The Express.
London, England, 1864-03-28 00:00:00

COMMERCIAL AND MARKETS.

MA RH-LAX —(THIB DAY. )
The arrivals of English wheat fresh up to-day were only
moderate ; but the general quality of the supply was good.
Owing chiefl to the holidays, very few buyers were in at-
tendance, and the demand for both red and white qualities
was in a sluggish state. Compared with Monday lad, how-
ever, no change took place in the quotations.
With foreign wheat we ware tolerably well but not to
any heavily supplied. Even the Boast parcels moved off
slowly ; nevertheless, we have no alteration to notice in
prices.
There was a moderate sae for barley at full currencies ;
but grinding sod distilling sorts were dull, at the late
lecline in value.

The malt foie was in a most inactive, state, at barely
stationary prices.
Oats, the show of which was moderate, were a dull
inquiry, at barely last week's currency.
There was a slight improvement in the inquiry for beans,
and, in some instances, prices bad an upward tendency.
In peas, the supply of which was rather limited, very
little was gaming on former terms.
The flour trade was in a sluggish state, at teat week's
prices. The stock of foreign flour is very limited.
The arrivals of floating cargos., off coast have been con-
fined to seven, viz.:—Four wheat, two maize, and
one linseed. The demand for wheat bas been in a
most inactive state, and there an now very few
buyers for forward shipment. American has realised
40a. 6cl. • Saida, Ks. per quarter. In maize very
little has iieen passing, and the quotations bare given way Is.
per quarter. Wallachian, 27e. rid. per 480 tbs. So little has
been doing in barley that prices bare ruled almost nominal.
Odessa may be quoted at 22a. 3d. to 225. 6d. Tagumw,
22a. 6d. ; Danubian, V.s. 3d. to 235. ; Egyptian 21s. W.
to 22a. per 400Ibe. Beans have been very dull ; Egyptian
Snide, 30s. to 31s. ; and Heber*. 295. to 30s. per-4801bs.
Milletased may be quoted at 21s. 6d. to 22a; and Syrian Dari
28s. to 295. per quarter. Linseed sod rapeseed, as well as
cottonseed and cakes, have maintained previous quotations ;
but the inquiry for those articles has been much restricted.
Agricultural seeds have changed hands slowly, at about
last week's currency.

Austral. or Sawa.—English : Linseed, 230; rapeseed,
154 ; and sundry. 529 qrs. Foreign : Tares, 545; linseed,
2,389 ; rapeseed, 1,242 ; and sundry, 352 qrs.
Zarorrs.—Oilssed, 161 qrs.
CURRENT PRIM
ENOLL7I.
Per Qr.
Wan,. a. s.
lies; rent, red JOSS 39 to 41
1:44.1vidte,1843 40 to 47
ttarf•lk and Lincoln

Per Qr.

red, 1333 39 to 41
8.49L1T

Matting
Dtatilltog - 2e23 20
to to
Ortadlog
.._ ,

0611. a_ a
Scott+ potato
Irish, "Hato
„ black
__ l6 to 20

.11ALV.

ynR, 110110—UE.--.nd

60 to 11l
Ilingstop and Wire 60 $ 661
Brown
RTL

Bauri.
Hunan 2B to 28
Tick 23 to 30
Harrow
Pliwe 35 to 38
....._

IS to SO
• Mat _ S4 to 115
SO So 17

New _ 80 to 81
aant.
Initlek feed l7 to 12
notate SO to 231
Boatel. tied
pow
Per Qr.
WEL?. a. a.
Eaudzie and Yonlp-
berg 67 to 63
Modena & Macklin-

hOOR.

Town made: per 180
lbs.
Household III lo 113
Connery
Norfolk sad !droll,
61414 TT So 111

=D

auks"; hard
$8 to t 3
molt
Amen..;.
" ‘.!.1!"..L1• • ie to 49

mgr.

