The Express.
London, England, 1860-10-18 00:00:00

OCTOBKI_ 18, 1860.

I 1

9 10

7: Mill- lin' IARkI2-TMTh bAY.

Two o'o2oon.
The weekly court M the Bank bas broken up
without altering the rate of discount.

The event has not led to any variation in the
funds, which are quoted the same as yesterday
afternoon. In the market for British railway stocks
there have been several variations, but prices
generally have returned, within the last hour, to
the final quotations of yesterday. Business in
nearly every department of the Stook Exchange is
inactive.

At Paris this morning, according to Mr. Reuter's
telegram, the Three per Cent. Routes opened at
68fr. 97a, being f per cent. lower than yesterday.
Consols are officially marked 92 and 1 for
money, and 921. for the account. The
present quotations are 921 to for money,
and 92j to 93 for the Bth of Nov.
The official business report is as follows :—Bank
Stock, 231 f, 231 ; Three per Cents. Reduced,
911, f ; New Three per Cents., 93f, 3,
f ; Thirty Years' Annuities, expiring in
April, 1885, 16f ; India Stock, 221 ;
ditto Five per Cent. Stock, 1859, 103, ; ditto
Four per Cent. Debentures, 1858, 96f ; ditto, 1859,
9133 ; ditto Bonds, 4e. die., par ; Five per Cent.
" enlaced " rupee paper, 9131, 953 ; ditto Pive-aud-
a-Half per Cent., 1011, 102} ; Exchequer Bills,
3s. prem., par.
The foreign stock market is dull. Turkish bonds
remain flat ; the issue of 1864 is last marked 54i.
Yesterday's rise in Mexican bonds is fairly
supported, although the inquiry has subsided.
Sales are recorded as follows :—Buenos Ayres Six
per Cents., for account, SlOti ; Mexican Three per
Cents, for account, 221, 3 ; Peruvian Three per
Cents., for account, 73} ; Russian Four-and-a-
Half per Cents., 931 ; Spanish New Deferred
Three per Cents., for account, 391 ; Turkish Six
per Cents., 1854, 691 ; ditto Six per Cents., 1858,
for account, 54f, 55, ; ditto Guaranteed Four
per Cents., 102.
The discount market continues to present much
irregularity. The great Lombard-street and other
establishments, though largely supplied, prefer to
keep their money in reserve, now that a change in the
rates is in prospect, and that the Bank of England
force them to rely exclusively upon their own re-
sources. They therefore confine themselves to
supplying the wants of their regular customers.
One effect of this is, that the rates for good bills in
the general market range from 43 to 5 per cent.,
only the very best being taken at the Bank rate,
whilst as regards four and six months' paper, great
difficulty is experienced in obtaining accommodation
at all. Another effect is a great influx of business to
the Bank of England, where the applications to-
day were of so heavy a character that they bid fair
to precipitate an advance in the rate. Should they
continue for two or three days upon
their present scale, the Bank will have no
alternative. On the other hand, the directors
may argue that, as the pressure now experienced
arises chiefly from vague apprehension, the main-
tenance of the existing minimum may be the best
corrective. This is the view which seems to have
found most favour in commercial circles to-day. As,
however, au ultimate advance in the rate seems
inevitable, and as it is certainly hater that the
bullion reserve should be protected early than late,
many persons of judgment express a strong opinion
that the Bank would act wisely in putting up the
rate without delay.
In the Stock Exchange the supply of money con-
tinues abundant at 3to 31 per cent. on govern-
ment securities. Money is employed in these chan-
nels which would be available for investment in
mercantile bills were the condition of the discount
market lees disjointed.
No bullion was sold by the Bank yesterday. The
demand for the Continent, however, continues, and
it is understood that fresh amounts will be with-
drawn from the Bank unless supplies arrive soon.
The only remittance duo from Australia is 152,5001.
by the Red Jacket. The Edinburgh has arrived
from New York, but with only 3,400/.
The shipments of silver for the East by the
steamer of the 20th inst. will probably exceed
000,0001., including 250,000/. on government ac-
count for Hong Bong. The bulk is for China, but
the demand for India shows some revival.

At the meeting of holders of New Granada Bonds
yesterday the proposal submitted by the govern-
ment was rejected. The resolutions adopted were
as follows:

Resolved, that the proposal from the government of New
Granada, contained in the letter of Senor Martin dated
Oct. 2, and referred to in the letter of the Minister of Ft.
US, SC of that Republic dated July 16 last, cannot bs ac-
eabYeetatailke preetanotseven be appointed, and regmeted to
minter with the committee of Blemish American bondhold-
ers, for the purpose of making such moth:lons in the
proposal contained in his (Senor Martin's) letter of Oct. 10
as may be agreed upon, and that a committee be authorised
to conclude with Senor Martin an agreement founded themes.

