The Express.
London, England, 1864-05-26 00:00:00

REDUCTION IN THE BANK RATE OF

DISCOUNT.

Two o'CLoci.
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., making • total
reduction of 2 per cent. within a fortnight. To-
day's measure had been generally anticipated, in
consequence of the fall in the value of money
in the general market, and of the accumulation
of gold here.

The movement at the Bank gave a momentary
impulse to prices in the Stock Exchange this morn-
ing, but, business being very languid, most classes
of securities, including the English funds, home
railways, and foreign stocks, are now quoted much
the same as yesterday afternoon. Midland rail-
way stock is exceptionally better.
Notwithstanding the reduction in the Bank rate
to-day, the discount market continues very quiet,
and the quotation for choice bills is fractionally
below the reduced minimum of that establishment.
In the Stock Exchange there is a good demand for
short loans on government securities, but the supply
is very large. The rate is 4to 5 per cent.
At Paris to-day, according to Mr. Renter's
telegram, the Three per Cent. Rental opened at
66fr. 80c., showing no change.
Consols are now quoted 911, with div., for
money, and 901, ex div., for the account
(June 8). The official business report is as
follows :-Three per Cent. Consols, for money,
911, 1, ; ditto for account, 901, 1 ; Three per
ICents. Reduced, 891, 1, ; New Three per Cents.,
891, ; Bank Stock, 237 ; India Five per Cent.
Stock, 105/, 1 ; ditto Bonds, 23.. dia
The Confederate loan has fluctuated considerably:
after touching 66, " buyers," the price is now only
61 to 63, being 1 per cent. lower than yesterday.
Other foreign stocks are generally steady.
Mexican Bonds are quoted 441 to 464, being
rather firmer ; Greek, 241 to 1; Spanish Pas-
sive, 34 to 1 ; and Turkish Consolidds, 481 to 1.
Transactions are recorded as follows : Egyptian,
1011 ; Greek, for account, 241, 24 ; Italian, for
amount, 68 ; Mexican Three per Cents.,
for account, 441, 45 ; ditto, Anglo-French Six
per Cents., 1,1 poem. ; Moorish, 95 ; Portuguese,
1866, kc., for aooount, 49, 481; Russian, 1850, 854,
841 ; ditto 1862, 871, ex div.'; Sardinian, for
account, 861 ; Spanish Passive, for account, 34, 1 ;
Turkish, 1868, for account, 69 ; ditto, 1862, 71 ;
ditto, for account, 71, 1 ; ditto 1001. Bonds, 71,
701, 711 ; Venezuela, 1862, for account, 56, ex
div. ; ditto 1864, scrip, 41, 1 die., ex div.

International Financial shares are now
quoted 6} to prem. ; General Credit, 6to
pram. • Mercantile Credit, 10 to prem. ; Lon-
don Financial, In to 13 prem. ; Hudson's Bay, 19t
to * ; Credit Mobilier, 41 to I prem. • Millwall
Ironworks, * to 1 prem. ; Imperial Ban of China,
* to 1 prem. ; and Imperial Financial, 3* to
prem.

Foos o'Cwcz.

Consols are unaltered, at 91k, with div., for
stoney, and 808, ex div., for the account. 53,0001.
in gold has been bought by the Bank.

The large sum of 114,0001. in gold, mostly
American, was bought by the Bank yesterday,
making a total of 459,0001. for the week.
The influx of specie from New York continues
on a large scale. The City of Washington, which
has just arrived at Queenstown, has brought
234,0001.
The receipts of the Atlantic and Great Western
Railway for the month of April were 227,267 dab.,
with 177 miles open, against 222,322 dole in March,
when 173 miles were open.
The prospectus of the Reading Iron Works Com-
pany (Limited) is issued. The special object of this
undertaking is to purchase and carry on the old
established business of Messrs. Barrett, Ezell,
and Andrewes, engineers, ironfoonders, and manu-
facturers of agricultural machinery and implements,
of Reading. By the agreement entered into,
the Kateegrove Iron Works, together with the good
will, stook in trade, plant, ac., are transferred to
the company. It appears that the vendors will
remain large shareholders in the concern, and they
have agreed not to receive any interest on their
shares until a minimum dividend of 5 per cent. has
been paid on the remainder of the subscribed capital.
This agreement is to extend over a period of five
years. Two of the partners actively engaged
in the management of the business take seats at the
board, and the services of the present staff are to be
retained. The capital is 300,0001., in 10,000 shares
of 201. each, of which one-half are to be issued in
the first instance.
We are informed that the Oriental and General
Marine Insuranoe Company have entered into a
provisional agreement to amalgamate with the
Albert Insurance Company (Limited) (Fire and
Marine), transferring to the latter company the
entire business, staff, and aloes in Finch-lane.
A general meeting of the Bahia Steam Naviga-
tion Company is to be held ou the 2nd of June.
The share certificates of the European Central
Railway Company are to be ready for delivery on
the 27th inst.

