The Express.
London, England, 1867-07-12 00:00:00

MONEY MARKET.-(THIS DAY.)

Oars o'Ozuoz.

There is little business to-day in the Stock
Exchange, and prices generally show a drooping
tendency. Many of the members have left for the
holidays, and the attendance is expected to dimi-
nish daily during the next few weeks. Consols have
declined I per cent., owing to the closing of
some speculative operations for a rise. The re-
duction would probably be greater, but for the re-
investment of some of the dividends. The changes
in British railway securities are about evenly ba-
lanced. As regards foreign bonds, Turkish and
Italian are still inquired for.
There is no change in the discount market. The
supply of money is still greatly in excess of all re-
quirements, while few bills are being offered. The
rate for choice paper is 2 per cent., and for loans
in the Stock Exchange 1/.
Consols are now quoted 941 to 2, for money,
and 941 to 'JS for the account (Aumuit 8) ; and
the Three per Cents. Reduced and New Three per
Cents., 041 to 1.
The railway market is quiet, with few dealings.
Great Northern (Original) Stock is fiat, and has
declined / per cent. London, Chatham, and Dover
has receded t, and Brighton 1, while Great Western
and London and North Western have improved /.
Tho present prices are as follows :—Me-
tropolitan Stock, 123/ to 2 ; Great Western,
431 to / ; London and North Western, 112/
to 2 ; Midland, 1145 to / ; Lancashire and York-
shire, 128 to ; Caledonian, 110/ to 111/ ;
South Eastern, 64 to 1 ; Great Eastern, 26/ to / ;
Great Northern, 113 to 114 ; ditto A, 112 to
113 ; London, Chatham, and Dover, 16/ to 17 ;
North British, 30} to 31/ ; and London, Brighton,
and South Coast, 511 to
The Indian Five per Cent. Stock remains firm ;
the present price is 1102 to 1111.
Foreign stocks have been little dealt in, but
Turkish of 1865 and Mexican have improved to
/ per cent. Turkish Bonds of 1862 are quoted
56,1 to 671 ; ditto of 1865, 31! to ; Greek, 141 to
; Spanish Passive, 211 to 22 ; ditto Certificates,
15/ to f ; Italian, 1861, 50 to ; and Mexican,
161 to /.
American securities are steady, at the rise of
yesterday. The 5-20 Bonds are quoted 73} to ;
Erie Railway shares, 451 to 46; and Illinois Cen-
tral, 801 to I.
Anglo-American and Atlantic Telegraph Ft per
cent. Preference shares, are without variation, at
181 to ; and 44 to 3 respectively.

The market for financial shares is inanimate.
International Financial are quoted 24 to II dis. ;
London Financial, 22 to 21 dis. ; General Credit,
2 to 1/ dis. ; and Credit Foncier, 54 to 5 dis.
An extraordinary meeting of the London,
Brighton, and South Coast Railway Company will
be held on the 26th inst. to authorise the board to
raise new stock.

