The Express.
London, England, 1867-12-06 00:00:00

MONEY M&RZZT.-(THIS DAY.)

Offs o'Osoac.

The Engliah funds opened this morning at a
reduction of 1-16 to * per cent., owing to the some-
what unsatisfactory state of the relations between
the French and Italian governments, the upward
tendency of the discount market, and the with-
drawals of gold from the Bank for exportation.
It is stated that some considerable sales were made
at the commencement of business on account of

bankers, who wish to keep large reserves of money in
hand, in expectation of an active demand later in
the month. The tendency of Consols is now, however,
somewhat better, and a recovery has taken place
to the last prices of yesterday. Foreign Bonds are
flat, the recent important rise in many of them and
the less favourable tenor of the accounts from
abroad having led to further realisations. English
railway stocks have also declined, but the move-
ment is not general.
The money market is quiet, but the demand is
expected to increase later in the day. Choice
three months' bills are not taken below 11 per
cent., and in some cases 2is charged. Short loans
on English government securities are in request
in the Stock Exchange, at 11 per cent.
Consols are quoted 921 to 93, ex div., for money
and 93 to 1, ex div., for the account (January
7). The New Three per Cents. and Three per
Cents. Reduced are at 92} to 1.
Railway stocks are offered, and the general
course of prices is unfavourable. Great Northern
original stock has declined per cent. ; Metro:.
politan, ; Caledonian, ; and South Eastern
and Great Eastern, 1. London and North Western,
however, has improved 1. Subjoined are the
prices :—Metropolitan, 117/ to jE ; Great Western,
44,1 to 1 ; London and North Western, 114
to ; Midland, 1121 to ; Lancashire and
Yorkshire, 123 to 1 ; Caledonian, 751 to 1 ;
South Eastern, 671 to ; Great Eastern, 301 to 2 ;
Great Northern, 108 to 109 ; ditto A, uoi to
1111 ; London, Chatham, and Dover, IN to 19 ;
North British, 331 to I ; Brighton, 521 to # ;
Berwick, 99} to 1001 ; and York and North
Midland, 94 to 95.
The foreign stock market is flat, and most of the
speculative descriptions have given way. Spanish
Passive and New Three per Cents. have declined
Ito # per cent., viz., to 25 to and 351 to # re-
spectively. Italian of 1861 and Mexican are #
lower—the former are quoted 451 to g, and the
latter, 151 to 4. Turkish of 1862 are at 62 to 63 ;
ditto of 1863, 331 ; showing a reduction of
per cent. ; Greek, 13 to ; Spanish Certificates,
191 to 11, being 1 worse ; and Egyptian of 1864,852
to 861. _ _ .

United States 5-20 Bonds have declined t per
cent., viz., to 701 to I, but Erie and Illinois Cen-
tral railway shares, are unchanged, at 471 to 4&I
and 901 to 1, respectively.
Atlantic Cable shares are steady. Anglo-
American at 18k to 1, and Atlantic Telegraph
Eight per Cent. Preference at 4 to 41.
The market for Bank shares is quiet, and prices
are without variation. London and Westminster
are at 691 to 701 ; Union of London, 35 to 37 ;
Alliance, 11 to 10 dia. ; Imperial Ottoman, 1 to
dia. ; London and County, 54 to 56 ; and Oriental
Corporation, 424 to 431.
As regards financial shares, the principal feature
is a rise of 1/. in London Financial, upon the re-
port of the " committee of consultation ;" the pre-
sent price is 221 to 211 dia. International are
called 21 to 21 dia. ; General Credit, 21 to 21 dia. ;
and Credit Foncier, 61 to 61 dis.
Petitions for the winding up of the London
Quays and Warehouses Company, Southampton
Imperial Hotel Company, St. Enodor China Clay
Company, and the Western Insurance Company
are to be heard before the Master of the Rolls on
the 14th inst.

HALF-PAST ONE O'CLOCK.

There isino fresh change in the English funds, but
Spanish and Turkish Bonds of 1861 exhibit a reco-
very of it per cent. As regards home railway
stocks Metropolitan and Midland are to it lower.
About 1114,000/. in gold was withdrawn from the
Bank yesterday—viz., 44,000 t. in bars for the Con-
tinent, 50,000 sovereigns for Nova Scotia, and
30,000 sovereigns for the Cape of Good Hope.
On the:other hand, 8,000 sovereigns from Lisbon
were sent in.

