The Express.
London, England, 1866-08-30 00:00:00

MONEY if

.ARKET.-(THIS DA F.)

FRESH REDUCTION IN THE BANK RATE
OF DISCOUNT.

The Bank of England rate of discount has been
reduced to-day from 7 per cent., at which it was
fixed last Thursday, to 6, making a total
reaction of 4 per cent. in a fortnight. The official
return, to be issued this evening, will, it is under-
stood, show a large increase in the coin and bul-
lion and the reserve, and an important decrease
in the other securities.
The applications for discount continue very mo-
derate, although the chief establishments
are willing to take bills at 5 to 4 per
cent., or ir to 1 below the reduced charge at
the Bank. The supply of money is very large,
but the payment of the half-yearly railway divi-
dends will absorb a considerable total within the
next few days.
The discount establishments have lowered their
terms for money at call from 5 to 41 per cent., and
atseven andfourteendays' notice from ti to 5. The
joint stock banks now allow 4 per cent. for money
on deposit, instead of 5, with the exception that
the London and Westminster give only 31 for
sums below 500/.
The English funds opened this morning at an
improvement of 1 per cent., but have since relapsed
to the last prices of yesterday, upon speculative
realisations to secure profits. British railway
sticks, however, are still in strong de-
mand, and exhibit a further important rise.
Metropolitan and Great Eastern are in pro-
minent request. Foreign bonds are also firmer,
with the exception of Turkish of 1862, which have
given way. Banking, financial, and miscellaneous
shares are steady. American securities have ad-
vanced.
Consols are now quoted 891 to 1 for money
and 891 to i for the 6th of September. The price
for the new account (Oct.) is 891 to 1.
Spanish Passive, the Committee's Certificates,
and Greek arc in demand, and show a fresh advance
of } per cent. Turkish of 1865 have also risen
= 11,865 and,
2Bsrazii
to 1;
Gl:kis,
113
ibetter.toillhirl4;
Spanish Passive,
sßondsmive,
4ii _ of 2 to 18621,;
ditto Certificates,
ifiheaavtese
,decllsiiiiedto 11:
;peirtsoleiannt.,
s 6
ai. : Turkish of 1862 are quoted 47 to 49; ditto of
il
..,1 - - -. of 1861, 541 to 55 ; Brazilian scrip, li to 1
.11,7, joi 6 7. dig. ; and Mexican, 151 to 16.
M 4 2 - United States 5-20 Bonds have improved 1 per
6 i 4 Illsm -
t i ib par - cent., and Erie and Illinois Central Railway shares
tdie. -
1 lo 2
MaB -
I! to I. The present quotations are as follows :-
1 --, ; , - 5-20 Bonds, 724 to I ; Erie Railway, 451 to 1; and
4ci Illinois Central, 79 to it..
A z = Anglo-American Telegraph and Atlantic Tele-
we 109 - graph shares are steady, at liti to 11 and 3i to 1,
05 108
6 4 -.-
-• respectively.
2 10 di 9
-... die International Financial shares are quoted li to
717 dB - 11 dis. ; London Financial, 131 to 13 die. ;
1 24dis - d
- General Credit, 2to 11 dia. ; Credit Foncier,
i 10
so - 31 to 31 (LB. ; and National Discount, 91 to 1
186 -
4 - prem.
-
t - About 141,0001. in bar gold and 23,000 sovereigns
}ism - were sent into the Bank yesterday, making a total
fpm - of 857,000/. for the week, while 102,000!. has been
sus -
Idj. - withdrawn for exportation.
- The exact amount of specie shipped for New
„, 'Z' York by the Hermann, which left Southampton
- yesterday, was 62,0001.
Ist 1 - With reference to the Venezuelan Six per Cent.
lei dis Loan of 1804, the General Credit and Finance
- Company of London (Limited) are in receipt of
si- advices from their agents, Messrs. H. L. Dodson
- and Co., dated La Guaira, August 9, of duties col-
- lected and remitted on account of the above loan
_
- as follows :-Per statement No. 69, from Cuidad
- Bolivar, 427.24 dole. ; 60, 495.20 ; 61, 514.74 ;
: 62, 317.50 • total, 1,754.68 dots. At the date of
- collection Of the above the recent decree of the
• government had not reached Ciudad Bolivar.
The following, with reference to the debt of
New Granada, was posted yesterday in the Stock
Exchange :-" Mesas. Baring Brothers and Co.
have received by this mail, on account of New Gra-
nada dividends, the following remittance. From
C. H. Santa Marta, 4,9501. ; Cartagena, 435/. ;
Sabanilla,l76l. 75.; total, 5,561/. 7s. '
The mail from Guayaquil has brought a remit-
tance of 3651. 18s. Bd. on account of the dividends
on the debt of Ecuador.
The final instalment of 12 per cent., making 92
r cent. paid, falls due on Saturday next on the
F4vptian Railways Loan for 3,000,000/. sterling, in-
troduced in January last by Messrs. Fruhling and
Goschen.
It appears that telegraphic advices have been re-
ceived by the London branch of the National Bank
of India, stating that the directors at the head office
in Calcutta had declared a dividend at the rate of
6 per cent. per annum for the previous six months,
carrying over to the reserve fund 60,000 rupees
(6,0001.), after providing for all contingencies. This
result of the half-year's working will be satisfactory
to the shareholders of the late Scinde, Punjaub,
and Delhi Bank, now amalgamated with the
