The Express.
London, England, 1866-11-26 00:00:00

'HIS DAY.)

93

....
911

Mil
99

NT

la!}

14i 15

80 781

Ows o'CLuce.
Very few dealings have been recorded to-day in
public securities, and prices generally are =-
change d . The tendency is rather dull, it being
rumoured that the government are about to des-
patch a large number of troops to Ireland,
owing to the serious character of the official
news from Dublin with regard to tho designs
of the Fenians. Consols are flat, at the closing
prices of Saturday, although it is stated that a
considerable amount of stock has been bought on
account of the Bank of England. It is believed
that these operations will be continued, the re-
sources of that establishment being very large.
Foreign bonds and English railway stocks present
no variation, with the exception of a decline in
Caledonian and Great Northern A.
The demand for money has increased to-day,
owing chiefly to the arrival at maturity of a large
amount of Indian and China paper. The inquiry
generally, however, is not active, and good bills
are still taken at a fraction below the Bank rate.
The charge in the Stock Exchange for loans from
day to day on English Government Securities, is
3 to 31 per cent.
Consols are now quoted 891 to 90, cum div., for
money, and 881 to 1, ex div., for the account (6th
December).
The foreign stock market is inactive, with few
dealings, and the speculative descriptions aro
unaltered. The scrip of the Russian loan
is quoted 11 to 11 pram, showing no change.
Turkish Bonds of 1862 are quoted 58. to 591 ; ditto,
1865, 331 to 1; Greek, 131 to 141 ; Spanish
Passive, 205 to 4; ditto Certificates, 135 to 1 ;
Italian of 1861, 55 to ; Mexican, 13} to 4.
United States 5-20 Bonds are steady, at 701 to
1 ; Illinois Central Railway shares have improved
1 per cent, viz., to 771 to 781. Erie, however,
have declined 4, being quoted 474 to 481.
Anglo-American Telegraph and Atlantic Tele-
graph Eight per Cent. Preference shares are with-
out movement, at 141 to 151 and 31 to 41, respec-

tively.
International Financial shares are quoted 2l-
to 2 dis. ; London Financial, 161 to 151 diss;
General Credit, 2 to 11 dis. ; Credit Fonder,
51 to 5 dia. ; National Discount, 91 to 1 prem. ;
and Hudson's Bay, 161 to 17.
Holders of the United States 5-20 Bonds are con-
firmed iu their confidence by the steadfast attention
which is given by the United States government to
the reduction of its debt. Of the total of, say
553,000,0001., existing in January last, about
43,000,000/. has been extinguished since that
date. If we put the whole income of the
United States government at 118,000,0001., it
will be seen that about three-eighths of that large
sum is uow being applied to the reduction of the
debt, the entire extinction of which would be
effected in about ten years wore this ratio to be
maintained.
The public seem to be transacting very little
business in home railway stocks at present. It
is a negative kind of satisfaction to infer from the
absence of bond fide sales that there is no disposition
to take alarm and sacrifice property, but any
general demand cannot be looked for until the
questions affecting railway finance in its broadest
aspect shall have been solved. These questions
are indeed of vital importance. Some companies
are proved to have made over-issues of debentures
—a proceeding which may inflict as much loss upon
innocent holders as the frauds of a ltedpath or a
i Pullinger. Other oompanics put out debentures
upon which, as they practically know at the time of
issue, they will be unable to meet the interest
charges ; in fact, to use the phrase of the bankruptcy
courts; they contract debts without having any
reasonable prospect of being able to pay them.
Abuses like these strike at the very root of confi-
dence in railway property, and have produced so
wide-spread a feeling of doubt, if not of absolute
distrust, that it is questionable whether the re-
newal of debentures at the turn of the year may
not be attended with unusual difficulty. And here
the unsoundness of the whole system of railway
finance, as expressed in the existence of a huge
unfunded debt, is brought painfully home to us.
This is a form of indebtedness which is being
almost universally eschewed even by the greatest
governments of the world, so general is the percep-
tion of its unsoundness and danger. Why, then,
should our railway companies persist in a system
go likely to plunge them into chronic difficulty.
Whether they will be able to extricate them-
selves from the threatened embarrassments
without the direct assistance of the
state may admit of question. Meanwhile,
it is re-assuring to know that tho tittenti,n ( f
government is fixed upon the subject. Let us hope
that it will be treated from a broad point of dew,
and that, instead of a bad system being tinkered
and patched up, an effectual and permanent remedy
1 will be devised.
The gold operations at the Bank on Saturday
comprised the purchase of 18,0001., and the with-
drawal of 5,000/. for Egypt.
The Australasia, from Now York, has brought
32,0001. in specie.
The amount of government bills on India, for
which tenders will be received at the Bank of Eng-
land on the sth December, will be rupees 35,00,000
(330,000/. ).
The dividend to be recommended at the annual
meeting of the shareholders of the Peninsular and
Oriental Steam Navigation Company on the 6th
proximo is 3 per cent. for the half year and
21 per cent. from the proprietors' underwriting
account, making, with 3i paid in June last, 9 per
Id cent. for the financial year.
A special general meeting of the Grand Trunk
Railway of Canada is called for the 28th December,
" for the purpose of accepting the act passed in
the last session of the parliament of the Province
of Canada, and entitled 'An act to legalise and
confirm an agreement made between the Grand
Trunk Railway Company of Canada and the
Buffalo and Lake Huron Railway Company.' "
An extraordinary general meeting of the share-
holders of the Lodon Bank of land (Limited)
is called for thenlst December, to Scot
receive a report
from the liquidators.
The prospectus of the Nicaragua Railway Com-
pany (Limited) has been issued. The object is to
open a transit route between the Atlantic and
Pacific Oceans, through Nicaragua, as projected by
Captain Bedford Pim.
The half-yearly meeting of the Ceylon Company
(Limited) is called for the 18th December, to declare
an interim dividend.
The directors of Hewett and Co. (Limited) have
made a fifth call of 21. 10s. per share, payable by
the 22nd December.
Formal notice is given that a petition for the
winding up of Gale's Protected Gunpowder Com-
pany (Limited) is to be heard before the Master of
the Rolls on the Bth December.
Vice-Chancellor Stuart has fixed the 3rd Dec.
to confirm the appointment of an official liqni-
dater of the Colonial and General Gas Company

(Limited).
A general meeting of the Bahia Steam Naviga-
tion Company is called for the sth December.
Creditors of the London Monetary Company
(Limited) are required to send the particulars of
their claims to the liquidators by the Lt February.

SATCLDAT EVENING.
COIIIIOI2, which closed yesterday at 66ii to f, ex
div., for the 6th December, opened and closed- to-
day at the same quotation. For money the last