The Express.
London, England, 1866-10-19 00:00:00

1 I'l6'

MONEY MARKET.--(THIS DA Y.)

Ozz elbuoz.
The funds opened this morning at the last
prices of yesterday, but have since improved
per cent. upon some moderate purchases.
English railway stocks, however, are Hat,
and have further declined in some cases.

Foreign securities have scarcely varied in price,
but arc likewise dull. Mexican Bonds are some-
what lower, notwithstanding the favourabletenor
of the letter (given below) just addressed by the
Mexican Minister to Messrs. Baring. United I
States 5-20 Bonds have advanced, owing chiefly, it
is understood, to investments on German ac-
count. Agra Bank shares are inquired for, and
readily saleable at 31. The amount of business in
the Stock Exchange is still limited, partly in con-
sequence of the bad weather.
There is an increased demand for money to-day,
as usual on a Friday, but the supply is very large.
The disposition to take choice paper at 31 per cent.
has somewhat diminished, the more general rate
being 4. Short advances are offered in the Stock
Exchange at 2to 2 per cent.
Consols are quoted 89# to k for money, and
84 to a for the account (Nov. 8).
Foreign stocks show no variation of importance,
the transactions being very moderate. The only
change in the speculative descriptions is a decline
of k per cent. in Mexican. Turkish Bonds of 1862
' are quoted 55 to 56 ; ditto, 1865, 281 to 29 ;
Greek, 14 to it ; Spanish Passive, 21k to # ; ditto
Certificates, 133 to k ; Italian of 1861, 54k to ;
Mexican, 14 to f.
United States 5-20 Bonds are in request, and
have improved # per cent., viz., to GBl to 1„ but
Erie and Illinois Central railway shares are un-
altered, at 50 to 51 and 781 to 1, respectively.
Anglo-American Telegraph shares have recovered
2s. 6d., the present price being 15# to k. Atlantic
Telegraph are also inquired for, at 4 9-16 to 11-16.
International Financial shares are quoted 11
to 11 dia. ; London Financial, 16 to 14 dia. ;
General Credit, 21 to 2,1 ; Credit Foncier,
- 41. to C.; dis. ; National Discount, 8 to k prem. ;
and Hudson's Bay, 162 to 17.
The subjoined communication, with reference to
the overdue interest on Mexican bonds, has been
received by Messrs. Baring from the Mexican
Minister, and has just been posted in the Stock
Exchange:

(Translation.)
Legation de S.M. el Emperador de Mexico,
cerca de S. M. Britanica.
2'2, Dover-street, Piccadilly, London, Oct. 13, ISCA.
Gentlemen,—l luive received your communication, slated
yesterday, relative to an inquiry from various bondholders
whether it is in contemplation to distribute the amounts
lately sent by the imperial government, as a payment
on account of the dividend which became due in July
last ; and I have also received the original document
!doled by the said bondholders, which I have now the
honour to return to you, as yJu request me in your conr

