The Express.
London, England, 1866-08-24 00:00:00

MONEY MARKET.--i*THD3 DAY.)

Oxs °Timex.

in the Stock Exchange

day are upon a moderate scale, but the generals
tendency of prices is rather favourable. The
funds are steady, at the cloning quotations of
yesterday. British railway stocks are in demand,
and better in some instances. The rapid decline
in the value of money will doubtless
tend to revive trade, and consequently im-
prove the traffic of most of the chief lines.

Amongst the foreign bonds, the chief feature is a
rise in Greek. Banking shares are firm, and finan-
cial steady. American securities have been dealt
in to a fair extent at an improvement.
The supply of money in the discount market to-
day is very large, while few bills are offering. The
general rate is about 6 per cent., or one below the
Bank minimum. The contraction of trade through
the 10 per cent. charge is now becoming strikingly
apparent. Short loans on English government
securities are obtainable in the Stock Exchange at
4to per cent.

Consols are now quoted 881 to for money,
and 88! to it for the account (September 6).
In the foreign stock market there is a demand
for Greek Bonds, which have risen per cent. i
Spanish Passive and Mexican have also improved
it, while Turkish of 1865 have declined 4.
Turkish Bonds of 1862 are quoted 50 to 61 ;
ditto of 1865, 25} to ; Greek, 12 to ; Spanish
Passive, 20 to f ; ditto Certificates, 14a to ;
Italian of 1861, 52i tog ; Brazilian scrip, 24 to
24 die. ; and Mexican, 164 to 4.
United States 5-20 Bonds and Erie Railway
shares are per cent. higher, at 704 to 4, and
444 to 45 respectively, but Illinois Central are
unchanged, at 774 to 78.
Anglo-American Telegraph shares are quoted ii
, to 4, and Atlantic Telegraph 34 to it, showing no
, alteration in either case.

International Financial shares are quoted 1 to
1.1 dis. ; London Financial, 13} to 12/ dis. ;
General Credit, 2/ to li dis. ; Credit Fonder,
31 to 3/ dis. ; and National Discount, 8 to
prem.

Subjoined is a copy of a private telegram from
Bombay, dated August 23 :

Exchange on London for a First-class Bank Bill, six
months' eight, per rupee, la. 114 d. ; the Calcutta rate for
ditto, per rupee, Is. llfd.; Exchange on Calcutta at sight,
1014 to 101* ; Government 4 per cent paper, rupees 901 ;
Ditto 6 per oent, ditto, rupees 1064 ; Ditto 54 per cent.
diths, rupees 1113 ; Bank of Bombay rate of discount,
10 ; Bar Gold, 99* touch, rupees per tole, 16.5 ; Bar
Silver, 17 to 17* betternme, rupees per 100 toles, 1074.