Of the 340,000/. by the Tamar, from the West
Indies, the greater portion consists of gold, the
whole of which will be sent abroad.

The Bavaria, from New Orleans, has brought
21,0001. in specie.
A Nova Scotia Six per Cent. Loan for 225,0001.
at par was announced yesterday by Messrs. Baring
Brothers and Co., but it was intimated in the
course of the afternoon that the entire amount has
already been taken.
The Belgian government have issued proposals
in Brussels for a loan under the law of the 10th
June last, authorising the borrowingof 60,000,000 f., '
or 2,400,0001. sterling, to the amount of
38,640,0001., or 1,540,0001. sterling, bearing4l per
cent. interest, at the price of 1021. 50c. per cent.
The obligations are to be for sums of 2,000 f.,
1,0001., 5001., 200 f., and 100 f., bearing interest
from the Ist November last, payable half-yearly in
Brussels or in Paris. There is a sinking fund of
it per cent. per annum upon the nominal capital,
commencing on the Ist November, 1868, which is to
be employed each half-year in the purchase of stock,
the interest of the capital so extinguished being
still applied to the amortization. Such purchases
are to be made at the prices of the day, but if the
price be above par for two half-years the sums are
to be otherwise applied. The repayment of the
obligations at par is not, however, to take effect
before the Ist November, 1870. The subscription
list is to be opened at ten o'clock on the morning of
Monday next, the 9th inst., and the instalments
must be paid on the following dates :-22f. 50c. on
the 14th inst. ; 10f. on the lst May, 1868 ; 20f. on
Nov. 1, 1868 ; 101. on May 1, 1869 ; 20f. on Nov.
1, 1869 ; and 20f. on May 1, 1870. Those who
anticipate payments in full may do so under a dis-
count of 24 per cent.
It appears that it is proposed in the Court of
Chancery on Friday, the 20th inst., to make a
further call of no less than 551. per share upon the
contributories of that disastrous concern, the Con-
tract Corporation (Limited). When made, the
entire nominal capital (1001. per share) will have
been called up. The ruin inflicted by this abor-
tive scheme is perhaps* second only to that occa-
sioned by Overend, Gurney, and Co., and pro-
bably exceeds even the flagrant cases of the Joint
Stock Discount Company and Barned's Banking
Company.

The Great Western Railway traffic return shows
this week an increase of 3,0701. over the corre-
sponding period of last year; the London and
South Western a decrease of 243/. ; the Great
Northern, an increase of 2,039/. ; the Great
Eastern, an increase of 2,0711. ; the London, Chat-
ham, and Dover, including the Metropolitan Ex-
tension and branches, an increase of 8471.; the
Metropolitan Extension, separately, an increase
of 1051. ; the Lancashire and Yorkshire, an in-
crease of 1,3641. ; the North Eastern an increase
of 2,7151. ; the Manchester, Sheffield, and Lin-
colnshire, an increase of 891. ; and the North
British, an increase of 1,1221.
The traffic return of the Grand Trunk Railway
of Canada for the week ending the 16th ult. shows
an increase of 1,2171. over last year.
The receipts of the Atlantic and Great Western
Railway for the second week in November were
122,890 dols. against 138,166 dols. in the same
period last year, showing a decrease of 15,276 dols.
The " committee of consultation" of the Lou-

don Financial Association (Limited) have issued
their report, which is full, explicit, and satisfactory.
Many errors of judgment are imputed to the board,
but the committee say that they entertain no doubt
of their honesty and good faith. They further
testify that Mr. Paull, M.P., was justified in
stating, on the 7th October last, hat the dividends
distributed were genuine, and represented only the
profit on concluded trinsactions. It is recom-
mended that the articles of association be altered,
and that a fixed amount be paid to thb board as
remuneration for their services, so soon as the
payment of dividends shall be resumed. Next it
is mentioned that the directors have personally
rendered material aid in times of need, and that
the board hold a large interest in the association.
The company's securities have been valued, and
" the sum so arrived at by the committee is in
round numbers from 1,100,0001. to 1,200,000/. as a
matter of estimeie ; but it must be observed that
' with proper nursing and arrangements these secu-
rities may realise a more favourable result, time
being allowed for the development of the different
railways, &c." Against this, it will be remem-
bered, the paid-up capital is 1,174,3081.
The screw steamer Smyrna, from Odessa for
Hull, with a cargo of linseed and pipe staves, has
been abandoned off Lowestoft. It is stated that
the insurances upon the ship and cargo reached
about 80,0001.

