The Express.
London, England, 1866-08-21 00:00:00

MONEY MARKET.-07118 DAY.)

Ox* o'Ouroz.
The stock markets are generally firm to-day, and
a further advance has taken place in prices. It is
anticipated in many quarters that the Bank rate of
discount may be reduced next Thursday, in conse-
quence of the rapid influx of bullion to that
establishment, and the announcement of the
transmission to England of about 900,0001.
in Australian gold, the bulk of which is expected ,
to arrive at the end of the present week. The dul-
ness yesterday of the corn market is also regarded
as a satisfactory feature. On the other hand
there is a demand for specie for New
York, and the Allemania will take to-day

about 102,0001. The funds exhibit an improve-
ment of per cent. Foreign bonds, British rail-
ways, American securities and banking shares
participate in the upward movement, but financial
stocks remain quiet.
' The demand for money continues extremely
moderate, and the supply large. The general rate
for good bills is
.7i per cent., but exceptional
transactions are reported at 7, or 1 per cent. below
the charge at the Bank. In the Stock Exchange
short loans are obtainable at 5 per cent.
Consols are now quoted 88 to j for money,
and 881 to 89 for the account (September 6).
Foreign stocks are firm, and a rise of j per
cent. has occurred in Spanish Passive, the
Committee's Certificates, and Italian of 1861.
Turkish of 1856, however, have declined j.
Turkish Bonds of 1862 are quoted 44 to 54 ;
ditto of 1865, 261 to 26 ; Greek, 11 to ; Spanish
Passive, 19# to I ; ditto Certificates, 14} to t ;

Italian of 1861, 52f to f ; Brazilian scrip, if to 11
dis. ; and Mexican, lei to j.
American securities are in strong request, at an
improvement. 5-20 Bonds have advanced per
cent. ; Erie Railway shares, If ; and Illinois
Central, f. The present quotations are as follows :
[5-20 Bonds, 691 to 70 ; Erie Railway shares, 44}
to 1 ; and Illinois Central, 76 to f.
, Anglo-American Telegraph shares are in demand.
l and have risen to 111 to 12, being 7s. 6d. better
than yesterday. Atlantic Telegraph are also 2s. 6d.
higher, at 3i to
International Financial shares are quoted 11 to
1f dis. ; London Financial, 13 to 12 dia. ;

general Credit, 21 to die. ; Credit Foncier,
n to 3 dis. ; and National Discount, if to 8
prem.
About 108,000 sovereigns from the Continent
and 62,0001. in bar gold were sent into the Bank
yesterday, making a total of 170,0001.
The steamer Tanjore, which arrived at Marseilles
on Friday last with the light portion of the Cal-
cutta, China, and Australian mails, brought
' 66,0001. in specie for England. The Nyanza is
expected to reach Southampton on Friday next
with the heavy part of these mails, in addition to
the large sum of 607,0001. in gold, of which about
505,0001. is from Point de Gallo (chiefly received
there from Australia), and the rest from Calcutta
and Madras. The Kent is also on the way from
Melbourne to England with 161,5001. • the General
Grant, with 10,5001. ; and the William Duthie,
from Sydney, with 14,5001. The aggregate
is 859,5001.
The bills have been returned of Mesas. Young-
husband and Co., in the Australian trade. The firm
has been established about nine years.
The dividend on North and South Western Junc-
tion Railway stock is officially announced at the
rate of 6 per cent. per annum, and on Dublin and
Belfast at the rate of 4. The e'stribution in the
former came at the corresponding period of 1866
amounted to 5, and in the latter to 4.
A call of 201. per slstre, p-yable on the Ist of
September, ham been made upon the shareholders
of the Humber Ironwor'..s and Shipbuilding Com-
pany (Limited). The shares in this concern are of
501. each, upon which 20/. has already been paid.
Annexed is a communication on the recent
default by the Turkish government in paying the
July dividend of the Converted Internal, or
General Debt. It is to be feared that in many
cases the non-payment has been productive of
much worse than mere " inconvenience," however
great :

