The Express.
London, England, 1864-06-08 00:00:00

A gradual subsidence of speculation is always
looked for towards the height of the summer,
but it seems to have come unusually early
this year, on account of the recent large a_iti
rapid creation of new securities. A portion of the
new stock is still floating about in the Stock Ex-
change, instead of being absorbed by the public, and
this is, of course, the reason why high rates of "con-
tinuation" have been charged at many recent settle-
ments. The process of absorption has perhaps been
impeded by the good rates w hich are given fur
deposits by the joint-stock banks and other monied
establishments—rates whichcontent the public, and
during the prevalence of which they feel
the less impelled to seek for new Chan-
nels of investment. During the transition
stage—while the surplus of shares in new projects is
being gradually transferred from speculative to
permanent holders—it cannot be a matter of sur-
pri•e if prices suffer ; but, assuming—what appears
to be the case—that the majority of the new under-
takings are well based, and will be well managed,
there can be little question that the experience
which the public will gain from them will tend
rather to the encouragement of fresh enterprise
than the reverse. It is just this experience, how-
ever, that is now wanted ; until the public see what
is likely to come of their present investments, they
are disposed to bang back from further commit-
ments, and their hesitation is naturally in-
creased by the uncertain state of foreign po-
litics. Under these circumstances it would
appear that the revival of speculation,
looked for so ardently in many quarters, is not
likely to take place until later in the year, when, it
is to be hoped, the securing of a good harvest will
give a new and legitimate impulse to confidence.
Meanwhile, there is the encouraging consideration

that the great bulk of our commitments in the shape
of public corapanits and other new enterprise refer
only to home expenditure, involving, therefore,
merely a transfer of money from one pocket to
another ; and there being no present prospect of
our entering into large foreign engagements at the
present period of the year, there is every 'ground to
hope t:,ut the state of the money market in the
autumn will be such as to afford ample encourage-
ment to all bona tide enterprise.
The Keut has arrived from Melbourne w;:h
14,500'. in gold.
The foreign exchanges yesterday afternoon pre-
sented no alteration of importance. The rates
were as follows :

Amsterdam, 3 months, 12.0 g to ; ditto, 8 days,
11.17 to 18 ; Rotterdam, 3 tuonths, 12.0 i to I ; Ant-
werp. 3 months, 25.65 to 73; Hamburg, ins. 'ammo,
months, 13.8} to : Paris, 3 .lays, 25.223 t0:123 ; ditto. 3
mouths, 25.623 to 73 ; Frankfort-on-the-Mama 3 months,
120 to g ; St. i'etsesoorn (per rouble), 3 months, 324 to d ;
Vienna, elf. do.. 3 mouths, 11.82; 74; Trieste, ed. do., 3
months, 11.823 to 74 ; Madrid, 3 months, 48 to g ; Cads. 3
mouths, 48 to g ; Leghorn, 3 months. 25.70 to 75 ;
GOIIIOI4 mottos, 25.70 to 75 ; Milan, 3 months,
25.75 to $0; Naples. 3 mouths, ta5.75 to 80; Palermo,
3 month, 23.75 to SO ; Messina, 3 mouths, 2%75 to SO ;
Lisbon. 30 days, 511 to 52 ; Oporto, 90 days, 514 to 52.

Application has been made to the Stock Exchange
Committee to appoint a settling day in the shares
of the undermentioned undertakings, viz.: Impe-
rial Bank of China (Limited) ; City of London Real
Property Company (Limited) ; Otago and South-
land Investment Company (Limited) ; Millwall Iron
Works Company (Limited) ; National Provincial
Marine Insurance Company (Limited) • Lisbon Oil
Mills Company (Limited) ; European Central Rail-
way Company (Limited) i British Shipowners
Company (Limited); and International Contract
Company (Limited).
Yesterday was settling day in the shares of the
East India Financial Association (Limited), British
Colonial Steamship Company (Limited), Oriental
Financial Association (Limited), and Belted Mer-
thyr Collieries Company (Limited).
A call of Ed. is to be paid on the 10,000 new
shares of the Bank of Hindustan, China, and Japan
by the Ist of July.
With a view to make an independent investiga-
tion into the position of the Loudon and Middlesex
Bank (Limited), a number of the shareholders have
addressed the following letter to the directors. It
is believed that numerous instances of gross mis-
management will yet be brought to light.

To the Board of Directors IA the Loodos and Middlesex

Book (Limited), in I: nidation.
Gentlemen,—We, the mderaiped shareholden, hereby
give you notice that, agreeably to the arrangement entered
into before the Master of the ROIL on the 18th April last,
we intend forthwith, masted by an accountoit, to com-
mence and pursue an examination of the books, vouchers,
sad *counties of the said bask, and to take such copies sod
extracts therefrom an we shall dean neoessary to elucidate
its true tusocial politico. We therefore respectfully beg
that )ou will immediately give directions to toe custodians of
the said books and pipet,' to afford us all requiaite