Ong. a.
NW/0 wad Swedish 17 to 20
&maim ... So 20
_ _

Dada ---
NCTPOSO
PLS

&Wing 2l to ti
Distilling
282 s
Malin _._ 24 to

Franck per Sack Et to I 3
M. . . : . to AS
Data ---
, brew - ... ISS9 to 2.6
.. feed
ARRIVAID or GRAIN, &C.. INTO LONDON, NY LAND AND
WATRIt CARRIAGE, FRAM MARCH 18 TO MARCH 20,1864,
INCLUSI V E.
Wheat. Bvl
are. qrs. . gra I gra I gra gra! in"rseina
English ... 9839 3179 204301 9843! 413 156 .. '14170
Irish .... l4l 1430, . •
Foreign .. 4703 0745 / .... 129436
—.93 331 io ' iis
T0ta1.... 8696 I 53211 114463
170444 it-4-1110;i7-302—T0

11 to SI
241 to 111

SO was
to 34
IMAM Coat.
Whit* >y to at
Yellow
hoot

OATS.

LIVERPOOL COTTON MARKET.
(THIS DAY.)
ILICTIIIO AND DffIRNATIONAL TYLIORAPIL)
FELON OUR OWN I.O4IIOAPONDIAT.

The several tone of the cotton market continues steady,
but without material alteration in quotations. The sales
will probably foot up 6,000 bales.

MINCING LANE,-(THIS DAT.)

The public markets are closed for the Easter holidays, and
will reopen on Wednesday next. Privately only a limited
basin/ails doing.
St•ums. —No sales reported in raw. For relined rather
easier prices have been accepted for some descriptions, but
brown lumps are not to be had under Ms.
Cot•rox.—About 800 bales sold, 'about change in mica.

MONEY MARKET.-(THIS DAY.)

The Stock Exchange is closed to-day by order of
the committee, and consequently no business is
going forward in public securities.
At the Bank of England on Saturday the appli-
cations were large, and in the general discount
market very little business took place below 5 to
6 per cent. In the Stock Exchange loans were in
active demand at 5 to 6 per cent.
No bullion transactions took place at the Bank
on Saturday.

The steamer Great Victoria has arrived from
Melbourne with 72,5001. in gold ; and the Etna,
from New York, with 23,000 f.

The amount of specie transmitted by the steamer
Ellora yesterday was 411,0001., of which 307,0001.
was silver and 83,0001. gold for Bombay, and
21,0001. gold for Alexandria. The correspcnd-
ing packet on the 12th wet. took 185,3101., so that
the present remittance shows a large increase, as
was anticipated, cm ing to the rise in the Bombay
exchange.
A circular, of which the following is a copy, has
been forwarded to the shareholders of the Austra-
lian and Eastern Navigation Company (Limited) :
Sir,—l am desired by the directors to enclose you a copy
of the statement laid by them before the committee of the
London Stock Exchange in support of their application to
have the company placed on the official list ; also of the
supplementary statement of the bye directors who had
purchased shares, and a oopy of the resolution of the com-
mittee of the Stock Exchange declining to fix a settling day.
The directory, while regretting the resolution of the corn.
mittee, which they feel to be unjust towards the company,
see no reason to alter their opinion as to its stability and
value as a large commercial undertaking ; but, before de-
ciding as to the course to be panned, they are desirous of
sacerutiniog the wishes of the shareholders, and I am re-
quested to ask you whether yon would prefer to retain Your
interest in the company or to receive back your deposit of
2!. per share. I bays therefore to request that von will be
so good uto forward to me, by return of post, one or
other of the enclosed forms, duly signed by you.-1 am,
sir lee., JAMES KEYWORTHY, Secretary.
Liverpool, March 24, 1864.
The directors of this company have just addressed
to the Stock Exchange committee the following re-
joinder to the committee's resolution refusing a
settlement in the shares. So far, however, as the
Stock Exchange is concerned, this matter is now
settled :

1,. North John-Barest, Liverpool, 24th March.

Sir,—The directors of this company instruct rue to reply
to the resolution of your committee, dated the :arid inst.,
sod to answer seriatim& the various reasons assigned therein
for refusing • settling day to it.
1. They deny that the allotment was objectionable or
contrary to the usual system.
2. No shares were reserved for Australia, if you mean
that any so remained the property of the company. Every
share was allotted, and the allotteee are liable thereon. But
the directors ask on what grouods the speculators of the
Stock Exchange based calculations on • full issue, when
your rule. only demanded the distribution of two-thirds of
the shares, and our deed of association (open to iuspee-
tion of the public) permitted a retention of part, if deemed
desirable
_ _ _

