The Express.
London, England, 1866-09-28 00:00:00

PROVINCIAL SHARE MARKET&

LIVERPOOL, SEPT. 27.-Sales to-day:-Great Eutern, 29 81
1 1-Great Western, 55}--Lancashire and Yorkshire. Irs
-London and North Western, 1181 1 18 171 1 1-Manchester,
Sheffield, and Lincoln, 561 1-North British, 42 1-North Eastern,
Berwick capital stock. 1041-Sonth Eastern, frlzialli 7 1-
Lanasster and Carlhil-. 2441c.-Buffalo and Lake Baron, 41 5-16
-Gnat Western of Canada„ 131—Erie, 47j-Great Luxembourg
share.. 121-Alliance Busk, London and Liverpool Minitel'', 5
4.-hank of Liverpool. 26}-Maritime Insurance .Limited., d.
-Anzio-American Telegraph, 18113-16-Atlantic Telegraph 8 per
cent, 5j 13-18 1 11-16 13.18 1 1-National Steam .Limited), 111
d.-Paelfic Steam, 95.
fstaulsousn, SEPT. 27.-Business done : Midland Financial
'Limited'. at 2 dis.•-Birminzhain Gas, New Ordinary, 1888. at 31
pm.-Birmi natant Wagon Limited', Second Dame at dia Closing
prices :-Birmingham Canal, 101 to 881 - Dudley and West-
bromnich Bank, 11 to 111-Staffordshire Joint-Stock Bank
'Limited . 3 to 31 pin-Birmingham Financial •Linsited,, 11 to 01
din-Gloucester Waggon Limited., II 9-18 to 12-Mantes Metal
;Limited . 1; to II dis.-Patent File Limited;, 5 dis., sellers.
MANCHESTER, SEPT. 27.-A pretty good business was done,
Prices being generally rather lower. Angio.American Telegraph
,Ltmited 1-Atlantic Telegraph Preference 8 per cent.,
115 12-Buffalo and Lake Huron. 41-Great Eastern, 281 1 n.
-Great Luxembourg. 121-Great Northern A, 128 71 8-Grand
Trunk of Canada, 29--Great Western of Canada, 131-Great
Western. 55 sit 41514f}4}15 41 -Illinois, 771-
Lancashire and Yorkshire. 124-London and North Western,
11s 171-Mauchester and County Bank (Limited., 21 n. p. -511n-
cheater, Sheftleld, and Lincolnshire, SITS 1 1 11 1 1 1-Ditto,
8 per rent. pref., 1211 1-Metropolitan, 12831/481 71 8-KfdlAnd.
1211 4-North British, 34 940 391 148 40 391 401 111
-South F.asterts,l2Sl 81 7i 1 1-Thames and . army Marine In-
swan°, Limited., 4f p.-t nit4A States 6-20 Bonds, 711-London,
Chatham, and Dover. 64.
Dcnun, SKr?. 26.-New Three per Cent. Stock, 87-Ditto for
new account, 971-India Five per Cent. Stock • transferable at
I the Bank of Ireland:, 104-National Bank 14.30 paidi, for ac-
count, 701-National of Livery of 'Limited' '4lO paid), 14--
1 Provincial Rank ~E 2.5 paid , 791-Raja' Bank (ElO paid , 3211 e
-Dublin and Drogheda 14100 paid), 82-Great Southern and
Western f,LIOO paidl, 914.

ARRITLL OF THE GA_MBODGE.--SUEZ, SEPT. 26.
The Messager:es Imperials, steamer Oars Dodge arrived
here to-day. She brings 3,300 balm of silk.

MONEY MARKET.-(THIS DA!.)

Oprz o'Curcz.

There is a slight increase of business in the
Stock Exchange to-day, and the tendency gene-
rally is somewhat better. The Bank of
England return is regarded as very satisfactory.
About 650,0001. in gold and silver has just arrived
from the West Indies and Australia. The settle-
ment will be complet' l this afternoon, when there
will probably be more disposition to enter into
fresh speculative transactions. There is a moderate
demand for the ;ones, which are steady. English
railways and foreign stocks are inquired for, and
show an advance in some eases.

