The Express.
London, England, 1864-02-12 00:00:00

MONEY MARSET.-(THIS DAY.)

Two o'CLocs.

The stock markets to-day are firmer, no more
warlike news having come to hand, and a good
effect being produced by the fall in the value of
money and by the favourable character of
the Bank return. The funds have risen
i per cent., some of the chief specu-
lative foreign stocks }. In home railway
stocks the movement is for the most part confined
to a rise in Metropolitan and South Eastern. In-
ternational Financial shares have advanced to-day,
upon the announcement of the dividend. Prepa-
rations for Monday's settlement in shares and
foreign stocks have attracted much attentiou to-day.

The Bank of France return shows an increase of
520,0001. in the coin and bullion, and a decrease of
1,840,0001. in the discounts—both good features.
Consols are now quoted 91 to it for money, and
91# ".sellers" for the account (March 8). The
official business report is as follows :—Three per
Cent. Consols, for money, 901, 911; ditto for ac-
oonnt, 9114 i ; Three per Cents. Reduced, 901, 91i ;
New Three per Cents., goi, 911 ; Bank Stock,
238 ; India Five per Cent. Stock, 104, 103 f ; ditto
for account, 1041 ; ditto Bonds, par, 8s dia. ; and
Excherpsee Bills, 34., 9s. dis.

Mexican and Spanish Passive Bonds and Turk-
ish Consolidds have risen per cent. Other foreign
stocks are firm. Some of the present quo-
tations are annexed :—Turkish 1858 Loan, 70 to
1 ; ditto, 1862, 671 to 1 ; the Consolidis, 470*;
Greek, 211 to ; Mexican, 361 to 37 ; Spanish Pas-
sive, 32} :to ; and Confederate, 49 to 51.
Transactions are recorded as follows :--Bnizilian,
1839 and 1859, 99 ; Dutch Two-and-a-Half
per Cents., 641 ; Egyptian, 1021, 103/ ; ditto,
seoond issue, 1021 ; Greek, 21/ ; Italian,
661 ; Mexican 361, 1 ; ditto, for account,
37 ; New Granada, 131, ; Portuguese, 1853, 47/ ;
ditto 1856, Ac., 47/ ; Russian, 1862, 89, 881,
Spanish Passive, 32/, f ; ditto, for account, 321,
; ditto Certificates, 131 ; Turkish, 1854, 90 ;
ditto, 1868, 701 ; ditto, 1862, 67/, 1, 1-
International Financial shares are now quoted 61
to 7k prem.; General Credit, 21 to / prem. ; London
Financial, 112 to 121 prem. ; Hudson's Bay,
17 to 1 ; Egyptian Trading, 2 to 1
prem. ; Mercantile Credit, ,te to 5 prem. ;
Land Securities, 1 to 1 prem. ; Anglo-Italian
Bank, /to prem. ; Consolidated Discouat, 1/ to
1 die. ; Australian and Eastern Steam, 61 to 71
prem. ; Credit Fonder, 11 to 11 prem. ; Mexican
Bank, 3to 5 prem. ; Mauritius Credit Fonder,
1/ to 1 prem. ; Contract Corporation, 1 to 11 prem. ;
and Ottoman Financial, 11 to 1/ prem.
Although last night's figures (given below)
show that the course of the Bank's accounts is
still decidedly favourable, and the indications of
an increase in the supply of money in the general
market have latterly become strong, the
action adopted by the directors yesterday has taken
many people somewhat by surprise. As need
scarcely be observed, however, it is generally re-
garded with satisfaction, as likely to afford a certain
degree of relief to trade, which must certainly have
been hampered by the extraordinarily high rates of
interest charged for some time past. It will now be
important to watch theaffect of the fall in the value of
money here upon the exchanges and upon the foreign
demand for gold. Recent experience has shown
that each relapse of the money market to an easier
position har been attended with a renewal of the
foreign draughts upon our stock,of bullion. Account
must be taken, however, of two or three more,hope-
ful elements which have latterly been presented,
and amongst which are the important fall in the
Bombay exchange, the decided check consequently
given to the demand for silver for exportation to
the East, and the at least partial improvement in
the position of the Bank of France.
The joint-stock banks have nut altered their
allowance for money on deposit, the rate being still
five per cent. The discount! establishments con-
tinue to give five per cent. for money at call, a+ at
three days' notice, and six per cent. at fourteen
days' notice.
The fortnightly settlement in shares and foreign
stocks commences to-day, (" continuation day,')
and will terminate on Monday.
. . .

