The Express.
London, England, 1866-06-05 00:00:00

TELEGRAPHIC INTELLIGENCE.

(nuTzß's nisowts.)
ITALY AND THE CONFERENCE.
FLORENCB, Jura 5.

The negotiations for a conference have failed,
and all probability of ita auembling has, there-
fore, disappeared.

The statement of the Memorial Diptomatigue
that Italy, in replying to the invitation for a con-
%ranee, had proposed that the conference should
deliberate on the means for securing and consoli-
dating the kingdom of Italy, is officially declared
to be entirely unfounded. Italy, it is added, is
able to secure her own safety, and her national
unity does not require consolidation.

TURKEY.
CONSTANTINOPLE, MAT SI.

The firman confirming the Egyptian succeuion
to the family of Ismail Pacha in the order of pri-
mogeniture has been promulgated.

MONEY MARKET.-(THIS DAY.)

thra o'CLooK.
There is a demand to-day for the funds, which
have risen i per cent., but moat other securities
have experienced a further reduction, owing to an
almost general expectation that war will soon
break out on the Continent. Foreign bonds are
decidedly flat, especially Italian of 1861.
English railways and American securities
have also given way. Financial shares are

quiet, but ;n improvement is observable in Im-
perial Mercantile and Credit Foncier and Maier.

In the market for bank shares, the principal fea-

tare is a reduction of 81. in Agra and Maaterman's,

the present quotation being 9 to 12, or IG to 13

discount. The transactions, on the whole, are
moderate. Preparations for the monthly settle-
ment to-morrow in Consols partly engage the at-

tention of the dealers.

The applications for discount continue moderate,

and the tendency of rates is downwards. The ge-
neral quotation for choice bills is 94 to per cent.,

but some transactions have taken place at a fraction

below.

It appears that a further sum of 1,200,0001. in
gold is now on the way from New York to Europe,
including 800,0001. shipped by the steamer City of

New York. The bulk is doubtless on English

account. It is anticipated that the influx to the
Bank of England will continue on a large scale, and

that a reduction in the official minimum will soon

be announced.

Consols are now quoted 8b to 7s, ex div., both
for money and to-morrow's settlement, and 851 to
86, ex div., for the new account (July).
In the foreign stock market the chief feature is
a further fall of 11 per cent. in Italian Bonds of
1861. Spanish Passive have also receded # ; and
Turkish of 1865 and Mexican, 1. Turkish _Bonds
of 1862 are now quoted 56. to 571 ; ditto of 1865,
2/4 to 291 ; Greek, 11 to ; Spanish Passive, 18 to
1 ; ditto Certificates, 131 to # ; Italian of 1861,
351 to 361 ; Brazilian scrip, 7 to 6 dia. ; and Mexi-
can, 161 to 17.
American securities have declined per cent.
5-20 Bonds are now quoted 631 to 641 ; Erie Rail-
way shares, 401 to 41.1 ; and Illinois Central, 741
to 751.
International Financial shares are now quoted
to tf die. ; London Financial, 14 to 13 die.;
General Credit, 22 to dis. ; Imperial Mercantile,
91 to 81 dis. ; Credit Foncier, 11 to 1 dis.; Overend,
Gurney, and Co., 18 to 16 die. ; and National
Discount, 61 to 7 prem.

HALF-PART THREE o'CLoox.
Consols continue firm, at 85i to ex div., both
for money and to-morrow's settlement, and 85i
to 86'8., ex div., for the new account.
About 120,0001. in gold has been sent into the
Bank.

At Paris this morning the Three per Cent.
Renter opened at 62.60, showing a fresh decline of

