The Express.
London, England, 1866-05-07 00:00:00

MONEY MARKET.-(THIS DAY.)

Ows o'CLoci.
The stock and share markets remain heavy, and
prices generally exhibit a drooping tendency. The
transactions, which are limited to-day, still consist

chiefly of sales. Consols, foreign stocks, British
railways, and financial and discount shares have
nearly all given way. The reduction in the funds
7. amounts to per cent. Italian bonds have de-
dined as much as 21 per cent., and Imperial filer-
_
cantile shares 2/.

The rate for good bills in the discount market is

fully 7 per cent., although the supply of money is
considerable. The charge in the Stock Exchange
for short loans on English government securities

latter were entitled to elect that (for the purpose of one-
plating the first cable) the charter should remain in force •
after the 31st December list, upon paying for the his et,.
the ship 1,0001. per month, in addition to any anstingewir
payments otherwise aeastrig. On its being determined tell
lay a second cable, it became necessary to modify the
charter ; and, after considerable negotiation and anxious
deliberation on the part of the directors, an arrangement
has been made whereby the chatterers have the use of the •
ship fee the above purposes, paying for the same lire
addition to all expenses) 12,0001. in cash, in any event, b,'instalments extending over the period of the charter. On
the new cable of 1060 being successfully laid, the charterers
are to transfer to this company 25,000/. in shares of the
Anglo-American Telegraph Company (Limited), fully pad
up ; and in the event of the table of last year being cow ,
pleted, this company is to receive the 50,0601. in ordinary
stock of the Atlantic Telegraph Company as specified, in
the previous charter. The charterers have also the option
of retaining the ship after laying the cable of 1866 on the
payment of 1,0001. per month, and 101. per mile for all
cables successfully laid, with the proviso that the minimum .
payment to this company shall not be less than at the rate
of 20,000/. per annum. The directors have no doubt that
the proprietors will concur with them in considering the
above arrangement very satisfactory, and they venture to
express their confident belief that the expedition of this
year will be a complete success. The ship will go to sea
fitted with every appliance, which the experience acquired
on the last occasion has shown to be necessary, fur sur-
mounting any difficulties which may present themselves
during the operation. In pursuance of the terms of the
charter, three instalments of 1,0001. each have been re-
ceived from the charterers. These payments become due
monthly, so that early in July a sum of 6,0001. from this
source will be in hand and available for dividend. The
directors, therefore, propose to pay an interim dividend
of 6 per cent. (free of income tax) as early in that month
as may be found practicable. The statement of accounts
to the 31st December last, duly audited, is annexed hereto.
As anticipated in the last report, a further and final divi-
dend has been received from the trustees, in respect of the
bonds of the Great Ship Company held by this company,
which amount has been applied in reduction of the cost a
the ship.

is 5i to 6 per cent.
Consols are now quoted 84 to both for money
and the 9th inst., and 84 to 87 for the new account.
Foreign stocks are very heavy. Italian bonds of
1861 show extreme depression, and have receded

-
SYI

-
1011 1 21

21 per oent. Mexican have also declined 1,
Turkish of 1862 and Brazilian scrip 1, Turkish
of 1865 1, Spanish Passive 1. Some of
the present prices are as follows:—Turkish, 1862,
60 to 62 ; ditto, 1865, Di to 1; Greek, 111 to
I ; Spanish Passive, 24 to 241 ; ditto Certificates,
141 to i ; Italian, 1861, 391 to 40 ; Brazilian scrip,
8 to 7 dis. ; and Mexican, 17} to 18.
United States 5-20 bonds are rather better, at
671 to I. Erie Railway shares are quoted 471 to
1; and Illinois Central, 771 to I, being firmer.
The ships Suffolk, Mediator, Royal Standard,
and Donald DUKay have arrived from Melbourne,

with a total of 118,0001. in gold.
international Financial shares are now quoted
2# to 2 dia. ; London Financial, 9to
die. ; General Credit, 1# to 1# die. ; Imperial
Mercantile, 8 to 7i die. ; Credit Foncier and
Mobilier, 1} to 1# die ; Overend, Gurney, and
ICompany, ri to 1# die. ; and National Discount,

