The Express.
London, England, 1860-06-26 00:00:00

TO TRI 3111ObTIR OT FINANCE.

To increase the reserve fund for the exchange of bank
eredit notes a loan was made in virtue of our ukase of 20th
March, 1859, of twelve millions pounds sterling, nominal
capital, besting 3 per cent. annual interest, through the
agency of the banking houses of Thomson, Bons:, and Co.,
in St. Petersburg, and F. Mart Magnus, in Berlin, but the
war which broke out since in Italy, and the state of sgita-
lion which still exists in that country, produced a fall in
the prices of securities on all the European exchanges, and
only about seven millions pounds sterling have therefore
been placed of the whole loan. The remainder, say about
five millions pounds sterling of the 3 per cent. stock, repro.
seating at the price of sale more than twenty millions of
roubles, has been retained at the disposal of the financial
department of the government.
In the meantime the reduction in the rate of interest on
deposits in the Banking establishments, ordered by our
dram of 20th July, 1857, having checked the Sow of capital
into the bank., and diverted it into various branches of in-
dustry, prodused the result that the deposits were with-
drawn in midi a proportior. that the funds of these estab-
lishment. were insufficient to meet entirely the demands of
the depositors. It was therefore deemed necessary that
the Imperial treasury should amid the banks by means or
special arrangements. This circumstance induced the
government to apply, for the purpose strengthening the
the whole sum realised from the Three per Cent.
Loan. The Loan Bank, and the Bank of Commerce, have
delivered to the Imperial treasury in exchange, inscriptions
of the Six per Cent. Loan of the year 1818, which they had
soquired during the extnionlinary augmentation of their
deposits. The Loan Bank has delivered 15,340,0 M roubles
nominal capital of these inscriptions, and the Bank of Com-
merce, 7,771,425 roubles, making a total of 23,111,450
roubles. The government has therefore at present at its
disposal in Six per Cent. stock, and out of the remainder of
the Three per Cent. Linn, as has been already stated, a sum
of more than 47 millions of roubles. _ _

Consequently, in order to restore to the Imperial treasury
the amount which it has disbursed, it is our intention that,
instead of future sales of the abovementioned stocks, you
should contract with the houses of Baring Brothers and
Co., in London, and Hope and Co., in Amsterdam, a
foreign loan, which we order to be opened by subscription,
for the amount of eight mu 11.. us of pounds sterling, on the
following conditions, the basis of which has been confirmed
by us:
Ist. This loan shall be inscribed in the great book of the
public debt, under the denomination of the second loan
Wiring 4A per cent. interest.
2nd. There shall be delivered for this loan by the IM-
penal commission of the sinking fund, bonds to bearer.
These bonds shall be issued for a sum each of at least one
hundred pounds sterling, and not above one thousand
pounds sterling.
These bonds shall bear an annual interest of four-
and.e.hsdf per cent., beginning from 20th May (Ist June)
of this year. To each bond shall be attached 20 coupons,
on presentation of which the interest due shall be paid at
the dates of 20th May (Ist June) and of 19th November
(Ist December) in London, at the bankers, Baring
Brothers and Co. ; and in Amsterdam, at the bankers,
Hope and Co., reckoning in the last-mentioned places 11
Netherlands florins 80 cense. for each pound sterling.
4th. The payment of this interest shall be made each
consecutive half-ysar from 20th May (Ist June) to 20th
July (lst August), and from 19th November (Ist Decem-
ber) to 20th January (Ist February).
sth. At the expiration of tie first ten years fresh
coupons and talons shall be delivered for the bonds then
remaining in circulation.
Bth. For the redemption of this loan a special fund shall
be applied annually, beginning from 20th May (14 June),
1862, amounting to 1 per oent. of the nominal capital, or
say, one hundred and twenty thousand pounds sterling per
annum. This sinking fund shall be employed in the rem-
bunernent of the bonds drawn by lottery, which bonds will
he paid at par when presented in London to Baring Brothers
and On., or to Amsterdam to Hope and On. In the latter
ease the pound sterling shall be reckoned for eleven florins
and eighty cents Netherlands money.
For the above purpose the bonds of this loan shall be
divided into eight hundred series of ten thousand pounds
sterling each.
The bonds of the series drawn in the annual lottery must,
in order to receive the principal, be presented with the re-
maining coupons -that is to say, with those of which the
periods of payment of interest shall not then be due.
Lastly. When this loan shall have been pieced, the bonds
of the Three per Cent. Loan and the inscriptions of the
Biz per Cent. remaining with the Imperial treasury shall be
cancelled, and the numbers shall be published in the public
papers of St. Petersburg, London, Amsterdam, and Berlin.
The original is signed by his Majesty the Emperor
Yankee Selo, 27th May, 1880. ALEXANDER.

