The Express.
London, England, 1851-10-03 00:00:00

MONEY MARKET.

THIS DAY.

Two o'Ctocx.
The English stock market opened with a some-
what better appearance this morning, though the
price remained the same as yesterday afternoon,
Consols ruling at 96'4 to for money, and 961 to
for the 14th October. Some money sellers offering,
the price was kept down for a short time at this
quotation, but, with the support of a further pur-
chase on government account, and some speculative
operations for the rise, the market quickly ad-
vanced, and is now firm, at 961 to for
money, and 901 to 97 for time, the continued
decline of the French funds, as reported by
this morning's Paris mail, exercising no effect.
The Paris exchange on London comes the turn
higher, at 25fr. 22 ?.c. for short, and from various
quarters the recent rise in the exchange is bringing
forward bullion remittances. Thus the Frank-
lin steamer, from New York, has brought
over eight hundred and thirty-two thousands dols. on
European account,of which232,ooo dols. is for London ;
the bmperor steamer, from St. Petersburg, 45,0001. ; •
and the Tagus, from the Levant, the large amount
of 89,000 L, besides a notification of further ship-
ments by next packet. Specie is also coming for-
ward by several of the American liners. To-day's
official business figures are as follows :—Three per
Cent. Consols' 94;1, ; ditto for account, 9tl}, 97,
964 ; Indian Stock, 42601.
The market for Exchequer Bills is generally
firmer, and, with an increased inquiry, the price of
the smaller classes of bills has been put Is. higher,
purchasers offering at 475. prem. The larger amounts
have been dealt in to a fair extent at 465. and 435.
premium, being yesterday's rates. India Bonds are
very quiet.
In the foreign stock market to-day there have been
only a few ordinary money transactions, and no spe-
culative operations except in Spanish, which is heavy,
with the price of the Active Bonds reduced to 20g.
The new Sardinian loan appears to be coming rather
more into favour, and the bonds have to-day been
transacted at 821. With the obligation of paying up
the instalments as they fall due, however, the scrip
meets with no inquiry, though there can be no doubt
that after the completion of the payments, the last of
which is duo on the Ist DeeemhZ,r' this stock will
take a firm position in the market tor invest-
ments. On the 21st inst. falls due the fourth instal-
ment of 10 per cent., making 00 per cent. paid up,
and leaving 25 per cent. still to be met. Peruvian
Bonds are to-day marked with the half-year's divi-
dend oft; at 881. The transactions of the morning
are thus recorded in the official list: Dutch Two-
and-a-Half per Cents. 59, dittoFourperCent.Ccrts.,
901, ex div. French:three per Ceut. Rentes,s6fr. 23c.;
Exchange, 2.3 fr. 20c. Peruvian Five per Cents.,
1819, 881 cx div. Russian Five per Cents., 111; ;
ditto Four-and-a-Half per Cents., 1011. Sardinian
Five per Cents., 821. Spanish Active Five per
Cents., for account 17th October, 201, ; ditto Passive,
51, ; ditto Three per Cents., 37'4,1.
_ •

We yesterday gave an estimate of the amoun
coming into circulation at the present time and at
an early period for dividends on English and foreign
stocks and railway shares. This gave an amount of
nearly twelve millions, but it by no means represents
the whole resources of revenue brought to bear at
the present moment on the money market. There
are smaller items for dividends in canals, gas com-
panies, water-works, banks, and assurance compa-
nies. One large amount is for the agricultural rents
due at Nlieliaehnas and Martinmas, and which in
many districts will include a half-year's rent, though in
others, it is limited to a quarter's. The total amount
may be fairly token at thirty millions. Besides this are
the quarterly terms for house rent. Thus a mass of pe-
riodical payments will be made by the end of this
month or early in November which may fairly be
estimated at fifty millions. The proportion of this
which will be available for investment in the va-
rious markets cannot well be ascertained, but if
taken at a fifth, it would give a sum of ten millions
to be invested in English and foreign stocks and in
railway shares. The specific security which may
come into favour there are no means of pointing out,
but a considerable effect on prices generally in the
several markets is to be anticipated if no foreign po-
litical movement disturbs the progress of affairs here.
The public are evidently disposed to invest at pre-
sent rates in English stocks, but railway stocks
likewise meet with attention, although the ultimate
choice of investment is very much guided by the
temporary. state of either market, high prices driv-
ing away investers in consols, and low prices fright-
ening them out of the railway market.
A corresponding financial movement is to be ex-
pected in the markets of Paris and Amsterdam, and
if political quiet is maintained, a favourable influ-
ence will be produced here by the high prices of the
foreign stocks, in which the English are interested.
The annual general meeting of the Gresham Life
Assurance Company was held yesterday afternoon, and
proceedings were going on at a late hour, a large
number of shareholders being assembled. The cause
of the interest excited will appear in the following
circular, on which we forbear to comment until the
sense of the shareholders has been ascertained by the
ballot at the adjourned meeting. The ease is cer-
tainly one of the most extraordinary in the annals of
joint-stock companies.
TO THE PHOFEIETORS Or THE ORESHASI LIFE ASSCiI-
SECS SOCIETY.

