The Express.
London, England, 1867-09-19 00:00:00

THE EXPRESS, THURSDAY EVENING, SEPTEMBER 19, 1867.

ITALIAN IRRIGATION COMPANY-(CANAL
CAVOCR).-(THIS DAY).

A general meeting of the shareholders was held
at I o'clock, at the offices of the Company, 7, Crosby-
square, "for the purpose of electing a permanent com-
mittee, and to take such other steps as may be deemed
necessary." The chair was taken by Mr. IYr. Beaten.
The CHAIRMAN said they now met under painful cir-
cumstances, and circumstances of great disappointment.
They had invested in a foreign land a good deal of money,
' partly out of sympathy with Italy, and on the faith of a
guarantee. They had completed the canal, which was
miles in length and would irrigate 300,000 acres of
land previously without any such means of irrigation. The
canal had been opened with great eclat, and here they were,
with their property taken from them, denuded of their
charter without any fault on their own part, to take steps
for secui:ng their rights from the Italian government. He
then read the following report signed by himself :
"In compliance with the resolution passed at the
general meeting of the shareholder' of this company, held
let the London Tavern 26th July last; when you did me the
honour to appoint me to represent the body of shareholders
at this ci:sis of the affairs of the company, I taz leave to
I repro. that every possible means has been taken to
annul the bankruptcy and to restore the charter, but
without mecum We have represented to the Italian go-
verament in the strongest manner that the directors were
prepared to carry out the arrangement proposed and sane-
' Honed by the minister of finarce, by which all differences
and difficuldes would have been set at rest, and the credit
of the company and of the government of Italy
would have been in some degree re-established.
We have shown to the King's ministers that the whole
of the perplexities of this undertaking are traceable to
the non-fulfilment, on the part of the government, of
promises solemnly made by them, but not fulfilled ; and
the directors did trust that the preaent First Minister,
Signor Rattazzi, would have "iterfered and prevented a
catastrophe so disastrous to the bona-fide investors in
Italian securities. The directors deeply deplore to report
that no countenance nor aid was received by them
from that government in their endeavour to annul
the bankruptcy by which the charter of the
company, its rights and pllvileges, all that consti-
tuted property in the concern, have been placed in peril
if not ruthlessly swept away. For even the guarantee of
the government, on the faith of which millions of British
capital have been invested, was based upon the charter of
the company whieh bankruptcy destroys. It is confidently
alleged that this bankruptcy was not confirmed without
the concurrecce of the Italian government, we trust
for the honour of the King and of the Italian
nation this is not true, for not a single person who
invested his money in this great undertaking would ever
have done so had he imagined that at the instance of a
local creditor, a concern which bears a government guar-
antee could be destroyed by bankruptcy. A reite-
ration of the farts of the case will show bow
unjustly the company has been treated, after
havMe practically accomplished one of the greatest
works of irrigation the world has ever seen, entirely with-
out the aid or the expenditure of one penny by the Italian
government. In 1862 the company was moorporated, the
milinal capital being in shares (1,000,0000 and bonds
(2,200,0001.), making 3,200,0001., beallng • minimum
guarantee of 6 percent. The capital was to be applied partly
tho purchase of the crown canals, 812,000/. being paid
to the government, although these caraLt were really
not worth more than half that amount, the remainder
in the construction of the Grand Canal, 52 miles in
length, and sulaidialy channels. The Grand Canal was
to he made in four years, it was actually built and formally
°perml in lest than that time, thus affording the means of
securing increased rental from the land within its in-
fluence, variously eatimatcd at from 500,0001. to 800,000/. per
annum. The Italian government were fully aware that the
original capital was insufficient, they therefore, through
the ministers of the crown, authorised a further capital of
960,000/, to be raised by means of the " Sella conven-
tion," which convention, signed by two ministers of state,
has since been repudiated, although it was well known to
the Italian government that the company had raised large
sums of money on the security of that very convention for
the purpose of pushing on the works of the Grand
Canal. The government have further unjustly refused
to acknowledge the Grand Canal in exercise, although it
is well known to have been open in its entire length.
and working, since April, 1866. The difficulties of the
company were, therefore, inevitable, and are entirely owing
to the non-fulfilment of the promise; of the Italian govern.
ment. The shareholders now that the bankruptcy is con-
fi rmel, has iog been deprived of their just rights, aro entitled
to demand from the Italian government the return of their
