The Express.
London, England, 1867-08-05 00:00:00

Se
W id I
Si Ft

MONEY MARKET.-(THIS DAY.)

013 o'OLuoz.

There is an demand to-day fur public
securities, and the gomeral tendency of prices is
upwards. Purchases, both fide and specu-
lative, have been induced by the absenee of un-
favourable political news from abroad, the fine
weather, the indisposition of the public to support
new foreign loans, and the announcement of the
shipment of a further sum of 200,0001. in gold
from New York for Europe. Consols have im-
proved A per cent., Briti di railways to ii, and
the speculative f..reign stocks !, to I. Russian
securities, however, are still offered. Attention
will be directed duriir: the next few days to the
monthly sett:cm:nit in the English fundr.
There is n. change in the discount market. The
supply of money is still sett' large, while few bills
are being oth.red. The rate is 1:! to per cent.
The charge for short loans in the Stock Exchange
is IJ, per cent.

Consols are quoted 94i to f.,1 for money and
next Thnrnlay's settlement, and 941 to 4 for
the new account (Sept.). The Three per Cents.
Reduced and New Three per Cents. are firm, at
931 to 94.
The railway market is firm, with a fair amount
of business. Caledonian stock has improved A per
cent. ; Midland, ; Metropolitan, Great Western,
London and North Western, and Lancashire and
Yorkshire,i; amid South Eastern and Great Eastern,! •
London and North Western stock is quoted 1114
to ; Great Western, 42 to A ; Midland, 1161
to A ; Lancashire: and Yorkshire, 128 to A ;
Great Northern, IIOA to 111 A ; ditto A, 111 to 112 ;
Great Eastern, 2% to 4 : South Lastern, 64g to ;
Caledonian, 110 to 111 ; North British, 31 to 32 ;
Metropolitan, 121:j to 1221 : London, Chatham, and
Dover, 16 to A ; and London, Brighton, and
South Coast, 404 to A.

Turkish bonds of 1863 and Spanish Passive are
in request, and have risen } per cent., the present
prices being 3t): to 31, and 21i to respectively.
Spanish Certificates and Italian of 1861 are better;
the former are 4,,l"ted. 1I to ;2,, and the latter,
48 to 1. Turkish of 1862 are called 561 tol;
Greek, 13„ to t*: ; and Mexican, 15} to ft, being
steady. Russian securities are heavy, and the
scrip of the Orel Vitebsk Railway loan has fallen
to 2 discount.

Bank shales are unchanged, but the tone of the
market is eat. ~n.e of the present prices are as
follows :—Chartered Mercantile of India, &c., 25
to 27 ; City, 12 to 14; Imperial Ottoman, 21 to
11 dis. ; London and County, 55 to 56 ; London
and Westminster, 98 to 99 ; and Union of London,
39 to 40.

Very few• dealing.; have been recorded in financial
shares, but Credit Foncier are 26.6 d. better, at 5 to
g dia. International Financial are quoted 21 to 2.1
; London Financial, 24 to 23 dia. ; and Gene-
ral Credit, 22 to 21 dia.

American securities show steadiness. The 5-20
bonds are quoted 72,1 to 731. Erie Railway shares,
471 to 48i, and Illinois Central, 76{ to 77.

Atlantic cable shares are without variation.
Anglo-American are called 17i to 181, and Atlantic
Telegraph 8 per cent, preference, 3l to I.
The half-yearly meeting of the Dagenham
(Thames) Dock Company will be held on the 28th
inst., to receive the report of the directors and the
balance sheet up to the 31st ult.
A loan for Russia is not likely to be taken hero to
an extent that can affect our money market in any
appreciable degree. Tho same may probably be
said with regard to the loans which Italy, Spain,
and other foreign states are anxiously looking for
an opportunity of launching. It is clear that the
English public will only embark very sparingly in
transactions of this nature, the chief object of
which is to enable thriftless governments to post-
pone that reduction of armaments and general re-
trenchment which, in the common interest of man-
kind, ought long ago to have been carried out,
Such states have no alternative but to bring for-
ward fresh loans every six or twelve months ; and,
as a rule, each succeeding issue is offered at a price
that lops off a large portion of the capital
embarked by the holders of the previous loans. It
is high time that so unfair and demoralising a system
should be put an end to.

