The Express.
London, England, 1863-04-30 00:00:00

REDUCTION IN THE BANK RATE OF

DISCOUNT.

Two o'CLocz.

The directors of the Bank of England, at
their weekly court to-day, have reduced the
minimum rate of discount from per cent,
at which it was fixed ou Thursday last, to 3. This
step had scarcely been looked for quite so soon,
yet has occasioned no surprise, the terms in the
gmaeral market having fallen even below 3 per
cent for good bills.

In consequence of the alteration at the Bank, the
joint stock banks have reduced the rate allowed
for deposits from 2} to 2 per cent. The discount
establishments will henceforward give 2 per cent.
(instead of 20 " at call," and 21 (instead of 21) at
I notice,

The Bank measure bee given a further impulse
to the stock markets, which are buoyant. The
funds have again risen per cent., and Engliab
railways, in most cases, to }. Foreign stocks are
rising rapidly.

Consols are now quoted 931 to I both for money
and the account (May 7). The official btuiiness
report is as follows :—Three per Cent. Consols,
for money, 93i, 9; I, 93 ; ditto for account, 93, 3 ;
Three per Centa. Reduced, 91i, f; New Three per
Cents., 91, },f; Bank Stock, 234, 235 ; India
Five per Cent. Stock, 109}, j ; Five per Cent.
" enfaced " rupee paper, 107* ; and Exchequer
Bills, Bs., ss. prem.

The scrip of the Confederate Loan is quiet,
at 11 to 2} prem., and that of the Turkish at If
to 11 prem. Italian is firmer, at 11 to 2 prem.
Foreign stocks show a decidedly upward ten-
dency, particularly Spanish Passive Bonds, which
have again advanced about 1 per cent. The
Turkish Loan of 1868 has risen per cent., and
that of 1862, as well as the ConsolidEs, to 1.
Greek Bonds are comparatively dull, but Italian,
Egyptian, Mexican, New Graradian, and Peruvian
are all better. The Turkish Loan of 1864 is
now quoted 87 to 88 ; that of 1858, 684
to 69; that of 1862, 704 to 71; the
Oonsolides, 49 to ; and Greek, 294 to 4.
Transactions are recorded as follows:-Brazilian,
101 ; ditto, 1852, 1806, 1860, 94 ; Buenos Ayres,
944 ; Chiliad, 102 ; Dutch Certificates, 1004 ;
Egyptian, 98, 4, ; ditto second issue, 974 ;
Greek, for account, 294, 4, 1 ; ditto Coupons,
144, 4, 14 ; Italian, 711, 1 ; ditto Maremmana
Railway, 764 ; Mexican, for account, 354, 343, 351 ;
New Granada, 161, 1, f ; ditto Deferred,
81,1; ditto land Warrants (Hectares), 7 ; Peru-
vian, 1862, for account, 881, 89 ; Portuguese,
1862, 481 ; Sardinian, for account, 87 ;
Spanish, for account, 544 ; ditto Passive, 34, 4,
9, 304, 344, 35 ; ditto Certificates, 114, 4,4, ;
Turkish, 1862, for account, 704 ; Venezuela, 1862,
58.

It is officially announced that the Stock Exchange
will be closed to-morrow, the Ist of May, according
to custom.

The shares of the New London Financial Asso-
ciation are in great demand, and have risen to 31
to 41 prem.

The dismount market remains exceedingly easy.
Good bills continue to be taken at 3 per oent, and
in some cases lower.

The number of applicants for a angle bond of
201. each in the new Turkish Loan proves even
larger than has been stated, and the entire number
of applications from persons of all clamors in England
and France is thus raised to no lees than 60,000.
The aggregate subscribed for is 2,700,000 bonds.,
'representing 64,000,0001. sterling of stock. It re-
' sults, from the large absorption by small subecribera,
that the general allotment will not exceed me-
tenth or one-eleventh of the amount applied for.
As the second intalment of 10 per cent. on the
Confederate Loan becomes due on the Ist May,
and the Stock Exchange will to closed on that
day, Messrs. J. H. Schroder and Ca, for the ac-
commodation of the members of that body, will
take the payment on the 2nd May, on the stook
on which the 10 per cent. has not previously been
Paid- . _

The Water Nymph has arrived from Melbourne
with 188,0001. in gold, and the City of New York,
from New York, with 22,0001.
About 270,5001. in Australian gold is known to
be now on the way to England. The Nelson, with
49,5001., has been out 114 days ; the Agincourt,
with 100,0001., 84 days ; the Trebolgan, with
10,0001., 71 days ; and the Sussex, with 117,0001.,
89 days.
The silver market is rather firmer, in oonsequence
of the flatter tendency of the continental exchanges.
The Loudon and North Western Railway tragic
return shows this week an increase of 4,4811 ; the
Great Eastern an increase of 1,8471. ; and the
London and South Western an increase of 1,8021.