By the mail just delivered from Australia it
appears that the transfer of the Geelong and Mel-
bourne Railway bad been definitively arranged en
the following terms, viz. :—The line was to be
made over by the company to the colonial govern-
ment on the sth September, up to which period the
arrears of interest at the guaranteed rate of 5 per
cent. from the sth April, 1858, would be paid,
together with the principal sum of 201. per share on
the colonial issue. The English shareholders to
be paid the principal and interest from the same
period up to the date of presentation of the share
and registration certificates, iu accordance with a
schedule taken from the London registers to the
31st December next, after which no further interest
will be allowed. The company's debentures of 7
per cent. (unredeemed) are to be exchanged fur the
Victoria bonds, bearing the same rate of interest,
the whole purchase being a charge upon the public
revenues of the colony, under the same act (1857)
as that on which the Victoria Six per Cents. have
been placed in this market. The associated banks
who negotiated the Victoria Railway Loan are ex-
pected to receive instructions from the colony by
the next mail to carry out the details of the transfer
on the foregoing terms.
The South Eastern Railway Company have leaned
a circular explanatory of a proposed addition of
750,000/. to their capital. 980,0001. is required
for their Charing-cross Extension, and other SUMS
for additional rolling stock, &c.
The London and North Western Railway traffic
return shows this week au increase of 2231.
The traffic receipts of the Grand Trunk Railway
of Canada for the week ending Sept. 29 were
16,6361. sterling, being 2,066/. more than for the
corresponding week of last year.
The traffic on the 687 miles of the South Austrian
line of the Lombardo-Venetian Railway Company
for the week ending Oct. 6 was 41,4271., being
3,0191. more than in the corresponding week of 1859
on the same number of miles • and that on the
Lomberdo-Venetiau line 5,7961., showing an in-
masse of 4071.
• - • -

-
WO find the following in the commercial article of
the Manchester Guardian:
It is understood that the subscription lid for the 200.0001.
Seven pee Cent. Bonds of the Atlantic and Great Western
(flew York) Railway CossFony, recently advertised. in nearly
filled, and that it will be closed in a few days. IL us
fiehiniance, the Spanish beaker, is one of the contractors of
this line.
The following ie a report on the market for
leather and hides :
The position and prices of leather remain unchanged this
week. The attendunce of buyers en Tuesday at Leadenhall
was not large, and the fresh etipplles were fully adequate to
an smote 'There was a good demand fcr go_d crop hales
above 40110., as weU as fur unshaved drawing hides. There
DO alteration to wake in plioool. Last weua's public ado
of foreign raw We. 41i0 not exhibit much buuyanm,
although the priers obtained were very slightly below those
of the preo ions sale. Many of the articles were sr:Wray&

Of nearly 106,000 East Lelia kips 56,000 only were sold.
Of 22,000 Australian hates only 8,500 were tioN By pei:
vet' contract there have been sold this week 1,000 salted
G. horse hides, 83165, at fts. This is 2s. per hide UMW
than the last quotation..
A report of yesterday's indigo sale is annewl :
The sale has gone without alteration ' • a fair pro-
perties sold, and with rather better spirit. The vale will
oboe early this day. 1,704 chest' pissed yesterday, of
which WO cheats were withdrawn, 218 chests bought In,
and 655 chests sold. Total quantity passed, 12,819 chests,
of which 4,262 have been sold, 6,631 withdrawn, and 1,726
bought in.

WSDNISPAT Evans.
Ceusole, which closed yesterday at 93, sellers."
for the Bth Nov., opened this morning at 93 to
and, after touching 93 1-16, " buyers," clotted at
94 to 93. For money the last price was 922 to
The official husinees report is as follows
Three per Cent. Consols, for money, 93, 92i, 96,
92e ; ditto, for account (Nov. 8), 93k, 93, 921 ;
Three per Cents. Reduced, 94„ ; New Three
'Per Cents., 916? it„ ; Thirty ears' Annuities,
expiring in April, 1885, 16/, 16 ; Bank Stuck, 229 k,
231, 229 ; India Stock, 219 ; ditto Five per Cent.
Stock, 1859, 104, f, 303, ditto Four per Cent.
Debentures, 1: ;W, ; ditto, 1859, 98i ; ditto
Bonds, 4a. dia., par ; Four per Cent. " maimed"
rupee paper, 79a ; ditto Five per Cent., %; ditto
Five-and-a-Half per Cent., 1021, 102.
Indian government securities were nut meek
inquired for. The Five per Cent. stock of 1859
closed at 103 to India Bonds were quoted as.
die. to par ; and Exchequer Bills, par to 3a. prem.
Mexican Bonds were in active speenlative request
to-day, and had risen at the clone to 22,1 to I.
There was also an improvement in Portuguese
Three per Cents.
Bank shares to-day were steady. The inquiries fee
Ottoman Bank oontinue. Peninsular and Oriental
Steam were quoted somewhat higher. Oriental
Inland Steam remain firm.

The new shared; of the Midland Rai:way C•m-
pany closed at 1 13-16 to 1 15-16 prem.
The closing quotations for shares in new under-
takings were as follow :—Ocean Marine Insur-
ance, 11 to 2f prem. ; Thames and Mersey Marin,e,
to 1 pram. ; Universal Marine Insurance,'} to
prem. ; London and Provincial Marine, I to d dia. ;
List India Irrigation, 1-16 dis. to 1-16 prem. ; Gul-
liver& Company, 1-16 die. to 1-16 prem.
Victoria Government bonds wen rather firmer.
Illinois Central Railway optional rights scrip was
quoted 4 to 4f.