The Express.
London, England, 1866-08-28 00:00:00

10 11
I_ i.

MONEY IL

The extremely favourable tendency of the
discount market, and the arrival of a further
sum of nearly 300,000/. in specie, have im-
parted additional firmness to the quotations for
public securities. The funds continue in request,
and have attained a fresh rise of per cent. Foreign
stocks and British railways are likewise in de_
mand, the chief upward movement in the latter
being in South Eastern and Great Eastern. The
advance in these two lines has been principally
caused by large purchases to cover pre-
vious speculative sales for a fall. A fair
amount of business has been transacted
in Bank shares at improved prices in several camas.
There is still, however, very little inquiry for
financial descriptions. The fortnightly settlement
will commence to-morrow and conclude on Friday.
The discount market is quiet to-day, with very

few transactions. The quotation for good bills is
51 to 6 per cent., being 1 to If below the charge at '
the Bank of England. The opinion is therefore
general that the official minimum will be rednoed
on Thursday to 6 per cent.
Consols are now quoted 89k to I for money
' and 891 to for the account (September 6).
Italian Bonds of 1861 are in active demand,
and have risen per cent. Brasilian scrip has
also improved;, and Spanish Passive, The
general tendency of this department is decidedly

favourable. 'kurkish Bonds of 1862 are
quoted 50 to 51 ; ditto of 1865, 241 to 25 ; Greek,
13 to 1 ; Spanish Passive, 201 to 21 ; ditto Certi-
ficates, 15 to 1 ; Italian of 1861, foiir to 66 ;
Brazilian scrip, 2 to 11 dis. ; and Mexican, 151
to 16.

Illinois Central Railway shares have improved I
per cent., viz., to 74 to 79, while Erie have de-
= caned to the like extent, being now quoted 45 to
}. 5-20 Bonds are unchanged, at 72 to 1.
Anglo- American Telegraph and Atlantic Telegraph
= shares are steady, at nto and 31 to respec-
tively. _ _

The Shannon has arrived from the West Indies
with 284,5001. in specie, and the Tarifa, from New
York, with 10,0001.
International Financial shares are quoted If to
dis. ; London Financial, 13} to 13 dis. ;
general Credit, 2 to 11 dia. ; Credit Fonder,
31 to 3/ dis. ; and National Discount,
prem.
Of the 747,000/. in gold from Australia and
India by the steamers Nyanza and Delta, about
410,000/. was sent into the Bank yesterday, viz.,
145,0001. in barsand 265,000 sovereigns. The total
purchased by the Bank since the date of the last
return is thus raised to 521,0001.
Telegrams received yesterdayaianounce the arrival
at Melbourne of the following ships from London,
viz. :—The Omar Pasha, Wave of Life, Racer, Star,
True Briton, and Lady Egidis ; also the steamer
Bombay, from Galle, with the English mail of
July 26.
The South Eastern Railway traffic return shows
this week a decrease of 7291. compared with the
corresponding period of 1865 ; and the London,
Brighton, and South Coast an increase of 4,026!.
A quarterly general court of the Equitable As-
surance Office is to held on the 6th September.
A meeting of the shareholders of the Eastern
Exchange Bank is called at Liverpool for the 4th
proximo.
With regard to the growing cotton crop in the
United States Messrs. Neill Brothers and Co. report
as under :

