The Express.
London, England, 1866-08-16 00:00:00

MONEY M

'HIS DAY.)

REDUCTION IN THE BANK RATE OF

DISCOUNT.

Woe o'CLoci.
The directors of the Bank of England have to-
day reduced the rate of discount from 10 per cent.,
at which it was fixed on the 12th of May, to 8 per
cent. The attendance of merchants and others at
the Bank this morning was very large, and the
announcement was received with loud cheers. It
is believed that the weekly return, made up to
yesterday afternoon, will exhibit an important im-
provement.
The money market is quiet, but it is expected
that the demand will increase later in the day,
owing to the extent to which bills have been kept
back in anticipation of a reduction in the official
minimum. The rate is quoted at 8 per cent., but
transactions will probably take place during the
afternoon at a fraction below.

The discount establishments have not yet de-
cided upon their terms for deposits, but it is ex-
pected that they will allow 5 per cent. for money
at call, 6 at seven days' notice, and 7 at fourteen
days' notice.
The stock and share markets are rather firm, but
the improvement in prices is neither general nor
important, notwithstanding the decline in the value
of money. The reduction in the official minimum
was generally looked for, and fresh business is
checked at the moment by the unfavourable state of
the weather for the harvest. The fortnightly settle-
ment which still occupies the attention
of the dealers, will be completed this

afternoon. Consols have advanced ,l, per cent.
for money, but are unchanged for the account.
Foreign bonds and English railways are better in
some cases, the chief rise being in Great Northern.
Banking and financial shares exhibit no movement
worthy of notice, but the tendency of prices is
somewhat satisfactory.

Consols are now quoted S 8 to for money,
and 88 5-16 to 7-16, or 88g, for the account (Sep-
tember 6).

The dealings in foreign stocks are upon a very
moderate scale, and prices generally are quoted
the same as yesterday. There is a demand, how-
ever for Turkish of 1815, Italian of 1861, and Mexi-
can Bonds, which have risen nto per cent.
Turkish Bonds of 1862 are quoted 49 to 51 ; ditto
of 1865, 261 to ; Greek, 10 to 111; Spanish
Passive, 19 to Is : ditto Certificates, 14k to it ;
Italian of 1861, 52 to 1 ; Brazilian scrip, 4k to
dis. ; and Mexican, 16g to
United States 5-20 Bonds and Erie Railway
shares are unchanged, but Illinois Central have
advanced 1 per cent. The present quotations are
as follows :-5-20 Bonds, 68i to ; Erie Railway
shares, 421 to 43 ; and Illinois Central, 75 to 1.
Anglo-American Telegraph shares have un-
proved 2s. 641., viz., to 121 to I, while Atlantic
Telegraph show no variation, at 31 to k.
International Financial shares are quoted 11 to
dis. ; London Financial, 16 to 14 dis. ;
General Credit, 21 to 17, dis. ; Credit Foncier,
31 to 3 dis. ; and National Discount, 7 to '
prem.

HALF-PAST TIIREE OTLOCR.
Consols are dull, at 88 tot for money, and 881
to g for the account.
About 83,000/. in gold has been sent into the
Bank. The demand for money at that establish-
ment has been very good. .

