The Express.
London, England, 1865-01-17 00:00:00

MONEY MABIZET.--(THM DAY.).

Two o'Osoci.

The stock markets to-day are dull, and the general
tone is flat, owing partly to some sales of English
.government stock for immediate delivery, but
partly also to the announcement of the new Italian
Loan of 8,000,0001. The funds have again declined
per cent. Two or three of the chief home rail-
ways, and also one or two of the speculative foreign
stocks, are fractionally lower, hut there is no general
movement of importance.
The demand for money to-day is good, and the
lowest rate for choice bills is 51 per cent. Short
loans in the Stock Exchange are obtainable at
4 per cent.
At Paris to-day, according to Mr. Reuter's tele-
gram, the Three per Cent. Rentals opened at
66fr. 800., being 1 per cent lower than yesterday.
Consols are now quoted 894 to 1, for money,
and 891 to 90, for the account (February 9). The
official business report is as follows :-Three
per Cent. Console, for money, 891, 1, 4 ; ditto for
account, 90, 891 ; Three per Cents. Reduced, 881,
1, 89 ; New Three per Ciente., 884, 89 ; New
Two-and-a-Half per Cents., 711 ; Wild Sea
Telegraph, 191, ex div. ; Bank Stock, 242 ; India
Five per Cent. stock, 103 k, f ; ditto, Four per
Cent., 981 ; and Exchequer Bills, par, 4s. prem.
Foreigu stocks are dull. Greek Bonds and
Spanish Certificates have declined to per cent., and
Turkish Oonsolithis 1, bat Turkish Bonds of
1858 have improved per cent. Confederate are
firm. Some of the present quotations are an-
nexed, viz.:-Greek Bonds, 24 to f ; Mexican, 271
to 28, ex div. ; Confederate, 56 to 58 ; Spanish
Passive, 33 to f ; the Certificates, 141 to 1 ;
Turkish, of 1858, 72 to ; ditto 1862, 701
to 71, ex div. ; and the Consolidia, 50 to 4.
Transactions are recorded as follows :-Brazilian
Old Five per Ceuta., 991 ; Dutch Two-and-a-Half
per Cents., 631, ex div. ; Equador, 121 ; Egyptian,
981, 991 ; ditto, 1864, 96 ; Greek, for ac-
count, 241, ; ditto Coupons, for account,
101 ; Mexican, for account, 28, ex div. ;
ditto, 1864, 264, 4, ex div.; Monte
Videan scrip, 24 prem. ; Portuguese, 1856, &c., for
account, 47, ex div. ; Russian, 1850, 871,1, ex div. ;
ditto 1862, 891, 90 ; ditto, 1864, 901, 90 ; Spanish
New Deferred, 401, ex div. ; ditto Passive, for
account, 331, ; ditto Certificates, for account,
144 ; Turkish, 1854, for account, 901 ; ditto,
1858, for account, 721 ; ditto 1882, 71, ex div. ;
ditto, for account, 701, ex div.
Egyptian Loan scrip is nowquoted 14 to; prem.;
Danubian, 1 dis. to par ; Monte Videan, 21 to 3
prem. ; and Atlantic and Great Western Railway
Certificates of Debenture, Ito prem.
The scrip of the new Italian State-Domain Loan
opened this morning at 14 to 2 prem., and is now

an

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quoted 11 to lir prem.
International Financial shares are now quoted
21 to prem. ' • General Credit, to
prem. ; London Financial, 84 to I ptem. ;
Imperial Mercantile, 3f to prem. ; Hudson's
Bay, 16 to ; Anglo-Egyptian Bank, to 1
prem. ; Ottoman 3oci4tk Gindrale, If to 2
prem., ex div. ; and Oity of Milan Improvements,
2} to 1 prem.