71 to prem.
The gloomiest week known for some years in the
Stock Exchange closed on Saturday without there
being presented even that partial recovery which
generally attends a long persistence in speculative
sales. In addition to the uneasiness which is felt
with regard to foreign politics, there is now some
doubt as to whether a further rise in the value of
money is not within the bounds of possibility. As a
result of the general feeling of uncertainty thus
occasioned, speculators for a fall are rendered
unusually bold in their sales, which have thus far
decidedly outweighed in amount the investments
by the public. Nevertheless bona fide purchases
in a variety of securities are being made steadily,
and will ultimately place the market on a firmer
basis. Confining the view to our home interests,
it would seem that the crisis in the Stock Exchange
is greatly exaggerated. An advance of lor even
2 per cent. in the rate of discount is not an event
that ought to make boa fide holders turn indis-
criminate sellers at a ruinous sacrifice, for of
late years we have had frequent experience of the
operation of dear money, and we know practically
that extraordinarily high rates of discount are com-
patible with a moderately satisfactorily condition of
trade, and with steady prices for public securities.
War, no doubt, has its alarms ; but, happily, there
is not the slightest prospect of this country being
involved in the existing complications on the Con-
tinent. Moreover, the anomaly is presented that
prices have descended to what is admittedly a war
level, while war is not only not declared, but, as
many persons believe, possibly to be avoided alto-
gether. Into the causes of the extraordinary
collapse of the market for Italian stock we will not
here enter, many of them being, indeed, apparent
upon the very surface. But all other foreign
stocks, even those which cannot be compromised
by the very worst issue of the existing
troubles, have suffered likewise a most se-
rious depreciation. Turkish Bonds, for ex-
ample, have fallen enormously, though Turkey
is not going to war, and the new loans of Egypt,
Brazil, and Chili have fallen to a heavy discount,
though it is equally certain that not one of those
States will take sides in the anticipated conflict,
should it occur. As to the panic in financial shares,
and in those of a host of miscellaneous under-
takings once eagerly sought after, but which,
though mostly secure from damage even in the
event of war on the Continent, are now literally
thrown away by the holders, it can only be said that
the course of prices in the Stock Exchange during
the last two months argues a degree of impulsive
caprice on the part of the public of which the ma-
jority of calm observers would have been utterly
incredulous had they not actually seen the results.
About 15,0001. in bar gold was sent into the
Bank on Saturday. As usual about this period of
the year, a 'arca of about 230,000 sovereigns was
withdrawn on Saturday for Scotland.
The annexed circular and accountant's special
report has been forwarded to the shareholders in
the Imperial Mercantile Credit Association (Li-
mited) :

- IQ

14 a 4 zd

6 dti
2 dis:
Mr!
?Nisi

12t
Ms
21 lii

ir #1,51 din

i
11;1:e 11

MLYE.S.-(THIS DAY.)

ONE o'

