The Express.
London, England, 1856-10-17 00:00:00

MONEY MARKET-THIS DAY.

Two o'CLoci.
The funds opened rather flatly, but have since ad-
vanced, and are now quoted 3 per cent. higher than
at four o'clock yesterday. The public continue to
invest steadily. Consols, after being marked as low
as 913 for the Bth of November, have rallied
to 913 to 913. For money the precut
quotation is 911 to 3. The Three per Cents. Rr
domed have been dealt in at 893 to 903 ; the New
Three per Cents. at 90 to 903; Bank Stock at 210
to 213; Exchequer Bills at is. die. to 4s. prem.,
being lower; Exchequer Bonds at 983; and India
Bonds at Bs. pram.
Turkish Six per Cents. have ranged b3tween 873 and
883 ex div.; and are now quoted 873 to 88. The
Guaranteed Four per Cents. are quoted 983 to 3.
Spanish Bonds, and some other foreign descriptions,
are flatter. Dutch Four per Cent. Certifs. are marked
94 and 943 ex di,, for the 31st inst. ; Peruvian
Four-and-a Half per Cents., 76; Portuguese Three
per Cents., for the 31st inst., 433; and Spanish
OA Three per Cents., 413 and 41 foe money, and
413 for the new amount.
The directors of the Bank of England have just
adopted a fresh meuure of restriction, having yester-
day come to the do cision to altogether refuse advences
on government *scarifies, Exchequer Bills excepted.
In many respects this ie a step of serious
import. 'lt indicates that the Bank finds
itself unable to afford accommodation to the Stock

Exchange in addition to the demand from
ordinary commercial quarters. With a view, there-
fore, to reserve the Bank's resources for the more
legitimate requirements of trade, the granting of
facilities to the Stock Exchange will for the present
be suspended. The most important point for consi-
deration is the extent to which this step will affect
the private and joint stock banks throughout the
country, which are habitually holders of government
stock, relying upon its being at all times
available for raising loans upon in time of need.
Tree natural inference is that these eetablishments.
in the event of a continuance of the pressure, will be
compelled to throw stock upon the market. The
Bank movement does not seem to have been prompted
by any immediate increase of demand on the part of
the Stock Exchange, money being rather easier in
" the home," owing to the release of the dividends,
coupled with the sandy absorption of stock by the
public. In the judgment of the Bank authorities,
however, this state of things probably constituted a
favourable opportunity for the enforcement of
the new measure of restriction. Had the an-
nouncement been made at a moment when
the Stock Exchange was greatly pressed for
money, the prejudicial effect upon stocks and
shares would have been much more severe. Although
the decision of the directors affects, in the first
instance, government stock only, it is obvious that all
deactiptions of securities must be more or less preju-
diced; for if private and joint stock beaks, and other
dealers in money, are rendered lass willing to lend
upon government stock, it follows that still greater
difficulty will be experienced in obtaining advances
upon railway and other lus eligible securities. In every
point of view the measure is calculated to operate as
a great discouragement to all parties who are bolding
securities upon borrowed mosey in the hop of a
rally. The general appearance of the money market
is sufficiently discouraging to call for the exercise of
extreme caution in every quarter, since no one can
feel confidence that further restrictive measures may
not be adopted. At the same time it most be borne
in mind that the tightness now experienced is the very
weapon epos which the Bank of England relies for
the miens of warding off the attempts of the Continent
to supply itself with money here. Capitalists who have
hitherto found no difficulty in raising money on stook
for employment in the remittance of gold to the Coe-
tinent will now find their operation greatly im-
peded. Meanwhile, the undiminished eoefidetios of
the public is indicated by their constant investments,
which will become more active as prices recede; and
the soundness of trade is amply preyed by the demos
of commercial embarrassments.

It is understood that the forthcoming return of
the Bank of England will present highly nor
able features.

The shipments of silver by the steamer Indies,
which will sail from fiouthareptoa for Alexacdria on
the 20th list., are expected to amount to shoat
450,0001.

