The Express.
London, England, 1862-07-25 00:00:00

JULY 25, 1862.

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rONEY MARKET.-(THIS DAY.)

Two o'Ciooz.

The stock markets to-day are again buoyant.
The funds have experiesoed a fresh rise of 4 per
cent. As regards some foreign shares, and the
scrip of the new foreign loans, particularly
Egyptian, considerable excitement has prevailed,
and prices have advanced materially. The slowed
market to rise is that for English railway stocks.
The scrip of the New Portuguese Loan has
advanced to 24 to 24 prem.
At Paris this morning, according to Mr. Renter's
telegram, the Three per Cent. Rentes opened at
68fr. 40c., being sc. lower than yesterday.
Consols are officially marked 934 and 4 for
money, and 934 and 4 for the account. The
present quotation is 934 to 4, both for cash and
the 7th of August. The official business report
is as follows :—Bank Stock, 238 ; Three
per Cents. Reduced, 934, 4 ; New Three per Ceuta.,
934, 4 ; Five per Cent. Annuities, 1104 ; Thirty
Years' Annuities, 1886, 15 5-16 ; India Five
per Cent. stock, 108, f, 4 ; ditto Four per
Cent. Debentures, 1863, 1004 ; ditto 1864,
1004 ; ditto Bonds, 275., 295. prem. ; Five per
Cent. " enfaoed" rupee paper, 1034, 4, 1044 ; ditto
Five-and-a-Half per Ceuta., 1104 ; Exchequer Bills,
175., 21s. prem. _ _ _

The scrip of the Egyptian Loan has touched this
morning 114 to 12 premium, and is now quoted 11
to 114. The new Turkish Loan (scrip) is quoted 24
to 21 prem. ex div. ; ditto paid up, 694 to
704, ex div. ; Turkish Bonds of 1854, 854 tog,
being a rise of 4 per cent. ; and those of 1858,
731 to 741, a rise of 1. Venezuelan,
Italian, and Russian securities are all in demand.
Transactions are recorded as follows :-Buenos
Ayres One per Cents. (Deferred Three), 38 ; Chilian
Six per Cents., 1024 ; ditto Four-and-a-Half per
Cents., 83/ ; Egyptian Seven per Cents., scrip, 10,
Ilf prem. ; ditto paid-up scrip, 921, 94f, 931 ; Italian
Five per Cents., 704, 1, 71, 701, ex div. ; ditto
Maremmana Railway, 721, ex div. ; New Granada
Two per Cents., 251 ; Portuguese Three per
Cents., 1853, for account, 46, ex div. ; Rus-
sian Five per Cents., 1862, scrip, 1,4, per. ;
ditto paid-up scrip, 93, ; Spanish Three per
Cents., for account, 544 ; ditto New Deferred
Three per Cents., for account, 444, ex div. ; ditto
Passive, 19 ; the Committee's Certificates, 91;
Turkish Six per Cents., 1854, for account, 864 ;
ditto Six per Cents, 1858, for account, 731, 4,
74 ; ditto Six per Cents., 1862, scrip, 2,1, 4 per.,
ex div. ; ditto paid-up scrip, 70, 694, ex div. ;
Venezuela Three per Cents., for account, 241 ;
ditto One-and-a-Half per Cents., 124.
Should the harvest be decidedly deficient, em-
ployment may soon be found for a good deal of
our present surplus, but, apart from this contin-
gency, which is not regarded as probable, it would
seem that we are likely to go through a period of
more active speculation. The present accumulation
of money must seek an outlet somewhere. It is
probable that many new schemes will be projected,
and that several fresh foreign loans will ere long be
brought forward. As a preliminary to their
success, however, it would appear that the prices of
existing securities must be raised.
It is ten years since the Bank of England rate
of discount was at the low point now witnessed.
On the 22nd of April, 1862, a step exactly similar to
the present was taken, the rate being lowered from
24 to 2 per cent. The Bank's resources were then
much larger than they are now, the coin and bullion
being then 19,591,784/. (now 18,060,6171.), the re-
serve of :notes 11,526,2001. (now 9,652,1601.), and
the " other" securities only 11,225,8441. (now
19,581,8221.) At 2 per cent. the rate remained
for nearly nine months, viz., until the 6th of
January, 1853, when an advance to 21 occurred.
At this latter date the " other" securities had risen
to 15,875,7601., and the reserve of notes had sunk to
10,960,495/., but the coin and bullion, being
20,827,6621., were more than on the previous 22nd
of May, when, as already stated, a descent from
24 to 2 per cent. had taken place.
The reduction in the Bank of England rate has
not yet led to any increase in the applications for
discount at that establishment'
In consequence of the alteration at the Bank, the
joint-stock banks have reduced the rate allowed for
deposits from 14 to 1 per cent. The discount es-
tablishments will henceforward give 1 per oent. (in-
stead of 14) "at call," and 14 (instead of 11) "at
notice."
The rise in the Egyptian Loan to 10 premium
attracts a good deal of attention. There is an im-
pression in some quarters that efforts are being
made to raise the market in order that the new
issue of 800,000 L may be placed at an advance
upon the price of the original loan. Con-
sidering the peculiarity of the circumstances (it
being very unusual for a second loan to be issued
before the first is paid up), and also the fact that the
subscribers were kept entirely in ignorance of
the impending further creation, it seems
unreasonable that what is unquestionably
an irregularity should be made to redound to the
advantage of any parties, except the bondholders
themselves. Had the whole of the facts been
stated at the outset, the government agents might
freely have placed the second batch of stock at the
best price they could get, but, as matters stand,
advantage cannot fairly be taken of the favourable
movement in the money market to exact higher
1 terms from the existing bondholders, to the profit,
perhaps, of the very parties who withheld from
them information to which they were undoubtedly
entitled. There is a rumour that the 900,000 k
about to be issued has been taken at a fixed pnce.
An instalment of 10 per cent. fell due yesterday
on the Italian Five per Cent. Maremmana Railway
Loan for 1,338,0001. sterling. The final instalment
of 9 per cent. is payable on the 27th of August.
The Ottoman Bank have received advices from
Constantinople that • further sum equal to about
16,000/. in various descriptions of Turkish cur-
rency has been paid into their branch at that capital
from the proceeds of the customs duties, hypothe-
cated to the 1868 Loan, on account of the approach-
" ing September dividend.
`I The gold taken to the Bank yesterday was 30,0001.
The influx of specie from New York continuos on
an extraordinary scale. The arrival was announced
this afternoon of the City of Baltimore with no less
than 450,0001.
An advertisement from the India-office intimates
j that