- - -
Foua o'CLocr.
Console are rather firmer, at 89 to I for money,
and 90 for the account. No bullion operations
have occurred at the Bank.
The favourable reception accorded to they City
of Milan Improvements Company (Limited), is I
evidently stimulating the activity of those en-
gaged in the preparation of new schemes.
It will be as well, however, that promoters
should bear in mind that this undertaking pre-
! seats features of an exceptional character, as, foe
example, the possession of the fee simple of the
centre of a leading city of Europe. In this respect
there seems to be little scope for imitative
ingenuity. The application* representing several
i times the amount of the company's capital, it is
I notified that the list will be closed for London at 4
o'clock on Thursday next, and for the country at
' 12 o'clock on Friday.
The prospectus of the expected Italian State-
Domain Loan is issued. The amount is 8,000,0001.
of nominal capital, in 5 per cent. bonds to
bearer of 201. each, and larger amounts.
The price of issue is 771. 10s. per cent, but
as the instalments extend to the 3rd of July,
while a coupon of 24 per cent, will be due
• the let of April, the price becomes 75. There is
also an • option to the subscriber of paying the in-
' stalments under discount at the rate of 6 per cent.
par annum ; and it is further explained that (as
mentioned in the B.cpreu of the 9th inst.)
" each bond carries with it a free coupon de
joiti.ssanee, representing its pro raid participation
in 19 per cent, of any profit realised by the kale of the
domains over their valuation, which, at the average
rate at which sales are now making, may be estimated
I at from 21. to 31. on a 1001. bond, receivable over the
fifteen years." The result of these allowances is
that the net price is reduced to about 74, at which
rate the return, including interest and the repay-
ment in fifteen annual drawings, becomes a fraction
over 10 per cent. per annum. We have been
furnished with the following calculations bearing
upon the subject ;
The issue at 741. net pays—Lt. 51. a year interest on
74/., equal to 61. 15e. par cent. 2nd. If a eubscriber takes
13 boob which cost (15 x 74) 1,1101., be gets one bond
drawn each year at 1001., for which he paid 741.; that is, be
gets his capital back and 261. bonus each year. Thou in the
first year be has 1,1101. invested sad gate 754 interest, pins
261. bonne, or 1011. in all, equal to 9 140 per oat Ia
the last year he remains with one hoed or 741. invested, bed
gets 51. interest, plus 261. bonus, making 311., equal to 42
per cent. The avenge, se calculated by masteries' tables,
is 10 3-10 par cent for the whole 15 yesra on the capital
invested. That is, an investor gets his capital back intact
by instalments over 15 years with 101.6 e. per cent. for its
use while he lies out of it.
The 8,000,0001. of new stock thus represents
about 6,000,0001. sterling. The State domains
hypothecated to this loan are stated to be worth

The Arglo-Austrian Bank have notified the open-
ing of a branch Aloe at Lemberg. in °idiom
The directors of the !UMW' and Liege Rdlway
Company are circulating amongst the shareholders
a proposal for converting the original shares of this
company from terminable annuities, which is their
present position, into shares redeemable at 121.105.
each. The proposal is stated to be strongly-sup-
ported in Belgium. The official statement wll be
found in another column.
We understand that the dividend to be declared
at the meeting on the 23rd inst. of the Imperial
Mercantile Credit Association will be 10s. per share,
leaving a satisfactory balance to be carried forward.
The operations of the company extend over a pe-
riod of seven months, and the present distribution
is consequently at the rate of 17 7-16 per cent. per
annum.
The first ordinary general meeting of the English
and Foreign Credit Company (limited) will be held
on the 6th February, to receive the directors' re-
port and statement of accounts, and to declare a
dividend. A call has been made of 21. 10s. per
share, payable on the 3lst inst.
A payment on account of dividend at the rate of
ce 6 par nt. per annum' is announces by the Inter-
national Land Credit Company (Limited), payable
on the 30th inst.
The first annual general meeting of the London,
Italian, and Adriatic Steam Navigation Company
will be held on the 24th inst.
The first ordinary general meeting of the Mari-
time Insurance Company (Limited) is called for
the 31st inst., and will be made special "for the
purpose of considering a modification required by
the regulations of the London Stock Exchange, to
be made in clause 80 of the articles of association,
so as to preclude the company from investing funds
in the purchase of its own shares."
A general meeting of the shareholders of the
London and South Western Bank (limited) is
called for the 31st inst., when a half-yearly divi-
dend is to be declared.
A general meeting of the National Steam Navi-
gation Company (Limited) is called for the 26th
met. at Liverpool.
We have received • copy of the prospectus of the
Metropolitan and St. John's-wood Railway. This
line, which was authorised by an act of last session,
will be nearly two miles and a half in length
_t and
will connect the Bakes-street station of the Metro-
politan Railway with the ruichley-road station of
the Hampstead and City Junction Railway and the
proposed new station on the Midland Railway. The
Metropolitan Railway Company are to work and
maintain the line and plant for 50 per cent. of the
gross receipts, and two directors of the Metropolitan
Railway are on the board. The capital is 300,0001.,
in 30,000 shares.of 101. each.
It appears that telegraphic communication be-
tween hialta and Alexandria is suspended for the