SATURDAY Resent°.
Consols, which closed yesterday at 8611 to both
for money and next Wednesday's settlement, opened
and closed to-day at 864 to ff. For the June settle-
ment the last price was 86 16-16 to 87 1-16, or 87.
The official business report is as follows :—Three
per Cent. Consols, for money, 86i, ; ditto, for
account, 8614, ; Three per Cents. Reduced, 84,
; New Three per Cents., so, ; India Five per
Cent., 105 t, ; ditto Five per Cent. " enfaced"
rupee paper, 1011.
A fresh reduction took place in foreign stocks,
the transactions still consisting chiefly of sales.
Italian Bonds of 1861, Turkish of 1858 and 1862,
and Brazilian showed chief depression, and fell 1
per cent. Turkish of 1865 also declined * ; Greek
(including the coupons), l ; Brazilian scrip and
Mexican of 1864, t ; and Spanish Passive and
Mexican old bonds, t. Spanish Three per Cents.
and Venezuelan of 1864 were in exceptional re-
quest, and rose 1 per cent.
Bank shares again showed much heaviness, and
the general tendency of prices was downwards.
Agra, Alliance, Anglo-Austrian, Anglo-Egyptian,
Bank of British Columbia, Chartered of India,
Australia, and China, Chartered Mercantile of
India, London, and China, English Joint-Stock,
Imperial, Imperial Ottoman, London Bank of
Mexico, Mercantile and Exchange, Oriental Com-
mercial, Provincial Banking Corporation, Union of
Australia, and Union of London were all lower.
Union of Ireland, however, improved. Alliance
closed at 44 to 4 die. ; Anglo-Austrian, at It to 1
dis. ; and finperial Ottoman, at * to* prem.
In the market for financial shares there was a
strong demand for Imperial Mercantile, which left
off at an advance of It. se. The circular given
above was not issued until some time after the
close of business. The shares of the other
financial companies were very flat at one period of
the day, and all declined, but a recovery was
subsequently observable. Nevertheless, compared
with yesterday's rates, General Credit show a re-
duction of 55., and International Financial of Is. 3d.
Prices were last quoted as follows:—lnternational
Financial, 2 3-16 to 2 1-16 die. ; General Credit. 1'
to 11 dia. : London Financial, 8t to 7i dia. ; Imperial
Mercantile Credit, to og dis. ; Credit Foncier
and Mobilier, it to 1 des.
National Discount shares were last quoted 7* to
g prem., being ss. lower; Overend, Gurney, and
Co., 1 3-16 to 1-16 die. ; General Ottoman, 2t to
prem. ; and Hudson's Bay, 15} to 16, showing
a rise of ss. Miscellaneous shares were dull,
and a redaction was reported in Imperial Land of
Marseilles, Loudon General Omnibus, Rio Im-
provements. Thames and Mersey Insurance, and
Union Marine of Liverpool. On the other hand,
Quebrada Land and Mining advanced.
The holders of scrip of the Imperial Ottoman
Five per Cent. Loan of 1865 are informed that a
further amount of 501. Bonds having been received
from the OttJnian authorities, the issue is now re-
, sumed.
The market for American securities was again de-
pressed, and a decline of 1, per cent. occurred in
5.20 Bonds, I in Erie Railway shares, and 1
in
Illinois Central. Prices closed as follows :--5.20
Bonds, 67 to ; Erie Railway shares, 47* to
; Illinois Central, 731 to 761 ; Atlantic and Crest
Westeni Debentures, large, 73 to 75 ; ditto, Con-
solidated Mortgage Bonds, 59 to 60.

The mining market remains inanimate, and
prices are still tending downwards. Great Lazily
shares are quoted 21} to 22 ; West Chiverton, 69
to 71 ; Chiverton Moor, 14 too ; Camborne Veen,
17s. to ; Frank Mills, hi 6 ; and Chontales,
1i to prem.
An extraordinary general meeting of the Mari-
quite and New Granada Mining Company is called
by the liquidators under the voluntary winding up
for the 14th inst., when it will be proposed to
authorise the liquidators to sell the wholo of the
company's 'property to the Mariquita Mining Com-
pany (Limited), on terms stated in the advertise-
ment.