per cent.
No less than 647,0001. in specie arrived yes-
terday from America ; and in gold
was yesterday bought by the Bank, raising
the total sent in since the date of the last
return to upwards of 900,0001., and rendering it
certain that a very material improvement must be
shown in the next weekly return, if only by reason
of this great influx of gold involving a correspond-
ing creation of currency.
The demand at the Bank of England being only
moderate, an expectation is beginning to be enter-
tained
that a reduction in the rate of discount
may be looked for next week. The directors will
doubtless keep their rate at its present exceptional
point until their accounts get into a more satisfac-
tory position, but, now that the turn has come,
their resources may be expected to accumulate
rapidly. The quiet condition of the discount
market is the more satisfactory because this was
the 4th of the month. The numerous bills due
yesterday seem to have been very well met.
Subjoined is a copy of a private telegram received
yesterday from China :—" Latest dates : Hong
Kong, May 12, 1866 ; Shanghai, May 5 ; Foo
Chow Foo, May 7. Export of tea for the fort-
night, 1,000,0001b5. Exchange in Hong Kong,
4s. 7d. Freight at Whampoa, 803. to 90s. per ton."
We are informed that the official liquidators of
the Consolidated Bank (Limited) paid about one
million sterling of the assets of that establishment
into the Bank of England last week. When such
large funds are so readily available, it certainly
argues a very anomalous condition of affairs for a
bank of such pretensions to stop payment. The
Manchester Examiner and Times says that the
negotiations which the Manchester directors of the
Consolidated Bank were making for a resuscitation
of the business there have not proved successful.
The following circular hag been addressed by
Mr. Henry Kingscote, on " behalf of the committee
of shareholders," to the shareholders in Overend,
Gurney, and Co. (Limited). The object is, if pos-
sible, to arrange a reconstruction of the under-
taking. A similar circular has been sent to the
depositors, who are asked to accept debentures
bearing interest for one, two, and three years. In
the event of their not acceding to this proposal, a
voluntary winding up is to be recommended :
TO THE SHAREHOLDERS DI OVIREND,GCREET, AND
CO. (Lairrili.)
London, June 2.
Gentlemen,—ln pursuance of the resolutions of the
meeting held at the London Tavern on the Zird ult., •
copy of which is annexed, I beg to acquaint you that,
having secured the tion of some of the share-
holders, I have p ed to communicate with the
directors and liquidators of the company, and with several
influential gentlemen, as well shareholders as depositors.
I have found that there exists abroad, as there existed at
the meeting, a strong desire to see the company recon-
structed, a deep feeling of its great importance to the
mercantile community, and a firm conviction that if it can
be re-established, • most valuable business may still be
preserved and carried on. For our own parts, after giving
our anxious attention to the aubject, we concur in this view,
and it is our further opinion that, if such a reconstruction
canbeeffected on the 'basiswhich we will proceedto mention,
it will afford the beat prospect of asatisfactoryliquidation of
the oompany's affairs, and the best, or we may perhaps
say, the only hope of the shareholders retrieving soy
portion of the amount already paid on their shares. It is,
however, our duty to point out that a resumption of
business can only be rendered possible by the readiness of
the shareholders, on the one hand, to provide promptly
the necessary capital ; and, on the other, by the forbear-
ance of the unsecured creditors to press for the immediate
payment of their claims. The necessary funds for
this purpose oan only be provided in the shape
of loan, the constitution of the company not admit-

ting of any lacrosse of its capitaL Nadi shareholder
would have to advance at intervals a sum equivalent, pro-
bably, to 101. per share on the numbs: al shares held hi
him, and he would, in respect of each payment receive •
loan one:Skate Dewing interest, but naktag eitee the de.
bantams to be issued to creditors in respect of . their
claims. It must be clearly understood that the funds
which may be advanced for this are to Itm=
solely to the future on the
printed of
With respect to the unsecured tore, It
will be pro-
posed to them to consent to accept debentures for the
amount of their claims, providing for their liquidation
with a axed rate of interest at periods of one, two, and
three years. Without such additional capital the busi-
ness could notbe carried on, or indeed recommenced ; and
without such forbearance on the part of the unsecured ere-
&tors, the further amount so paid up would be liable to
meet their demands. We do not overlook that there
are other difficulties in the way, arising from the..
who are now adding to the embarrassment of the com-
pany by multiplied proceedings in the Court of
Chancery ; but we are of opinion that with such co-opire-
tion as we have mentioned, a resumption of business is
psecticable, and that, freed from the embarrassments which
have marred the prosperity of this great concern, a most
valuable and lucrative business may still be maintained.
We ale strengthened in this view by the evidence which is
to be found in the accounts that these embarrassments
were due to canoes antecedent to the commencement of
busbies by the new company. With the object of elicit-
, ing the views of the shareholders, as well as those of the
I depositors, on the question of resumption, we have thought
it desirable to address each class individually, and to request
them to forward to us their opinioa in the accompanying form.
A meeting for the purpose of voluntary liquidation has
been called by th • directors for the 11th instant. At this
meeting the questior of resumption or liquidation can be
conveniently °maid,. ed and determined but, as many ti
the shareholders will probably not attention that occasion,
it is in our opinion desirable thus to ascertain as far
as possible the opinions of the general body, in order
that we may be enabled to report the result, and be
guided thereby in the further advice we may have to offer.
Yoe this purpose we request you to forward us your reply
in the accompanying form, so that it may resell us not
later than NVeclier, the etb, as much of detail will
remain for us to prepare for the meeting after we receive
such answers. In conclusion we may add that should the
views of the shareholders be adverse to carrying on the
business, we should recommend the adoption of a eolith-
tary winding-up, as to the prospects of which it will be
the duty of the directors to afford you the necessary
information.—l sin, gentlemen, your very obedient
servant, HENRY KINOSCOTE,
On behalf of the Committee of Shareholders.

