The Express.
London, England, 1865-06-01 00:00:00

MONEY MARKET.-(T7118 DAL)

FRESH REDUCTION IN THE BANK RATE
OF DISCOUNT.
Two o'CLock.
The Directors of the Bank of England, at their
weekly meeting to-day, have reduced the minimum
rate of discount from 4 to 3h per oent.
This measure has tended to confirm the generally
favourable tendency of the stock markets ; but,
owing to the continued and remarkable inac-
tivity of business, scarcely any improvement has
taken place in prices. Consols are about 1-18 per
cent. better for the account. Other stocks are
mostly quoted the same as yesterday afternoon.
The discount market is rather inactive to-day,
but for the moment there is no disposition to
transact business below the reduced minimum at
the Bank of England-3 per cent. In the Stock
Exchange there is more demand for short loans on
English government securities. The charge, how-
ever, does not exceed n to 3 per mut.
The discount establishments now allow 2+ per
cent. for money at call, 21 at seven days'
notice, and 3 at fourteen days' notice, showing a
decline of per cent. in each case. The joint stock
banks have also reduced their terms for money on
deposit from 3 to 2} per cent
The government broker has purchased to-day
15,0001. Three per Cents. Reduced for the sinking
fund. _ _ _

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At Paris to-day, according to Mr. Renter's
telegram, the Three per Cent. Rentes opened at
87fr. 270., being about the same as yesterday.
Console are now quoted 914 to 4, with div., for
money, and 891 to 90, ex div., for the account
(June 8). The official business report is as
follows :-Three per Cent. Consols for money,
914, 1, 4 ; ditto, for account, 891, 90 ;
Three per Cents. Reduced, 894, 4,4, 4 ; New
Three per Cents., 894, 4 ; Annuities, 1885, 141 ;
India Five per Cent. Stock, 1064, 1 ; and Ex-
chequer Bills, par.
Spanish Passive Bonds and Certificates have
experienced • relapse of 4 to 4 per oent.,
but, with this exception, foreign stocks
are steady, without movement. Some of
the present quotations are annexed, viz.:-
Greek Bonds, 204 to 1 ; Mexican, 241
to f ; Confederate, 7 to 9 ; Spanish Pas-
sive, 324 to 4 ; the Certificates, 164 to
; Turkish, 1858, 724 to 731 ; ditto, 1862,
74 to 75 ; ditto Oonsolidsia, 484 to 4, ex div.
Transactions are recorded as follows :-Egyp-
hen, 96 ; ditto, second issue, 1001. bonds, 96 ;
ditto, 1864, 934, 944 ; ditto, 100/. bonds,
931 ; French Three per Cent. Routes, 66fr. 25c. ;
Greek Coupons, for account, 81 ; Italian, for
account, 651 ; Mexican, 1864, 233 ; Peruvian,
1862, for account, 80 ; Portuguese, 1856, dm, 49 ;
Russian, 1822, 911 ; ditto, 1862, 904, 1, 911 ;
Sardinian, 76, ex die. ; Spanish New Deferred for
account, 401 ; ditto Passive, for account, 324, 1, 32;
ditto Certificates, for account, 164, 4 ; Turkish,
1862, for account, 744, 4 ; ditto, 1001. bonds, 744,
75 ; Venezuela, 1862, for account, 374, 37 ; ditto,
1864, 401.
International Financial shame are now quoted
11 to 4 prem. ; General Credit, 11 to 1
prem.; London Financial, 7to 4 per.; Imperial
Mercantile, 21 to 4 prem. ; Credit Foncier and
Mobilise of England, 34 to 4 prem., ex div. ;
Ottoman Soci4t6 Gdndrale, 21 to 3 prem. ; and
Egyptian Trading, 14 to 1 die.
The quotations for the shares of some of the new
companies are subjoined :-Metropolitan District
Railways, 91 to 104 prem. ; Moscow Gas, 14t011
die. ; Russian Iron Works, 7 to 9 prem. ;
Anglo-Egyptian Navigation, 41 to 1 prem. ;
Varna Railway, 9to 10 prem. ; Ottoman Com-
pany, Ito 4 prem.; Lion Brewery, 21 to 31 prem. ;
Northern Assam Tea, old shares, 1 to 1 prem. ;
ditto New or B, 4to 4 pram. ; Penman Railways,
