The Express.
London, England, 1866-05-21 00:00:00

'HIS DAY.)

MONEY M.

lii 1 1
1 2 11 }

61-4 dia

....
1 in li,

7 dis
9 dL

21 3 2i

lii

ONE o'Cioca.
The apparent imminence of war on the Conti-
nent, and the fear of further banking and mercan-
tile embarrassments, continue to weigh upon the
stock markets. There is little disposition
to purchase to-day, and the tendency of prices
has again been downwards. Consols have fallen
per cent., and some of the chief home railways,
to 1. Foreign stocks are likewise flat, but the
fall is not important, except in Italian of 1861,
Turkish of 1865, and Spanish Passive. Banking
and financial shares are heavy, especially Credit
Fancier and Mubilier. American securities have
also given way.
Owing to the extent of the advances obtained
from the Bank of England, as shown by the last
return, and to the restrictions forced upon trade
by the recent panic, the demand for money to-day
is only moderate. A disposition is shown by some
discounters to take the best bills at a fraction be-
low the Bank minimum.

Consols are now quoted 86g to with div., for
money, and 8511 div., for the account
(June 6). _

_ells

11 j xd

Foreign stocks are flat, and prices generally tend
downwards. Italian Bonds of 1861 have fallen
1 per cent. ; Turkish of 1865, / ; Spanish
Passive, ; Brazilian Scrip, ; and Mexi-
can, A. Spanish Certificates, however, have
risen A. Turkish Bonds of 1862 are now quoted
60 to 62 ; ditto of 1865, 30 to i ; Greek, ti to 104 ;
Spanish Passive, 191 to 20/ ; ditto Certificates, 14i
to j ; Italian of 1861, 37 to ; Brazilian scrip,
9 to 7 dis. ; and Mexican, 16 to -1.
United States 5-20 Bonds have declined per
cent., Erie Railway shares 1, and Illinois Coural
1. The present quotations arc as follow :-5-20
Bonds, 642 to 631 ; Erie Railway shares, 44 to i
and Illinois Central, 75i to 70..
We are requested to state that the stoppage of
the former prop riet um of the Ebbw Vale Works
and Mines just announced in no way affects the
operations of the Ebbw Vale Company (Limited),
who purchased these works two years ago, and
have since carried them on with success.
International Financial shares are now quoted
2„ to 11 dia. ; London Financial, 15 to 13 dis.;
General Credit, 3j to 3 die. ; Imperial Mercantile,
10 to 9 dis. ; Credit Foncier, 4to 31 dis. ; Overend,
Gurney, and Co., 18 to 16 dis. ; and National
Discount, 61 to 2 prem.
It would seem that the mistakes and losses
which have recently transpired in connexion with
the management of the financial companies is likely
to carry public opinion, hitherto so favourable to
them, too far in the opposite extreme. Against the
mistakes that have been committed must be set the
valuable knowledge and experience which these cum_
panics have gained. Little doubt can be entertained
that in the long run there will be a reaction from
the distrust and condemnation under which this
class of busine:s now labours. Financial managers
will have learnt by bitter experience to avoid the
errors of the past, and their future operations,
scrutinised as they have never been before, will be
conducted with a degree of care and circumspection
hitherto unknown. Under such conditions, finan-
cial companies as a class will yet be successful and
take an important position in City business. That
there is ample room for them has Lien demon
strated already ; and, were further proof needed,
it would be found in the systematic, if covert, op-
position which than- have met with at taw hands of
many of the private firms who had previously
enjoyed a virtual monopoly of this kind of
business.

