The Express.
London, England, 1858-01-07 00:00:00

REDUCTION IN THE BANK RATE OF

DISCOUNT.

Two o•Ctoot.

The directors of the Bank of England, at
their weekly meeting to-day, have reduced the
minimum rate of discount from 8 to 6 per cent.
This alteration had been so generally anticipated
that it has exercised no great influence upon the
Stock Exchange markets, which have been chiefly
affected by the news from India. Upon the
whole a check is observable, but the funds are now
quoted the same as at four o'clock yesterday.
Consols for the Bth inst. were first marked 94$
ex div., then 95, and are now quoted 941 to;.
The Three per Cents. Reduced have been
dealt in at 941 to 951 ; the New Three per Cents.,
at 96 to 951; Consols, for money, at 94$ to 95 ;
Bank Stock, at 218 ; and Exchequer Bills, at Bs,
to Ils. prem., being firm.

I'Turkish Six per Cents. have receded to 981 to 99,
after being marked 991. Russian and Sardinian
Bonds are in good request, and looking up.
Turkish Guaranteed Four per Cents. are also in
fair demand. Sales are recorded u follows :—Chilian
Six per Cents., at 103 ; Dutch Two-and-a-Nalf per
Cents., at 8.51 to 841 (exchange 128.) Mexican
Bonds, for account (13th Jan.), at 201 to 2o; ; Peru-
vian Four-and-a-Half per Cents., for aooount, at 791;
ditto Three per Cents., for account, at 541; Russian
Five per Cents., at 108/ to 1091; ditto, Four-and-
a-Half per Cents., at 991 to 991 ex div. ;
Sardinian Five per Cents., at 87 to 871;
Spanish New Deferred Three per Cents. at
251, ex div. ; Turkish Six per Cents., for account
(15th Jan.), at 98/ to 99; ditto Guaranteed Four
per Cents., at 1031 to 101 ; ditto for account, at 1031.
At Paris to-day (Thursday) according to Mr.
Renter's telegram, the Three per Cent. Rube opened
at 70fr. 86c. for the end of January, and at
half-past one o'clock were quoted at the same price,
showing an advance of 1 per cent. since yesterday
afternoon.

The Bank purchased yesterday about 126,0001. in
gold, in addition to the enormous sums sent in during
the last two or three days. It is estimated that the
total stock in the Bank must now amount to about
twelve millions and three-quarters. At the establish-
ment yesterday the demand for money was again
very slack. On all sides holders of money complain
of the difficulty of finding employment for it.

A statement is made-that Indian loan for six
or eight millions is about to be launched. In
quarters usually well informed this statement is
considered at least premature, although it is
not forgotten that the Chancellor of the Exche-
quer stated recently in Parliament that some tem-
porary assistance may possibly be required by the
Indian government. The influence of an Indian loan
upon our money market, we may point out, would
depend entirely upon the field in which the money
would be expended. If the whole, or any portion
were sent to India, silver would have to be collected
on the Continent, and this would derange the ex-
, changes and lead to the withdrawal of a certain
amount of gold. Bat if the East India Company
merely want money for home purposes, the effect
upon our money market would be comparatively un-
important.

Indian shares still engage a good deal of at-
tention, it being believed that this market will
henceforth become a much more important depart-
ment of the Stock Exchange. The payments made
by the Indian railway companies mast greatly assist
the East India Company's home treasury.
Yesterday was the first day for private transfers in
Consols. The regular re-opening of the transfer
books at the Bank of England for the following go-
vernment securities will take place on the 16th inst.,
viz.:—Three per Cent. Consols, Three-end-a-Half
per Cents., Two-and-a-Half per Cents., New Fire
per Cents., Annuities (lan., 1880), and Annuities
Jan., 1880). At the East India House the transfer
ks for India Stock will re-open on the 12th
instant.

The directors of the East India Company, acting
upon a requisition signed by nine proprietors, have
convened a special general court of the company for
the 13th instant, "to consider the communication

addressed to the Court of Directors from the govern-
ment respecting the continuance of the powers of
this oompany."
The Indus has brought 47,3681. in specie from
Alexandria, and the Candace about 7,0001. from the
West Coast of Africa.

A telegram from Stockholm states that the Die.
count Guarantee Society has been completely
organised, and only waits for the formal sanction of
the government prior to commencing operations.
The object of this society, which is most influentially
supported, is to assist solvent homes in Sweden that
may be subjected to temporary embarrassment.
A telegram dated Galata, Jan. 6, states that the
Danube is frozen over, and, according to appearances,
will remain so until the spring.
On the Continent the exchanges on London are in
most oasis rather dull. At Paris on Tuesday
the rats on London was quoted 26.20 to 221 for
short, and 24.70 to 72} for 3 months bills ; at Am-
sterdam, 11.75 for short ; at Hamburg, 13.4 for
short, and 13.01 for 3 months ; at Berlin, 6.181 ;
and at Vienna, 10.17.
_ . .

It is understood that the Punjaub Railway project
will shortly receive a guarantee from the East India
Company. The only queetion is as to the amount of
TIN decrease shown in the weekly traffic return of
the Great Northern Railway Company is 2,6871.,
and in that of the London and North Western,
6,8631.
A " provisional dividend " of two guilders per
share, for the first half of the present ' book year,"
is announced on the shares of the Dutch Rhenish
Railway Company. Notice is also given that " the
certificates of the loan of 2,400,000 florins, falling
due on the let of March next, will, for so far as they
have not been taken in payment of the 12th call, be
redeemed at par on presentation at the Bank of the
Netherlands at Amsterdam, on and after the afore-
said date, together with the interest coupon then
due."