There is a strong demand for money to-day, as
usual at the end of the quarter, and the quotation
for good three months' bills is firm, at 41 to 4 per
oent. In the Stock Exchange the charge for short
advances on Consols is 4 to 44 per cent.

The Bank of Franco retui.i shows this week a
decrease of 20,0001. in the coin and bullion, and
of 360,0001. in the bills discounted.

Consols are now quoted 89} to for money, and
891 to for the 9th October.

The foreign stock market is steady, with transac-
tions to a fair extent. Spanish Certificates
and Mexican Bonds are inquired for, and have
risen 1 per cent. The other speculative descriptions
are unchanged. Turkish Bonds of 1862 are quoted
54 to 56 ; ditto, 1865, 311 to 1 ; Greek, 151 to
; Spanish Passive, 221 to / ; ditto Certificates,
14 to I ; Italian of 1361, 361 to 571 ; and 'Mex-
ican, 161 to 1.

The steamer Seine has arrived from the West
Indies, a:th 479,00/. in specie, find the Dover
Castle, from Melboinie, a:th 177,000/. The
Douro, from Bre?il, which hies reached Lisbon,
has also 44519/. on freii;ht.

Anglo-American and Atlantic Telegraph share,
have declined 2s. 6d. to 55., being now quoted 161
to and 5 to I respectively.

United States 5-20 Bonds have receded 1 per
cent., viz., 71 to f. Erie Railway shares are
quoted 474 to 1, and Illinois Central, 77i to 1,
showing no movement in either case.
International Financial shares are quoted 14 to
14 dis. ; London Financial, 14 to 13 dis.; general
Credit, 2to 11 dis. ; Credit Fonder, 3} to 31
dia. ; and National Discount, 8! to h prem.

The reduction of the minimum rate of discount
from 5 per cent., at which it was fixed on the Gth
instant, to 4i, had been fully expected, and
is amply explained by the position of the
Bank accounts, as shown in the return pub-
lished last evening, and analysed below, In-
deed, the accumulation, both of bullion and of
reserve, in the Bank would warrant the adoption of
a still lower rate of discount, though the directors,
having regard to the uncertainties of the harvest,
and of the corn and cotton markets, apparently
prefer to make the transition from a panic rate to
an ordinary rate of money as gradual as possible.
With a policy of caution the mercantile community,
after their recent sufferings, are not likely to find
fault, but it may be pointed out that a low value
of money seems likely to last the longer
by reason of the needless prolongation
of the 10 per oent. charge during the extraordi-
nary space of fourteen weeks. Looking to the
steadiness of the exchanges, and to the actual and
prospective influx of gold from many foreign quar-
ters, it would be very rash to pronounce that the
fall in the value of money has reached its lowest
point. While speculation has been completely
crushed, legitimate trade, both at home and abroad,
has been severely repressed ; the ereatinn of mer-
cantile bills has been proportionately checked ;
and, as distrust has been sown broadcast, remit-
tances of specie to this country from even the most
distant points of the globle, have taken the place
of those now discredited mercantile instruments by
which international transactions, under ordinary
circumstances, are settled. Accordingly, under
the rigid operation of the Act of 1844, the Bank of
England is once more piling up a vast and practi-
cally useless store of bullion, and is beginning to
groan under the weight of an enormous banking
reserve, the exhaustion of which caused the mer-
cantile community such intense suffering only two
or three months ago.