In consequence of the apparent discrepancy be-
tween the statement contained in the Imperial
ukase, that 6,000,0001. stock of the Russian Three
per Cent. Loan of 1869 " has been retained
itt the disposal of the financial depart-
ment of the government," and the state-
manta furnished to the Stock Exchange last
year, to the effect that the entire amount of that
loan was placed, the committee of that establish-
ment have put themselves in communication
with Messrs. Thomson, Boner, and Co. the agents
for the loan of 1859, with a view to obtain an ex-
planation.
The oommercial demand for money continues
brisk at 4 per cent. and upwards, and is not likely
to slacken until after the 4th July. The applica-
tions at the Bank yesterday were rather numerous,
including some from the bill brokers.
The fortnightly settlement in shares and foreign
stocks will commence to-morrow ("continuation
day") and terminate on Friday.
No gold was purchased by the Bank yesterday, but
of the supplies recently received from America, and
of the '77,0001. reported yesterday from Melbourne, by
the Southampton, a considerable portion is expected
to be taken to the Bank within the next few days,
the demand for the Continent re • • Inactive.
The Indus will take to-morrow only 20,9001.
in gold and 1,7201. in silver for Bombay, besides
2,0001. in gold for Alexandria.
The telegrams from China report little alteration
in the exchanges. At Shanghae business is de-
scribed as very stagnant. The shipments of tea
are stated at 75,690,0001 be. At Hong Kong the
operations in English goods had been to • fair
extent.
Means. Baring Brothers and Co., and Glyn,
Mills, and Co., remind the holders of Canada Pro-
vincial Currency, and Consolidated Municipal Loan
Fund Bonds, that on the 30th instant their authority
to purchase these bonds will cease. It may be ad-
visable to repeat that the terms offered by the
government are as follow :
Canada Provincial Currency Bonds at par, and exchange
IL IL 4d., or M. 3s. 10d. sterling per 1001. currency, add.

We 1 per cent. premium for each year the bonds have to
run, and interest at the rate of 6 per omit to the date et
MI. Consolidated Municipal Loan Fund Sterling
et par, and Currency Bondi at per, and ez
11. 4e. 4d., or 824. 36.10 d. sterling per 100/. earruicycl,=
interest at the rate of 6 pm. cent. until the dated purchase.
The Thames and Mersey Marine Insurance Com-
pany commenced business yesterday, under very
satisfactory auspices. The services of eminent un-
derwriters, as previously mentioned, have been
secured, and it is stated that, both in the selection
of offices, and in other respects, due regard has
been paid to economy.
The weekly traffic return of the Great Western
Railway of Canada, just received, shows a decrease
of 3531. sterling.
The Brighton Railway traffic return shows this
week a decrease of 1,3931., and the South Eastern
an increase of 6681.