The numbers are published of 450 bonds, repre-
senting9s,soo/. of the Turkish Sir per Cent. Loan of
1862, which were drawn on the 17th inst., and are
to be paid off at par (100) on the Ist July. The
bonus to the holders of these drawn bonds amounts
to nearly 40 per cent.
About 53,0001. in gold was withdrawn from the
Bank on Saturday for the continent.
The Ripon, from Alexandria, has brought
81,1881. in specie.
The steamer China takes to-day only 11,580/.
in specie, of which 2,3001. is gold for Madras, and
9,2801. silver for Shanghai.
The liabilities of the European Bank, which in
December last reached 2,000,0001., are now
estimated at about 900,0001., and the assets
at about the same amount. This company
was established in 1863, under the title of
the Union Bank of England said France, and
the English and Irish Bank, and English, Bel-
gian, and Netherlands Bank were subsequently
amalgamated with it, as well as a portion of the
business of the London, Birmingham, and South
Staffordshire Bank. The
company have branches
in Paris, Marseilles, Amsterdam, Rotterdam, and
Dublin. The paid-up capital is 644,4901., the re-
serve fund 45,000/., and the number of proprietors
896. Vice-Admiral Burnet, and Sir Robert Carden
are directors, as well as Messrs. C. B. Colchester,
R. P. Harding, W. V. Morgan, F. B. B.
Natusch, J. I. Pascoe, J. D. Thomson,
T. Tubini, and C. Whetham. It is stated,
as showing the confidence of the directors
in the soundness of the business, that they
have not of late made any withdrawals of deposits
from the bank or sold a single share. At the
meeting held on the 15th of February last, the
net profits for the half-year ending December, 1865,
were stated at 34,284/., and a dividend was de-
clared at the rate of 6 per cent. per annum. The
shares have of late been largely sold on specula-
tion, resulting in a continuous and severe fall in
the price. Depositors in the bank consequently
became alarmed, and there has been a steady drain
upon its resources.
Subjoined is a copy of a circular issued by the
New Zealand Banking Co ration (Limited) :
1, Cushion-court, Old Bread-street, London, May 19.
Sir,—l am instructed by the directors to inform you
that, owing to the uou-receipt of expected remittances,
and the concurrent failure of parties indebted to the bank,
though against securities believed to be good, but which at
the present time are not realisable, they have not been
able to meet their acceptances ; but the board cre now
endeavouring to make an arrangement for the necessary
accommodation until some more permanent arrangements
can be made. A meeting of tke shareholders will be held
on Tuesday next, the nut inst., at twelve o'clock at noon,
at the London Tavern, Bishopsgate-street, London, when
your attendance is requests .—I am, sir. your obedient
servant, PERCIVAL REED, Secretary.
The circular issued by the secretary of this bank
to the holders of the returned acceptances states
as under :
I am instructed by the directors to inform you that they
are using their best exertions to make satisfactory
anujecis
ments with regard to their outstanding acceptances, which
they have every reason to believe will be carried out, and
in the meantime the directors rely with confidence on
our
fooardrbearance for one week only. A balance-sheet is
• made out, but I may state from the account before
the to-day, the acts exceed the liabilities by over

ki,o6or.
It appears that, apart from those to the share-
holders, the total liabilities of this undertaking do
not exceed 210,0001., while the assets are estimated
at 297,0001.
A friendly petition has been presented in the
Oriental Commercial Bank matter, with the view
of protecting the assets pending the arrangements
which, it is now understood, will be carried out for
carrying on the business without any stoppage.
The directors of the General Estates Company
(Limited) have made a call of 21. per share, payable
at the National Bank.
A special meeting of the South Eastern Railway
Company is called for the 30th inst., to consider
two bills now before parliament, one of which is
for making a railway from Maidstone to Ashford.
A general meeting of the Malta and Mediterra-
nean Gas Company (Limited) will be held on the
2nd of June, when a dividend will be recom-
I mended.

A. special meeting of the East London Railway
Company is called for the 30th Wel, to approve
two bills now pending in
A special meeting of the Highgate,
and London Railway Company is called ed for the
31st inst., to consider a bill now before parliament,
authorising the company to extend their railway to

Barnet. - _ -
The general meeting of the Madras Irrigation and.
Canal Company, convened for the 30th inst., is to.
be adjourned till the 7th of June, and will be made
extraordinary, " for the purpose of taking into
consideration certain proposals made by the Secre-
tary of State in Council, for advancing to the com-
pany a loan on debentures, or a sale of the works
of the company upon specified terms to be then
explained.
An extraordinary general meeting of the Millwall
Freehold Land and Docks Company is called for
the 7th of June, to confirm an application to par-
liament " for an act to amend the Millwall Canal
Wharves and Graving Docks Act, 1864, and to
enable the company to raise additional capital for
the purposes of their undertaking by the creation
of new shares with or without a guaranteed or pre-
ference dividend or other rights or privileges
attached thereto, and by borrowing on niortgage,
or by any of such means, or by such other means
as shall be provided by the intended act."
A general meeting of the Calcutta and South
Eastern Railway Company will take place on the
L 31st inst.

The directors of the London and North-Western
Railway Company have resolved to allot to their
proprietors, rateably, at par, additional ordinary
stock, equal in amount to about 5 per cent. on the
ordinary capital. The allotments will be made to
the proprietors registered on the 19th May, 1866,
and will be in the form of ordinary stock, to be
fully paid up on the 30th June, 1866, and will
carry ordinary dividend from that date.
The following, on the market for American seco-
rates, is from Messrs. Satterthwaite and Co.'s
circular :
There has been some recovery In the prices of American
securities from the extreme quotations of this day week,
though transactions in them have been on a comparatively
limited scale. United States 5.20 Bonds are last quoted
051 to being one per cent. higher than reported in our
last. Central close steady at 77 to 1 ; but Erie!
are Nut at 441 to 454. Virginia Sixes have recovered to 44
to 41;.

