The Express.
London, England, 1866-06-08 00:00:00

Idle
11

a decrease of 2,352,000!. in the bills discounted.

The Liverpool cotton market opened quietly
this morning, and quotations showed no variation.
Consols are now quoted 86 to it, ex div., for
money, and 84 to it for the new account (July 10).
Very little business has taken place to-day in the
foreign stock market, and, with the exception of a
decline of per cent. in Italian Bonds of 1861,
prices exhibit no alteration. Turkish Boucle of
1862 are now quoted 54 to 56 ; ditto of 1865, 281
to I ; Greek, 11} to 12} ; Spanish Passive, 14 to
19 ; ditto Certificates, 13,?. to it ; Italian of 1861,
351 to 36 ; Brazilian scrip, 61 to 51 dis. ; and Mex-
ican, 17 to 1.
United States 5-20 bonds and Illinois Central
Railwayshares are steady at cAg to g ; and 75 to ;
respectively but Erie have declined to 40 to 41.
International Financial shares are now quoted
21 to dis. ; London Financial, 17 to 15 dis.;
General Credit, 31 to 21 dis. ; Imperial Mercantile,
91, to 81 dis.; Credigoncier, 3:0 ton dis. ; Overend,
Gurney, and Co., 18 to 16 dis. ; and National
Discount, to 6 prem.
The weekly court at the Bank of England
passed over, as was generally expected, without
any alteration in the rate of discount, which
remains, therefore, at the exorbitant point of 10
per cent., although the weekly return, ana_
lysed in the usual place, exhibits so important
a recovery in the Bank's resources that the
directors might well, as many people think, have
tried the effect of an invitation to confidence in
the shape of a reduction to 9 per cent. At
no period would the moral effect of such a move-
ment be better appreciated by the commercial and
financial claaaes. The extraordinary influx of gold
to the Bank, which continued yesterday in full
force, proves that there is no longer any need of
putting so strong a pressure upon foreign markets,
while, in so far as the Bank's reserve is acted upon
by internal causes, a reduction in the rate of dis-
count, by encouraging a return of confidence,
would certainly tend to relax the grasp of those
who are still hoarding notes.
There is good reason to believe that the late
and present sales of joint stock bank shares are
chiefly speculative and effected by an organised
combination, the parties engaged in the disgraceful
transaction being tolerably well known. Their ob-
ject is clearly to depress the quotations day by day,
so that the bon& fide holders may in alarm sacrifice
their property without inquiry, and without re-
gard to price. The consequences of such a onispi-
racy, if allowed to continue unchecked, might be
so serious that, as we are informed, the leading
brokers of the Stock Exchange will to-day de-
termine on a plan of action so as at once and
effectually to counteract the culpable designs of
the speculators in question. Indeed, we under-
stand that for some time past nearly all the firma
of high standing have declined to execute orders
for sales of bank shares, unless assured
of the seller being actually in possession
of the shares he proposes to traffick in.
The most simple and effectual remedy to the evil
would appear to be to deal solely fur ra,h, and this
could easily be arranged, with the co-operation of
the dealers. A resolution of this sort would reflect
infinite credit upon the Stock Exchange, and upon
their initiative, and would save much good pro-
perty from unnecessary depreciation, and many
families frmn needless anxiety, besides being at-
tended with the good result of punishing those
who conspire together to profit by the losses of
other people. Should the proposed measure not
suffice to correct the evil, it will become a duty
of the public press to designate more particularly
the quarter in which this depreciatory movement
mainly originates.
About 452,000!. in gold was sent into the Bank
yesterday, viz., 379,0001. in bars out of the recent
American arrivals, and 73,000 sovereigns from
Alexandria. On the other hand, 60,000 sovereigns
were withdrawn for transmission to America.
The directors of the Agra and hlasterman's
Bank (Limited) have presented a petition to
Vice-Chancellor Kindersley's Court for a com-
pulsory winding-up order, and Mr. H. 1-1. Connell,
of the firm of Kemp, Cannan, Ford, and Co., has
been appointed provisional liquidator. The direc-
tors, however, are taking steps to convene a meet-
ing of shareholders, to pass a resolution for
winding up voluntarily which will be submitted to
the court as the cheapest and most expeditious
course both for creditors and shareholders.
The North Eastern Railway traPle return shows
this week an increase of 1,3911. over last year :
the Lancashire and Yorkshire an increase of
4,526/. ; the Manchester, Sheffield, and Linooln-
shire a decrease of 1,8531. ; the North British an
increase of 2,191/. ; the London. Chatham, and
Dover (including the Metropolitan Extension and
branches) an increase of 941. ; the Metropolitan
Extension a decrease of 46/. ; and the Kent Coast
a decrease of 2401.
A general dividend meeting of the London and
Westminster Bank is convened for the 18th July. i
An extraordinary general meeting of the Bank
of Hindustan, China, and Japan (Limited) is
called for the 25th inst., to confirm a resolution
passed at an extraordinary meeting held on the
24th ult., providing that the ordinary meetings
shall be held once in every six months.
A meeting of the shareholders of the Soci6ti
Financiere d'Egypte is convened by the chairman
of the committee of shareholders for the 12th inst.,
at the London Tavern, " to take into consideration
the position of the association, previously to the
general meeting advertised to be held in Paris on
the 23rd inst."
The annual meeting of the East Indian Railway
Company will be held on the 29th inst.
A call of 21., making 10!. paid, is to be paid by
the 30th inst. on the 18/. five per cent. preference
shares of the Midland Railway Company.
The annual meeting of the Ceylon Company
(Limited) will be held on the 19th inst., when a
half-yearly dividend will be declared. A call of :
11. 10s. on the 25,000 original shares of this com-
pany is to be paid by the 3rd July.
shArAescalolf
tolwl2.l.wisfatoanbde
3palediidtoorrann the pre
oonGasference
Com-
pany (Limited) by the 29th inst.
The return of the Bank of England for the week