The Express.
London, England, 1866-05-22 00:00:00

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The tendency of some of the stock markets is
rather better to-day, upon rumours that the nego-
tiations for a congress are making satisfactory
progress. Console are in good demand, and
have recovered the fall of 1 per cent. which
took place yesterday. British railway stocks
exhibit no change of importance, but
London and North Western remains dull,
owing to the accident upon this company's
line. A few of the foreign bonds have advanced, as
well as the shares of some of the financial companies,
but the movements are not important. Bank shares
are flat, and Bank of London have been dealt in as
low at 11i, or 13 prem. American securities have
improved.
The demand for money to-day is moderate, and
the supply large. The rate for the best paper, how-
ever, is maintained at 10 per cent., the bank
minimum. In the Stock Exchange short loans on
English government securities are obtainable at 7
to 8 per cent.
Consols are now quoted 861 to 87, with div., for
money, and 85 to it, ex div., for the account
(June 6).
The dealings in the foreign stock market are
not numerous, but there is a demand for Mexi-
can, Turkish of 1865, and Greek Bonds, which
have risen 1 to i per cent. On the other
hand, Italian of 1861 have declined .Is.
Turkish Bonds of 1862 are now quoted 59 to
61 ; ditto of 1865, 301 to I ; Greek, 10 to 11 ;
Spanish Passive, 20 to i ; ditto Certificates, 14g
to i; Italian of 1861, 371 to 381 ; Brazilian scrip,
9 to 8 die. ; and Mexican, 10 to 17.
United States 5-20 Bonds are in request, and
have risen i per cent., viz., to 6411 to 1. Erie and
Illinois Central Railway shares have also improved
i per cent., being now quoted 42 to 43 and 76 to
i, respectively.
International Financial shares are now quoted
21 to 2 die. ; London Financial, 16 to 14 die.;
General Credit, 31 to 3 dis. ; Imperial Mercantile,
10 to 9 dis. ; Credit Foncier, 31 to 2i dis. ; Overend,
Gurney, and Co., 17 to 15 dis. ; and National
Discount, 6 to i prem.
It is a somewhat important feature that the de-
mand at the Bank discount office has now become
quiet. The fact is, few bills are now offered, the I
mercantile community having borrowed at the
Bank during the last ten days to an extent suffi-
cient to cover their requirements for some time
forward unless fresh cause of distrust should
arise. For similar reasons the general mar-
ket yesterday was inactive, and well supplied
with money. Nevertheless, though six months
bank bills were taken at 9 to 0 per cent., the rate
for the beat three months paper was scarcely below
10 per cent., the Bank minimum. In view of the
continued flow of gold from the Bank, there is a
lingering fear that the directors, actuated by a
fervent desire to save the Act of 1844 from abso-
lute infraction, may possibly think of raising the
rate of discount again. Such a measure would be
viewed with great regret, as likely to excite re-
newed distrust. The peculiarity of the present
drain of gold is that it arises, not, so far as can be
judged, from any adverse balance of trade, but
from the unwillingness of perfume who have remit-
tances to make to the continent to take bills in the
present uncertain condition of mercantile credit.
We recently published the report of the
commission of the Spanish Cortes, proposing cer-
tain terms of settlement of the Passive Debt. These
terms do not meet the views of the Committee of
Passive Bondholders here.
Messrs. Gellatley, Hankey, and Sewell, an ex-
tensive mercantile and shipping house, ,x-copying
a respectable position, have arranged to liquidate
their affairs under inspection. The liabilities are
large, but, according to an examination of their
books just made by Messrs. Kemp, Cannan, Ford,
and Co., the accountants, the assets show a surplus
of upwards of 50,0001., subject to realisation. The
partners—who had offers of assistance, but resolved
not to part with any of their assets, owing to the
present exceptionally adverse state of the times—
have made satisfactory arrangements to carry on
their shipping business without any interruption or
prejudice to the interests of the parties concerned.
The circular announcing a call of 31. per share,
snaking 91. paid, on the shares of the Egyptian
Commercial and Trading Company, was sent out
on Saturday evening, and contains the following
explanatory paragraph :
The directors think it right to explain that this call has
been made in consequence of their being unable in the
present exceptional times to count on sufficient remit-
tances from Egypt to meet immediately pressing liabilities,
nor can they rely on the realization of securities they
hold, which, although perfectly unexceptionable, anti in
ordinary times easily convertible into money, are at pre-
sent unavailable.
A special general meeting of the London and
North Western Railway Company is called for the
6th of June, for the purpose of creating new capi-
tal, not exceeding 1,118,0001., in pursuance of the
powers contained in various acts.
The report of the directors of the Eastern Ben-
gal Railway Company, to be submitted on the 23rd
inst., shows an increase of 221 per cent. in the
general traffic of the last half-year' compared with
that for the corresponding half of 1864. The mer-
chandise traffic by itself shows an increase of 52
per cent.
The following is from the report of the directors
of the Trust and Loan Company of Upper Canada,
to be submitted at the annual meeting on the
31st inst. :
The following report and statement of accounts for the
six months ending the 31st March of the current year is
submitted to the proprietors. The net profits during this
period amount to 13,621/. 13s. 6d., which, added to the
sum brought forward from September, gives a balance at
credit of revenue of 13,7a3/. Is. 2d. The directors recom-
mend that out of this balance a dividend at the rate of 71
per cent. per annum, less income tax, be declared on the
pail-up capital stock of the company ; that one-half of
the surplus profits over 6 per cent. per annum, and the
usual charge for interest, amounting together to 3,946/.
Is. Id., be carried to the reserve fund, in accordance with
the provisions of the royal charter of incorporation; and that
2501. be applied to time redemption of preliminary expenses.
There will then rem-tin the sum of 1491. 10s. ld. to the
credit of the next half-year's accounts. During the period
embraced by these accounts the reserve fund has been
charged with the sum of 3091. is. for losses on realisation
of securities in default. The amount standing to the
credit of this fund, after adding the 3,946/. Is. ld. above
referred to, will be 66,043/. Os. 101. The restrictive policy
adopted by the directors with reference to the company's
investments in Canada has led to a considerable accumula-
tion of funds both in that orovince and in this country ;
these are kept available for immediate and profitable
employment as soon as circumstances in Canada enable the
company to resume active operations.
The London, Brighton, and South Coast Railway
traffic return shows this week the large increase of
12,4961., owing to the Epsom races, and the South
Eastern an increase of 3,0931.
The traffic receipts of the Great Western Rail-
way of Canada for the week ending May 4 were
14,4301., being 8831. more than in the correspond-
ing week of last year.
The traffic receipts of the Cape Town Railway
and Dock Company for the month of March were
3,708/.
A third call of 21. 10s. is to be paid on the shares
of the Mercantile and Exchange Bank (Limited), in
equal instalments, on the 11th of June and 11th of
jlgeneral meeting of the British India Steam
Navigation Company (Limited) will be held on the
30th inst., when a dividend will be declared.
A petition for the winding.up of the Alliance
Financial Company (Limited) is to be heard before
the Master of the Rolls on the 28th inst.
With reference to New Granada Bonds, Messrs.
Baring Brothers and Co. have notified the pay-
ment of the dividend, due the Ist of June, on the
Two per Cent. Bonds and on the Old Active