At the auction of the Redeemable Debts of Spain,
fixed for the 29th inst., at Madrid, the amounts
assigned are as follows :—Rs. Vn. 1812710 for
the redemption of the first-class stock • Rs. Vn.
375,000 for the second-class interior stock • and
Rs. Vn. 11,526,880 for the soiond-clam exterior.
The amount of gold bought by the Bank yester-
day was 40,0001. About 210,000/. out of the recent
arrivals has been taken for Spain.
The Athenian, from the West Coast of Africa,
has brought 12,0001. in specie.
The steamer Mora will take to-day 19i,390/.,
of which 157,2001. is silver and 26,4601. gold for
Bombay, 8,5401. gold for Alexandria, and 2001.
gold for Adeu. The effect of the recent important
decline in the Bombay exchange is shown in the
smallness of the amount now despatched, the total
by the corresponding steamer on the 27th ult.
having been 567,9401.
The directors of the International Financial So-
ciety have recommended a dividend of 435. a share,
being equivalent to 25 per cent. on the paid-up
capital for the period the company has been in
operation. This dividend is large, but it is under-
stood that the directors have taken advantage of
the prosperity enjoyed by the company to form
a reserve fund of considerable amount, rightly
judging that this is the best way to inspire con- I
&lance, and to consolidate the position of the com-
pany in the estimation of the public.
We are authorised to deny that there is any in-
tention on the part of the directon of the Commer-
cial Union Assurance Company to make a fresh
issue of shares.
It is understood that in consequence of the rule
just adopted by the Stock Exchange with regard
to new companies, several representations have
been addressed to the committee, who will meet
to-day or on Monday, to discuss the applica-
tion of the rule to undertakings which have issued
their prospectuses, but have not yet allotted their
shares. In respect of these the new regulation re-
ferred to will necessarily have somewhat of a retro-
spective action. One of the companies in this posi-
tion—the Credit Fonder (Limited), for Great Bri-
tain and Ireland, introduced through the Moreau-
, tile Credit Association—has acted promptly upon
'the alteration in tho law of the Stock Exchange by
I issuing this evening to every applicant for shares
an amended prospectus, accompanied by the follow-
ing explanatory circular:
81,—By a resolution of the committee of the Stock Ex.
cheep, passed this day, it is required that all new comps-
aim shall Woe at lout out-half of the Lumber of shares
constituting their seminal capital, and shall sail up sot kw
that ten par wet. of the amount of such shame before being
&stilled to the privilege of being quoted on the Stock Ea-
official list. toder thee, circumstances, and to
cachstaljey with the regulation above referred to, the directen
have this day decided to reduce the 1001. shame into 601.
shares, to make the nominal capital of the company
1,000,0001., in 10,000 shares of IVA each ; the grit issue to
omit of 10,000 shares, as already autioenced, and that 11.
shall be paid on applicaboo, and 41. co allotment. I are
coosequently instructed to enclose herewith an amended
and oleo a fresh farm of applicatiou. The inset-
Catietus'f the directors eau& adjourned to Wednesday, the
17th blatant, at cue o'clock, by which time the amended
torte of should be retained. duly signed by you,
as all sot then received by the directors most
ba es withdraws, and the deposits already pied
will ha neersed.—l ma, ke.
G. W. i3Birerlo.4 Seorsterr pro tem.
21, Tlireadnesesebest, LC., Leedom, Feb 0.
Mr. leis Mackie, of Manchester, • director of the
Oonsolidated Bank, has joined the direction of the
London and Northern Bank (limited.)
Another attempt is to be made to retrieve the
fortunes of the Greet Ship. The prospectus has

