The Express.
London, England, 1867-10-03 00:00:00

4 4
103 104

011 o'Osoca.

The stock markets opened this morning with •
better tendency, and, although a partial reaction
has since occurred, prices in many cases are higher
than they closed last evening. There is more dis-
position to buy in consequence of the contradic-
tion given in the French papers to the ad-
verse rumour of yesterday, but a great deal
of sensitiveness is still apparent. Some
of the dealers ref use to enter into fresh
transactions until the arrival of the quotations from
the Paris Bourse. Business in the Stock Exchange
for some days to come will be chiefly regulated by
the course of prices there. Consols have advanced
6 per cent., and British railway securities 6 to 11.
A few of the foreign bonds are slightly firmer. At
the commencement Italian Bonds experienced a
fresh rise of 4 per cent., but have since given way,
upon a pressure of sales, and are now d below
the last quotation of yesterday.
In the discount market there is • fair demand for
money, principally in connexion with the bills due
to-morrow, the 4th of the month. The supply,
however, is still extremely large, and choice bills
are freely taken at # per cent. below the Bank
minimum. Short loans on English government
securities are still offered in the Stock Exchange at
1 per cent.
Consols are quoted 944 to for money and the
Bth inst., and 944 to 4 for the November settle-
ment. The Three per Cents. Reduced and New
Three per Cents. are at 926 to #, ex div.

There is no increased demand for British railway
stocks, and prices generally are firmer. Midland
and Brighton have improved f per cent. ; Cale-
donian, South Eastern, Great Eastern, and Great
Northern, 4 ; and Metropolitan, London and North
Western, and London, Chatham, and Dover, 4.
Subjoined we the quotations :—Metropolitan,
1231 to 124 ; Great Western, 471 to 48 ; Lon-
don and North Western, 114 to 4 ; Midland,
1204 to I ; Lancashire and Yorkshire, 127 to 4 ;
Caledonian, 1031 to 1044, ex div. ; South Eastern,
683 to 4 ; Great Eastern, 314 to f ; Great
Northern, 1101 to 1114 ; ditto A, 1164 to ; Lon-
don, Chatham. and Dover, 194 to f ; North
British, 321 to 331 ; and Brighton, 534 to 54.
The foreign stock market is slightly firmer, and
Turkish of 1865, Spanish Passive, and the Com-
mittee's Certificates exhibit a rise of 4 per
cent. Italian of 1861, however, are f lower
than yesterday at 454 to 464. Turkish of
1862 are at 61 to 62 ; ditto of 1865, 314 to 4 ;
Greek, 133 to 14 ; Spanish Passive, 19 to 4 ;
Certificates 161 to 4 ; Egyptian, 1864, 82 to 83,
ex div. ; and Mexican, 15 to 4.
American securities are in request at an im-
provement. The 5-20 bonds are quoted 72 to 4,
showing a rise of 4 per cent. Erie Railway shares
42 to 4, being If better ; and Illinois Central, 77
to 4—an advance of 1.
Anglo-American Telegraph shares have advanced
2s. 6d., viz., to 174 to 4, but Atlantic Telegraph
Eight per Cent. Preference are unaltered, at 34 to 4.

Bank shares are without change of importance,
but Imperial Ottoman are inquired for, at 11 to 01
dia. London and Westminster are quoted 68 to
69 ; Union of London, 37 to 38 ; Alliance, 11
to 9 dia. ; Chartered Mercantile of India, 284 to
291 ; and London and County, 55 to 56.
Financial shares present no movement. Inter-
national Financial aro called 21 to 1/ dia. ; London,
23 to 21 dis. ; General Credit, 21 to 2} dia. ;
and Credit Fonder, 51 to 5/ dis.
The usual half-yearly interest at the rate of five
per cent. per annum upon the shares of the Fair-
bairn Engineering Company (Limited) is announced
for payment on the 10th inst.
A. meeting of the shareholders of the Great
Luxembourg Company will be held on the 9th
inst., preparatory to the general meeting ad-
vertised to be held in Brussels on the 19th.
Some ground is afforded for a suspicion that
the shock to the continental markets which
has reacted so prejudicially hers is con-
siderably aggravated by financial difficulties.
Thus, a fall on the Paris Bourse has been pre-
pared by the long veiled but now notorious em-
barrassments of the Credit Mobilier Society, the
collapse of which has spread consternation amongst
a vast multitude throughout France ; while the
extreme sensitiveness of Italian stock is aggravated
by the knowledge that the financial necessities of
the government are so pressing, now that the
Church Lands Loan scheme is in jeol ardy, as to
engender doubts respecting the ability of the
government to provide funds for the payment of
the n •xt dividend, unless on very onerous terms.
In so far as the fall on the continental bourses may
be traced to financial causes, there 14,f course the less
ground for discouragement here ; and in any case,
however great may be the elements of political dis-
turbance abroad, the question as to what is
to be done with the vast mass of idle money
must soon begin to press more forcibly than any
other. It is true that the public do not invest at
present prices, because they are still vaguely dis-
trustful, and because they know that the first effect
of political embroilments abroad would be a fall in
our funds and in allpther securities; while bankers,
apparently arguing in the same way, are ready to
lend to any amount upon good stocks, but are loth
to buy. It must be borne in mind, however, in
estimating the probable course of prices in the
future, that even war on the Continent, instead of
relieving the glut of money here, would rather
have a tendency to increase it, by driving capital
to this side. It seems reasoniblo to infer, there-

fore, that prudent capitalists will not be doterred
from continuing their investments in such solid
stocks as are likely to be exempt in the largest

degree from the influence of continental turmoil.
About 45,000 sovereigns from Sydney and 3,000
from Lisbon were sent into the Bank yesterday,
making a total of 423,000/. for the week, while
only 10,0001. has been withdrawn in the same
period for exportation. At the turn of the quarter,
however, there is usually some absorption of coin
in the provinces.
The Seine, from Brazil, has brought 15,9971. in
specie, and the Cimbria, from New York, 7,0001.
The bidding' for bills on India took place yester-
day at the Bank of England. The amounts allotted
were :—To Calcutta, 960,000 rupees, and to Madras
40,000 rupees. The minimum price was fixed as
before, viz., at Is. llfd. on Calcutta and Madras.
Tenders at Is. no. will receive about 13 percent.
Those above will be allotted in full. No tenders
for bills on Bombay were invited, owing to the
expenses of government there in connection with
the coming war in Abyssinia.
With reference to the difficulties of Messrs. Peter
Buchanan and Co., of Glasgow, it is understood
that the house has branches at Montreal and Ha-
milton (Canada West), and at New York. It is
stated that the Montreal firm of J. Buchanan and
Co. is entirely unconnected with any other branch
of the business, and composed of different part-
ners, except the senior, Mr. Isaac Buchanan, who is
partner in all the firms. The Montreal house, it is
affirmed, will duly meet all engagements.
New York advice' announce the failure of Mews.
Gill, °Wets, and Noyes, tea merchants, for
100,0001., through buying goods for gold and
selling for currency. From Boston we learn of the
bankruptcy of George L. Schuyler, of the firm of