The Express.
London, England, 1864-12-15 00:00:00

REDUCTION IN THE BANK RATE OF

DISCOUNT.

Two o'Cioci.

The directors of the Bank of England, at their
weekly court to-day, have reduced the minimum
rate of discount from 7 to 6 per cent.
In face of the continued export of gold to Egypt
and elsewhere, this measure has occasioned a little
surprise in some quarters, but is of course received
with satisfaction. A slight impulse has been given
to the prices of public securities. The funds have
risen per cent. There is, however, no animation.
This is the fortnightly settling day.
The discount market is quiet, and good bills
are taken at 61 per cent., or i below the reduced
minim/to. of the Bank. In the Stock Exchange
there is a strong demand for short loans in con-
nexion with the settlement, and the rate has risen
too to 6 per cent.

The discount establishments now allow 41 per
cent. for money at call, 5 per cent. at seven days'
notice, and 51. per cent. at fourteen days' notice.
It is understood that the allowance of the joint
stock banks for money on deposit will be reduced
this afternoon from 5 to 4} per cent.
At Paris to-day, according to Mr. Reuter's tele-
gram, the Three per Cent. Hautes were quoted
66fr. 20c., showing a decline of k per cent. com-
pared with the last price of yesterday.
Consols are now quoted 893 to ex div., for
mosey, and 892 to 1, ex div., for the account (Jan.
10). The official business report is as follows :
Three per Cent. Consols, for money, 84 ;
ditto for account, 891 ; Three per Cents.
Reduced, 882, 3 ; New Three per Cents., 881,
2, r ; India Stock, shut ; ditto Five per Cent. stock,
1024, 103, 102 ; ditto Four rer Cent. Debentures,
1866, 971 ; and Exchequer Bills, ss. to Is. dis.
Foreign stocks present little change. Turkish
Consolides are f, and Greek 1 better, but
Spanish Passive Bonds have declined 1. Some
of the present quotations are as follows,
viz. :—Greek, 22; to 23} ; Mexican, 291 to
; Confederate, 61 to G 3; Spanish Passive, 311
to I ; the Certificates, 14 to 141 ; Turkish
Bonds of 1858, 70 to 71 ; ditto 1862, 711
to 72 ; and the Consolide:s, 472 to 2, ex div.
Transactions are recorded as follows :—Danish,
1864, 08 ; ditto Five per Cents., Debenture Scrip,
1873-77, 2 prem. ; Dutch Certificates, 971 ; Egyp-
tian, 942 ; ditto 1864, 941 ; ditto Scrip, /, If prem.;
Mexican, 292 ; ditto for account, 292 ; New Granada
Deferred, 61 ; Russian, 1859, 522 ; ditto 1862, 872 ;
Spanish New Deferred, for account, 41/ ; ditto
Passive, 3lg ;ditto for account, 312 ; ditto Certi-
ficates, for account, 14 ; Turkish 1854, 881 ; ditto
1858, for account, 70 ; ditto 1862, 71; ; ditto for
account, 72 ; ditto 1001. Bonds, 711, 72: ditto
Guaranteed, 100 ; Venezuela, 1862, for account,
1.

Egyptian Loan scrip is quoted Ito prem. ;
Danubian, dia. to par ; Monte-Video, it to prem.;
Atlantic and Great Western Railway Debentures,
to Preto.

Internatienal Financial shares are now quoted
22 to prem. ; London Financial, n to
prem. ; General Credit, 24 to 3 prem. ;
Imperial and Mercantile Credit, 3g to 3 prem. ;
Hudson's Bay, 162 to g ; Ottoman Societe
Generale, 21 to prem ; and Anglo-Egyptian
Bank, Ito die.

The fortnightly settlement, w hich will be com-
pleted to-day, shows that in many cases, in-
cluding some of the home railways and the shares
of the banking and financial companies, bond
Wen have somewhat preponderated during the past
fortnight.

The further withdrawal of 302,000 sovereigns
yesterday fur Egypt, combined with reports that
additional WWII will shortly be sent away to the
same quarter, illustrates clearly the effect which a
too liberal encouragement of foreign loans will
assuredly have upon our money market.
If we would not have some of our most
important commercial interests jeopardised or
prejudiced, it behoves us to look with increased
strictness at each application from foreign govern-
ments, the more especially as the number of these
borrowers is increasing rapidly from month to
month. During the last two or three years, in ad-
dition to the chronic demands from habitual bor-
rowers, amongst whom financial reform is still
nothing more than an empty sound, a number of
States previously quite unknown in the money
market have made their bow to our capitalists.
Now that they have been once permitted to taste
the sweets of credit, there is room to apprehend
that, unless more prudence is observed here, they
will henceforward make successive appearances
with as much regularity as, though they are desti-
tute of the resources of, Turkey, Austria, and even
Ruasia.

The gold operations at the Bauk yesterday were
important. About 302,000 sovereigns were with-
drawn for Alexandria, while G 5,0001. in newly-im-
ported bars, and also 80,000 sovereigns from Scot-
land, were sent in. Further amounts are under-
stood to be required for Egypt.
Including yesterday's transactions, 44,1,0001. is
known to have been sent into the Bank during the
week, and 339,000/. withdrawn, for Alexandria. It
is probable, however, that the influx has been
larger owing to the receipt of sovereigns from the
provinces.

