The Express.
London, England, 1864-09-23 00:00:00

MONEY MARKET.-(THIEI DAL)

Two o'Cwcz.

Notwithstanding the favourable Bank return,
the stock markets remain dull, with only
a limited amount of business. The funds,
however, are steady in price ; and Consols
are quoted a fraction better than they closed yester-
day. Foreign bonds are also steady, but the stocks
of two or three of the home railways are slightly
lower.

There is a rather strong demand for money
to-day, owing to the falling due to-morrow of a
large amount of Indian and Brazilian bills, but the
rate for first class paper has not varied, being still
4 to 9 per met. The charge for short loans in
the Stock Exchange this morning was 5 to 54 per
cent., but it has since receded to 44 to 5, with a
larger supply of money.

At Paris to-day, according to Mr. Reuter's tele-
gram, the Three per Cent. Routes opened at 65fr. 95c
being sc. better than yesterday. The Bank of
Prance return shows an increase of 125,0001. in
the coin and bullion.

Consols are now quoted 88 to 1 for money, and
881 to for the account (October 11). The
official businma report is as follows :—Three
per Cent. Consols, for money, 88, 1, 88 ; ditto
foracoount, 881; Three per Cents. Reduced, 86g, 4 ;
New Three per Cents., 861, 4 ; India Five per Cent.
stock, 103/, 1041 ; ditto Bonds, 20s. die. ; Exche-
quer Bills, March, ss. dis. ; ditto June, 23a. die.
The Confederate Loan has recovered about 1 per
cent. Mexican Bonds are 1 per cent. better. With
these exceptions, foreign stocks are unaltered. Some
of the present quotations are annexed, viz :
Greek, 23/ to 241 ; Mexican, 271 to 4 ; Confederate,
74 to 4 ; Spanish Passive, 311 to 1 ; the Certificates,
14 to 1; Turkish Bonds of 1858, 684 to 69 ; ditto
1862, 691 to 701 ; and the Consolidos, 501 to 51.
Transactions are recorded as follows :—ltalian,
foraccount, 4361 ;Mexican, for account, 271, ; ditto
1864, 251; Portuguese, 1856, ttc., for account,46l, 4 ;
Russian, 1862, 88 ; Spanish Passive, for account,
311, 4 ; ditto Certificates, for account, 14 ; Turkish,
1854, for aooount, 911, 91 ; ditto 1858, 100 f.
Bonds, 724, ex div. ; ditto 1862, 1001. Bonds,
701; Venezuela, 1862, for account, 561; ditto
1864, 45, ex div.

International Financial shares are now quoted
3* to 1 prem. ; General Credit, 2* to I prem. ;
London Financial, 7* to I prem. ; Imperial Mer-
cantile, 2* to 1 prem. ; Hudson's Bay, 15 to I ;
Anglo-Egyptian Bank, 1 to prem. ; Imperial
Mexican Railway, 1 to a prem. ; Ottoman Socirit4
Gilndrale, to prem. ; Credit Foncier and
Mobilier of England, 271 to I prem.
Advices from the manufacturing districts show
clearly that business is being contracted, in con-
sequence of the exorbitant value of money. Many
firms declare that they cannot pay the present rates
for accommodation, and get an adequate profit in
addition, and this complaint becomes the more in-
telligible when it is borne in mind that if 9
per cent is charged for first-class accept-
ances, much more onerous terms must be
submitted to by second or third class houses. It is
believed that a similar contraction, enforced by the
difficult circumstances of time, is likewise going
on in other departments of trade, and it is easy
to imagine that its continuance, by causing a gradual
diminution in the amount of bills seeking discount,
will at no remote period have a sensible influence
in breaking down the rates of money. Such a con-
traction is evidently calculated to diminish the popu-
lar but vague fear of an impending panic. Panic
may arise when we are extending our commitments
to an undue extent, especially in speculative
directions, the natural result of which is a
rush for accommodation and general pressure. But
at present, se we see, the tendency of business is
directly contrary, namely, towards contraction,
instead of extension. It is anticipated, and not
without some reason, that this movement will soon
begin to check the otherwise upward course of rail-
way traffic, it being certain that the state of the
money market is at this moment checking the trans-
port of goods from the manufacturing districts to
the shipping ports.

We hear of continued investments of Continen-
tal money in six months bills, under the attraction
of the high rates of interest current here.
To-morrow is the last day for sending in the
March Exchequer Bills in payment for government
duties. It is understood that some of the insurance
companies have purchased these bills to a con-
siderable amount at 5.. per cent. discount, with a
view to paying them in to government at par on
account of duties. . _

--........ ______
About 32,0001. in gold was sent into the Bank
yesterday, and 35,000 sovereigns were withdrawn
for Portugal.
The Suffolk has arrived from Melbourne with
167,000/. in gold, and the Edinburgh from New
York with 26,5001. These remittances will pro-
bably be sent into the Bank, there being no demand
for bullion for abroad.

