The Express.
London, England, 1866-08-10 00:00:00

MONEY MARKET.-(THIS DAY.), Tuesday, viz., • direct loan in specie from
Bank of France to the Bank of England

oira &Owen.
The announcement that the French government
requires a cession of territory from Prussia has had
_ _

- -
an unfavourable effect upon the stock markets,

although it is not generally believed to be accurate.
The funds have declined per cent., while the re-
duction
in some of the British railways and foreign
bonds amounts to I to Banking, financial, and
miscellaneous shares are dull, with few transactions.
London Financial remain heavy, at the fall of
yesterday. There is an inquiry, however. for the
shares of the Anglo-American Telegraph Company.
The demand for money to-day is rather active,

and the rate for choice bills is Maintained st 9 per

cent. The Indian paper, which has just become
due, represents a very large total, but it is fully
anticipated that no mercantile failures will be an-
nounced during the afternoon.
The Bank of France return shows this week an

increase of 744,0001. in the coin and bullion, and a
decrease of 410,0001. in the bills discounted.
Consols are now quoted 87i to I for money,
and 88 to for the account (September 6).
Spanish Passive, the Committee's Certificates,
and Brazilian scrip are fiat, and have receded i
per cent. ; but Mexican Bonds have improved to

the like extent. The other speculative descrip-
tions
are unchanged. Turkish Bonds of 1862 1
are quoted 48 to 50 ; ditto of 1865, 261 to /; I
Greek, 11 to 1 ; Spanish Passive, 19 to ; ditto
Certificates, 14 to ; Italian of 1861, 501 to 51 ;1
Brazilian scrip, 44 to 4 dis. ; and Mexican,
161 to 171.
United States 5-20 Bonds and Erie Railway
shares are fractionally lower, at 684 to 4 and 401,
to 4, respectively, but Illinois Central are without
variation, at 751 to #.
Anglo-American Telegraph shares have improved
ss.—viz., to 111 to 12. Atlantic Telegraph are
also ls. 3d. higher, at 34 to 1.
International Financial shares are quoted 2 to
14 dis. ; London Financial, 14 to 13 dis. ;
General Credit, 2 to 11 dis. ; Credit Fonder,
31 to dis. ; and National Discount, 7to
prem.

After a protracted deliberation, the Bank Court of
Directors broke up yesterday without making any

alteration in the me of dieo;ount. To judge by th-3

large attendance of the commercial public, repre-
senting all classes of traders to hear the results
more than ordinary interest was evinced on this
occasion, and the announcement that 10 per cent.
is still to be exacted was received with general dis-

