The Express.
London, England, 1865-02-06 00:00:00

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, FEBRUARY 6, 1665

MONEY MARKET.-(Milb DAY.)

Two o'Cumx.
The stook markets remain quiet. The funds
are flat, and have declined about 1 per cent. Foreign
stooks are dull, except as regards Turkish
Consolides, which have risen. In the market for
home railway stocks more firmness prevails, and a
rise has taken place in Great Western and Metro-
politan.
There is a good demand for money to-day,
owing chiefly to the circumstance that a large
amount of Indian bills fall due to-morrow, and
the rate for the best drafts is 5 per cent., with
a few exceptional transactions at 41. In the
Stock Exchange short loans on English government
securities are obtainable at 4 to 4; per cent.
At Paris to-day, according to Mr. Renter's tele-
gram, the Three per Cent. Renter opened at
67fr. 2k., being the same as on Saturday.
Consols are now quoted 891, " sellers," both
for money and the account (Feb. 9). The
official business report is as follows Three
per Cent. Console, for money, 89?, /, 1 ;
ditto for account, } ; Three per Cents.
Reduced, 88;,1 ; New Three per Cents., 88j, 1,
1, 1 ; India Five per Cent. Stock, 103 a, and
Exchequer Bills, par, 4e. prem.
Turkish Coneolid6a are in demand, and have
risen / per cent. There are also some inquiries for
Venezuela Bonds of 1862 and Danubian scrip.
Confederate Bonds have declined 1 per cent., and
Spanish Passive Bonds and Certificates, 1.
Some of the present quotations are annexed, viz. :
Greek Bonds, 23} to ; Mexican, 27/ to 281 ; Con-
federate, 64 to 56 ; Spanish Passive, 320 toy ; the
Certificates, 141 to ; Turkish, of 1858, 72} to ;
ditto 1862, 70} to 1 ; and the Coueolidiia, 521 to 1.
Transactions are recorded as follows :—Danubian
scrip, 1 Promo Par, I Pram ; ElLYPtinn, 981, 99,1
98 ; ditto 1864, 96, 95/ ; Greek coupons, for ac-
count, 91 ; Italian, for account, 641 ; Moorish,
921, 931, ex div. ; Portuguese, 1856, &a, 47, } ;
Russian 1860, 871, 87 ; ditto 1862, 891,
; ditto 1864, 901, ; Spanish, for account, 471 ;
ditto New Deferred, for account, 391 ; ditto Pas-
sive, for account, 321, 1 ; Turkish 1858, 721 ;
ditto 1001. Bonds, 761 ; ditto, 1862, for account,
701 ; Venezuela, 1862, for account, 47 ; ditto
1864, 43.
Egyptian Loan scrip is now quoted 11 to
prem. ; Monte Videan, 41 to 5} prem. ; Danu-
bian, par to prem. ; Italian, Ito } prem. ; and
Atlantic and Great Western Railway Certificates
of Debenture, 11 to 2} prem.
International Financial shares are now quoted 21
to } prem., ex die. ; General Credit, 21 to 31
prem. ; London Financial, 71 to 8 prem., ex div. ;
Imperial Mercantile, 2} to 1 prem., ex die.; Hud-
son's Bay, 15/ to 161 ; Anglo-Egyptian Bank, t° I
prem. ; Ottoman Sociiti G4n4rale, 21 to 1 prem.;
ex div. ; City of Milan Improvements, 31 to 1
prem. ; and Registered Land, Ito prem.
Thus far the fall in the value of money has not
given the usual stimulus to the prices of public
securities. It has hitherto been generally argued
that as money falls stocks must rise ; and the
reason why this hes not been the case on the pre-
sent occasion is apparently to be sought in the
condition of trade throughout the kingdom and in
the recent movements of speculation. When large
profits are being made in manufactures or in pro-
duce, a good portion of them neer'', always
find their way into the Stock Exchange,
the most eager speculators being ordinarily those of
Liverpool, Manchester, and some of the other great'
provincial towns. Now, however, several important
branches of the manufacturing interest are under
a cloud ; the markets for cotton and many other
articles of produce have been depressed and sensi-
tive, and there is, consequently, little disposition
to speculate in public securities. Added to this, '
many of those who are usually the most extensive i
operators are themselves overloaded with stock of
one kind or other, while the floating and prospective
supply seems likely to keep at a high pressure point.
Herein is the real explanation of the dulness now
observable in the stock markets. Stock Exchange
business was rarely more active than during the
period when the Bank rate of discount ranged from
7 to 9 per cent., the reason being that the
commercial community were then in the enjoyment
of newly-acquired profits to a large amount. The
losses since made in produce seem to be sufficient
to counteract the effect that would otherwise be
produced on public securities by the more hopeful
appearance of monetary Mirka. Nevertheless it
seems likely that, after the needful pause, the
condition of the money market will make its in-
fluence felt upon speculative enterprise. The cheat
to trade, and the consequent diminution in the,
amount of mercantile bills, are promoting a steady
accumulation of idle capital ; and it is probable
that many of the depositors in the joint-stock banks
and monied establishments, who have recently been
accustomed to receive high rates of interest, will
become impatient of the comparatively moderate
return now offered to them in those channels, and
will look out for other modes of investment.
The particulars are published of sundry Bonds of
the Imperial Moorish Loan, which were drawn on
the let inst., and are to be paid off at par on the
22nd.
The China, from New York, has brought 142,0001.
in Bie.
The India authorities at home have republished
here, "for general information," a notification of
the government of India dated the 18th of Novem-
ber last, in which holders of the 4 per cent. Mom
rupee loans are offered the option of converting
them into a loan to be called the "Four per Cent.
Transfer Loan of Ist May, 1865." The conversion
is to take pleas at the rate of government rupees
106.10.8 fur every 100 sicca rupees. The motive for
this operation is stated to be the inconvenience ex-
perienced by the holders of the sicca rupee loans in
consequence of the difficulty of negotiating them.
The option of conversion is to continue until the
31,4 December next,
The report of the directors of the Credit Foncier
of Mauritius (Limited), to be submitted at the
first ordivary general mcetiug on the 9th Mat.,
states that the company's business only commenced
in July last, thus embracing the end of the
year a period of about six months. The amount
of loans made in that period was 151,5401., all
being upon first mortgage of real property, and re-
stricted to one-half the amount of its appraised
value. The amounts show a gross profit to the
31st of December of 9,0431., and the available sur-
plus, after defraying all charges, and writing 500/..
off the preliminary expenses, is 5,1961. It is ao-
cordingly proposed to pay a dividend of 6s. a share,
being at the rate of a little over 5 per cent. per
annum, and to leave 2,1961. to be carried forward.
Applications for further loans to the amount of
800,0001. had been presented to the local board at
the date of the last advice&
The General Provident Assurance Company
(Limited), an undertaking originally formed under
the old Joint Stock Companies Act, has issued a
prospectus, in which it is intimated that in conse-
quence of the success of the undertaking the
directors have determined on enlarging its base of
operations and increasing its capital. The capital
is accordingly fixed at 500,0001., in 50,000 shares of
101. each, with a first issue of 10,000 shares. The
dividends hitherto paid on the capital have been at
the rate of 71 per cent. per annum, and it is
mentioned that the company has already secured a
business yielding nearly 20,0001, a year. It is intended
to assure in a distinct section the lives of total