National Bank of India.
The meeting of the Southampton Dock Company
was held yesterday, when a dividend was declared
at the rate of 5 per cent. per annum for the half
year, leaving 2,247!. to be carried forward.
At the meeting, yesterday, of the Dagenham
Thames Dock Company, the report was adopted.
It referred to the delay in carrying out the works,
but mentioned that the confidence of the directors
in the success of the undertaking had been in no
degree lessened.
At s meeting of the shareholders in the Contract
Corporation, which is now being wound up, held
yesterday, it was resolved to form a committee to
protect their interests, and a subscription of ss.
per share was opened to defray expenses.
At an adjourned meeting of the creditors of
Pile, Spence, and Co. (Limited), whose failure was
recently announced, held at Darlington, on Tuesday,
it was stated that the oonunittee of creditors and
shareholders appointed at the last meeting, were
unable to produce• report respecting the fiancial
position of the concern, owing to the enormous
extent of the business and the number of details.
Arrangements had been made for completing most
of the contracts, since it was necessary that all of
them should be finished, so that the creditors
---• might be paid, and a dividend obtained for the
PROVINCIAL SHARE HAREEM shareholders.
uvzspoot.. armor 29 - to-day : Great Hadern, new The subjoined report respecting the market for
account. zci 9 slit; i9i !salsaiti9 rat Western, new se- American securities is extracted from the circular
count. 59f 9-Lancsahire and Yorkshire, 124 34 ; new seccumt, ....
1241 4.11 51 I lit! -London and North Western. 1211: new of mews. Satterthwaite and Co :
account. 1211 44411 II 4 I 4 4-Manchester, Sheffield, sad lAn- We have again to report a very large mount of business I
colnalitre, 59t : new account, ffil, t f -Metropolitan, 1254 ; new
a1g0t15hnt,..130,...1 eczond..-t.lls4idlan4_Bod, new
t Ezoemunt,..l
..4 ectdura.-Noeorthi i
swain the
day London tis,sgarkaeutoutortionAmi.
Thecanreseimurivetiebsee,
n_anset:dmeat
470 Of -PanukMo, fa - Buffalo and Lake Huron, 4 6-16 : new sales of United States 5.20 Bonds by holders wbo bo .
to realise profits, but I
account. 4:-Erie. new account 46-United States 5-20 Donal. Ist considerably lowor prices,
721 new account. Elf 13 21 3-Great Luxembourg= has been more than oompensated by the generally
14 7-164 : new account, ISt 1 11-10 1 is-is-cistern
B,lrmkiteriLimAttedd.LN2stl to6-asll6 4Bank-liercsbot lAtierpoe 112,Ltionchangsted;, iii-Fe." I incresimr•--iedrrt-1:70t. thad;eiinetdhwEePet*tminecewele;Eheeliallai7fettvesat:queanrbottettauth
Albion Marine ;Limited', 1 15-16 d. British and Foreign nuthis the
'Llnliteci,, 5-16 p -Empire Marine linstted,, it d.-Queen ln- Illinois sad Erie shares. but Ituttrithstawl--
sunusee, new account, 1-10 d. -Royal Inurance, new INCOUnto former have advanced 2 dela, being last quoted 79 to ,
it es all p.-Cnlnn Marine Limited', 11 Ix-African Merchants. while the latter, in face of the non payment of dividend,
la.-Atlantic Telegraph, 50-limepool lachengs. 27=ational I have maintained their price well. Atlantic and Groat
"'am
'Limited
• 141:
new
.cc' tat
1"
`L-Faciac ' Dew I Western mouritisa continue to attract attention, the
shares, sc p. -West India and Pacific Steam, 44 d.
ukscurrrsx, Arors-r 29.-A rather large businees was done, ,i Debenture' betel taken " 62' "d the (444. lidated Banes
it an improvement In prices, but with some floetaation . at 47.
Alliance Batik Limited;, 5 6-16 d.-Atlantle Telegraph 1 The preparations for the settlement to-morrow
8 per cent., nest account. 65-Consolidated Bank, New )
venal account. 1451.-ttli
t_or...bw Ysl: Caudenimpany,
tst,Linoltedi .
mx,!,141.0„.4.6.-Ertest,',
mended
thecerreyesterdsign railway and abate trnkgetathwe emsreterwoorn-
-71 L 11111144 ime
10t i_Gi-Oln•tres,
NLltiorimmerabourg,Ao.l4t ;.....next
iota ec c 7:
3.
-Grand Trunk of Canada, 11l ; next account 214 1 t tinuation, or for carrying over purchases to the
change in the money market the rates of " oon-
Western of Canada. lel ; next account, 141 13-10 11-11-Greehn• ' next account, have not materally varied from the
next account. Ifi=reat Western, 684; nex4rmanLatt, 574 8 ill last occasion. It may therefore be inferred that a
t'Vklilree• Iss ; neriPowl"entntt4e 4_llol i 1-1 i 1-D1660 149 w number of the recent purchases, especially in the
C‘rdt66". 11-16 Wililudn aad N61%6 64". Dad eeeeeet' railim market, have been speculative. 'Me sub-
-122) I 1 1-Manc ter, Sh
efield and Uneolnatire.oest account,
timed Y. .
- tertakloielGr accDTuta, 11461".1 SO rzeti-Miaaddlandage°, neUIint'ILCCWWI96I-31t,e4"9°-123- irs-...*wlidesters the
terms
generally tecurreni twat.:
hada British, next account, 67 8 4 1-South Eastern neat so- drat Wasters
to 9 -11 :
nit "p. • tett aceounuanland4lpM.-enenited9itateaw Irmarane.6-B/ YearglibliMdllanda.). Local
ifil : next' amount. 721 8-I'siou Back, 3 p.-Tern Am par too i..
orsts, next account, 26 7-14-lesalcm. Clintitsw 104 Do"; 1104- Gloat Northam i II 99

