The Express.
London, England, 1866-06-22 00:00:00

MONEY MARKET.-(THIS DAY.)

°Ns o'CLocx.
The stock and share markets are slightly firmer
to-day, owing chiefly to the favourable character of
the returns of the Banks of England and France.
The amount of business, however, is still limited,
and very few variations have occurred in quotations.
There is a alight demand for the funds, which have
advanced 1-16 per cent. Some of the British lines
are also better. A few of the foreign bonds, how-
ever, have declined, including Mexican, which
have been unfavourably affected by the letter from
Meson. Parings, stating that there are no funds
in band applicable to the dividend due on the Ist
proximo. The only change in financial shares is a
fresh recovery of 2s. Gd. to sa. in International
Financial. Banking shares and American securities
are inactive.

The discount market is quiet to-day, but the
supply of money is rather limited, owing to the
caution exercised by bankers. The general rate for
good bills is 91.1 per cent., although transactions have
occurred in paper ofjthe finest description at much
lower rates, in anticipation of an important decline

in the value of money during the next few week's.
It is fairly considered that, looking at the striking
improvement in the Bank of England accounts,
the directors cannot delay a reduction in the
minimum beyond a week or two, and that the sub-
sequent downward movements will be very rapid.
The rate for short loans in tho Stock Exchange is

7 per cent.
The changes in the Bank of France return are
again 'satisfactory, compriaing an increase of
576,0001. in the coin and bullion, and a decrease of
302,000/. in the bills discounted.

Consols are now quoted 85 to 86, ex div., for
money, and 86k, or 86 3-16 to 5-16, for tho account

(July 10).
The dealings in foreign stocks are unimportant,
and prices generally have not varied. Mexican
Bondi and Spanish Certificates are dull,
and have declined I to 1; per cent. respectively.
Turkish Bonds of 1862 are now quoted 50 to 52 ;
ditto of 1865, 261 to g ; Greek, 10 to It ;
Spanish Passive, 18f to 19 ; ditto Certificates,
141 to ; Italian of 1861, asi to 2 ; Brazilian
scrip, 5 to 44 dis. ; and Mexican, 141 to
American securities exhibit no change. 5-20
Bonds are now quoted 65A to Ir ; Erie Railway
shares, 41 to it ; and Illinois Central, 752 to 761.
International Financial shares are now quoted
22 to 2i dis ; London Financial, 18l to 18 dia. ;
General Credit, 3/1 to 2i dis. ; Credit Foncier,
31 to 2i dis.; and National Discount, 64 to
7 prem.

HALF-PAST THREE 0 CLOCI
Consols are rather firm, at 85f to 86, ex div
fcr mor.ey, and 86f to 11, ox div., for the account
About 16,0001. in gold has been withdrawn from
tho Bank to-day for exportation.
At Paris this morning the Three per Cent. Relates
opened at 62.75, being if per cont. better.
Bankers still evince much unwillingness to part
xd with money, and this feeling has, of course, been
increased by the ill-advised obstinacy of the Bank
directors in keeping their rate of discount yester-
day at 10 per cent. Their conduct is the more
extraordinary considering the fact that the re-
serve, as shown by last night's return, has expe-
rienced a fresh increase of no less than 1,228,7801.,
by which the total is raised to 4,744,330/. In face
of such a reserve, and of the cry for relief which
resounds throughout the kingdom, the mainte-
nance of the usurious rate of 10 per cent., we con-
fess, passes our comprehension. Business is being
contracted on every side ; bankers, distrustful of the
future, have their fears increased by the apprehen-
sive attitude of the Bank ; and all this is done to
save from the possibility of infraction one of the
most mischievous laws that was ever placed upon
the statute book.
There is still a good demand for bar silver for
3 transmission to the continent, but there is little
here. Tho price is firm, at be. 2d. to ss. 20. per
ounce. Mexican dollars are still quoted ss. od.
With reference to the transactions in bank shares,
the Stock Exchange Committee have confirmed
dais the rollowing resolution, which was passed on the
18th inst., and the substance of which has already
been published in the Express:
The committee for general purposes having received
second memorial with reference to the mode of dealing in
bank shares, have fully reconsidered the subject. In the
opinion of the committee, any deviation from the usual
practice would seriously obstruct the course of legitimate
business, and by rendering bank shares less negotiable,
would be detrimental to the interests of the holders and
the public. It it, therefore, resolved, "That no special
rules for the settlement of bargains in bank shares be
adopted."
With a view, however, to compel a more prompt
delivery of bank and other shares by the seller,
the committee have passed the subjoined resolu-
tion relating to alterations in rules 96 and 99, sub-
ject to confirmation on the 25th inst. :
Resolved, that rule 9$ stand as follows :—" Registered
shares or stock, if not delivered within seven days, may be
bought in against the seller at or after 12 o'clock on the
eighth day after the date of the ticket, and all loss in-
curred thereby shall be borne by him ; but in case a mem-
ber shall, without the consent of the buyer, retain a ticket
more than two days from the date thereof, the member so
retaining it shall bear the loss." Resolved, that in rule 99
the word " fifteen" be altered to " ten."
Below we give the text of rules 98 and 99 as they
have hitherto stood. A comparison with the pro-
posed alterations will show their precise force :
93. Registered shares, or stock, if not delivered within
ten days, may be bought in against the seller, at or after
twelve o'clock on the eleventh day after the date of the
ticket, and all loss incurred thereby shall be poi lby him.
The broker employed to buy in the shares is required to
give one hour's public notice before proceeding to make
such purchase, and if the purchase be not made or at-
tempted within half an hour after the expiration of the
time fixed the notice shall be cancelled. Shares or stock
thus bought in, and not delivered by one o'clock on the
;ollowing day, may be repurchased for immediate delivery
without further notice, and the loss, if any, shall be paid
by the member causing such repurchase.
99. A member who shall allow fifteen clear days from
the date of the ticket to elapse without buying in, or at-
tempting to buy in, registered shares or stock, shall release
the seller from all loss canted by the failure of any
member through whose default the shares or stock were
not delivered, unless such right has been waived at the re-
quest, or with the content uf, the seller. The right to buy
in shares or stock is limited to the original buyer, whether
the name of the first buyer or that of any other member is
placed on the ticket to pay, but in order to identify the
original ticket, the name into which the stock or =area
are to be transferred must be stated on the order given to
the broker employed to buy in, to whom holders of overdue
tickets may apply.
We are requested to contradict the report that
the London Financial Association have suffered by
the stoppage of Mr. G. Furness, the contractor,
the fact being, as we are assured, that that com-
pany have never had any transactions with him.
The annual meeting of the Netherlands Land
Enclosure Company is called for the 20th July, at
the London Tavern.
The third call of 21., making 81. called, is to be
paid on the 181. inconvertible 5 per cent. preference
shares of the Midland Railway Company by the
16th July.
A petition for the winding up of the Fresh Pro-
vision Preserving Company (Limited) is to be heard
before the Master of the Rolls on the 30th inst.
Vice-Chancellor Kindersley has appointed the