A meeting of the shareholders of the Bank of
London is called for the 21st inst., when a dividend
is to be declared.
A special meeting of the Electric Power Light
and Colour Company (limited) is called for the 18th
inst. to consider a resolution for winding up the
company voluntarily.
The half-yearly meeting of the Australian Trust
Comma/ is called for the 29th inst.
The interest is advertised on the shares of the
Recifean and San Francisco (Pernambuco) Railway
y.
Comp
With reference to the market for American rail-
way securities, Mr. E. F. Satterthwaite reports as
follows :

Thera has been an active market for Amnions to
Loudon daring the pan week. Illinois Central 'berm yw
teas freeiT dealt in Bum 7 to 2 dia., dosing at 6 to 4 dia.
Cenatnictsori and Freeland Beads era in mom demand, at
hljbr rates. The new loan makes favourslis sad
utll so doubt Iss all sabsorilml. New York Cannel grant
red beads an &mar, at an advance • Michigan Central bonds
have advaaced to 90. Pennsylvania Central beads have
been mach wanted, and clone Area. Brie bond' mania= firm.

New York &deism mention that the subscription
to the new loan of the Michigan Southern and
Norther' Indiana Railroad Company had made
great programs, and was nearly completed.

I? S.
The funds /posed per cent. lower than they
eked yesterday, and fifty's* sustained • fresh
Ml of I per most., loess of the rawest spent= for
the rise winding a disposition to realise their profits.
la the eftersisee. however, extraordinary
ba
premiled, assisted by some considerable bleinill2
purchases. The closing quotations were about per
cent. above those of yesterday ; and after the close

of the Stock Exchange the improvement made
farther progress. The market is greatly strength-
ened by the arrangements in connexion with the
settlement of the monthly account in Consols,
which denote a considerable absorption of deck
by bankers and others. The rate of " continua-
tion " on Consols km fallen to Ito 5-16 per cent. (the
latter rate being equal to 4; per cent. per annum),
and was quoted after the recognised hours still
lower, at 3-16 to 3per cent. barge amounts of
stock, speculatively held, have been carried over to
the February settlement at the low rate of 4 per
cent per annum.

Alf the other departments of the Stock Exchange
sympathised with Consols, falling in the morning,
and recovering in the afternoon.
Consols, which were last quoted yesterday 941,
" sellers," for the Bth Jan., opened this morning at
941 to 1,, fell to Ott to 1, and had advanced at the
close to 941 to ex di,. For the 4th of February
the price was at the same hour (four o'clock), 96 to
96/ ex div. After the does of the Stock EXiCtrnmec
a fresh advance of about 1 per cent, was a •
the quotation beth94L"buyers," for the presen
settlement, and 964, " yen," for February. The
' official business report is as follows :—Three per
Cent. Consols, for money, 943, 941, fgt, 941, en
div.; ditto, for account (Bth Jan.), 041, 941, 941,
941, 944, ex div.; Three per Cents. Reduced, ,
9411
941, 941, 941 ; New Three per Cents., 941, osi,
941, 95; Eau Stook, 290; India Stock, 220.
Exchequer Bills closed at Bs. tolls. prem., show-
ing a fresh rise of Is. India Bonds were dealt in at
ls. to sa. prem.
Turkish Six per Cents. fell more than 1 per cent.
this morning, being at one time quoted as low as
971 to 98. In the afternoon equal buoyancy pre-
vailed, and the closing quotation was 981 to 991, or
nearly the same as that of yesterday. After the
close of the Stock Exclange the price was firm, and
fully 99 to 1. The Guaranteed Four per Cents.,
after being premed for sale as low as 103, closed
at 1031 to 104. Several other foreign stocks were
dull in the morning, and subsequently firmer. Sar-
dinian Bonds continue in fair request.
In the produce market to-day a good amount of
business was done, most articles realising full prices.
Tea retains an upward tendency.
After 4 o'clock this afternoon, Caledonian Railway
shares rose to 43/ to 44 per share, upon a rumour
that a dividend at the rate of 6 per cent. per annum
is probable.

Bank shares to-day were well supported. The
chief feature was a considerable rise in Bank
of Australasia. Oriental Bank shares met with a
good deal of business, but experienced little change
price. National Discount shares opened at 31 to
1, and closed at 31 to 4. London Discount were
also in rNueat, and left off at 31 to 4/. British
American Land shares were firm, at 37 to 40. New
Brunswick and Nova Scotia Land were quoted
IV4hc. London Dock stook was officially marked
1 ex div.
quotations for the shares in some undertakings
of recent formation are as follows, viz.: Odds Rail-
way, to prem. ; Central Onde Railway, 3-18 to
5-18 prem. ; Punjaub Railway,9-16 to 1 prem.; Indus
Steam Flotilla, 1 to 11 preen. ; Calcutta and South
Eastern Railway, 1-16 to 3-16 prem. ;Copiapo Ex-
tension Railway, 1 die. to par; Riga Railway, to
II Pre=