, 1 to 1} prem.; Mee-
; oantile Credit, 4#l to 5 pram. ; Discount Corpora-
tion, 4to prem. ; Contract Corporation, 21 to si
pram. ; National Steam, I die. to prem. ; and
Australian and Eastern Steen, n to 2} prem.
The shares of the Anglo-Italian Bank are quoted
17! to 2 prem.
The dieconnt marketp‘terday was easy, the effects
of the diffusion of the dividend money being now
more plainly observable. Good bills were readily
taken at 61 per cent., and there were exceptional
at fig.At the Bank of England the
demand was only moderate. The bulk of the ad-
vances recently made by that establishment have
now been repaid. The last of them fall due on
the 16th.
The fortnightly settlement in shares and foreign
stocks will commence to-morrow, and terminate
on Friday.
About 82,000 sovereigns were withdrawn from
the Bank yesterday for exportation to Alexandria
by the steamer which will leave Southampton to-

morrow.
The Bank of New Zealand will receive tenders
until 1 o'clock on Wednesday, the 20th inst., for
the first instalment of 200,0001- of a 500,0001. loan
of the province of Otago. The debentures are for
1100/. each' and bear interest at 6 per cent. per
annum, commencing on the Ist inst. They are re-
deemable on the let July, 1898. Principal and
interest are payable either in the colony or in
London. The debentures will be deliverable at the
Bank of Now Zealand on the Ist Feb., urLplir:
iment of the balance due upon them. The
of the loan are to be applied to works orTublio
improvement.
An undertaking is announced which bids fair,
in these days of rapid creation of new joint-
stock schemes, to occupy an exceptionally
favourable position. The International Financial
Society have intimated that they are prepared to
receive subscriptions for the capital of the Anglo-
Italian Bank (Limited). This project commends
itself to attention not only because there
is at present no bank for facilitating
transactions between England and Italy, but also
by reason of the high respectability of the names
attached to it. The reputation, wealth, and
financial experietce of the Baron Ricasoli, late a
member of the Turin cabinet, render his co-
operation an advantage of no small importance,
even apart from the assurance which it conveys
that the institution is formed under official auspices
and enjoys government favour. The other gentle-
' men composing the council of directors are Sir
James Hudson, late British minister at Turin ;
Mr. John Lubbock, of Roberta, Lubbock, and Co.;
Mr. Robert Benson ; Mr. Julius Bordier, of Bor-
dier, Fabric, and Co. • Mr. Frederic Doulton, M.P.;
Mr. Charles GosobeCi, of Frubling and Goechen ;
Mr. L Leonino ; Mr. George G. Nicol ; and Mr.
Charles Bell, of Thomson, Boner, and Co. The
solicitors are Messrs. Bircbam, Dalrymple, Drake,
and Ward, and the brokers Messrs. Seymour
and Co. and Cazenove and Co. The aims
of the new institution embrace a wide
scope, comprising not only the transaction of
financial business between Great Britain and Italy,
and the extension to the latter country of the
English banking system, but also the development
of the commercial resources of Italy by means which
will doubtless be more fully developed in due
seamen. The prospectus mentions that "direct
communication has been held with the govern-
ment, and with many of the leading commercial
and financial interests of Italy, and the formation
of the company has tot been undertaken until it
has been ascertained that its establishment will be
regarded with 'the greatest favour' by the govern-
ment, and will meet with the warm and cordial sup-
port of the commercial public." There can be no
doubt that' in point of banking facilities Italy is
remarkably backward, and it is equally clear that the
interests of the country demand that the financial
monopolies of the olden times should cease, and
that a due place should be accorded to associationa
of capitalists like the one now formed, working in
accordance with the progressive movement of the
times. In introducing a project of this class, there- '
fore, the International Financial Society are to be li
commended as seeping strictly within the pale of
their legitimate operations, and the connexion can-
not fail to be beneficial in the future to the share-
holders of both companies. The present amount
of the capital of the Anglo-Italian Bank is
1,000,0001., in 20,0001. shares of aoz. each.
• new financial association is brought for-
ward, under the title of the Tinaucial Corpora-
tion (Limited). The capital is fixed as high as
3,000,0001., in 30,000 shares of 1001. each, of which
15,000 shares, or 1,500,0001. mato be issued in the
first instance. The direction is composed as fol-
lows, viz. :—Mr. James Goodson (Chairman of
Great Eastern Railway Company), Mr. Richard
Spooner (Deputy Chairman of the Bank of Hiodua-
tan, China, and Japan), Mr. James D. Thomson
oMaisrs. Thomson, Watson, and Co.), Mr.
Ticino Cotterell (Director of the Bank of Hin-
dustan, China, and Japan), Mr. George Smith
(Deputy Chairman of the Kent Waterworks, and
Director of the East London Bank), Mr. Joseph
Williaaa Hollond (of Forest-hill), Mr. Robert
Collum (Director of the Scottish Union lonians.
Company), Mr. Louis Nathan (Director of the Van
Diemen 's Land Company), and Mr. Richard D.
Bentley (of Messrs. Heatley, Cowan, and Co.)
Ur- aslisilisa me Masts. Maples, Marko,

