The Express.
London, England, 1863-12-24 00:00:00

REDUCTION IN THE BANK RATE OF

DISCOUNT.
Two oNhooz.

The Directors of the Bank of England, at their
weekly meeting to-day, have reduced the minimum
rate of discount from 8 to 7 per cent.
This announcement has been received with
satisfaction, and has produced a good effect in the
stock markets, where prices generally are some.
what better than they closed yesterday. Consols
have risen 1 per cent., and some of the specu-
lative foreign stocks ito 1. Home railway stocks
likewise retain an upward tendency.
At Paris this morning, according to Mr. Renter's
telegram, the Three per Cent. Rentes opened at
66fr. 35c., being sc. lower than yesterday.
Consols are now quoted 911 to }, ex div., for
money, and 911 to 1, ex div., for the account
(Jan. 7). The official business report is as follows :
Three per Cent. Console, for money, 91i, 1;
ditto, for account, 911, 1, 3 ; Three
per Cents. Reduced, 91i, 1 ; New Three
per Cents, 91*, ; India Stock, 218, ex div.,
for opening ; ditto Five per Cent. stock, 1061,1 ;
ditto Four per Cent. Debentures, 1864, 991 ; and
Exchequer Bills, 95., 4e. din.

Foreign stocks are still improving. TurkishConso-
' lid& are 1 per cent. better, at 473 to 48; Mexican,
better, at 373 to # ; and Spanish Passive, i to
better, at 331 to 34 Greek Bonds are firm at
251 to 3. The Confederate Loan is quoted
37 to 40, and Brazilian scrip, 1 to 03 the.
Transactions are recorded as follows :—Brazilian,
1863, scrip, * dia. ; Buenos Ayres, 931 ; Dutch
Two-and-a-Half per Cents., 653 ; Egyptian,
1003 ; Greek, for account, 26, 253, 26 ;
ditto Coupons for account, 12 ; Italian, for ac-
count, 703, 3 ; ditto Maremmana Railway,
781; Mexican' for account, 371, 1,3, 3,
; New Granada, 133, 3, ex div. ; ditto De-
ferred, 83, ex div. ; Peruvian, 1862, for
account, 883 ; Portuguese, 1866, &c., for account,
493 ; ditto scrip, 13 prem. ; Russian, 1822, 923 ;
ditto, 1859, 551 ; Spanish, for account, 643 ; ditto,
Passive, for account, 333, 34, 333 ; ditto Certi-
ficates, for account, 133, *, 3 ; Turkish, 1864, for
account, 893 ; ditto 1858, for account, 691 ; ditto
1862, for account, 701. 713, 7L
The amount of bar gold bought by the Bank yes-
terday was 121,0001., making au aggregate of
465,000/. for the week. Owing, however, to the
less favourable position of the continental ex-
changes, there is some revival in the demand for ex-
portation, about 50,000 of the supply by the City
of New York having been taken yesterday for
abroad. . .

In advance has taken place in many kinds of
American securities. The Federal Government
Bonds and Virginia Six per Cents have more espe-
cially responded to the successes of the Northern
forces, and yesterday rose 24 to 3} per cent.
The colonial produce markets closed yesterday
afternoon, and business will not be fully resumed
until Tuesday, Jan. 5.
Mr. Arthur Crump, of the West-end branch of
the Bank of England has been appointed manager
in Stockholm of the English and Swedish Bank.
Mr. Albert Ricardo, of 11, Angel-court, Throg-
morton-street, has been elected a director of the
National Bank. _ . .

The London and North Western Railway traffio
return shows this week an increase of 7,1661. ; the
Loudon and South Western an increase of 2,3321. ;
the Great Western an increase of 2,8734 ; the
Great Eastern an increase of 3,0631. ; and the
Great Northern an increase of 4,0611.
_ .

The receipts of the Grand Trunk Railway of
Canada for the week ending the sth December were
21,8211. sterling, being 2651. more than in the cor-
responding week of last year.
The prospectus of the National Volunteer Hotel
Company (Wimbledon) Limited is issued, with
• proposed capital of 120,000'., in 12,000 shares
of 101. each. The object is to build a large
hotel on Wimbledon Common for the accommoda-
tion of the members of the National Rifle Associa-
tion and of the public generally. It is proposed to
construct the building upon a scale of magnitude ;
it will contain upwards of 200 bedrooms, and the
arrangements are to be those of a convenient
family hotel. It is pointed out that the site ob-
tained is accessible by three railway stations as
well as by omnibuses and steamboats. The direc-
tors state that they bare received numerous assu-
rances of support, and Monday, the 25th January,
has accordingly been fixed for the allotment of the
shares. -

—.—
The Littlebampton, Havre, and Honfleur, Steam-
ship Company (Limited) have chartered a steamer,
which has been already engaged in working
between Newhaven and Dieppe, and the traffic will,
it is understood, be commenced as soon as the neces-
sary arrangements are completed.
The Union Bank of England and France has
published a balance-sheet and statement of opera-
tions, made up to the date of its amalgama-
tion with the European Bank. The statement ex-
tends over the first seven months of the existence
of the bank, and shows gross profits 8,2031. fis. Id.,
against current expenses 6,5251. 12s. lld, leaving a
net profit of 1,0521. We extract from the circular
as follows : . .

