The Express.
London, England, 1867-11-12 00:00:00

MONEY MARKET.-(THIS DAY.)

Una eosoar.

' There is little business in the Stock Exchange
to-day, apart from that connected with the fort-
nightly settlement, which has just commenced,
and pricei show few changes. The tone, on the
whole, is not unfavourable, some purchases
having been made upon the fresh reduction in
the corn market, and the absence of with-
drawals of gold from the Bank. A better
tendency would probably be apparent but for
anticipated bread riots and the introduction of
new loans, including that for the Intercolonial
Railway. Consols are steady, at the closing quota-
tions of yesterday. Some of the foreign stocks
have further advanced, but railway securities
remain flat, in consequence of a continuance of
speculative sales for a fall.

The demand for money is moderate, and the
supply good. The rate for the best paper is 11
per cent., or 1 below the Bank minimum.
Consols are quoted 941 to 1, with div., for money,
and 94 to 93, ex div., for the account (Decem-
ber 5). The Three per Cents. Reduced and New
Three per Centa, are steady, at 921 to 4.
The railway market continues fiat, and some of
the leading lines have experienced a fresh reduc-
tion. Caledonian stock is very heavy and has
declined 11 per cent.—viz., to 8U to 821. The
reduction in other caies ranges from to 1 per
cent. Annexed are the quotations :—Metropoli-
tan, 1204 to ; Great %Vestern, 451 to 4 ; London
and North Western, 1131 to g ; Midland, 116;
to 4 ; Lancashire and Yorkshire, 122 to J, ;
South Eastern, 65 to 1 ; Great Eastern, 30 to
1 ; Great Northern, 107 to 108 ; ditto A, 11l
to 1 ; London, Chatham, and Dover, 171 to if ;
North British, 33 to i ; and Brighton, 521 to 1.
The foreign stock market is firm, owing to a
preponderance of purchasers. Greek and Italian
of 1861 have risen I per cent., viz., to 12k to 1
and 451 to 4, respectively. Turkish of 1865 are 1
higher, at 31/ to 32. Turkish of 1862 are at 62 to
63 ; Spanish Passive, 20 to ; ditto Certificates,
171 to g ; Egyptian, 1864, 851 to 88 ; and Mexican,
144 to 15.

A fair amount of business has taken place in
American securities. The 5-20 Bonds are un-
altered, at 701 to 71}; but Erie and Illinois
Central Railway shares have risen tot per cent.,
viz., to 461 to 471, and 831 to 84 respectively.
Anglo-American Telegraph shares have relapsed
2s. 6d., viz., to In to 181 ; while Atlantic Tele-
graph Eight per Cant. Preference aro unchanged,
at 31 to 1.

Very few transactions have been recorded in
bank shares. Imperial Ottoman, however, are in-
quired for, at 14 to dia. ; Union of London are
quoted 3e4 to 37} ; London and Westminster, 7I
to 724 ; Alliance, 14 to 10} dis. ; Chartered Mer-
cantile of India, 26 to 27 ; and London and
County, 51 to 52. _ _ .

Financial shares remain inactive. International,
2} to 21 die. ; London, 24 to 23 dis. ; General
Credit, 21 to 2 dis. ; and Credit Fonder, 131 i to
Oa, din.

The scrip of the Honduras Railway Loan has de-
clined to 11 to 2 prem.

HALF-PART THREE O'CLOCK.

Consols are in good demand, and have advanced
fto per cent., the present quotations being 94f
to i, with div., for money, and 931 to k,ex div. , fur
the account. Foreign stocks are also better, but
British railway securities have further receded.
No bullion operations have taken place at the
Bank.

At Paris this morning the Three per Cent. Rentea
opened at 68.15 for the account, being 1, per cent.
bettor.

It is probable that in the course of the next few
weeks an increased demand will be experienced for
such foreign stocks as have dhidends falling due in
January, and the present quotations for which con-
sequently include 4% months' accrued dividend.
Amongst these may be enumerated Chilien 6 per
cents. of 1867 and 7 per cents. of 1866, Buenos
Ayres 6 per cents. and deferred, Danish 5 per cents.
of 1864, Argentine, Austrian, the Danubian Prin-
cipalities 8 per cent. loan of 1867, Dutch,
Egyptian Railway Debentures, Italian 5 per cents.
of 1861, the Italian Maremmana Railway Loan,
Monte Videan, Peruvian 5 per cents. of
1865 and 44 per cents of 1862, as well
as the Uribarren Bonds, Portuguese, 'Rus-
sian 4i per cents. of 1850, Spanish Deferred 3
per cents., Turkish 6 per cents. of 1862, 1863,
and 1865, the Turkish 5 per cents. (converted)
of 1865, the dividend of which is due the 13th
of January, and the Viceroy of Egypt's Mortgage
Loan. Of late attention has been directed to the
increased importance of sinking funds as elements
of market value. This has especially been the
case as regards Turkish Bonds, on account of the
large bonus which is enjoyed by the fortunate
holders of drawn bonds. The last instance of this
kind occurred on the 6th inst., when, as already
stated, bonds representing 104,8001. of the Turkish
Six per Cent. Loan of 1862 were drawn for pay-
ment at par (100) on the Ist of January next.
Measured by the present market price, the holders
of drawn bonds will receive a bonus of no less than
40 per cent. On the 20th instant is to take place
a drawing of the Viceroy of Egypt's Loan, and be-
tween the 15th and 30th instant drawings of the
Turkish Six per Cent. Loans of 1863 and 1865 are
fixed to take place. The latter is the loan that is
specially secured on the sheep tithes of Roumelia,
which are paid direct into the Imperial Ottoman
Bank. At its present quotation of 51 to this
stock shows a return at the rate of no less than 16
per cent. per annum, inasmuch as it carries 6
per cent. interest, and possesses a 2 per cent. sink-
ing fund. It is worthy of remark, too, that in
1868 the Syrian revenues, now diverted to other
engagements, will become available to increase the
special security of this loan, as provided for
in the contract. Amongst the other stocks
which have latterly attracted increased
notice is the Egyptian Government Railway
Loan, the special feature of which is that it is di-
vided into six distinct series of bonds, distinguished
by the first six letters of the alphabet, and that one
of these aeries is to be paid off annually, beginning
with the Ist of January, 1869, by annual draw-
ings. Within seven years and two months from
the present date, therefore, the Egyptian govern-
ment is under a solemn engagement to pay off the
whole of this loan at 100, and one-sixth of the total
is to be redeemed within fourteen months from
now, being the first series. The short currency of
this loan gives it a distinctive position in the
market, and will now begin to enter more definitely
into the calculations of investors. This is a 7 per
cent. loan, issued at 92, and the present price is9o4
Ito 91, inclusive of dividend from the Ist of July
last. _ _ .

---•
The Louisiana, which has reached St. Naraire
front Vera Cruz, has brought 240,1)00/. in specie,
a portion of which is understood to be on English
account. The Persia, from New York, has
17,5001., and the Union 14,5001.
The Nova Scotia and New Brunswick (Interco-
lonial) Badway Company has been registered in
London, with a capital of 600,0001., in 30,000
shares of 201. each, and with power to increase.
This important undertaking, to which it is under-
stood an imperial guarantee is to be accorded, will
probably be soon brought out here.
A meeting was held yesterday of the Trust and
Agency C pany of Australasia (Limited), when
an ad-interim dividend was declared at the rate of
10 per cent. per annum.
The liquidators of the London Flour Company
(Limited) have appointed the 14th and 15th inst.
to settle the list of contributories.