The Express.
London, England, 1867-06-25 00:00:00

COMMERCIAL AND MARKET&

LIVERPOOL COTTON AND CORN MARKETS.

(THIS DAY.)
BY TKLIGRAPH.)
(ram' Goa owx COILIMPONDINT.)
Comma.—The market quiet. Sales probably about
8,000 bal.'.
Coax.—The market attendanoe moderate ; fair business
in wheat at full rates of Friday. Flour quiet, at
late rates. Bean. rather dearer. Oats and oatmeal un-
changed. Indian corn dull and nominally as on Friday ;
mixed, 38s. 6d. to 395.

LEEDS CORN MARKET.—(THIS DAY.)
(BY TILDGWH.)
(now out oww coaaseroximer.)
Millen still indisposed to purchase wheat. Market was
very quiet. Prices of all articles nominally the same.
Weather beautifully fine.

TALLOW MARICICT.—(THIS DAY.)
The market is firm :—Town tallow is quoted 425. 6d.;
Petersburg Y.C. on the .pot, 44.. 9d. ; June, 44.. W. ;
October to December. 45.. 6d. to 9d. ; December, 46..

MINCING-LAN E. —(THIS DAY. )
Scow.—The market has opened very quietly at about
the currency of last week. Refined : Previous prices are
well supported, but the demand is less active than pre-
viously reported.
Corral.—The market privately continues Inactive, the
trade being occupied with the samples of the parcels to be
brought to public sale.
Cocoa.—There is more disposition to purchase, but
holders are not free sellers at late rates. About 150 bags
of Granada sold chiefly at 5?...
TlA.—The public sales of Indian produce are progress-
ing steadily ; privately there is no improvement to notice.
Rvir.-150 puns. sod; Jamaica at 3e. 21., Demerara
at Is. 7d. _

Rica AND SALITISTRE.—No sales reported.
CorroN.—Baainess continues limited, at prices in
buyers' favour.
bmwo.—There is an active inquiry for Beat India at
some advance on last quarterly sales rates.

SMITHFIELD HAY MARKET.—(THIS DAY.)
Mr. Charles James Easton reports trade slow, at the fol-
lowing prices, viz.:—Rime clover, from 100 a. to 112.. 64.;
inferior ditto, 80a. to 90s. ; prime second out, 90s. to 100a-
inferior ditto, 365. to 60a. ; prime meadow hay, 00s. to
87.. 6d. ; inferior ditto, 60a. to 70a. : straw, 40s. to 465.

BANK OP' LONDON.--(THIS DAY.)--Ait Si meeting
to-day, convened by the shareholders' committee, it was
to refer the report fawned by that body on the 29th
agreed to
to the committee, to take the necessary steps for
carrying out its recommendations.

IMPERIAL MERCANTILE CREDIT JUISOCIATION.—
(THIS DAT).—At s meeting of shareholders to-day a call
of 51. per share was made, half payable in July, sod the
other half in November this year.

HONEY MARKET.-(THIS DAY.)

On o'Oznaz.

The English funds 'are still offered, and have
experienced a fresh reduction of per cent., but
British railway stocks have improved in several
cases. The transactions, however, are chiefly
speculative, and intended to cover sales recently
made for a fall. Brighton stock participates in the
advance, owing to the favourable view taken with
respect to the future prospects of that undertaking
in Mr. Schuster's address to the shareholders.
Foreign stocks exhibit no change of importance.
The fortnightly settlement wiU commence to-
morrow, and this circumstance tends to check fresh
business.

There is a fair demand for moneylto-day, and the
supply is rather limited. The rate for good bills is
firm, at 21 per cent. Short loans on English govern-
ment securities are in request in the Stock
Exchange, at 2 to 21 per cent.
Consols are now quoted 94 to 1, ex div.,
for money, and 941 to 1, ex div., for the ac-
count (July 10) ; and the Three per Cents.
Reduced and New Three per Cents., 93 to 1.
The government broker has bought to-day
13,0001. New Three per Cents. for the Sinking
Fund, at 931.
Turkish Bonds of 1862 are in request, and have
improved 1 per cent., but those of 1865 have de-
clined 1. Italian of 1861 are 1 better. Turkish
Bonds of 1862 are quoted 591 to 604 ; ditto Five
per Cents. of 1865, 334 to 1 ; Greek, 15 to 1 ;
Spanish Passive, 231 to 24 ; ditto Certificates, 141
to # ; Italian of 1861, 521 to 2 ; and Mexican,
161 to 1.
American securities and Atlantic Cable shares
have been little dealt in, and exhibit nu variation.
The 5-20 Bonds are quoted 72k to 731 ; Erie
Railway shares, 394 to 1 ; Illinois Central, 79 to
4; Anglo-American Telegraph, 181 to ; and
Atlantic Telegraph 8 per cent. preference, 41 to 4.
Financial shares are dull, but prices exhibit no
change of importance. The present prices are
annexed :—lnternational, 11 to 11 dis. ; London,
22 to 20 dis. ; General Credit, 11 to 11 dis. ; and
Credit Foncier, 51 to 51 din.
Bank shares are inactive, and prices generally
show no movement. London and Westminster are
quoted 104 to 106 ; Union of London, 39 to 40 ;
Imperial Ottoman, 1 to 1 dia. ; Alliance, 91 to 81
dia. ; and Consolidated, 1 to 14 prem.
An extraordinary meeting of the Westminster
Brewery Company (Limited) will be held on the
4th of July, for the purpose of declaring an in-
terim dividend atthe rate of 6 per cent. per annum.
The half-monthly settlement in shares and
foreign stocks will begin to-morrow (" continuation
day "), and end on Friday.

