The Express.
London, England, 1866-06-06 00:00:00

MONEY MARKET.-(THIS DAY.)

One o'Cinez.
The stock and share markets are inactive to-day,
yet the tendency generally is rather better than
yesterday. Consols are firm, and have risen 1-16
per cent. for the account. British railways are
steady, but a slight reduction has occurred in some
of the foreign securities. Bank shares show firm-
ness, and an advance has taken place in Agra and
IfLurterman's and Alliance. In the market for
financial shares, a fall of about 15s. is observable
in Credit Fonder and Mobilier. This is settling
day in the funds, but the account proves to be
light one.
The discount market is quiet to-day, and freely
suppleid with money. The general charge for the
best paper is si per cent. In the Stock Exchange
short loans on English government securities are
obtainable at 6 per cent., and the rate is expected
to recede to 6 later in the day, owing to the abund-
ance of capital offering.
The Liverpool cotton market opened flatly this
morning, and prices were fractionally lower. The
sales of the day are expected to reach 8,000 bales.
Consols are now quoted 851 to 1, ex div., for
money and 861 for the new account (July).
The foreign stock market is dull, with few tran-
sactions. Brazilian scrip has declined 1 per cent.,
Italian of 1861 1, and Spanish Certificates f
Turkish of 1865, Spanish Passive, and Mexican
exhibit 1,0 alteration. Turkish Bonds of 1862 are
now quoted 56 to 57 ; ditto of 1865, 29 to 1; Greek,
II to 1 ; Spanish Passive, 18} to f ; ditto Certi-
ficates, 131 to f ; Italian of 1861, 35f to 361 ;
Brazilian scrip, Bto 7 diß. ; and Mexican, 17 to 1.
American securities have declined per cent.
5-20 Bonds are now quoted 64 to 1; Erie Rail-
way shares, 401 to 41} ; and Illinois Central, 74f
to 75f.

The Swiftaure has arrived from Melbourne, but
has brought only 13 ounces of gold.
International Financial shares are now quoted
to ft dis. ; London Financial, 14 to 13 dis.;
General Credit, 22 to die. ; Imperial Mercantile,
91 to 83 dis. ; Credit Foncier, 2i to Overend,
Gurney, and Co., 18 to 16 dis. ; and National
IDiscount, 6} to 2 prem.
Including 120,0001. sent in yesterday, the Bank
of England has purchased upwards of one
million of gold since the date of the last re-
turn. Moreover, the extraordinary sum of fully
800,0001. arrived yesterday by one vessel from
New York ; 400,0001. more is known to be coming
from the same quarter, and remittances are on
the way from numerous other points, specie being
naturally resorted to by foreign remitters at a
time when mercantile bills are regarded with dis-
trust. There is thus a prospect that an additional
million in gold will reach the Bank of England
between now and to-morrow week. At the
moment, however, the news of the abandonment
of the proposed Conference causes all this to count
for little.
The general market remains quiet, with an
abundant supply of money, but discounters
do not take bills below 9} per cent., owing
to the prevailing belief that, notwithstanding the
extraordinary influx of gold, the Bank directors
will abstain from lowering the rate of discount til
next week. Should this view prove accurate, there
is a prospect that the Bank's resources will be so
greatly swelled by that time as to suggest a reduc-
tion in the minimum of 2 per cent., instead of 1—
namely, to 8 per cent. It is scarcely necessary to
remark, that the legitimate trade of the country is
greatly checked by the present severe restrictions.
A large amount of Indian hills fall due on
Saturday next.
The amount of gold bought by the Bank yes-
terday was 120,0001., making an aggregate of
1,026,0001. since last Wednesday.
The steamer City of New York has arrived from
New York with 800,600/. in specie, and a further
s sum of 400,000/. is known to be on the way to this
country from the same quarter. Much of this will
go into the Bank. Remittances are also constantly
coming forward from Turkey, yid Marseilles.
The foreign exchanges yesterday were quoted
about the same as last Friday, with the exception
of Austria and Italy, which showed a decline.
The quotations were as follow :
Amsterdam, 3 months, 12 to 12.1 ; ditto, short, 11.17
to 11.171 ; Rotterdam, 3 months, 12 to 12.1 ; Antwerp,
3 months, 2150 to 25.60 ; Brussels, 3 months, 25.50 to
25.60 ; Hambro and Altona, 3 months, 13.81 to 13.91 ;
Berlin,Cologne,&c., 3 months, 6.28 to 7.0 ; St. Petersburg,
3 months, 25 to 241 ; Paris, short, 25.10 to 25.22 i ; ditto,
3 months, 25.40 to 25.50 ; Marseilles, 3 months, 25.40
to 25.50 ; Frankfort-on-the-Maine, 3 months, 1181 to
1181 ; Vienna, 3 months, 13.40 to 13.60 ; Mate,
3 months, 13.40 to 13.60 ; Madrid, 3 months, 461 to 46 ;
Santander, 3 months, 461 to 46 ; Cadiz, 3 months, 471 to
47 • Seville, 3 months, 471 to 47 ; Malaga, 3 months,
47 'to 461 ; Valencia, 3 months, 47 to 461 ; Barcelona,
3 months, 471 to 47 ; Bilbao, 3 months, 47 to 461
Valladolid, 3 months, 46 nom. ; Saragossa, 3 months, 47
to 461 • Leghorn, 3 months, 28 to 29 nom. ; Genoa,
3 months, 28 to 29 nom. ; Naples, 3 months, 21 to
29
nom. ; Palermo, 3 months, 28 to 29 nom. ; Messina,
3 months, 28 to 29 nom. ; Lisbon, 90 days date, 511 to
51; Oporto, 90 days date, 511 to 51.
An advertisement has been issued by the Bank
of London, stating that "in consequence of the
stoppage of the Consolidated Bank (Limited), and
of an order made by the Court of Chancery to wind
up the Bank of London under The Companies
Act, 1862,' the extraordinary general meeting of
shareholders of the Bank of London, convened for
Saturday, the 9th day of June instant, will not be
held." Accompanying this notice the directors