At Paris this morning the Three per Cent. Rentes
opened at 68.90, being !, per cent. lower.
The liquidators of Overend, Gurney, and Co.
(Limited) have decided to make the call of 101. on
the 20th inst. at the London Tavern instead of at
the offices of the company, owing to the expected
attendance of a large number of the shareholders,
who are entitled to be prelent to offer objections
to the call. It is feared that the ultimate liquida-
tion will turn out more disastrous than was origi-
nally anticipated.
The tenders for bills on India took place yesterday
at the Bank of England. The proportions allotted
were—to Calcutta, Rs. 29.64.000 •to Madras, Bs.
90.000 ; and to Bombay, Rs. 2.94.406. The minimum
price was as before, viz., Is. 10d. on Calcutta and
Madras, and ls. 104 d. on Bombay. All tenders
at and above the minimum will receive in full.
The advioes from Manchester announce the
failure of Messrs. W. Hopwood and Son, spinners and
manufacturers, of Burnley with liabilities esti-
mated at about 70,0001. The accounts from Bel-
fast report the stoppage of s firm in the flax trade,
but the liabilities in this case are understood not
to exceed 40,0001. At Birmingham, Mr. Joseph
Fletcher, of the Spring Hill Iron Sheet Mills, ham
suspended payment, owing to heavy losses and
the depressed state of trade.'
With reference to the late Birmingham Banking
Company, the Birmiiiyham Daily Post of yesterday
contains the following :
From an advertisement It will be seen that, in com-
pliance with a requisition from some of the shareholders,
the mayor (Mr. E. Yates) has called a meeting of share-
holders in the late company, to be held at 1 o'clock on
Friday next, in the committee room of the Town ball.
The object of the meeting is to discuss " the best mode of
procedure in order that a full investigation may be made
relative to the stoppage of the bank ; and to adopt such
measures as may be thought advisable to protect the inte-
rests of the shareholders." It is understood that resolu-
tions will be proposed calling upon the directors of the
late bunk to make a full disclosure of the downward pro.
gress of the business, and the causes which led directly to
the stoppage ; and we believe, also, that it will be proposed
to appoint a committee of shareholders to make an inves-
tigation, and to take such proceedings as they may be
advised.
The well-known coffee-house, Gsrraway's, was
closed on Saturday last, and it is believed that the
building will be pulled down to make room for
City improvements. The establishment is supposed
to have existed for nearly 300 years, and is re-
ported to have been the scene of the first introduc-
tion of tea and of the concoction of the South Sea
bubble. It was long famous as one of the most
popular places of commercial resort in London.
The site of the building was formerly occupied by
a convent, of which several interesting traces still
remain.
The London and North Western Railway traffic
return shows this week an increase of 1071., com-
pared with the corresponding period of 1865 • the
Great Western, an increase of 2,115/. • the &eat
Northern, an increase of 1,701. ; the Midland, an
increase of 4,097/. ; and the ondon and South
Western, a decrease of 1,5281.
The Crown Preserved Coal Company (Limited)
held their tenth ordinary general meeting at Liver-
pool
balance sheets were presented and adopted. After
tlichaonirth, ewlh4enth inthest.,dCirehligoeirs'Hreolipoanrtd, andEsl "thine
deductingdiviendwthuedeclarilauld amount
othweltrateforof depreciation,
pper7ceiantit on.
pera

annum.
Messrs. Whiffin and Stone, the liquidators of the
London Mercantile Discount Company, announce a
second dividend of be. in the pound, making, with
the former dividend of ;s. 6d., 12s. 6d. paid to the
creditors of the company.
Vice-Chancellor Kindersley has appointed Mr.
William Turguand liquidator of the Cork and
Youghal Railway, which will be wound up pur-
suant to a special act passed this session.
The mails from Calcutta, China, and Australia,
cid Marseilles, are expected to be delivered in
London on Saturday next.
The creditors of the Wine Importers' Association
are required to send in their c.faims to the liqui-
dater on or before the 30th inst.
A petition for the winding up of the Wheal
Hartley Mining Company will be heard in the
Court of the Vice-Warden of the Stannaries on the
22nd inst. A like petition with regard to the
Sequelin Oil Company will also come before
, the Master of the Rolls on the 24th.

The subjoined report with reference to the
market for American securities is extracted from
the circular of.Mesara. Satteraiwaite and Co.:
We have again to reporaa heavy amount of business in
the London market for American securities. The large
importations of United States 5.20 Bonds have had a
dacerg effect, and the closing quotation, 68 to i, shows
a• • ht decline from Let week. nlinois shares, on coini-
le purchases for shipment to New York, were at one
time taken at 76i, but on higher quotations ofhicild by
Ule firsph to-day, have reacted, and close 741 to • For
Brim there has also been large demand, on w they
improved to 43, but are Lot quoted 421 to I.
The reports and awards of the jurors of tho New
Zealand Exhibition of 1865 have just been pub-
lished ins collected form by Street, Comhill. They
contain much valuable information and the most
recent and trustworthy statistics on the progrese of
the colony.

WEIMIZSDAT Evarrxo.
Consols, which closed yesterday at 881 to for
the 6th of September, opened this morning at the
same quotation, and closed at 88 5-16 to 7-16, or
BS. For money the last price was 87* to 88.
The official business report is as follows :—Three
per Cent. Consola, for money, 871, 8 • ditto, for
account, 88i • Three per Cents. ReduCed, 87, k
* ; New Throe per Cents., 87*, ; Bank
Stock, 247 ; India Five per Cent., Bieck, Hai, ;
ditto Five per Cent. enfacd" rupee paper,
100 ; ditto Four per Cent. Bonds, 18e. prom.
Indian government securities were quiet. The
March Exchequer Bills were quoted ss. dis. toper ;
and the June, 3e. to 75. prem.
There was an inquiry to-day for foreign stocks,
and quotations improved in some cases. Turkish
Bonds of 1348 and 1862 rose 1 per cent. ; Italian
of 1861, ; Spanish Passive and the Committee's
Certificates,* •, and Mexican and Turkish of 1865, 4.
On the other hand, Mexican of 1864 and Russian
of 1849 declined 1 per cent., and Portuguese t.