11 to 24 prem. ; Dublin Trunk Connecting Railway,
3to 4 prem. ; and Plymouth Shipbuilding, 7 to 9
prem.
The scrip of the new Ottoman Loan is quoted 2
to 11 discount.
The A stook of the Metropolitan Extension Rail-
ways of the London, Chatham, and Dover Com-
pany is 4 to 44 prem. ; the fully paid, 5 to 54
About 55,000 sovereigns from Portugal were
sent into the Bank yesterday, making a total of
494,0001. for the week.
The Great Northern Railway traffic return shows
this week a decease of 2,7641., compared with the
corresponding week of last year the Great Western
an therms° of 6411. ; the Midland an increase of
7,5181. (the receipts from goods traffic for the cor-
reepooding week of last year including those of
Whit week); the Great Eastern an increase of
2,2531. ; and the London and North Western en
increase of 4,0381.
We have received a oopy of the prospectus of the
London-bridge Land Company (Limited). The
object is to purchase the freehold estate in the
Borough lately the site of St. Thomas's
Hospital. This estate occupies an area of
about three acres, and is situated at the
termini of the South Eastern and Brighton Rail-
ways. The prospectus states that-" The cost
of purchase to this company will not exceed
200,0001., a sum very much below the estimated,
value put on the ground by the most emiuent sur-
veyors, and given in evidence by them before the
arbitrators appointed by the government to deter-
mine the value between the hospital and the rail-
way company." It is also mentioned that plans
have been prepared showing an extensive line of
street frontage adapted to shops and warehouses.
The south wing of the hospital, it is suggested, may
be made at once remunerative by being converted
into a hop and malt exchange, or premises of a
similar description, provided with offload and ware-
houses, arranged to meet the requirements of mer-
chants and others. Power is to be taken to pay five
per and. per annum on the paid-up capital until
the declaration of a dividend." The capital is
300,0001., in 6,000 shares, of 501. each. Subscrip-
tions are invited by Messrs. G. IL and A. T. Jay.
An extraordinary general meeting of the share-
holders of Hewett and Co. (Limited) is convened
forte 7th of June, to confirm the resolution passed ,
on the 10th of May, which authorised the directors I
to pay ed interim dividends.
A spehal meeting of the West London Docks
and Warehouses Compony is convened for the 16th
of June, to consider • bill now before parliament.
The annual meeting of the African Steam Ship
Company is called for the 14th of Jon!.
The East India Financial Association (limited) ;
have to-day received their certificate of change of
title to the "East India Land Credit and Finalise
Company (Limited)."
An order was made on Saturday last by View
Chancellor Sir W. Page Wood to wind up the
Ryde Quay Company (limited), and Mr. H.
Threllnd Edwards has been appointed the provi-
donna official liquidator.
Timm was a fall yesterday of 21. In the shares of
the Humber Ironworks Company, Mahal, with 161.
paid, wove quotei lb to 13 die. The seesithig of
this of wares is that tii• 1114 per hare paid by the
original subscribers is wholly lost. In the ease of
the Contract Corpaistion (Limited) the dem-
olishes is astiolly is excess of the amount paid,
the quetaliss yesterday for lb. shares, with 51.
paid, being 7to 5 die., so that, according to the
peke wet forth is the Stock Elle list, • seller
el these 1061. sham, in addition to the loss of the
mow psid, liesappareatly to give the buyer some
IS per that* ice 'situ,' est ol the reoposaibility
*volved in sisiedisig- epees. Ow revelry et the
*adenoids'. Such is the want of confideoes on the