27, Lombard-street, May 5.
Sir,- In consequence of the unfounded rumours so in-
dustriously circulated for a length of time, and which
naturally must have alarmed the shareholders of this
avaociation (especially those resident at a distance), the
directors resolved to submit their affairs to the exismina- THE LATE CHARLES CLOVER, THE CoMPosErt.
tion of two of the most eminent firms in London as public The widow of this clever composer of so many ballads
I accountants. I have now the pleasure to forward you a which have become " household wonls',' will have all even-
copy of that report, which you will observe is, with due leg concert in St. James's•hall this day. Mrs. Charles
1 precaution, made on the basis of the present almost unpre- Glover is a teacher of singing, and is the daughter of the
cedented depression of securities generally.—l am, air, late William Hall, the celebrated engraver, and as the
your obedient servant, W. C. WI icreittiorroM, Secretary. sister of the proient William, Frank, and Henry Hall, the
" Landon, May 5. 1866. two forme:- engravers and the last the actor and lioveliet,
" The undersigned having, at the request of the board a host of vocal and instrumental ability has been enlisted
of directors of the Imperial Mercantile Credit Association to support her on this occasion.
(Limited), made a special investigation into ita affairs, ScRIMEAL Lout
14 Seffootl remember
report aa follows :—That the result of a careful examina- falling in with a school inspector in the Alps ; we chanced
tion in detail of the securities shows, according to the hest to walk together over a pass, and I, as we sat down un the
available information, that they, together with the summit and looked over a chaos of glacier. nd hill-tops,sim-
amount of profits in reserve and undivided, are of sufficient ply azi'd, '• What a relief this must be to you from slate-
value to oover within about 100,090 i. the full amount of pencils end the dimensions of the ark." But I received
the several advances against which they are respectively a aharprey,rof, " These things," he replied, "air the more
held, and also to provide for the present depreciated value deeply interesting and full of importance the more they
of other investments, although, owing to the nature of ere investigated." So I finished my lunch in silence. and
certain of the securities, and partly to the large amounts lit ray pipe with a blush. And if inspectors are some-
in which some of them are held, they are not all imme- times thus terrible. can we expect macsters to be
nnvd seldom iariably
diately convertible. The examination dates to the 14th large-hearted' Since they reign preme, a
ultimo.—C. J. IL ALLEN, Auditor; CoLgaan, TUR• meet their match in the school, they sometimes become
131 QEAND, Youtsc, and Co. ; QUILTER, BALL, and Co." more and more opinionative, unless the manager supplies
The receipts of the Grank Trunk Railway of an antidote in poison. He must not shrink from the task
Canada fur the week ending the 14th ult. were of correcting this despotic spirit in the master—out. of
course, befur • his scholars. nor harshly, but in a kind de-
-20,679/. sterling, being 1,328/. more than in the
cisive Ir. av, which a sensible man will take in good part.
corresponding week of last year. The wise *priest thanks the world for hints and raps watch
An extraordinary general meeting of the Great hinder the growth of his own professional selfishness. So
Northern Railway Company is convened for the the wise master may admit the wholesomeness of inter-
18th inst., to consider numerous bills now pending fuerence and ad vice sr
the marge:awitiethhise atc uthdtatimoe;
pleasant. This is especially
in parliament.
1:d scniitural and religious lemons. I remember once going
A general meeting of the Mediterranean Sub- into a school while a boy's hands were being slapped.
as marine Electric Telegraph Company is called fur "Booboo ~ - were the first words I heard • ' Boohoo ! I
ireof tam" behind their parallel desks, when the master,
the 2nd of June at Paris. believe in the Holy Ghost." The boy had omitted this
The third ordinary general meeting of share-
howeversentene in
su
sure
leis
toretinxiltit•riinng
hiso fmt4 eor
memory
fur tltehs'e
future,l"red Ibdttitd.
holders of the Brazilian and Portuguese Bank
rd , (Limited) is called for the 30th inst.
the Atlantic and Great Western Railway, due (al abte'f'oarettenthe-
not think this mode of impression hkeiy to Increase his
lovewho forhadthge,...faitiyh.
00ffnenadnedothlo...,,,....7v,er.t.oseynotunftr......to
be,
pantbxlicioulYs to".neetridi.doTyhethwehoiniaritervlralerectfall 1 t suspenseaing
arrival of the culprits, and not liking to disintegrate the
id
Assurance The The
a t i
couponsta lm
Company
oe meeting tti nhwged oif,t
certificates
held Generalonthe
nom
Bank 15th inst. will be payable at the eLCd23ifeoebensordannlitidnldaFtte. el .c. • into classes
Bank on and 'after that date. There was
The following is from the report of the directors i. the
setesiruYiTilgasiosfocaf itusechistrumetianvease"vgeerineraity initereonh-i'nt. but surely
of the Great Eastern Stes.mshipCompany (Limited), a narrow ignorance of the atmosphere in which Christian
to be submitted at an extraordinary general meet- , principles are best taught.—Framers Maga:int for May.
ing, to-day :
The ordinary general meeting of the company should have
been held in the month of February, but owing to the difil- Bee may be ex
culties which attended the Atlantic Telegraph Company • MET
1 BOMBAY AND MAURITIUS (HEAVY) MAILS.
G_IBRALTA.II, Mapectedv s.—The Geelong
thimpt leaves at 9 sihni.. to-day.
at Sou on the 1 tut.
ROPOLITAN FIZZ HOSPITAL, DIVONSHIRII-
in raising the capital required to complete their under- SQUARE., Ctrs.—The aggregate number of patients relieved
taking, cad the consequent uncertainty as to their future during the week ending May 5, was —medial. 875 ;
proceedings, the dirastore thought it desirable to postpoue sereinal, 117 l ; total. 1.446, of which 562 were new cases.
the meeting until they were in a position to give the pro- HOSPITAL FOR DISEASZS OF THS CHEST, VlCTORlA-
prietore full information. The proprietors will remember ran.—The number of patients relieved at this institu-
that by the terms of the original charter with the Telegraph fiat during last week was 1,531, of which 374 were new
Construction and Maintenance Company (Limited) the cases.