The Express.
London, England, 1866-01-17 00:00:00

17, 1866.

&(OYEY MARE RT -(71116 DAY.)

ONE o'Cioct.
The stock markets are dull to-day, owing partly
to the introduction of the new Egyptian Railway
loan. Consols and British railways are steady, tut
foreign bonds show flatness, _ especially Spanish

Passive and Mexican. Banking and financial
shares are inactive, and mostly quoted the same as
yesterday. The high level of money continues to
check speculation iu every department of the Stock
Exchange.

The transactions in the discount market continue
moderate, and the rate for the best bills is still 7 to
71 per cent.
Consols are now quoted 861 to for money,

and 871 to for the account (February 8).
The scrip of the New Egyptian Loan is quoted
1 to 1 prem.
Foreign stocks are flat, and the general course of
prices is unfavourable. Spanish Passive and
Mexican Bonds have declined 1 percent. ; Turkish of
1865 and Spanish Certificates, 1; andßrazilian scrip, t.
Some of the present quotations are subjoined,
viz.: Greek, 131 to 1 ; Turkish Five per Cents.
of 1865, 39f; to 1, ex div. ; Spanish Passive, 251
to 26 ; ditto Certificates, 14 ton ; Confederate, 6
to 7 ; Brazilian scrip, to 1 prem. ; and Mexican,
21a to I, ex div.
American securities are steady. 5-20 Bonds are
now quoted 65 to 661 ; Erie Railway shares, 57. i
to ; and Illinois Central, 761 to 1.
International Financial shares are now quoted
to 1 prem. ; General Credit, 1} to 2 prem. ;
I London Financial, 31 to 1 prem. ; Imperial Mer-
cantile, 2to k prem. ; Credit Foncier and Mobilier
of England, 31 ton prem., ex all; Overeni, Gur-
ney, and Company, 51 to 1 prem.
The shares of the English and American Bank
are now quoted 1 to prem. ; London Steam
Towing, le to 2 prem. ; Charles Lafitte and Co.,
21 to 1 prem. ; and Galatz Candle, to prem.
Two O'CLOcR.
The scrip of the new Egyptian Loan is in
demand, and has improved to Ito prem.
The prospectus of the Egyptian Government
Railways Debenture Loan for 3,000,0001. sterling,
in bonds of 1001. each, was issued last evening by
Messrs. Fnililing and Goachen. This is a 7 per
cent, loan, divided into six series of 500,000/. each,
distinguished by the letters A, B, C, D, E, and F.
The price of issue is 92/. per 1001., payable by
instalments as follows, viz. :-5/. on application,
10/. on allotment, 10/. on Ist March, 10/. ou
2nd April, 151. on let May, 101, on Ist June, 101.
on 2nd July, less 31. 10s. coupon, 10/. on
Ist August, and 12/. on Ist September ; 8 per cent.
discount is allowed on prepayment. As the advan-
tage arising from the deferred instalments repre-
Bente 2 per cent., and as the allowance on the
January coupon is worth about 16s. Bd. per cent.
in addition, the net price becomes about 89! per
cent. There is a strong disposition on the part of the
English monied public to discourage the system of
habitual borrowing by foreign governments, on the
ground that it is opposed to the interests of the
original lenders, but in the present case there are
several distinctive features which combine to place
the present operation in an exceptional position. I u
the first place, the loan is to be paid off in the short
space of 8 years, so that, taking the entire period
of its currency. it shows a net return of about 91;
per ceut. per annum. Secondly, the money is re-
quired for a useful and reproductive purpose,
namely, for the further development of the existiug
railway system, comprising the line from Alexan-
dria to Suez, which, it is mentioned, " by rapidly
ircreasing home and transit traffic, has become
insufficient for the requirementa both of passengers
and goods." Moreover, from the fact that the
receipts and revenues of all the Egyptian govern-
ment railways are assigned for the payment of the
capital and interest of these bonds, and the Egyp-
tian government is directly liable in case of any
deficiency, it must be obvious that, whether as re-
gards the general or the special security offered,
this loan possesses the strongest basis that Egypt
can possibly give. The receipts derived by the
railway from the Peninsular and Oriental Company
and the Messageries lmperiales, for the overland
transit through Egypt, represent of themselves a
large and increasing revenue, and during the last