munication.
In reply to the inquiry made by you, I have the honour
to Fay, in order that you may make it known to those who
are interested, that the imperial government having stated.
on making the remittance of the 600,000 doh., that
shortly, during the month of October, other remit-
tutees would be made until the total required to
make the complete payment of the dividend is com-
pleted, this (distribution) cannot have effect without the
aforesaid condition. We must, consequently, await new
orders from the government, to whom I write again on
the subject under this date.
I take this opportunity to renew the assurance of my
distinguished consideration. The Minister,
(Signed) J. M. Do BAN.
To Messrs. Baring Brothers and Co.,
S. Bishopsgate-street.
HALF-PAST THREE o'CioeK.
Consols are steady, at 89 to l for money, and
891 to fur the account.
No bullion operations have occurred at the
Bank.
At Paris this morning the Three per Cent.
Rentes opened at 68fr. 72c., being sc. better.
During the last two or three years the pub-
lic seem to have sought eagerly after high
rates of interest, and to have paid little at-
tention to the question of the security of their
investments ; but now all is changed, and, pro-
vided perfect safety can be obtained, they are
content with a very low return. The prudence
exercised is indeed excessive, and therefore unlikely
to last. Every day exchanges aro being made by
frightened investors, even from stocks of a fair
average degree of solidity, into others which they
regard as doubly secured. The probability is, hov. -
ever, that as money becomes more plentiful inves-
tors will learn better to appreciate the happy me-
dium between caution and recklessness.
Subjoined is a copy of a private telegram, dated
Bombay, the 13th inst., and announcing a further
movement of 2 per cent. in the exchange against
this country :
Exchange on London for a first-class bank bill, 0 months
night, per rupee, 2s. ; the Calcutta rate for ditto, per
rupee, Ls. ; exchange on Calcutta at sight, 101 to
101 t ; government 4 per cent. paper, rs. ; ditto 5 per
cent. ditto, rs. FA; ditto Si per cent. ditto, rs. Ill; Bank
of Blinbay rate of discount, 14 ; bar gold, touch, re. per
Lola, 1614; bar silver, 17 to 17i bettemess, rm. per 100
toles, 1071. 6,000 bales cotton sailed from lkilubay during
the fortnight.
Couipanng the above rates with those current on the
24th September (the previous mail day), we find the fol-
lowing changes : —ln Bombay exchange on London, an ad-
vance of 2 per cent.: Calcutta ditto ditto, no change
Bombay exchange on Calcutta, a decline of per cent.
Bombay government 4 per cent paper, an advance of A per
cent, ; ditto ditto 5 per cent. ditto, an advance of 2 per
cent. ; ditto ditto 5i per cent. ditto, an advance of g per
cent.; Bombay Bank rate of discount, no change ; Bombay
price of bar gold, a decline of is. 1-16 per tole; ditto ditto
silver, no change.
The weekly return of the Bank of France shows
the following changes :
Coin and bullion Decrease £630,000
Bills discounted
Government deposits lncrease 27.000
Notes in circulation
Private deposits
Advances
Payments for foreign grain have caused a further
considerable draught upon the enormous stock of
bullion in the French Bank, and have led to a de-
cided increase in the demand for money.
The struggle in the law courts in connexion with
the affairs of Overend, Gurney, and Co. (Limited)
has undergone a fresh development, as will be seen
by the annexed memorandum, furnished on behalf
of the Shareholders' Defence Association :
In reference to the affairs of Overeod, Gurney, and7Co.,
an application was this day made to Mr. Hall, the chief
clerk to Vice-Chancellor Stuart, by the liquidators, for an
order to enforce the payment of the call against twelve
shareholders of this company, notwithstanding the order
of the Vice-Chancellor to stay the same as against certain
shareholders until the 3rd November. Mr. Denton, on
behalf of the liquidators, co tenndedhat that the Vice-Chan-
cellor had left open the right to pursue other shareholders,
and the; Chief Clerk !decided that the order as against
the twelve must be made, Mr. Lewis stating that he should
apply to the Vice-Chancellor, as in the former case, on
behalf of such of the twelve who :happened to be members
of the defence sasociation, to oppose the drawing up of the
order to enforce the payment of the call.
It will be gathered from this proceeding, that
though (as before stated) two of the shareholders,
Mr. Peeke and Mr. Dundas, succeeded some days
ago, by taking special action in the court, in pro-
curing a decision that payment of the 101. call shall
not be enforced against them until after the
general argument upon the whole case, appointed
for the 3rd November, the liquidators hare now,
notwithstanding, obtained such an order enforcing
the payment against twelve shareholders whom
fire
they have arbitrarily selected. As, howevey,

