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

MONEY MARKET.-(THIS DAY.)

thrs
The stock markets remain dull, with a pre-
ponderance of sales, both speculative and Goad fide.
The funds are unchanged, but some of the
English railways have experienced a fresh fall,
being prejudiced by the disclosures at yesterday's
meeting of the Great Eastern Railway Company,
as well as by those contained in the report of
the committee of investigation of the London,
Chatham, and Dover. The stock of the former line
exhibits a further reduction of about 1 per cent.
but that of the latter has improved #, owing to
purchases against previous speculative sales. Some
of the foreign securities have given way, but the
decline does not exceed }to I per cent. The
transactions in the other departments of the Stock
Exchange are quite unimportant, and prices gene-
rally are quoted the same as yesterday.
The discount market is quieter to-day, with an
increased supply of money seekingemployment, and
few bills offering. The general rate is 41 per cent.,
with occasional transactions at 4#. Short loans
are obtainable in the Stock Exchange at 4 per cent.
Consols are quoted 89} to # for money, and
89} to 89# for the account (Nov. 8).
Foreign stocks are dull, and a decline of to
, per •

cent. has occurred in Turkish of 1865, Spanish
Passive, the Committee's Certificates, and Mexi-
can. Turkish Bonds of 1862 are quoted 54 to 55 ;
ditto, 1865, 281 to ; Greek, 141 to 4 ; Spanish
Passive, 211 to i ; ditto Certificates, 14 to 4 ; Italian
of 1861, 541 to 551; and Mexican, 164 to 1.
There is a fair amount of business in American
Securities. 5-20 Bonds are in demand, and have
risen 1 per cent., the present pike being 714 to 1.
On the other hand, Erie Railway shares have ex-
perienced a fresh fall of 1 per cent., viz., to 481
to 4. Illinois Central are quoted 781 to 4, showing
no change.
Anglo-American and Atlantic Telegraph shares
are flat, and have declined 55., viz., to 161 to 1.
Atlantic Telegraph are unaltered, at 54 to ~
The Diamond Company's steamer Kaffraria has
arrived at Falmouth with fifteen days' later intel-
ligence from the Cape of God Hope than that
received by the previous mail. The letters are ex-
pected to be delivered in London to-morrow morn-
ing.
International Financial shares are quoted 14
to I die. ; London Financial, 16 to 15 die. ;
General Credit, 23 to 71 dis. ; Credit Foncier,
41 to 4 dis. ; National Discount, 81 to 91 prem. ;
and Hudson's Bay, 164 to 17.
The amount of gold sent into the Bank yesterday
was 34,000/. The influx is upon only a moderate
scale at the moment, there being but a limited
supply in the market, but a considerable amount is
on the way from Australia and the East, and will
' remain here.
The Surat, from Alexandria, has brought 11,6601.