About 62,000/. in gold was bought by the Bank
yesterday.

The arrival of three steamers from New York
with specie was announced yesterday. The City of
Paris has brought 183,0001. ; the Borussia, 33,800/. ;
and the Deutschland, 28,000/. ; making a total of
244,8001. A further sum of 100,0001. was shipped
from the same port on Saturday for Europe.

In anticipation of the adjourned meeting of the
Brighton Railway Company, held to-day (Tues-
day), Mr. Leo Schuster, who was chairman of
the company from 1854 to 1865, last evening
issued an " Address to the Shareholders, in
reply to the Report of the Committee of Investi-
gation" (Waterluw and Sons). This reply is most
ably drawn up, and in this respect deserves to rank
quite on a par with the report of the committee of
investigation, while it throws far into the shade the
comparatively weak and inconclusive remarks just
put forth by the board of directors. It must be
admitted, too, that in many points Mr. Schuster
successfully rebuts the charges adduced by
the committee, while on numerous others
he brings forward facts and figures which,
as supplemental to those marshalled by
the committee of investigation, are absolutely ne-
cessary to a full comprehension of the multi-
farious points in dispute. The present statement
deserves, therefore, the serious consideration of

every proprietor ; and it is matter for regret that
its late appearance renders it almost impossible
for the proprietors to give it the requisite calm
and judicial examination before to-day's meet-
ing. Mr. Schuster deals seriatim' with the points
ranted by the committee, ranges over the whole
field of discussion travelled over by them, and
boldly meets with a fiat contradiction most of the
accusations made against himself personally and
against others connected with the
ment. Mr. Schuster maintains that the
accounts have been perfectly well kept ; that the
policy pursued by him ' has operated for the
advantage of the shareholders in times past, and I
will operate for their advantage in the future ;"
that the present alarm and depreciation are the
result of a temporary crisis, from which the com-
pany's affairs will recover at no distant date ; that
much of the pressure arises through a large portion
of the capital outlay being as yet necessarily un-
productive ; that out of the eight millions which he
is charged with having added to the capital account,
nearly three-fourths has been expended upon
metropolitan extensions, stations, and suburban
lines, respecting the ultimate remunerative capacity
of which he speaks with great confidence ; that the
committee are grossly in error in their statements
respecting the results of the country branches,
most of which, Mr. Schuster says, were "forced
upon the company ;" that the directors and officers
of the Brighton Railway were registered as share-
holders of the Surrey and Sussex and the other two
' lines, not for their own benefit, but for that of the
shareholders; that everything done in these matters
was done" fairly, openly, and aboveboard ;" that
Lord Westbury and his colleagues were guilty of a
" calumnious libel" in affirming that the Surrey
and Sussex Company was " got up by persons con-
nected with the Brighton board, adopted by that
board, and then palmed off uponthe Brighton share-
holders as an independent company." In fact, Mr.
Schuster denies nearly everythingthat the Committee
of Investigation have affirmed or insinuated, and
declaring that in a very few years the property will
be restored, through its inherent vitality, to " as
great if not greater prosperity than that it ever
enjoyed," he implores the shareholders not to
commit their interests to "parties wholly unversed
in railway affairs." At the same time, Mr. Schus-
ter, who is 77 years of age, says that he cannot
resume the office of director, or nominate any one
else to fill his place upon the board. Almost the
only matter in the committee's report that Mr.
Schuster does not challenge are the broad
figures relating to capital and revenue,
which were, of course, taken by the committee
from the company's own published statements, and
to which, in the main, the present depreciated and
embarrassed condition of this important property
is of course traceable. The figures apparently are
unassailable, but, whilst the Committee of Investi-
gation deduce from them present discredit and future
ruin, should the system be persevered in, Mr.
Schuster regards the existing crisis as transient,
and is prepared to defend everything that has been
done.

