The Express.
London, England, 1858-12-09 00:00:00

REDUCTION IN THE BANK RATE OF

DISCOUNT.

Two o'OLook.
To the surprise of everybody, the Directors of
the Bank of England have this morning reduced

their minimum nit* of discount from 3 to 21 per
cent. The announcement has created quite a

sensation throughout the City, as no one was

prepared for it.
The alteration has led as yet to little actual move-
ment in the Stook Exchange, but increased firm-
ness prevails throughout that establishment.
Consols have risen per cent., and the tendency
of the prices of several other classes of securities is
rather upwards. The government broker purchased
a parcel of 16,0001. Reduced Three per Cents. at
9131.
Consols, after standing at 981 to; ex div. for the
llth of January, have risen within the last few
minutes to 98i to 97 (or equal to 98; to; cum div.)
Consols, though shut, are officially marked foi
money 97; to 98; with the dividend.
Bank Stock has been dash in at 224

the Three per Cents. Reduced at NI to j ; the New
Three per Cents., at 96 to I ; the New Two-and-
a-Ralf per Cents., at 82 ; India Bonds, at 14a. prem. ;
the March Exchequer Bills, at 34a. prem.; and the
Jane Bills, at 32e. to 31e. prem.

In the foreign stook market business has
been almost suspended. Sardinian Bonds are still
rather offered, whilst Spanish continue to meet with
inquiry. (The New Turkish Loan is firm at die.
to psi, for the first series, and 4 to 4 prem.
for the second series. The Six per Cants, of
1864 have improved to 924 to 4. Sales are reseeded
u Wows Foar-and-a-flalf per Cents.,
1868, 954, 95, ex div. ; Portuguese Three per
Cants.. 1863, for amount, 48 ; Sardinian Five per
Cents., for account, 914, 904, ex div. ; Spanish
Three per Cents., 474 ; ditto New Deferred Three
per Cents., for account, 31; Turkish Six per Cents.,
1864, ibr amount, 924, 924.
The New Chili= Loan is quoted 4to prem.
At Paris to-day (Thursday), according to Mr.
Renter's telegram, the Three per Cent. Beata
opened at 73.86 for the end of December, but at half-
put one o'clock receded to 73.30, showing a decline
of Sc. compared with the last price of yesterday.
The effect of the alteration in the Bank; of England
rate remains to be seen.

The Directors of the East Indian Railway Com-
pany have notified to the Stock Exchange that they
are prepared to receive payments in anticipation
of calls up to the 31st instant, when the option of
paying up in full will Nam until notice be given to
the contrary.
In the discount market yesterday a fair demand was
experienced, the minimum rate for choice bills being
2} pee chit. At the Bank there were few applica-
tions. Yesterday was the day fixed for en instalment
of 15 per oent. on the Turkish Loan of 3,000,0001.
(first eerie.). Only 15 per cent., or 450,0001., now
remains to be paid oa this series. Payment of the
instalment en the mond series, fixed for to-morrow,
will probably be deferred by the seripholders.
About 10,0001. in bar gold was yesterday sent into
the Bank. Of the residue of the gold by the Dover
Castle, amounting to about 200,0001., the bulk is
expected to be sent to the Continent.
About 20,0001. in silver arrived yesterday from the
Continent.
The specie engaged for the Braila by the steamer
Avon, which will sail today, is 10,1261., Nearly
all silver.
A meeting was held yesterday of the creditors of
Messrs. Cowan and Bigg, ship and insuranoe brokers,
who recently failed, but admission and information
were alike refused to the representatives of the press.
A telegram, received from en official souroe,
announces that the terms of amalgamation be-
tween the London and North Western and Chester
and Holyhead Railway Companies have been defini-
tively arranged.
The London and North Western Railway traffic
return shows this week an increase of 3,2881. • the
Great Western an increase of 4481.; the Great
Northern an increase of 1,1751. ' • and the London
and South Western en Increase of 1081. It will be
remembered that the agreement between the London
and North Western and Great Northern Railway
Companies came into operation on the Wednesday.
The preliminary prospects of the Surrey Gardens
Company (Limited) is issued. The proposed. capital
is 20,0001., in shares of 11. each ; but power is taken
to borrow 6,0001. The object of this company is to
purchase the lease, and other property, for a sum of
15,0004 end to let the hall and grounds. It is men-
tioned that "the asenmption of professional manager-
ahip by the company" will be " avoided as mach as
possible" With reference to the market for Ameriosn rail-
way securities Mr. E. F. Setterthweite reports as
follows :
Naos as bet, =doses
mendhaztael a paw
pdsa , To:.=
tearlismist+tria Canal, New Tad Canted, set
Beek hive bees table lire
have grekelp is sd hem
isles to al hembut the mikes foe IlliesisiEs
beta IMO IWO esetrisei.
The peskiest of the .asst kir hides and leather
is the nodes& in the onerntitly &solar of Messrs.
T. I. sod T. Powell:
Throughout toss post malt the emits s e f leat
perther hays
bias the weselier ambit the ergatis_ el the
not
moat% Melee
_bee ankessmiiis lir kyles. The dossed
bee km Media to the beediale waste el the berm,
which le mad et this area pf tie lam Islam the media
shoal MIMS NOM oiftoNalio, to porter&
TM siege im bort Itavogaholorroth *gay ocoonoidat,
sod ass Roo WNW to be hoormood daring the caveat
math, so OA vs may sepia that ptiaskertalcit ae
slightly tower, will reran needy sedireary yam the elms
at th• year. la raw gook the trmesetioes lase net bees
Mr" sad prices in giacel bore detama hem the mob-
time et Or previous toomillt. Neerrelp sisseplesmed hes
existed ix exportatioa, and Amasiten hike hoe bola
old aim the coenmasimeat of the mmith. At the
oabßo
sale se Thesidqlest mem sahosike was apparent,
ibs
of goods mid was/teeter than at the silos in
Nov=detti previous NW wee tally ottppottod.
The bills drawn by the Finance Committee of the
Connell of India by the outgoing mail represent
only 6771.