money invested, to secure which the election of a perms.
ment committee of influential shareholder" is summated.
In the meantime I am happy to inform the meeting that a
commission has been appointed by the government
to inquire if the camel has commenced working,
with a view, we understand, of making some propositions.
I only hope that they will be such as will redeem the credit
of that government and be satisfactory to the large class of
investors in this country. It has been alleged that the
canal is not duly finished ; but it has been admitted by
the government that to execute those works which they
deem requisite for the required completion, a sum of not
more than 1,500,000 f. (60,0001.) is needed. It is sufficient
to say in reply that the government have in their own
bands aa amount in coupons unpaid since the opening of
the Grand Canal far in excess of that sum. Our
directors in Italy are incessant in their endeavours, and
personally I have held myself constantly at liberty
to proceed there, should there be a prospect
of settlement. I would respectfully suggest that the com-
mittee to which I have referred, acting in conceit with
the directors, and supported by various holders throughout
Great Britain and Ireland, should have ample power and
means to press without ceasing their firm demand upon the
Italian government, and I hope that ere long we
shall be able to report to you that our labours
have not been in vain." The chairman added that he
was exceedingly desirous that nothing should be done or
said that could damage their position, and he would
suggest that some one should move the appointment of a
committee, after which he would read to the meeting an
important telegram which had just been received.
Mr. SING RR then moved "That the beat thanks of the
meeting be given to Me Evans for his report, and, in con-
formity with the recommendation therein contained, a
committee, consisting of the following gentlemen, be re-
quested to act in concert with the directors in endeavour-
ing, by every means in their power, to obtain from the
Italian government a just settlement of their demands."
The names of the proposed committee are the Earl
of Kerry, Captain C. F. Surtees, M.P., Mr. Brown
Westheaul. M.P., Major-General Hancock, Mr.
James Pilkington, Major-General J. J. Team
General Sir B. Phillips, Lieutenant-Colonel W. C.
Onslow, Lieutenant-Colonel Johnston, Colonel Holland,
Colonel J. J. Smith, Colonel T. Blois, Mr. C. Allen,
Mr. E. Cropper, Mr. N. Peek, jun.. Colonel M`George,
Colon-1 H. W. Wood, Mr. C. Fraser, Mr. J. T. Mackenzie,
Mr. C. D. Singer, and Mr. Field.
The moot 'don having been seconded,
The CHAIRMAN observed that they all knew that the
canal was in exercise in 1866. When be and other gentle-
men haul an interview with the Italian Minister of State
he told them that on condition that they would give up
four coupons and some other things the government
would declare the canal to have been in exercise
as they had always stated that it had been. While they
were endeavouring to carry out the arrangement then
offered on the part of the government, a local creditor
stepped in and threw the concern into bankruptcy.
They endeavoured to convince the government that under
the circumstances that ought nue. to be allowed, but
they did not appear to succeed. However a commission
was appointed by the government, and now a
telegram had been received from Turin. [Mr. Morris, of
the firm of A.shurst and Morris, brought the telegram into
the room while the Chairman was reading the report.]
This telegram came from Turin. It was addressed to Mr.
Young, one of the directors, and was sent by Mr.
Brownley, another director, who resided permanently at
Turin to watch over the company's interests. It said :
" Award is known, exercise from January, 1860." 801
that the great point for which they had always
contended was now conceded. (Hear, hear.) The canal
Was declared to be in exercise ; and that being the ease he
took it that the guarantee of the government was due.
The telegram went on "Interest to be appropriated for
works." He took that to mean that the government
would apply the coupons that were due in finishing the
subsidiary canals.
A SHAREHOLDER— HOW will that award affect the
bankruptcy?
The CHAIRMAN believed that if the government chose to
have its award can:ad oat it had the requisite power.
The award W/3 a preliminary, he thought, to the super-
seeing of the bankruptcy.
Mr. Set. err, a director, admitting that the telegram
so far as it went was satisfactory, said it did not do away
with the necessity for a committee, adding that it was only
by completely fulfilling its enmigements that the Italian
government could restore its credit in this country.
The CH AIRMAN, in reply to • question, said there haul
been arbitrations previously, but this award was
a more fohnal matter, and had the sanction of
Signor Raitazzi, who had admitted to him over
and over again, the justice of their case. The govern.
went were parties to the commission, and though he did
not know how they intended to act, he hoped they would
do what was debtin the mater.
The resolution was then adopted unanimously, and the
proccedinp terminated.

