The Express.
London, England, 1867-12-12 00:00:00

MONEY MARKET.-(77118 DAY.)

011 o'Ozaez.

The English funds are steady, at the improve-
ment of yesterday, and foreign bonds are firmer.
Home railway stocks, however, have again given
way, upon additional sales. The speculators for
a fall have been emboldened to enter into fresh
transactions by an increase in the supply of floating
stock, together with the absence of any satisfactory
information with regard to the financial position of
most of our leading lines. Financial and banking
shares have been very little dealt in, and show no
variation apart from a reduction of 11. in Bank of
England, viz., to 241 to 243. The attention of
the dealers is still directed to preparations for the
fortnightly settlement to-morrow.
The discount market is quiet, but the lowest
quotation for bills is lE to 2 per cent. Advances
for a few days, on English government securities,
are in request in the Stock Exchange at per
cent.

Consols are quoted 924 to 93, ex div., for money,
and 93 to t, ex div., for the account (January
7). The New Three per Cents. and Three per
Cents. Reduced are firm, at 921 to 93.
Railway stocks have declined, the dealings show-
ing a preponderance of sales. The reduction
ranges from to 1 per cent., the principal
movement being in Metropolitan, Caledonian,
and Great Northern. Annexed are the prices
Metropolitan, 114& to 1154 ; Great Western, 444 to
; London and North Western, 1144 to 2; Mid-
land, 1104 to 111 ; Lancashire and Yorkshire, 123
to 4 ; Caledonian, 74 to 4 ; South Eastern, 67 to ;
Great Eastern, 301 to 31; Great Northern, 1074 to
1084 ; ditto A, 1101 to 1 ; London, Chatham, and
Dover, 18L' to ; North British, 321 to 331;
Brighton, 511 to ; Berwick, 99; to 100 ; and
York and North Midland, 94 to 95.

Turkish Bonds of 1862 have improved per
cent —viz., to 62 to 63 ; and Spanish Passive New
Three per Cents. and Certificates, as well as
Italian of 1861, are tot better. The quotations are
as follows :—Turkish of 1865, 33f to j ; Greek, 121
to 13; Spanish Passive, 254 to ; ditto New
Three per Cents., 34 to 36 ; ditto Certificates, 19.1
to ; Italian of 1861, 45; to ; Egyptian of 1864,
83 to 4. ; and Mexican, 151 to 16.
United States 5-20 Bonds are in request, and
have advanced par cent.-.-viz., to 712 to 72,
owing to a further fall in the premium on gold at
New York. Erie Railway shares are called 48
to ; and Illinois Central, 89 to 4, being steady.

Atlantic cable shares are inactive. Anglo-Ame-
rican, 181 to i; and Atlantic Telegraph right per
Cent. Preference, 4 to 41.

Bank shares are quiet, with few transactions.
London and Westminster are quoted 69 to 70 ;
Alliance, 11 to 10 dis. ; Imperial Ottoman, 1
to Of dis. ; Oriental Corporation, 424 to 434 ;
London and County, 541 to 534 ; and Union of
London, 36 to 37.

The market for financial shares is inanimate, but
International Financial are 2s. Gd. higher, at 21 to
2 dis. ; Loudon Financial, 221 to 211 dis. ; Ge-
neral Credit, 21 to 2 die. ; and Credit Funcier,
si, to 61 die.

At a meeting of the creditors of Messrs. Yates
and Corkling, commission merchants, held yester-
day, at Manchester, the liabilities were (stated at
28,3071., and assets at 7,3561. It was resolved to
accept a composition of 6s. in the pound. The
trade losses of the firm were estimated to exceed
50,0001.

With reference to the ISoci4t4 Generalen'ile
I'Empire Ottoman ; it is notified thatthe Coupon
of interest No. 3 of Six per ACent., for the year
1867 upon the 81. per share 'paid, and amounting
to P. 52.5600, will be paid at Constantinople, on
the 2nd of January.

A petition for the winding up of the London
Flour Company (Limited) is to be heard before
Vice-Chancellor Stuart on the 20th inst.

Creditors of the China Steamship and Labnan
Coal Company (Limited), resident in Europe, are
required to send particulars of their claims to Mr.
J. B. Gibbons, one of the liquidators, by the let of
January, and those resident elsewhere by the let
of June.

The general meeting of the Bahia Steam Navi-
gation Company will be held on the 20th inst.

HALF-PAST ONE O'CLOCK.

Consols and foreign bonds are without alteration,
but some of the railway stocks, including Metro-
politan and Caledonian, exhibit a recovery of
to if per cent. South Eastern is better.
. . .

Little notice seems to have been attracted to the
statement amongst the'foreign telegrams a day or
two ago that the Egyptian Government has refused
to pay the tribute to Turkey, upon the plea that it
has a set-off on account of the expenses of the
Egyptian troops who were employed in putting
down the insurrection in Crete. The source or the
statement is believed to be a Russian one. Sup-
posing that there are grounds for it, it may possibly
relate to the additional tribute of Z. 1,000/. per
annum which the Egyptian ruler agreed, by a
convention entered into last year, to pay to the
Sultan, in consideration of the succession to the
vice-royalty being made hereditary in his family,
combined with other privileges. Any irregularity,
if only temporary, in meeting the dividends
on the Turkish Loan of 1854, which has
a special and first lien upon the 280,000!., being
the original amount of the Egyptian tribute (and
which funds are remitted direct from Alexandria
to London for the service of that loan, without
passing through the hands of Turkish officials),
would have so prejudicial an effect upon the credit
of Egypt itself, that no room is left to suppose any-
thing of this kind. Probably it is only a question
of the adjustment of some accounts between the
two governments. A consideration of more im-
portance is perhaps the effect which the withhold-
ing of any funds expected from Egypt may have
upon the general position of the Turkish treasury,
and upon its ability to meet the engagements im-
mediately accruing. Upon this point it is satisfac-
tory to be able to refer to &statement in the .Lturtnt
Herald of the 20th ult. (and reproduced
by us on the 29th), that, owing to the
conclusion of a loan negotiation for a sum of
2,000,000/. at Constantinople, the January coupon
on the Turkish 5 per cent. General Debt has been
" placed beyond all chance of disappointment."
With regard to the forciyn debt of Turkey, we gave
on the 26th ult. an official memorandum announc-
ing that the agencies of the Imperial Ottoman
Bank in London and Paris had then "received
nearly the whole of the funds required for the
dividends and sinking funds due next January on
the foreign debt of Turkey."
About 30,0C9/. in bar gold was taken from the
Bank yesterday for the continent. Since the date or
the last return 220,C301. has been wiJulrawn, and
only 11,0001. sent in. The demand for exportation
has diminished, but further moderate sums may be
taken from the Bank in the absence of supplies
from Australia and elsewhere.
The steamer Roman, for the Cape of Good Hope,
has taken out 30,000!. in specie. The Bangalore,
for Bombay, has only 1,000!. in gold.
The London and North Western Railway traffic
return shows this week an increase of 3,033!. over
I last year ; the Midland an increase of 4,0741.: the
Great Northern an increase of 7551. ; the Great
Eastern an increase of 1,621/. ; and the Great
Western an increase of 8561.
The traffic return of the Grand Trunk Railway
of Canada for the week ending the 23rd ult. shows
an increase of 393/. over the corresponding period
of 1866.