The Express.
London, England, 1864-04-26 00:00:00

MONEY MARKET.-(TEIS DAY.)

Two o'Oloos.

In the Stock Exchange to-day attention is
almost exclusively directed to the arrangements
in connexion with the fortnightly settlement
in shares and foreign stocks, this being
the first " continuation-day." Although the
outstanding transactions are of large extent,
prices generally are well supported. Home rail-
ways and banking and financial shares are mostly
steady. One or two of the speculative foreign stocks
have shown a little fiatnese. The funds are dull,
but the price of Consols for money is sustained at
yesterday's quotations, though a trifle flatter for
the account.

At Paris this morning, according to Mr. Renter's
telegram, the Three per Cent. Routes were quoted
66fr. 80c., being 50. woes, than yesterday.
Consols are now quoted 911 to 1 for money, and
911, " sellers," for the account (May 5).
The official business report is as follows
Three per Cent. Console, for money, 91k, 1 ;
Three per Cents. Reduced, 89#, ; New Three
per Cents., 891, ; India Five per Cent. Stock,
105, ; Five per Cent. " enlaced " rupee paper,
lot} ; ditto Five•and-a-Half per Ceuta, 1121 ;
and Ilichequer Bills, June, 4n., Bs. din.
Mexican and Greek Bonds are 1 to'} per cent.
lower, the former being quoted 451 to /, and the
latter 24 to 261. Turkish Consolidie are
steady at on to 531 ; and Spanish Passive
at 351 to 36. Very few transactions have occurred
in this department Transactions are recorded as
follows:—Brazilian, 1852, 1858, 1860, 901 ; Greek,
25 ; Mexican, 451 ; Portuguese, 1856, &c., 491, 49 ;
Russian, 1860, 851 ; ditto 1862, 881 ; Spanish
Passive, 351 ; Turkish, 1862, 711, 72, 711 ; ditto,
1001. Bonds, 711.

Mexican scrip in quoted i to i prem. ; Russian, 1
to* prem. ; Swedish, par to i prem. ; and Vene-
zuelan, lfr to 1 dia.

International Financial shares are now
'quoted 61 to I prem. ; General Credit, 5#
to 6 prem. ; London Financial, 111 to 121 prem. ;
Hudson's Bay, 19# to # ; Mercantile Credit, 11
to 12 prem. ; Egyptian Trading, 2i to 31
prem. ; Credit Mobilier, 4 to* prem. ; Imperial
Financial, 4* to 5 prem. ; Credit Foncier
(Great Britain and Ireland), 6 to * prem. ;
City Offices Company, 1# to # prem. ;
Fore-street Warehouse, 3}, to 4 prem. ; Lem-
berg Railway, r dis. to prem. ; International
Land Credit Company, 2# to I prem. ; Tele-
graph Construction and Maintenance, 11 to 2
prem. ; Mrllwall Ironworks, 21 t 3 3 prem. ; and
Imperial Bank of China (amended prospectus),
21 to 31 prem. _

Fora o'Cmci.

Consols are without change, at 91 to f for
money, and 91i for the account. No gold has been
sent into or withdrawn from the Bank to-day.
The discount market was again very quiet yes-
terday. The supply of money is large, and some
difficulty is experienced in keeping up the rate for
choice bill at 7 per cent In the Stock Exchange
the supply of money is likewise very liberal, and
short loans on Bnglish government securities can
be had at 3 to 4 percent.

There is still a good deal of discussion respecting
the recent resolution of the Stock Exchange Com-
mittee directed against transactions prior to allot-
ment in the shares of new companies. Both within
and without the Stock Exchange the measure
is criticised upon the ground that, while it is prat
tically inoperative, it affords to unscrupulous specu-
lators an opportunity of evading the fulfilment of
obligations from which no man of honour could
recede. It is matter of notoriety that, though
dealings prior to allotment have been brought
within narrower limits since the enactment of the
new rule, they yet continue in many instances to
take place. The regulation, therefore, fails to
attain its ostensible object, while it unquestionably
opens the door to many inconveniences. It is felt
to be an anomaly that in these days of active
joint-stock enterprise, the Stock Exchange,
whose province it is to promote financial
boluses, should itself introduce new restrictions.
It is certainly questionable whether by enact-
ing this mile the Stock Exchange Committee
have succeeded in effecting an improvement
upon the previonaly existing law of the establish-
ment, which theoretically was perfect, inasmuch as
it was based upon the broad, legitimate, and com-
mon sense principle that no bargain, once entered
into, should be cancelled, unless fraud or fralidn-
loot misrepresentation should be proved. For the
sake of the Stock Exchange, it is highly desirable
that all its internal legislation should be framed
upon the broadest principles of justice, and pro-
tect the interest of the general public equally with
that of their own body ; and it is because the new
rule is either totally inoperative or very one-sided
in its operation, besides somewhat demond-
Ming in its tendency, that so much criticism has
arisen.