The list of applications for shares in the Mari-
time Credit Company will be closed on Wednesday,
the Ist inns, for London ; and on Thursday, the
2nd, for the country.
The share list of the Scottish and Universal
Finance Bank is announced to be closed on Tuesday
next.

The half-yearly dividend due the let June, on the
Swedish Provincial Four per Cent. Mortgage Loan,
is announced for payment in due course by Messrs.
Dent, Palmer, and Co.

WIDIIIIIDAT Evzinara.

Consols, which closed yesterday at 90j to },
ex div. for the Bth of June, were first marked
to-day 90j, and closed at 9011, or 90 7-16 to
9-16. For money the last price was 913 with
div.:—The official business report is as follows
Three per Cent. Consols, for money, 911, 1. ar
; ditto, for account, 9011, ; Three per Ceuta.
Reduced, 89k, 4,4; New Three per Conte., 864, ;
Annuities, 1887, 141 ; Bank Stock, 257, 239 ;
India Stock, 218 ; ditto Ave per Cent. Stock,
106 i, 44,1 ; ditto Four per Cent. Debentures,
186 d
The India Five per Cent. stock was firm ; Ex-
chequer Bills were steady, the March at 13e. to Bs.
di.. and the June at Ba. to 3s. die.

In the foreign stock market the principal fluctua-
tion was in the Confederate Loan. This stock fell
S per oeot. in the morning, upon rumours that the
intelligence from America was very unfavourable to
the Southern cause. After falling to 60, however,
the price closed at 82 to 64, being about 3 per cent.
lower than yesterday. The partial rally was caused
by the publication of the New York telegrams in
the late editions of the daily. journals. Most other
foreign stocks were firm, with • rather favourable
teodesey.

The market for bank shares was very quiet, with
little change in prices. Bank of Queensland, Land
Mortgage Bank of India, and Scinde, Punjaub, and
Delhi Bank shares were slightly flatter.
Hudson's Bay Shares were firm, at 191 to and
Egyptian Trading dull, at 21 3i prem. Conti-
nental Union Gas shares continue in demand, with
an upward tendency. An improvement also oc-
curred in Ocean Marine Insurance, London and
Provincial Marine Insurance, and Sod4t4
Mere d'Eapte.
The shares of the financial companies were
well supported at yesterday's prices. The closing
quotations are annexed, viz. :—lntsenational,
to ed prem. ; General Credit, a; to
prem. ; London Financial, 12i to TS prem. ; Im-
perial Financial, 311 to prem. ; Mercantile Credit,

92 to loi prem. ; Credit Mobilier, 4,1 to I prem. ;
and Credit Foncier, 6 to 7 prem.
The closing (bat in some cases merely nominal)
quotations for shares in new undertakings are
subjoined, viz. : —lnternational Land Credit, 1
to 2 prem. ; Imperial Bank of China, 3 to 3 prem. ;
Ottoman Financial, i to 1 prem. ; Tyne
Shipbuilding, 1 to 2 prem. ; East India Fi-
nancial,;} die. to par ; Gellivars, 3 to 1 dis. •, Mill-
wall Iron Works,
_t to prem. ; National Finan-
cial, Ito dia. ; Mauritius Creit Fourier, 1 dim.
to w• ; English, Swedish, and Continental Finan-
-64 1 to 2 prem. ; Queensland Sheep, 3 to 2 tbs.