HOWDEN HOWIE Fete.—This celebrated York-
shire horse fair was commenced on Tuesday last with a
fine exhibition of horses of the highest class. There was
a large attendrusee of dealers and others and a brisk busi-
ness was transacted at the following prices :—Riding
homes of superior stamp, 40 to 50 guineas ; neat handsome
cobs, 25 to 40 guineas ; horses of high breed for the hunt-
ing field. 75 to 120 guineas ; roadsters and travellers'
horses, 25 to 35 guineas. Well grown high-class young
carriage horses sold freely at 50 to 75 guineas; and hand-
some ditto, well broken for light brougbarnsohc., 60 guineas.
Hones adapted for heavy draught work and London
purposes, 40 to 50 guineas ; heavy cart horses of
superior stamp, 50 to 60 guineas ; seasoned horses for
farming work, 20 to 26 vines+ ; cart colts and unbroken
nag horses, 25 to 40 guineas. Many valuable strings of
horses were consigned to London. The fair will remain
open the whole of this mock.

Ws
to
to
to
to

,C3O
0.000

SHARE LISTS.-(THIS DAY.)

Atlantic& St Lawreoosj
100 Dom. Dar. &C. In. glp.al
10 141 Do./ Mara—
▪ all Buffalo & Lake Huron.
16 tan Do. Preference
IN 100 DnfL,DrantokOodielab
I 0 per cent 1872-34
IL 100 DEL && Eastern bp. aI"
!a 100 Cape T. & Dockl2.
1111 al ,Dinearara,7p.
It 1100 INS Denial ra.7lZ.:
▪ 10 Do. do. 6 do.
S. :100 1666-

i lasla
10 all
100 9.1
NO an it

Isdlaa ga. 6 d 0...
Do. L Maros....
NM 'bunko:di:barb

Do. Zqulp. %Bast.
Do. Ist prat
Do. tod prod. Bonds.
Do. ird pre. Stook..
Do. 4th pref. Stock..
Sliest Lilian PoBllo%ll'
Do. gas. 6 par osal.
Do. New do.
Do. New
at B.ot Ind's. g. p7el
Do. al per cent —1
al Western of Canada
Do. .e.Bdspay.lB7B
Do. do. do. 1877-8.
(Limited)
Madras guar. 6 p. Not
Do. do.
Do. do. dt d 0...
Do. Fifth Titoodloo
Moth. and BoJeosis Bay
Do. 8 p. et., pay. 1880
Do. 6 D. al. Day. Ma
N.B.olCan.ep andp.B.
Bsindeedua. Screr cent
Dw
Do. do. _

Be: reijancite7 I
Do.larius St. llot. do. I

66 67 id
len 4
sit
6 6

1111 11

64 19
99 102
103 191

IN}
1104
I lfpm,
17 18
80 83
49 61
39 111
20 13
191 204
1094 1104
_pm
14 I)?mf
4 11
103 104
94 96
163 161
99 100
so 91
—dl4
1034 1014
96 96
91 93

82 58
941 98
90 92
80 101
1011 1011
101 102
tar }Om
101 102
BO 88

JOUR nom BANKS.
BUM. IPdICI.3

Aig: Ira. k (Ltra.)A ....1

Anioo ...
Allienc— limited
Anglo Amnion.
Anele Zap4lan_ 0.15 I
Anlo Ininn (United)
Australasia
InokolßetieliColiumbial

70.-ir7w;riso7sciipai7l
Bank of Rapt
a
, Ba ck of Otago (Molted)
BattkolVtatori,Amtral
I Back al New Unload
Nitta N. America
I C. Bk. lodia, Auk, Aloel
Mart We. of India. &a.
9.°1"1.74—. .

