The Express.
London, England, 1866-10-11 00:00:00

MONEY MARKET.-(THIS DAY.)

Oxs o'Olocra.
The indisposition or inability of the public to
effect purchases in the Stock Exchange is more
apparent to-day than ever, the transactions being
upon a trifling scale, and these consisting chiefly of
sales. As a necessary consequence, the tendency
of quotations generally is still downwards. The
funds, notwithstanding the disfavour with which

moat other securities are viewed, have experienced a

fresh reduction of * per cent. English railway

stoclui have scarcely varied, but remain flat, with
the exception of London, Chatham, and Dover,
which shows a further recovery. Foreign bonds

are somewhat better in a few cases.

The directors of the Bank of England, at their

weekly court to-day, made no alteration in the rate
of discount, which remains at 4} per cent. ; but it
is expected that a reduction to 4 per cent. will
soon be made, owing to the very moderate extent of
the demand at the Bank and the prospect of a
further diminution, with the release of the divi-
dends and lower rates in the general market.
There is still little enquiry for discounts, and
good three months' bills are negotiable at 4i to
per cent. The charge in the Stock Exchange for
short advances on English government securities is
3} to 4 per cent.
The proposal for the resuscitation of the Indian
portion of the business of the Agra and Meeks-
man's Bank (Ls-lilted) has just been lamed. It is
stated that the result of a recent investigation
shows that, after deducting all bad and doubtful
debts, und making full allowance for contin-
gencies on outstanding transactions, there
will remain not less than one-half, and pro-
bably two-thirds of the capital, after pay-
ment of all claims. It is proposed to provide
a total paid-up capital of 1,000,000/., represented
by 40,000 A shares of 101. each, all paid, and
60,000 B shares of 25L, with 10/. paid up. The
resuscitated bank, on the requisite con-
sent of shareholders and creditors being
obtained, will be prepared to take over
the existing assets and liabilities, and gua-
rantee to the creditors payment of the balance
(after deducting the first dividend of ss. in the
pound already paid) of their claims—viz., 15s. in
the pound by instalments. A meeting of the share-
holders is convened for the 18th inst. to consider
the proposal.
Console are quoted 89} to I for money, and
89i to 4 for the account (Nov. 8).
Foreign stocks aro rather firmer, but the amount
of business is small. Turkish of 1865 and
Spanish Passive are in request, and have
risen t# per cent. Mexican have also im-
proved j. Turkish Bonds of 1862 are quoted 54
to 55 ; ditto, 1865, 281 to ; Creek, 13} to 14} ;
Spanish Passive, 21 to ; ditto Certificates,
to 141 ; Italian of 1861, MI to ; and Mexican,
15! to 16. _

American securities are steady, at the closing
prices of yesterday. The 5-20 ]'ands are quoted
711 to a Erie Railway shares, 475 to 481 ; and
Illinois Central, 781 to 1.
Anglo-American Telegraph shares are unchanged
at 16 to 161, but Atlantic Telegraph are ss. lower,
at 5 to 51.
The light portion of the Calcutta, China, and
Australian mails is expected to be distributed in
London about Monday next.
International Financial shares are quoted
to 11 dis. ; London Financial, 1G to 15 dia. ;
General Credit, 21 to 2$ dis. ; Credit Foncier,
41 to 4 dis. ; National Discount, 8i to 9i prem.
and Hudson's Bay, 161 to 17.
The Italian stock is prejudiced by the fear of a
fresh loan. It is evident, however, that Italy
is in a far better condition to appeal to the
money market now that she has acquired a
splendid province, which, under a liberal regime,
ought to show very different results from
those presented under a military despotism,
the chief object of which was to squeeze money
out of the country. The main apprehension
caused, however, by this systematic loan raising
consists in the sacrifice of the interests of existing
stockholders, by which it is almost invariably at-
tended.
About 11,0001. in gold was bought by the Bank
yesterday, while 5,0001. was withdrawn for Alexan-
dria. The operations of the week have been of
less than usual importance, 87,000/. having been
sent in, and 80,0001. taken out for export.
The London and North Western Railway traffic
return shows this week an increase of 2,9•291.
over the corresponding week of 1865, and the
Midland an increase of 1,2161.
At the meeting of the British and Californian
Banking Company (Limited) held yestirday, the
resolutions passed on the 24th ult., for winding up
the undertaking voluntarily, were confirmed. The
chairman explained that, owing to the tenor of
the news from California, the directors are certain
that they will be able to meet every engagement,
without applying to their bankers for even tem-
porary assistance.
The half-yearly meeting of the Great Indian
Peninsular Railway Company is called fur the 2nd
November.
In the case of the Birmingham Banking Com-
pany, an application was made yesterday to Mr.
Hall, the Chief Clerk in the Court of Vice-Chancellor
Stuart, for inspection and supervision on the part
of the shareholders, and the case of Overend,
Gurney, and Co. (Limited) was cited in support of
the application. The Chief Clerk, however, was
of opinion that the matter did not press, especially
as thero was no allegation that the liquidators were
dealing in a reckless manner with the assets. lie
accordingly referred the matter to the court of the
Master of the Rolls, before whom it is to come on
the 29th inst.
The half-yearly meeting of the Imperial Gas
Company is called for the 11th inst., for ordinary
purposes, and also for the following, viz. :
First, for the purpose of authorising, under the powers
of the Company's Act, intituled " The Imperial Gas Act,
1854," and the acts incorporated therein, e
the raising and
paying of the sum of 250,0001., part of th companys exist-
ing borrowed money, by creating new sham, at such
times, upon such terms, and in such manner as shall be
resolved upon ; and second, for the purpose of
_audio-
rising the issue of the additional share capital of 324,000 f.,
which the company is authorised to ruse under the Com-
pany's Act, intituled " The Imperial Gas Act, 186 G," at
such times, and upon such terms and conditions as shall
be resolved upon.
With reference to the market for American
securities, Messrs. Satterthwaite and Co. report
as follows :
There has been renewed activity in American securities
in the London market during the past week. In United
States 5-20's there has been a fair amount of business trans-
acted at steadily advancing prices, the approaching pay-
ment of interest bringing in numerous buyers on conti-
nental account ; the last quotation, 71 'II to a. indicates a
rise on the week of fully Ifper cent. Illinois Central
shares have been well supported (closing 763 to I), but
Erie, after touching 52, have declined on sales to realise
profit's, and lower quotations by telegraph from New York
to 473 to 48. Atlantic and Great Western Consolidated
bonds have been more offered, and certificates of deben-
tures close 643 to 65.4, about • half per cent under the
price of this day week.
Creditors of the estate of Messrs. Hawkey, Whit-
ford, and Co. (Falmouth and St. Columl Bank)
are informed that a dividend of ss. in the pound
will be payable on the 15th inst. and following
days.

WEDNESDAY Evnama.
Consols, which closed yesterday at 891 to
for the Bth November, opened this morning at the
same quotation, and so closed, after declining in
the interval to 891 " sellers." For money the last