WIDOMODAT ETIXTVG.
The finds hays .named a Armor apposranas,
arm the completion sf the monthly tattlomant. TM
intax of gold into the Bank, the extraordinary same
of ths mangy marks' at a evens when stsbarmcy is
usually experimesd, and the booyaney of the Paris
Boars% have combined to strengthen the market.
The cassias quotations was per mat. above those
of yesterday. Tho government broker made another
small investment in dm Borinald Throe par Oasts.,
but ths pascal badman was limited.
In the other department, of the Stook Exchange
more Bunsen likewise provalisl. Naglish railway
shares are strangthistd by the cootinied recovery in
ths Mao, and Franck railway shares by the rise on
the Paris Bourse.
Consols, which eland yesterday at 98} toi for
the 11th Jan., *wood Gad *and today at lots:
l• or mlial to 961 to /, ex dir. For wow the
privet= 96 to 1. The transfer MGM fw Moak'
ware 'Wad this mammon. Basissibrward fes
will ha qmtod with the dividend cEE The
tinreport is am follows i—Throo Omit
ge money, 98, 96i, 971, 981, 98 ditto, kr
acmcint (11th Jan.), 981; The. pe Ossiet. Bo-
dosed, 961, 1, ; Now Throe Per Oels 11.1 981,
; Thirty Tears Annuities, mrediri April, 18118,
HI 340, 11111 Bonk Stark, 298; la 'kook, 116,
- Indian Parr par Osnt. Dehastarsa, of the Ana

228;
issue, 99f.
The transfer books for the

Cents., Two-and-a-Half per Cents., New Five per
Cenh., Annuities (Jan., 1880), and Annuities (Jan.,
1880), will be closed on Friday next.
The March Exchequer Bills remain quoted 34e. to
375. prem., and the Jane 325. to 35e. prem. India
Booth were dealt in at lls. to 14s. prem.
In the foreign stock market business was not
active.
The 1001. stock of the Scottish Australian Invest-
ment Company is quoted in the Stock Exchange list
tb:v evevng 1301. to 1401.
In the market for bank shares to-day there were
increased inquiries for those of the London and
County Bank, Union Bank of Australia, Oriental
' Bank, and English, Scottish, and Australian
Chartered Bank. Ottoman Bank continue flat, and
closed at 201 to f. Bank of Egypt were also more
offered. European and American Steam and Medi-
terranean Extension Telegraph shuts were weaker.
Red Sea and India Telegraph were dull, at to
prem. London Dock stock was officially marked
1051, and Southampton Dock 62f.

MINES.-THIS DAY.

Two o'CLocx.
The mining market to-day presents no feature of
striking importance. East Basset shares continue
in demand, and are officially marked in the Stock
Exchange 160 and 163. There have also bees
transactions in shares in East Wheal Russell, Lady
Bertha, Wheal Mary Ann, Wheal Crebor, and
Wheal Charlotte, at yesterday's prices.
Cobre Copper shares remain firm, and have been
dealt in at 39. Other foreign descriptions remain
quiet.
At a meeting of the Great Wheal Vor Mining Compsy
lsid yaetarday a call of 10e. per share (13,3330 wee made.
At East Providence a call of 3e. tkl. per share was inshe
yeeturthy.
I A smesral meth; of the Needs= and Parlder
Demplay wee held vesterdayothon a very vatishritary
was mid from Captain Jame thebh.therearr
agent. The new north Mk year Oat Mil hem am
6 fathoms, which have Aided 4ON 1111104 em. mid Ohlf
ends being driven coat and thee me worth 14 Mi.
sod 12 mete. per fathom, Nil every prospect
of improvement ; font or in ci orreassie are
being drives to intersect the mar td MM. 'these,
which it is expected they crib reeds to stoat tour maths,
when a oat dad of ground will be rapidly bid are. At
Drethsestmen the rim above the deep edit la worth 16 mete.
per fathom This lode is whole all through the mines for 60
fathoms labiate
_above the deep edit, so that it an be
waked try olsespiy, end the rename anexpected to be
ids, in the awn dine the rettoss will probably be at
MIMS tom per seenth, add, teeth Yearldw. The new
draft elecabery in Mit MAW Valley le progressing
eathearsorily. The econnts stewed a cash balance of 3231.
lea IL at the beakers, mad the 'meta 4481. 13e. 6d., besides
16 tees of oessiVi against YR 65. ld.
At the mean et Pembroke and Emit
Orionis Minos, yeathith, the avatars» mote to the
roselthiem et Si et the
galled sit, is lth toe alter • IVolllllolth had
me berth ; it thee ethelethary to
Cl.ll6l4thosthes to haw thee 174 &Wen bed them hared,
immeezr them S 'hikes beret ffie pad whore the
etas lees esiM to have tan resold. The
seethe ended that Dem Orionis am looking try
and they woad have IN 10111 of ore for els neserceale.dat
oat le. per there web made to pa the rime 114111-
ties, which will *es the m y offins In a good problem ad bee
the compeay from %raw Wk.
Prom St. Day United thine (Dec. 6),Ceptath Wm. TIMM
reports :—" The 144 barn level in the copper lode is nth
lathing genie es well, is saw vortht 4 tone of me pc Whom
The 134 is worth 4 toss of ms 07117 WA,
lode. The wince on they Id Isiakeest fifths remesse It may
much improved, and now math eth per ham. The
winza at Stager's elating thaw the to meet 4 sue et
ore per fathom. All other pieces ere without