We talcs from Tearer? Circular the following
comparison of the state of the Bank accounts, and
the price of Consols in each of the three panics that
have happened since the passing of the act of 1844:
Notes in Rate of Price of
Bank Bullion. Reserve. Discount. Consuls.
Panic of 1847... 8,408.750 1,176,740 8 per ct. 7 •
Do. 1857... 6,4144096 937,710 10 per ct.
Du. 181ka.. 12,323,iv0.5 730,830 10 per ct.
Subjoined is a comparison of the present position
of the Bark of England, and the price of Consuls
with the currespcniding date of last year.
At present. Samedatelaat year.
Bank coin u:1 bullion 1:12,323,805 £ll,ot
ltank resx.7ve of notes 730,830 ...
Notes in circulation 26,120,9;15 21,307.00 D
Rate of discount
Price of Consols
The annexed is from the wine circular issued this
day by Mr. F. \V. Cosens :
Within the list few days, consequent upon the unsettled
state of the money market, and the failure of a large
dealer, the trade in wines and spirits has been at a stand-
still--previously the demand had been good, the legitimate
wants of the dealers causingasteady and constant dnunuptia
our bonded stoAts. The generally sound state of the wine
and spirit tr.:etc throughout the country leads to the infer-
ence that dr :tiers are nowhere overstocked, and with the
piesciit c..a,uniption of wine, which appears annually
to increase, the rate of importation dues little snore
tlmn feed the actual requirements of the trade—
the saute c.ution actuating shipper, importer, and
consundirr dealer. I'rices remain steady. Sherry.- -
The export from Cadiz to all yarta for the month
of April has Leen unusually large-4,01 butts. The ship-
ments have ',Ali considerable to Russia and the northern
ports. the Ciiited States. and l'anailu. Since the official
lists were published holders at Jerez and Puerto have in-
crewied their pretensions for good sound wines aviiilable fur
immediate shipment. Shuuld the present vintage promise
a good yield. prices will probably remain as at present, but
should the weather prove adverse to the favourable develop-
ment of the graiie, dealers must be prepared fur greater
firmness, if not higher prices. Since the Civiale, in March
List, no din et shipments to any of the Australian ports
are ail, i.e.'. Poet. - The latest advices to hand from
Oporto s1C'.ak of a good steady demand for wine of all
qualities. Many of the wines of 1.44 and 1865 are ro-
gressing favourably, and will be available shortly fur ship-
ment at ni..slr.ite prices.

SATURDAY EVENING.

Consols, which closed yesterday at 861 to 1, ex
div., for the 11th of June, opened this morning at
86 to 4, and closed at 851 to
di 1. For money the last
price was 861 to 871, with v. The official busi-
ness report is as follows :—Three per Cent. Consuls,
fur money, 874, 1,1, 7 ; ditto, for account,
86/, 51 ; Three per Cents. Reduced, 851, 4;
New Three per Cents., 851, 1,1, ; Bank Stoc,
2421 ; India Stock, 210 ; ditto Five per Cent.,
10514414
The India Five per Cent. stock was again in
demand, and advanced. Exchequer Bills were
unaltered, the March being quoted 20s. to Ills.
dis., and the June, 10s. to 38. dos.
The foreign stock market was depressed, and
the speculative descriptions underwent an almost
general fall. Spanish Passive Bonds declined If
per cent.; Egyptian (Railway Debentures), Mexi-
can (Old), Moorish, Turkish of 1862, Brazilian
(Old, 1865, and scrip), Russian, and Venezuelan
Bonds, 1 ; Turkish of 1865, 1; Mexican of 1864, 1
Italian of 1861 and Spanish Certificates, 1 ; and
Greek, 1. On the other hand, Turkish et 1863,
according to the official list, rose 41 per cent., and
Portuguese, 1.
Bank shares were heavy, and prices gave way,
owing chiefly to the stoppage of the European
Bank. &.uth Australian declined 3'. 10s. ; Agra,
3L ; Alliance and Oriental Commercial, 2/. ;
Eastern Exchange, Imperial, London and Vene-
zuela, Merchant, and Metropolitan and Provincial,
1/. ; Angio-Egyptian and English and Swedish,
10s. ; and Imperial Ottoman, bs. ; Brazilian and
Portuguese, however, rose 10s. Alliance left off at
kg to 91 dis. ; Anglo-Austrian, at 11 to 01 dis. ;
atia Imperial Ottoman, at to 1 dia.
The shares of the financial companies were heavy,
and all gave way, with the exception of Imperial
Mercantile, which were a trifle firmer. London
Financial declined 11., Credit Foncier and Mobilier
12s. 641., General Credit 7s. 6d. to 10s., and Inter-
national Financial ss. Prices were last quoted as
follows :—lnternational Financial, 2 to 11 din. ;
General Credit, 31 to 21 die. ; London Finan-
cial, 14 to 13 die. ; Imperial Mercantile Credit,
10 to 9 dis. ; Credit Fonder and Mobilier, 31 to
3 dis.
National Discount shares were last quoted 6 to
7 prem., showing a decline of 10s. ; Overend, Gur-
ney, and Co., 18 to 16 dis. ; and Hudson's Bay,
151 to 1. The only alteration in miscellaneous
shares was a reduction in City Offices and Marine
Investment.
The dealings in Colonial Government debentures
I were unimportant, but a decline of 2 per cent. oc-
curred in New Zealand Five per Cents.
' United States 5.20 Bonds fell 1 per oent. ; DB-
' nois Central Railway shares, 1 ; and IRrie,l. Prices
closed as follows :-6-20 Bonds, 651 to ; Erie
Railway shares, 441 to 45 ; Illinois Central, 764
I to 771.