The J. E. H., with 44,0001., is the only Austra-
lian gold ship known to be now at sea.
The bar silver by the West India packet was sold
yesterday at tn. lid.per ounce, being Id. below the
price obtained for the previous arrival. The present
rate, however, has been current recently.
The failure here of two speculators in cotton was
announced yesterday, with liabilities roughly esti-
mated as ranging in each case from 60,0001. to
100,0001.
The interim dividend of the Oriental Bank Cor-
poration will be 21. per share, payable on the let
November.
The directors of the European Bank have just
made a call of 10s. per share, payable by the 30th
November, on the IG,OOO shares issued to the English
and Irish Bank proprietors, upon the recent amal-
gamation. The amount paid on all the shares of
the amalgamated undertaking will thus be the
same.

The undermentioned gentlemen, formerly on the
Board of the Imperial Bank of China, India, and
Japan, have been elected directors of the Bank of
Hindustan, China, and Japan, viz., Mr. J. Mackrill
Smith, Mr. James Levick, the Hon. Frederick
Stuart Wortley, and Lient.-Colonel French.
The Midland Railway traffic return shows this
week an increase of 3,003/. over last year ; the
Manchester, Sheffield and Lincolnshire an increase
of 2,1301. ; the North Eastern an increase of
7,1581. ; and the Lancashire and Yorkshire an in-
crease of 3,0221.
The first ordinary meeting of the Discount Corpo-
ration (Limited) is convened for the 7th October,
when a dividend is to be declared.
_ . _

The half-yearly meeting of the Pernambuco Rail-
way Company is called for the 25th October.
The first ordinary general meeting of the Land
Mortgage Bank of India (Limited) is called for the
4th October. _ _ .

---Creditors--- of the National Company for Boat
Building by Machinery (Limited) are required to
send the particulars of their claims to the " volun-
tary liquidators" by the 31st October, the 14th
November having been appointed by Vice-Chan-
cellor Wood for adjudicating upon them.

. -
The half-yearly interest is announced on the
debentures of the Trust and Agency Company of
Australasia (Limited). _ . •

. .
Subjoined is Messrs. Culver'sll, Brooks, and
Co.'s report of yesterday's hide sales :
•

At the sixtesOth series of bide sales for the year *sly
a moderate deemed wee experienced for East Podia kips.
Salted bides were in fair request. East India—Ox and Cow
—Calcutta : A very limited demand was experiseced from
the home trade, the exporters were the chief buyers, and
that °sly to a moderate extent: Best qualities were very
dell of sale, at a deaths" of to id. per lb. ; while oom.
mon to midcllteg sorts wail m mc6wete request at about
We atm. The easlysis of the Wm is 83,000 (Wades Dew

parcels. 31,873 brought forward from fanner inhmand
Cochin. ke. ; is all 118,344 hides, of which TOW ems
sold. End India : Web were rely part mid. Latins :
East Indian was is Bib dimmed. Awl:slim meld well.
Salted Hides : Anabelisa were is fair request-1W at Me
rates toss advance of id, bat heavy were in limiW deemed at
va~uratestosddised Caps realised fair prises. Falk-
land sold well. Dry sad Drysolted Hides : Smith
American oily part sold. Ilopdore brought fair prices.
Persian sold well. Horse Hides : Dry Beath Amnon
brought full prices. German all sold. Baked &alb Ame-
rican were all taught in, except a few small and damaged.
Bark : Mimosa was mostly bought in.
The light portion of the mails from Calcutta and
China, by the English steamer just announced are
expected to be distributed in London about the
28th inst. The coin and bullion present the Naha-
factory increase of 265,5961., which accords, within'
50,0001., with the result of the bullion °pastime
as reported in the journals from day to day. There
is also an increase of 343,8661. in the reeerve—s
movement which is almost exclusively due to the
falling off in the demand for discounts and loans,
as shown iu the decrease of 586,2161. in the private
securities. The addition to the reserve would have
been larger had it not been for the withdrawals of
private deposits ; yet, altogether, this is the eclat
satisfactory return that has been issued by the
bank for some time past.