Gentlemen,—At the lint general meeting of the Gresham ji
Life Assurance Society, after the balance-sheet had been
read, I asked some explanation as to the items fur interest I
as I found that the loans stood thus :--In the first balance-
sheet, at 9,6801.; in the second ditto, 17,0001.; making
total of loans, 26,6861. While the amounts for interest re- '
eeived were put down as follows the first balance-
sheet, 89/. 14s. Id. ; in the second ditto, 320/. 125.; making
total iaterest on 26,6861. in two years, 4101.65. Id., a sum
so totally disproportionate as naturally to call fur inquiry.;
on that occasion no satisfactory explanation was offered, and
immediately after the meeting my father (one of the direc-
tors) was called upon by a clique of directors to compel me
to give up my interest in the society, and thus prevent me
having the power of seeking further information. On his
objecting to use any undue influence with me, and at the
same time stating that he considered I had the right, as a
shareholder, to ask any questions bearing upon the accounts
submitted for confirmation to the shareholders, the direc-
tors have ever since offered hint every annoyance in their
power, and have attempted virtually to turn him out of the
direction, by excluding him from all the committees of the
board, by refusing to recommend him for re-election at the
next meeting, and by starting a candidate against him, who
was not a shareholder in the society until July in this year.
In asking the questions I did, I was actuated by no factious
or sinister motive; my only object being to obtain informa-
tion, and that I was justified is proved by the defective
state of the balance-sheet, as before pointed out.
It is for you to determine whether a shareholder has or
has not the right of ascertaining the condition of the com-
pany, and by so doing, of vindicating the independence of
the shareholders and directors, and the free right of choice
in the election. I therefore appeal with confidence to my
brother shareholder, to support me in the exercise of my
rights, and to give their support to the re-election of Mr.
Britten, and thereby prove to the directors that the inde-
pendent shareholders will be no party to the course they
have taken upon themselves to pursue; the lust fow years
fearfully attest the importance of shareholders looking after
the affairs of the company in which they are partners ; bad
such right been exercised much of the misery which the
shareholding public, and their families, are now suffering,
might have been saved. Ido trust, therefore, the share-
holders in the Gresham will not allow themselves to be
offiee-ridden, but act on the occasion so as to remind the
directors of the fact, that the framers of the Joint Stuck
Companies' Act intended the annual general meetings
to be occasions at which all the partners in a jonit-stook
makigitrizaiit4Fassughasoguerldtiothaswiefmsoitelthe
eoffofurt 2iree7ffspidrposer.pot out.ftesseceolirltilitw.hrayi
siecomiewnmeigvem.hrt wuryaasp:inarvmmter
g.nddneed.femr.aTttlhhareeitniniPawaichet
bmnfintie.ngessTp.anesnhttbono.:ll:l;b:eh7omellernrelyy.
'skim for information at the last meeting has placed Mr.
. Britten, my father, has induced me to make this commu-
nication to you, that the state of the case belng before you.
you may be prepared to vindicate the privileges of the
shareholders.—J. BILITTIN, jun.
' The traffic returns for the last week on the under-
mentioned English lines of railway, as made up to
this day, are as follows: