The Express.
London, England, 1863-10-22 00:00:00

MONEY MARKET.--(THIS DAY.)

Two o'Mom

The stock markets to-day are firmer, the breaking
up of the weekly court at the Bank of Eng-
land without the announcement of any advance

In the rate of discount having induced a
number of purchases. The funds show a
recovery of 4 per oent., and most of the more
speculative foreign stocks have improved. The
Portuguese Loan is in increased favour to-day.
Home railway stocks have scarcely varied.
At Paris this morning, according to Mr. Renter's
telegram, the Three per Cent. Bente. were quoted
67fr. 06c., showing no change.
Consols are now quoted 93 to 4 for money, and
933 to 3 for the aocount (November 6).
The official business report is as follows :-Three
per Cent. Consols, for money, 93, 4, 921, 934, 924 ;
ditto for account, 934 ; Three per Cents. Re-
duced, 911, ; New Three per Cents., 914, ;
Thirty Years' Annuities, 1886, 144 ; Bank
Stock, 236, 234 ; India Five per Cent. Stock,
1091, ; ditto Four per Cent. Debentures,
1884, 100, 991 ; ditto, 1864 or 1866, 1004, 3 ; Five
per Cent. "enfaced " rupee paper, 1074 ; and
Exchequer Bills, par, 25. prem., Is. die.
The foreign stock market opened this morning
with more firmness, and has improved since the
breaking up of the Bank Court. Mexican
Bonds have risen 3 to 4 per cent., Turkish Con-
solid& 4, ►nd Greek 4. Some of the present quota-
tions are annexed :--Turkish 1864 Loan, 92 to 93,
ex div. ; ditto, 1858, 704 to I ; ditto, 1862, 714 to
; the Consolidee, 531 to I ; break, 301 to 31f ;
Mexican, 42} to ; and Spanish Passive, 351 to 4.
Transactions are recorded as follows :-Brazilian
Old Five per Cents., 100, ex div. ; ditto, 1852, 1858,
1860, 914 ; Egyptian, 1001 ; ditto, sealed issue,
1001, ; Greek, for amount, 301, 314 ; ditto
Coupons, for account, 141, ; Italian, for
account, 724, ; Mexican, for account, 421, 4, 3 ;
Moorish, 96 ; New Granada 154, ex div. ; ditto
Deferred, 94, ex div. ; Peruvian, 1862, for ac-
count, 871 ; Portuguese, 1866, 1857, 1859, 1860,
and 1862, for account, 484, 494, 49 ; Russian,
1860, 901 ; ditto 1862, 934, 4, 921, 934 ; Spanish
for account, 55 ; ditto New Deferred, for
account, 49 ; ditto Passive, for account, 361,
; ditto Certificates, for aooonnt, 13f, ;
Turkish, 1864, for amount, 924, ex div. ; ditto,
1868, for account, 701 ; ditto, 1862, for account,
714, ; Venezuela, 1862, for account, 611, 4.
The Portuguese and Brazilian loans have im-
proved ; the former is now quoted 14 to 14
prem., and the latter, to prem. The Confede-
rate is steady at 66 to 67.
International Financial shares are quoted
41 to 54 prem. ; London Financial, 54 to
prem. ; General Credit and Finance, 21
to 34 prem. ; Hudson's Bay, 14 to 14
dia. ; Egyptian Trading, 24 to prem. ;
Privileged Bank of Austria, par to
prem. ; Anglo-Austrian Bank, par to 3 prem. ;
Discount Corporation, 81 to 94 pram. ; and Mort-
gage Bank of India, 3to 3 prem.
The arrival is announced of no less than 420,0001.
in specie from New York, the City of Manchester
having brought 252,0001., and the America
168,0001.
In faee of the continued drain of gold from
the Bank of Franoe-partly in connexion with
the French expeditions abroad, and partly to pay
for cotton in Egypt, India, and elsewhere-it
is uncertain whether that establishment may not
be compelled to raise its rate of discount to 6 per
oent. The financial anxieties at Paris can of
course only affect our market indirectly, and it is,
perhaps, matter for congratul►tion that th e decl in e on
the Bourse is caused by these instead of by political
considerations.