of these shareholders happen to be members of the
Defence Association, that body will take steps to
quash on their behalf the order now obtained.
Should they succeed in doing so, the general body
of shareholders will probably feel dal leerell4lA6l9
tempted to join the Defence Association,"fri Ater -
that they may have the advantage of high legal
assistance which they ma be indisposed or unable
to pay for individually. Meanwhile, the numerous
and conflicting proceedings by which the anxious
attention of the shareholders is being ceaselessly
harassed afford anotheriexample of the " glorious
uncertainty of the law." Common sense would cer-
tainly suggest that legal proceedings, involving heavy
costs, should not be multiplied in numerous indi-
vidual instances, but that two or three cases, eth-
bracing all the salient points of difference amongst
the shareholders, should be selected, and that upon
, them the legal battle, if batt!e there must be,
, should be fought out. But the palpitating remains
of this great company afford still many a rich
morsel, and will probably be fought over by the
lawyers to the last gasp.
A meeting took place yesterday at the offices of the
Imperial Mercantile Credit Association (Limited),
to settle the second list of cor.tributories. Mr. Jack-
son, M.P. ,who was the chairman of the committeeof
shareholders, was present, and, on being questioned
by some of the contributories, expreasedhis opinions
fully with regard to the present position and pro-
spects of the association. Mr. Jackson recom-
mended all interested to retain their shares and
pay their calls, declaring that he holds the same
opinion as he did at the commencement, that no
further call will be necessary, and that hereafter it
will be found perfectly practicable to form a
new company. This view is supported by the
fact that the company's liabilities have been
reduced from a total of tive millions to about two
and a half millions, while the securities and
advances stand now, according to the company's
hooks' at upwards of four millions. It is under-
stood that the liquidators are adjusting the claims
with a view to the immediate declaration of a first
dividend to the creditors.
A meeting of the Oriental Bank Corporation
I took place yesterday, when the net profits for the
I half-year were stated at 111,723/., and a dividend
of 11. 10s. per share for that period, or at the rate
of 12 per cent. per annum, was declared, leaving,
with the balance from the previous six months,
26,861/. to be carried forward. The chairman,
Mr. H.G.* Gordon, congratulated the shareholders
upon the result of the bank's operations, which, ho
added, considering the crisis they had passed
through, appeared to hint very satisfactory. They
had lost nothing by the Commercial or the Asiatic
Bank, and there would be no loss ultimately by
ithe Agra Bank. The branches were all in good
condition.
I The London and North Western Railway traffic
return shows this week an increase of 5,6871. over
the corresponding period of 1865 ; the Great West
ern, an increase of 3,864/. ; the Great North-
ern, an increase of 3,0331. ; the Midland, an in-
crease of 5,665/. ; the Great Eastern, an increase of
1,058/. ; the London and South Western, an in-
crease of 2,000/. ; the Lancashire and Yorkshire, an
increase of 4,1241. ; the North Eastern, an increase
1 of 3,537/. ; the Manchester, Sheffield, and Lin-
colnshire, an increaseof 1,049/. ; the North British,
an increase of 1,532/. ; the London, Chatham, and
Dover, including the Metropolitan Extension and
branches, an increase of 575/. ; the Metropolitan
Extension, a decrease of 681. ; and the Kent Coast,
a decrease of 3201.
In the case of the English Joint Stock Bank, an
I order has been made by the Court of Chancery for
I the appointment of a special examiner.
A petition for the winding up of the Marine
Estates Company (Limited) is to be heard before
Vice-Chancellor Stuart on the next petition day.
An extraordinary general meeting of the Gros-
venor and \Vest-end Railway Terminus Hotel
Company (Limited) will be held on the 31st inst.,
to 'noddy the memorandum of association, and to
'authorise the company to increase its capital.
The return of the Bank of England for the week
ending Wednesday, Oct. 17, compared with that
for the previous week, shows the following changes:
Circulation home 590,131,445 Decrease Zt40,295
Circulation active 24,086,535 Increase 113.370
Public deposits 3,392,982 Decrease 2,873,217
Other deposits
Cover:meta securities in
banking department
Other socuritiell in banking
21,214,98 e Decrease 904,564 department
Coin and bullion in both
departments
Seven day and other bills 6:12,214 Increase 19,149
The Ite4 3,211,501 Increase 50,524
Notes in reserve
Total reserve (notes & coin)
in banking department... 7,046,828 Decrease 447,513
This return is affected by the payment of the divi-
dends, which began on Saturday. The draught
upon the government deposits has been largely
made up to the Bank by the influx of private de-
posits, and by the diminution in the advances on
private securities ; yet there is a decrease of
117,513/. iu the reserve. The coin and bullion
present likewise a decrease of 334,1431., which
must have been chiefly caused by withdrawals of
coin by the receivers of the dividends, since the
import and export transactionsof the week resulted,
on balance, in a withdrawal of only about 60,0001.
from the Lank.

12,201,426 Decrease 127,617

ENGLAND.
7th and Bth Vie., e. 32, for the
r, the 17th day of Oct., lone.
,ARTMINT.
Government debt £11,015,108
Other securities 3,884.980
Gold coin and bul-
lion
Silver bullion

LANK OF
Ala Acconnt pnrarnant to. the Act
week tialunt au W calnesday,

issuz LEYI
Notes Limed 130,131,4151

15,131,446

f. 30,131,44.5

F 50,131,445

11/NCI/40 tis
Proprictnrs Capital £14.553,000
Rest
Public Dewsits in-
eludl:44 Excheq.,
Sae. Rants, Com-
mis of Natnand
I)el,t, and Div
Accounts'
Other Deposits
Seven day and other
Dills

:.ART IT.
Goremment Secu-
rities ,Ineluding
Dead Weight e°
nutty.
Other neetuitles 2.'3•44
Notes
Gold sod Slicer
Coln

Z40,5E3.240

£40,583,210

W. MILLER, Chlct Cashier.

Oct. 19. 1666.

INCA-90AT EVINING.
Consols, which closed yesterday at 891 to „ for
the Bth November, opened this morning at the
same quotation, and closed at 891, " sellers." Far
money the last price was 891 to „. The official
business report is as follows :—Three per Cent.
Console, for money, 891,, I, 4, , ; ditto, for
account, 891; Three per Cents. Reduced, 87, 1,
; New Three per Cents., 871, 7, f,7 ; An-
nuities, 1885, 12 15-16 ; Bank Stock, 243 ; India
Five per Cent. Stock, 1051, 5 ; ditto Five per
Cent. " enfaced" rupee paper, 1011.
Indian government securities were steady. Ex-
' chequer bills were unaltered at par to 4s. prem.
• Foreign stocks were little dealt in, but there was
a sudden demand in the afternoon for Mexican
Bowls, which rose 1 per cent., it being understood
!that an intimation has been received by a Stock
Exchange firm from Messrs. Bariugs, that the part
payment of the July dividend will be postponed,
RA they have received advices leading them to infer
that the remaining sum will be forthcoming within
one month. Brazilian Bonds of 1863 and Egyptian
Railway Debentures also improved 1 per cent., and
Spanish Certificates, 1 ; but Italian of 1865 and
• Venezuelan of 1864 declined 1 per cent.; Brazilian
of 1865, 1 ; and Italian of 1861, 1.