in specie.
The foreign exchanges yesterday afternoon were
steady. The rate for three months bills on Paris
was rather firmer. The usual hat is subjoined.
Amsterdam, 3 months, 11.194 to 11.194 ; ditto, short,
11.161 to 11.18 ; Rotterdam, 3 months, 11.191 to 12.0
Antwerp, 3 months, 25.471 to 25.521; Brussels, 3 months,
25.471 to 25.521; Hamburg and Altana, 3 months, 13.8} to
13.9 ; Berlin, Cologne, b. 0., 3 months, 6.26 to 6:27;
St. Petersburg, 3 months, 301 to 294 ; Paris, short, 25.1.,;)
to 25.30 ; ditto, 3 months, 25.40 to 21.50 ; Marseilles,
3 months, 25.40 to 25.50 ; Frankfort-on-the-Maine,
3 months, 114 to 120; Vienna, 3 months, 13.10 to
13.20; Trieste, 3 months, 13.10 to 13.20; Madrid, 3
4471 to 7A
to447;Sa;
scntarae,nider3, 3mmonotnhs, ths
4,itlitot4o74i7;;stC.upadis:
3mrl'inothhath' 475,
3 months, 471 to 4f4; Valencia, 3 months, 471 to 474; Bar.
celona, 3 months, 481 to 484 ; Bilbao, 3 months, 471 to
474 ; Saragossa, 3 months, 471 to 474 ; Leghom, 3
months, /27.0 to 27.20; Genoa, 3 nmuths, 27.0 to
27.20 ; Naples, 3 months, 27.0 to 27.20 ; Palermo, 3
months, 27.0 to 27.20 ; Remains, 3 months, 27.0 to
27.20; Lisbon, IX) days date, 511 to 514 ; Oporto, 90 days
date, 514 to 511.
The report of the Committee of Investigation
of the London, Chatham, and Dover Railway
Company, appointed on the 31st August last,
has been issued, in anticipation of the adjourned
meeting on Friday next. This report contains
a mass of information relative to the financial
position of the company, but as it extends to
upwards of sixty closely printed pages we cannot
attempt to give here more than a brief summary
of its contents. Upon numerous points the com-
mittee animadvert in the gravest terms upon the
manner in which the company's affairs, especially
its finances, have been conducted. It appears that
ever since 1860 Messrs. Pete and Co. and their
nominees have subscribed for the whole share
capital of the company of every kind, " and such
capital was subsequently placed on the market by
Messrs. Pete and Co., either on their
own account, or, iu some instances, as they
allege, on behalf of the company." The committee
state that sufficient care does not appear to have
been taken to protect the interests of the company
with reference to the contracts for works. A still
more serious assertion of the committee has refer-
ence to the fact that the safeguards provided by the
legislature for the protection of the debenture cre-
ditors have been systematically evaded. The result
is that the issues of debentures actually exceed the
whole amount of cash received and receivable for
the share capital in respect of which they were
issued. Under this head some extraordinary de-
tails are given, and the committee cite, in particular,
some transactions in connexion with the authority
given to the board at a special meeting on the
12th August, 1864, to raise 1,500,0001. of ordi-
nary share capital of the general undertaking.
With regard to the over-issue of 127,3781. of deben-
tures, the holders of which appear to rank as
simple creditors of the company, the committee
censure severely " the very loose and negligent
manner " in which these debentures have been
dealt with, and pronounce the transaction to be
" altogether unjustifiable." The committee, in
conclusion, abstain from making any specific re-
commendations with regard to the future, consider-
ing that to do so would be exceeding their powers.
An announcement having been made that at the
adjourned meeting of shareholders of the London,
Chatham, and Dover Railway on Friday next, a
report from the debenture holders' committee will
be presented, it is necessary to correct the an-
nouncement by stating that the meeting is for the
purpose of receiving the report of the shazeholders
committee of investigation, and not in any
" way a
meeting of debenture or bond holders, similar to
that which appointed the committee of debenture
holders to uphold their rights and protect their
interests.
The half-yearly report of the directors of the
Recife Sao Prancisoo Pernambuco Railway Com-
pany (Limited), recommends an interim dividend
at the rate of three per cent. per annum, payable
on the 30th irust. The total net sum available for
s* dividend is 19,1561. The Brazilian government
having its attention absorbed with the war and
with other affairs, the company's claims to an ex-
tension of the guarantee have not yet been settled.
The South Eastern Railway traffic return shows
this week an increase of 4271., compared with the
corresponding period of 1865 ; the Metropolitan,
an increase of 1,3251. ; and the Glasgow and South
Western, an increase of 4091.
An extraordinary general meeting of the Great
Eastern Steamship Company was held yesterday.,
when it was determined that the 2,500 shares held
by this undertaking in the Anglo-American Tele-
graph Company shall be allotted pro raid amongst
the shareholders, and that the 50,0001. ordinary
stock of the Atlantic Telegraph Company, to which
the Great Eastern Steamship Company is entitled
under the charterparty of the Great Eastern, be
st t held in hand as a reserve.
The Madras Railway Company are inviting ap-
plications for debentures at per to the extentth oe
f
500,0001. for a term of five years, renewable at
option of the holder for a second term of five
years, and convertible into stock. They will bear
Interest at the rate of 5 per cent. per annum.