We have again to report a week of favourable weather
in all parts of the country, and great progress in the ma-
il_taring of the crop. The receipt of the first bale of new
cotton at New Orleans is announced on the 7th instant.
Although only a partial evidence of the general lateness or
earliness of the crop, we may mention that the first bale
was received at an earlier date in only eight out of the
ad previous sixteen years. In the remaining eight years it
was received in one instance (1880) on the same day, and
en • later date in all the reirt. We have also advice of the
first bale of new cotton being. received at Macon on the
4th instant, from a plantation in South West Georgia, the
richest part of the State. We cannot infer from this that
the whole crop is matured and ready for picking, but it is
evidence of great progrefsin growth in the pasttwo months,
and, to that extent, an important fact.
Annexed is the circular of Messrs. R. Gibbs and
Co. respecting the tea trade :
The chief feature of the fortnight has been the arrival of
the steamship Erl King, with the first new teas, round the
Cape. After a fast voyage of 78 days, she arrived safely
in the river, on the 22nd current ; samples of the bulk of
the cargo have been placed on the market, and among
them are some parcels of fine tea, but from the fact of the
trade still holding some of the late season's stock, they do
not readily find buyers. Sales reported are chiefly for
prices, say at from 2s. to 2s. 3d., while buyers show as
indisposition to make a price for the finer grades. Several
parcels of Oolong have been sold from 2s. 3d. to 2a. bd.,
the assortment to hand being of good quality, and our
market previously bars of fine descriptions. A large series
of public sales terminated yesterder; these comprised
some 28,000 packages, of which 27,000 were sold without
referee. Prices show but slight alteration on previous
quotations : common black leaf teas, of which the bulk of
the sales consisted, showed some decline at the commence-
ment, but with the further reduction in the Bank rate, •
better disposition was manifested. Green teas are still in
favour, and bring full rases, more particularly fine Moyune
imperials and young hysons, suitable for shipping purposes.
The Calcutta Price Current of the 20th July indi-
cates • satisfactory change in the position of mo-
b notary and commercial affairs in Bengal.
The following on the state of the money market
is from Travers Circular :
The limited demand existing for money, notwithstand-
ing two successive redactions of the Bank rate of dia.
count—in the first instance, from 10 to 8 per cent., and
again this week, from 8 to 7 per cent.—coupled with the
large importations of gold from Australia and Americe,
manifestly point to a further reduction. The heavier ar-
rivals of gold since the abandonment of the 10 per cent.
rate seem either to show that the high charge repelled
supplies (as they have come in more rapidly since the
reduction) or that the arrivals are accidental and irrespec-
tive of the rate of discount. On both suppositions the
high Bank minimum was worse than =clam, as it did not
attain its object ; on the first supposition, it did harm by
keeping money away ; in the second case, while it
did not attract money. it injured commerce by de-
ry atroying confidence. In the same way the notes that were
hoarded began to return to the Bank directly the rate
was {owned. In none of these cases can the effects of the
present• organisation of credit in England and of the fixed
a price of gold be praised. So far as we can judge from the
existing aspect of affairs there is nothinghat is likely to
exert any prejudicial effect on the state of trade. which,
relieved from the intolerable pressure put upon it during
the lest three months, bids fur once more to resume and
extend its former position. The prospects of the harvest
are favourable ; and the renewal of peace on the continent
does not seem likely to be again disturbed for some time to
come. On all grounds, then, it would seem that our
moo
fora continuance of the present ease in the money rket
rest on a tolerably sure, basis ; and before the passi-
bility of the recurrence of such a crisis as that through
which the commercial world has just passed, it to
be hoped that the whole question of our present
system of banking will undergo a complete discasion.
It has already been taken up by some a
on our recognised
authorities finance matters at the meeting of tbe British
Association ; end this will pave the way for a dill more
exhaustive investigation on the re-assemblina of the houses.
Rub' • is a comparison of the present position of the
and the price of Consols, compared with the corre-
sponding date of last year:
At present. Same date last year.
Bank bulten .......... X14.77tD50 .... L14,12yii6
Beak reserve ...... A 508.620 ...• 44414,650
Foie. in einAisuos.... kcia2,lls ..•. 21.7741,125
Rate of discount ...... 7 per Lent. .• • . 6 per cent.
mbels ...... Ittf •• • • 8101.
Price of U
MONDAY Evziorro.
Consols, which closed on Saturday at 884 to 89 I
for the 6th of September, opened this morning at
the same quotation, and left off at 89
to 1.
For money the hurt price was 89 tel. The official
bonnutessia,
frgoiritonty,ased;olo, follows
;:—diTtrresatn,
forperanvOnnentt,
99/, k ; Three per Cents. Reduced, 881, 8, 1 ;
New Thr per Cents., 881, 8,1, 1 ; India Five
per Cent. Stock, 103/0 4 ; ditto Four per Cent.
Debentures, 101.
The Indian Five per Cents. were inquired for,
and improved 1 per cent., the last price being 194
i
to /. The March Exchequer Bills cloeed at ss. do
to afnordeithe June
gn at tat. disn.atos 3:. prem.,
and
an almost general advance took place in prioes.