been issued of a new " Great Eastern Steam Ship
Company (Limitegl)," the object beirg purchase
the Great Eastern, at the approaching salt' by auc-
tion, "without reserve," on the 17th instant, if she
can be obtained at a price not exceeding 120,0001.
An idea of the losses incurred by the former pro-
prietors is afforded by the fact that this sum is only
about one-eighth of the original coat of the ship.
Bonds of the "Great Ship Company (Limited),"
are to be taken at their full amount, in payment
for shares, and it is mentioned that one-half
of the capital of the proposed company has already
been subscribed by this class of creditors. The
fact that the deposit payable on application is need
at 51. per 201. share indicates that the present
project is a serious one. The total capital proposed
is 150,0001.
The North Eastern Railway traffic return shows
this week an increase of '5,8961. over, last year ;
the Lancashire and Yorkshire an increase of
3,5331. ; the Manchester, Sheffield, and Lincoln-
shire an increase of 1,8671. ; and the Midland an
increase of 4,5261.
The fourth annual meeting of the Universal
Marine Insurance Company took place yesterday,
when the directors' report was adopted. It stated
the net receipts on the operations
_of the past year
at 252,7621., against disbursements of 169,2001. for
the same period in the adjustment of claims, thus
leaving a net balance on the underwriting account
of 83,5621.
At the meeting of the Electric and International
Telegraph Company, held yesterday, a dividend was
declared at the rate of 34 per cent. for the half-
year.
A general meeting of the Universal Private Tele-
I graph Company is called for the 24th inst.
The annual meeting of the British Land Com-
pany (Limited) will be held on the 26th inst., and
will be made special, to authorise the directors
to increase the capital by the issue of new shares.
The half-yearly meeting of the Anglo-lonian
Steam Navigation Company (Limited) is convened
for the 19th inst.

A special meeting of the Nice Hotel Company
(Limited) will be held on the 18th inst., when
proposal will be submitted fora " voluntary "
winding up of the undertaking.
A petition for the winding up of the Northern
i Bengal Tea Company (Limited) s to be beard be-
fore the Master of the Roils on the 20th inst.

Subjoined is Messrs. Culverwell, Brooke, and
Co.'s report of yesterday's hide sales :
At the third series of bide sales for the year there wax a
good demand for all descriptions of hides, and for Cast hada,
improved rates were realised. East India—Ox awl Cow
Cattit were in stirs request. both the home tr.. le and
exporters oompeting freely, and the prices realised show an
advance of fully id. per lb. Madras, Pondicherry. ho.,
brought full prices. The analysis of the sales is 99,725
Calcutta. new parcels, 7,001 brought forward from former
sales, and 5,394 Madras, Pondicherry, ; io all 112,120
hides, of which 110,860 were sold. East India—Buffalo
were sold at fully late rates. Leather—East Indian was in
good request at advanced prima. Australian sold freely at
the full prices obtained at the last sale. Salted Hides—
Australian met with a good general demand, at late rates.
South Americas realised former prices. Cape sold well.
Irish not sold. Bark—Mimosa, only part sold. Annelle.
issous—Hides—Weet Indian sold fairly. Shins—German
calf, bought in. Kangaroo were all bought is. Hide cut-
tinp and glum please, mostly sold.

The return of the Bank of England for the week
ending Wednesday, Feb. 10, compared with that for
the previous week, shows the following changes :

Circulation imam
Circulation active......
Public deposals 7,2%682 Iscrea*,, 503.815
Other &pants
owenment SCCOntiIIS in

bsnto~ department 11,124,584 No chow
Otharsecuritico m banking.
department
Coin and bullion in both __ _

deporterate — 13,472,271 Iscreme 172,
Seven day sad other Ms 546,12 S Decrease 60,780283
The Rest 1374,767 locrease 25,664

Notes in reserve
Total reserve (Dotes k min
in banking department) . 7,960,351 bermes :A2,738

The increase of 562,768/. in the reserve—a
movement which, in face of a falling off in the
private deposits, is caused by an increase in the
government deposits and a decrease in the Private
securities—mist be held, in combination with the
increase of 172,0281. in the coin and bulbou, to
explain the reduction made to-day in the Bank rate
of discount. The general position of the accounts,
both as regards the coin and bullion and the re-
serve, is satisfactory.

BANE 07 ENGLAND.—An At
mad Ilth Vie., e. 3, fee the week

mount Fulmart to tt. et 7th
coding 012 Wednetdz:„ r ). 10.

WOG laird u,.4 3.1a6

-GbrertiOient debt a1.,01t,11111
Other securities— 14.36.1101)
Gold coin and bul-
lion
Silver bullion

L 17.403,165
LIMB D
=eliec4V Capital A 144.64000
/40.767

LZ.7,403.196