3. The evidence u to the defence purchases needed no
proof; it was volunteered by the five directors interested
therein. The board of directors admit that the allotment
was under their control and unknown to the public ; but they
ask how this differs from the mode of procedure in the
formation of any company?
4. The directors cannot state what number of share
were bought by partners of directors. This board can only
be held re ible for its own acts.
5. The director, deny what is implied by your state-
meat that on the final day of allotment 13,124 shares (in-
cluding what you call reserved shares) were appropriated
to them. Allotments to directors were made on the 2tith
January, at the first meeting, and before other applications
were considered. The maximum was fixed at 300 shares for
each. Those ietanded for the colonies were disposed of (as
noted in the defence) on a subsequent day. The official re-
cord of the whole 13,124 shares was, sir usual, entered on
the mutates, 6th February, when the proceedings termi-
nated, and is this was fully explained to your committee,
the directors consider your clause 5 most unfair, and calcu-
lated to mislead the public.
6th. You state that up to the day of investigation the
offer of the said reserved shares had not been sect out to
the colony. lam authorised to deny this statement. The
'Loiters of such informed their representatives in Mel-
bourne some time since that shares would be forwarded for
distribution in due course, and these would have gone out
by the February mail had not objections been previously
raised to a settling day for the ofimyeay.
‘.

La econlosioe, raasi requested to ninth the directors note
it was after discussion though before division, that such
members of your committee as were directly interested in
stopping a settlement retired.—l am, &c.,
(Signed) J. KIXWORTHT, Secretor).
To the Chairman of the Committee of the Stock Exchange,
London.

The Merchant Banking Company of London
have made a call of 51. per share, payable on the
25th April.
The North-Western Bank (Limited) is the title of
a very respectable undertaking which has just been
formed at Liverpool, with a proposed capital of
2,000,0001., in 100,000 shares of 201. each, of which
50,000 shares are to be issued in the first instance.
This is not altogether a new scheme, because it is
formed upon the basis of an absorption, with the
view to extension, of the business of the private
bank of Messrs. MOSS and Co. It is mentioned
that "the arrangements made with Messrs. Moss
and Co. completely identify their interests with
those of the new bank, securing their aid in the
conduct of its affairs, and include the retention by
those gentlemen of 20,000 shares at par, of which
16,000 will be included in the first issue, and 4,000
shares will be allotted at a future time ;" and it is
further pointed out that "the undertaking
is not charged with any payment of good-
, will, promotion money, or stipulated remonera-
tion to directors." The direction is composed
of the following well known and practical tisanes,
viz. :—Mr. Thomas Edwards-Moss (chairman), Mr.
Samuel James Arnold (late of Messrs. Arnold,
Leete, Roscoe, and Co.), Mr. Henry Cox (of Messrs.
Cox Brothers), Mr. Kirkman Finlay (of Messrs.
Thomson, Finlay, and Co.), Mr. Hannlton B. Gil-
mour (of Messrs. Finlay, Campbell, and Co.), Mr.
Thomas Haigh (late of Messrs. Thomas Haigh and
Co.), Mr. Gilbert W. Moss (of Messrs. 'Mss and
Co.), Mr. C. W. H. Pickering (of Messrs. J. H.
Schroder and Co.), and Mr. J. Aspinall Tobin (of
Messrs. Thomas Tobin and Son).
Another new undertaking is the Port Augusta
and Northern Railway Company of South Aus-
tralia (Limited). This company is formed under
au act of the legislature of South Australia, as-
sented to in her Majesty's name on the 21st (et°.
ber' 1862. The object is to construct a cheap rail
or tramway, adapted either to horse-power or loco-
motive engines, from Port Augusta, in Spencer's
Gulf, for a distance of not less than 100
miles into the mineral and pastoral districts
northwards. For the utilisation of the resources
of this district, easy communication with
a shipping port is indispensable, and with this
object the legislature has granted a special encou-
ragement to railway enterprise, offering to any
company willing to undertake the construction of
the hue a grant of the land traversed by the said
railway for a breadth of two chains ; and further,
grants of blocks of land equal to two square miles
for every mile in length traversed by the said rail-
way, selected on either side of the said railway ;
such blocks of land not to exceed twenty square
miles in area." It is pointed out that this grant is
equivalent to an area of 128,000 acres for a length
of 100 miles of rail, irrespective of the land required
for the rail itself ; and the prospectus adds that it
is contemplated to propose an extension of the line
upon an increased grant of land. During the con-
struction of the line it is intended to sell, from thee
to time, for payment of dividends, a portion of the
128,000 acres which will be the property of the
company. As the mineral district commences at a
point about 40 miles beyond Port Augusta, and
thence extends for about 160 miles, the prospect is
held out that the minerals on the company's land
may hereafter produce a considerable profit. The
government engineer says he has little doubt that
a line of the description required may be con-
structed for the very moderate sum of 2,0001. per
mile. The capital is 300,0001., in 60,000 shares of
fd. each, with a first issue of 30,000 shares. The
direction is identified with that of the Yudanainu-
tana Copper Mining Company.
The following circular has been addressed to the
customers of the Bank of Messrs. Challis and
Son :

