The Express.
London, England, 1863-10-23 00:00:00

MONEY MARKET.-(THIS DAY.)

Two o'OLoos.

The stock markets to-day are generally firm,
though the amount of business is only moderate,
speculation being restrained by the prevailing
uncertainty as to how far the disturbance of finan-
cial affairs in France may react upon our market.
The funds and home railway stocks remain at
yesterday's prices. Some of the more speculatire
foreign stocks are quoted slightly better than they
closed yesterday. Turkish Congolids% have been in
especial demand. The New Portuguese Loan con-
tinues to improve. . .

At Paris this morning, according to Mr. Reuter's
telegram, the Three per Cent. Rental were quoted
67fr. 150., being sc. lower than yesterday.
Console are now quoted 93 to 4 for money, and
934 to for the account (Nov. 5). The official
business report is as follows:-Three per Cent.
Consols, for money, 934, 93 ; ditto for account,
934 ; Three per Cents. Reduced, 914, ; New Three
per Cents., 914, ; Five per Cents., 1873, 1074 ;
Red Sea Telegraph, 21 ; Bank Stock, 236 ; India
Five per Cent., stock, 1094, ; ditto ex per Cent,
1004 ; ditto Four per Cent. Debentures, 1864,
991 ; ditto, 1864 or 1866, 1001 ; and Exchequer
Bills, 2s. prem., le. div.
The foreign stock market is firm. Turkish Con-
solid& have risen per cent., being quoted 531 to
54, while the Anglo-Turkish loans are un-
altered-the 1854 at 92 to 93, ex div. ;
1858, at 704 to 1 ; and 1862 at 714
to I. Greek Bonds have been dealt in between
301 and 314, and are now quoted 304 to 31, being
lower than yesterday. Spanish Passive Bonds
are steady, at 354 to 36 ; and Mexican,
per cent higher, at 424 to f. Trans-
actions are recorded as follows : - Brazilian
1852, 1858, 1860, 914 ; Danish, 1863, 881; Equa-
dor New Consolidated, 144 ; Egyptian, 1001, 101;
French Four-and-a-Half per Cent. Ratites, 95fr. ;
Greek, for account, 301, 4,4, 311 ; ditto
Coupons, for account, 144, 1 ; Italian, for ac-
count, 721 ; ditto Maremmana Railway, 814 ;
Mexican, for account, 424, 1; Moorish, 96 ;
New Granada Two per Cents., 33 ; Peruvian,
1862, for account, 871 ; Portuguese, 1856,
1857, 1859, 1860, and 1862, for account,
494, 49 ; Russian, 1822, 94 ; ditto 1862, 93, ;
Spanish Passive, for account, 36, 354 ;
1858, for aocoent, 701, ; ditto, 1862, for account,
714; ; ditto 1863, 24, die. ; Venezuela, for ac-
count, 264 ; ditto 1862, for account, 614.
The new Portuguese Loan has risen to 14 to 11
prem. Brazilian remains at fto 1 prem.
Discount Corporation shares are quoted 9 to 94
prem. ; Indian Land Mortgage Bank, 3 to 34 prem. ;
and Anglo-Austrian Bank, par to prem. The
financial companies' shares are unaltered.