few years the uctwork of railways in Egypt has
been greatly increased. Finally, the effect of this
loan upon our money market will be greatly dino-
Dished by the fact that the proceeds are to be applied
almost exclusively, as we are enured, to piyinenti
forrailway materials, rolling stock, kc.; partuf these
fall due this year, while, as regards further orders,
some are now in process of execution, and others have
yet to be given out. The prospect of remittances
of gold to Egypt on account of this loan is thus
almost removed.
A rumour from Paris has recently been circulated
to the effect that the French government has nomi-
uated a commission to examine the accounts of the
Credit Mobilier Society, with a view to ascertain
whether the dividend, of 25fr. per share, aunotzueed
on the Ist inst., was really earned. We have the
best authority for affirming that this statement is
wholly without foundation. It has probably origi-
nated in the fact that the Austrian government has
recently interdicted the payment of any dividend
by the Credit-Anstalt Company of Vienna, having
ascertained that securities to a very large amount
had been valued in this company's accounts at par,
whereas they were heavily depreciated and prac-
tically unsaleable. This remark applies especially
to the securities of the Theiss Railway.
At the half-monthly settlement in the Stock
Exchange yesterday the failure was announced of a
member, a broker, who is said to have a large
number of transactions open in the shares of tone
of the financial companies, and of Overend, Gurney,
and Co. Amongst other shares he is sail to have
bought a great number of those of the Imperial
Mercantile Credit Association, at or about 3 prem.
The amount of his deficiency, however, is believed
to be unimportant.
The bar silver by the West India packet was sold
yesterday at ss. 11d. per ounce, allowing a rise of
id., compared with the price obtained for the last
supply. The advance is caused by a slight increase
in the demand for the East.
On 'Change yesterday afternoon the demand for
bills on the Continent was moderate, and the rates
in most cases were quoted about the same as ou Fri-
day, being as follows :
Amsterdam, 3 months, 12.2 to 1 ; ditto, 3 days, 11.1
to 19 ; Rotterdam. 3 months, 12.2 to 1 ; Antwerp. 3
months, 25.471 to '2l; Hamburg, bane°, 3 months,
13.98 to ; Pars, 3 days, 25.121 to 171; ditto, 3 months,
25.471 to 521 ; Frankfort-me-the-Maine, 3.month., 12pt to
; Petersburg, per rouble. 3 months, 291 to 30 ; Vienna,
eff. fie., 3 months, 10.80 to 85 ; Trieste, ditto, 3 months,
10.80 to 85 ; Madrid, 3 months, 46( to 1 ;
months, 471 to I . Leghorn, 3 months, 25.671 to 721 ; Demos,
3 months, 25.671 to 721 ; Milan, 3 month', 25.671 to 72, ;
Naples, 3 months, 25.671 to 721; Palermo. s mcnths,
25.671 to 721 ; Messina, 3 mouths, 25.671 to 721; Lisbon,
30 days, 511 to ; Oporto, 90 days, 511 to
a.
The Metropolitan Railway traffic return shows
this week an increase of 1,404/. over the correspond-
ing week of last year.
Below we give the fifth half-yearly report of the
directors of the London Financial Association
(Limited), to be presented at the general meeting on
Monday, the 22nd inst. :
The directors beg to submit to the shareholders the
annexed statement of accounts for the half-year elidineg the
31st December, 1865. It will be seen tbstafter payment of
all expenses, and after deducting rebate of interest at per
conk per annum, there remains a balance of 103,0821. Pa. bd.
at the credit of profit and loss. This sum includes
62,6601. le. (11., brought forward from the last half-year.
From the above amount (in addition to 2.1401. 12e. 10d.,
Icing half-year's interest at 5 per cent), the directors have
traeszomerstfoimredtssiodillamaoo23,ooolaB+iit.hsdThee.ratotadimetholetorezeet. dotrafornd,pnmedrhitileapsnuomyw:
with a bosom at the same rate, being together
Me. per _ share, free of income-Mx. This parsers
will absorb 30,000 L, Mario; 60,1071. 10s. Id. to be carried
forward to the seat half-year. Is conformity with the
articles of ameociatioe, two direetem, Jot" Hackblock and
Williams Tsmeanei, Ram., retire by rotation at thui. meet-
ing ; bat being eligible, offer theueselr.es for.ree-elen. mos. A
Twang hartng oceoned in the &swum, Charles Butler,