The Express.
London, England, 1866-05-01 00:00:00

MONEY MA.

Ox o'Ciocx.
This being the day tixed for striking the half-
yearly balance at the Bank of England, the trans-
fer offices at that establishment are closed, and the
Stock Exchange is also shut, according to custom.
We have, therefore, no transac:ions to report in
stocks and shares.

The discount market is excee,lingly quiet to-day,
while the supply of money is large. Owing, how-
ever, to the withdrawals of gold from the Baak,
the rate for the best paper is tirm, and most of the
transactions effected have been at the Bank
mum, viz., 6 per cent.
The subjoined notification has just been issued
by the authorities of the Bank of England :
May 1, 1966.
Notice is hereby given, that in order to prepare the divi-
dends due on the sth July-, 1,436, the balances of the
several accounts in the following funds will be struck on
the night of Friday, the let June. 1t,66, viz.:-31. per cent.
Consolidated Annuities, New r./. per cent. Annuities, New
N. 10s. per cent. Annuities, 1554, ties 21. 10s. per cent.
Annuities, Annuities for Terms of Years, India sf. per Cent.
Stock. On Saturday, the 2nd June, the above-named
funds will be transferable without the dividend due on the
sth July next.
EAST lirnu STOCK. —Shut, 'Wednesday, June 13, 1966 ;
Open, Friday, July G, 1566.
The public are undecided and hold aloof, and priees
are thus left very much at the dictation of speculators.
The downward impulse evidently rests in great part
with the fall on the Paris Bourse, but to anyone
I acquainted with the extent to which the mania for
gambling has permeated classes there which in this
country know nothing whatever of the Stock Ex-
change, the panic which has seized the Bourse will be
easily understood, especially when it is borne in mind
that the alarm of war is raised just at the eons-
'
mencement of the monthly settlement. The panic
in Italian stock- has been aggravated by the cir•
culation of a rumour that the Minister of Finance
has it in contemplation to enact a forced currency of
bank notes. Fundhultlers thereupon naturally
fear that they will receive considerably less than
their due. The financial position of the
several powers which are now said to be con-
templating war, combined with the serious depre-
elation of all the loans lately brought out
in the London market, affords a warning to English
investors to keep their money at home. It is,
indeed, not easy to see why our money market or
our home investments should be seriously affected
by the threatened conflict on the Continent should
it occur. We shall certainly not encourage foreign
investments at a time of European turmoil, and
the important consideration then presents itself
that even should war occur, it cannot be of long
duration if only because the combatants have such
limited means for carrying it on. One early:result
of a struggle on the Continent would be a flow "of
gold to this country for safe employment. Investors
have likewise to bear in mind the fact that we
have already descended to war prices, and
the probability that, after the tension lately expe-
rienced, even the declaration of war would pro-
duce a sensation of relief.
A further sum of 1011,0001. in gold was with-
drawn from the Bank yesterday for exportation to
Paris, owing to the flatness of the exchange. This
makes a total of 230,000/. withdrawn since the date
of the last return.
The steamer Oneida, from Brazil, has arrived at
Lisbon, with 51,8151. in specie.
The silver market is inactive, with very few
transactions, owing to the absence of demand for
the East. Ilan are now quoted ss. Id. to se. lid.
per ounce, and Mexican dollars ss. op.
The Board of Trade returns for March have
been issued. The total declared value of the
British and Irish produce and manufactures
shipped from the United Kingdom during the
month was as follows :
March, 1864
1865
~
„ 1866
It appears from these figures that, in spite of the
uncertainty which has so long prevailed, the export
trade during March was characterised by a con-
tinuance of the extraordinary activity which has
been noticed throughout the present year. The
increase over March last year is no less than
3,750,200/. For the first three months of the pre-
sent year the figures are as follows :
3 months, 1864
1865
„ 1866
The increase in the first quarter of the year, as
compared with last year, is thus 11,355,458/. As
usual, the increase extends to nearly all the leading
staples of export, and is especially observable in
the American trade. The present tables state also
the value of the chief imports in February, which
was as under :
February, 1664
1865
1866
And for the first two months :
Two months, 1964 £20,734,897
1865
1t466
The increase is therefore almost as great in the
import as in the export branch, and argues a ge-
nerally active condition of trade, which involves, of
course, a corresponding demand upon the money
market.
It is announced that, in consequence of the many
unfounded rumours which have been circulated as
to the position of the Imperial Mercantile Credit
Association, the directors are having a special and
complete audit of their accounts made by their
auditors, Messrs. Colman. Tnrquand, Youngs, and
Co., in conjunction with Messrs. Quilter, Ball, and
Co., and that the report of these two firms will be
submitted to the shareholders within the next few

E 13,214,541
12,P64,779
_16,610,159

days.
The Committee of the Stock Exchange have
appointed Thursday, the 3rd May, a special
settling day in the shares of the London, Windsor,
and Greenwich Hotels Company (Limited), which
are not to be marked in the official list.
The traffic returns of the Grank Trunk Railway
of Canada for the week ending the 7th April were
27,8881., showing en increase of 6401., compared
with the same period of last year.
The traffic receipts of the Great Western Rail-
way of Canada for the week ending the 13th April,
were 16,4231., being 2.3581. more than in the cor-
responding week of last year.
A special meeting of the Midland Railway Com-
pany is called for the 15th of May, at Derby, to
consider numerous bills now before parliament.
A special meeting of the Metropolis Sewa
heldge and
Essex Reclamation Company will at the
offices of the Company on Friday, the 18th May.
At the adjourned first ordinary general meeting
of the China Steam Ship and Labuan Coal Com-
pany (Limited), held yesterday, the report of the
directors was adopted after nearly three hours'

discussion.
The committee of investigation appointed at the
meeting of the Breech-Loading Armoury Company
(Limited) on the 4th of April have intimated that
their report will be presented to the meeting on
Wednesday next ; and, " as matters of very grave
importance to the company will be contained
I therein, they earnestly request the attendance of
all the shareholders on that occasion."
1 The half-yearly general meeting of the Oil Com-
pany of Wales (Limited) was held at the London
Tavern yesterday, Mr. Joseph A. Horner in the
chair. The report and balance-sheet stated that the
Royal Cambrian Works at Penyffordd, North
Wales, have recently been completed, and are now
in full' operation, and that the payment of a satis-
factory dividend' at the annual meeting in October
may be anticipated.
The South Eastern Railway traffic return shows
this week a decrease oi 1241.