The Express.
London, England, 1859-07-14 00:00:00

REDUCTION IN THE BANK RATE OF

DISCOUNT.

Two o'CLoCY.
The directors of the Bank of England have this
day reduced the minimum rate of discount from 3 to
21 per cent.
The funds exhibit dulness. The opening quotation
of Consols this morning war 3 per cent. below the
closing range of yesterday. A fresh decline et 1 per
cent. followed upon a sale of 120,000 i. New Three
per Cent. Stock, but the market has since returned
to the opening price.
The other departments of the Stock Exchange are
quieter to-day. The fortnightly settlement in
shares and foreign stocks engages chief attention.
Consols opened at 961 to t, fell to 961 to 1, and
are now quoted 961 tot both for money and the 9th
of August. Bank Stock has been dealt in
at 2201 to 222 ; the Three per Cents.
Reduced, at 95$ to 96 ; the New Three per
Cents., at 96$ to 96; India Stock, at 218
to 220; the Indian Four per Cent. Debentures
of lut year, at 951 to 1; India Bonds, at 2s.
to 75. dis. ; and Excheqaer Bills, at 28e. to 295.

pram.
Considerable activity continues to prevail in the
foreign stock market, and prices, in nearly all in-
stances, are supported at the late advance. The
old Turkish Six per Cents. have receded
I per cent., being now quoted 831 to mi. The new
loan remains steady at 72 to 73. Bales are re-
corded as follows : Brazilian Old Five per
Cents., for account, 104 ; ditto Four-and-a-Half per
Cents., 1852, 94; ditto Four-and-a-Half per Cents.,
1868, 94, 941; Dutch Two-and-a-Half per Ceuta.,
87, ex di,. (exchange, 125.) ; Equador New Con-
solidated Bonds, 151; Mexican Three per Cente.,l4,
191 ; ditto for account, 191 ; New Granada
Deferred Bonds, 61; Peruvian Four-and-a-Half per
Cents, for account, 92; ditto Three per Cents., 70},'
71; Portuguese Three per Ceuta, 1853, for ac-
count, 441, ex div. ; Russian Five per Cents.,
111 ; ditto Four-and-a-Half per Cents., 981,
ex div. ; Sardinian Five per Cents., for account,
86j; Spanish Three per Cents., 431, 44, 431,
44}, ex div.; Turkish Six per Cents., 1854, 83,
841 ; ditto, for account, 84;; ditto Six
per Cents., 1858, 731, 72; ditto, for account,
711, 72 ; Venezuela New Two-and-a-Half per
Cents., 29, ex di,. ; ditto New One per Cents.,lsl,
161, ex div.
It appears that the steamer Adelaide did not
all from Galway for Newfoundland until the 23rd
lief June, so that no anxiety need be felt for
her safety. Four guineas per cent. was paid yester-
day at Lloyds' to effect fresh insurances, but this
rate was quite exceptional.
An instalment of 25 per cent., leaving 26 per cent.
still to be paid, falls due on the Indian Loan on
Friday next ; but the payments in advance have
been very large.
The holders of the Austrian Loan, the issue of
which in February last was but very partially suc-
cessful, having appealed some weeks ago to the
Austrian government to relieve them from the obli-
gation of paying the remaining 40 per cent., an
answer has, it is stated, been received from Vienna
that their request shall be complied with provided
the Loan be admitted into the London Stock Ex-
change. An application in this sense from the
parties interested came before the committee of the
establishment yesterday, and was rejected, the com-
mittee apparently seeing no valid reason for the re-
vocation of their original decision, and probably re-
quiring additional information as to the amount of
the Loan issued here, and other points. It is under-
stood that the subscribers, under these circum-
stances, now remit their appeal back to Vienna. An
instalment of 20 per cent., leaving two of 10 per
cent. each still to be met, falls due on Friday next.
The increase of 498,8591. in the government MD-
rides in the last Bank return has attracted a good
deal of attention, and is presumed to have been occa-
sioned by an advance to government on Deficiency
Bills, in anticipation of the payment of the divi-
dends.
in bullion at the
Nothing of importance occurred
Bank yesterday. The steamer Yarborough has reached
the Thames from St. Petenburg,with 40,000!. in gold,
which has been purchased for exportation, in addi-
tion to the residue of Tuesday's supply. The Lucien
is expected in two or three days with a further sum
of 40,0001. in Russian half imperials.
Underwriters still require the insertion of the
" free of capture " clause in policies of insurance.
" War risks" must have formed a rather profitable
item to them, the war having so suddenly ter-
minated.
The fortnightly settlement in British railway
stocks commenced yesterday ("making-up day"), and
indicates that the rapid rise in prices has not yet oc-
casioned any material addition to the floating sup-
ply of stock. The rates of "continuation" in all in-
stances were light.
The Mediterranean Extension Telegraph Com-
pany have instructed Messrs. Glut, Elliot, and Co.
to manufacture a strong submarine cable of 80 miles
in length, with one wire, at • cost of 19,0001., foe
the service between Malts and Sicily. It will pro-
bably be tail in the first week of September.
The London and North Western Railway traffic
return shows this week an increase of 4,4761., the
London and South Western an increase of 1,2251., the
Great Northern a decrease of 7381., and the Great
Western an increase of 3,6341.
An auction of the foreign redeemable debt of
Spain is to take place at Madrid on the 29th inst.,
the sum assigned by the government being 375,003

The government of the Cape of Good Hope invite
tenders for six. per cent. debentures to the extent of
80.0001., redeemable at six months' notice.
The Great Indian Peninsula Railway Company
invite tenders for the completion of the works of the
Shore Ghant incline, situate 60 miles from Bombay,
at the end of the portion of the section of the South
Eastern line in the Concan, which is open for public

traffic.
Another petition—whether a serious one remains
to be seen—for the winding-up of the Metropolitan
Saloon Omnibus Company (limited) is expected to
be head in the Court of Bankruptcy on the 21st
instant.
Vice-Chanoellor Wood, who is charged with the
winding up of the Sheerssne Well or Waterworks
Company, propoue, on the 22nd instant, to make a
call of 181. per share on the contributories.
An extraordinary meeting of the European Gas
Company is called for the 27th inst., to confirm the
resolution adopted on the 29th ult., altering the deed
of settlement, and to authorise the registration of the
company with limited liability.
The position of the market for American railway
securities is thus noticed by Mr. E. F. Satterthwaite
We have had a good market for American Neuritis' in
London during the past week. The various States' Boasts
usually dealt in have been freely taken at late rates. In r
road securitie the chid demand has been for Illinois Cen-
tral shares and bonds; the former have advanced 6 per oent.,
the latter 2 per cent.
The silk market yesterday was very active, and
rather excited. In China descriptions a use of Is,
per lb. took place. The market for other descrip-
tions of produce retains the firmer appearance lately
noticed.
The effect of the peace news upon the indigo sale
is thus noticed in yesterday's report :
A marked improvement has taken place la the sale to-day,
°minimum upon the news d pleat. There was considerable
sehuatice, end prices titled from 3d. to 48. per lb. drams
an yesterday's ream sad in some mass even more. Dry leaf
actaee al.o rather better than yesterday. Impeded
show jamed firmness, and have win withdrawn truly.
1,441 chests passed to.day, of which 682 chests were with-
drawn, 180 Meets bought ill, and 679 do ate sold. Total
quantity passed 2,827 sheets, of which 1,226 have been sold.
The Menam huarrived from China with 834,0001 be.

of tea.
The Admiralty will receive tenders on the 16th
inst. for the conveyance of 182 tons of naval stores