At the meeting yesterday of the Lower MOM
Company (Limited), the directors' report was
adopted. It proposes the immediate issue of
3,2501. unallotted debentures, to " enable the board
to work the estates in an efficient manner, and de-
velop their resources with profitable results to the
proprietors," or that the shareholders should con-
sent to a further call of 10s. per share.
A meeting was held yesterday of some of the
shareholders in the China Steamship and Labuan
Coal Company (Limited), who have formed them-
selves into • defence association to resist the call
just made of 11. 10s. per share, but reporters for
the press were refused admission.
An independent meeting of the shareholders of
the Soci4t4 Financi4re d'Egypte was held yesterday.

It was explained that the meeting was called for
the purpose of urging upon the board the desira-
bility of liquidating the undertaldng, as no divi-
dend is pa►d, and the expenses are so heavy that
there seems no chance of its succeeding. A reso-
lution was passed to the effect that a winding up is
desirable, and urging upon the directors to take
steps with a view to this proposal being carried out.

The traffic receipts on the Atlantic and (heat
Western Railway for the last week in May
amounted to 121,056 dole. against 125,242 dole. in
the corresponding period last year, showing a
decrease of 4,186 dole. The total receipts for the
month of May were 459,370 doh. against 451,477
dole. in the same month of 186 G, exhibiting an
increase of 7,893 dole.

The Anglo-Austrian Bank have announced that
they will be prepared to pay, on the bit July, the
coupon due on that day, at the rate of 4s. 9d per
share, free of income tax.

The Belgian Public Works Company (Limited)
announce that the interest warrants on the A Pre-
ference shares in that company, due on the
lit July, will be paid on presentation.
The following memorandum is from the Bank of
New Zealand :

The Bank of New Zealand are now receiving for the outstanding Eight per Cent. Treasury MIL of
the New Zealand goveitunent due the t/th instant, the
coupons for interest due on all unpaid New Zealand Uo-
vernment Eight per Cents., on the Auckland Rarbbur
Seven per Cent. Loan, 25,0001. ; on Canterbury Kix per
Cent. Loan, 500,000/. ; on Canterbury Eight per Cent
Loan, 30,000/. ; Otago Six per Cent. Loan, 5E10,0001. ; and
on Otago Eight per Cent. Bonds, 75,0001.
We are requested to state that the offices of the Ge-
neral Credit and Discount Company (Limited) cre
now removed to their new premises, No. 7, Loth-
bury.

The following is from the tea circular of Messrs.
Sillar and Bateman, dated yesterday

A fair amount of busbies' has been transacted in this
market during the past fortnight, and prices upon the
whole have been well supported. • feeling of distrust
still appears to pervade the financial world, but sooner or
later, in our opinion, the increasing cheapness of mosey
must take effect on the produce market.; and as tea is in
perhaps a stronger position than any of the other leading
staples, we may look for some excitement within the
next few month.. Congou.— Fine Kasha's% have been
taken to a moderate extent from 2• to 2s. 3d. per lb.,
and Monings from Is. Nd. to 25., extra fine up to 2s. 30.
In medium kinds it hen been difficult to effect Woe.
Several purchases of common black and red leaf have been
made on speculative account up to Is. Oad. Shippers, are
inquiring for common black leaf at, 110. but them is
little to be had under ls. per lb. Scented are firm ;
fine Canton capers very mama,. scented orange Pekoes un-
changed • fine Oolong is in demand, but little offering.
Green teas have been freely offered from recent arrivals,
and have commanded very full prices, particularly for the
fine kinds. Public sales of Indian teas were held on the
11th inst. ; 4,562 packages were offered, of which 3,920
were " without reserve," mid previous rates were main-
tained. The China sales commenced on the 18th, and con-
cluded the seine day ; 9,035 packages were brought for-
ward and 6 319 sold, all being " without reserve." The
sales resell with fair spirit, common black leaf showing
a further advance in price. Latest dates from China. —The
mail of 29th April arrived June 15, Shanghai dates extend-
ing to 22nd and Foochow 23rd, and telegrams have been
received to May 26 from Hong Kong.

MONDAY ETININO.

Consols, which closed on Saturday at 94-4 to 4, ex
div. , for the 10th of July, opened this morning at the
same quotation, and closed dull at 94i, " buyers."
For money the last price was 94} to 1. At one
period the quotations were below these rates.
The Three per Cents. Reduced and New Three per
Cents, were quoted at three o'clock 93/t to 1.
The official business report is as follows :—Tbree
per Cent. Consols, for money, 941, 4, 4,4l,ireexe
div. • ditto, for account, 844, }, /, ex div. ;
per Cents. Reduced, 931, 11, 3 ; New Three per
Cents., 03i, }, 3, ; Bank Stock, 285 ; India
Stock, shut ; ditto, Five per Cent., 104, q, 9, sa,
ex div. ; ditto Four per Cent. " enlaced" rupee
paper, 84, 6 ; ditto, Five per Cent., 1031, 4 ;
ditto, Five-and-a-Half per Cent., 1061.