MINES.-(THIS DAY.)

Oirs O'CLOCL.

The dealings in the mining market continue
upon a very restricted scale, but there is some
inquiry for shares in the following mines,
at the prices given, viz. : —Prince of Wales, Gs.
to Bs. ; Clifford Amalgamated, 81 to i ; Great
Vor, 16 to 4 ; Chiverton Moor, & to 6 ; West
Chiverton, 69 to 70, ex div. ; and Wheal &tot),
195 to 200.
The directors of the St. John del Rey Mining
Company (Limited) have received per Navarre the
following report, dated Morro Velho, April 17
" Produce for March, 57,821 oitavas ; cost for
ditto, 11,4771.; profit for ditto, 10,8141. Produce
10 days of April, 16,490 oitavas ; yield, 9.952
oitavas per ton."
A petition for the winding-up of the Reese River
Silver Mining Company (Limited) is to be heard
before the Master of the Rolls on the 28th inst.

Al 4
THE EXPPT" NT

Music.

'RESS, MONDA

It

Sparttng intelligence.
THE LATE EPSOM SUMMER MEETING.

TO TEM IDITON OF THE ZIPILIBII.
Sri,—Rumours of war abroad, heavy rrommer-
cial failures at home, and—worse than all for the time
being—a threatening morning, could not alter the "old,
old story " of the Derby-day, which told us that the
company, as last year, and the year before that, and that,
was more numerous than ever. The increase of popula-
tion, honey or otherwise, of course assists in bringing
about this consummation ; still, the facilities for reaching
Epsom by rail have improved so much lately, and the
business is worked so perfectly—almost as perfectly as
to make amends for the extortionate demand of treble
fare made for the occasion—that Mr. Dorling has to
thank the railway authorities for many a thousand extra
that visit the Downs and bring4t to his milL There
was, at the same time, a great f • off in the attendance
of carriage folk, but which is easily accounted for, the
ruffianismof the road having driven hundreds and hun-
dreds into the nets of the rival companies, whilst owing to
the tightness of money many orders to job masters were
countermanded, as one " money-minder" after another
stopped payment during the preceding few days. The
foreign element, so conspicuous last year, was "nowhere,"
not a solitary French horse starting to bring them out,
though Count F. de Lagrange was represented by his Eng-
lish-bred Plutus, who had but a 1,0110 to 5 chance at the
finish ; but the race was none the worse for this, the front
presented by the invincible Lord Lyon, and the confidence
of the Rustic party, failing to stall off a couple of dozen
of their opponents. These, however, were a somewhat
motley crew, such as liarefiald, Plutns, Freedom. Stabber,
Janitor, Robin Hood, Hidalgo, Duke of York, and
the Czar being quite out of their element, as be-
trayed by their previous performances this season ; whilst
of the dark 'hiatus, Stabber, Knapksack, and Savernake
(the Bribery colt), all but the last named were " safe" for
such a contest. Of the others, Monarch of the Glen did
not like the hard ground, the Toxophilite colt proved to
have grossly deceived the talented people who tried him ;
Strathconan and Veapesian did not appear to like the dis-
tance; neither Westwick nor Abergeldie were sufficiently
" furnished," nor Laneret trained enough, to win a
Derby. Redan, Blue Riband, the Corsair, and Sealskin
running but second raters only, the fight for the three
places was reduced a long way from home to Lord Lyon,
Savernake, Rustic, and Knight of the Crescent. How the
dark horse was very nearly vanquishing the invincible
one, and the mighty men of Danbury saw their vaunted
Rustic run • " soft brute" when he faced the hill, are
stale matters now, having been discussed till they are posi-
tively sickening ; what with the doubt expressed whe-
ther French came too soon or too late, or rode
too hard or too easy, and how far Custance would
have won if his arm had been perfectly free. It was cer-
tainly an extraordinary phase in the history of the winning
jockey, to break his collar-bone only five weeks ago, and
win the richest of Derbies on the post ; and he full
deserved the ovation given to him on returning to weigh
in. A disappointment to Savernake at Tattenham-corner
might have just done him out of the prize ; but otherwise
his backers have every reason to be satisfied, for French