and Teesdale, and ][assts. Hughes, Nader-
-1122D, and Hughes ; the bankers, Messrs. Bar-
clay, Bevan, Tritton, Twells, and Cb< ;
and the brokers, Sir R. W. Carden and Son.
The prospectus recites that the amodatioa " will
undertake all financial business of importance, in-
cluding the negotiation and arrangement of loans on
security of rates, harbour dues, or other similar
securities, and will itself make advances wherever
the transaction is only for a limited" The
preliminary expenses are to be limier cent
on the nominal capital. The directors waive all
" remuneration until after a dividend of five per
cent. is paid to the shareholders, and their remune-
ration will not exceed one-fifth part of the surplus
after payment of such five per cent."
The Brighton Railway traffic returns show thin
week a decrease of B;3L, compared with last year ;
and the South Eastern an increase of 2041.
Notice is given of the closing of the transfer
books of the General Credit and Finance Com-
pany of London, preparatory to the general meet-

mg.
The third onlinary general meeting of the share-
holders L f the Imperial Bank (Limited) is called
for the 18th inst., when a dividend is to be
declared. _ _ . .

A general meeting of the National Discount
Couipauy i, convened for the 20th inst.
The half-yearly meeting of the Scottimit Andra-
lian Inveetment Company is called for the Mk
instant.

The Great Western Railway Company of Canada
have intimated that '• the loss on exchange by the
conversion of American money received for the
carriage of through traffic from the commencement
of the current half-year to Dec. 26,1863, amounted
to the sum of 30,0831. 9a. 3d., and at that date
there was a further sum of American funds still re-
maining to be converted of 34,805 dole. 58c."

MONDAY EYE/_.

Console, which closed on Saturday at 91 to i for
the 4th Feb., opened and closed to-day at the mem
quotation. For money the last price was 901 to j.
The official business report is as follows:—Three
per Cent. Consols, for money, 91, 90i; ditto, fee
account, 91k, 91; Three per Cents. Reduced, 901,
91 • New Three per Ceuta., 91, 901, ; Bank
Stock, ; India stock, lab; ditto Five per Cent
stock, 1064, k ; ditto Four per Cent., 100 d ; ditto
Bonds, 4s. prem.
The India Five per Cent stock was tteady.
Exchequer Bills have again risen la, being quoted
par to 4s. prem.
The foreign stock market was rather firmer,
with a fair number of transactions.

A fresh rise of 31. to 4L has taken place to-day
in the shares of the Chartered Mercantile Bank of
India, London, and China. There was also as
improvement in Bank of New Zealand, Alliance,
Bank of Hindustan, Imperial, London and
County, Loudon and Westminster, Oriental,
and London and Brazilian Bank • the advance in
the last-mentioned shares amounted to 21. following
upon to-day's meeting. Anglo-Austrian Bank
shares have declined to tog prem., being preju-
diced by the Danish-Germau dispute. There seems,
however, to be little prospect that Austria will
allow herself to be dragged into war through this
difficulty. Bank of Queensland shares wore also
flatter. In miscellaneous shares, National Discount
and Rio Improvements were rather more offered,
while Electric Telegraph was quoted somewhat
better. _ _

International Financial shares were rather firmer,
touching 4/ "buyers," owing to the introduction
through thi4 company of the Anglo-Italian Bank.
The closing price was 41 to 1 prem. General
Credit were slightly firmer, at 2 7-16 to 2 916
' prem. ; London Financial steady, at 101 to 14
prem. ; and Mercantile Credit, at 44 to 6 prem.
Hudson's Bay shares remain at 174 to ex div. ;
and Egyptian Trading, at 11 to 2 prem.
Ocean Marine shares were last quoted to-day
141 to 1 prem. ; Thames and Mersey Marine, 4
to 51 prem. ; Universal Marine, to 4 prem. ;
Commercial Union Assurance, 3 to 4 prem. ;
and North British and Mercantile nsurame, 184
Zoglish and Swedish Bank shares were last ;noted
to 14 prem. ; Land Mortgage Bank ot India,
2 to 21 prem. ; Mauritius Land Credit, 1/ to 2
pram., showing a rise ; West India and Pacifico
Steam, 14 to 2 prem. ; Australian and Eastern
Navigation, 2to 21 prem.; Contract Corporation,
3 to 34 prem. ; Merchant Bank, 31 to 4 prem. ;
Discount Corporation, 44 to 1 prem. ; Consolidated
Discount / to 1 prem. ; Grand International
Hotels, 4 to 1 prem. ; Tamar and Callingtens
Railway, 4 to / prem. ; Gloucestershire Smelting,
11 to 24 prem. ; and Mercantile Discount, 1 to 3
prem.