The demand for money has subsided, and the
supply has increased. The discount market yester-
day has consequently bean easier,
_and good bills have
been more readily placed at ak per cent. The
business at the Bank of England was only moderate.
Messrs. Baring Brothers and Co. have advertised
for payment in due course the dividend due the
Ist November on Venezuela Six per Cent. Bonds.
The numbers are at the same time published of
107 bonds, representing 17,2001., of this loan, which
have been purchased and cancelled. The sum ap-
plicable to this the first redemption was 10,0001..
' -

The same firm have announced the dividend due
the let November on Quebec City Sterling Six per
Cent. Bonds.

About 48,0001. in gold was sent into the Bank
yesterday, making an aggregate of 383,0001. since
yesterday week. The ;won iained withdrawals for
exportation during the same period have not ex-
ceeded 50,0001.
The Yorkshire with 227,0001., and the True
Briton, with 138,0001., are the only gold ships
known to be now at sea from Australia. The former
vessel is nearly due.
The bidding, for 30.00.000 rupees (300,0000 in
bills on India took place yesterday at the Bank of
England. The proportions allotted were :—To Cal-
cutta, 16.00.000 rupees; to Bombay, 12.00.000
rupees ; and to Madras, 2.00.000 rupees. The
minimum prices declared were as before, viz.,
ls. 110. per rupee on Calcutta and Madras, and
Is. Ili& on Bombay. The applications within the
limits amounted to 317 lass (3,170,0001.). The
official memorandum from the Bank of England re-
ports the result of the adjudication as follows • but
there is evidently some mistake in the details :
"Tenders on Calcutta at ls. llid. will receive about
30 per cent.; on Bombay, at about 6 per cent.;
on Madras, at Is. llid., will receive about 30 per
cent. ; on Bombay, at 2s. about 6 per cent. ; on
Madras, at la. Hid., about 93 per cent. ; and all
above these prices
With reference to the following paragraph
published yesterday, " We understand that the
London and Middlesex Bank are making arrange-
ments for an amalgamation with an old established
bank. According to rumour the National Bank
is the one meant"—we have received • commu-
nication from the National Bank, intimating that
"so far as the National Bank is concerned, the
paragraph above quoted is wholly without founda-
tion! This communication does not state the
whole facts of the cause, it being, we believe, beyond
dispute that negotiations for a transfer of the
business of the Londou and Middlesex Bank to the
National Bank have been pending. The inference
is that they have not resulted in an agreement.
The circumstances which have rendered it advisable
for the Loudon and Middlesex Bank to merge
itself into some other banking establishment are
of a peculiar character. Upon making up the
quarterly accounts of this bank at the Ist inst. a
deficiency of about 13,0001. in the bank's accounts
was brought to light. The investigation which was
at once instituted led to the painful discovery, that
by a suspected collusion between certain of the
customers and the cashier of the bank, the former
had been allowed to over-draw their accounts to
the extent mentioned, and that their cheques
had actually been passed without being placed to
the debit of their accounts. How long the affair
has been going on has not yet transpired. It is
understood that the cashier has confessed to his
share iu the transaction, and it is a question how
far other clerks in the bank: can shield themselves
wader the plea of having acted in obedience to the
orders of their superior officer in contributing to
the secrecy in which the matter was enshrouded.
On the discovery the steps adopted by thedirecturs
were sufficiently prompt, and, up to the present
time, 6,0001. of the deficiency has been recovered,
so that the net amount of the loss is now, as
we are assured, positively ascertained to have
been reduced to a sum of about 7,0001. This
amount, it is said, the directors would have been
' liberal enough to subscribe out of their own pockets

had it been possible to prevent the Bank from
being prejudiced in public estimation. As matters
stand, however, a transfer of the business of the
London and Middlesex to some other bank memo
to be regarded as the most advisable °purse. Three
or four months ago the shares in this bank, which
are of 1001. each, with 101. paid, were quoted
4 to
discount, the price then temporarily touched par,
and is now 2to 14 die. The transactions of this
bank (formerly known as the Unity Bank) have
never attained any magnitude. The lumina
capital is 1,060,000 L, but only about three-fourths
of this was subscribed for. The paid-up capital is
thus limited to about 73,000/. At the but
half-yearly meeting, held on the 29th July,
the deposit and current accounts were stated at
281,3611., and the present amouut may be about
240,0001. The affairs of the establishment being
comprised within so narrow a compass, there ought
not to be any ground for anxiety on the part of
either the depositors or the shareholders, as a
liquidation ought to be easily effected, especially
considering the assistance which the bank wil: pro-
bably meet with at the hands of other joint-stock
establishments, and which it would seem desirable
for the latter, in the common interest, to extend,
within all proper and reasonable limits.
We are requested to state that the annonn.wnsenO
in one of the India papers received by the last mail
that the Royal Bank of India had already secured
the connexion of the London and Westminster
Bank is premature. The announcement, it will be
remembered, was in the form of a report of the
chairman's speech at the meeting of the Royal
Bank.
The London and South Western Railway trades
return shows this weak a Nereafie of 1,14:;/. ; the
London and North Western, an increase of 5 8291 • .
,
the Great Eastern, an increase 0ff286/. ; the Great
Northern, an increase of 2,6161. ; and the Great
Western, a decrease of 8991.
. .