Mr. Charles Pons has issued an advertisement
describing the conditions of subscription for the
12,000,0091. of obligations now offered by the
various French railway companies.
A general court of the East India Company is
called for the 29th inst., "to consider the provi-
sions of a bill for the future management of the
affairs of the bat India Company, proposed to be
introduced into parliament by the Secretary of
State for India." _

The Peninsular and Oriental steamer Malabar,
the loss of which at Point de Gale has just been
reported, was commanded by Captain G. A.
Grainger, registered 1,000 tons, and had engines of
900 horse power. She has been employed is the
service between Ceylon, the Straits, and China,
about two years and a half, and when wrecked had
on board the China mail sent from Southampton
on the 20th of April, and from Marseilles on the
28th idem, besides 282,0001. in specie, of which
267,0001. was sent from England and 15,0001. from
France. 1u the former amount was included
103,5017. in doll.= on government account for
Houg Kong. The specie was for the most part in-
sured at Lloyd's and in the marine insurance others
in London, but it was expected to be saved by
divers.

In the Bankruptcy Court a call of 11. 10a per
share has been male upon the contributories of the
Corporation Restaurant Company (Limited).

MONDAY 8V13113110.

Consols, which closed on Friday at 934, ex dlr.,
for the 10th July, oned this morning at 931 to
4, declined to 934 to rand closed at 931, or 93 5-16
to 7-16. The official business report is as follows :
Three per Cent. Consols, for account (July 10),
934, ex div. ; Three per Cents. Reduced, 93, 4, 924,
93 ; New Three per Cents., 93, 4, 94 93 ; Five
per Cent. " enfaced " rupee paper, 97f),287 ditto
Five-and-a-Half per Cent., 1024, llndian
Four per Cent. Debentures, 1858, 964, ; ; India
Bonds, Bs. dis.
The Indian rupee paper retains a drooping ten-
dency. The last sales of the Five per Cent, to-day
were at 97, and of the Five-and-a-Ralf per Cent. at
102. The Indian Five per Ceut. stock of 1859 re-
mains steady, at 1044 to 1, ex div., for the account.
Exchequer Bills were dull, at par to 4e. prem.
The foreign stock market was likewise quiet. A
reduction of to per cent. took place in
the afternoon in Turkish Bonds, the issue of
1854 closing at 774 to 4, and that of 1858
at 60 to 4. Spanish Passive Bonds continue in
demand, and are still rising. Brazilian scrip was
marked dis.
Bank shares to-day were steady. Bank of AUS •
tralasia were rather firmer. Agra Bank were
marked 80. Electric Telegraph stock, and London
Discount and Red Sea Telegraph shares were rather
more inquired for. Peninsular and Oriental
Steam were quoted lower.
The closing quotations for the shares in new
undertakings were. as follow :—Ocean Marine
Insuranoe, to 14 prem.; Thames and Mersey
Marine, to 14 prem. ; Universal Marine Insur-
ance, to prem. ; London and Provincial Marine,
14 to dis.

MINES.-THIS DAY.

Two o'CLoox.

In thembaing market to-day the principal transac-
tions have been in shares in Stray Park, Rose-
warne United, Great Retallack, Wheal Clifford,
St. Ives, Wheal Allen, Grambler and St. Aubyn,
and Rosewall Hill and Ransom United mines.
Stray Park shares are better, being marked in the
Stock Exchange 56. The shares iu the South
Devon Iron and General Mining Company have
been dealt in at par.
There is still no alteration of the slightest impor-
tance in foreign awl colonial mining securities.
Port Philip Milling are marked les.

At North Basset Mine meeting, on the 20th inst., the
accounts allowed a debit balance of 57!. 4a. 3d. The arrears
of calls amounted to 395/. 10a.

East Tamar sold, on the 23rd inst., 33 tons of lead ore, at
IM. 3s. per ton.
From W heal Edward, Captain N. H. East writes (June 23)
- " The lode ill the stops in the back of 61 east is worth
2) tons ofore per fathom, and in the rise 3 tons per fathom.
In the 61 and 60 east we are driving by the side of the
lode.•