Dear Sir,—We heei to inform ►ou that we have this day
coecleded as arraopmeat to merge oar establialieneut in the
Albioa Bask. It is proposed that this arraegewieut shall be
carried into effect on the 15th of May next. Public opinion

has of late been most decidedly pronounced is favour et
jointotock baskr. kleat men mew to prefer the annual,
ascertained security of a definite published capital, and de-
praetors duelist° share in the profit arising from the tramp-
action of their bushier*. The general management of the
company will be confided to our Mr. T. M. Mollie, sod we
therefore venture to hope that the new undertaking wet
receive your approval and support. We enclose a proem:hos
of the Albion Banking Company (Limited). Should you be
disposed to become a shareholder we shall be happy to take
charge of your application.—We are, &c.,
CHALLin and Sow.

16, West Smithfield, London, Barchiikiii.—
The meeting of tae Atlantic Royal Mail Steams
Company, called fur the 31st inst., is to be held
merely pro for-Imi and adjourned.
A general meeting of the shareholder' of the
Chartered Bank of India, Australia and China is
convened for the 13th of April.
The first half-yearly meeting of the London and
Paris Hotel Company (Limited) i called for the
30th inst.
The share certificates of the British aml Ca3ifor-
nian Banking Company (Limited) are now ready for
delivery, in exchange for the letters of allotment
and bankers' receipts.
The share certificates of the Imperial Financial
Company (Limited) will be ready for delivery on
Wednesday.
The share list of the Liverpool Financial A-so-
elation (Limit( d) i. to be closed on Thursday, the
31st inst.

Notice is giveh that the share list of the London
and Liverpool lfutil Cutupaxy will be closed on
Saturday next.
The applicatiohs for the shares iu " Smith,
Knight, and Co. (Limited)" have already reached
more than donh;e the amount of the entire
capi
. . . . . . .

It is intimate.' that the number of shares in the
Sabloniere Foreign Hotel Company (Limited)
already applied for be subscribers in this country,
France and Geriio is sufficient to ensure the
establishment of the undertaking.
The shares of the Cmzinto Plantation Company
of Natal were allotted on Thursday.
The following is from the ind(lietulasee Pc/j.• :
The Pabli.l Works Credit Company of London and Kai
(Limited) having the negotiations of the shares of
the railway from Landen to Huy and Buy to Namur by
the valley of the }Joyous, and the British and Foreign 1:,54
say Plant Company hying treated with the contractor, Mr.
Langllis, for furnishing the plant and rolling stock, the
royal decree, granting the concession of this line, was signed
on the 15.11 instant, nod is published in the Mona. The
Public Works Credo Company is the same company, three
of whose directou obtained, only a few days ago, the conces-
sion of the Tirlemont and 'hest Railway, and we besr that
they are studying several other importeot affairs in Belgians.

With reference to the coming Budget and the
sugar question, the circular of Messrs, .1. Travers
and Sons remark.; ai follows :

The fact of the New Zealand war having been brought to
a close, coupled with the improved prospects of the mainte-
nance of peace in Eu•ol.e, have, during the past fortnight,
strengthened the expectation of the Chanecllor of tLe Es-
au itter being aisle to propose some reduction of iesation ;
in which case, in consequence of his distinct promise of last
year, the sugar question cannot fail to be prominently'
treated. With regard to the maintenance of the present
discriminative duties, nothing has transpired since tLe free
trade aide of the contest received the fresh impulse imp-rted
to it by the course slotted by the alarmed protectioensts at
the recent meeting at the London Tavern. In relation to
the expediency of ad valorem duties, apart from the ques-
tion of any incidental influence they may have in conferring
protection as in the present case, it will be a curious consi-
deration for parliament that, should Mr. Gladstone resolve
to maintain them in their application to sugar, he will be
boned, if he wishes our heal system to have any appearance
of consistency, to apply them in the instances of tea, fruit,
wine, tobacco, sod all the other articles that embrace ea
immense variety of qualities, and are at present charged
with a uniform rate.