Ommolidsted Rank (L.)
D.iht and London (L
LA London (Limited)
Eastern Fachange(Lim.)
faintish and American.
Eng. Bank de./ anelroL,
Eng. Scot& tut Chartd
Ingllah and Swedish (L. )1
I Imperial Rank (Limited',
Imperial Ottoman
lonian ......

' " • I
•wed Mort. Bk. Indls(1)1
o.fg . De0..,1164, Myra
Lea. Bk. ofllszloo,itc. (1; ,
London and &mill= ..

—Do. Now
London& BlverPlata(l ),
Do. do. do
Lon. Ch. Bank of Await
London and Counly 1
Do. di. Now
London Joint Stock I
London a South Atrlcan,
Lon. a S. Weetern (1.1 m.)
London Venezuela( L. )1
London Wastrahastar. I
Merchant Bank (Um.) .1
Do. New
MerlantUeallrenatilL)
Metropolitan 'Limited)
Midland Bank
National of autraleolai
National of Liverpool.
N. Pro. of wand•. I
Do. tut a ird
National Bank
Now South Malec.— I
North Waders
Oriental Bank
Provln.BankingCorp.(l4'
?ravine. ig Irolstid

—Da i;.iT,. ::::;
Beath Australia.. _ ....
Riad. ?1 B. B. kilos . .'

Do: at a—pat..•!
Union of Austral*
Usloa of Inland (I .)I
thaw of losion

llLLaziaaboarglip.oaat.
•De.
Havana and Ifidanaaa
limon" "4 Filboqg

li.n
100
WI iiOirszl; ;xi iiiiioli:
no on Do &word Issas...,,
ft Ilforth. of France 1y et
10 all Do Oaten:ad. 31 p. et.
NO all Ottoman Norma, ed.)
all I Do. do. issued at TA
10 101 l Parla.Lsode,etVo Sp.d.
100 all Molts a & l. (Pero .)..
4 all loyal Swedish 6p. at..
100 all Baru Laramie' p. et
10 all 111.Aas. Ittam-Vsm3p.e.
100 all loath Zad.ol Port. ?p.c.
110 all &ethanol Yram:4Bp.o.
ID all ,Soath ltallaa, 3 par at
• WI 1W.411.W.011t5.5p.0.

4 3
14 9

1 --
1101 91 101 10

...
104/

iO-1
14 16
6 4Us
65 67
10 18
5 s dls
32 84
6 4 dim

7 9pa
49 51
20 rA
30 31
12 13
37 39
i 33m

2 1

4 21141
3 1 dla
16 18

19 20 - 1
1 024/91

E 2 din
*1 Ss
13 10 tls
23 23 Ws
44 3121 s
4 7pm
par 2
231 24; pm
1
64 66 I

34 SS
10 12
4 3 41s,
12 8 19'
61 49
9 70111=1
12 bus Li
7

lilts •par

43 44
7 6
86 88

13 11 dial
8 8 dlsl
47 49 !
10 7db
is se I

6 3-16

17 17*
67 N
N 190

10 90
ni 13

14

15

301

-
iI

56111

36 6

17

68 7; 8*
-- id

{B}-
...
37

...
ill

3S 41
la le
If uf
33 96
If
36 Ifl
Si Si

12 114
I
II at

I,iiii
6121

___
11,600
6,000
1,024
1,04.41

OOLOIRAL

me,eoo
1

ihCoia..p.a.,lloll
Do. _ _ IDS

INA. (1; ” , _ .6p. aosriii
.... 1 Do.arokratketAig.
-- I Do. 'parr Mar.
1,614608. Do. ipseollso.ca
884,1 c. Do. &parr. Lr . 1
1/10,000 CaarGlloprpor.lo73 ,
.... 00.1100.1000
do. 188040
. Do. do. 1890.011
11-16,000 D0.10.0.Ap.k04.1.1001
XOOO Crloa,Nov.lF66,6p.ot
906 i Do. 1878, do—
-1.000,9 Do. MI do. 1
WS, Ilaarttial 6 par 0.,1878'
000, Do. Ins 1
008,
Ng Do.
Do. 1881
18001
Dr. NatalGov.6p.a.ApAlve.
166.000 New BraaaGov.oooooo. 1
1,1E6,800 New Sour Wan G0v..1
1 6p. 0rt.,1871 to 1870 ,
9.071.900, Do. 6p. 0.1888 to 1895
860,000. D0.6p.e.r,1867 to 1876
160, 1 Now Laarad Opar Plat
1000, Do. 6 per rat.
6:,0, Do. I por rot 1691
100, Do.do.lrlJunadDoc
.250, Nova Scotia 6p. 0,1876
I.B66.3Quaaaarad Or. 86. at.
1,177, Do. Do. 1891 ..
Tr &Aar Gov. 6D. e.,67-77
Do. 1878 and asorda
090,00.1 rlaiar.66. a. Jaa. 30171
7,000,00/ Do. 6p• at Aprl ack I