The committee of the Stock Exchange have
appointed Thersday, the 7th inst., a special
settling day in tho shares of the Central American
Association (Limited), which are to be marked in
the Twice a 'Week List.

The meeting of the City of London Real
Property Company (Limited) was held yesterday.
The revenue account for the year, with the amount
previously in hand, shows a balance in favour of
the undertakim; of 7,3871., out of which a divi-
dend of 7 per cent. was declared for the period
named, including an interim distribution of 31 per
cent. already made. The balance to be carried
forward is 4,0331.
The Master of the Rolls has appointed Mr. W.
H. Holyland, of the firm of Price, Holyland, MA
Waterhouse, official liquidator of the Commercial
Bank Corporation of India and the East.

MONDAY MYM.111416,

Consols, which closed. on SatUTZTatB4itii,
ex div., for next Wednesday's settlement, opened
this morning at 854 to 1, and closed at 851 to *.
For money the last price was likewise 851 to and
for the July settlement 851. The official business
report is as follows :—Three per Cent. Console,
for money, 854, ;; ; ditto, for account, 85f,
1, 4 ; three per 'Cents. Reduced, 851, 41 ; New
'three per Cents., 851, 41, 5,1, 41, 51 ; Red Sea
Telegraph, 191 ; Bank Stock,249 ; India Five per
Cent. Stuck, 103?„ 4, ; ditto Four per Cent.,
90; ditto Five pa. Cont. " enfaced" rupee paper,
100, 1 ; ditto Five-and-a-Half per Cent., 107, 4.
The India Five per Cent. stock continues in
demand for investment. Exchequer Bills were un-
altered, the /larch being quoted 15s. to be. dis.,
and the J 00055. die. to ss. prem.
Bank shares were heavy, with a preponderance
of sales. London and Brazilian Bank declined
3/. 108. ; Union of London, 2/. ; Agra and Mai-
terman's, English, Scottish, and Australian Char-
tered, and Oriental, 1/. ; Consolidated and Union
of Australia, Ws. ; and Anglo-Austrian and
Im-
perial Ottoman, be. On the other hand, National
• Bank improved 31. ; English and Swedish, Mer-
chant, National of Liverpool, and Provincial Bank-
ing Corporation, I/. ; and London and Westmin-
ster, 10s. Animal closed at 8 to 7 dis.; Anglo-
-1 Austrian, at 11 to 1 ilia. ; and Imperial ttoman,
at 11 to Oi dia. In the Stock Exchange list to-
night Union Bank of London shares areerroneously
quoted 47 to 48, instead of 48 to 50, at which price
they closed, businesa having been transacted
at 491.

MINES.-(THIS DAY.)

Ozga o'CLocn,

The mining market is steady to-day, with a fair
demand for shares in the following mines, at the
quotations given, viz. :—Great Vor, 17 to 18
Clifford Amalgamated, 82 to 9; East Caradon,
to 7 ; Prince of Wales, 9s. 6d. to 10s. 6d. ; Tre-
savean, 6 to 7 ; West Chiverton, 68 to 70 ; Chon-
tales, 11 to !„ prem. ; and Frontino and Bolivia,
to 1 per shine.

COMMERCIAL AND MARKETS.