have issued thesul:;join—ed exculpatory statement .
I am instructed to call your attention to the above ad-
vertisement, announcing that the extraordinary meeting
di. of the shareholders called fur the 9th inst. will not be
held. The unexpected stoppage of the Consolidated Bank
has, in fact, put an end to both the objects for which the
meeting was convened, the directors having been advised
that, owing to the complication caused by that event,
it was useless to resist the winding- up by the court, ard
an order to that effect having been aoconlingly made by
the Vice-Chancellor on Saturday last, Mr. Coleman has
to-day been confirmed by the court as official liquidator, and
the directors consider his name as a guarantee that the
estate will be got in and distributed with the utmost
practicable efficiency and despatch. The directors will be
di' desirous of meeting the shareholders at the earliest
moment at which they can place before them a definite
statement of accounts ; but it must be evident that, until
some decision has been arrived at in what manner the
arrangement with the Consolidated Bank is to be dealt
with, no reliable account can be laid before the proprietors.
In the meantime the directors wish to explain that the
calamity which has overtaken the bank was entirely occa-
sioned by the loss of public confidence consequent upon
the panic, and upon its having become known that a con-
siderable amount had been invested or, advanced by the
bank upon securities inconvertible at the present
time. With this exception, the business was of
the soundest possible character. No losses of any
moment had been sustained, and the other meets
were held in as convertible a form as usual with bankers.
A considerable portion of the advances on inconvertible secu-
rities is covered by the guarantee of the Impe
Credit Association, besides securities given by them, anti
upon these together there is no fear of any loss. A large
part of the remainder is also covered by guarantees and
other home securities, which it is believed will ultimately
produce 20s. in the pound ; and the balance, depending
upon the produce of American securities, is so compara-
tively limited in extent, that even assuming (wuhich
such
the
directors by no means anticipate) an entire lossupon
securities, it would fall within the limits of the reserve
fund. Besides the capital and reserve fund, there is an
amount exceeding 50,0001. of unappropriated profits in
hand. The directors do not desire to sit in judgment
upon other parties, but they must be permitted in their
own justification to observe that the events which have
happened at the Consolidated Bank did not occur to
them even as a potWble contingency. The question of
acceptances stood over for further consideration on the
evening of the 22nd of May ; and though the Consolidated
Back had objected from the first to take a certain portion
of these acceptances, it was not all anticipated that they
would refuse to take the larger part of them. The
directors anticipated that, if any *diffieulty arose, and was
found to become pressing, the Consolidated Bank, relying
upon the security of the investments belonging to this
bank, and upon the liability of its shareholders, would