&Tolima Everrinc.
Consols, which closed on Thursday at 91., to
for the Bth of April, were marked to-day 911, and
closed at 012 "sellers." For money the last price
was 914 to t. The official business report is as
follows :—Three per Cent. Consols, for money, 914,
ti ; ditto for account, 91 ; Three per Cents.
Reduced, 89:f, I ; New Three per Cents., 891, ;
Annuities, 1885, 14A ; Bank Stock, shut ; India
Five per Cent. Stock, 1041, 4 ; Five-and-a-Half
per Cent. "enfaoed "rupee paper, 112.
The India Five per Cent. Stock was steady. The
Five-and-a-Half per Cent, rupee paper has receded.
Exchequer Bills remain at Ba. to 3s. dia.
Foreign stocks were firm, with an upward ten-
dency. Mexican Bonds opened at 45 to I, being
Thursday's final quotation ; and closed at 45i to 1.
It is argued that the terms of arrangement lately
put forward are, in the interest of the bondholders,
the lowest that will be proposed, and that au
modification of them must be in the sense of an
improvement : hence to-day's advance. Greek
Bonds, Spanish Three per Cents., and Turkish and
Venezuela Bonds of 1862 have risen per cent.,
and Italian and Spanish Passive Bonds and Certi-
ficates 4. There was also an increased demand for
Brazilian Four-and-a-Half per Cents., for account
of persons whose bonds will be paid off on the Ist
of April.

In the market for bank shares there was en im-
provement in Alliance, London and Westminster,
Oriental, and Bank of New South Wales, but Bank
of Hindustan and Loudon and Brazilian Bank have
slightly receded. Anglo-Austrian Bank were firmer,
at to prem., and Anglo-Italian Bank steady at
to prem. Hudson's Bay shares were last quoted
191 to 19, and Egyptian Trading 31 to 1 prem.
Contract Corporation and National Discount shares
were inquired for, especially the new shares of the
latter company, in which the rise amounted to
11. 10s. per share. Electric Telegraph stock was
quoted about 2 per cent. lower.
As regards the financial companies' share-i, the
variations consisted of an improvement in General
Credit and London Financial, and a alight reduction
in Mercantile Credit. The closing quotations
are annexed, viz.:—International, 61 to 7 prem.
cx div. ; General Credit, 41 to to prem. ; London
Financial, 111 to 3 prem. ; Imperial Financial, 41
to 54 prem. ; Mercantile Credit, 7} to 84 preen. ;
Credit Mobilier, 3 to 3} prem. ; and Credit Fon-
cier, 41 to 51 prem.

The closing (but in some cases merely nominal)
quotations for shares in new undertakings are
subjoined, viz :—Land Securities, 14 to 2
prem. : Consolidated Discount, 1 dia. to
rar ; Financial Discount, Ito 2 prem. ; National
Provincial Marino, to 1 prem. ; Central Argen-
tine Riilway, to I prem.; Mexican Bank, Ito j
prem. ; West of England Woollen, to 14 prem.;
Fore-street Warehouse, 44 to 3 prem. Clondos
Commercial Hotel, i to 1 prom. ; British Columbia
and Vancouver Investment, 4 to f prem. ; Silver's
Indiarubber Works, to 14 prem.; London and
Californian Bank, 13 to 24 prem.; Bonelli's Tele-
graph, 4 to 1 prem. ; Smith, Knight, and Co., 24
to 34 prem.; Sabloniere Hotel, If to 11 prem ;
North Australian Company, 11 to 12 prem. ;
Queensland Sheep, 2 to f dia. ; Mauritius Credit
Foucier, 4 dis. to par ; Gellivara, par to 4 prem.
The scrip for the new issue of bonds of the
Atlantic and Great Western Railway was inquired
for, and was quoted 1 to 3 prem.