102 103
100 102
100 102
38 89
37 00
103 196
107 f 108 k
107 1101
106 107
96 96
103 196
110 k 111 k
106 107
103 106
104 106
106 197
106 106
100 104
100 102

FOREIGN

fo. I ft.

36,000 2
100,0001 1
10,030 10
15, 16
26, 2
30,000
10, 10 1
100, 1
3
16,000
60,"
10, 20
60,000 11
66,000 3
1,91 5
20,000 6
80,000 11
10,000 20
100,000 6
11,000 60

'Angto-11raaGold(lin; 1,
!Andraßan I
Cape Copps'. (Limited
iCapula Silver (
Cliontaleeo.&B.ll ,
Coptapo (limited) '
IstaiP3edlros...?; N.
illelitz'
Fortuna (Limited) ...!
toetriftnio&Boli
tßapunda (Limited)
Unarm (Limited)
Lnaltanian (Limited)
Panuleillo Copper (L )
Peetarena Gold (Um.)
Pontriband9Uver Lead,
Port Phillip
Royal Cobra Copper
. .. Rosaa Grande
11e.000) 1 3cottish Austral. Um )
11,000. 10 Rt. John del Rey Um ,
44174 00 Milted Mexican Lim
00,000 1 Val Antigoria Go d(L
10,00& 10 Vancouver Coal (Urn ,
6,000 10 Val Seam 'Limited'
10,000 I Wash°. Gold(Liniltod
80,000 1 Worthing (Limited)
73,000 1 Yorke Peninsula (Lint )
Won. I Yuclananntana (Um ;
• Call perdu(

N N
N N
Ni egi
04 eli
106 160 xd,

iiie iiiii-
-100 10!
99 100
99 100

106 107
111 112
1120 114

BRITIBU MINIM.

I 0001 -
%SOO -
1,024 ..
12,1001 ..
6,1 a
612 .
-.
6,000 -
1,900 -
0007 ..
at ..

Chlverton
Chord kraal.
Dev. 0. Con. (Tartan:lc)
Drakewalls
East Basset (Mogan)
East Condon
East Cain Brea
East Grenville
East Lovell
E. W. Rowell (Mdse ) I
Gambler! St. Alters'
Greet Wiry (Limited),
Greet South Tolgns •
0. W. Woe (Holston)
Grenville • I
Rerods root
Htuaston Downs
Margaret (Uny Latent)
Marge Valley
Mwyndy Iron Ore
Now Mon
North Roskear
• North Wheal Crotty
United I
Wain) ,
. Widen( M. Cfewl
Conderrow
B. W. Frances (liar)
Stray Park
zdli
....
Tin Croft
lieset Basest (Morse)_
W. aradoa Makes*
West Mimeos

'Wait Mon
WE. Basset (Mopa)
Wit. Buller (Redrut.ll)
WMaryAnn (Ileohen )
Wheal Beton
Wh. TT@Limey (11'10.

ii"
a
MAI

!O1 If

1061

111 i

104 f

946

04i7i

101

99,1

1114 11

pews. I Oaks.

Mr 1 HMI

Par le
I Ipm
I 1 pen
dle
1 I

I IL.'
1 1 t.
1 1

"11 ii

I ~#

68- air
1) 21
1 1 au
• a dla

I ildhl

64
7 8
43 435

18 2.1
5 6
12 3
2 2}
8 9

4 6
1.111 19
171 14
1 II
IS $7

i -it
6. 6_

11 Dm

11-16 I

601-00
2}

.it:'l

PREFERENCE SHARES.
Great Eastern—Eastern Counties Eaten. No. 1, 74.
Great Eastern, Eastern Counties 6 per cent., 85.
London, Chatham and Dover 5 per cent., 53, 4.
Manchester, Sheffield, and Lin. 6 per cent., 115.
North Eastern, Stock. and D.u4. B 6 per cent., 31k.

