The Express.
London, England, 1865-04-18 00:00:00

wow MARVITe—allIa DAL)

Two o'Cr.oow.

Business in the stock markets to-day is quiet,
but the general tone is very steady. The anode
show an improvement of } per cent. As regards
foreign stocks, home railways, and other securities,
there is no general movement of importance, owing
to the absence of active transactions.
The discount market is quiet to-day, and the
supply of money large. The lowest rate for bills,
however, is 31 per cent. Short loans, on govern-
ment securities, are obtainable in the Stock Ex-
change at 2} to 3 per cent.
Console are now quoted 91 to } for money,
and 91} to } for the account (May 9). The official
business report is as follows :—Three per Cent.
Consols, for money, 901, 91} ; ditto for account, 91,
; Three per Cents. Reduced, 891, 3 ; New Three
per Cents., 891, # ; New Two-and-a-Half per Cent.,
73; India Five per Cent. Stock, 1073, 1081, 1074 ;
ditto Four per Ceuta., 99; ditto Bonds, 14a. prem.;
Mee per Cent. " enlaced " rupee paper, 102} ; and
Exchequer Bills. 74., 4s. prem.
Foreign stocks have undergone scarcely any
change in price. There is an improvement
of } per cent. in Spanish Passive and Certificates.
Some of the present quotations are annexed,
viz. :--Greek Bonds, 201 to 21} ; Mexican,
27 to } ; Confederate, 22 to 24 ; Spanish
Passive, 311 to 32 ; the Certificates, 161 to 17 ;
Turkish, of 1858. 72} to 1 ; ditto 1882,
74} to ; and the Consolidie, 54} to 3.
Transactions are recorded as follows ;--Brazilian
Old Five per Cents., 100}, ex div. ; ditto 1852,
1868,1860, 83} ; Dutch Two-and-a-Ralf per Cents.,
63, 62} ; ditto Certificates. 97, ex div. ; Equador
New Consolidated, 12} ; Egyptian, 961, }, 97Y;
ditto, second issue, 961; ditto, 1864, 941, ex div. ;
Italian, for account, 641 ; Mexican, 27 ;
ditto for account, 27}, } ; Litt*, 1864, 26, } ;
Moorish, 95; New Granada Two per Conte., SI&
Russian, 1859, 55} ; ditto, 1862, 921, 92 ;
Sardinian, for account, 79 ; Spanish,
New Deferred, for account, 411 ; ditto
Certificates, for account, 161, 3, ; Turkish 1858,
for account, 724, 4, ; ditto 1001. Bonds, 75 ;
ditto 1852, for account, 741, }, ; Venezuela, for
account, 171.
International Financial shares are now quoted
1} to } prem. ; General Credit, 2} to 3 prem. ;
London Financial, 73 to 3, Pre= Imperial Ma'
cantile, 1 3-16 to 5.16 prem. ; Radom's Bay,
15} to 3 ; Egyptian Trading, } to } die. ; and
Ottoman Socidtd Gdufrele, 21 to prem.
The quotations for the shares of some of
the new companies are subjoined :—Metro-
politan District Railways, 8 to 9 pram ; China
Steamship and Labuan Coal, 3to 2 dis. ; Rio
Janeiro Gas, Ito 1} prem. ; West London Docks
and Warehouses, 1 die. to par ; Varna Rail-
way, 41 to 5} prem. ; Idillwall Freehold Land and
Docks, 1} to 03 die. ; Anglo-Egyptian Naviga-
tion, 2# to prem. ; and Russian Iron Works, 2
to } prem.
At Paris to-day, according to Mr. Renter's
telegram, the Three per Cent. Rentes opened at
67fr. 80c., being sc. better than yesterday.
Font o'CLocz_
Consols are quoted 91 to for money, and 91}
for the account, being rather firmer in the latter
instance, compared with the quotation current at
2 o'clock. No bullion operations have occurred at
the Bank.
The Credit Fourier and Mobilier of England have
issued their first report, extending to the Bth inst.,
and which is to be presented at the general meeting
on Thursday next. It shows results of a very re-
markable character, and demonstrates once more
the highly remunerative nature of the operations
of well-managed finance companies. The net sum
standing at the credit of the profit and loss ac-
count, after paying all charges and expenses, is
almost incredibly large, being no leas than 394,0241.,
but included in this sum is 40,0001., rioeived from
the old Credit Mobilier and Credit Fourier Com-
panies (being their reserve funds), and
also 160,2961. received as premium on the
inane of the new shares of the amalgamated
undertaking. Deducting these two sums—together
200,2961.—the net sum earned by the company
during the six months becomes 193,7281. Import-
ance being rightly attached by the directors to the
formation of a large reserve fund, they have appro-
priated 200,0001. to that purpose, being almost
precisely the amount of the two sums first recited.
The important question then presented itself as
to how the balance of 193,0001. was to be dealt
with. The directors have fixed the dividend atlas.
per share on the 51. paid shares, and ss. per share
on those with 31. 10s. paid, and they record their
belief that the dividend of 20 percent. per annum
represented by these figures, " may fairly be
counted upon aa &minimum" in the future. In ad-
dition, a bonus of the same amount as the
dividend is to be at once paid, thus making a total
present distribution at the rate of 40 per Cont. per
annum. In the future, whenever the profits will
admit of a larger dividend than 20 per cent., the
excess is to be distributed in the form of a bonus.
Here, however, the report proceeds to describe
what we believe is quite a new feature in public
companies' accounts ; with a view to equalise the
dividends, and to obviate doubt as to the mainte-
nance of the 20 per oent. rate, the directors have
decided to form • "dividend reserve fund," such
fund "to be always kept at the amount necessary
to pay one year's dividend of 20 per cent. per an-
num on the capital for the time being paid up." A
20 per cent dividend on the Company's present
paid-up capital of 500,0001., requires 100,0001.,
towards which the directors have, out of the profits
of the present half-year, carried 70,0001., and they
propose to complete the fund (i.e. to 100,0001.) out
of future earnings. It is explained that
The effect of this will be practically to make our shares
a aililMOS 20 per cent. stock, and the action of the fund
will be ea follows, via. :-11 in any hall-year after the sum
necessary for use year's dividend on the capital paid-up is
reached, the profits exceed 20 per cent. per annum, then,
after provision for ressrviw, a boons will be paid, at meth a
rate as the directors think it pendent to recommend; bat
should, from any extraordinary came, the amount of profit
not reach a sum sufficient to pay the dividend of 20 pee
ant per annum, then the dividend reserve fund
will make up any deficiency, sad thus increased stability
will be given to the company, alike from its ample re-
served resources, is well as from the knowledge beforehand
by the shareholders of their minimum dividend. This fond
will therefor* be used to insure the dividend, whilst the
reserve fond will be available for so► extraordinary Goer
nous of loss or otherwise, without interrupting the revenue
of the investor.
The following will show at a glance the manner
in which the total net balance of 394,0241. in appro-
priated :
To amount set aside for reserve fend 4200,090 0 0
To amount set aside for dividend reserve fund
To building, office furniture and fittings account,
amount written off
To preliminary explains, amount written off
To dividend of 10u per share, sad
bonus of 10a per shire, free of in-
come-lax, on efiger shares, it veld
Mimi to 40 per ossit per =num 443,987 0 0
To dividend of he per share, and
boons of Is. per dare free of ill-
ems-tax, on 56,0911 shares, Si. 10s.
paid (equal to 40 per cent. per
annum)
71,9E3 10 0
1.79911 9
.... 30,600 10 7