The Express.
London, England, 1863-04-28 00:00:00

MONEY MARKET.-(THIS DAY.)

Two O'CLOCK.

The stock markets are generally rather better
to-day. The funds have risen per cent.,
a good effect being produced by some
large arrivals of specie. There is also an
advance in most of the principal English railway
stocks and in several of the more speculative kinds
of foreign securities.
The scrip of the Confederate Loan is rather lower,
at 1} to 2 prem. The scrip of the Turkish Loan is
steady at Ito prem. ; and that of the Italian
Loan at 11. to 1.; prem. _

The usual telegrams from the Paris Bourse have
not yet come to band.

Consols are now quoted 921 to 93, both for
money and the account (May 7). The official I
business report is as follows :-Three per Cent.
Consols, for money, 921, 93 ; ditto for
account, 93, 921 ; Three per Cents: Reduced, 911,
1 ; New Three per Cents., 91f, 1, ; Thirty Years
Annuities, 1885, 14 15-16 ; India Five per Cent.
Stock, 1091, ; ditto Bonds, 21s. prem., Four
per Cent. " enfaced " rupee paper, 98 ; ditto
Five per Cent., 1071 ; ditto Five-and-a-Half per
Cent., 1151 ; and Exchequer Bills, Bs. prem.
In the foreign stockmarket the tendency of prices
is upwards. Greek Bonds, Venezuelan Six
per Cents., and Turkish Bonds of 1854
have risen about per cent., and the Conaolidds
f. Mexican and Spanish Passive Bonds show
a further improvement, while Spanish Certificates
do not fully support yesterday's rise. Some of the
present quotations are annexed :-Turkish, 1854,
Loan, 87 to 88 ; ditto 1868, 68 to 1 ; ditto 1862,
70 to 1 ; the Consolidis, 47/ to 481 ; Greek,
29 to ; and Venezuelan Six per Cents., 581 to 59.
Transactions are recorded as follows:-Brazilian,
1862, 1858, 1860, 94, 931 ; Egyptian, 971, 981 ;
ditto, second issue, 971 ; Greek, 291, 29, 1, 29 ;
ditto for account, 291 ;ditto Coupons, 131, 1, 14 ;
Italian (Maremmana Railway), 76, 3 ; Mexican,
344, 331 ; ditto for account, 341 ; Moorish, 95 ;
New Granada, 15 ; Peruvian, 1862, for account, 881;
Portuguese, 1862, 47/ ; Russian, 1850, 901 ; ditto
1862, 95, 1, 941 ; Spanish Passive, 321, 334, 321,
; ditto Certificates, 101, 111, 101 ; Turkish,
1864, 872 ; ditto, 1862, 70f, 3 ; Venezuela, 231 ;
ditto, 1862, 581, 1.
The new Sardinian Railway project has been re-
ceived with favour, and the shares are quoted in
the Stock Exchange to-day 1 to 14 prem.
The arrival of 570,5001. in specie is announced
to-day, the Shannon, from the West Indies, having
brought 498,5001., and the Calliance, from Geelong,
72,0001.

- .
The discount market is exceedingly easy.
Although in many quarters n per cent. continues
to be asked, good bills having three months to run
were taken yesterday at 3, with exceptional transac-
tions even a fraction lower. Six months' paper was
negotiated at percent. The business at the
Bank of England Discount-office was consequently
very light.
It appears that the precise returns of the subscrip-
tion to the New Turkish Loan show that 2,500,000
bonds of 201. each, representing a capital of
60,000,0001. sterling, have been applied for in
all, while the loan is limited to 300,000
bonds, or 6,000,0001. It has therefore been
subscribed for rather more than eight times
over, but, as applicants for a single bond
will receive their allotment in full, it is computed
that the larger subscribers will probably obtain
about one-ninth of the amount written for. The
applications in Englandrepresent about 3000,0001.
of stock, and as the amount to be allotted here will
therefore be only about 330,0001. to 350,0001., it is
evident that our money market will not be in-
fluenced. It is believed that the scrip will be
ready for delivery between the 20th and 25th of
May.
No doubt is entertained that the Stock Exchange
will be closed on Friday next, the Ist of May,
according to custom, that being the day when the
half-yearly balance is struck at the Bank of Eng-
land, where the transfer offices will be shut.
The Canada, from Boston, has brought 12,0001.
in specie.
The Committee of the Stock Exchange have to-
day appointed to-morrow a special settling
day in the share* of the Imperial Ottoman Bank
and the Mercantile and Exchange Bank (Limited), I
both of which are to be officially marked. Monday
next has also been fixed as a special settling day
in the shares of the Cotton Plantation Company of
Natal ; but these are not to be quoted in the
official list.

