The Express.
London, England, 1866-12-20 00:00:00

'HIS DAY.)

REDUCTION IN
ISTHEICOVNT BANK BATE OF
D .

Oss o'Otooz.
The directors of the Bank of England have to-
day reduced the rate of discount from 4 to 3i per
cent. It is, therefore, anticipated that the weekly
return, to be published this evening, will show
a further decided improvement. The changes in
the last accounts of the Bank led to the belief
in most quarters that the minimum would be
lowered shortly ; but the event was not expected
to take place this month, owing to the large revenue
payment& to the Bank, and the certainty that the
demand for money will become temporarily very
active, as usual at the end of the year.
The markets for public securities opened quietly
1 this morning, but have since experienced an im-
provement upon the announcement of the reduc- I
tion in the Bank rate, which was not generally
expected. The arrival of upwards of half
a million sterling in gold, chiefly Australian,
is also regarded as a favourable feature,
since the whole will probably be sent into
_
_ the Bank, there being no demand for ex-
portation. Consols have advanced * per cent.,
and most of the chief British railway stocks Ito *.
Caledonian is li per cent. better. The inquiry
extends to some of the banking, financial, and
miscellaneous shares.
The discount market is rather quiet at the mo-
ment ; but the demand, it is believed, will increase
later in the day. The general rate for good bills is
3i per cent., but some transactions have occurred at
si. The charge for short loans in the Stock
Exchange is 2} to 3 per cent.
The discount establishments now allow 21 per
cent. for money at call, and 21 at seven and four-
teen days notice. The joint stock banks give '2*
per cent. for deposits, except that the London and
Westminster allow only 11 per cent. for sums below