A call of 10!. per share has been made in the
matter of the Asiatic Banking Corporation, now in
liquidation, payable next month.
The directors of the Manchester and Liverpool
District Banking Company have announced that a
half-yearly dividend of 15s. a share, and also a
bonus of ss. a share, both clear of income tax, will
be payable on the 14th inst.
The directors of the Midland Waggon Company
have decided to recommend the usual dividend of
15 per cent, carrying forward a balance to the new
account of 13,8611.
The half-yearly meeting of the Northern and
Eastern Railway Company is called for the 21st
inst., and that of the North and South Western
Junction Railway Company for the 23rd.
The receipts of the Great Western Railway of
Canada, for the week ending the 10th inst., were
12,3451., being 1,102!. more than in the correspond-
ing week of last year.
It appears from a notice just issued by the
Spanish Financial Commission in London that the
Board of Public Debt, having been apprised of the
discovery at Barcelona of forged bonds of Three
per Cent. Consolidated Internal Stock, series D, E,
and F, has ordered the description of the conspicuous
defects which they contain to be published.
The following gloomy remarks with reference to
the condition of the iron trade, and of business
generally, are from Ryland's Iran Trade Citraiar :
We regret to my that business information from the
*entree of commerce and manufacture in Loudon, Liver-
. I, Manchester, and Glasgow is, in every respect, of a
esponding character. No complaint is made of depres-
sion in prices, but simply of the entire absence of sales and
of onions leading up to the hopeful employment of cud. tad
and the conducting of large works. That numerous great
cools:nal will have to be stopped in the coming winter, and
that great numbers of working men will be neoewarily
discharged, appears now to be placed beyond doubt. What-
ever may be the ultimate result of present foreign compli-
cations. that which happened at the time when the Luxem-
burg question was under discussion is likely to recur
again sa respect' the Schleswig-Holstein .Idficulty. The ,
ouutingency of dispute, tending to war, again occurs at the
season previous to orders being arranged and given out, so
that although hostilities may be permanently avoided, still
the season is none the less spoiled. That the harvest will
be short in France, only medium in England, defective in
Prussia. awl bad in Reside is now sure. This, of course, ,
materially affects the internal welfare of the country ; as
every shilling that goes out for wheat—beyond the ordi-
nary annual amount due to the inseam of our population
—is just so much lost to the body of English farmer', who
ought to have produced the corn for which it it paid. We '
may calculate, indeed, that the present prospects of bar- ,
vest will entail an expenditure of fifteen millions out of
the country, that would otherwise have been laid out
within it.
It is curious to consider here an alliance between Russia ,
and Prussia might inconvenience us for the time to the,
extant of from GO to 70 per cent. of our wheat supply, and
that a general bad year with trade would have checked 86 I
per cent. of our surplus fund This year the l'nited States
will come to the rescue, and as they are our bw.t customers,
we trust the iron trade will reap the benefits.
With regard to the cotton trade, we find the sub-
joined remarks in a circular issued by Messrs
Thomas Thorburn and Co., and dated London,
Saturday :

At the close of the season in America and Bombay (the
two sources from which we draw our principal supplies of
cotton) it should not be uninteresting to look at the posi-
tion of the article. Of statistics there are ply nty, showing—
as compilers are sanguine or otherwise—results diametri-
cally opposed to each other. The unpreceds nteddeprerion
and steady fall for the past few months may be traced to
a variety of circumstances. The fears of an accumul►tion
of stock such as took place last year—the lessee on cotton
imported from America—the general neediness of ion-