The Express.
London, England, 1866-06-07 00:00:00

MONEY MARKET.-(THIS DAY.)

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thns o'CLOOL
With the exception of bank shares, which have
given way, the stock and share markets are rather '
firmer to-day, notwithstanding the stoppage of the
Agra and Masterman's Bank, with liabilities to the
amount of about nineteen millions sterling. This
event had been very generally anticipated, owing
to the continuous and heavy pressure upon the
resources of the establishment during the last
few weeks, both here and in the East. The shares
of this bank have declined about 14/. to-day, the
present quotation being 1/. to 31. per share,
with 25/. paid, as against 151. to 18/,
the official closing price of yesterday. Con-
sols have experienced a fresh rise of
Ito per cent., and an advanoe is also observable
in some of the foreign bonds and British railways.
Brazilian scrip and London and North-Western
Railway stock are in especial demand. Financial
shares are quiet, but a reduction of 15s. has taken
place in Credit Foncier and Mobilier. American
lines are somewhat lower.

_Pus

The directors of the Bank of England have not
made any alteration to-day in the minimum rate of
discount. The demand for money continues mo-
derate, and transactions have taken place in the
best three months' bills at 9} per cent. The rate
in the Stock Exchange for advances till to-morrow
on English government securities is 5 to 6 per cent.
Consols are now quoted 86k to t, ex div., for
money, and 86} to g for the new account (July 10).
The foreign stock market is firm, although the
dealings are limited. Brazilian scrip is in good
demand, and has improved 1 per cent. Greek
Bonds have also advanced 1., and Spanish Passive
and the Committee's Certificates fr. Turkish Bonds
of 1862 are now quoted 54 to 56 ; ditto of 1865, 29
to t ; Greek, 11 to t ; Spanish Passive, 19 to ;
ditto Certificates, In to 14f ; Italian of 1861,
36} to 2 ; Brazilian scrip, 6k to 5i dia. ; and Mex-
ican, 17k to 2.
' United States 5-20 Bonds are steady, at 64* to
but Erie and Illinois Central Railway shares
have declined per cent., being quoted 4.2 to it,
and 75 to t respectively.
International Financial shares are now quoted
2to 11 dia. ; London Financial, 15 to 14 dia.;
General Credit, 3 to 21 dia. ; Imperial Mercantile,
9} to 810 dia. ; Credit Foncier, 21 to 2t dia. ; Overend,
Gurney, and Co., 18 to 16 dia. ; and National
Discount, et to 7 prem.
The demand for investment, from which Con-
sols and home railway stocks have derived
especial benefit, is prompted mainly by a
belief that, whatever may be the course of affairs
on the Continent, the extraordinarily rapid accu-
mulation of gold in this country must inevite
E_ ably tell upon prices. Including 2'28,000/. sent
id in yesterday, the Bank of England has purchased
the enormous amount of mu-soul-g-quarkr mil-
lions in gold since yesterday week, the whole
of which ought to appear in the return made up
lin to last evening. As the 800,5001. by the City of
New York has yet to be dealt with, and as a further
sum of 126,0001. has arrived from America, it
is probable that, at the lowest computation, three-
quarters of a million more will go in during the next
few days, thus making a total of tiro millions added
to the metallic stock.
The stoppage of the Agra and Masterman's
Bank did not transpire until after the close of
business last evening.
Some misunderstanding having arisen with re-
gard to a transaction which has just taken place at
Paris in 500,0001. bonds of the private loan of his
Highness Ismail Pasha, the Viceroy of Egypt, it
may be as well to explain that no new loan has
ri e been contracted. The fact is, that of the loan of
21 3,387,300/. sterling brought forward in March last,
and of which one-half (1,693,6001.) was to be issued
in England byjthe Anglo-Egyptian Bank, and the
other half in France, through the agency of Messrs.
Pastrn Brothers, the public subscribed for only a
limited portion, and the bulk of this portion
the parties concerned in floating the loan
found it necessary themselves to buy, in
ail order to support the market. The " Syndicate"
of bankers and others by whom the loan had been
taken outright, have now found it necessary, in
order to meet their engagements, to (pen private
subscription lists in Paris and London, at the
price of 60 per cent., and at this figure 500,0001. of
the loan has, it is understood, been placed. The
lowness of this price, especially viewed in con-
, nexion with the fact that 90 (or 88} after deduct-
ing allowances) was asked at the public subscrip-
ii` lion in March, seems to show that the contractors
must have made a severe loss upon this transaction.
About 228,0001. in bar gold was purchased by the
Bank yesterday, making a total of no less than
1,254,0001. since the date of the last return. The
800,5001. by the City of New York, from
New York, is expected to reach London to-
day, and to be taken to the Bank during
the next few days, there being no inquiry for
abroad. The specie from America has consisted
latterly of eagles, which are refined and melted
into bars as quickly as possible, and then sent
into the Bank.
The Bremen, from New York, has brought
126,0001. in specie for England. The Swiftsure,
from Melbourne, has only 13 ounces on board.
The biddings for bills on India took place yester-
day at the Bankof England. The proportions allotted
were—To Calcutta 16,83,000 rs.; to Madras, 75,000
Rs. ; and to Bombay, 5,20,000 re. The minimum
price was fixed at is. lld. on Calcutta and Madras,
and Is. 110. on Bombay. Tenders at and above
the minimum will receive in full. The result is
that, owing to the great diminution which has
taken place in the demand for the medium of re-
mittance to India, little more than one half of the
amount of bills offered on the present occasion has
been sold, although government have fixed their I
minimum lower by id. per rupee, or upwards of 24
per cent., than on the last occasion. This is another I
important point in favour of our money market.
A meeting of the creditors of Messrs. Pete and
Betts, the gteat railway contractors, will be held
to-morrow.
Much impatience is expressed by the share-
holders and creditors of the Consolidated Bank at
the absence of any official statement from the di-
rectors relative to the position of that undertaking.
It is notified that the transfer books of the
Ocean Marine Insurance Company will be closed on
the 20th and re-opened on the 30th inst., and that
the payment of ss. per share by way of interest
will be made on the 2nd of July.
Many of the railway traffic returns published
this week show a decrease compared with the cor-
responding week of last year, which was the week
previous to Whitsuntide.
The London and North Western Railway traffic
return shows this week a decrease of 1,0451., com-
pared with the corresponding week of last year;
the Great Western a decrease of 3,993/. ; the Mid-
land a decrease of 6,9191. ; the Great Northern a
decrease of 7271. ; the Great Eastern a decrease o
3,696/. ; and the London and South Western a de-
f
crease of 1,2211.
The receipts on the Atlantic and Great Western
Railway for the second week in May were 18,8121.,
against 15,6531. in the corresponding period of last
year, showing an increase of 3,1591.
The receipts of the Grand Trunk Railway of
Canada for the week ending the 19th ult. were
23,8741. sterling, being 1,3781. less than in the cor-
responding week of last year.
A call of V. 108. per share is to be paid by the
2nd July on the new ordinary share capital of the
Metropolitan Railway Company.
The half-yearly meeting of the Canada Company
will be held on the 28th inst., " for the purpose
of determining on a dividend."
A general meeting of the Cry/Kai Palace COM-
Pany is called for the 19th inst.