The Express.
London, England, 1866-03-06 00:00:00

1866.

MONEY mARKEr.-(THIS DAN.)

laid, and work properly, the agreement provides
that the receipts in each year are to be applied r

follows :
Fink Is paying to this company 125,0001. per mama.
Second. Is paying 72,01301. per 1111011111 (reprematieg
cent on the Atlantic Cearpoiey's existing refereed* sleek.
and 4 per cent. on their ordinary Moak) to the Allaidia
Telegraph Company. And third. The anise bateau'
of
each year's receipts ~ to be divided hearses this
sad the Atlantic Telegraph Company is equal ohm=
no deficisecy in respect to the above annual mamas fa swge
sae year is to be carried forward to another year.
With reference to the arrangement with theTelo-
graph Construction and Maintenance Company tho
prospectus states as under :
The Telegraph Coostruction and 31siatensios
will manufacture the new cable, and nadertatto t°l:l=
execution of the work eon .racted for by this eospenY. ea
above stated (op to the opening of the Atlaatie Telegraph
lines for public business), for a total sum of 600,0004.
with • boom, to be provided by the Mitotic Telegraph
Company coder their agreement with this mammy, of
137,14111. in ordinary shares of the Atlantic 'Telegraph Oam-
Pave payable by instalments, extending over fourteen
months, in cam the cable of last year is sacosesfully com-
pleted, and continues in working order dung that period.
There is, in addition, a salvage clause, described
as under, and the purport of which is that, in cam
of failure, one-third of the capital is to be saved to
the shareholders:
In the possible contingency of the new cable not befog
haeamstally laid, 500,0:0/. only will be paid to the Tele-
,:spli Construction sod Manama** Compaq, sod this
company will in Os:: snot be matted to the vela, et all
the named and recovered cable (subject to the payment et
curtain specified charges thereon), sod it Is essimated that
this errsegemeet will provide. in owe of Ware, for a re-
turn to the sharahulders of this company of at Wm OW
third of their paid up capital.
It is scarcely necessary to remark that all the
directors are highly respecteble. The first name
on the list is that of Mr. George Peabody.
Messrs. Robert Benson and Co. are inviting ap-
plications, receivable from the 6th to the 10th inst.,
for 780,000 doles of Consolidated 7 per eent. Bonds
of the first division of the Saint Paul and Peals
Railroad Company, in the State of Minnesota, HIL
The object is to complete a link in the railway
system across the American continent, by which
it is proposed to connect the Atlantic and Peel&
ssaboarde. The issue price of each bond of 1,000
dole. (2001.), is 1401. sterling. Ten per cent. et
v.-eh bond issued is to be "set aside to form a
loarantee fund against contingencies," and is to
be invested in 6 per cent. bonds of the United
States. The security offered is the line and lands
of the company, the latter consisting of 512,000
sores. The produce of the land sales is to be ap-
plied to the rcleruption of the bonds.
The first ordinary general meeting of the New
Zealand Loan and Mercantile Agency Compemy
(Limited) is called for the 16th gust., when a din-
dend will be declared.
The half-yearly meeting of the Sambre and
Meuse Railway Company will be held on the 144 k
inst., at Brussels.
The particulars are published of 1,062 Bonds,
representing 152,5001 of the Brazilian Loans et
1824, 1839, 1843, 1852, 1858, 1859, 1860, and
1863, which have been cancelled, awl the halves
of the cancelled Bonds deposited at the Bank at
England.
Mr. John Arthur Roebuck, M.P., has been
elected chairman, and Mr. Thomas Hat
deputy-chairman of the General Exchange=
for the ensuing year.

Owz 0'07.4xu.
In the stook and share markets to-day the most
remarkable feature is a fresh fall of X in the
shares of the Joint Stock Discount Company,
which are uow quoted 10 to 9 disoount. Accord-
ing to this price, the whole of the capital of the
undertaking has disappeared, but it is to be hoped,
for the sake of the unfortunate shareholders,
that the dealers in the Stock Exchange are taking
an extreme view respecting the ultimate extent of
the loss. A meeting of the directors is now being
held, and it is understood that their decision with
regard to the future course to be adopted, under the
present lamentable state of affairs, will be known
later in the day. The shares of the National
Discount Company, which declined 17s. 6d. yester-
day, are now somewhat firmer, at 81 to 1 prem.,
but those of Overend, Gurney, and Co., show a
fresh decline of 2a. 6d. to se. The shares of the
financial companies are steady. Consols and the
chief British railways exhibit no change. Foreign
stocks, however, have given way in some cases,
though the movements are but fractional. United
States 5-20 Bonds are also somewhat lower. Cana-
dian lines have been dealt in at the quotations of
yesterday.
The discount market is quiet to-day, and the
supply of money somewhat larger. Nevertheless,
the general quotation for good three months' paper
is 7 per cent. The charge in the Stock Exchange
for loans from day to day is 6} to 7 per cent.
The government broker has bought to-day
15,0001. New Three per Cents. for the sinking
fund.