-
To vim EDITOR OP THE EXPRESS.
Sir,—The delay which is taking place in the payment of
the dividend on the Five per Cent. Turkish Stock of the
General Debt is really very inconvenient to the majority
of the holders. Is it then too much to expect the General
Credit and Finance CompanT, who introduced this scheme
to the public here with q.4lte a Amish of trumpets, to
come forward to protect our intereats ? Ido not see that
they have made a single step towards hel • us yet. Or
dues that company consider it hono le to allow its
interest in this stuck to cease now that it has realised the
very handsome rofit which, if report speaks truly, they
have made out of this transaction am, &a,
London, August 20. A VICTIK. I
The traffic receipts on the Atlantic and Great
Western Railway for the last week in July were
125,070 dols. against 138,063 doh. in the same pe-
riod last year, showing a decrease of 12,993 dots.
The total receipts for the month amounted to
462,674 doh. against 472,483 dols., being a de-
crease of 9,809 doh.
The South Eastern Railway traffic return shows
this week an increase of 1241. compared with the
corresponding period of 1866.
The Calcutta Price Current for the Gth July con-
tains the following remarks on the East Indian
markets :
---• • • •

Stock and Money Market.—Though the fortnight has
without bringing intelligence from London or
passed
Bombay of further disasters, and no fresh failures have
taken place here, the distrust continues very great ; dis-
counts are not obtained without much difficulty, and busi-
ness generally is greatly restricted. During June imports
of specie were Zit lakhs gold and 704 Labs silver, exclu-
sive of 13 lakhs by government ; and since the let instant
about 25 Lithe have been received from China. Exports in
June were 84 lakhs silver, and 111 lakbe gold ; of the
latter 9 lakhe were sovereigns shipped for England. On
the sth the Bank of Bengal reduced its rates 2 per cent.
Eachange.—More business was done for outward mail of
30th ultimo via Bombay than bad been noted for several
mails previously, at 2-04 to 241 for bank bills ; 2-0 j for
first class credits, end 2-14 for documents; but since then
the demand for paper has quite fallen off, and transac-
tions for outgoing mail are very limited ; rues are the
same, except that the Oriental Bank Corporation gets 2-04
for bills ou London at six months sight. It is worthy of
remark that whereas previous to the outward mail of Bth
May there were upwards of ten banks competing a .th
each other and with private buyers in the market for bills,
since the mail of T2nd May was despatched there have
been virtually only two banks in the field.
Subjoined are extracts from Traver' Circular on
the present position of the money market. I will
be observed that the views expressed afford a
marked contrast to the opinions which until a very
recent period were steadfastly held by some of our
more prominent commercial authorities :
The effect of the reduction of the Bask rate of discount
this week from 10 to 8 per cent. will be more felt in the
provinces and on the continent than in London itself,
where it has been anticipated for some
days past, although
lest week no change was expected for some time to come.
The relief has been principally afforded by unlocked for
arrivals of gold from New Zealand, andcertainly time
that means were found to render the money market inde-
pendent of such accidental causes. In the country the
immediate effect of the reduction will be to a certain ex-
tent to promote trade, which for some time past
has been languishing, whilst on the continent
a greater degree of confidence will be felt in
our financial engagements, not so much perhaps on account
04 the actual amount of reduction, which still leaves the
Bank minimum at a far higher rate than is compatible
with an tuireecrieted commerce, but because it will be re-
garded as the commencement of still further reductions,
and consequently as • sure indication of returning eta-
bing. The reserve is still a million and a half below the
minimum which the Bank directors wished to reach ; but,
on the other band, the quantity of gold received by the
Bank during the peat week has been very considerable,
whilst there have been no withdrawals of any magnitude
for export. Subjoined Le comparison of the present posi-
tion of the Bank and the price of Consols, compared with
the corresponding date of last year:
At present. Sane data lad Tear.
£14,150,956 £14,180,543
3,611,605 ... 5,917,905
24,540,090 ... 21,974,945
8 per ce
89ient. ... 4 per cent.
BEI

Bank bake
Bank reserve
Notes in circulation .
Rate of discount
Price of Comb