satisfaction. It may be inferred that the directors
are actuated by a desire to protect their reserves,
which the last account, published below, shows not
to have materially increased ; but the question re-
mains unanswered whether the course hitherto
adopted is not fundamentally wrong. For instance
how can the bullion be increased by the charge of
10 per cent., when it is seen that the restriction has
been wholly ineffectual to prevent the withdrawal
of 300,0001. in the last two days for Brazil ? Sup-
posing that the rate had been 12 or 15 per cent.,
would it have had greater force in diminishing this
considerable shipment ? Again, does any one be-
lieve that if the Bank had gone to 8 per cent.,
this 300,0001. would have been thereby increased by
a single sovereign? The fact—well known and well
recognised by the commercial public, that when
once the rate of discount passes beyond a certain
point, 1,2, or 5 per cent. makes no difference in
the restrictions imposed—appears incapable of
making its way into the Bank parlour. It is cer_
tain that we have now experienced for just three
months • hitherto unparalleled pressure in the
money market, in order that the Bank accounts
might improve, and how barren has been the re-
sult i The policy which has been followed has
failed by that surest of all tests, the test of expe-
rience. For what good, therefore, can it be any
longer persisted in 1 The directors appear to hold
it as a point of honour that their Act of 1844 i
should not be infringed, and they forget that by I
persisting to enforce it to the extreme end, and by
the effort to destroy all legitimate trade, they pro-
nounce its condemnation more emphatically than
its strongest opponents It is a lamentable fact that
if the commercial credit of England will not
fall any farther in the eyes of foreigners, the
reason is because it has already reached the lowest
point. As long as our national Bank, our monetary
representative in the eyes of other countries,
sees right to perpetuate distrust by the maintenance
of 10 per cent., when little consideration is needed
to show that a roduct;on in the rate is the first step
to a return of confidence, we must accept our
altered position. Whether the nation will be
grateful for an infatuated policy that, in a com-
mercial sense, places us as low as we hitherto have
been high, is a question that can receive but one
answer.
About 23,000 sovereigns from Alexandria and
21,0001. in bars were sent into the Bank yesterday.
The Allemannia, from New York, has brought
13,0001. in specie for England.
The Great Northern Railway traffic return shows
this week an increase of 2,0911., compared with the
corresponding period of last year ; the Great West-
ern, an increase of 6,1381. ; the London and
South Western, an increase of 1,639/. • the Great
Eastern, a decrease of 1,4791.; the Lancashire and
Yorkshire,! an increase of 3,561. ; the Manchester,
Sheffield, and Lincolnshire, a decrease of 2501.; the
North Eastern, a decrease of 2031.; the North
British, an increase of 1,4821. • the London,
Chatham, and Dover (including the Metropolitan
Extension and branches), an increase of 741. ; the
Metropolitan Extension (separately), an increase of
4021.; and the Kent Coast, a decrease of 2201.
The traffic receipts on the Atlantic and Great
Western Railway, for the third week in July,
amounted to 139,608 dollars against 116,339 dollars
in the corresponding period of last year, showing
an increase of 23,269 dollars. With reference to
this line, the numbers have been announced often
of the New York section First Mortgage Bonds of
1,000 dollars each, which have been purchased and
cancelled under the operation of the sinking fund.
An interim dividend at the rate of 10 per cent.
per annum is announced on the shares of Charles
Noon and Co. (Limited), of Leicester.
The directors of the Northern Assam Tea Com-
pany notify a call of 10s. on the A isaue of shares.
Freehold
21:othlfdoinulrs;haundht::ian-cYldearwiuDolycksbmeCoe:Admingpea:ptheis eta:Maine:l...fort
rise the raising of additional capital.
The adjourned general meeting of the Great Bar-
rier Land, Harbour, and Mining Company is fixed
for the 23rd inst.
The half-yearly meeting of the London and North
Western Railway Company. is advertised for the
24th, and will be made special for a variety of pur-

poses.
The following letter relates to the equalization
of the gold supply between Paris and London. The
difficulty, however, in effecting a transaction of this
sort now lies in the fact that it is almost impossible °
to open credits with high class Paris houses in ,
favour of London firms, except upon remittances ,
of bullion or its equivalent. Until, therefore, the
commercial relations of the two countries have I
been restored to their usual footing some other ;
mode of transferring gold from Pars to London
must be adopted. The simplest plan would be
that which was rumoured (without, apparently,
any foundation) to be in course of negotiation on

TO Ti: EDITOR or TIM nrritroo.
Sir,—lt will probably be in the recollection of year
financial readers that a few years since, when the Bask
of Franca was short of gold and the Beak of England sot
very full of it, that the Bank of Frame made a asst act
with certain firms fora supply of some milhons of gold.
The operation was in this nature : bills were drawn in
Paris on houses in London paya.ble to the order of third
who discounted the and remitted the cask to
rats,iiind before the bills became due, the crisis bad
passed away, and the money found its way beck to the
Bank of Ragland. At the tame it wee criticised by ems
financiers as an affair favourable to the Bank of Ragland,
and, vice viral., unfavourable to the Bank of Francs. The
cost may be thus stated :
Three months' interest on 3,000,0001. at 10 per
cent.
Commission awl expenses per cent 15,000

Total /80,1100
What would be the rest of a like operation at this
moment, made by the Bank of Eneand ?
Three months' interest on 3,000,0001. at 4 pas
cont.
COMMiII4OII and expenses 4 per cent. 15,000

Totol Z45,000
the whole of whioh would be Warned to the Beak of
England with large profit upon the tanannetion.—l ear, Ina,
London, August 9. H.