Of the 258,600/. by the Seine, from the West
133,000/. is gold and 125,:i00/. silver. The
gold is expected to be taken to the Bank.
About 30,000/. in Mexican dollars, which have
been held back from /isle, were disposed of yester-
day for China at ss. id. per ounce showing a de-
cline of Id.
The annexed memorandum gives the substance
of Messrs. Baring Brothers and Co.'s advice, by the
present mail from Venezuela :

Messrs. Baring's agent in Tesezusla, under date Nov. 25.
advises that since the return of General Guzman Blanco his
principal object had been to bring order Into the confusion
of the Treasury department. (his of the first decrees had
been for the resumption of the payment of the :55 per cent.,
to begin with all the vessels entering the ports after the 7th
Nov. No arrival had takes place previous to the 16th. but
after that date several vessels bad come is with cargoes,
reckoned upon to produce a Bond amount of darks. No
decision had been yet taken with regard to funds of the 55
per cent lately appropriated.
The following is from the General Credit Com-
pany

rNr.zcrt t Sr Fri Crier. LoAN, 1464.—The nenetel
Credit and Finance Company of London (Limited) are in
receipt of advires from their ewe,. Merin. H. L Bonito.'
and Co.. dated ha Guayra, 2.ith November, 1864, of duties
collected u follows, on socount of the above loan :

Per statement No. 'lO from La Guayra
Ditto Na' 17 l from Puerto Cabello
Ditto No. 18

The Chartered Mercantile Lank of Lalia, Lou-
don, and China have announced that a dividend of
10 per cent., free of income tax, for the half-year
ending 31st inst., will be paid to the propritters on
the London register on the 2nd of January, making
together with that paid on July 1, a distriLata hat
the rate of 20 per cent. per annum.
Subscriptions arc being privately mode fur the
capital of a new company bearing the title of the
"London and Provincial Mortgage L'aiik
(Limited.)" By the arrangennuts contcii by
this company it ie proposed that " fr,,no:J and
every description of land and property may be
made easily negotiable, and greator facilities iren
to secure immediate advances on this clas, f —ca-
rities." It is promised that the delay, Jill:. ,:ty,
and charges entailed in the present mule of ob-
taining an advance by the mortgage of preperty
shall "be avoided, and a more simple and expedi-
tious system afforded." The company proposed
also to act as agents to investors and borrowers,
with which view it will keep a register, and to wake
advances on the mortgage of county and borough
rates. It is intended to issue mortgage debentures
at fixed rates of interest, for long or short periods.
The capital is fixed at present at 200,00V'., in
8,000 shares of 23i. each.
A call of V. is to be pail on the shares in the
Lemberg Czernowitz Railway Company by the
IGth January.
A call of 34 is to be paid on the shares of the
St. 'azaire Company (Limited) by the ith
I January.
The half-yearly interest, at the rate of G per cent.
per annum, is announced upon Cie obligations,
seven years bonds, and share capital of the
Italian Irrigation Canal Company.
The half-yearly interest due the let January on
the shares of the Ottoman (Smyrna to Aidin) Hail-
, way Company is announced for payment ,n +le
course.

At a board meeting of the London af..! County
Laud Company, held ou the 13th instant, Mr. Louis
Iseuberg was e:ectisl a director of the comtethy.

WEDNZSDAT EVT2CDCG.

Consols, which closed yesterday at 89iVto ,Vex
div., fur the loth January, opened this morning
at the same quotation, and closed at 89i to f, For
money the last price was 891 to i. The officio, busi-
ness report is as follows :—Three per Cent. Con-
sols, for money, 89/, g ; ditto for account, 89/, ;
Three per Cents. Reduced, 881, ; New Three per
Cents., 881, }, g ; Bank Stock, 237. 239; India Five
per Cent. Stock, 1021, 103, 102, 103}, 102; ; ditto
Four per Cent., 98, ; Five-and-a-Half per Cent.
" enlaced " riper paper, 109.
The India Five per (IL stock was a little more
offered. Exchequer Bills were quoted to Is. die.
In the foreign stock market the principal ~hangs
was an advance of 1 per cent. in Confederate
Bonds. Several other foreign stocks have slightly
improved. Turkish Bonds of 1862 rose / per cent.,
the Consolide's and Mexican, and Greek, Italian,
and Spanish Passive, / per cent.
In the market for bank shares there was a decline
in Alliance, Bank of Wales, Brazilian oil Portu-
guese, and London, Hamburg and Continental
Exchange. but an improvement in Agra and Mas-
terman's Bank, Bank of Otago, European, Standard
Bank of Africa, and Union Bauk of London.
Anglo-Egyptian Bank shares were quoted / dis. to
par.

Hudson's Bay shares were last quoted LH to g,
being lower; Egyptian TrAing, / to 11 preen.;
National Discount, 10i to prem. ; and Joint
Stock Discount, to dis. Bombay GaN
Upper Assam Tea, Peninsular and Oriental
New, and Crystal Palace Preference Stock, were
better, but a reduction was quoted iu Ocean Marine
Insurance, Peninsular and Oriental S•eatu old
shares, Panama Royal Mail Steam New, and
Rio Improvements paid up shares. Ottoman Socitett
Gellc:riale shares were quoted 21 to 2 prem. Im-
perial Austrian Gm shares were nominally quoted
to 1 prem.

MINES.--(THIS DAY)

Two o'CLoci.

This being settling day, the mining market is
quiet, with few transactions. East Grenville and
East Caradon shares, however, are rather finner—
the former at 5 to and the latter at 191 to
f. Great Vor are quoted 341 to 351. and East
Basset, 47 to 49. Great Laxey are officially
marked 184, ex div.
With the exception of Port Phillip aid United
Mexican, which are inquired for, foreign colo-
nial mining shares are inactive.
At Wheal Trelawney meeting yesterday ilia ac-
-1 counts showed a credit balance of 2,0021. A
divi-
dend of 12s. (3d. per share was declared.
At West Caradon meeting, held yesterday, the ac-
counts showed a credit balance of 318/. A call of
21. per share was made.