preeent.
The Admiralty will receive tenders on the 31st
instant for the supply of 2,30010 ads of English elm
timber.

MONDAY EVENING.
Consols, which closed on Saturdiy at 90 to
for the 9th February, opened tkis morning at the
same quotation, and closed at 90, "buyers." For
moue the lad price was Pi to The.
Amu business report is as follows :Three per
Cent. Consols, for money, 891, ; ditto, for ac-
count, 90, ; Three per Cents. Reduced, 89,
881 • New Three per Ceuta., 89, 881, 89 ; Bank
I Stock, 240 ; India Stock, 212 ; ditto Five per
Cent. Stock, 104, 1031,104 ; ditto Four per Cent.,
981 ; ditto Four per Cent. Debentures, 1866, 98i.
The India Five per (lent. stock was well sup-
ported. Exchequer Bills remain at par to Gs.
prem.
The foreign stock market retains an upward
tendency. Spanish Passive Bonds were in demand
in the morning, and touched 331, closing, however,
only it better than on Saturday, at 33 to 1. The
Certitudes improvedli per cent. The rise was
caused by the published this
morning, and giving the substance of a debate in
the Senate on financial affairs, including an acknow-
ledgment by Senor B ,az-ana, the Minister of
Finance, of the " necessity for the introduction of
important modifications, in order to open the
foreign money markets to Spain." Confederate and
Peruvian Bonds, and Egyptian of the first issue,
have also risenl per cent ; Italian, i; Spanish Three
per Cents., ; and Turkish Conaohdds, 1.
Bank shares in some cases were rather flat. A
reduction was quoted in European, Imperial, Lon-
don and South Western, Mercantile and Exchange,
Provincial Banking, and Union Bank of Ireland.
Brazilian and Portuguese Bank, London and Bra-
zilian, Midland, and Union Bank of Australia,
however were inquired for.
Hudson's Bay shares were last quoted 16 to ;
Egyptian Trading, 1 7-16 to prem. • National
Discount, 101 to 11 prem. • and joint Stock
Discount, to I di. The ;hares of the City of
London Real Property Company continue in de-
mand. An improvement was also quoted in Crys-
tal Palace, Italian Irrigation, Peninsular and
Oriental New, and Cridit Fonder of Mauritius
shares, but Ebbw Vale and London and County
Land were flat.

The shares of the City of Milan Improvements
Company (Limited) have again met with large
transactions, and after touching 3* prem.,
" buyers,* closed at 2.a to 24 prem.
The shares of the financial companies were
steady, with the exception of a trifling reduction in
International. Credit Fonder and Mobilier have im-
proved. The closing quotations are annexed,
viz.:—lnternational Financial, 2 3-16 to 6-16
prem. ; General Credit, 3 5-16 to 7-16 prem. ;
London Financial, 81 to 9 prem. ; Imperial
Mercantile Credit, 3i to prem. ; and Credit
Foncisr and Mobilier, 3* to prem.
United States 5.20 Bonds were quoted 45* to 46j.