The Express.
London, England, 1866-05-10 00:00:00

'MO:

BEY MARKET.-(THIS DAY.)

ONa o'CLoot.
The panic in the Stock Exchange continues, and
many securities to-day are absolutely unsaleable.

The annotmoement of the outbreak of hostilities
abroad is daily looked for, and it is feared that a
fresh rise in the Bank rate of discount may be
decided upon this afternoon. For the mo-
ment the dealers are overloaded with stocks
and shares, and therefore unwilling to make further
purchases. Consols have declined per cent. for
the account, but the price for money is unaltered.
Many of the chief foreign stocks have fallen per
cent. In home railways there is an average fall of

to The discount companies' shares have
again given way, especially National Discount ;

but those of the financial companies are not worse
than they were yesterday.
There is little business in the discount market
to-day, the result of the weekly meeting of the
directors of the Bank of England being awaited.
The court will not assemble till 2 o'clock, this
being Ascension Day. The lowest rate for the best
paper in Lombard-street is 8 per cent., which is also
the charge for advances in the Stock Exchange.
Consols are now quoted 85 to with div. for
money, and so to f, ex div., for the account
(June 6). _ _

Spanish Passive Bonds and Brazilian scrip
have declined per cent., and the Committee's
Certificates e. Other foreign stocks are very
fiat, and in some cases unsaleable. Some
of the present prices are as follows :—Turkiah, 1885,

271 to 281; Greek, 10 to 11 ; Spanish Passive,
211 to 1 ; ditto Certificates, 141 to 15 ; Italian,
1861, 37 to 1 ; Brazilian scrip, 9to 8 dis. ; and
Mexican, 151 to
United States 5-20 Bonds have experienced a
fresh fall of 1. per cent., viz., to 641 to 651. Erie
and Illinois Central Railway shares have also
given way, being quoted 451 to 44; and 76 to 1,
respectively.
The Chariot of Fame has arrived from Melbourne
with 34,5001. in gold.
International Financial shares are now quoted
21 to 21 dis. ; London Financial, 10 to 9
die. ; General Credit, 21 to 2 dia. ; Imperial
Mercantile, 9 to 8 die. ; Credit Funcier and
Mobilier, 3 to 21 dia ; Overend, Gurney, and
Company, 31 to 31 dis. ; and National Discount,
41 to 1 prem

HALF-PAST Two o'CLeee.
The directors of the Bank of England have not
made any change to-day in the rate of discount.
The pervading feeling in commercial and finan-
cial circles is one of extreme caution, and even
distrust. There ought not to be any wantof money,
for there is evidence that the amount of money in
circulation is as largo as it ever was. What is
wanting is credit or confidence, and, failing this,
there is a complete reign of terror in the Stock
Exchange, where the numerous and persistent spe-
culators for a fall possess for the time complete
command of prices.
Few securities suffered more yesterday than bank
shares, of which there is a complete rush of specu-
lative sellers, with the view, apparently, of intimi-
dating holders, and inducing them to throw their
preperty upon the market. The shares of many of
the banks of recent creation were quoted at merely
nominal prices.
Notwithstanding the loan of 10,000,0001., which
has just been made by the National Bank of Turin
to the government of Italy, advices received yester-
day state that the exigencies of the Italian treasury
are still most severe. t nfortunately, however, want
of money seems never to prevent a country from
going to war.
About 14,0001. in bar gold was bought by the
Bank yesterday, while 11,0001. was taken out for
export. During the week 54,0001. has been sent
in from abroad, and 349,00(V. withdrawn, including
250,000 sovereigns for Scotland.
The London and North Western Railway traffic
return shows this week an increase of 5,3041. over
last year ; the Midland an increase of 4,603/. ; the
Great Eastern a decrease of 4,140/. ; the Great
Northern, an increase of 1,3081. ; and the Great
Western, an increase of 2,3471.
At the meeting yesterday 44 the shareholders of
the London, Bombay, and Mediterranean Bunk
(Limited), the report and accounts were adopted,
after a long discussion with reference to the present
unsatisfactory position of the undertaking, during
which an amendment was moved in favour of ap-
pointing a committee of investigation. It was
also suggested by one of the auditors, Mr. Kemp,
that the hank should suspend at once and wind up.
At a meeting yesterday of shareholders in the
Hudson's Bay Company the following resolutions
were adopted :
1. That an association be now forned, to be called
"The Hudson's Bay Shareholders' Association," havnig
for its principal object—to support all necessary and
proper measures for carrying out the systematic colonisa-
tion of the territory. 2. That the following resolutions
be proposed for adoption at the next ensuing court of the
company :—' That the Hudson's Bay Company having
been re-arranged in 1363, with the expressed object of
opening to European colonisation a large area of the
territory under a liberal and systematic scheme of land
settlement, the interests of the company demand the ac-
complishment of that object without any further delay ;
and that the directors be requested to take into their
early and serious consideration what is the best mode of
effecting the object." 3. That a memorial)* presented as
soon as convenient after this meeting to the directors,
protesting against the reported proposition to alienate the
lands of the corporation to Canada, and urging imme-
diate steps for the settlement of the territory.
A special general meeting of the Great Western
Railway Company is called for the 23rd inst., to
consider several bills now before parliament.
A general meeting of the Bombay Gas Company
(Limited) is called for the '2Bth inst. The half-
yearly interest at the rate of 5 per cent. per
annum is to be payable on the Ist of June.
The adjourned general meeting of the Russian
Vyksounksy Iron Works Company (Limited) it to
be held on Thursday next.
The annual meeting of shareholders in the Societ6
Financiers d'Egypte is called for the 23rd of June,
at Paris.
With reference to the market for American secu-
rities, Messrs. Satterthwaite and Co. report as
follows :
The London market for American securities has, dnring
the past week, participated in the general depression, and
we have to record a serious decline in all descriptions of
stocks and bonds currently dealt in ; the fall would pro-
bably have been considerably greater if we had not had large
purchases for shipment to America to take advantage of
the relatively higher quotations in the New York market.
United States 5.20 Bonds are last quoted 65} to and
Erie shares 46 to 47, both showing a decline of 3 per cent.
since our last. Illinois Central shares have been better
supported, the closing price, 70 to 77„ being only 1 dol.
lower than last week. The Certificates of Debenture of
ti.e Atlantic and Great Western Railway close 73 to 75
and the Consolidated Bonds 59 to 61.
The indigo sales are going off very badly, owing
to the state of the money market. A report of
yesterday's sale is subjoined :
The sale progressed very unsatisfactorily today The
scarcity of orders compelled importers to withdraw very
largely, and the quantity sold has been very small. Prices
ruled irregularly, Ant were about the same as yesterday.
A parcel of Bunlipatam sold at a decline of 4d. to 9d.
per lb. 5,104 chests passed today, of which 4,hestssss ch
sold.ests
were withdrawn, 207 chests bought and 342 c
Total quantity passed 6,812 chests, of which 892 have been
sold, 5,539 withdrawn, and 381 bought in.

EVINI7O.
Consols, which closed yesterday at so to 87
for the new account (6th of June), opened this
morning at 860_ to and closed at 86t to # (or
equal to 841 to; ex div.) For money the last price
was 850 to ;, with div. The official businessreport
is as follows :—Three per Cent. Consols, for money,
861, I, 6; ditto, for account, 851, 01, ; Three
per Cents. Reduced, 844, 0, ; New Three
• per Cents., 840, ; Store, 242, ; India
Stock, 212 ; ditto Five per Cent., 106, #,
43.
The India Government Five per Cent. stock has