The Express.
London, England, 1867-03-07 00:00:00

MONEY MARKET.-(THIS DAY.)

Oil eOzuoi.

The English funds are flat, and have experienced
a fresh fall of 1 per cent., owing to the somewhat
serious character of the news from Ireland with
reference to the Fenian disturbances. The monthly
settlement in Consols is now in course of comple-
tion, and the arrangements show that the public
or the banking interests have of late been steady
investors. The supply of stock is ace. rdingly
small, and the rate of " continuation" does not ex-
coed 2 per cent. per annum. British railway
securities have given way in several vases, but Great
Western stock is inquired for, at a slight recovery,
upon the announcement that there is no truth in
the rumour lately current that the company had
resolved to pay the dividends on their preference
capital in deferred warrants. Most of the specu-
lative foreign bonds are lower.
The rate of discount for choice three monzlis'
bills is unchanged, at 21 to 21 per cent. The sup-
ply of money is large, and the demand moderate.
The charge for short advances on stock is 2 to 21
per cent.

Consols are now quoted 94 to 2 for money,
and 9q to 91 for the 10th of April.
The foreign stock market shows depression.
Turkish Bonds of 1865, Spanish Passive, the
Committee's Certificates, and Chilian and Danu-
bian scrips have declined ; to f per
cent., but Russian scrip has improved !.
Turkish of 1865 are quoted 306 to I ; Greek, 16
to 1 ; Spanish Passive, 22 to ; ditto Certificates,
14} to t ; Italian of 1861, 53g toe ; Mexican, lit
to ; Russian Scrip, 2M to / prem. ; Chilian Scrip,
2to 1 die. ; and Danubian Scrip, 2to VI die.
United States 5-20 Bonds have declined f per
cent., but Erie Railway shares have improved 4,
and Illinois Central are steady. The present quo-
tations are as follows :—The 5-20 bonds, 74 to 1;
Erie Railway shares, 351 to 364 ; and Illinois
Central to t.

Anglo-American and Atlantic Telegraph Eight
per Cent. Preference shares are quiet, at 15i to
and 21_, to 2, respectively.

International Financial shares are quoted
2 7-16 to 5-16 dia. ; London Financial, 18 to 17
die. ; General Credit, 21 to 21 dis. ; Credit
Foncier, 6 to 6 dis. ; National Discount, 7! to
prem., ex div.; and Hudson's Bay, 151 to 161.
It is understood that the agents of the Danubian
loan have sent a circular to some of the defaulting
subscribers, announcing that unless the amount
due on allotment is paid at once legal proceedings
will be taken to enforce it.
No bullion was sent into or taken from the Bank
yesterday. Since the date of the last return
toloool. has been withdrawn, and 7,000/. sent in
from abroad.

The bidding, for 3,000,000 rs. in bills on India
took place yesterday at the Bank of England. The
minimum price was fixed at Is. 11W. on Calcutta
and Madras, and is. no. on Bombay. No ten-
ders of importance were received at these prices,
which show, as regards Calcutta and Madras, an
advance of 2 per cent., and as regards Bombay
an advance of 3 per cent., compared with the terms
officially fixed on the last occasion.
Much satisfaction is expressed in City circles
at the large majority-45—obtained on Tuesday
night for the second reading of Mr. Leeman's Sale
and Purchase of Shares Bill, the result of the di-
vision being regarded as • proof that, whatever
modifications the present measure may undergo in
conmatee, some legislative enactment will be
passed this session to prevent a recurrence of the
injury inflicted last year by unprincipled specu-
lators on banking establishments, and on credit
generally. It requires little argument to prove
that banks occupy an exceptional position amongst
the joint-stock share property of the kingdom.
The welfare of the banks is identical with that of
the community generally, so closely are all our in-
terests mixed up with theirs, and thus it becomes
a matter of broad and vital importance to pre-
vent the recurrence of recent events in
perhaps an aggravated form. In spite of all
that has been said relative to the alleged ad-
vantage of having a speculative market for this
class of shares, it seems certain that Mr. Leeman's
bill is popular amongst the majority of bona tide
holders. It is difficult to see what reasonable ob-
jection can be taken to the proposal that sellers of
bank shares shall be required, at the time when
entering into the transaction, to verify its bona
fide character by stating the numbers attaching to
their shares in the company's books. To call this
an interference with free trade is little less than
absurd.

A general court of the proprietors of the Bank
of England will be held on the 14th inst., " to
consider of a dividend." Another general court
will be held on the 9th of April for the election of
a governor and deputy-governor for the year en-
suing ; and on the following day, the 10th, 24 di-
rectors will be elected.

It is understood that the London and Colonial
Company (Limited), an undertaking started in
1859, is to be wound up, and that liquidators have
already been appointed. The capital is 31;0,000/.,
of which 209,0601. is paid up. The last dividend
was 12} per cent.
The report of the directors of the Van Diemen's
Land Company, to be presented at the annual
meeting on the 14th inst., recommends a dividend
of 6s. per share.

The following memorandum is from the second
committee of debenture holders of the London,
Chatham, and Dover Railway Company, which
was appointed at the meeting held on the 4th inst.:
The committee of debenture holders of the London,
Chatham, and Dover Railway, which was appointed at
the blic meeting held on the 4th inst.. have elected
Mr. Bigot chairman. Acting on the lit of the resolutions
pissed at that meeting, condemning Mr. Hodgeon's hill
for raising money in pnority to debentures, and resolving
that any such bill ought to be strenuously opposed, the
committee took immediate steps to oppose it, and in °rinse-
quence the bill was thrown out yesterday on standing
orders. Mr. Hodgson's application before Vice-Chan.
cellor Stuart a: chamber', for leave to have the tolls in the
receiver's hands applied to the payment of the expenses
of the bill just thrown out, was also successfully opposed
by the committee, the application being refused by the
Vice-Chancellor.

The rumour that the Great Western Railway
Company had resolved to pay the dividends on
their preference capital in deferred warrants is ex-
plicitly contradicted on authority.
We understand that a contract has just been
signed by Mr. Cyrus W. Field, acting on behalf of
the New York, Newfoundland, and London Tele-
graph Company, with the Telegraph Construction
and Maintenance Company, for a submarine cable
between Placentia, Newfoundland, and Sydney,
Nova Scotia. The line will he laid in the early
part of the summer. Mr. Field, having effected
this very satisfactory arrangement in the interests
of Atlantic telegraphy, will leave for New York in
the Great Eastern on the 20th of March.

The London and North Western Railway traffic
return shows this week an increase td 3,8851.
over last year; and the Midland an increase of
3,09&.

IVIIINERI)AT EVEN] G.

Consols, which closed yesterday at 91 to 1
.both fur money and to-morrow's settlement',
opened this morning at 90/ to 91, and closed at 90i
to ;. For the 10th April the last price was 90i
to 91. The Three per Cents. Reduced and New
Three per Cents, also declined 1 per cent., being
last quoted 88a to 2, ex div. The official busi-
ness report is as follows :—Three per Cent. Con-
sols, for money, 904, 1, 90/, i ; ditto, for account,
91, 90k, i ; Three per Cents. Reduced, 883, , ft
1, ex d 3 iv. ; New Three per Cents., Bs'4l, i ,i,
,ex div. ; Annuities, 1883, 194, 1, ex div.' ;
ndia Five per Cent. Stock. 107„, I ; ditto
Four per Cent., 92i, e:: div. • ditto Five per Cent.,
o enfaced" rupee paper, 1021, I.
The India Five per Cent. stock continues in
I demand for investment.

Exchequer Bills were quoted 12e. to 17s. prem.