The Express.
London, England, 1864-11-18 00:00:00

MONEY MARKET.-(THIS DAY.

Two o'Csocw.

Business in the stock markets to-day is rather
inactive, the speculators being disposed to wait for a
reduction in the Bank rate of discount, which will
probably take place next week, the returns
both of the Bank of England and Bank
of France being satisfactory. Public securities are
generally firm, with a favourable tendency. The
funds have risen it to I per cent., and home rail-
ways have again advanced. Foreign bonds are also
well supported, but as regards financial shares
there is less inquiry.

The discount market is quiet to-day, with a
moderate amount of business, and first class bills
can be easily negotiated at 7,/ to 711 per cent., being
to I below the Bank minimum. There is rather
more demand in the Stock Exchange for loans from
day to day, and the rate has, on government
securities, risen to 4 to 5 per cent.
At Paris today, according to Mr. Reuter's tele-
gram, the Three per Cent. Routes were quoted
64fr. 90c., showing a rise of Sc., compared with
the last price of yesterday.

Consols are no; quoted 901 to 91, with div., for
money, and 8911-16 to 13-18, ex div., or 891, for
the account (Dec. 8). The official bubiness
report is as follows :—Three per Cent. Consols,
for money, 94, 1, 91 ; ditto, for account, 892, 1 ;
Three per Cents. Reduced, 88?, 89 ; New Three per
Cents., sal, f, 89, 883 ; Annuities, 1885, 11.1 ;
Bank Stock, 237 ; India Five per Cent. Stock,
1061, 1 ; ditto Bonds, sa. dis. ; Five per Cent.
" enfaced " rupee paper, 1013; and Exchequer
Bills, June, ss. die.

Foreign stocks are steady. Mexican Bonds and
Turkish Consolid6s have risen 1 per cent.,
and Turkish Bonds of 1858 1 to 1.
Venezuela Bonds do not recover. Some
of the present quotations are as follows, viz.:—
Greek, 23 to 1 ; Mexican, 281 to 29 ;
Confederate, 62 to 64 ; Spanish Passive,
301 to 1 ; the Certificates, 131 to 14 ; Turkish
Boada of 1858, 711 to 1; ditto 1862, 711
to ; and the Consolidds, 491 to
Transactions are recorded as follows :—Egyptian,
951, 1, 96 ; Greek, for account, 23 ; ditto
Coupons, for account, 9b ; Italian, for
account, 641 ; Mexican, for account, 281,
ditto, 1864, 271 ; Portuguese, 1856, &c., 47/ ;
ditto for account, 47f, ; Russian, 1822, 881 ;
ditto, 1862, 87, 861, ex div. ; ditto 1864, 87/ ;
Spanish, 481 ; ditto Passive, for account, al ;
Turkish, 1862, for account, 71/, 1 ; ditto,
100/. Bonds, 711 ; Venezuela, for account, 18e,
ex div. ; ditto, 1862, for account, 491, 49, ex
dix. ; ditto, 1864, 391.
International Financial shares are now quoted
2} to 3 prem. ; London Financial, 81 to 91
prem. ; General Credit, 21, to 3 prem. ;
Imperial and mercantile Credit, 21 to 3 prem. ;
Hudson's Bay, 17f to f ; Ottoman Sociihi
G4n4rale, 11 to 21 prem. ; and Anglo-Egyptian
Bank, dis. to prem.
It is said that the proposal to lower the rate
at once to 7 per cent was seriously entertained
amongst some of the members of the Bank board
yesterday. The resolution to wait was proba-
bly occasioned by the somewhat uncertain position
of the foreign exchanges, and by the prospect that
any further sudden fall in the value of money here
would cause a renewed export of bullion to the
Continent, the East, and other parts. A reduc-
tion in the minimum to 7 per cent next
week will be hailed with lively satisfac-
tion, on account of the relief which
it will give to the trade of the country; but what
the mercantile community wish particularly to see
is a sure and steady descent of the rates without
those intermediate oscillations which in the present
position of affairs could not fail to prove highly
injurious.
The list for the scrip of the Egyptian Loan
will be closed for London to-day (Friday) at 3
o'clock. With regard to thelposition of the 2,000,0001.
subscribed for by the onntractors and others, we
have been furnished with a semiofficial explana-
tion, from which it appears that " the receipts or
scrip to be issued for this special amount will
differ from the general scrip to be issued for the
3,704,000 f., and will not be negotiable in the gene-
ral market, or applicable on the special settling day."
The Greek constitution has not been passed without
affording a verification of the statement which we
made some weeks ago with regard to the intended
sale of the national lands, and the redemption of
the bonds. Article 101 makes the following pro-
vision :—" By special laws, and as soon as possibile,
it is necessary to provide for the disposal and dis-
tribution of the national lands, as well as for the
liquidation and payment of the public debt, both
internal and external." That Greece has incorpo-
rated this provision into the constitution affords
ground fur hope with regard to her good faith, for
we would fain hope that the juxtaposition of the
phrases quoted is meant to confirm the hypothe-
cation of these extensive domains to the bond-
holders. These claims once satisfied, the Greek
government may successfully prefer her appeal to
the English market on account of the reproduc-
tive works which are so much required in many
parts of the country. It should be added that the
internal debt of Greece is a mere trifle.

The amount of gold sent into the Bank yesterday
was only 5,0001.
The arrival of 302,0001. in gold from New York
was announced yesterday, a considerable portion of
which a-ill probably be bought by the Bank, the
demand for the continent not being strong enough
to take the whole. The Glasgow has brought
132,0001., the New York 103,000/., and the City of
Cork 67,0001.
A meeting of the creditors of Mr. Edward Lizard,
merchant and foreign banker, took place yesterday,
I when a balance-sheet was presented by Messrs.
Kemp, Ford, and Co., the accountants, showing
unsecured liabilities to the extent of 65,0311., and
assets 65,861/., or a surplus of 827/. It was ex-
plaints' that the failure arose entirely from
Mr. Laxard's connexion with Mr. Louis Speltz, in
the cotton trade, of Liverpool, and that Mr.
Lazard's transactions have been of the most
straightforward character. The books have been
well kept. It was resolved that the estate shall be
wound up underthe inspection of Mr. Kemp, acting
on behalf of the creditors generally.
At a meeting of the creditors of Messrs. Manning
and Collyer' hemp and jute brokers, held yesterday,
the unsecured liabilities were stated by Messrs.
Kemp, Ford, and Co. at 10,500/., and the assets at
4,5001. The " prompts" of the firm represent I
63,0001., which are supposed to be covered by the
securities held by brokers ; but it was resolved to
adjourn, with a view to an examination of this
item by three creditors, who will report to au
adjourned meeting.
A meeting of the creditors of Messrs. Galbraith,
Bigland, and Co., in the East India trade, who
failed on the 20th October, was held yesterday, when
a statement of their affairs was submitted by
Messrs. Harding, Pullein, and Co., the accountants.
The total liabilities, secuied and unsecured, appear
to be about 162,0001. of which 55,957/. is expected ,
to rank against the estate. The assets are stated '
at 17,806/. After much discussion it was deter-
mined to wind up the estate under a deed of
assignment.
The Midland Railway traffic return shows this
week an increase of 5,4401. over last year ; the
Lancashire and Yorkshire, an increase of 1261. ; the
Manchester, Sheffield, and Lincolnshire, an increase
of 3981.. ; and the North Eastern, an increase of
5,5711.

A general meeting of the Trust and Loan Com-
pany of Upper Canada is called for the 30th hint.,
when a dividend is to be declared.