The Brighton Railway traffic return shows this
week an increase of 1,8971. over last year, and
the South Eastern an increase of 1,1121.
The Grand Trunk Railway Company of Canada
have given notice that the half-year's interest due
on the Atlantic and St. Lawrence Stirling Bonds
will be paid on and after the 2nd proximo.
At the special meeting of the Standard Bank of
British South Africa (Limited), on,the 27th instant,
it will be officially proposed that the capital be
increased from 2,000,0001. to 3,000,0001, by the
issue of 10,000 new shares of 1001. each. These new
shares are to be issued at a premium of 81. per
share, which is to be placed to the credit of the
reserve fund, and are to be first offered in the pro-
portion of one new share for every two prompt
Warta to the shareholders appearing upon the
register on the 20th May next.
The Mercantile Credit Association and the Credit
• • Mobilier have issued a prospectus notifying
that they are prepared to receive applications for
the capital of the Humber Irma Works and Ship
Building Company (Limited). The capital of this
undertaking is 1,000,0001., in 20,000 shares of 801.
each, of which 10,000 have been already subscribed.
The object is to purchase the extensive iron ship-
building establishment of Messrs. Martin Samuel-
son and Co., of Hull, the power of which is stated
to be equal to the construction of 20,000 tons of
iron shipping per annum. Orders for ships
exceeding 20,000 tons are now in hand, and to inset
Ilthe increasing demand it is proposed to enlarge the
Iworks. Amongst the advantages of the undertaking I
reference is made to the cheapness of labour, iron,
coal, timber, and freights, at Hell, and to the great
•
boilities for railway and other communication.
The terms of purchase are described in the pro.
spectus as "highly advantageous." The chairman •
is Mr. E. W. Watkin, the president of the Grand
Trunk Railway of Canada. Idr. Martin Samuelson
is the managing director.
We have also received a copy of the prospectus
et the Liverpool, Quebec, and Montreal Steam Ship
Company (Unused). In this instance likewise the
capital is fixed. at 1,000,0001., in 00,000 shares of
201. each, of which 26000 shares are to be issued in
the first instance. The company is projected to
supply increased steam communication to aarom..
modate the trade between Liverpool and the St. '
Lawrence. It is pointed out that the trade returns
exhibit an increase in the business of the port of
100 per oent in eight years, during which period
there has been no increase 'whatever in steam-ship
tonnage between Liverpool and Montreal. It is
promised at the game time that there shall be "nu
undue eempetitien." This sesepany has not con-
tracted to buy any existing ships, but intends to
build a new fleet of screw steamen of about
2,000 toss berthen each. The service at the outset
is to be fortaightly each way, and during the MIMICS
when theft Lawrence is dosed the eteemese will
ran to Portland. The board is respectably coosti-1

tided : the first name upon it is that of Mr.
Francis A. Clint, chairman of the West India and
Pacific Steam Ship Company (Limited). The
company having received promises of support "from
most of the leading firms iu Canada," 3,000 shares
are reserved for allotment in the colony.

A third company, which likewis; proposes to
raise a capital of 1,000,0001., in 20,000 shares of
(AL each—half to be issued in the first instance—
is the Land Credit Company of Ireland (Limited).
The prospectus recites that the company has been
formed with the view of developing the agricul-
tural, manufacturing, commercial, and mineral re-
sources of Ireland. The programme of operations
is a wide one : the company intends to act as a
finance company, for negotiating and making
advances upon real and personal securities, taking
contracts for railways or other works, &c. ; 2, as
a land credit company ; 3, as a land improvement
company, for reclaiming, draining, and improving
lands ;4, as general financial agents. The board
comprises the names of 16 gentlemen, fur the most
Fart identified with existing joint stock enterprise :
it is headed by Lord Fermoy, M.P., and com-
prises, amongst others, directors of the Royal
Bank of Ireland, London Bank of Scotland,
Oriental Bank, Mercantile Credit Association,
Credit Foncier, West Cork Railway Companies,
&c., &c.
The letters of allotment of the European Central
Railway Company, and of the International Land
Credit Company were issued on Saturday.
The share list of the Alliance Shipowning and
Shipbuilding Company will be closed on Saturday
next for both town and country.
We are informed that the allotment of the shares
of the Lnmberg and Czernowitz Railway Company
has been made, and that the letters will be posted
immediately.
A notice from the Regency of the Empire of
Mexico has appeared cautioning capitalists against
dealing in certain securities which are being put
out on behalf of the late Juarez government. All
such bonds or other securities are formally de-
clared by the Regency to be "null and void."
Advises have been received of the wreck of the
Sappho, on her voyage from Sha.nghae to London,
with 610,1001 W. of tea, while entering Table Bay.
Only the ship's papers were saved.
Mr. Effingham Wilson has just issued, in a
pamphlet form, the speech delivered by Mr. R.
Wigram Crawford in the House of Commons, a few
night's since, upon the sugar duties.

Mammy Evingnia.

Consols, which closed on Saturday at 913 to f
for the 6th of May, opened this morning at the
same quotation, and closed at 91 11-16 to 13-16, or
913 " buyers." For money the last price was 911
to I. The official business report is as follows :
Three per Cent. Consols, for money, 913, I, I ; ditto
for the account, 911 ; Three per Cents. Reduced,
891, I, j ; New Three per Cents., 893, 4 ; ditto, Two-
and-a-Half per Cents., 741 ; Annuities, 1886,
141, 3 ; India Stook, 218 ; ditto Five per
Cent. Stock, 1031 ; ditto Bonds, 7s. die. ;
Four per Cent. " eisfaced" rupee paper, 931 ; ditto
Five per Cent., 106 ; ditto Five-and-a-Half per
Cent., 113.
The India Five per Cent stock was firm. lathe.
quer Bills were quoted 10s. to 4s. die.
The foreign stock market was better.
United States Government Securities have fallen
today, and American securities of nearly all de-
scriptions' were depressed.
The Admiralty will receive tenders on the 6111
of May for the supply of 60,000 gallons of rum.