The Express.
London, England, 1866-02-05 00:00:00

to div. ; General Credit, 14 to

prem. ; London Financial, to prem., ex div.;
Imperial Mercantile, Ito prem., ex div. ; Credit
Fonder and Mobilier, 3k to prem. ; Overend,
Gurney, and Company, 4} to I prem. ; and Joint
Stock Discount, k to 5 die.
The shares of the large number of miscellaneous
companies created during the laattwo or three years
eantinue forthe most part to show great depression.
Manystocks which at the °utast were sought after at
very high premiums are now so completelyi discre-
dited as to be quite unmarketable. Take, for in-
stance, the shares of the Contract Corporation
(Limited), which were at one time quoted at 41.
and 51. premium on Si. paid, and are now, with
101. paid, completely valueless—somuch so, indeed,
that the directors are adopting the extremest mea-
sures in order to prevent all the solvent members
from quitting the co-partnership. Then there is
the Humber Iron Works Company (Limited), the
shares of which were once at a good premium, and
are now, with 201. paid, quoted 20 to 18 dia. This,
of course, means that, so far as current market
value is concerned, the shareholders, like
those in the Contract Corporation, have virtually
lost the whole of the sum as yet paid into the con-
cern. A still more flagrant case is that of Smith,
Knight, and Co. (Limited), the shares of which,
with 131. paid, are officially reportedito have been
dealt in on Saturday at 13} die. The meaning of
this is that those shareholders who sold on Satur-
day have not only given up the entire sum paid by
them, but have paid, in addition, a bonus to the
buyer. Inmost of the cases of ruinous depreciation
like those above cited, it will be found that the
shares are of a heavy denomination—such as 501.
or 1001. each. In such cases the share-
holders are conscious that, though the com-
pany may be "limited," the limitation of their
individual liability is rather nominal than real, fora
1001. share, with only 51. or 101. paid thereon, prac-
tically differs but little from a stock held under the
old law of unlimited liability. It is to be hoped
that the public will take to heart the lessons im-
pressed by the present condition of the share list,
and refuse in future to touch shares of so heavy an
amount. The launching of companies in this form
is done simply in the interest of the promoters, who
are desirous, with a view to the usual manipulation
of the market, to have as small a number of
shares as possible. What suits promoters, how-
ever, is shown by the result to be bad
for the public. Shares of heavy amount,
and entailing an almost ir.definite liability, are
naturally shunned by prudent investors, espe-
cially in the earlier stage of operations; and as the
original subscribers are equally anxious to effect a
retreat, it is easy to understand how prices have
fallen to their present ruinous point.
Subjoined is a statement (from Mr. Slaughter's
11 eckly List) of the railway calls falling due in the
present mouth. The total is unusually small :
Amount per Share.

Due Already Number
Due In Feb., nes. Date. Paid. Call. of Shares.
Imperial Mexican .... 28 IS £7 0 0 00,000 420,000
London and S. West.
Perpet. 6 per cent.
Preference Stock.... 28 dept. 60 pr ct. not known
Total in Feb

410,(00

Total In two months of 1806
The Bootie has arrived from New York with
68,0001. in specie, and the Arago, from New York,
with 50,0001. The Oneida. from Brazil, has also
brought 18,9191.
At the adjourned meeting on Saturday of the
Humber Ironworks and Shipbuilding Company, it
was resolved to "voluntarily wind up" the under-
taking.
A general meeting of the English and Scottish
Marine Insurance Company (Limited) is called for
the Bth inst., when a dividend is to be declared
"out of interest upon the paid-up capital."
The directors of the Manchester and Liverpool
District Banking Company have announced that a
dividend of 12s. 6d. per share for the half-year
ending the. 31st December, and also a bonus of
is. 6d. per share will be payable, free of income
tax, on the 14th inst.
The directors of the Birmingham Joint Stock
Bank (Limited) have issued a satisfactory report
for presentation at the fourth annual meeting on
the sth inst. We extract as follows :
The audited secoants for tbe twelve months stow a gross
profit of 58,2871. 4s. 7d., and after writing off all bad, and
making ample provision for all doubtful, debts, rebate of
interest on bills dimuoted (sot yet dash sad payment of
all other charges sod expenses, there remising a net profit
of 42,7061. 7s, 4d. A divid.nd of 20 per gest par annum
on the paid-up capital will absorb 37,404 f. ls. 101, leaving
a balance of 5,266/. se. 6d. to be appropria'ed. In addition
to ibis dividend, a boons of 11. per Asks recommended
to be paid from the reserved surplus fund, making together
30 per cent. per annum.
The half-yearly meeting of the Great Western
Railway Company is called for the 2nd of March ;
that of the Great Eastern Railway Company for
the 24th inst., when three directors are to be elected
in the place of Messrs. J. Goodson, S. Anderson,
and G. P. Bidder, who have resigned ; that of the
London and Blackwell Railway Company for the
20th inst. ; that of the Bristol and Exeter Railway
Company for the 28th inst., at Bristol ; that of the
Buckinghamshire Railway Company for the 23rd
inst. ; and a general meeting of the Dublin and
Meath Railway Company for the 22nd inst.
A general meeting of the San Paulo [Brazilian]
Railway Company (Limited) is convened for the
12th inst.
We are informed that the directors of the Bank
of Turkey (Limited) have just applied for a special ,
settlement and quotation on the Stock Exchange.
The arrangements for commencing business at Con-
stantinople
are also completed, and the branch will
be at once opened.
The traffic receipts of the Great Western Rail-
way of Canada for the week ending Jan. 16 were
11,9971, being 2901. more than in the corresponding
week of last year.
The numbers are published of various bonds of
the Imperial Moorish Loan of 1862, which were
drawn by lot on the lit inst., and are to be paid off
at par on the 19th.
Messrs. J. IL Metier and Co. have announced
that the bonds representing the Bay of Havana and
Matanzas Railway Loan for 1866 for 400,0001. have
been received, and will be ready for issue in ex-
change for the scrip receipts on the 9th Wit.

