The Express.
London, England, 1866-07-20 00:00:00

MONEY MARKET.-(THIS DAY.)

On o'CLuee.
The dock markets are generally Sane to-day,
owing to a rumour that an armistice has bees
agreed upon between Prussia and Austria, combined
with a large arrival of gold, chiefly from Australia.
Foreign bonds are in request, and better. Italian
bonds of 1861 are in chief demand, and exhibit a
somewhat important rise. Turkish of 1866,

r,ltowerer! are slightly flatter, there being
•
Ino official confirmation of the *dykes from

Paris announcing that arrangements have been
made by the Turkish government to pay on the

13th of October the overdue dividend. The shares
of the financial tbompanies are better, and bank
stocks show a favourable tendency. The English

funds improved per cent. in the morning, but
the present quotations are the same as yesterday.

British railways are steady. There is still an in-
quiry for American 5-20 bonds.
The demand for money is quiet this morning,
but it is expected to increase later in the day. The
supply of money is considerable, and good bills
are taken at 9 per cent., or 1 below the Bank of
England minimum.

Consols are now quoted 881 to f for money,
and 88* to 1 for the account (August 9).
Italian Bonds of 1861 are in good demand.
and have risen 1 per cent. Spanish Passive, the
Committee's Certificates, and Mexican have also
improved *, but Turkish of 1865 have declined to a
like extent. Turkish Bonds of 1862 are now
quoted 50 to 52, ex div. ; ditto of 1865, 28 to *;
Greek, 11 to 12 ; Spanish Passive, 191 to 90; ditto
Certificates, 151 to f ; Italian, 1861, 53* to 1,
ex div. ; Brazilian scrip, 21 to 21 dis. ; and Mexi-
can, 151 to 1.
United States 5-20 bonds are in demand, and
have risen * per cent., viz., to 691 to 701. Erie
Railway shares are quoted 42* to 1, being * better,
and Illinois Central, 77i to 78.
International Financial shares are now quoted
1/ to 11 dia. ; London Financial, 11 to 10 dis. ;
General Credit, 11 to 11 dia. ; Credit Foncier,
3 to 21 dis. ex div. ; and National Discount, 8* to
I Pre=

The steamer Great Britain arrived off Holyhead
this morning, from Melbourne, with 401,000/. in
gold. The voyage has occupied 65 days. The
China, from Alexandria, has also brought 206,0001.,
and the Bavaria, from New York, 132,0001. The
total by the three vessels is 739,003/.
Judging from the unfavourable character of
the Bank return published below, it seems un-
likely that the rate of discount will be lowered for
the next week or two. Occasional banking failures,
exports of gold to the Continent, and the rigorous
policy pursued by the Bank of England, have com-
bined to keep the public mind in such a state of
tension that there is no immediate sign of a
reflux of the hoarded notes.
The rise in Turkish Five per Cent. Bonds yester-
day was caused by the receipt of private telegrams
from Paris, alleging that tho Turkish government
has made arrangements for the payment, on the
13th of October next, of the half-yearly dividend,
amounting to about 800,000 f., which fell due on
this stock on the 13th inst., together with interest,
at the rate of 6 per cent. per annum, for the period
of default, viz., three months. This statement,
however, met with no confirmation. According to
the letters previously to hand it appears that the
Porte has been endeavouring to make arrange-
ments for a new loan based upon the
security of the additional 350,0001. of tri-
bute which the Viceroy of Egypt has
agreed to pay annually henceforward, in con-
sideration of the succession to the throne being
made hereditary. The mortgaging of this extra tri-
bute, if well managed, will probably suffice to give
the Turkish government three or four millions
sterling of ready money, but the present straitened
contlition of the London market has discouraged it
from applying here, while in Constantinople the
terms demanded by the firms consulted have been
so onerous that not even this easy-going govern-
ment has thought itself justified in conceding
them.

About 25,000 sovereigns from Alexandria were
sent into the Bank yesterday, while 00,0001. in bars
was withdrawn for Paris, owing to the absence of
supplies in the market. A considerable amount,
however, is now on the way from India and Aus-
tralia.

The steamer Tanjore will take to-day only 1,2401.
in specie for the East.
The weekly return of the Bank of France shows
the following changes :

Coin and bullion
Bills discounted
Government deposits lncrease 243,000
Notes in circulation
Private deposits
Advances
After • temporary check last week the stock
of coin and bullion has resumed its remarkable
upward movement, and shows now a fresh increase
of 576,0001. on the week. The decrease of 930,0001.
in the discounts argues a languid state of trade, and
the heavy withdrawals of private deposits some
distrust.

A meeting of the shareholders of the failed Bir-
mingham Banking Company took place yesterday,
when the liabilities were estimated at 1,800,0001.,
and the assets at 2,000,0001., showing an apparent
surplus of 200,0001. A resolution was passed in
favour of the formation of a new company on the
limited liability principle.
It has transpired that the acceptances of
Mews. Carleton Brothers, wholesale warehouse-
men, of Gutter-lane and Goldsmith-street, have
been returned. The books are in the hands of
Mr. White, the accountant, of King-street. The
amount of the liabilities is not known, but it is
presumed the assets will be considerable.
The North Eastern Railway traffic return shows
this week an increase of 2,9981. over last year ;
the Lancashire and Yorkshire, an increase of
4,216/. ; the Manchester, Sheffield, and Lincoln-
shire, an increase of 1,851/. • the North British, an
increase of 2,1641. ; the London, Chatham, and
Dover (including the Metropolitan Extension and
branched), an increase of 1,118/. ; the Metropolitan
Extension, en increase of 2631. ; and the Kent Coast,
a decrease of 9701.
The forthcoming dividend on Manchester, Shef-
field, and Lincolnshire Railway stock is officially
announced at the rate of two per cent. per annum
against one per cent. per annum for the corre
sponding period of last year.
The following is the sixth half-yearly report of
the directors of the London Financial Association
(Limited) to be presented at the general meeting
on the 25th nut. The balance of profit for the
half-year is stated at 22,0051., but this, together
with the sum of 60,1071. brought forward from the
31st December last, and the reserve fund of
100,0001., is "transferred to a special account, to
meet any depreciation of securities and also losses
when finally ascertained :"
The directors beg to submit to the shareholders the
annexed statement of accounts for the half-year ending
the 30th June, 1866. It will be seen that after payment
of current expenses, there remains a balance of 76,5811.
19s. at the credit of profit and loos. This amount, as
well as the reserve fund of 110,0001., the directors have
iraasferred to a special account to meet any depreciation
of securities and also losses when finally ascertained. The
past six months has been a period of unprecedented diffi-
culties, owing to monetary pressure and panic, but the
directors are happy to say that the obligations of the asso-
ciation have been met without the sacrifice of any securities.
The directors have to acknowledgc;with satisfaction the
willing co-operation and assistance given by several large
and influential shareholders, of whom a committee wee
formed with the sanction of the directors, to examine and
consider the affairs of the suiaociation, and to report thereon
for the information of the shareholders at large. 'The report
of the committee is forwarded herewith. The directors
much regret to announce that, after mature deliberation,
they are of opinion it is inexpedient to recommend the
payment of a dividend for the past half-year. Four VILCIIII-
cis, have occurred in the direction by the reitizensent of