An important undertaking is announced this
afternoon, under the title of the London Financial
Association (Limited). It possesses a highly
respectable direction, and it is stated that appli-
cations have already een privately registered for a
very large portion of the tint capital of 1,000,0001.
The programme is of au original character, though
partaking in many respects of that carried out so
successfully by the Cr&lit Mobilier Society of
Paris. It is proposed to centralise the large
fivaucial business which is constantly being carried
on iu negotiating debentures and bonds, making
advances un railway and other securities, ale, on
mortgage or title deeds, and on works in progress,
as well as to afford channels for obtaining the
requisite facilities to parties having the charge of
parliamentary bills, and to contractors for railways
or other public works. The association thus pro-
poses to act as a useful auxiliary to bankers, capi-
talists, solicitors, agents, and brokers. Its opera-
tions are to include the undertaking of money
agencies, and the receipt of deposits at interest.
It is evident that the class of business
proposed is likely to yield large profits, but an un-
usual exercise of care and prudence will be required.
No promotion money is to be paid, nor are any but
the most indispensable preliminary expenses to be
entertained. Until the shareholders shall have re-
ceived a minimum dividend of 6 per cent. the
directors are to be without remuneration, but that
point passed, they are to receive one-fifth of the
surplus. The shares are of 501. each, and it is
proposed to call up 251. per share.
The British and Foreign Marine Insurance Com-
pany will commence business at their temporary
offices No. 39, Luthbury, un the let of May.
The Mercantile and Exchange Bank have taken
premises in Mincing-lane, where they propose to corn-
mental business, as well as inLiverpool, immediately.
Formal notice is given that application is being ,
made to the Board of Trade to grant a charter of
incorporation to a company to be called " The Coin-
mercial Bauk Corporation of India and the East,"
for the purpose of establishing banks of issue and '
deposit in Singapore, reuang, Ceylon, Hong Kong,
the Mauritius, and elsewhere.
'l he annual meeting of proprietors of the Na-
tional Bauk is convened for the 26th of May.
Subjoiued are the quotations of insurance, gas,
dock, and other shares, as given in the last Stook
Exchange list :
lnsorance.—Albert Medical Life and Family Endow.
ment, 21; Alliance British sad Foreign, 151 15 ; ditto
)(Wipe; b 3; British and Foreign harass(limited). 21
COMlllettlat Union, 51 ; Eagle,6l •; Empire Earle (Limited),
• Ocean Merits. 141 ; Usivenal lilifilet
Gaslight and Coke.—Brighton and Rowe, 19; European.
new, 54 ; Greet Central, 191 ; leoperial, fai; est.. D._
bantams, '207 ; Imperial ContinestaL 731 ; hander, 891 ex
div. • Nasals 99 ; Veiled °eased, b ; Wasemiuster
Chatered, 88 ; ditto sew, 45 ; Western, 201 ; ditto
new, 9,1.
osel.—Semzet and Arne (guaranteed by Greet Western
Bail way), 61.
Waterworks—Berlin, Fi ; Chelsea, 241.
hooka—Londoo, 571 ; Si. Katharine, ; Victoria, 981.

WiDniAit XVZSIMS.

Consols, which closed yesterday at 92i to 93, both
for money And the .71b of May, opened this morn-
ing at the same quotation, and closed at 93 to I.
The official business report is as follows::—Threw
per Cent. Consols, for money, 991, 93 93, ;
ditto for account, ; Three per Reduced,Cents.
911, i; New Three per Ceuta., 911, i, 1,4; Thirty
ears Annuities, 1865, 14 13-16; Bank Stock, 2364 ;
India Five per Cent. Stock, 1001, 4 ; Five per
Cent. " enfaced " rupee paper, 1071.
The India Five per Cent. Stock wag firm at
1094 to 4 ; and Exchequer Bills at 15s. to en. prem.
Tbe business in the foreign stook market was of
an important character, the demand continuing
active. -

The settlement in the shares of the Imperial
Ottoman Bank has been satisfactorily completed
to-day. The shares were in demand, and the price
hes advanced to 114 to 12 pram. The supply eves
at this price is very limited, and the adjustment of
trauxact;ons to-day indicate • steady absorption.
The large profits accruing to the bank from tie
Turkish Loan negotiation just concluded naturally
tend to raise the shares in the market. The pries
to-day has been higher in Loudon than in Paris,
though hitherto the reverse has been the case.
Alliance Bank, Anglo-Portuguese Bank, Bank of
Victoria, Continental Bank, English, Scottish, and
Australian Chartered Bank, Standard Bank of
Africa, and Bank of New South Wales shares have
all improved to-day. On the other hand, Bank of
British North America, London and Colonial Bank,
Metropolitan and Provincial Bank, and Union
Bank of Australia were flatter. London and Bra-
zilian Bank shares have advanced this afternoon
to 7 prem. In the miscellaneous share market the
variations were unimportant.
The shares of the Consolidated Bank were quoted
44 to prem.
Ocean Marine shares closed to-day at 94 to
prem. ; Universal Marine, 14 to 14 dia.;
Thames and Mersey, 211.16 to 1316 prem. ; North
British and Mercantile, 164 to 174 ; Commercial
Union, Ito prem. ; London and Provincial
Marine, din to par; and Oriental and General
Marine, 1 to 14 prem.
The closing quotations for shares in new under.
takings to-day were as follows :—British and
Foreign Marine, to prem., ex the new issue
Empire Marine, to prem. ; Mercantile and
Exchange Bank, 1 to 04 dia.; National Bank of
Liverpool, 4e. to prem.; Bank of Otago, 3to
prem. ; London Bank of Scotland, to 1 prem. ;
Commercial Navigation of India (the list for which
closes to-morrow), If to 14 prem. ; Anglo-Indian
Cotton, Ito 3 prem. ; and Royal Sardinian Rail-
way, 3 to 1 prem.