The following, on the cotton trade, is from the
circular of Messrs. Truman and Rouse, of Lon-
don:

The Manchester innrki.t has throughout the month been
tolerably steady, and the valise of goods and yarn, wilco-
ly the latter, is DOW more ermmessurste with that of
the raw material than it has been for a long time past.
Cotten has declined &input from week to week, and the
present value of the current qualities of American sad East
India is the Livespool mule& is 21 par lb. less than on
the led alt. This has chiefly arises from the continued
heavy receipts into the American ports—averaging for the
past five weeks nearly 53,000 bales per week—ereating a
fear that the stocks in the interior have been hitherto
much under-estimated. The heavy shipments from Bom-
bay are she a muse of anxiety, and, combined with the
monetary pressure, have induced many holders to re-
alise. That the Liverpool cotton market should give
way, while Manchester maintains tie ground, is a
new bat by so means unsatisfactory feature, as it has
luought the margin between the value of the maxn-
factured article and the raw material into a more
satisfactcey Mete than it has bees in for the past four years.
The stook of cotton in Liverpool is 424,000 balm, against
499,000 last year, cud 254,000 bales at the same period is
1864. This market be. shown little animation ; the SSW
on the spot since the let ult. have only reached 14,000 West
and about 21,500 have changed hands for arrival ; price. a
Surat and Madras show a decline of lid. to 2d., end of
Bengal and &lode led. per lb., and this large mductio•
fails to induce a remeal of speculation, as it is felt that
we are still very much in the dark about the future Ameri-
can supplies. The latest sales for arrival have bees at 15d.
for good fair Tinnevelly, 15d, for fair Western. 141 for
fair Cosocada, and 100. per lb. for fair Bengal, all by
ships which will probably wive during the cermet math.
The quantity now on the way from all the Indian porta is
390,000 bales against 215,000 bales at the same period lad

year.
With reference to the copper market we take the
following from the circular of Messrs. von
Dadelazen and North :
The excitement mentioned in oar last, ensuing on the
annonnosmest of the Chilean blockade, seems completely to
have died away, being checked b the poultice of the
money market, and finally extinguished by the wilful action
of the smelters. On the 15th ultimo these gentlemen an-
nounced a reduction of Si., and 'gain a similar one on the
22nd, bringing official quotations down to the same figures
at which they stood before the arrival of the news of war
between Spain and Chili. There is no doubt the smelters
should be the best judges of the necessity for the steps they
have taken during the last two moothe, sad time alone
will show whether they were justified in their action,
meanwhile public opinion blames them severely. The last
fall bad the effect of bringing out orders from both con-
sumers and exporters, and a stronger toes is now observ-
able ; we do not beer of much underselling except for
immediate cash, and then only one or two pounds per toa
below official quotations. The f eters course of the article will
naturally a good deal depend on the amuse of events in Chili.
The sanguine expectations that the war would soot be
elided through the intervention of the Western Powers are
not likely now to be realised, as the capture of a Speak&
gunboat by the Chilies has clawed so moth indigestion in
Spain, that it is more than probable strong reinforcements
will be sent out to the Pectic, and the war camases in
earnest. It is impossible to tell how long prolog quota-
tions may be maintained ; at any moment important news
can arrive to alter the state of the market, and we may
again hays a time of math higher prem. Under any cir-
cumstances, the disturbances which have already taken
place in the production of urea, regains, and ingots, in
Chili, are sufficient of themselves to justify our preemie
comparatively low quotations, which are—best selected.
99/. ; tough cake, tile, and ingots, 96/. ; manufectar
1011. Bllllloos in foreign has been much restricted, and
prices have declined in sympathy with English. The lowest
point touched for Burrs 1,11111 971., &spools 971., Wallaroo
961., Chili bars 881. ; prices have, however, recovered fully
21. per too, and holders are not preemie; sales. The stooks
of Chili in Liverpool and Swansea show a reduction of
22,C:.3 tons since last month, and now stand as follows :-
11,82i4 tons fine copper, against 13,935 toes on 31st Decem-
ber, 1865.

