The Express.
London, England, 1853-12-08 00:00:00

the Union Bank of Australia experienced a corres-
ponding improvement. St. Katherine Dock stock
has been dealt in at 93; to 94.
The British Electric Telegraph Company, we un-
derstand, is to be merged into a new company,called
the " British Telegraph Company," with a capital of
300,0001., in 20!. ■hares, on which the depoeit is to
ho 3!. per share. The proprietors of the old continue
their interest in the new company, to which the
patent rights, wires, instruments, offices, and other
property are made over, and which is duly
incorporated by royal charter, limiting the
liability of the shareholders. It appears the lines
owned by the British Electric Teleicraph Company
are already 600 miles, and upwards, in length, pass-
log east and west from Liverpool to Goole, through
every manufacturing town of importance in Lanca-
shire and Yorkshire, and thence northwards through
the coal districts to Newcastle and Carlisle, and by
' the western ports to Glasgow. They have contracts
with the Lancashire and Yorkshire, Leeds Nor-
thern, Stockton and Darlington, West Hartlepool
IHarbour and Railway, Newcastle and Carlisle, and
Glasgow and South Western Railway Companies.
Although the districts at work at present are isolated
to a certain extent, by reason of the communication
with London not being yet completed, and although
half of the lines have only been opened to
the pubiic since February, and the remainder within
a few weeks, yet the receipts of the company are
described as highly satisfactory, and increasing
weekly ; and the directors express a conviction that,
as soon as the present districts aro united with Lon-
don, the under:eking will be attended with the most
profitable results. To place the company in this
position, it is the intention of the directors to coin-
plete,
without delay, the communication between the
metropolis and Liverpool, Manchester, Leeds, Hull,
Glasgow, and Greenock. This being completed, the
directors further announce their intention of extend-
ing the communication, by means of land and sub-
marine wires, to Dublin and Edinburgh, end thus to
unite all the great shipping and commercial districts
with the three metropolitan cities of the empire, which
itis expected will be accomplished before the expiration
of the ensuing year. In adverting to their claims to
the support of the monied community, on the recon-
stitution of the company, the directors advert to the
efficiency and economical features peculiar to their
system of telegraphs, and to the fact that they will
thus be enabled, with the experience now obtained,
in the erection of telegraphs, to construct a complete
telegraphic system over the moot remunerative por-
tion of the country, fur the comparatively small sum
of 160,0001. It is also pointed out that the receipts
of one company, in this kingdom, for telegraphic
business, exceeds the large sum of 94,0001. per
annum, although the telegraphic system of the coun-
try is as yet so undeveloped.
We have received a copy of the report and accounts
to the 30th September last, issued by the directors of
the Trust and Loan Company of Upper Canada, pre-
paratory to the meeting called for the 13th instant.
The receipts for the six months amount to
11,951/. 1 ls. 10d., and the disbursements, including
interest on debenture bands issued by the com-
pany, to 6,302/. 14e. 3d., leaving a balance of profit of
5,4481.175. 7d., which, added to that brought forward
from March last, leaves a total balance at credit of
revenue of 7,7931. 16s. 2d. The directors recom-
mend that out of this sum a dividend of 7
per cent., free of income tax, be declared on
the 3/. paid-up shares of the company for the
six months eliding September 30, and for the
two months ending at the same date on those of the
new issue ; that a sum of 6661. 13s. 4d., being equal
in amount to the excess over 6 per cent. paid to the
shareholders, be put to the reserve fund, in accordance
with the charter, and that 2301. be carried to
the preliminary expenses account. There will
I then remain the sum of 2,2101. 9s. 6d. to
the credit of revenue for the next half-year.
The 23,000 new shares, the issue of which was au-
thorised at the last general meeting, have been en-
tirely subscribed fur and paid on. The capital stock
of the company consists, therefore, of 50,000 shares,
and the amount called up is 200,000/. The invest-
ments of the company in Canada are stated to
amount to 398,4501. (currency). This large sum has
been placed on mortgage in rather less than two
years, notwithstanding the delays inseparable from
the early stages of a business which consists in loans
on real estate, requiring the examination of titles, a
close valuation of properties, and the execution of
deeds. The whole amount is lent at 8 per cent., with
the exception of the Montreal Corporation Fire Loan
at 6 per cent. The Directors proceed to observe :
The fundamental principle of the company's operations,
which is to make loans only on real estate of at least double
the value of the sum advanced, and the stringency of the
regulations, which have been laid down to prevent exces-
sive or speculative valuations, afford a high degree of secu-
rity against looses on any of the company's investments;
and the directors have the fullest confidence in every loan
which has been made. The interest due on the mortgages
has been paid with great regularity ; the number of invest-
ments is steadily increasing; and there is a considerable
amount of applications on hand. Towards meeting these
investments, the company has borrowed, on debenture
bonds, the sum of 193,6001. The principle limiting the
sum to be borrowed on debentures which was established by
the shareholders at a former meeting, and which the hoard
recommend should be strictly adhered to, is, that it should
never exceed,sa a maximuns,:this part of the company's share
capital not called up. This rule, while it will secure the
shareholders against all possible risk of being hereafter
drawn into an excessive extension of their engagements,
will, at the same time, have the effect of making the
security presented to the holders of the debentures
abundant and unquestionable—s, as to entitle the company
to obtain money on the most favourable terms.

With regard to the prosperity of Canada it is ob-
served :—" The continued progress of Canada, indi-
cated by all accounts from that colony, must be
highly satisfactory to the shareholders. By in-
creasing the value of real estate, it enlarges, at the
same time, the margin of security on which loans
have been made; and by opening the field for pro-
fitable enterprise, it keeps up the demand for capital,
which it is the business of the company to supply ;
and as this progress is not the result of speculative
excitement, but is the natural effect of wider cultiva-
tion in an agricultural country, it may be hoped that
it will not be followed by reaction."
Annexed are the latest reports from continental
bourses, as received by Mr. Reuter's express:—
Amsterdam, Tuesday, closing prices:—Dutch Four
per Cents., 93; ditto Two-and-a-Half per Cents.,
61 7-16. Spanish Deferred Three per Cents.,
21 11-16; the Com:inns, 5 7-16. Austrian Five per
Cent. Metallics, 76 3.16. Portuguese New, 37.
Mexican New, 231 ex div. Granada Deferred,
8 5-16 ; ditto Active, 21. Peruvian New, 644.
Dutch, Granada Active, and Portuguese stocks show
an improvement, whilst other descriptions were
steady. Paris—closing prices of this day : Four-and-
a-Half per Cent. Rentes, 101.75; ditto Three per
ICents., 74.75. Bank Shares, 2,890. These pliers
exhibit a rise of to 1 per cent.