The Express.
London, England, 1867-03-21 00:00:00

MONEY MARKET.-(THIS DAY.)

UNI OVLOCI.

The amount of business in public securities to-
day is exceedingly small, and prices exhibit few
changes. The transactions are chiefly confined to
the dealers, and consist, to a great extent, of
operations by telegram between one market and
another, the difference in price affording in many
cases a good profit. The increased demand for the
government bills on India, and the consequent
prospect of larger shipments of silver from
this country, are regarded as unfavourable
features ; but the few sales recorded have
proved insufficient to have any appreciable effect
upon quotations. Consols are steady, while a few
of the home railway stocks have given way.
Great Western, however, is inquired for, it being
again stated that this company has obtained funds
to pay the interest in cash on their preference
stocks. Foreign bonds remain inactive.
The demand for money is moderate, but it is
thought that the inquiry will increase later in the
day. The directors of the Bank of England
have made no change in the rate of dia-
-1 count, and it is probable that no alteration
will be announced at present. After the paymunt
of the dividends on the 9th of April, a reduction
from 3 to 21i per cent. may be reported, especially
if the influx of gold to the Bank continues upon a
somewhat extensive scale, as is anticipated. The
charge for the best bills is still 21 to I per cent.
The quotation for short loans in the Stock Ex-
change is firm, at 2i to 3 per cent.
Consols are now quoted 91 to ft for money,
and 91} to for the 10th of April, and the Three
per Cents. Reduced and New Three per Cents.,
891 ex div.
The government broker has bought to-day
34,0001. Three per Cents. Reduced, at 89i, ex div.
Foreign stocks are still neglected. The varia-
tions comprise a rise of fi per cent. in Turkish of
1865 and Russian scrip, and a reduction off. in
Greek. Turkish of 1865 are quoted 30i to ;
Greek, 15?, to ; Spanish Passive, 22} to j ;
ditto Certificates, 14} to ; Italian of 1861,
53i to ; Mexican, 171 to 18 ; Russian Scrip, 2i
to prem.; Chilian Scrip, l to 1?, dia. ; and Danu-
bian Scrip, to 1 dis.

American securities have declined. The 5-20
Bonds and Illinois Central Railway shares have
receded per cent., and Erie #. The present quo-
tations are as follows :—The 5-20 Bonds, 741 to ;
Erie Railway shares, 39i to 40 ; and Illinois Cen-
tral, 783 to
Anglo-American Telegraph shares are steady, at
151 to 16 ; and Atlantic Telegraph Eight per
Cent. Preference, at 3ft to ft.
International Financial shares we quoted
21 to # dis. ; London Financial, 18} to I7i dis. ;
General Credit, 3to 21 dis. ; Credit Foncier,
6 3-16 to 1.-16 du. ; National Discount, 71 to 8
prem. ; and Hudson's Bay, 161 to ft.

The directors of the lonian Bank have declared
a dividend for the half year ending 31st December
last, at the rate of 6 per cent. per annum, in addi-
tion to a bonus at the rate of 4 per cent. per annum,
together 10 per cent., payable on the 10th April
next.

The second annual meeting of the Rio de Janeiro
Gas Company is called for the 29th inst., " To re-
ceive and confirm the directors' report and balance-
sheet for tho year ending the 31st December last,
and to declare a dividend."

An instalment of 10 per cent. fell due yesterday
on the last Danubian loan.

A meeting of the bondholders of the Seven per
Cent. Confederate Cotton Loan was held yesterday.
The report of the committee, detailing the mea-
sures which they had deemed it expedient to take
for the protection of the bondholders' interests, was
read. The committee stated that, from the
opinions obtained from eminent counsel, they "had
no doubt whatever that if proper steps were imme-
diately resorted to, all the property of the late
Confederate States in England, which is now
sought to be recovered by the United States
government, will be held by the Court of Chancery,
to be charged with the payment of the debt dile
to the bondholders, in which event the bonds,
which of late have been as low as 61. per 1001., with
two years' overdue interest, would be worth at
least ten times that amount." The report was
adopted, as was also a resolution authorising the
committee to issue notice of counter claims on be-
half of the bondholders in all cases in which the
United States government institute proceedings
for the recovery of the property of the Confede-
rate States in this country. It was further
agreed that a sum of 1-16th per cent. be charged
on each bond, to meet the expenditure incurred by
the committee, and that the Stock Exchange be
recommended to deal in no bonds which did not
bear the stamp of the committee, showing that
this amount had been paid. A further resolution
was passed, declaring it a violation of international
law, and fatal to the honour and financial credit
of the United States, to arrive at any decision pre-
judicial to the rights of the bondholders.
No transactions in bullion were reported at the
Bank yesterday. Since the last return 130,0001.
has been sent in from abroad, and 17,0001. with-
drawn for export.
The Mexican dollars by the French steamer were
sold yesterday at 4s. 11 d. per ounce, showing no
change.
The bidding' for 30.00.000 Ra. in bills on India
took place yesterday at the Bank of England. The
amounts allotted were :—ToCalcutta,l9.6o.ooo Ra. ;
to Madras, 40000 Rs.; and to Bombay,lo.oo.oooßa.
The minimum price was fixed at Is. I Id. per rupee
on all the Presidencies. Tenders on Calcutta and
Madras at Is. Hid. will receive about 54 per cent.,
and on Bombay at Is. 110., about 11 per cent.
Those above these prices will receive in full. It
appears that the government have not persisted in
the prohibitory advance of 2 to 3 per cent. in the
rates which they fixed on the last occasion, but,
on the other hand, the demand for the bills has in-
creased so much that merchants have been found
willing to pay an advance of 4 to 2 per cent. over
the rates current a month ago, and even at these
enhanced terms many of the applications have been
only partially complied with. Altogether there is
evidence of a sensible increase in the demand fur
the means of remittance to India.
Messrs. W. Turquand and R. P. Harding, the
liquidators of Overend, Gurney, and Co.(Limited),
have intimated that the further dividend of 2s. in the
pound just declared by Vice-Chancellor Matins will
be payable to the creditors on the 25th, 26th, and
27th inst.
A fourth dividend of 2s. in the pound is to be
payable to the creditors of the London and Eastern
Banking Corporation on the 27th inst.
In the Court of Chancery yesterday there were
some proceedings before Mr. Church, the chief clerk
to the Master of the Rolls, in connexion with a re-
newed application to stay the call of 401. on the
shares of Banned'' Banking Company, which is
now ordered to be paid by the lit proximo. After
some discussion, the chief clerk specially appointed
a sitting for the hearing of the application.
The London and North Western Railway traffic
return shows this week an increase of 1,1371., com-
pared with the corresponding period of 1866 ; the
Midland, a decrease of 1,437/. ; the Great Eastern,
a decrease of 3211. ; the Great Northern, an in-
crease of 255/. ; and the London and South
Western, a decrease of 1,0161.
The Grand Trunk of Canada Railway traffic return
for the week ending Feb. 23 shows an increase of
1,0411. ; and the Great Western, for the week end-
ing March 1, an increase of 6011.
The Great Luxembourg Railway Company have
declared &dividend of 6s. per share for the half-
year
At a general court of the London Assurance Cor-