SATUIDAY Emma
Console, which closed yesterday at 861 to
for next Thursday's settlement, opened and closed
to-day at so l, "buyers," temporarily relapsing in
the interval to 861 to 4. For money the price was
the same as for the present account, sad for the
Bth of March, 871 to 4. The official business
report is as follows :—Three per Cent. Consols,
for money, 86j, 4,7, 61; ditto, for account, 861 ;
Three per Cents. Reduced, 87, 61; New Three
per Cents., 864, 1,7; Bank Stock, 247 ; India
Stock, 210 ; ditto -Five per Cent., 1021.
Foreign stocks were firm, but there was not
much business. Egyptian and Russian Bonds rose
4 per cent., and Brazilian scrip and Greek, 4.
Brazilian of 1863 were also inquired for; but New
Grenadian Deferred showed dulness.
There were few dealings in bank shares, and
prices in most cases showed no variation. Barned's
and Commercial of ludia advanced, but Bank of
London, English and American, London and Bra-
zilian, and Oriental Commercial gave way. Alliance
Bank shares were last quoted 14 to 11 prem., ex
div. ; Imperial Ottoman, 3to prem., ex div. ; and
Anglo-Austrian Bank, 4 to 1 prem.
Tue shares of the financial companies were in
demand, and firm. Imperial Mercantile improved
55., and International Financial and General Credit
2s. 6d. London Financial and Credit Fonder and
Mobilier were slightly stronger. The last prices
were as follows :—lnternational Financial, 4 to
prem., ex div. ; General Credit, 1 7-16 to 9-16
prem.; London Financial, jto 4 prem., ex div. ;
Imperial Mercantile Credit, 14 to 1 prem., ex div.;
Credit Fonder and Mobilier, 3 3-16 to 5-16 prem.
National Discount shares were lest quoted 94
to 10 prem., ex div. ; Joint Stock Discount, 51 to
being 2s. 6d. better; Overend, Gurney, and
Co., 41 to prem., showing a rise of 7s. 6d. ; and
Hudson's Bay, 161 to 4. Miscellaneous shares were
very quiet, and the only variations were a recovery
in Universal Marine, and a decline in Union
Marine.
The shares of the London Steam Towing Com-
pany were nominally quoted 14 to 2 prem. ; Charles
loffitte and Co., 3 to 4 prem. ; and London,
Asiatic, and American Company, 1 to 2 prem.
American securities were quiet, and prices
showed no variation, claim as follows :-5.20
Bonds, 661 to j ; Erie Railway shares, 53 to 1, ex
div. ; Illinois Central, 741 to 751; Atlantic ant
Great Western Railway Debentures, 821 so 831 ;
ditto small, 831 to 841 ; ditto Consolidated Ster-
ling Mortgage Bonds, paid up, 784 to 791, ex
coupon ; ditto scrip, par to 4 pron.

MINES.-(T1118 D 47.)

Osz o'Cioac.

The operations in the mining market to-day are
not extensive, and prices generally show no change.
East Lovell shares are quoted Ili to 12 ; East
Caradon, 61 to i ; North Treskerby, n to f ; Marko
Valley, 4 to i ; and Chiverton Moor, 51 to 6i.
The following mining dividends have boon do-
clared:duriog the month of January :
Yam Per share. Amount
Devon Greet Coosoh £9 0 0 E9.216 0 0
Tineroft
Booth Careelon
Fart Camden 3 5 0
Merle Valley 0 2 6
Parys Mies 5 0 0
Cl,lll Erfm 1 0 0
East Darren
Brontleyd OlO 0
Feist Raserraros
Port Phillip
Vittoria (Loodoe) 5 per ant.

Total

£31,396 15 0