The return of the Bank of England for the week
ending Wednesday, August 8, compared with that
for the previous week, shows the following changes:
Circulation issue 127,775,260 Decrease 8167,060
Circulation active 26,042,900 Dearman 477,750
Public deposits 3,160,466 Diereses 29,124
Other deposits
Government securities in

banking department
Other securities in banking
department 26,156,556 Damsels 410,813
Coin sad bullion in both
departments
Seven day and other bills 442,818 Decrease 73,920
The Rest 3,798,389 Increase 27,377
Notes in reserve
Total reserve (notes k coin)
in banking dmirtment 3,580,229 Diereses 305.839
The above return is on the whole favourable.
The actual purchases of gold and withdrawals for
exportation were on balance only 50,0001 against
the Bank, and the further decrease is therefore at-
tributable to the absorption of coin for the harvest.
The diminution in the other securities and deposits
has nevertheless enabled a fair addition to be made
in the reserve.

10,078,123 Dairies* 50,000

BANE OF ENGLAND.
An Arrant t to the Act 7th and etb Vie , a. ft Ike lha
reek enatog on Wednesdsy. the fah day et Asyut, lOW

111601 DIPARTICINT.
MU* loped 07,771,1100 Government debt.. 411,116,100
Other socaritlea.... ;Nun
Gold coin and bul-
lion 11,71.110
Silver bullion

ett,775,100
1111111110 DI
Propels Kai Oapttal 214,651,000
Rest
Public Deposits (In-
cluding Extheq.,
Bay. Banks, Com-
mis. al National

WWI*
PAR,,.
GoVerNIMES Secu-
rities thichwilett
Dead Weight An-
nuity; 41111011.121
Other Stimitas *WAS

Debt, and Div
Accounts) 3,160,456
Other Deposits
Bevan day Sad other
B5Us

139,814,907

Ford-- - 1.18011
Gold mad Silver
Cola WAN

August 9. 1866.

126,1114.98 T
W. WILLIZ, Odd Oiaisr.

TIMISDAT
_3llllllllll

Consols, which closed yesterday at 873
money, opened this morning at 87J to 1, and
closed at 871. For the account (September 6)
the last price was 884 to 1. The official business
report is as follows :—Three per Cent Consols,
for money, 87k, #, f ; ditto, for account, 871 ;
Three per Cents Reduced, 87, 6f, I ; New Three
per Cents., 87, 61, 7#, 6# ; India Stock, 210, 211;
ditto Five per Cent., 1021, 21 ; ditto Four per
Cent. Bonds, lls. prem.
Indian government securities showed no move-
ment. The March Exchequer Bills closed at se.
dis. to par ; and the June at 4a. to Bs. prem., being
firm.
There was an increased demand to-day for
foreign stocks, and the general tendency of prices
was more favourable. Egyptian Railway Deben-
tures and Moorish Bonds rose 2 per cent. ; Baurian
'of 1850, 1 ; Venezuelan of 1862 and 1864, to 1 ;
Brazilian Scrip, I ; and Italian of 1861, SPenish
Passive, and the Committee's Certificates, 4.
On the other hand, Egyptian of 1864, and Russian
of 1862 declined 1 per cent. ; and Turkish of 1866
and Mexican, #.

MINES.-(THI8 DAY.)

ONI e

The dealings in British mining securities to-day
are quite unimportant, and prices exhibit no varia-
tion. Clifford Amalgamated shares are now
quoted 6k to ; Prince of Wales, Zs. to Ms. ;
North Treskerby, 2to I ; East Caradon, 81 to ;
and Great Vor, 18 to 19.