Tb. Beet of the General Screw Steam Shipping
Company is to be offered by auction at Lloyd's on the
29th inst., unless previously disposed of by private
coo I rut.

The London, Harwich, and Continental Steam-
packet Company (limited), is announced, with a
proposed espial of 100,0001. (subject to increase), in
101. shares, on which the deposit, payable on allot-
moot, is fixed at 21. per share. The object Is the
attainment of increased facilities for the convey-
ance of mails, passengers, specie, and merchandise,
between England via Harwich, and the ports
of Rotterdam, Hamburg, Antwerp. dm. It is men-
tioned that a tulle arrangement for a tam of years
has been entered into with the Eastern Counties
Railway Company. The 00-operation of the Dutch
Rhenish Railway Company, and other inland navi-
gation and railway establishments in Holland and Ger-
many, has slant:men secured. A deputation has sub-
mitted the views of the company to the Dutch
government, which promises its support to the under-
taking. It is maintained that the route from London
to the northern portent Rerope rid Harwich, Rotter-
dam, and Oberhausen, shows a considerable saving of
time as compared with the route by Dover and
Ostend. Five shillings per share are to be paid upon
applioatloo. . _

Another new project is the Hanger/ford-hall
Dining Company (Limited). This company proposes
to raise a °spite] of 26,0001. in 11. shares, and to At
out liangerford.hall as a great dining room. It
promises" efficient attendanoe,"" moderate prim,' a
"new and improved system of management," and
" the experience and skill of en* of the first masters
of the culinary art." Only one-half of the capital is
to be celled up in the first instance, in the shape of a
deposit of 10e. per share, to be paid on allotment, the
outlay requisite for commencing basin.. loving cal-
culated rat under 8,0001.

At the half-yeirly meeting of the Royal Mail
Steam•packet Company, held yesterday, a &ridged of
21. per share wee declared. The directors state that
their view for the adoption of the Panama route is
supported by a majority of the shareholders, but for
the present they propose merely to apply for a
supplemental charter. The shareholders will be
called together at some future period, ea soon as a
sufficient subsidy for the conveyance of the Australian
mails shall have been promised.
Au extraordinary present meeting of the Royal
Surrey Gardens Company (Limited) is called for the
29th hug., when the directors will submit their plan
for future arraegernents, and propose a half-yearly
dividend of I par cent.
The sevesteeeth general meth:got the Galvanised'
Iron Company is called, under the oompeny'a dissolu-
tion set, for the 28th inst..

The ;ambers are published of 410 bawds, swami-
lag to 35,4004, of the Danish Throe per Coat. Loan
of 1823, which have been roacellod wailer the Waking
had.

&Lime to the market fee Alleeeriesa oseeritiee,
Messrs. D. Dell, 800, sad Co., nlidark me tallogrs : .
Then hen hen net• todoltp lathe neelese die Asedies
smithies darn( the pen on% s l heit segos eleobe tied
railroad buds ban ben nen freely eared lee sok
The report of to-dayie isdigo ode le eukielsed
The tale ragmen steadily to-day, bet eating men
spirit; enteral parer& of doe Lank laciedleg the nark
Oa, sold einnely. bet with his eeespetltiee, at ea
nano of 41 to 10d. per lb. epee lot Wee rates. Up to
the potent tine too few Yadne hen pared to fern ea
•Nsies, beta few In Talon said at telly lea Wes prim,
sad one of as srdt•s•y %%alley were besett la mesh stone

their value. For Bengal there wu no alteration from yes-
tend•). 1,322 shuts Flood to-day, of who* 236 were
withdrawn, 310 bought In, and 776 sold. Total passed,
2,647 chests.

