The Express.
London, England, 1866-03-15 00:00:00

HONEY MARKET.--(THIB DAY.)

FALL IN THE BANK RATE OF DISCOUNT.
Ows olbsios.
The directors of the Bank of England have to-
day reduced the minimum rate of discount from 7
to 6 per cent It is consequently expected that
the weekly return, to be published to-night,
will show a considerable improvement in the posi-
tion of the establishment.

The discount market is quiet, and well supplied
with money. No transactions, however, are re-
ported below 6 per cent., the reduced rate at the
Bank. . . .

_Li

The discount establishments have lowered their
terms for money at call from 5 to 41 per cent. ; for
money at seven davit' notice, from 51 to 5 ; and at
fourteen days' notice, from 6 to 51.
The alteration at the Bank, not having been
fully expected, has bad a favourable effect upon the
stock markets. The funds have risen 1 pee cent.,
and an improvement of moderate amount is obser-
vable in several of the home railways and foreign
stooks, including American securities. Canadian
izeilwey shares are steady. More firmness is shown
as regards financial shares, and those of the lead-
ing discount companies are better, except Joint
Stock Discount, which remain without alteration.
Consols are now quoted 871 to 1 for money, and
871 to 1 for the sth ApriL
Foreign stocks are inquired for, anti generally
firm. Turkish Bonds of 1862 and Spanish Passive
have improved I per cent, and the Committee's
Certificates and Brazilian scrip, 1. The prices are
as follows :—Greek, 151 to 16 ; Mexican, 221 to
I; Spanish Passive, 281 to ; ditto Certificates,
161 to ; Turkish, 1862, 671 to 681; ditto, 1865,
38 to I; Beazilian scrip, 21 to 3 prem. ; and Ita-
lian, 1861, 61 to 1.
American securities show a considerable rise.
5-20 Bonds are quoted 711 to ; Eris Railway
shares, 571 to 581; and Illinois Central, 80 to 1.
International Financial shares are now quoted
par to ; General Credit, to 1 prem. ; Lon-
don 'financial, 5 to 4} din. ; Imperial Mercan-
tile, to 1 prem.; Credit Fonder and Mobilier,
3to prem. ; Overend, Gurney, and Company,
21 to preen. ; Joint Stock Discount, 12 to 10 din. ;
and National Discount, 81 to 9 prem.
The stoppage is announced of Messrs. Puget,
Bainbridge", and Co., old-established private
bankers, of St. Paul's-churchyard, anti connected
with Ireland. The liabilities are understood to be
small, the transactions of the house having been
very limited for some years past.
The shares of the Anglo-American Telegraph
Company are quoted to 1 prem.
The London and North Western Railway traffic
return shows this week an increase of 5,5071. over
last ear; the Great Northern, an increase of 1251. ;
the Great Eastern, a decrease of 1,3001. • the Great
Western, an increase of 2,4611. ; the London and
South Western an increase of 1,2174 ; and the Mid-
land, an increase of 3,7501.
In the preliminary courts in America an adverse,
decision has been given in the case of the Philadel-
phia and Reading and Atlantic and Great Western
Railway lease, but it is understood that amicable
arrangements have since been entered into between
the contending parties, which will give the Atlantic
and Great Western ale the benefit it expected to
derive from the combination previously arranged.
At a meeting yesterday of the Brazilian and Por-
tuguese Bank (Limited) the directors were authorised
to change the name of the company to "The Eng-
lish Bank of Rio de Janeiro (Limited)," and to
delegate certain duties and authorities which, under
the articles of emaciation, can only be exercised by
a local board at Rio, to a committee, agency, or
manager at that place.
The directors of the Agra and Maatermsn's Bank
(Limited) have issued their report, to be presented
at the annual meeting on Saturday, the 17th inst.
We extract as follows :
The directors beg to submit to the proprietary the au-
dited accounts foe the veer ended 31st December last, sad
to report that, alter making ample provision for bed end
doubtful debts, the available Burp's is 250,254/. 2s. 9d.
Out of We sum the directors have paid two half-yearly
4iiridende, et the rate of 10 per coat. per snoum, adding
011 each occasion a boons of 15e. per share, thus making