Up to the arrival in Bombay of the Ant regular vial
from Befriend, expected in September, the gownsman of
Bombay will be prepared to reoeive proposals from parties
willing to construct a tramway, capable of being worked by
locomotive power, from the port of Sedasheoghnr, in the
oollectorate of North Ousts, to the cotton districts of the
Dharwar collectorate.

The Eastern Counties Railway traffic return shows
this week an increase of 3,3291. • the Midland, a
Idecrease of 3,124/. ; the Great Northern, an increase
of 1,549/. ; and the Manchester, Sheffield, and
Lincolnshire, a decrease of 8861.
The receipts of the Grand Trunk Railway of
Canada for the week ending the sth inst. were
12,9641. sterling, being 1,1461. more than in the
oorresponding week of brit yeas.
The Madras Railway Company are inviting ap-
plications for the unallotted balance of the fifth ex-
tension capital, in shares of U. each. These secu-
rities bear a guarantee of 5 per cent. per annum
interest from the Secretary of State for India.
Holders may have the option of paying up in full
on the whole or any less number of shares.
A general meeting of shareholders in the Bank
of Egypt is called for the Gth of August.
The half-yearly meeting of theßlackwall Railway
Company is convened for the 12th of August.
A general meeting of the Cityof London Brewery
Company is called for the 7th of August to declare
a half-yearly dividend.
We have received a oopy of the proapee to s of the
, Strand Music Hall Company (limited). It is
pointed out that the Strand is the most eligible site
in London for an undertaking of this kind. A

lease for 60 yeses has accordingly been taken hoes
the Marquis of Exeter of the property known as
Exeter Change, possessing an entrance in the
Strand, and frontages both in Wellington and
Catharine streets. The ball is to be upon a Mall
sufficient to accommodate 2,000 spectator., It
is a satisfactory feature that in t e entertain-
ments to be given the elevation of the publie
taste is to be specially considered. As regards the
I ventilation and lighting of the building, peculiar
improvements are to be introduced. Neither the
directors nor the executive committee will receive
any remuneration for their services until a divi-
dend has been paid to the shareholders. The
capital is 25,00 W. in shares of 101. each. The list
is to be closed on the 2nd of August.
The following is Masers. Culverwell, Brooks, and
Co.'s report of yesterday's hide sales :
At the fourteenth movies of hide sales for the year the
demand was not quite so active as at the previous sales, boa
prior upon the whole were fairly maintained for both felted
and dry bides.
Bret India.—Or and Cow.—Orlcutta.—The demand w
principally for export. The home trade being only lunged
buyers, the business done was not so large as at the previous
sales. Prices were unaltered, holders not being disposed to
give way. Madras, Pondicherry, and Bombay realised far
prices for the portion sold. The ana/ysie of the Was is
78,942 Calcutta new parcels, 30,407 brought forward from
former sales, and 12,062 Madras, sic. ; in all 121,411 hider,
of which 70,658 were sold. _ _ .