-----
Consols are now quoted 861 to 1 both for money
and next Thursday's settlement. The price for the
new account (April 5) is 871-16 to 3-16.
The foreign stock market is flatter, and a decline
of it to i per cent has occurred in Turkish of 1865,
Greek, Spanish Passive, and the Committee's
Certificates. Brazilian Scrip and Mexican
Bonds, however, have improved i. The quota-
thine are as follows : Greek, 16 to / ;
Mexican, 22} to 1; Spanish Passive, 27/ 01 ;
ditto Certificates, 161 to 1 ; Turkish, 1865, 38
to 1 ; Brazilian scrip, 1/ to 21/ prem. ; Egyptian
scrip, ito I prom. ; and Italian, 1861, 611 to 1.
United States 5.20 Bonds have receded 1 per
cent., the present price being 70 to i. Erie Rail-
way shares are quoted 531 to 54/, and Illinois
Central, 771 to 78/.
International Financial share* are now quoted
Ito i prem., ex div. ; General Credit, i to 1 prem.,
ex div. ; London Financial, 21 to 2 die. , ex div.;
Imperial Mercantile, / to i prem., ex div. ;
Credit Fasciae and Mobilier, 3to } prem. ; Overend,
Gurney, and Company, 3/ to 1 prem. ; and Joint
Stock Discount, 10 to 9 die.
The shares of the Imperial Land Company or
Marseilles are quoted 3i to 31 prem.
About 50,000 sovereigns from Hamburg were
sent into the Bank yesterday, in addition to 16,0001.
in bar gold.
The steamer Rhone, from Brazil, has reached
Lisbon with 50,0001. in specie.
The steamer Syria took on Sunday 78,4211. in
specie, of which 50,4501. is for Calcutta, 22,4501.
for Singapore, 2,5801. for Hong Kong, and 2,9411.
for Madras. The whole is silver, except the last
mentioned amount. The total is considerably
below the scale of recent remittances.
The " fine " bar silver by the Yexicau packet
was sold yesterday at ss. old. per ounce, showing
no change. The Mexican dollars by this vessel
have yet to be disposed of.
A private telegram from Bombay, dated the
28th February, states as follows :
Exchange is London for a firstmlase bank bill, six months'
sight, per rupee 2a. 1 9-18 d. ; the Calcutta rate for a first class
bank bill, six months' sight, per rupee, 2e. ljd. ; exchange
oe Calcutta at sight, MI to 100 Government Four per
Cent. gaper, re. 89 ; IGoverammt Five per Cent. paper,
re. 102; Government Five-ands-Half per Coat. paper,
rs. 108 ; Back of Bombay rate of &mount, 13 per
cent. ; bar gold, soi touch, re. per tola, 18-2; bar
Ave. 17 to 171 betternees, re. pm 100 Wm, 104.
9,ooo.beles eatton sailed from Bombay during the week.
The quotations of exchange from Calcutta and
Bombay are unaltered, while those from China
show flatness—i.e., are in favour of England.
Our export trade to the United States maintains
the extraordinary activity noticed during the last
few months. Messrs. Onion and Co.'s statement
of the exports of British textile manufactures from
Liverpool to New York during the month of
February comprises a total of 17,986 package.,
being the largest number known during the last
seventeen years. The highest number previously
attained was in February, 1864, when 14,806
packages were shipped. A similar increase is ob-
servable in the exports of foreign fine goods be-
tween the two porta.
Tenders were opened yesterday at the Oriental
Bank for 70,0001. of New South Wales Go-
vernment Five per Cent. Debenture Bonds,
when it was announced that the minimum
prices wore fixed as follows : For series
No. 1, 95 ; ditto, No. 2, 92/ ; and ditto No. 3,
91. The total applied for was only 30.0001.,
of which about 5,0001. was allotted at the stove-
mentioned rates, which yield nearly 7 per cent. per
annum. The lista will remain open till Thursday
next, at the prices above given. The result thus
far may be regarded as a warning to the colonial
governments, whose drafts upon our money market
have hitherto been honoured with little or no hesi-
tation, that the-c is a limit to the capacity of ab-
sorption on the part of investors here, especially in
times of dear money ; and that either economy
must be practised in the colonies, so as to preclude
borrowing altogether, or more liberal terms must
be conceded to horns capitalists.
The Stock Exchange Committee have appointed
Friday, the 9th inst., a special settling day in the
shares of the Phosphate of Lime Company
(Limited).
The Great Northern Railway Company invite
tenders, receivable till noon on Monday, the 19;1
inst. for 137,9051. ordinary stock (dividend de- - -
ferred), being the balance of the stock crested by .”.
EJA- RAORDYNARY EXPLOSIOY o`f LEDOATE-BILL.
the resolutions of the extraordinary general meet-
iug of the 13th June, 1865. The dividend will not crina-Tpar.)—Teis formocia an- explosion- of a singular