The beneficial effect of departing from the artifi•
cial system of pressure entailed by the long main.
tenanco of It) per cent. is sufficiently shown by the
Bank account published below. The bullion has
increased 621,2641., and the reserve 979,239/.' in
the face of the abandonment of what are generally
termed " protective measures." It appears almost
certain that the improvement in the Bank returns
will continue to make rapid progress, and it can
only be a subject of regret that the relaxations
now being adopted did not take place earlier.
The usual excessive rebound from an equally ex-
oesaive system of repression appears to have fairly
commenced. One extreme will be followed by
another, and after more than three months of 10
per cent., the course of future events seems to
promise a rapid and uninterrupted decline to 3 per
cent., or perhaps 2. Several reasons appear in
favour of this assumption. The first and chief con-
sideration is that the reduction of the Bank rate
has already revived the temporarily withdrawn
'confidence of foreign nations in our commercial
credit. In proportion that they have been taking
. bullion from us while some vague dread, squib°-
, lined by 10 per cent. was weighing upon the mer-
cantile community, in a similar degree the reflux is
. making progress. The shipments of gold from the
Continent to England, for example, are every day
upon an increasing scale. Apart, also, from
these supplies, large amounts are momen-
tarily coming forward from India and Aus-
tralia. Again, the demand for money is
decreasing. The contraction of trade caused by the
late crisis and its unnecessary prolongation was
even more marked than in 1847 or 1857. Instead
of merchants being obliged to seek accommodatior.
discounters are now eagerly competing for bills:
. Nor does there appear any probability that trade
Iwill, for the present at least, revive. The terrible
shock to commercial credit that has lately been
experienced will last over months, and even years.
At one time the directors of the Bank had it in
their power to mitigate the evil, but they neglected
the opportunity, and commerce has proportionably
suffered. At last when the change has begun, the
mischief appears likely to follow of an unnatural
glut of money following an equally unnatural, be-
cause preventible deficiency.
About 46,0001. in bar gold and 43,000 sovereigns
were sent into the Bank yesterday.
The Bank of France return for the week shows
the following changes :
Coin and bullion
Circulation
Bills discounted
Advances
Treasury balance lncrease 3b0,000
Current accounts Decrease 600,000
The coin and bullion now amount to the enor-
mous sum of nearly 29,850,0001.
The Stock Exchange committee have appointed
Tuesday, the 28th inst., a special settling day in
the shares of the Mineral Rights Association (Li-
mited), which, however, are not to be marked.
The committee have authorised the shares of the
Hercules Insurance Company (Limited) to be
quoted in the official list.
The proposed dividend on South Eastern Railway
stock for the half-year is at the rate of 2/ per cent.
per annum, against 2} for the corresponding period
of 1865.
The following circular has been issued respecting
the affairs of the London, Chatham, and Dover
Railway Company. It is numerously and respect-
ably signed :
At meetings of the undersigned and others, holders and
representatives of holden of all classes of this company's
securities, including ordinary stock, preference stocks,
common fund, rent charges, debenture debt, and me-
presenting in the aggregate upwards of 4,000,000/., held
for the purpose of considering what course should be
adopted for the general benefit of all concerned, the follow-
ing resolutions were unanimously agreed to :—" 1. That
at the ordinary half-yearly meeting on the 31st inst., a
committee be nominated to investigate the company's
accounts and attain generally, and to report to an ad-
journed meeting, to be held not later than the 15th day of
October next. 2. That the following gentlemen be pro-
posed as the committee, with powers to add to their num-
ber, as well as to fill up vacancies, and to employ all the
professional assistance which they may think necessary,
via.:—Samuel Hawksley Burbury, 1, New-square. Lin-
coln's-inn ; Thomas Alan Hankey, London ; William
Hartridge, 80, Old Broad-street ; Frederick Heritage,
28, Nicholas-lane ; William Edward Hilliard, Cowley-
bones, near Uxbridge ; Grosvenor Hodskinson, H.P.,
Winthorpe-hall, Newark ; Augustus Thomas Hotham,
17, Calverley-park, Tunbridge-well; Cornelius Surgey,
7, Finch-lane, London • George Cavendish Taylor, 42, El-
vastest-place, South Kensington. 3. That considering the
position into which the company has been brought under
the past management, it is necessary that the board of
direction be reconstituted. 4. That a new board of directors
be nominated at the adjourned meeting. 5. That the pre-
oramisentot
odminreitirsouobetn
thr.ueeqyunuesparatedtilirali
otef
ntott
yrn
cdiSeeaning,y
snaletiwgeonritenexst.,
rally to confer with the committee on all questions of im-
portance affecting the interetsof the company.
6.t„3 That
=Mt r, Irtb fic:hreg:lnt, resolutions
of proxy ffo
or the half•yearly
meeting on 31st instant, and that a copy of the resolutions
be also forwarded to each debenture holder." The under-
eigned, being fully. sensible that it is only by the united
efforts of all classes interested that the affairs of the com-
pany can be extricated from their present unfortunate
position, earnestly request those shareholders who approve
of the course now proposed to co-operprate with them by
aipdag and returning the form of oxy early as per
ibis', bat sot later than Monday, 27th inst.as
The prospectus has been lamed of the United
Discount Corporation with a capitil of 750,0001., in
50,000 abases of 151. ;sub, of which it is proposed