The Express.
London, England, 1866-08-07 00:00:00

MONEY MARKET.-(THIS DAY.)

On o'CLuoi.
There is still very little business in public secu-
rities, but the tendency of prices, on the whole,
is rather better than yesterday, owing chiefly

to the improvement in the weather for
the harvest. The funds are unaltered for

money and next Thursday's settlement, but
have advanced 1-16 per cent. for the new ac-

count. American stocks and some of the foreign
bonds are alaolietter. British railways, however,
remain fiat, and have further receded in several
instances.

The applications for discount to-day are to a
fair extent, and there is little disposition to take
choice three months bills below 9 per cent.
Consols are now quoted 871 to I, both for
money and next Thursday's settlement, and as!
for the new account (September).
There is a demand for foreign stocks, which have
advanced. Italian Bonds of 1861 have improved
per cent. ; Turkish of 1865, ; Spanish Certificates,
; and Passive, I. Turkish Bonds of 1862
are quoted 48 to 50 ; ditto of 1865, 27# to # ;

Greek, 11 to i ; Bpaniah Passive, 19} to I ; ditto
Certificates, 14} ton ; Italian of 1861, 511 to 521 ;
Brazilian scrip, 41 to si dis. ; and Mexican,
171 to i.

United States 5-20 Bonds are in request, and
show a fresh rise of per cent., being now quoted
681 to /. Erie and Illinois Central Railway shares
are also fractionally higher, at 411 to and 751 to
1, respectively.
Anglo-American Telegraph ahares are 7s. Gd.
lower, at 12/ to 1, and Atlantic Telegraph 2s. 6d.,
at 31 to 1.
International Financial shares are quoted n to
11 dis. ; London Financial, 12/ to 11/ dis. ;
General Credit, 2to 11 dis. ; Credit Fonder,
31 to 3i dis. ; and National Discount, 73 to 81
prem., ea div.
In the matter of the Madrid Bank, which was
ordered by the Master of the Rolls to be wound
up, a dividend of 12s. 6d. in the pound is now
payable to the creditors at the offices of Messrs.
Hart Brothers and Co., the official liquidators.

HALF-PAST THRaz o'Cusea.

Consols are quoted 87j to I, both for money and
the 9th inst., and 88,1 to j for the new account,
being about the same as at 1 o'clock.
About 3,0001. in bar gold and 18,000 sovereigns
from abroad have been sent into the Bank, while
151,0001. have been withdrawn for transmission to
Brazil and Buenos Ayres.
At Paris this morning the Three per Cent. Rentes
opened at 69, being II( per cent. lower than yes-
terday.
The feeling of uneasiness produced by the
lengthened pressure in the money market is by no
means abating. It is becoming now a serious ques-
tion whether even an immediate reduction in the
Bank rate of discount will correct the evil. Distrust
has indeed been carried to that extent that it is no
easy matter to discover a remedy. Among the
commercial public the conviction almost universally
prevails that the best if not the only thing to be
done is to get rid of the Bank Charter Act of 1844.
It is perfectly clear that the directors of the Bank
of England, in their desire to rigorously obey the
provisions of the existing law, have brought about
the financial deadlock which at present prevails, to
the injury or extinction of all legitimate commerce.
Supposing that they wish to retrace their steps, a
course of which no indications appear, it is doubt-
ful whether it lies within their power to allay a dis-
trust that their policy has contributed to perpe-
tuate, if not to raise. A comprehensive and search-
ing. public inquiry, supplemented by appropriate
legislation, is urgently needed, and if the govern-
ment were wise they would grant it without
delay.
The whole of the Queensland Debentures which
were submitted to tender at the Union Bank of
Australia on the 27th ult. have been sold at or
above the reserved minimum. _ _ _

The Committee of the Stock Exchange have
appointed Friday, the 10th inst., a special set-
tling day in the shares of the Hercules Insurance
Company (Limited), which, however, are not to be
marked.

Messrs. Butcher and Haws, respectively for forty
and thirty-two years engaged in the service of
Overend, Gurney, and Co., have announced their
commencement of business as bill brokers.