The half-monthly settlement in shares and
foreign stocks will begin to-morrow (" continua-
tion day "), and end on Tuesday.
About 26,0001. in gold was bought by the Bank
yesterday.
The steamer Delta will take to-day only 1691.
in
Advice,Bir*'c ul
frrot he
m NEalewt"York announce the shipment
of a further sum of 300,000/. in gold to Europe.
The amount of government bills on India, for
which tenders will be received at the Bank of Eng-
land on the 17th instant, will be rupees 27,00,000
(270,000/.).
With reference to the failure of Messrs. Mellor
and Southall, merchants, of Liverpool, the assets
are stated to reach 200,0001., against liabilities of
300,0001., the sum previously mentioned.
The special meeting of the Brighton Railway
Company, fixed for to-day (Friday), bad for its
special object, "to consider an agreement between
this company
i and the South Eastern Railway Com-
pany for an immediate amalgamation of the two
companies." It is stated that another special
meeting will be convened for an early day, to give
a formal assent to the financial arrangements
which are rendered necessary by the present 'posi-
tion of the company. It is believed that these
arrangements, though not yet finally settled, will
be found to comprise an issue of ordinary stock to
the amount of about 2,000,0D0/. This accords
with the suggestion thrown out in these columns
some weeks back. The price at which the issue
will take place remains open apparently, for ulterior
arrangement, but it is believed that 45 per cent.
is the highest rate that can be looked for, having '
regard to the probable postponement of II divi-
dends on the ordinary stock for a year or two ; and
it is possible that, to ensure the success of the ope-
ration, even lower terms may be submitted to. by
this issue, and other expedients, the directors'
would probably be enabled to raise the 1,000,0001.
required to meet the company's immediate engage-
ments, and, considering the large income of the
undertaking, it may well be assumed that, these
pressing engagements once met, many persons
would be found willing, at a later period, to pro-
vide means for liquidating the second 1,000,0001. of
the company's liabilities, by taking either deben-
tures or preference stock redeemable at a premium.
The first and moat essential point is by meeting
the company's immediate engagements, to restore
its audit, and to present to the public the spec-
tacle of a united proprietary steadfastly supporting
the efforts of the directors to replace the under-
taking upon a more stable financial footing.
The Great Western Railway traffic return shows
this week a decrease of 1,0241., compared with
the correspondingperiod of 1866 the Great North-
ern an increase of 1,793/. ; the Great Eastern
an increase of 2671. ; the London and South Western
an increase of 1,4731.; the North-Eastern, an in-
crease of 3,3061. • th Lancashire and Yorkshire
an increase of 1,4051. ; the Manchester, Sheffield,
and Lincolnshire an increase of 441. ; the North
British au increase of 1,341/. ; the London, Chat-
ham, and Dover, including the Metropolitan
Extension and Branches, an increase of 2,327/. ;
and the Metropolitan Extension, separately, an
increase of 1411.
From the report of the directors of the New
Consolidated Discount Company (Limited), to be
presented at the general meeting on the 15th inst.,
we extract the following :
The directors beg to submit the annexed balanoe•sheet,
for the half/ear ending J one 30th, 16b7, which (including
62.'11. lea 10, being the balance brought forward from last
account) shows • profit of 11,03381. tie. 10d., hill allowance
having been made for bad mind doubtful debts. After de-
docrang current expenses, and rebate on bills sot yet doe,
there will remain a net profit of 3,8641. 17s. 6d., out of
which the directors propose to pay a dividend of two shil-
lings per share (free of income tax), being at the rate of 7i
pe cent. per annum ; to add 1.214/. 15s. 3d. to the reserve
fund, which will then amount to 1,700/.•, and to carry the
balance, viz., 6511. Oa. 3d., to profit and loss new account.
The Pernambuco Railway Company are inviting
tenders for 150,000/. of 7 per cent. debentures for
five years.
The annexed memorandum is from the British
and American Telegraph Company (Limited) :
The following has been received by the British and
American Telegraph Company (Limited) from the Hon. C.
Mitchell, ore of the directors, and • member of the cabinet
of the Confederation of the Canadian States:—" I have
much pleasure in communicating to you the fact
that I got • bill passed through our New Brunswick legis-
lature authorising the construction of • telegraph line
from point to point in our province, so as to communicate
either with the United States, Nova Scotia, or Canada.
which will place our line independent of existing lines."
The company have slso obtained, after considerable oppo-
sition, an act for Nova Sootia,conferring similar privileges.
The traffic receipts on the Atlantic and Great
Western Railway for the third week in June I
amounted to 90,825 dots., against 131,316 dole. in
the corresponding period last year, showing •
decrease of 40,491 dots.
Vice-Chancellor Matins has appointed Mr. Wm.
Cooper, of the firm of Cooper Brothers, accoun-
tants, official liquidator of the North Atlantic
Telegraph Company (Limited), and Mr. Edward