Subjoined is Messrs. Culverwell, Brooks, and
Co.'s report of yesterday's hide sales :

At the twentytwoond series of hide sales for the year
there was a good demand for East India hides at full to
advanced rates. Salted sold without alteration. East
India.—Ox and cow were well competed for, and sold in
most butane,. at advanced prices. Dam hides both
slaughtered and dead were in good request, and for one or
two parcels of slaughtered, of extremely fine
.quality, an
advance of od. per lb. was paid ' • other desenpuons also
brought full prices to an advance of id, per lb. Jladtas,
ko., sold without alteration. Of 98,868 hides offered,
97,827 were sold. East India.—Buffalo were mostly
bought in. Leather.—East Indian.—Calcutta brought
about late rates. Madras, in many instances, barely
maintained last ailes's prices. Austrelian sold without
alteration in value. Salted Hides.—Australian were in
only moderate request ; for the quantity sold late rates
were obtained. Cape, part sold. Barbary sold at rather
easier rates. Dry and Drysalted Hides.—Dmalted
Mauritius sold at slightly advanced rates. Barbary about
former prices. Dry St. Petersburg all sold. Bark.
—Mimosa brought about late rates. ?Symbolizes all
bought in.

The following is the official return of the cheques
and bills cleared in the Bankers' Clearing-house
for the week ending Wednesday, Dec. 4.

Thursday, Nov. 28 -
£7,802,000
Friday, Nov. 29
Saturday, Nov. 30 12,700,000
Monday, Dee. 2
Tuesday, Dee. 3 10,411,000
Wodneeday, Dec. 4 10,715,000

enotat,ooo
JOHN C. POOOOl, Deptiky 'Repeater.
Bankers' Clearing-house, Deo. 5.

The total last week havingbeen only 48,820,0001.,
a large increase is now shown, but it seems to be
due in great measure to special causes. Thus
the payments in connection with the Stock Exchange
settlement on Friday last were unusually heavy,
and some of them were driven over until the fol-
lowing day. The amount of the bills due on the
4th of each month affords always a very good
criterion of the degree of activity prevailing in the
internal trade of the country, and from the cir-
cumstance that the clearances yesterday but little
exceeded those of an ordinary day, it is to be
inferred that the amount of bills in circulation is
I still limited.

The weekly return of the Bank of France shown
the following changes :

Coin and bullion
Bills discounted Decrease 204,000
Notes is circulation
Private deposits mares" 520,000
Advances
Ingress, 4,000

Treasury Wanes
The increase in the coin and bullion approaches
three quarters of a million, and the aggregate is
now no less than 39,488,000/. The discounts and
note circulation have fallen off.

The return of the Bank of England for the week
ending Wednesday, Dec. 4, compared with that for
the previous week, shows the following changes :
Circulation issue 035,603,2116 Decrease 6448,690
Circulation active 23,012,570 Increase 201,210
Puldie deposits 5,330,734 Increase 286,232
Other deposits
Government securities in

banking department 12,319,206 No change.
Other securities in banking
department 16,786,002 Increase 166,0E48
Coin and bullion in both _

departments
Seven day and other bills._ 530,201 Decrease 3,184
The Rest 3,103,133 Decrease 31,653
Notes in reserve
Total reserve (notes & coin)
in banking department 12,874,872 Demeans 63:3,336
The increase in the government deposits is small
by comparison with the diminution in the private
deposits, and as there are now, for the first time
for many weeks, indications of a revival of the
Bank's loan and discount business (as shown by the
increase in the " other" securities), the reserve has
been drawn upon to the extent of 632,33431. The
amount of gold withdrawn from the Bank, on ba-
lance, for export during the week, was 394,0001.,
and the diminution shown above in the coin and
bullion is 341,1261.