The receipts of the Atlantic and Great Western
Railway for the month of September were very
satisfactory, being 164,162 dollars, against 124,881
dollarsin the previous month, when the number of
miles open wax the same as now—namely, 232.
In September, 1862, when 60 miles were open, the
receipts were 30,039 dollars.
Holders of South Austrian, Lombarlian, and
Central Italian Railway shares have been apprised
that the first coupon for the year 1863 has been
fixed by the committee of management at 20 francs,
and will be paid on the Ist of November.
With reference to the market for American secu-
rities, Mr. K. F. Satterthwaite reports as follows :

Thebusiuses la the Loodoo market 1; American securities
°callous, oa a very restricted scale, the transectioos beiog
almost entirely coofioad to the shares of the Illmois and
Ede Railroads (which both show a decline of 1 doL per
share on the dosing quotations of Lot week), and the Bonds
of the Atlantic and Great Western Railway, which ohne
Arm at last week's prices.

WEDNESDAY Emotes
Consols, which closed yesterday at 93 to 1 for.
money, and 931 to for the sth November, opened
this morning at the same quotations, and closed
at 92/ to 93 for cash, and 93 to 1 for the es-
count. The official business report is as fol-
lows:—Three per Cent. Consols, for money, 931.
93, 1, 93 ; ditto for account, 931 ; Three per Cents.
Reduced, 911, ; New Three per Cents., 91k, I;
India Five per Cent stock, 109, 1, ; ditto Four per
Cent., 1001; Five-and-a per Cent "enlaced"
rupee paper, 1161.
The India Five and Four per Cent. Stocks were
inquired for, and firm. Exchequer Bills unproved
la., closing at Is. dia. to 2a. prem.
The foreign stock market opened this morning
with a buoyant appearance, but afterwards expe-
rienced a fall. The fluctuation in the more specs-
lades stocks was considerable, and the reaction
from the somewhat improved quotations current in
Ithe morning was unusually sudden.
The market for bank snares was generally firm.
An improvement has taken place in Bank of
Otago, Brazilian and Portuguese, Bank of British
Columbia, London and County, and Loudon and
South Western Bank. On the other hand, Colonial
Bank were flatter. There was also • decline of
about 10e. in Imperial Ottoman Bank, owing to
the fall on the Paris Bourse. Scarcely any change
occurred in miscellaneous shares. There were
inquiries for Trust and Agency of Austrak-ia.
London Financial Association shares ::eve re-
lapsed to 4j to prem. International were also
lower, at 5 to 5 prem., and General Credit
dull, at 21 to 3 prem. Hudson's Bay have de-
clined to 11 to 11 dia. ; and Egyptian Trading were
• trifle flatter, at 2 to 21 prem.
Ocean Marble shares were laid quoted 121 to
13 prem. ; Thames and Mersey, 4.1 to 1
prem. ; North British and Mercantile, 18 to 1;
Commercial Union, 31 to f prem. ; London and
Provincial Marine, to f prem. ; Oriental and
General Marine, 11 to it prem. ; and English and
Scottish Marine, 1 to f prem.
Imperial Union Privileged Bank of Austria shares
were nominally quoted par to prem. ; Anglo-
Austrian Bank, to # prem. ; Discount Corpora-
tion,3 to 91 prem. ; Land Mortgage Bank of
India, to 31 prem. ; East London Bank, 4to 41
prem. ; British Indian Tea, #to / prem. ; and
Darjeeling Tea, 1 to 1 prem.
A fall of about 21 per cent. has taken pace to-
day in United States Bonds.