The Express.
London, England, 1867-08-27 00:00:00

MONEY MARKET.-(THIS DAY.)

Diii
o'Clool.

The English funds remain dull, at the reduction
of yesterday, notwithstanding the small supply of
stock in the market, the improvement in the
weather, and the announcement of a large arrival of
specie, a portion of which, it is thought, will
be retained here. The speculators are not dis-
posed to buy for a rise, in consequence of the
rather unsettled state of political affairs abroad,
and a belief that during the present holiday
season this department of the Stock Exchange
will not be strengthened to any important
extent by bona fide purchases on the part of the
public. At the same time, however, sales for a fall
are checked by an impression that further invest-
ments may soon be made on account of
the banks, owing to their inability to
employ the whole of their large supplies
of money in the discount of commercial bills.
The variations in British railway stocks comprise a
rise in Great Western and London and North
Western, and a reduction in Metropolitan. Foreign
and other securities aro inactive. Attention will
be directed during the next few days to the fort-
nightly settlement in shares and foreign stocks.
The money market is very quiet, and the rates
for bills and advances in the Stock Exchange
show no alteration.

Consols are quoted 941 to 1 for money, and
94 11-16 to 13-16, or 941, for the account (Sept.
10); and the Three per Ceuta. Reduced and New
Three per Cents., 941 to e.
In the railway market the principal feature is a
fall of # per cent, in Metropolitan stock, upon a
fear that, in the absence of proper ventilation, the
traffic of this underground line will fall off. On the
other hand, Great Western has improved #, and
London and North Western, 1. The present
quotations are as follows :—Metropolitan, 124
to 1, ex all ; Great Western, 451 to 461 ; London
and North Western, 117 to ; Midland, 1201
to 121; Lancashire and 'Yorkshire, 1271 to ;
Caledonian, 1101 to 1111 ; South Eastern, 68 to
; Great Eastern, 30# to I; Great Northern, 115
to 116 ; ditto A, 1161 to 1171 ; London, Chatham,
and Dover, 171 to 18 ; North British, 301 to
311 ; and Brighton, 501 to 51.
The government broker has bought to-day
21,0001. Reduced for the sinking fund, at 941.
As regards bank shares, prices were unaltered,
apart from a fall of 1/. in London and
Westminster, viz., to 70 to 72. Union of
London are called 381 to 391 ; Impe.
rial Ottoman 1/ to dia. ;
12 to 111 din. ; London and County, 54 to 561 ;
and Chartered Mercantile of India, 30 to 31.
Financial shares are neglected and unchanged.
International Financial are quoted 2/ to 1/ dia. ;
London, 23 to 21 dia. ; General Credit, 2f to 21
dia. ; and Credit Foncier, 5/ to 5} di..

American securities and Atlantic cable shares
exhibit no variation of importance, but the 5-20
Bonds are dull, at 73i to Erie Railway shares
are quoted 451 to f ; Illinois Central, 771 to x ;
Anglo-American Telegraph, 16i to 17 ; and At-
lantic Telegraph Eight per Cent. Preference at
to I.

It is notified that the optional loan notes issued
by the company of proprietors of the Grand Surrey
Canal, and bearing interest at the rate of 4 per
per cent., will be paid off at the office of the Surrey
Commercial Dock Company, on the 28th day of
February next.

Tenders will be received by the Postmaster-
General on the 24th of October for the conveyance
of the mails between Halifax (Nova Scotia) and
St. Thomas (West Indies), via Bermuda.
An extraordinary general meeting of the Buxton
Hotel Company will be held on the 7th September,
when a resolution will be proposed that the under-
taking be wound up voluntarily.

HALT-P.lB- 'I ONE O'CLOCK.

The markets for public securities are generally
rather firmer. Consols have advanced per cent.,
the present prices being 941 to for money, and
941 for the account. It is stated, however, that
there are limits to sell a large amount of stock
at 95.

The fortnightly settlement in British railway
stocks and foreign securities will commence to-
to-morrow (" continuation day"), and terminate
on Friday.
No transactions in gold occurred at the Bank
yesterday.
The Nestorian has arrived from Quebec with
10,0001. in gold ; and the Nyanza, from Alexan-
dria, with 4,9751. The Para will take, to-day,
32,0001. for Bombay.
The advice* from New York announce the ship-
ment of 100,0001. in specie for Europe, the bulk of
which, however, is probably for the Continent.
Although the price of London and Brighton
stock was firmer yesterday, considerable dissatis-
faction prevails among the proprietors of the gua-
ranteed securities at the non-payment of their
dividends for the present year. It cannot be
denied that the holders of these stocks are entitled
to at least equal consideration with those holding
debentures. In point of fact, they stand in as
nearly as possible the same position as persons who
have converted their current debentures into per-
manent debenture stock. It is difficult to under-
stand how a " property" can be " rescued from immi-
nent insolvency and replaced in a
,position of un-
impeachable soundness and credit,' when its gua-
rantees are thus passed over. The guaranteed
proprietors are debarred from the remedy of claim-
ing the repayment of their capital, and perhaps for
this reason are treated with lees consideration than
the possessors of debentures falling due at fixed
dates, which must be repaid or renewed. It is
necessary in this instance to point out the
difference between the guaranteed and
the more properly termed preference stocks.
The former constitute a general charge upon the
present and future profits of the line. The latter
are only entitled to dividend in case a sufficient
surplus is shown in the earnings of each year to pay
it. Considering, therefore, that a sum is estimated
to be realised from the net profit of the current
year, which if not appropriated to meet general
liabilities would be more than sufficient to meet the
guaranteed dividends, in common justice some
financial arrangement might have been made to
prevent an apparent, though we will admit unin-
tended, breach of faith.
The Stock Exchange Committee have appointed
Monday, the 2nd September, a special settling day
in the scrip (ordinary stock, 1807) of the London,
Brighton, and South Coast Railway Company,
which is to be marked in the official lists.
According to telegrams received yesterday from
Milan, by the City of Milan Improvement Com-
pany,
the King of Italy will open, with a state
ceremonial, the Victor Emmanuel Gallery, belong-
ing to that undertaking, on the 13th of September.
The South Eastern Railway traffic return shows
this week an increase of 3,1951. over last year, and
the London, Brighton, and South Coast an in-
crease of 8991.
_

The traffic return of the Grand Trunk Railway
of Canada for the week ending the 19th inst.
shows a decrease of 6191. compared with the
corresponding period of 1866.
The traffic, receipts on the Atlantic and Great
Western Railway for the tiret week in August
amounted to 96,525 dole., against 98,923 dole.
in the corresponding period last year, showing a
decease of 2,398 dole.

MONDAY EvvnNo.

Consols, which closed on Saturday at 344 for the
10th of September, opened this morning at 94/ to
I, and closed at 94 11-16 to 13-16, or 94g. Fur