The return of the Bank of England for the week
ending Wednesday, Sept. 21, compared with that for
the previous week, shows the following changes :
Circulation inns
Circulation active 20,337.846 Demme 79.270
Public deposits 6,815,611 lacrosse 113,667
Other deposits
Government securities in

banking department 10,7'!7,096 No chow
Othereecuritunin banking
department
Coin and bullion in both

-dep7rtm7ints — 13,171,107 Incomes 286,596
Seven day and other bills 501.869 Demme& 36,430
The /test 3,917,5.'19 Imams 16,462
Notes in reserve
Total reserve (notes k min
in banking department) . 7,463,262 Incurs 343,866

RANK OF INGLAND.—An Account pursued to As Ad 7th
and Alt Vie e. 32, for the week ending on Wedneedep, kept. 21,
ltd.

Notes issued

I.SCE DEPARTNILIT
£t7,073,720 lievenuneat debt.. L 11.016,100
Other securities .. LOUP
6old win and bul-
Sliver bullion

rrt.ors,no,
BANKING DEPARTIIINT.

1;4•.7,7!0

L 27,73,710

Proprietors' Capital a t5,M3.000 Government nem-
Rest 3,917,639 Attu (hided/se
Public Deposita in- Dead Weight nis-
ch:Ming Vachon., salty) AMMAN
Sae. Banks. Com- Other Securities Amos
mus. of National Notes .. .. 6,716,11111
Debt, and Div. Gold and Meer
Amounts
Other Deposits. 12.390,14,1
Seven day and other
Balls
L 8,181.710
W. MILLER, Chief holier.

L 38.151,7:

Sept. S 2. 1564.

747./.7

TIMAIDAT EVIIING.

Consols, which closed yesterday at 881 to
for the 11th October, opened this morning at the
same quotation, and closed at 88 3-16 to 5-16, or
881. For money the last price was 88. The
official business report is as follows :
Three per Cent. Consols, for money, 884,
88, 1; ditto for account, 884 ; Three per Cents.
Reduced 861, 1, ; New Three per Cents.,
861,
;India Five per Cent. Stock, 1031, 1041 ;
ditto Four per Cent. Debentures, 1866, 074 ;
ditto Bonds, 20e. dis.
The India Five per Cent. stock was steady.
India Bonds were dealt in at 206. ilia. The March
Exchequer Bills remain at 15s. to 516. die., and the
June at 25e. to lbs. dia.
The foreign stock market was inanimate, and
some of the speculative securities gave way.
Italian, Mexican, and Spanish Passive declined I
per cent., and Anglo-Turkish Bonds of 1858 and
1862, 4. Russian scrip was rather firmer. There
were some variations in Confederate Bonds, which,
however, closed nearly the same as yesterday.
Bank shares were decidedly heavy, chief depres-
sion being shown by the Metropolitan and Provin-
cial and Alliance Bank. In the latter instance, a
number of operations for a fall appear to have been
entered into in consequence of the connexion of this
bank with the chief seats of the cotton interest.
The market for the shares of banks of recent for-
mation are rendered additionally sensitive by the
idea that some of them may sustain damage from
the mercantile failures in course of announcement.
Imperial Ottoman Bank shares have declined
to 64 to 61 prem. Mercantile and Ex-
change Bank, Land Mortgage Bank of India,
London Bank of Mexico and South America, London
Bank of Scotland, Loudon Chartered Bank of
Australia, London Joint Stock, London and South
Western, London and Westminster, North Western,
and Merchant Bank shares have all declined.
Hudson's Bay shares were dull, at 151 to 16, and
Egyptian Trading flatter, at Ito 11 prem. Berlin
Waterworks, Anglo-Mexican Mint, Commercial
Union Insurance, Financial Corporation, Fore-
street Warehouse, Home and Colonial Assurance,
Joint Stock Discount, Land Securities, London
General Omnibus, New Zealand, Trust and
Loan, Ocean Marine Insurance, Universal
Marine Insurance, Smith, Knight and Co., and
Telegraphic Construction shares, were all weaker,
Millwall Iron Works have relapsed to 1 dia. to par.
Upper Assam Tea shares exceptionally improved.
The shares of the financial companies were rather
fiat. Imperial Mercantile Credit and Credit Foncier
declined ss. The closing quotations are an-
nexed, viz.:—lnternational, 34 to prem. ; Gene-
ral Credit, 21 to * prem.; London Financial,
74 to 8 prem. ; Imperial Mercantile Credit (amal-
gamated), 24 to d prem. ; Credit Mobilier, 24
to 3 prem. ex div. and new shares ; and Credit
FoncMr, 21 to 1 prem. ex div. and new shares.
The closing quotations for shares in new un-
dertakings are subjoined, viz. :—AngloEgyptian
Bank, 1 to 11 prem. ; Imperial Mexican Rail-
way, 1 tot prem. ; and Ottoman Societe Gene-
rale, 14 to 11 prem.
United States 5-20 Bonds were quoted 431
to 44.