But Inclia.—Buffalo.—Those sold were at fair prices.
Leather.—Pest Indian sold wall; Australian, part sold.
Salted Hides.—Ox and Cow.—South Amerman was
mostly bought in, those realised consisting chiefly of
damaged hides. Australian ware generally in fair request,
and late rates obtained, except for light hides, which yen
mostly neglected. Cape met with a steady demand at pre-
cious prices. Turkey only part sold. West Indian brought
late rates.

Il7.Weet Co sat.--Only part sold at rather lower rates.
Cabrought fair prices. West Indian in fair demand.
Hesse ...
Hides. being held above the sestet rake,
were all taken in.
__

—Kangaroo were well competed for.
The return of the Bank of England for the week
ending We4neaday, July 23, compared with that
for the previous week, shows the following changes:
Circulation Mime
Circulation active
Public deposits; 5,291.213 Increase CIAO
Other deposit'
Government securities in

banking department 10,952,679 No change
Othersecurities m banking.
department
Coin and bullion in both _ _

clepartamente— --
18,060,817 Inezeome 388,727
&wee clay mad other bills 739,448 learease 12,429
The Beet -4.5.6211 1.6'6" .13'650

Naito in reserve
Total reserve (note* &coin
in banking depaitment). 10,507,662 Inereaee 561,062
Both the reserve and bullion have again increased
considerably, while the " other " securities continue
to decline. It is upon these changes that the direc-
tors have reduced the rate of discount.

BAN' OF INGLAIID.—Aa
sad Oh Vie, e. SI. kw Ws II
U. llit.
___ _

Noir limed

631,1111,211
WM= DI
=ekes' Cegitel ,214,662,000
4266,419
Public Deposita (in-
cluding Iticasq,
Bev. beaks, Cana-
reis. a Nailer'
Debt, and Dir
Acct&) 6,291,213
Other Depolite._ 17,202,923
Seven &yuletide
BMA MAY
L 41,092,003
Jul/ 24

'ant pennant to the Ad 7th
ending on We4noeday. July

pArnour.

debt.. SII,U!,UII

Other oectuitlee.... f,1111114.111111
Gohl coin an 4 hal-

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raise ibtatedlig
Nod Welett As-
batty) meows»
Otber beeuritles 19
Notes 9,1101,100
Odd sad Whir
856,4412

-Cols —

&LOANS
Chid Cashier..
THUBUDAt
Console, which closed yesterday at 921 t 093 both
for money and the 7th of August, opened this
morning at the same quotation, and closed at 931.
to for cash, and 93 6-16 to for the account.
The official business report is as follows :—Three
r Cent. Consols, for money, 93, 92i, 93i, l iea e;
ditto, for account (August 7), 93, ;
tock 237 ; Three per Cents. Reduced, 931, 9441;
New Three per Ceuta., 93k, 937 I, I, i; New Two-sad-
a-Half per Ceuta., ,76 ; Thirty Years Annuities,
1886, 114 ; India stock, 227, 2214 ; ditto Five per
Cent. stock, 106 k, 107 i, 1001 ; ditto Four per Omit.
Debentures, 1863, 100} ; ditto Bond., 29e., 275.
prem. ; Five per Cent. " enfaoixr rupee paper,
103 i, 104.
The India Five per Cent. Stock improved k par
cent., closing at 108 to I. India Bonds were dealt
in at 275. to 298. prem.
Exchequer Bills remain at 17s. to 20.. prem.,
not having yet received any benefit from the recent
fall in the value of money.
Foreign stocks were firm, with numeroui trans-
actions.

The closing quotations for shares in new under-
takings to-day were as follows :—Ooeau Marine
Insurance, 104 to prem. ; Thames and Mersey Ma-
rine Insurance, 2 3-16 to 2 6-16 prem. ; Com-
mercial Union Assurance, dia. to prem. ;
Universal Marine, 1 to 01 dia. ; London and Pro-
vincial Marine, par ; Mercantile Fire, 14 to 14
prem. ; Metropolitan Wagon, 14 to 2 prem. ; Union
Bank of Ireland, die. to par ; Bank of Riming-
tan, dis. to par ; General Rolling Stock, to
prem. ; Irish Rolling Stock, 4 to I prem. ; aad
Thames Express Steam Boat, par to prem.