MISCELLANEOUS.
Anglo-American Telegraph (Lim.), la, 1.
Atlantic Telegraph, 28.
Atlantic Telegraph 8 per 0ent.,731, 11, ad.
Australian Mort. L►nd and Finance (Limited), 54, 3-16
Bombay Gas (Limited). new. 2.
Credit Fonder of England (Limited), 3 11.16, 1..
Feat India Irrigation and Canal, 131, 1.
General Credit and Discount (Limited), 51, 1.
Hudson's Bay, 151, A.
Italian Irrigation (Canal Cavour), 21.
Italian Irrigation (Canal Carom.) 6 per cent. Bonds re-
deemable 1870. issued 90.40, 1.
Loudon Financial Association (Lim.) 71.
Millwall Freehold Land and Dock. 46.
Ocean Marine Insurance, 20.
Peninsular and Oriental Steam, 494, 84.
Viceroy of Egypt (Mortgage) Loan, 71

MONEY MAESET.-(THIS DAY•i

Oss o'Oloos.

The Stock markets to-day are characterised by
firmness of tone, but few variations have occurred
in prices, in the absence of dealings of
any importance. Consols are maintained at
the improvement of yesterday, the supply
of stock in the market being small, in
consequence of the large amount taken up at the
last settlement by means of advances made by
bankers. The knowledge, however, that the stock
so bought will be offered for sale upon any im-
portant rise tends to check the favourable ten-
dency. Other securities, including home railways
and foreign bonds, are in most cases unaltered.
In the discount market there is no alteration,
and in the Stock Exchange loans on English go-
vernment securities are still offered for a week at
1 per cent per annum.

Consols are quoted 94/ to both for money
and the account (Oct. 8), and the Three per Cents.
Reduced and New Three per Cents., to f,
ex. div.

The purchase by the government broker to-day
for the Sinking Fund comprises 21,0001. Reduced
Three per Cents. at 931, ex div.
The railway market is inactive, and the principal
stocks exhibit no movement, with the exception
of a rise of # per cent. in London, Chatham,
and Dover, and a reduction of h in Great Eastern.
Annexed are the quotations :—Metropolitan, 123
to ; Great Western, 481 to I, ex div. ; London
and North Western, 115 to 1 ; Midland, 1221 to
123 ; Lancashire and Yorkshire, 1275 to 128 ; Cale-
donian, 108 to 109 ; South Eastern, 70 to 1 ; Great
Eastern, 31 to 1 ; Great Northern, 1125 to 1135 ;
ditto A, 119 to 5 ; London, Chatham. and Dover,
20! to # ; North British, 335 to 34 ; and Brighton,
53# to #.

As regards foreign stocks, Spanish Passive have
declined percent., viz., to 191 to while Mexican
are better, at 161 to *. Turkish of 1862 are
quoted 61} to 62} ; ditto of 186.5 (Five per Cents.),
32 to ; Greek, 14 tot; Spanish Certificates, 161
to it ; Italian of 1861, 48/ to ; and Chili=
*aril), tto Prem.
American securities are dull, at the prices of
yesterday. The 6.20 Bonds are at 721 to 73 ; Erie
railway shares, 431 to 441 ; and Illinois Central,
77 to

Atlantic Cable shares are steady, at the advance
of yesterday. Anglo-American are called 17a to
1; and Atlantic Telegraph Eight per Cent. Pre_
ference, 3! to 7/.

Bank shares have been dealt in to a very
moderate extent. Chartered Mercantile are 10s.
lower, at 291 to 301, but other descriptions show
no variation.

Financial !there' are inactive. International
Financial are quoted 2; to II die ; London, 23
to 21 die. ; General Credit, 2; to 11 die. ; and
Credit Foncier, 5 to h dis.

Messrs. Baring Brothers and Co. remind holders
of Spanish Passive Stock, and of the Deferred
Debt of 1831, that the thirty days allowed for
converting these Bonds into Consolidated Three
per Cents., with dividend from Ist January last,
expire on the 25th inst., and that the Consolidated
Stock issued for Bonds presented for conversion
after that date will only bear interest from the
30th June last.

