The Express.
London, England, 1866-08-23 00:00:00

IfARKET.--(THIS A

[FURTHER REDUCTION IN THE BANK
RATE OF DISCOUNT.
Ors o'Osrcr.

The Directors of the Bank of England have
to-day reduced the rate of discount from 8 per
cent., at which it was fixed last Thursday, to 7. It
is stated that the weekly return, made up to yes-
terday evening, shows some important improve-
ments, including a large increase in the coin and
bullion and the reserve.

The stock markets opened steadily this morning,
and have since improved, the decline in the
minimum to-day not having been generally antici-
pated. The funds have teen i to per
cent., and some of like British railways
to }. Great Westernjtook is in especial re-
quest, and has &drooped Iper cent. Banking and
financial shares **or stinnnsos, but some of the
American securities have given way.
The discount market is quiet, and a disposition
is shown to take the best paper at per cent., or
below the reduced charge at the Bank. In the
Stock Exchange loans on English Government se-
curities are offered at 4 per cent.

The discount establishments have lowered their
terms for money at call from sit to 5 per cent. ; at
seven days' notice, from 61 to 4 ; and at fourteen
days' notice, from 7to 6. The joint stock banks
now allow 5 per cent. for money on deposit, instead
lof 5, with the exception that the London and
Westminster give only 4 per cent. for sums below
5001.

Consols are now quoted 84 to e for money,
and 881 to 1 for the account (September 6).
Brazilian scrip is in good demand, and has
risen per cent. Italian bonds of 1861 have
also Unproved 1, while Turkish of 1865 have de-
clined 1, and Spanish Passive and Mexican, 1.
Turkish Bonds of 1862 are quoted 501 to 511 ;
ditto of 1866, 25/ to j ; Greek, 11 ; Spanish
Passive, 191 to 1 ; ditto Certificates, 14g to g ;
Italian of 1861, 521 to 1 ; Brazilian scrip, 2 to 11
die. ; and Mexican, 161 to I.
United States 5-20 Bonds are unchanged, at
691 to 70, but Erie Illinois Central Railway
shares have declined about 1 per cent., the present
quotations being 44 to 1 and 761 to 77, respec-
tively.

Anglo-American and Atlantic Telegraph shares
are steady, at the closing prices of yesterday.
International Financial shares are quoted If to
lf die. ; London Financial, 13,1 to 1271 die. ;
qeneral Credit, 2 to 11 dis. ; Credit Foncier,
31 to 31; die. ; and National Discount, 8 to
prem. . . .. .

The sum of 79,000 f. in bar gold was bought by
the Bank yesterday, making a total of 604,0001. for
the week, while there have been no withdrawals
for exportation.
The dividend on Great Western Railway stock
for the half•year is officially announced at the rate
of 2 per cent. per annum, against the same rate for
the corresponding period of 1865. The distribu-
tion on West Midland (Oxford) stock is 17s. against
; ditto, Newport, 17s. against ; and South
Wales, 3} against 31.
The mercantile advioes from the Danubian Prin-
cipalities report tmfavourably respecting the har-
vest. The long continued drought has seriously
injured the crops, particularly of Indian corn, the
staple produce. The carts sent from Galatz and
other ports into the interior to bring back grain are
daily returning empty. Some rain has latterly
fallen, but it is feared too late to be of much
service. Political matters are quiet. The policy
of Prince Charles continues peaceful, and a large
part of the army has been disbanded. At the same
time the government are pressed for money, partly
to meet the pay of the soldiers sent to their homes,
and partly to cover the deficit left by Prince
Couza. In order to meet these necessities the
Chambers have sanctioned a project for a new loan
on the security of a portion of the State domains,
but it is not anticipated that the operation will be
brought forward for the present.
The news from Buenos Ayres and the Argentine
Republic, by the French packet just arrived, is
satisfactory. Internal peso!, and agricultural and
commercial prosperity prevailing throughout all the
provinces. The hostilities waged by the Para-
g.usyan President are now solely confined to his
own territory. In the city of Buenos Ayres trade
was good, although the intelligence from London
and the other capitals of Europe of the monetary
panic had a marked effect npon the Bolsa the
paper price of ounces was 409} dots. The execu-
tive have been engaged in improving the camp
laws and increasing the district judges.
The screw steamer Erl King reached Gravesend
yesterday from Foo-choo-foo, after a passage of
77 days, with the first cargo of the new season's
tea. The ships Fiery Cross, Serica, Ariel, Taeping,
and Taitaing are expected to arrive from the same
port within the next ten days.
The creditors of the Blakely Ordnance Company
(Limited) are required to send in their claims to
the official liquidator on or before the Ist of
October.
The subjoined report with reference to the
market for American securities is extracted from
the circular of Messrs. Satterthwaite and Co. :

---- -
During the past week the transactions in the London
market for American securities have been of considerable
magnitude. The Isrge shipments of United States 5.20
Bonds have been well taken for continental account, and
with a simultaneous home demand an advance of two per
cent. has been established, the closing quotation being 674
to 704. Illinois Central end Erie shares have both again been
largely bought on American account, and close at enhanced
quotations, the former being last quoted 77 to 4, and the
latter 44j to 454, a rise of 31. per share in each description.
Within the last two months some large amounts of
Atlantic and Great Western Debenture'', which had been
pressing on the market, have been cleared out at from 49
to 50, • oonsiderable amount being taken in Holland, and
now that the cause for the recent depression of quotations
is removed, we find debentures difficult to buy ; they have
advanced 10 per cent. during the week, closing firm at 58
to 60 for the large bonds, and 60 to 65 for those of 100/.
each. The Consolidated Bonds closed 42 to 44, being a
rise of 3 per cent. on the week.
The following relates to the reconstruction of
joint stock companies :
TO TIM IDITOR OF ilil EXPRESS.
. .

Sir,—With reference reference to those companies which are now
proposing reconstruction, with a view to the reduction of
the nominal amount of their shares, it is a question of
much interest to dissentient and retiring shareholders to
know whether they are not entitled to the return in full
of their paid-up capita], or if they are bound to accept the
present depreciated market value offered by the com-
panies, though solvent, which thus make heavy profits out
of those shareholders who wish to give up their interest.
An answer to this will be of value to many besides your
obedient servant, G.

August 22.
The first pocket of Kentish hope of this year's
gro•rth was exhibited in the Borough yesterday
morning, and realised 12 guineas per hundred-
weight, the quality being very good and of ex-
cellent colour. It was consigned to Messrs.
Goble and Austen, by Mr. J. R. Thomson, jun.,
of Moatlands, Brenchley.
A meeting of the shareholdersof the Tahiti Cotton
and Coffee Plantation Company is called for the
30th instant.
An adjourned application by the official liqui-
dator to make a call of SOL per share on the contri-
butories of Class A of the Contract Corpration is to
be heard by Vice-Chancellor Stuart ono the 28th of
August.

WEIWERDAT EVISIMIO.
Cone°ls, which closed yesterday at 884 to f for the
6th of September, opened this morning at 88 9-16 to
11.16, or 88f, and left off at that price. For money
the last quotation was 881 to 4. The official busi-
nese report is se follows :—Three per Cent. Con-
sots, for money,'BB4, 4,4, 4,4; ditto, for amount,
881 ; Three per Cents. Reduced, 871, f, 4, ; New
Three Cents., 87f, 4, 4,1; Annuities, 1885,
13 5-16 ;per Bank Stock, 243 ; India Stock, 212 ;
ditto Five per Cent., 1031, 4, 4 ; ditto Five-and-
s-Half per Cent. " entered" rupee paper, 103 ;