The following is a copy of the resolution adopted
by the Stock Exchange Committee with reference to
the settlement in Imperial Ottoman Bank shares :
That it is not sabta the province of the committee to
decide upon the qoestion between the 00000118110011401 at
11539 of the Bank of Turkey and the Turkish government,
but after the most careful oonsideration the committee
are of opinion that nothing has transpired to diseutitle
the share, of the imperial Ottoman Bent to a settlement,
and a quotation in official list.
' - - • •

It is notified that holders of tickets for Imperial
Ottoman Baok shares, deliverable on the 30th inst.,
can, on application, receive them on the 29th (to-
morrow).
A very important undertaking is announced
under the title of the Royal Sardinian Railway
Company. It is constituted under auspices of the
highest respectability, and enjoys concessions and
privileges of such a nature as would probably
cause it to be sought after with extreme avidity
had not the creation of Italian securities of late
years been so rapid. The capital, which will be
allotted between England, France. and Italy, con-
sists of 1,000,0001. sterling, in 50,000 shares of
201. each, to which attaches the right of subscrib-
ing, at the rate of 111., or 275 francs, to obliga-
tions of 201 or 500 francs, to the extent of
2,000,0001. of nominal capital. The project has
what may be termed a double basis, namely, first, an
Italian government guarantee, and secoutlly, a large
grant of freehold land. The government guarantee is
in the form of an annual subvention, equal to 5801.
sterling per English mile for 99 years. This
guarauteed income, together with the low rentals
now proceeding from the landed estates, will suffice,
after providing for interest and sinking fund of the
2,000,0001. of obligations, to pay a minimum esti-
mated dividend of 8 per cent. on the share capital,
while during construction 6 per cent, interest is
to be paid. The advantage, however, does not end
here, fsr the land, comprising 480,000 English
acres, which has been absolutely granted to the',
company, is now officially valued at 500,0001., I
or equal to half the share capital. The proceeds
of this land, when sold, will from time to time be
divided as a bonus to the shareholders, over and
above the guaranteed interest. The value of this
concession may be imagined if the estimate be ac-
curate, that the railways will ultimately double
the value of the land. It is thus contemplated
that the shareholders shall have their capital re-
paid to them out of the proceeds of the land sales,
and nevertheless continue in the enjoyment of the
dividends during the whole period of 99 years. It
need only be stated further, that the company's
railway concession confers an absolute monopoly,
and that the practicability of constructing the lines
within the capital proposed is proved by an offer
to this effect from an eminent firm of coatractors.
The lines will be about 240 miles in length, and
will establish a complete system of oommunication
throughout the whole length of the island of Sar-
dinia. The time allowed for the completion of the
works is six years. The interest is to be payable
half-yearly, m London, Paris, Turin, and Genoa.
The prospectus of the National Guarantee and
Suretyship Association (Limited) is in cir-
culation with a proposed capital of 250,0001.
in 201. shares. This company has been
established in Edinburgh to transact the business of
fidelity-guarantee or suretyship in all its branches.
It appears that the only Scotch guarantee office has
been recently merged in an English life assurance
company. The directors, who are respectable, state