THURSDAY Jimmie.
The funds opened this morning with increased
firmness, and quickly att►ined an advance of fully ,
per cent., upon a renewed report that the Bank of
France had suspended, or was about to suspend, cash
payments. This rumour remaining altogether with-1
out confirmation, • relapse took place; and the
downward tendency was then aggravated by the
announcement of the step just adopted by the Bank
of England. The total fall from the highest point
of the morning was about 1 per cent., but, as com-
pared with the closing rates of yesterday, to day's
final quotations show a reduction of only per cent.
After the recognised hours a rally of I per cent. was
quoted.
Sundry amounts of gold are known to have been
withdrawn from the Bank to•day for exportation,
including one parcel of 10,0001. _ _ .

Mu I Pd.

Consols, which closed yesterday at 911 to 1 for the
6th November, were steady during the earlier part
of the morning, at 911 to t, rose to 921 to 3, fell to
913 buyers," and thence to 914 to 1, which was the
quotation current at the close of the Stook Exchange,
the price for money being at the same time 00l to 3.
Subsequently the price for the account wit called
911 to 1. The official business report is as follows:1
—Three per Cent. Consols, for money, 911, 3, 1. 1.
; ditto, for account, 6th Nov. 911, 911, 924, 911,
91/. Three per Cents. Reduced, 901, 1, 1. 1, 90.
New Three per Cents., 91/, 91, 913, 901, 911, 913,
91. Long Acne., expiring in Jan., 1880, 21, 2 16.16,
2 13.16. Thirty Tears Annuities, expiring in April,
1886, 18 1-16, 18, 184. Bank Stock, 213, 211.
Three-and-a-Half per Cent. Exchequer Bonds, falling
payable in 1858 and 1859, 984, 981. Jodi* Bonds,l
6e. prem.
Toe new Two and-t-Half per Cents. are also
marked 76.

l? 4
;

11-1
NI al

Owing to the increased tightness of the money
market, Exchequer Bills sustained a farther fall of
is. to 21., closing at 2s. to be. prem. Exchequer
Bonds remain ;looted 981 to f.
Turkish Six per Cents. continue to fluctuate vio-
lently, but the tendency during the morning was
strongly in the direction of a rally. The price for
money, which closed yesterday at 871 to 881 ex die.,
rose this morning to 891, and had relapsed at the
close to 87i to 88. The Guaranteed Four per Cents.,
after being marked as high as 1•91, also declined
in the afternoon. Du oh Four per Cents. declined
1 per cent. Spanish Deferred Three par Cents. and
some other deeeraptioos were also weaker.
Ottoman Bank and Back of Egypt shares closed
to-day at 3! to 31 dia.; National-
h.ooant at 7.18
to 9.18 prem. ; London Discount at 1 to 1 die. ; and
General Bank of Switzerland at 11 to 1 dis. The
old batik docks were rather flat, with few buyers.
Electric Telegraph stock and Crystal Palace prefe-
rence shares were Satter. Royal Mail Steam stock
declined about 11.

The nominal closing quotation. for the newly pro-
jected railways are subjoined, via.: Eastern Bengal
Railway, gto prem.; Ceylon Railway, Ito 18
prem.; Calcutta and South Eastern Railway, par
to 1.16 prem.; Riga and Dunaburg Railway.
to g prem.; New Brunswick and Canada Railway,
and Land A shares, par to I prem. ; ditto, B shares,'
I to oi dia.; Metropolitan Railway Guaranteed
shares, gto I dis. Copispo Railway, die. to
.1) Italian Junction -Railway., Ijto 1 dia.;
phrates Valley Railway, g to I prem.
The nominal quotations for some other new pro-
jects ere as follow :—Eoropean and Indian Junction
Telegraph Company, I dia, to par; Bernard's Patent
Machine Boot aid Shoe Company, die, to par;
West Ham Distillery Company, dis. to par.

THE EXPRESS, FRIDAY EVENING, ouroBER 17, 1866.

SHARE LISTS.-ISIS DAY.

Two o'CLoci.

The railway share market today Is generally
Satter. London and Smith Wooten, Berwick, York
and North Midland, Oxford and Worcester, and
South Eastern stooks have been chiefly premed for
sale, and are all lower.

French shams am, in most mass, rather drum.
ORDINARY SHAM AND BTOOLL

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