It is worthy of remark that at a moment
when the vaults of the Bank of England and Bank
of France are overflowing with gold, news arrives
that no less than a million and a half of treasure is
on the way to this country from Australia.
Owing to the extent of the connexions of the
Credit Mobilier of France with the other con-
tinental markets its critical position is regarded
with much interest, but a belief is still enter-
tained that its difficulties have long operated as a
sufficient warning on this side. It is said that, in
the event of its affairs being wound up, the liqui-
dation would occupy at least three years.
The Spanish Financial Commission in London
has given notice that, for a period of three months
terminating on the 18th December next, the Com-
mission will open the conversion of the Spanish
Certificates representing " the 50 per cent. de-
ducted from coupons by law of Ist August, 1851."
These claims are " convertible into 25 per cent.
°Bah, issuing in payment Three per Cent. Conso-
lidated Exterior Stock, valued at 45 per cent."
With reference to the Amsterdam Certificates,
M. Borrajo states :—" Article 4th of said decree
prescribes that the genuineness of the claims to
conversion must be previously verified ; but, as the
Spanish government does not vet possess the
necessary documents to verify the Amsterdam Cer-
tificates the new stock for them cannot be deli-
vered until those documents are obtained."

About 40,0001. in gold was bought by the Bank
yesterday, making a total of 307,0001. since the
date of the last return ; while only 20,0001. has
been withdrawn in the same period for export.
Australian advices announce the shipment for
England of 668,000/. in gold for the month ending
the 27th ult.,. so that the total know n to be on the
way from that quarter is nearly 1,500,000/.
Sales of bar silver took place yesterday at
ss. 05-16 d. per ounce, the result of the allotment
of the Indian Council bills not having caused any
demand for the East.

The biddings for bills on India took place yester-
day at the Bank of England. The amounts allotted
were—to Calcutta, 9,93,000 rs., and to Madras.
5,C00 rs. The minimum price was fixed at
Is. 11 d. on Calcutta and Madras. Tenders at
Is. 114 d. wiU receive about 21 per cent. ; those
above will be allotted in full. No tenders for bills
on Bombay were invited. The minimum was only
jd. below the prohibitory rate settled on the 4th
inst., yet the whole amount has been taken, from
which it may be inferred that there is rather more
demand for the means of remittance to India. The
whole amount of bills offered on the present occa-
sion, however, was limited to 100,0001.
Although excitement in connexion with the
great ocean race front China has been greatly
diminished by the arrival of the Taeping, intelli-
genes with reference to the other vessels is awaited
with interest. The Maitland and Series both
sailed from Foochow a few days be:ore the Taeping,
and are hourly expected off the coast, but the favo-
rite ship is the Ariel, which, it will be remembered,
came in last year at the same time as the Taeping.
The Ariel this year left Foochow on the 13th June,
or nine days after the Taeping.
The Lo,idon and North-Western Railway traffic
return shows this week an increase of 4,1411. over
last year • the Great Northern an increase of
4,177/. ; rind the Midland an increase of 5,972/.
The Grand Trunk of Canada Railway traffic
return shows this week a decrease of 2,365/., com-
pared with the corresponding period of 1866.
The subjoined report on the market for Ameri-
can securities is from the circular of Messrs.
Satterthwaite and Co.

After our last of this day week, the London market for
United States Government Bonds was slightly depressed
on fresh importations, but from the very large demand on
continental account, as well as a moderate steady home
absorpCon, the quotations gradually improved until yes-
terday, when advice, by telegraph from New York an-'
nounced that the question of paying off the 7.'_'o Bonds in
currency was again being agitated. Although this has
been frzquently done by political aspirants when ad-
dressing Western audiences, and hence ceases really to
have much, if any, weight, it is especially to be regretted
that any clique in the States should be found willing to
jeopardise the credit and good faith of the government
merely to answer some party political etd. It is true that
there is nothing either in the acts of Congress authorising
the issue of the bonds in question, or on the face of the
11 bonds themselves, rendering it compulsory on the
Treasury to redeem them at maturity in gold, but they
have been so largely taken both hers and in Europe gene-