The directors cannot refrain from calling the attention of
theshareholders to the fact that the gross profits (exceeding
8,0001.) have proved in the few first months of the hertkre
existence the souod principles upon which the establishmeet
Is based, while as au indication of the nature of its
borders, it may be mentioned that, among tremble-
tines involving several millions sterling, the managers
have incurred no bad debts of any description.
The correspondents of the bank,' is all quarters of the
lobe, have been carefully selected among houses of the
highest standing in the financial world, and the cordial re-
lations established between these houses and the bank form
an important feature in the good prospects of the share-
holders of the company. The branches of the European
Bank in Amsterdam and Rotterdam are now firmly es-
tablished and carry on a good and rapidly increasing busi-
ness ; and a local committee of gentlemen of high standing
has been appointed for the supervision of these branches.
The management of the bank, both in Loa on and Paris,
has been prudently and zealously conducted to the satisfac-
tion of the directors, and it is firmly believed that the
European Bank (Limited) has every prospect of continued
prosperity.
It is notified that the transfer books of the
Copenhagen Railway Company will be closed from
the Ist to the 7th of January, for the purpose of
preparing the half-year's interest warrants, at the
rate of 7 per cent. per annum on the called up
capital, and on the amount paid in anticipation of
mills.
- - -

The first ordinary meeting of the Midland Bank-
ing Company (Limited) is convened for the 15th of
January.
The half-yearly meeting of the East and West
India Dock Company is convened for the Bth of
January, when a dividend is to be declared.
The share list of the Contract Corporation was
closed yesterday afternoon. The number of shares
applied for is 83,500, the first issue comprising a
total of 20,000 shares.
With reference to the market for American secu-
rities, Mr. E. F. Satterthwaite reports as follows :

The market for American securities in London has shown
increased activity during the past. week. The low price of
both Mama and Er s, in prospect of dividend', has brought
in buyers, and we have to report an advisors of 1 dol. to
2 dole. in each description. Railroad bonds have also been
in hicreaesd demand. especially Illinois Rio per Cent. and
Atlantic and Great Western, which exhibit an improvement
of about 2 per cent. For government bonds the inquiry for
Dutch account has been renewed, and quotations are en-
hanced ►bout 3 per cent., the market closing with a firmer
aspect than for some time past.

WEDNEADAT E=MG.

Consols, which closed yesterday at 91}, "sellers,"
ex div.,for the 7th Jan., were marked to-day end
91e, and closed at 91 9-16 to „. For money the
last price with 911 to I. The official business report
is se follows :—Three per Cent. Consols, for
money, 911, I ; ditto for account, 914, ;
Three per Cents. Reduced, 911, ; New Three per
Cents., 911, ; New Three-and-a-Half per Cents.,
97 ; 30 Years Annuities, 1886, 14 13-16 ; Back

Stock, 2341 • India Five per Cent. Stock, 101
ditto 8011/, par ; Five-and-a-Half per Cent
"enlaced rupee paper, 114, I, 114 ; and Ex-
chequer Bills, 46., 9s. die.
Alter the close of the Stock Exchange Consols
were still firmer, 911 being bid for the new account.
The India Five per Cent Stock was firm. There
were more inquiries for the Five-and-a-Half per
Cent. rupee paper. Exchequer Bills remain at 9s.
to 4s. dis.

The foreign stock market was decidedly bnoyant,
especially in the afternoon, and closed firmly at the
best point.
The demand for bank shares continues, and the
tendency of prices is upwards. An improvement
has taken place to-day in Bank of Australasia,
Brazilian and Portuguese Bank, British and
American Exchange, Chartered Bank of India,
Australia, and China, Imperial Ottoman, Consoli-
dated, London and Brazilian, London and County,
Metropolitan and Provincial, and National Bank
of Liverpool. Mercantile and Exchange Bank and
&lode and Ponjaub Bank were slightly flatter.
In miscellaneous shares, National Discount, But
India Irrigation, Electric Telegraph, and Oriental
Gas, met with inquiry, while Joint Stook Dis-
count, Anglo-Mexican Mint, and Italian Irriga-
tion were flat. . .

A further improvement has taken place in the
shares of some of the Financial Companies. Interna-
tional closed at 44 to a prem. ; London, at 84 to 9
prem., being flatter; General, at 24 to 3 prem. ;
and Mercantile, at 44 to 54 prem. for the account.
Hudson's Bay shares were 2s. Gd. better, at
24 to 24 die. ; and Egyptian Trading un-
altered, at if to 11 prem.
Ocean Marine snares were last quoted to-day
1144 to 154 prem. ; Thames and Mersey Marine, 44
Ito 5 prem. ; Universal Marine, par to prom. ;
Commercial Union Assurance, 54 to 4 prem.
North British and Mercantile Insurance, 171 to 181.
English and Swedish Bank shares were last quoted
2to 24 prem. ; Land Mortgage Bank of India,
24 to 2} prem. ; West India and Pacific Steam,
If to 2 prem. ; National Steam, 14 to If prem. ;
Merchant Bank, 31 to 41 prem. ; Discount, Corpo-
ration, 34 so 44 prem. ; Iffuntes Metal Company,
ftto din ; Littlebampton Steam, 4i to 14 prem. ;
Consolidated Discount, if to 2 prem. ; Floating
Dock Company, 1 to 14 prom. ; and Gloucester-
shire Smelting, 11 to 24 prem.