ROYAL COLLEGE Or SURGEONS ox ENGLAND.—
The following members of the college having been elected
fellows at previous meetings of the council, were admitted
as such on the 9th inst., vis—Charles Henry Carter,
L.R.C.P.E., and LS.A., of Pewsey, Wilts, diploma of
membership dated December 13,1839 ; William Dawes
Blades, L.8.A., of Kirkby Stephen, Weetmodsnd.
August 4, 1840 ; John Charles HaD,
Sheffield, January 11, 1839 and Henry Smith, of bee
Majesty's Indian army, July f, 1837.
At a meeting of the shareholders of Robert
Corkling and Co. (Limited), of Manchester and Alexandria,
and Man
(Egypt), held at the °Mem of the campsite,
No. 1, Exchange-arcade, Manchester, on Monday lait, the
directors submitted a report and balance-sheet for the half-
year, which enabled them to declare an interim dividend
from commissions earned on English and native amount at
the rate of 15 per cent. per annum, besides carrying for-
ward to next account a balance of commissions amounting
• to 9,177/. 81. 6d., and 5801. 9s. id. from other amuses.
STAR AND GARTER HOTEL COMPANY (LIMITED).
I —The ordinary half-yearly meeting of this eompany we
held yesterday, at noon, at the Westminster Palese
Hotels
Lord De T.ibley in the chair. The report, which wee
taken as read, stated that the new hotel mid coffee-room
bed been opened since the last meeting, and were now in
full operation. The severity of the weather in the early
part of the season, together with the monetary miss
which prevailed, had injuriously affected the=
which during the first its months of the year
only to 15,0001. It was, however, satisfactory to the
directors to state that during the Eve weeks which elapsed
since the 30th of June the sum of 10,000 i. bed
been received, and they propoesd to pay . sa al
interim dividend of 2s. 6d. per share, whisk was
equal to 2i per cent. per annum. The report wee agreed
to, as was also a resolution authorising tthe estatandieg
he direskes to
rime •sum not exceeding 13,61:101. to meet
liabilities of the company.
ABYSSINIA. —DIANNOWAN, JULY 16. Letters
from the Emperor's camp, at Zips down to May 26.
arrived h.re 'on the 13th inst. Mr. Amnia and all the
other Europeans were well, with the exceptioe el Ckmeal
Cameron. who was still ailing, The EmEsror is reported
to have since come on to Debra &Lbw. Then is MOW&
certain respecting the neymments of the rebels.—Rents's

Telegram
DISPATCH or VIZ BRAZILIAN Mons. —BotlVß-
memos, AUGUNT 9.—The Royal Mail Company's steam-
ship Douro, Captain Bevis' riled this afternoon for
Lisbon, St. Vincent, Parrontbneo, Bahia, Rio de Jansim,
Monte Video, and Buenos Ayres. She took ;out 111
par-
mergers, a lame mail, and • general cargo,
326,5721. in smarms, 7,0001. in bar silver, jewellery vales
t 021., and French jewellery mks 3,8681.
THIS ERIC AND bisw You CIJITIIAL RAILWAY
CorratrEs.—With reference to these emmenies Sae Nees
York ?ramie metros the following :—" Theater:ism elthe
Erie Railway Company decided today to enema &rem&
upon aB their stock common and
I preferred and will, it is
stated, make a statement of its affairs. ts set earnings
for the first half year were not equal to the myrrh of
interest and leans. The New York Central &reread has
not yet been declared, and it is stated that its regular pay-
ment cannot be made without burrowing."
LONG Onus.—The ceremony of re-consecrating
the ancient Abbey of St. Michel, on the coast of Brittany,
has just taken place, and was attended by • large somber
of high eoclegasnce, amongst whom were the .hiiishep of
Alby, end Mgr. de Cluirberund, formerly Bialsop ef Torente.
Mgr. de Charbonnel pronounced an addremln which e.
referred to some of the patriotic legends attached to the
old abbey, and amongst them that of 119 knights, sesided
by 119 soldiers, Bretons and Normans, who, in Its=
war with the English, defended on one ceassion the
dig spinet 20,000 enemies.
Snow IN AUGUST. —The Dundee Advertiser
rays:—Our Braemar cerrespondcet, writing on Monday
evening, states that the last two days hove hem mem-
i ravel cold and stormy, with a cold north and northrsereity
wind, accompanied with chilling showers of rain. *Them.
on the northern Grampians, fellikiztsre mow, which oa
the elevated crests of Ben-•• Ben Am, rad Ben
llaettrai amounted to * steady doss eddying mow
i drift. It is still very *old and cheerier while m write,
hut much lees stormy end more settled in oppearame.