rally on the repeated .esurance of the United Stake p.
vernment that they would be paid off in gold, that it
would be almost tantamount to repudiation to assert new
that they are to be redeemed in currency. We think ili
would be a wise pt,!,.,-.7 on the part of Congress to set thin
vexed question at rest by a short supplementary ad, de-
claring that this portion of the debt in all particulars, hada
as to interest and principal, is • specie obligation, as we
feel unwed it would inspive great additional confident* le
investors on this side of the Atlantic. The old issue of 5-219
Bonds close 72t to 7:1, and the 1865's 701 to j. ats
shares have been dull and neglected, but Illinois have bees
in some request, and were taken early in the week at 711,
but leave off slightly easier, the last pubis being 77 to 774.
Atlantic and Great Westeig Debentures are last quoted
25j to 214, and Consolidated Bonds 22 to ZS.

WEDNESDAY Evmrnre.

Consuls, which closed yesterday at 344 to
for the Bth of October, opened this morning at
941 and closed at 911 to 4. For money the
price was the mime as for the account. The official
business report is as follows :—Thres per Cent.
Consols, for money, 941, 4, ; ditto, for ac-
count, 941, 4 ; Three per Cents. Reduced, 931,
3,1, ex div. ; New Three per Cents., 93, ,
ex div. ; ditto Two-and-a-Half per Cents.,
774 ; Bank stock, shut ; ditto for account, 2464,
ex div. ; India stock, 221, 2 ; ditto Five per
Cent., 1134, 1 ; ditto Five per Cent. " enfaced”
rupee paper, 1044 ; ditto Five-and-a-Half per
Cent., 109, e, ; ditto Five per Cent. Rupee
Debentures, 1872, 1031 ; ditto 1877, 1041, ;
ditto 1882, 1044 ; ditto Debenture', 105/ ; ditto
Bonds, 658., 765., 655. prem.
The India Five per Cent, stock was firm, and
there was an increased demand for the rupee paper,
which showed an upward tendency.
In the foreapt stuck market the amount of busi-
nes: was not large, but the tendency was better
than yesterday. Turkish stocks were in demand,
and a rise of 4 to 1 per cent. occurred in those of
1858, 1862, 1863, and 1865 (Six per Cents.).
Turkish Five per Cents. of 1865 and Greek were
higher, and Chaim scrip 1 ; but the Viceroy of
Egypt's Loan fell 4; Mexican, g ; and Spanish Pas-
sive and Italian of 1861, 4.

MINIIB.-(TER3 DAY.)

ovl *Nikes&

In the mining market to-day there is a good
demand for Prince of Wales, Wheal Grenville,
North Crofts, Great Vor, Great Lizey, and Ntr.h.
Crotty shares. Some of the present quotations are
as follows :—Great Vor, 18 to 18f, cum div. ; Great
Laney, 18 to ; Wheal Grenville, 2&e. to 275. 6d
Clifford, 71 to 3 ; East Lovell, 81 to ; North
Crr'fty, 3; to 41 ; Wheal Beton, 112 i to 115 ; West
Kitty, 12s. to 14s. North Chiverton, 4to / ; and
East Grenville, n
Foreign and colonial mining shares show se
movement of importance. St. John del Rey are
quoted 59 to GO; Don Pedro, If to 1; pram. ;
Anglo-Brazilian, 1-16 to 3-16 prem. ; Pestarena,
to I prem. ; Chontales, 11 to 11 prem. ; Roam
Grande, g o ; Anglo-Italian, fto
_prem.
Frontino and Bolivia, I to 1 ; and Port Phillip,
11 to I#.
At a meeting of shareholders in Great Wheal
Vor United Mines, held yesterday, a dividend of
7s. 6d. per share was declared. The reports read
were considered highly satisfactory, and show that
the mine maintains its productiveness. The
accounts made up to the day of the meeting show
a balance infavour of the mine of 5,491/. 19a. 7d.,
and after payment of the dividend there will remain
to be carried forward 3,2761. 9s. 7d., being an
increase of 292:. on the balance at the last meeting
in June. 57 tons 171 cwts. 3 qrs. 10Ib of black tin,
sold yesterday, realised 3,2091. 14s. Gd.