The directors of the Salisbury and Yeovil Rail-
way Company have agreed to recommend a dividend
on the ordinary shares at the rate of 61. per cent.
per annum for the past half-year, carrying forward
a balance of 3,5081.
At a meeting of the creditors of Messrs. Edington
and Sons, iron founders and engineers, held at
Glasgow on Friday, the liabilities were estimated
at 243,7481., and the assets at 121,5041., showing a
deficiency of 122,2441. A committee was appointed
to investigate the estate, and to arrange, if pos-
sible, for a settlement by composition.
The Lord Chancellor has nominated Mr. Arthur
Cooper, of the firm of Cooper Brothers and Co. the
liquidator of thu Oriental Commercial Bank

(Limited).
The Master of the Rolls has also appointed Mr.
\V. H. Holylaud, of the firm of Price, Holyland ,
and Waterhouse, official liquidator of the Blakely
Ordnance Company (Limited).
The following paragraph respecting the growing
cotton crop in America, from the circular of
Messrs. Neill Brothers and Co., will be read with
interest :
The weather continues favourable, and, although all
parties are of course on the look out for the appearance of
worms, no complaints of their ravages have yet reached us.
Our special correspondent, writing in Alabama up to the
19th inst., reports continued fine weather with occasional
showers. The following is a short extract from his last
letter :—" The cotton everywhere is small for the season,
and at least one month later than usual. I find the pre-
sent general estimate of the planters one bale in five acres.
There is, however, so much out come in cotton if the sea-
son hereafter is favourable, that any estimate made now
must be merely irueeswork. It will be very interesting,
when I return in the fall, to visit some of these very
farms, to see how the result will compare with the present
estiaiste• On the 13th and 14th, I visited some farms
that I had seen before I visited Eufaula. The crops have
improved amazingly, and wherever they are clean are
growing finely, and making fruit as fast as possible. Sun-
day, 15th —Fine rains. 16th antel7th, visited othedfarms
that I bad seen some time since—vast improvement and
the tone of the planter is now hopeful, and all say that
with a late fall, they can't toll what their crops may not
turn out. On the whole (in the districts I have seen), I
consider the prospect very much better than ten or fifteen
days since. Of course, there is a great deal of very miser-
ably poor cotton yet, some indeed that won't make any-
thing, but where it has been worked and the pan killed,
it is now doing well."
SIMSTSTORT, LA., JCLT 5.—1 have jest returned from
Harrison county, in Texas. Tuesday and Wednesday
most copious rains fell over a large ens of country,
greatly reviving the hopes of planters. In some places I
saw fair stands of cotton, and I am sanguine in the belief
that in Harrison, Husk, Panda, he., more than half
crop will be raised.
NATCHITOCRES, JCLT 4.—We have had some re
fleshing showers in some parts of our parish ; they have
been beneficial to our planters • the ground was unusually
dry, and could hardly he ploughed. Old cotton and corn,
in the places where the overflow ham not been experienced,
are beautifuL We have received samples of the former
from the Old River settlement, and they are very pro-
mising. Cotton pickers will shortly be in demand. Gram
in the fields is feat disappearing.
Isravitts, La.—The planters of GIPS, TO* MOM-
gouin, and Fordoehe have already planted in corn and
cotton a large portion of their ground which had been
overflowed, and with a favourable autumn may be mobbed
to make one-third of a crop.
EAST FILICIANA, JULY 4.—Dnrlng the week reins
have fallen in almost every section of the parish, and
crops, both cotton and corn, are reported as in excellent
'meditates.
CLamostien, La.—The present weather signs indicate a
drought. Unless we have good seasons the balance of the
summer, this section will hardly rake seed own. The
cotton is mom promising.
ST. MARTINSTILLS, JULY 7.—The prospects are more fa-
vourable far the crops.
WOODTILLit, Lt. (Republican), JOLT 7.—The crops axe
beginning to experience the effects of the much dreaded
drought. Already the corn is damaged by it, and cotton