The Express.
London, England, 1866-01-05 00:00:00

MONEY MARKET.--(THIS DAY.)

Oyz olhoor.

Dulness continues to prevail in the Stock
Exchange, the uncertain position of the money
market having caused fresh sales of most securities.
The English funds exhibit a fresh reduction
of 1-16 to it per cent., but the chief fall is in
foreign bonds. The decline in British railways is
not general, and does not exceed per cent.
Financial shares and those of Overend, Gurney,
and Co. are still drooping.
In the discount market to-day the rate for the
beet paper is maintained at 8 per cent., although
there is a large supply of money seeking employ-
ment. In many quarters, however, an indisposi-
tion is shown to take bills for long dates, and the
effect of this is seen in the abundance of money on
offer in the Stock Exchange, where the charge for
loans till to-morrow is only 4 to 5 per cent.
The weekly return of the Bank of France shows
the effect of the important transactions settled at
the end of last year. The bills discounted exhibit
the large increase of 2,840,000/., while the coin and
bullion have diminished to the extent of 1,000,000/.
Consols are now quoted 861 to /, ex div., for
money, and 861 to / for the account (Jan. 9).
The foreign stock market is heavy, and the
movements in prices are all unfavourable. Spanish
Certificates have declined a per cent.; Turkish
of 1865 and Greek, ; Spanish Passive
and Mexican, ; and Brazilian scrip, I.
Some of the present quotations are subjoined,
viz. :—Greek, 141 to f ; Turkish Five per Cents.
of 1865, 411 to I ; Spanish Passive, 261 to 2711;
ditto Certificates, 13/ to 14} ; Confederate, 6 to 8 ;
Brazilian scrip, ft to I prem. ; and Mexican, 221
to a, ex div.

American securities show no change of import-
ance. 5-20 Bonds are quoted 64} to 65 ; Erie Rail-
way shares, 56 to 1, and Illinois, 761 to 77f.
International Financial shares are now quoted
13.16 to 15-16 prem. ; General Credit, 11 to 2
prem. ; London Financial, n to 41 prem. ; Impe-
rial Mercantile, 21 to 1 prem. ; Credit Foucier
and Mobilier of England, n to prem.,
ex all ; Overeal, Gurney, and Company, 61 to g
prem.

The shares of Charles Lafitte and Co. are
quoted 24 to 3 prem. ; English and American Bank,
to 1 prem. ; and London Steam Towing, 14 to 2
prem.

The money market within the Stock Exchange
appeared to be quite unaffected by the change at the
Bank of England. Throughout yesterday the rate
for short loans on English government securities
was 4to 5 per cent. The abundant supply of
money in the Stock Exchange, however, is not a
source of satisfaction, as it is caused mainly by the
prevailing uncertainty which renders capitalists
desirous of keeping their money subject to speedy
recall, instead of employing it in mercantile bills in
the usual way.

For some time past the banks had refused to allow
more than 5 per cent., no matter how high the
Bank rate of discount might be carried. This was
all very well in times when money was thought
high at 5 or 6 per cent., but now that these terms
have come to be regarded as moderate, and the
commercial public are being made familiar with a
7 and even 8 per cent. minimum at the Bank, it is
felt that the margin between the terms given by
the banks and the current rates of discount is
unduly large, and that the moneyed public ought
to be allowed a fairer participation in the profits
arising to capitalists out of the present state of
affairs. Had the banks persisted iu the 5 per cent.
limit for deposits, moreover, it is probable that some
amount would have been rem3veil from thew to
the discount companies, which give relatively
higher rates, especially for fixed periods.
About 70,000 sovereigns were taken from the
Bank yesterday for Alexandria. Nothing definite
has transpired with regard to the amount likely to
be despatched to Brazil on the 9th inst., but it is
thought that the rise in the Bank rate will tend to
diminish it.

The Teutonic, from New York, has brought
35,500/. in specie.
In consequence of the rise in the rate of discount
the silver market was extremely flat yesterday, and
if • sale had been pressed the fall in prices would
probably have been considerable. During the last
few days the market has been very quiet, the wants
of exporters to India having apparently been satis-
fied for the moment.

The Lancashire and Yorkshire Railway traffic
return shows this week an increase of 6,0921. over
last year ; the North Eastern, an increase of 11,575/. ;
the Manchester, Sheffield, and Lincolnshire, au
increase of 3,119/. ; the London, Chatham, and
Dover, including the Metropolitan Extension and
branches, an increase of 1,5441. ; the Metropo-
litan Extension an increase of 760/. ; the Kent
Coast an increase of 2001. ; and the North British
an increase of 2,6751.
A special general meeting of the Great Eastern
Railway Company will be held on Thursday, the
25th inst., " for the purpose of receiving a further
report from the committee of investigation, and
for the purpose of electing live directors of the com-
pany, in the place of Jonah Smith Wells, Esq.,
John Thomas Norris, Esq. Horatio Love, R.q.,
James Packe, 'Esq., and John Alexander Thomp-
son Smyth, Esq., who have resigned."
The fifth ordinary general meeting of the share-
holders of the Westminster Brewery Company was
held to-day, Mr. W. Edgcumbe Reudlu in the
chair, when a dividend at the rate of S per cent.
per annum and a bonus at the rate of 2 per cent.
per annum were declared.

The ordinary general meeting of the Central
Argentine Railway Company will be held on the
sth February, for the purpose of receiving the
directors' report and a statement of accounts for
the year ending the 31st ult. It is likewise
proposed—
To authorise the directors to borrow any sum or sums of
money, not exceeding in the whole 10,0001., at iotereiit upon
the debentures of the company, to be applied towards the
bringing noder cultivation, siding in or facilitating the
letting, or otherwise developing the reeourms of the leode
granted to the company; sod to take the necessary steps to
sell, let on lease, mortgage, or otherwise dispose rf the same
lands, or any of them.
The third ordinary general meeting of the Con-
solidated Discount Company (Limited) will be held
on the 22nd inst.
The third ordinary meeting of the London and
Bombay Bank and General Financial and Insurance
Agency Corporation (Limited) will be held on the
28th of March next.
The transfer books of the Warrant Finance
Company (Limited) will be closed from Thursday,
the 4th inst., to Wednesday, the 17th, both in-
clusive.
A private telegram direct from Point de Galle,
received in London this in rning, is to the following
effect :—" Latest dates from China : Hongkong, I
15th December, 1865 ; Shanghai, Bth •, Foo Chow
Foo, 9th (1). Export of tea for the fortnight,
3,000,000 lbs. Market quiet. Rate of freight at
Whampoa, ander 21. Exchange in Hongkong,
4s. 7d. Quiet."
The return of the Bank of England for the week
ending Wednesday, Jan. 3, compared with that
for the previous week, shows the following changes :
Mutilation Mem £27.029,675 Decrease £310,000
Cireidation active
Public deposits
Other deposits 14,727,958 Increase 1,492,020
Government securities in
banking depertmeat
Other securities uz honking
department
Ooin and bullies in both
departmenta
Seven day and other bills_ 445,432 lames* 43,106
The Rest
Notes is reserve
, Total reserve (notes k coin)
waking departani 6,979,746 Dumas 1,611,519