It is evident that recent announcements have
excited a wide-spread feeling of distrust with regard
to British railway property, the effects of which,
though likely to be partially counteracted by the
improvement in the money market, may yet make
themselves manifest as debentures fall due. The
radical defects of the railway debenture system
are now being keenly impressed up,n this great
interest. They were unfelt as long as railway
credit was unimpeached, and the renewal of deben-
tures was effected with facility, but our railway
companies awake now to find themselves tram-
melled with a very inconvenient floating debt—a
form of liability which has been long eschewed by
the great governments of the world, even by those
which have hitherto been the largest and most
systematic borrowers. It is evident that the time
is approaching when our railway companies will be
obliged to consider the expediency either of fund-
ing permanently, and upon a large scale, their pre-
sent floating debenture debts, or—what is perhaps
a still better plan—of issuing debentures for a lung
series of years, accompanied by a sinking fund,
something after the French system.
The amount of gold sent into the Bank yester
day was 109,000/., viz., 72,0001. in bars, and 37,000
sovereigns from the East.
The steamer China is expected to arrive at
Southampton on the 4th of October with 283,000/.
in specie from the East, and the Massilia on the
20th item with about 400,000/. from Australia, in
addition probably to a large amount from India.
The silver market was quiet yesterday, and prices
showed no change. It is anticipated, however, that
the demand for the East will soon begin to revive.
It is intimated that the improvement committee
of the Corporation of London are proceeding with
all possible despatch to clear the ground, erect the
proposed viaduct, and complete the Holborn valley
improvements, and that they find it desirable to
anticipate the sales of surplus property by a loan,
for temporary purposes, of 400.000/. The City-
Chamberlain is accordingly authorised by the
Finance Committee of the Corporation to negotiate
the disposal of City Debenture Bonds to that amount.
The Bonds are to be issued for such periodsas may'
be arranged, not less than five, nor more than seven
years, and bearing interest, payable half-yearly by
means of coupons at the Bank of England, at the
rate of 41 per cent. per annum. Applications are
also invited for the third and last issue of 100,000!.
of the City Debenture Bonds Loan of 600,000/. i
The rate of interest in this case is likewise 41 per
ce it. per annum, but the bonds are for not less
than 13 years, nor more than 16 years.
The shareholders in Pile, Spence, and Co. (Li-
mited), which recently failed, have determined to
forma Defence Association, with a view to take
counsel's opinion with respect to their present po-
aition, and thus ascertain at once the course they I
should adopt under existing circumstances.
The application with reference to the croweex-
amination of the directors of Overend. Gurney, and
Co. (Limited), was heard yesterday in Vice-Chancel-
lor Stuart's Chambers, when the chief clerk, Mr.
Peake, ordered that the case should be adjourned
till November. The application by the liquidators
that an order should be drawn up to enforce pay-
ment of the call forthwith was also heard, and the

chief clerk suspended the drawing up of any order
for a week, with a view to giving the shareholders
represented by Mr. Frederick Dundee and Mr.
William Peek an opportunity of asking the judge
to appoint a day for hearing the arguments.
The Great Western Railway traffic return shows
this week an increase of 1,2151. over the corre-
sponding period of last year ; the Lancashire and
Yorkshire, an increase of 2,149/. ; the North Eastern,
an increase of 3,6231. ; the Great Eastern, an in-
crease of 181/. ; the Great Northern, an increase of
1,9471. ; the Mancheste-, Sheffield, and Lincoln-
shire, an increase o: W.; the London and South
Western, an increase of 7521. ; the North British,
an increase of 1,6801.; the London, Chatham; and
Dover, including the Metropolitan Extension and
branches, a decease of 5391.; the Metropolitan
Extension, a decrease of 296/. ; and the Kent
Coast, a decrease of 7101.
At the meeting yesterday of the shareholders in
the English and Swedish Bank (Limited), the follow-
ing resolution was adopted after some discussion
" That so much of the report be withdrawn as re-
lates to the reduction of the working capital of the
bank by writing off 51. per share from the t3l. now
called up, thus reducing the paid up capital from
251. to 201. per share, and as relates to the reduo-
ing the nominal value of the shares, and that,
subject thereto, the report and accounts be re-
ceived and adopted." The Chairman explained
that negotiations are in progress for an amalgama-
tion with another bank in Sweden, and that the
directors anticipate being able to call the pro-
prietors together to submit a proposal to them.
' A meeting of the shareholders of the West
London Wharves and Warehouses Company took
place yesterday, to receive the reply of the directors
to the report of the committee of investigation. A
long discussion took place, and it was eventually
resolved that the committee shall nominate three
or more gentlemen as directors, after consultation
' with their fellow-shareholders, the present board
' undertaking to elect the three or more gentlemen,
and at once resign. Another meeting will be
held in a week.