the total distribution for the year 16 per seat., free of %-
came tax, on the increased capitol of one million sad s half
The balance, 10,2541. 2a. 9d., is carried forward
atterljZt and loss aoouunt for the current year. The direc-
tors have the pleasure to report that during last mace as
act of parliament was obtained for enabling the bank to
divide the ortgisalshares of 1001. each into two shares of
501. see& The subdivision has been carried out, and the
capital of the bank now consists of 60,000 sharesof 501.
each, of which 251. per share have bees paid op. The di-
rectors have °pared a breech of the bank in Paris, under
the management of an tailcoat's] local board, sad they are
clad to report that the readt from the cornmeacenasut
have been estisfactory. They bare purchased the pre-
mises, 10, Place Vendome, for the conduct of the busioess
of Unbiased', and the cost is added to the property account.
Renter's Telegram. Company (Limited) have this
day announced the issue of the remaining 5,000
shares of 251. each, by which the subscribed capital
will be raised to 250,0001. Tbe object of this
second issue is to provide capital for carrying out
the conoession just obtained by Mr. Reuter from
the Hanoverian government, whereby the company
obtains an exclusive right for thirty years to lay
down and work submarine telegraph cables between
the English and Hanoverian coasts, and the same
exclusive right to lay land wires to certain im-
portant places in Germany, "besides other con-
tingent advantages of a very valuable character."
The directors give the important assurance that,
under the concession obtained, and the arrange-
ments they have concluded for working it, they will
be able to transmit messages from Ragland to the
places named within a few minutes from the time. of
despatch. These places include Hanover, Bremen,
Hamburg, Schleswig-Holstein, Denmark, Sweden,
and Norway. It appears that the agreement conclud ed
by this company with the Electric and Interna-
tional Telegraph Company "guarantees" minimum
amount of business which, under the conditions of
the concession, and under normal circumstances,
will produce a minimum annual revenue equal to
15 per cent. on the total amount of capital re-
quired." This expectation is confirmed by a oer-
tifiaste from Messrs. Quilter, Ball, and Co., the
accountants. Coe-fourth of the view issue of
shares have been taken by the Telegraph Construc-
tion and Maintenance Company. The prospectus
further recites that "there is no promotion money,
nor any commission paid for obtaining the conces-
sion, Mr. Renter having banded it over to the
company gratis."
At a general court of the London Assurance
Corporation, held yesterday. the following recom-
mendation of the court of director,. was adopted,
viz. :—That the di•idend for
the half-year ending
at Lady-day, 1866, be 455. per share, free of in-
come tax.
A general meeting of Muntz's Metal Company
(Limited) is called for the 22nd ins" t., when a div
dend will be declared. An extraordinary"i-
meeting will then be held, for the purpose of
altering the articles of association.
The share certificates of the London Asiatic and
American Company (Limited) are now ready for
delivery, in exchange for the bankers' receipts.
With reference to the market for American
securities, Meesrs. Satterthwaite and Co. report as

Nat t

nie Is

in it

• 4 •

.~ ,

follows :
Ws kers to meet a wiry Ana market in Loam for
Anawiosa solaritee, with a stroag trodesey to ashamed
swims! Vetted *etas 5.7/3 Bones here bens free
bowie( ly boughtan
for sontinestel gement, they e'oes wetly 71. *
inapreesesent of 1 per omit os the week. The 'deeming
quotations fre® New Tort for Eris shores, sod the 00111 f
rstiveiv lower rite ruling here, bare isalioed lam rurawr a ;
they have steadily rhea 2 pee emit. dogleg NI to i.
Mahe shame has beep is salvo &l and, the forthcoming
apart being aproted to slaw a very favourable revolt as
lest yasee operstioes. Is Atlantis sod Great Western
asiesstass the tnesoo.,ous %eve beset birp boa 78 to in
iles sena boas of 10E. sae bolsi is ispimisi Mast foe
deo is Corpa belated bonds there Is little &leg,
Sod Iwo donned $ per oak