04 1101
IS 116
06 97
77 711/
TO 79
IN 101
108 106
101 144
101. 1011
10 110
142 104
106 107

-
&I

101 100
102 102
Ha 106
101 100
N se
sa 00

94i-

Y 1 911
K •6
911 99
TT T 9
97
91 08

100
to 100
100
100

78

atilt

104 ISO

106 106
•

TlOl4/1.

17t 18 29
88 89
96 90

Oompirriii:

87 90
111 lie

16 IN

106

--
11i 121
9! Di
I} I
111 11
1. sil
la 111
5 6
11l 11}

Metropolitan
South Western
Sheffield
North Eastern—Berwick
North Esatern—York
North British
Great Eastern

Grand Trunk of Canada
Groat Western of Canada
Erie

Itoio amt.
to
to
to 3-1 t 5-1 „
even
1-16 to 3-16
ls. Od. to LAM. „
3d. to 9d. „
is Od. to ls. 6d. „
9d. to 1.16 •
to
7 10 per ;62,.
1.11 tt: -.
4d. to r.
6d. to ls.6d. „
96. to 1-16 „ •
9d. to 1-16 „
1.91 to
"
1-A
Bto 12 per emit
8 to 12 „
8 to 12
1-16 to 3-16 oas.
9d. to 1.16 „

Minois Central, paid up
Luxembourg
Lombardo-Venetian
Alliance Bank
Anglo-American TeL .....
Atlantic Tel. 8 per cent. .
Credit Foncier
General Credit ...... ...
International Financial
Italian 5 per Cont.
Greek
Mexican
Spanish Passive
Ditto Certificates
Turkish 1865 Loan
United States 5-20 Bond,

WIDNISDAT
Consols, which dosed yesterday at 894 to -
for the 6th of September, opened this morning sitr
891 to 4, and left off at 891 to 4. For goober
the last price was 894 to 1. The °Bleak
business report is as follows :—Thres per Coat,
Console, for money, 894, , ; ditto, for ae•
count, MI, 4, k ; Three per Cents. Reduced, 884,
j, ; New Three per Cents., Mt 4,4, ; ditto,
Two-and-a-Hall per Cents., 1894, nt ; India
stock, 210, 12 ; ditto, Five per Cent. Stock, 104
di..to Four per Cent., 1044 ; ditto Bonds, lbs., Ma.

prem.
The Indian Five per Cent. Stock was 1 per cent.
lower, at 1O to 1. The March Exchequer Bills
closed at ss. dia to par, and the June at 2s. die. to

3s. prem.
There was lees demand for foreign stocks, but
the tendency of prices on the whole was favour-
able. Spanish Paaaive, Brazilian of 1883, and
3loorialiP.onda were in demand, and experienced a
rise of 1 per oent. ; New Granadian Two per Cents.
and Brazilian of 1865 also improved ; ditto
Scrip, Greek, and Portuguese, ; and Spanish
Certificates, ;. On the other Egyptian
(second issue) and Venezuelan of 1864 declined 1
per cent. ; Italian of 1881, Turkish of 1858 and
1862, and Mexican of 1864, ; and Turkish at
1865, I.

MINES.-(THIS DAY.)

Oxs o'CLoaz.

The announcement of a rise yesterday of 31. per
ton in the price of English tin, and the reduction
to-day in the Bank rate of discount have imparted
additional tinnnesstothe mining market, and prices
have advanced in many cases. Shaminthefollowing
mines are in chief request, at the quotations given :
—Tincroft, 11 to 4 ; East Lovell, to 9 ; Clifford
Amalgamated, 101. to 11 ; North rby, 2a to
; West Chiverton, 60 to 62} ; East Caradon,
62 to 7 ; Great Vor, 23 to 24 ; East Condon, 2
to ; and Great P.otallack, 15s. to 20s.
The Frontiuo and Bolivia Mining Company have
received a remittance of only 3601. in gold by the
West India packet.