MINES.-(THIS DAY.)

Two o'CLooz,

The mining market is lees active to-day, with
a limited amount of business. Wheat Led-
cott shares are quoted 17* to I, showing
a slight decline, compared with the quota-
tion last current yesterday. Beat Camdea
shares are quoted 441 to I ; Wheal Gren-
ville, 6 to I ; Marks Valley, 9* to ;
and Wheal Beton, 130 to 132*. In the Stock-Exchange
East Caradon has been dealt in at 44. East Cana
Brea at 151 ; Greet Wheel Russell at 81 ; Wheel
Grenville, at 6 ; and Wheal Ludcott, at 18, 18f,
and 17.
There have been numerous transactions in shares
in the St. John del Rey, Yudanainutana, and
United Mexican mining companies, the last men-
tioned of which have improved.
At an adjourned extraordinary general meeting
yesterday of the East India Coal Company, the fed-
lowing resolution was palsied :—" That the directors
be authorized to iaeue debentures of the company to
the extent of 26,0001., at such times, in such sums,
at such rate or rates of interest, and on such terms
as they shall from time to time see fit."

ST. JOHN'S UNITED COPPER AND LEAD
MINING COMPANY (NEWNOUNDLAND).

Yesterday a general meeting of the shareholders
was held at the company's offices, Casaaa-street ; Mr.
BCFAELIT is the chair._

The Fitsiitsait stated that the amounts bad been audited
by an official accountant, end proved correct. Although
capital was required to develop the ascertained resources of
the company's property, his faith was such that be had re-
cently increased kis interest to a coneidemble extent,
u had also his coadjutors. But perhaps the bent
evidence that could be addend of the Terra
Nova Copper Nine was furnished in areport by Mr. Sheldon.
an American engineer, who stated that be discovered the
lode for 250 feet in length on the surface, it. average
breadth being 40 feet of solid metal, and that if it cautioned
through 60 feet they would have 50,000 tons of ore. Siam
that report was made the lode bar been proved to the depth
of 60 feet, and found to be solid ore throughout. But these
riches could not be developed without capital.
Mr. F. N. 01HBORNt, who had recently inspected the pro-
perty, stated that the lode had been proved to carry its
breadth and depth. The surface ore yielded but Uper oast.
for oopiper, but at 14 feet the ore yielded 20, but at 57 feet the
ore yielded *early 5 per out. The mining facilities in timber
and water power were very great, and by mahieg three-
quarters of a mile tramway from the mine to the wharf the
ore could be tram enitted direct iota ships. Re might elm
state that freight could be secured during the oven mama
for 30s. per too, and that the cost of raising and shipping
would not exceed Ws. per too. Ths ore mu worth Mr
sulphur about 21. per toe.
The ouralus, in answer to a question, stated that is*
October from the shaft sod level of this mine there had
hero returned 600 toes of ore, 150 tons of which wan ow
awaiting sale at Bristol, 30 tons were afloat, and 400 tun
runainiog on the mine.
Ths accuunto being passed, some discuesioo mind se to
the future, when the shareholders present agreed to take asp
2,100 of the 3,100 forfeited shares.
The directors were re-elected, with the addition of Mann
Nash, Renshaw, W. Brown, and Captain Cotten.
A vote of Masks to the chairman aid amen= dosed lbw
Forearm.

IMPERIAL PARLIAMENT.

HOUSE OF LORD&THVIUSIDAY, Jl` 24.

- - - -
The Loup CHANCELLOI took his seat on the woolsack
b o'clock.
PAROCHIAL ASSESSMENTS BILL
The Duke of NEWCASTLE moved the second reading of
this bill, the objeotof which he briefly explained was to equal-
ize the valuation of property rateable to parochial assessments.
At present, owing to neglect on the part of the overseers in
some cases, cud possibly to interested motives in others,
there was great discrepancy in the valuation in essay
parishes. ranging, be was ieformed, from 10, 10, 20„ to eves
b 0 per cent. Of course the result was to inflict injustice
upon the majority of the ratepayers, and an the only remedy
was by an expensive process of appeal, that remedy was
rarely rested or The present bill, which had emanated
originally from the recommendation of a parliamentary
committee, had been sent to the different unions sad
parishes throughout the country, and bad met with
the approval of the several boards of guardians.
The bill was reed a second time.
NEW ZEALAND BILL
On the motion of the Duke of NZWCAMTLE the Commons'
amendments to this bill were considered and agreed to.