chorister took tiliic, in the premises of Mr. Osborne pnw....
begin to accrue until the Ist July, 1867, when this visits Merchant, yesll Its " 0•11 AIM Route," Ludgete94eMa.
I stock will be incorporated with the original stock Whilst the busin going on, snit several persons were
CI the company. The reserved price is 110 per the die barge of . a risar
looking at the windows, a notes like
son was head. Some of the splendid plate glass window
omit were demolished, and the fanlight over the animism wow
The project of the Atlantic Telegraph Company blown into the street, while the upper tort of the boom
gar, The police seat off for the engines,
is once more brought forward, but in a new form. was fined wits
fire hid spent itself beforee they arrived. The Irbil,
llt will be remembered that the original capital of
the old company consisted of shares of 1,0001. each, of the rash
bat the
will sot telare:rard.r. shivered minet7„, 3.°07:e„:. but
laekistthe
which were mostly subscribed for, in a liberal spirit, tab the shop windeer, was struck on the side by mime
bj our merchant princes. After the first failures, i ratios of the timber, bat received no 'Estonia' injury.
came au issue of 8 per cent. preference shares. and be misfortune, it is supposed, arose from as escape et
oliffnat hoar hen a half before to euabl• the ps- fi Was Mthis, in its torn, was followed, after the failure of gm, but wherein: light came
tftireemm:toreigi!!r:etenvtaapostr
the expedition in July last, by another issue of 12
per cent. prefereuce capital. The directors were mk. some ,it,.nitiong.
advised, however that their act gave them no power
.E PEABODY POND.—A Reooranow.—The
to make this latter ••II
issue, and it became obvious peabody trustees are fully alive. ac we koow, to the desire-
that the beet plan would be to form a new . balite of making thek splendid quortse of a minim reshapes
company. Accordingly, Messrs. J. S. Morgan lout 31ser cent., annde
..: a test
ellw Llnit they
rferll/li° IA
and Co., have notified that they are prepared to "mr
at their 00010001.1:110 to carry out the
mid fortlXtrat.seall
receive subscriptions for shares in the ' 'l'26l°- &limitable curves of the some kmerfrao. Were the
American Telegraph Company (Limited)," wheat, working clamps themselves as fully alive to the importease
capital is fixed at 600,0001., in 60,000 shares of 101. of this matter as they ought to
tute the mesein
each. The arrangements for the prosecution of this and the organisation fr Do-oper io thump important
great international undertaking are fully described
comof tall
ardbebm: . rwis. I'Vrelriftbt.linirwoerwil.trillotio
orgsniee and spenN thousands of poundron strikes aighl
rat
in the prospectus. The promoters express confi-
dence that the renewed effort will be attended with for ones bg tan.; ii, th, diroetion we haw
success, more especially as the whole length of dioated. Will the wealthy and industrial aims
toonem:foottoeuse thateesthoetooetlanti.:l the lafuelvveetstmleroartig
1,212 nautioal miles of cable laid from the Great of the metropolis allow Mr. Peabody mad a few °Assn
ece
Eastern in July last, and which it is proposed to
raise and complete to Newfoundland, continues to see our hankers aid merchant princes—my two keno
perfect, as is also the 1,070 miles of cable remaining deed and fifty of them—each pat do" hi, enema/
om board the Great Eastern. The new company is pounds, and present this fresh quarter of a minim be
to provide 1,660 miles of new cable, sod to work the trustees of the Peabody gift, as a memorial at ogee se
hainstectrmiefinesnoce and their own heartfelt practical internals
homely and annotentationo, vet as
the undertaking, during the agreement, ou behalf
of the old company. The whole project ts of course sa thatn of
provl4.ing decent and comfortable dwelle=re
' a speculation : should it snooee and the line be wig "orb of sky ovirgrows Distropolis._huourer.

Immo.

Consols, which closed on Saturday at 86i to 87,
both for money and next Thursday's settlemeat,
opened this morning at 861 to and closed at eif
to I. For the sth of April the last price wow
87 1-16 to 3-16, or 87i. The official business rw
port is as follows :—Thre• per Cent. Consols, foe
money, 861, ; ditto, for account, 86k, 1 ; TIMID
per Cents. Beduoed, 851, ; New Three per
Cents., 86},.1, sex div. ; India Stock, 210 ; ditto
Five per Cent., 1021, 1.
Indian Government seenrl.ies were quiet, bet
steady. Exchequer Bills were unaltered, at Is.
to 2s. dia.
The scrip of the New Chilian Lnan was last
quoted 3i to n prem., being * higher than ea
Saturday.