BANK OF .
An Account pursuant to the Act
week enduss on Wednesday, LI

ENGLAND.
7th and Bth Vie., e. 82. for the
the 4th day of December, WT.
.111111IENT.
Ooveraroent debt 411,016,100
Other securities 40114,000
Gold coin and bul-
lion "5),6011,265
Silver bullion

193C1 DLPI
Notes lamed 1.35,6u3,23,

n 5.603,916
SALMIS DI
Propristonf Capital d. 14.651.400
Rest 4=035
Public Deposita (in-
cluding Steins.,
See. Banks, Com-
mis. cd National
Debt, sag Div.

Azs,Bu3,2bs

PA=MI7.

-Govenuosa- Beca-
Titles L12.319.203
Other Secant's.'
Notes
Gold sad Silver
Cola 1,114,147

s,ssoma
Other Deposit 18,607.007
Seven day and other
Blur

M 1,983,077
Dec.;6, 1861.

L 41,980.077
1. MAY. Deputy (Ambler.

THURSDAY EWING.

The discount market to-day showed increased
tightness. The supply of money was less, and the
rate for the best three months bills was firm in
most quarters at I per cent., or only below the
Bank of England minimum ; few transactions took
place at lf. The demand at the Bank discount
office likewise showed an increase, and included a
number of applications from the discount esta-
blishments for advances on bills. It would ap-
pear that a number of persons are holding money
,back in the expectation that higher rates will
be attained in the course of the present month,
and in some quarters discussions are begin-
ning to be heard as to whether the new year till
be turned without an advance in the Bank mi-
nimum. The more general opinion appears to be
that some farther considerable amount of gold
must be withdrawn before such a measure would
be adopted.

Consols, which closed yesterday at 93/ to 1, ex
div., for the 7th January, opened this morning_ at
the same quotation, and closed at 93 to 1. For
money the last price was 921 to 93. The Three
per Cents. Reduced and New Three per Cents.
were quoted at 3 o'clock 921 to 93. The official
business report is as follows :—Three per Cent.
Mazola, for money, 93, 4,1, ex div. ' • ditto for
account, 931, ex div. ; Three per Cents. Reduced,
921, 3 ; New Three per Cents., 921, 33, 3 ; Red
Sea Telegraph, 201; Bank Stock, 243, 5 ; India Stock,
223; India Five per Cent. Stock, 1121, 13, 12f, ex
div. ; ditto Four per Cent., 1001,100; ditto Four per
Cent. " enfaced " rupee paper, 881 • ditto Five
per Cent., 1031 ; ditto nye-and-a-Half per Cent.,
1084 ; ditto Bonds, 585., 555. prem.
It is officially notified that the rate of interest on
the June Exchequer Bills has been reduced from
2} to 2 per cent, per annum, being the same rate as
that now borne by the March bills. The announce-
ment had no effect upon the price to-day, both
issues standing at 28a. to 31s. prem.

The Increase In pressure repersea yesterday as observed at
Valencia, has a steuded td all stations la irelaud and Scot-
land. and amounts to half an inch at Nairn. At !to: tefort and
Helder then Is a decrease of nearly four-tenths of as : hat
at the English stations the iiiminution Is shown In lea, degree.
Temperature has also diminished. The wind blew stro ly Utak
northwest yesterday Increasing to a strong gale at Holyhead,
which Is still blowing. We very generally fresh train the
northward 1.1.1. moi Mtn, Squalls, amompaiiied 1., hall end
snow, incurred at plow.* last night. Weather is now tine In
Scotland. gain lais generaL

COMPETITION IN IitTCHIMM' ML?.—The high
price at which butchers' meet has be.. kept nn in Una..lit
has at length brought about foreign competition, the Hell
butchers last week notifying their intention of sidling
Lincoln on Saturday, and offering mutton at sd. per lb.
and beef at 7d., the Lincoln prices being Sd. and fld.
This was kept, nod on Saturday night last there
wasa good dad of excitement in tie Butchery, where the
foreigners had taken ap their quarters, and where they
kept their promise. This naturally induced a counter
move on the part of the resident butchers, who not only
came down to the new prices, but in come butaness
actually reduced their prices lower than the Hull butchers.
—Stemigford Meratry.
The Liverpool Town Council have ap=
Mr. Pickering, Q.C., Assessor of the Court of
in plain of the late Ur. G. James, ILP.