The Express.
London, England, 1862-01-16 00:00:00

'T.-(THIS DAY•)

MONEY

Two o'Csoos.
The stock markets to-day are firmer. An im-
proved feeling is generally observable. The funds
have risen It per cent. In English railways, in which
this is settling day, the advance varies from to i
per cent. Foreign stocks and railway shares of
many kinds are in growing demand.
At Paris this morning, according to Mr. Ren-
tee's telegram, the Three per Cent. Routes opened
at 69fr. 10c., showing a fall of per cent. since

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111

INT

yesterday.
The scrip of the Morocco Loan remains firm at 5
to 6 prem.
Consols are officially marked 93, 1, and 93
for mousy, and 934 and 1 for the amount.
The present quotations are 934 to 1 for cash, and
931 to 4 for the 6th proximo. The official
business report is as follows :—Bank Stock,
2394, 240 ; Three per Cents. Reduced, 924,
I, 93 ; New Three per Cents., 924, 1, 93, 922,
93 ; New Two-and-a-Half per Cents., 774 ;
India Stock, 226, 2244 ; ditto Five pe
Cent. stock, 106, 105 f, 1061; ditto for account,
1051 ; Five per Cent. " enhoed" rapes paper, 100,
994 ; ditto Five-aql-a-Half per Cents., 106, 105 f ;
Rxabequer Bills, March, 19s. prem. ; ditto June,
18s., 20s. prem.
The Turkish Loan of 1858 has risen 11 per amt.,
being quoted 741 to 4. That of 1854 is now called
83 to 84, being a rise of about I. Mexican
and Venezuela Bonds and the Spanish
Coupon Certificates continue in request with
an upward tendency. Sales are recorded
as follows —Brazilian Four-and-a-Half per Ceuta.,
1860, 914, 1 ; Italian Five per Cents., 634,
4 ax div. (exchange 25fr.) ; Mexican Three per
Cents., 284 ; ditto for account, 28f, 4; Russian
Five per Cents., 99 ; ditto Four-and-a-Half
per Cents., 92, ex div. ; ditto Three per Cents.,
1859, 60f ; Spanish Three per Cents., 521,
ex div. • the Committee's Certificate*, 7,0,
74 ; Turkish Six per Cents., 1854 831; ditto
Six per Cents., 1858, for account, 734, 4,4, 1,4,
744; ditto 1001. Bonds, 75 ; Venezuela Three per
Cents., for account, 234.
The list for the Morocco Loan was closed yes-
terday. The sum paid as deposit was 146,0001. t
making close upon 500,000 f. in all. This re-
presents applications for 5,000,0001. of stock,
being ten tunes the nominal amount of the
Loan. The contractors have announced that " they
will make the allotment with the least possible
delay." We believe it will probably be made and
the surplus deposits returned about Monday next.
This will be prompt and satisfactory. A large
number of the subscribers will do well to prepare
themselves for a disappointment.
The Nova Scotian, from Portland, has brought
6,0001.
The latest quotation of exchange at New York is
1134. In that city the stock market is described
as firm, but here prices have given way. This is
partly owing to the rise in the exchange ; but
English holders of American securities are natu-
rally made anxious by the suspension of specie
pnyments, not the least Important effect of which
will be that dividends will henceforward be paid in
a depreciated currency.
At Lloyd's there is little business in war risks.
Some considerable amounts of Great Indian
Peninsula Railway debentures having been taken
up, the company have notified that the subscrip-
tion list is closed. These are 5 per cent. deben-
tures, redeemable at par in five years but the
holders have the option (which may possibly prove
a valuable one) of keeping them for five years

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64 A bi

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10
711 zd

thereafter.
A meeting of the English creditors of Messrs.
Froom, Gregory, and Co., merchants, of St. Peters-
burg, was held yesterday. According to an estimate
prepared by the partners, the liabilities are about
200,0001., including 80,0001. due to Enbglish cre-
ditors, and the assets about 206,0001., ut no de-
tails are given, there not having been time to go
through the books. If time be given, however, the
partners consider there is an.ple to pay 20s. in the
pound. Some of the creditors in St. Petersburg
have already commenced legal proceedings, and it
was argued that some course had better be decided
upon at once, to prevent them obtaining any pre-
ference. Up to the present time the estate has been
left in the hands of Messrs. Froom, Gregory, and OD.,
in whom the creditors here have confidence, although
an opinion was expressed that they have attempted
too much in their husinees. The firm wish an ac-
countaut to be sent out to investigate the books
and to represent the English creditors? and this
being deemed the best course, a resolution to this
effect was passed. It was also decided that a docu-
meut shall be prepared binding all the English
creditors to abstain from legal proceedings until a
statement of affairs is presented at a future meet-
ing. Five creditors were appointed to see that
these resolutions are carried out.
The London and North 'Western Railway traffic
return shows this week a decrease of 1,7141.
The annual meeting of the proprietors of the
London and Westminster Bank was held yesterday.
The net profits for the last half year amount to
122,9751., which is increased to 140,2561. by the
addition of 17,2801., the unappropriated balance of
the preceding half year. Out of this sum, interest
at the rate of 6 per cent. per annum on the rest
or surplus fund has been added to that fund,
which now stands at 241,2621. A dividend at the
rate of 6 per cent. per annum was declared, besides
a bonus of 9 per cent., making 12 per cent. for the
six months, and 22 per cent. for the year. A
balance of 14,3701. is left, out of which 8,7371. is
carried to the rest, or surplus fund, thereby in-
creasing it to 250,0001., and the balance, 5,8331., to
the profit and loss account for the current year.
The deposits nowamount to upwards of 15,000,0001.,
being 2,900,0001. above those held at the date of
the last annual meeting.
At the half-yearly meeting yesterday of the share-
holders in the Union Bank of London (Mr. P. N.
Laurie in the chair), the net profits for the six
months, after payment of all charges, were stated
at 88,3721., making a total of 178,4601., including
90,0871. brought forward. A dividend of 12s. per
share (36,0001.), clear of income tax, for the half-
year was declared, leaving 142,4601. for appropria-
tion. Out of this the sum of 120,0001., debited to
capital account by the resolution of the general
meeting in July, 1860, is replaced, and 22,460/.
remains for appropriation at the end of the finan-
cial year in July next. The chairman having
borne testimony to the flourishing position of the
bank, the report was adopted, and thanks were
voted to the manager, Mr. Scrimgeour, the secre-
tary, Mr. Newmarch, and the other officers of the
establishment.
proprietors of the Bank of
The meeting of the p
London also took place yesterday. After paying all
expenses and making the usual appropriation
including very full provision for bad and doubtful
debts, the balance of profit amounts to 23,484/., out
of which 9,0001. is applied in payment of a dividend
at the rate of 6 percent. per annum, free of income
tax, and no less than 14,0001. is transferred.to the
reserve fund, increasing it to 66,0001. The balance,
4841,, is carried to the profit and loss new account.
The chairman, SiroJ. J. V. Shelley, M.P., stated that
the board had aimed rather at securing a good
reserve than at a high rate of dividend, and re-
marked that more profit had been earned in
the last half-year than in any previous six
months. He also expressed a belief that
the dividend in future will exceed 6 per cent. It
is remarked that ont of single yftr's profit this
bank has carried upwards of 24,0001. to the reserve
fund. The net earnings of the establishment for
the past year have been equal to 16 per oent. on
the capital. These particulars were received with
great satisfaction. The report was adopted unani-
mously, and the chairman, directors, the manager
(Mr, Matthew Marshall, jun.), and the secretary