The India Five per Cent. stock was more offered
and weaker, the last transactions recorded being
at 104, ex div. The Five per Cent. rupee paper
met with inquiry.
The March Exchequer Bills were marked 265.
prem., and the Juno 20s. prem.

The foreign stock market was flat, and prices
gave way in several cases. Peruvian bonds of 1862
declined 1 per oent.; Turkish of 1862, # ; and Greek,
Spanish Passive, the Committee's Certificates, and
Mexican, n the other hand, some of the
Egyptian rose 1 to 1 per cent.; Russian of 1822, 4 ;
and Italian of 1861, e.

The amount of business in bank shares was
moderate, but it consisted chiefly of sales, and the
general tone of the market was tlat. London and
Venezuelan Bank declined about 1/. 10s. ; Bank of
Otago, Colonial, London Bank of Mexico, London
Joint Stock, and London and Westminster, 1/. •
and English and Swedish, 10a. ; London Chartered
of Australia were exceptionally firm, and rose 10m.

In the market for financial shares London
Financial and General Credit showed depression,
and declined 10s. and 2s. 6d. to ss. respectively.
Prices closed as follows :—lnternational F roan
to 1g dia. • General Credit, 1f to it dis. ; Lon-
don Financial, 21 to 20 dia. ; and Credit Fonder
of England, 51 to 5 dis.
- -

Anglo-American Telegraph shares were slightly
firmer, at 181 to while Atlantic Telegraph lgight
per Cent. Preference declined 2s. 6d.. viz., to 4f
to Telegraph Construction showed no change,
at lit to If dia.

Hudson's Bap shares were last quoted 151 to
161, being 2s. 6d. better, and National Discount
81 to 4 prem., showing no change. Miscellaneous
shares were dull, with very few transactions. City
of Moscow Gas declined 10s., and Panama Steam
55., while South Australian Investment improved
21. Italian Irrigation Six per Cent. bonds fella
per cent.
• '

Colonial government debentures were without
change, apart from a decline of 4 to 1 per cent. in
some of the Canadian. _ _

United States 5-20 bonds were unaltered, but
Erie Railway shales Unproved 1 per cent. ; Phila-
delphia and Erie, L ; and Illinois Central, I.
Prices were quoted as follows :—b-20 Bonds, 721
to 73i ; Erie Railway shares, 391 to 2 ; Illinois
Central, 79 to 3 ; Atlantic and Great Western
Railway Debentures, 31 to 33 ; Consolidated Mort-
gage Bonds, to M.

MINE&-(THIS DAY.)

Oirs o'CLocrx.

There is a fair amount of business in the mining
market to-day, at, iu most cases, steady prices.
Subjoined are the quotations for the shares which
have been chiefly dealt in, viz.:—Prince of Wales,
sti to ; Great `'or, 181 to 19 ; Wheal Grenville,
275. 641. to 30s. ; West Kitty, 17s. 6d. to 20s. ;
East Rosewarne, 7s. to 9s. ; Wheal Basset, 68 to
70 ; Chiverton Moor, 5} to ; North Crofty, 4to
I ; and Great Retallack, 4t to 5.
Foreign and colonial mining shares are steady.
Don Pedro are quoted at to prem. ; Anglo-
Brazilian, to 2 prem. ; St. John dcl Itey,
64 to 66 ; Pestarena, to prem. ; Anglo-
Italian, to prem. ; Chontales, to 1 prem. ;
Rosaa Grande, 7-16 to 9-16 ; Frontino and Bolivia,
9-16 to 11-16 ; and Port Phillip, to 1.

RA ILWA ITS. -( THIS DAY.)

Oxa ()Twat.

The railway market is firmer to-day, and the
.14
in prices are in an upward direction. Great
(original) stock has improved 1 per cent.;
ditto A, r ; Great Western, London,Cliathain,and
Dover, and Brighton, ; and London and North-
Western, Midland, and South Eastern, i. Great
Eastern, however, has declined 1.
London and North Western stock is now quoted
1131 to 114; Metropolitan, 125 tot; Great Western*
45 to a; Midland, 1131 to 114; Lancashire and
Yorkshire, 1281 to 2; South Eastern, 68 to 1-;
Great Eastern, 281 to 1 ; Great Northern, 11:4 to
1161 ; ditto A, 114 to 115; London, Chatham, and
Dover, 171 to 181; North British, 321 to 331 ; and
London, Brighton, and South Gout, 661 to '" .
(For to-day's Skims List see page 4.1