got all that was possible out of him, and when the two
meet again for the St. Leger it will be a near thing again—
all straight—though he will like the course better than
the young Paradigm. Rustic will also like the flat better
than the Epsom hill' ; nevertheless the position he occu-
pied—only a length before the Knight of the Crescent—
gives further proof to that furnished at Chester, that cer-
tain of the Danbury horses, no matter how good favourites
they may be, are not particularly worth following in great
races, and the tricks played for the Oaks with Repulse,
who was kept in until it was impossible another guinea
could be got out of her, the operators having driven her
from 2 to 1 to 100 to 1 before she was scratched, is another
reason why they should be shunned. In Repulse's absence
it was a very " good thing" fur Tormenter, as Ischia is
evidently not so good at mile-and-a-half courses as she
was over a T.Y.C. when two years old, and the remainder
were but an indifferent lot, with the exception of Elfeta
(amiss), and Mirella and Lady Vane, who had improved
so much since last they were seen in public as to run
second and fourth. Tormenter, however, won very
cleverly, thus doing me a better turn than Lord Lyon did
in the Derby, for she brought off the second of • " double-
event," and allowed me the distinguished honour of
having in good time foretold the winners of both tho
Derby and Oaks. Tormenter will have an engagement or
two at Ascot, but is in none of the future great events
either at home or abroad, the best of the English
champions that may visit Paris on Monday next for
the Grand Prize consisting of Monarch of the Glen,
Mazeppa, I3ertie, Magician, La Dauphine Lochiel, The
Primate, Apsley, and a few of J. Day's. The value of the
stake is good enough to tempt anything ; and as I take
Ceylon to be the best of the string belonging to the Duke
of Beaufort, who is not likely to keep him in the stable
even supposing he is made a favourite, he should beat all
the Frenchmen—and win, if he can beat the Monarch of
the Glen.

Beyond the two great races nothing very exciting came
off at Epsom, Lord Lyon's sister, Achievement, having
little to du to beat the fractious Hermit for the Wood- '
cote ; whilst the handicaps were little more than
" instruments of gaming," and would have passed off
without remark, but that one of them, it was
said, went to a horse not " wanted." There
was an occasional " tack up" during the four days to ease
the settling over the Derby, which is expected, however,
to be anything but a good one, the " books" being so had
generally that thousands and thousands were lost by the
layers before they went to Epsom. In some cases " serve
'em right" must be the verdict, for many difficulties arose
mainly through the anxiety to "pepper" supposed safe
horses, one of which, the Bribery colt, would have admin-
istered a dreadful blow, had he won, to two or three
individuals, who were led to believe he was defunct by
the " flash betting" that took place between the very
parties that were standing him. When he ran so well,
people began to recall how other " good things"
in the same stable Pintail for the last Cam-
bridgeshire, St. Albans for his St. Leger, &c., Pte.—
had been knocked about before they came right,
and the Marquis of Ailesbury roust have been
rather astonished to see his pet colt made the tool for such
" shaming " as certain followers of the stable played with
him, after his third trial—one too many, some think—in
which he gave two stone to Staghound and 181 b. to Pin-
tail. He has some nice little stakes waiting for him at
Ascot—one, the Prince of Wales's Stakes, being worth
over 4,0008., and it is to be hoped he will get on all right
for the St. Leger, which will be a great race in the event
of the three placed horses fur the Derby being " well
on the (lay."
The current week will he kept as a sort of holiday by
the professionals, the meetings to come off being mainly
for the amusement of holiday-makers not ' honey.
i The inhabitants of the metropolis have West Drayton and
Wye to visit,and the cottonopolitans,Manehester. But I can
see nothing in the programmes worth venturing an opinion
upon.—l am, &c., METEOR.