Only • limited amount of gojil-5,000/..—was
bought by the Bank yesterday.
The arrival of no less than 420,0001. in gold from
New York was announced yesterday, the City of Man-
chester having brought 252,0001., and the America
168,0001. Including the 203,0001. Australian by
the Wellesley, previously referred to, there is thus
a total of 13Z,000/. in gold to be disposed of, a
large portion of which is expected to be taken to
the Bank, in the absence of any general inquiry
for exportation.
There is • good demand for bar silver for trans-
mission to Bombay, and the price is firm.
For some time past there has been an unusual
demand from the provincial districts for half-
sovereigns, and the absorption has become so re-
markable that many of the London banking esta-
blishments have been quite denuded of this coin.
The most singular feature perhaps is that, on their
applying to the Bank of England fur a supply, that
establishment has intimated its inability to comply
with the request at present, owing to the demand
having outstripped the out-turn of half-sovereigns
from the Mint. The inference is thus confirmed,
that au unusually large amount of. gold coin has of
late been absorbed in the interior of the country,
owing to the prosperity which the fine harvest and
good employment have spread amongst the labour-
tag classes. Half-sovereigns are taken more freely
than sovereigns, because they are better adapted
to the purposes of retail trade and to the wants of
the bumbler classes.
It is announced that the London and Middlesex
Bank, to the position of which reference was made
in our impression of yesterday, has been taken
over by the London and Westminster Bank. The
terms agreed upon are, we understand, that the
London and Westminster assumes the whole of the
deposit and other liabilities of the London and
Middlesex, and undertakes to liquidate the affairs
of this unfortunate bank, but pays nothing for the
business or for the transfer of the accounts. The
London and Westminster, in fact, deals with this
moribund bank in mach the same way as it dealt
with the Commercial Bank, which was absorbed by
it some time ago. Under the circumstances this is
perhaps the best arrangement that could be made in
the interest both of the depositors and shareholders of
the London and Middlesex. As the liquidation pro-
ceeds, the Loudon and Westminster will of course
return to the shareholders in the London and Mid-
dlesex such portion of the 101. per share paid by
them as may prove to be recoverable. A hope
seems to be entertained that under uo circum-
stances likely to arise will the loss ultimately
exceed 2./. per share. Meanwhile, the London and
Westminster incurs no risk whatever, as, in addi-
tion to the available business assets of the London
and Middlesex, there is, at the back of all, a
reserve of subscribed but unpaid capital amounting
to nearly 700,0001., for which the shareholders in
' the latter bank are available, while the total amount I
of the deposit and other liabilities of the London and
Middlesex is believed to be below a quarter of a
million. It is a question whether, had a firm stand '
been made, and substantial support been enlisted,
it might not still have been possible for a concern
in the position of the London and Middlesex to
have maintained itself and worked its way credita-
bly out of the present difficulty. This, however,
is now a fruitless inquiry. Seeing that the loss of
so limited • sum as 7,0001., incurred under the pecu-
liar circumstances narrated yesterday, has sufficed
to wipe the London and Middlesex from the list of
Metropolitan Joint Stock Parks, busk shareholders
may find in the history of this affair a warning
that weak concerns are liable to go to the wall with
the first breath of difficulty, and that no bank is to be
regarded as a good and secure investment that does
not repose upon the broad lasi* of the confidence
of the public.
The favourable reception given to the East London
Bank (Limited) has, it appears, led to the forma-
tion of the North London Bank (Limited), and the
South Loudon Bank (Limited), both of which
projects are likely to come before the public at an
early date. The boards are to be composed prin-
cipally of local directors. Messrs. Sir Robert W.
Carden and Sun are the brokers to both banks.

The London, Hamburg, and Continental Ex-
change Bank commenced businesayesterday, at their
temporary offices, No. 6, Nicholas-lane, and in
Hamburg, at 10, Scbaarthor, which latter premises
have been for many years occupied by the old-
established banking firm of J. C. Schultze, whose
business the bank has acquired.
A circular has just been forwarded to the share-
holders in the Chartered Mercantile Bank of India,
London, and China, notifying an issue of 10,000
new shares, at a premium of 101, per share.
The Stock Exchange Committee have appointed
Tuesday next a special settling day in the shares of
the following undertakings : Royal Sardinian
Railway (Scrip) to be marked ; Public Works
Credit Company of London and Paris (Limited),
and abs Oil Seed Crushing Company (Limited) to
be marked in the twine a week list.
The Manchester, Sheffield, and Lincolnshire
Railway traffic return shows this week an increase
of 2,35-61 over last year ; the Lancashire and
Yorkshire, an increase of 2,1601. ; the Midland, an