A general meeting of shareholders in the
Chartered Bank of India, Australia and China is
called for the 17th October, to declare an interim
dividend for the half-year ended the 30th June.
A general meeting of the Bahia and San Fran-
cisco Railway Company is called for 18th Oct.
It is notified that the half-yearly coupons for in-
terest on the debentures of the Imperial Land
Company of Marseilles (Limited), falling due on
the 30th inst.' will be paid on presentation at the
National Bank, Old Broad-street.
The Buffalo and Lake Huron Railway Company
have announced thrt the coupons now due upon
the bonus may be sent in for payment on or before
October 1.
The Ottoman government have git en notice to
the bearers of bonds of the ge•-eral debt of the
Ottoman empire, who intend to receive in Europe
the current half-yearly interest, that they will have
to dczlare such intention at the agencies of the
Imperial Ottoman Bank in London or Paris, or at
its corresr indents in Frankfort and Amsterdam,
between the 27th of September and the fith October
inclusive.
Messrs. Dent, Palmer, and Co. have announced
the half-yearly dividend, duo the 10th October on
the Turkish Six per Cent. Loan of 1854.
Advicea just received mention that the Nada,
from Suez, had run down the Minna, from 80111-
bay, near Shadwah, at the entrance of tho Gulf of
Suez. The latter steamer had 2.200 bales of
cotton and 1,600 boxes of sundries on board.
Both vessels belong to the Bombay and Bengal

Steam Navigation Company.
The ship General Grant, with 10,500/. in gold
and a general c.krgo, having been at sea 146 days

from Melbourne, forty guineas per cent. premium
have been paid at Lloyd's to effect fresh in-
surances

The return of the Bank of England for tho week
ending Wednesday, Sopt. 26, compared with that
for the previous week, shows the following changes:

Circulation lame L30,434,110 Increaae £478,075
Circulation active 21,040,045 Decreage 267,035
Public deposits
Other tlei•osita
Chwer 1111 l rolt savurittes in

banking department
Other securities in banking
department 21,751,'Xk4 Decrease j 71,600
Coin and bullion in both
departments
Seven day and other bills
The Rest
Notes in reserve
Total reserve (notes k coin)
in banking department... 8,679,:b7 Increase 772,781
This return shows a fixther gnat addition to the

12,219,428 Increase 507,706

.. 16,729,252 Increase 505,746
571095 Decrease 38.521.
Increase 8,149
7,.-046,145 increase 745,110

resources of the Bank. The— increase in the de-

posits being 939,2581., and the advances on private
securities having diminished 371,600/.,. making to-

. .
gether a total gain of no leas than 1,310,858 r, it
is evident that the addition to the reserve would
have been much larger than the important sum of
772,7811. here shown, v:ere it not that that the
Bank has added 507,7051. to its stock of govern-
ment securities. The Bank, in fact, is too glad to
find in government stocks a menus of employing
the enormous sums which are accumulating so

rapidly in its till, and which trade refuses to
absorb. The reserve is now approaching the heavy

sum of nine millions.

The i.nerem: in the coin

and ladhon is more than half-a-milh,m, and some-
what exceeds the amount known to have been sent
into the Dank from abroad during the week.

BANK OF ENGLAND.

An A,"nunt puranant to the Art 7th and oth Vie . e !"!. few the
week e:ating on Wed:lmlay. the 2,th day of Sept , 1a69.

IM4tE PEPARTMENT.

4.3.0,0A110

Government debt.. C 1,015,109
Other svenritles 3,914,1141
Onli voiu acid bul
lieu
ball on

15,636,110

L30.431%,110

£.;1,644i,110

(I..orriment F4,^n-
I rides Inchullnr

Lknd Wright An
nuih•'
tu. r Nceu rifles 2:.751,4'4
Notes
G.. 14 and Nllcer
Cola

k42...W.0,979
W. 311LLER, (hint ~f:ahfer.

THUIthDAY KVFKTNG.