500/.
ex div., for
Consols are now quoted 89} to
i money, and 89a to ex div., for the account
(January 10).
Russian scrip is in request, and has risen a per
cent.—viz., to 1 to 1/ prem., upon the settlement,
which is now in course of completion. Spanish
Certificates, Italian of 1861, and Mexican, are
likewise 1 per cent, higher. Turkish Bonds of
1862 are quoted LA to 59; ditto of 1865, 321
to 33; Greek, 13a to 14; Spanish Passive, 201
die to ; ditto Certificates, 13a to 1; ltalitui of 1861,
56 to ; and Mexican, 18a to a.
American securities have advanced 1 per
cent. The 5-20 Bonds are quoted 71i to ato ; Erie
Railway shares, 481 to ; and Illinois Central,
781 to a.
International Financial shares are quoted 21
to 11 die. ; London Financial, 19 to 18 die. ;
General Credit, la to la die. ; Credit Foncier,
51 to 5 die. ; National Discount, 9a ton prem. ;
and Hudson's Bay, 161 to a.
The Massilia has arrived from Alexandria with
516,7291. in gold ; and the Wooloomooloo, from
Sydney, with 25,0001.
About 5,0001. in gold was bought by the Bank
yesterday, making a total of 22,0001. fur the week,
while 10,0001. has been withdrawn for exportation
in the same period.
The steamer Nyanza, with the mails for Calcutta
and China, will take to-day only 2,4501. in specie.
This amount is for Yokohama.
The steamer Germania has arrived from New
York, with 112,1261. in specie, of which 32,700/. ie
for England, 79,0261. for France, and 4001. for
Hamburg.
The biddings for bills on India took place yester-
day at the Bank of England. The proportions al-
lotted were—to Calcutta, 7,15,000 rupees ;to
Madras, nil ; and to Bombay, 5,85,000 rupees.
The minimum price was fixed as before, at Is. 11d.
per rupee on all the presidencies. Tenders at the
minimum will receive in full. As of 350,0001. of
bills offered only 130,0001. have been sold, fresh
evidence is afforded that the demand for the means
of remittance to India continues very limited.
At a meeting of the creditors of Mr. W. Alphonse,
0: Newgate-street, held yesterday, the statement of
affairs was submitted by Messrs. Lovering and
Minton, the accountants, and showed liabilities to
the amount of 11,5561. 10s. 6d., against assets re-
presenting 3,8131. 15s. It was resolved to realise
the estate under a deed of assignment.
The Midland Railway traffic return shows this
week a decrease of 2,6021. compared wi th the cor-
responding period of 1865, and the London and
North Western an increase of 5281.
At a inscting yesterday of the China Steamship
and Labuan Coal Company (Limited), the resoln-
tions passed at a previous meeting, for the purpose
of re-constructing the undertaking, with the view
to reduce the liability of the shareholders, were
confirmed.
A meeting of the subscribers to the Shareholders
Defence Association of the Blakely Ordnance Com-
pany was hebl yesterday, when resolutions were
passed instructing the solicitors, Messrs. George
Lawrence and Co., to adopt the promiedings already
advised by counsel to obtain the decision of the
Court of Chancery as to the shareholders' right to
have their names removed from the register.
The adjourned half-yearly meeting of the
nCam-
brian Railways Company, fixed for the"2oth ist., is
to be further adjourned to the 3rd January.
The transfer books of the San Paulo (Brazilian)
Railway Company (Limited) are to be closed from
the 21st inst. to the 2nd Jan. inclusive, fur the
purpose of preparing the interest accounts to the
31st inst.
The East London Railway Company have an-
nounced that the half-year's interest payable by
the contractors on the shares and scrip will be paid
on the sth January.
Mr. H. Heath, the liquidator of the Commerclled
ial
Navigation Company of India (Limited), has ca
a general meeting for the Bth Jan., when he will
" lay before the meeting an account showing the
manner in which the winding up of the company
has been conducted, and the property of the com-
pany disposed of; and a resolution will be pro-
posed to the effect that the affairs of the company
are fully wound up." Mr. Heath states :
On the 18th June lot I issued a stattnnent showing the
wsition of the company at that time, together with a
balance sheet and assets and liabilities account. This
latter, owing to the closing accounts from India not
having come forward, could only be approximative I tun,
however, glad to say, that with the exception of a few
items, the estimate has proved correct. By the annexed
account it will be seen that all the company's liabilities
have been paid ; the whole of the call got in, with the
exception of 50/. irrecoverable, and 1201. which will be
paid very shortly ; so soon as that shall take place, there
will be, I trust, -sufficient to enable me to return 6s. Bd.
per share.
The subjoined report on the market fors Ame
at-
ri-
can securities is from the circular of r. S
terthwaite and Co. :
Since our last we have bad a firm market in London for
American securities, the demand being chiefly on conti-
nental account, especially for the two issues of United
x ORR CHRISTMAS HORSE FAIR.—This six days'
States Bonds currently dealt in here. Those of 18G2 close
horse fair opened on Monday with one of the finest
of horses ever brought together. The fair was re-
on the two subsequent days, and several strings of
haveflit4bee'nanndegtlheectelBtsbsuTtOareto n4rm" laltlinqouilotaatnidonsEri, esepeschiaresally I slows
the latter, which, 'on higher quotations received
_from I sumed
New York, by telegraph, to-day, have improved to 4, tto handsome young animals suitable for immediate work
481. A fair business has been done in Atlantic and Gr wore privately transferred. Many studs of hunters sad
some sales to-day they have declined 4ll to t. There lof the town. Cart-horses, pfed for mere ta w
and heavy draught drahuigghhtfigupuresrposeL,
aweyreon.inng active
borses oofomrpetitioa,private
Western Consolidated Bonds at from
too 2 to 42i, button
1 young- blood stock were soldadaby auction in vahanriou• paresork
and double ;and
single karnesa ware sti-_
have been numerous inquiries for Pennsylvania Second
Mortgage Sterling Bonds, but the sup[ 1y being short, au.
buyers find them difficult to purchase, except at advanced ca
cure by the London division of job-masters, several
matched pairs of this class bringing 220 to 280 guineaa.
Stout young horses, suitable for the artillery and other
\ military work, had • r, ady sale at advanced value, sad
In consequence of the repress
Air.
made to
the Stock Exchange Committee by Mr. E. W.
Watkin, M.P., with reference to the circulation of many sump of this stamp of home, were consigned to
a false report of his failure, due investigations have the continent. Runters of good blood and p=secel
been instituted by the Committee, the chairman hrtFought P. , tit
year's show has pro
.to merit .atrobtters and saddle sobs sold
Of which has "dressed t° him the following Cects.egla very large business was transacted. The fair
duped the highest prices ever known at York Christmas
letter. The spirit with which this matter has will open until Saturday. This
been taken up will probably have a good effect in
the future. Meanwhile it is only fair to explain horse fair.

to 9s. prem.
The foreign stock market was quiet, and very
little change occurred in prices. Italian Five per
Cents. of 1811 were firm, and a slight improve-
ment took place in Brazilian of 180. New
Granada Three per Cents. declined and the
Deerred Spanish Passive improved but the
Certifies'..es were rather flat.
The sc”ip of the new Russian Loan was more
offered, in anticipation of the settlement to-
morrow, and declined per cent., closing at to
prem.

MINES.-(THIS DAY.)

--- -
The mining market is firm to-day, and the
general tendency of prices favourable. East Lovell
shares are in active demand, and have risen 21.,
the present price being 11 to 12. The advice. from
the mine report a good discovery of tin. North
Crofty and Prince of Wales are also inquired for,
at 2; to A and 2'ss. to 27.., respectively. North
Treskerby are quoted 24 to 4 ; Frank Mills, 325. 6d.
to 375. 641. ; Wheal Grenville, 255. to 265. ; Great
Retallack, 10s. to 12s. 6d. ; Groat Vor, 14 to i, a:
div. ; Wheal Buller, 17i to 18i ; and Chontales,
4
At Great Wheal Vottneeting, held yesterday, the
accounts showed a credit balance of 5,249/. 17s. i
d.,
and a dividend of 7s. 6d. per share was declared.
It was resolved to lessen the returns during the
' present depressed price of tin.