The Express.
London, England, 1866-09-22 00:00:00

MONEY MARKET.-(THIS DAY.)

on olOwax.

The dealings in the Stock Exchange are still upon
a very limited scale, and the variations in prices
to-day are few and unimportant. The holidays,
the wet weather, and the calla now being made
upon shareholders in companies in course of liquid-
ation, tend to prevent any revival of business at the
moment, althoughthe tendency of the money-market
is still downwards, andthe arrival is announced of
about one million sterling in gold from Australia
and India by the steamer Poonah, nearly the
whole of which is expected to be sent into the
Bank of England next wcek. The funds, the
transactions in which still consist chiefly of sales,
show a fresh reduction of * per cent. Some of the
British railway and foreign stocks have also de-
clined IV to 1. Financial shares are dull, especially
London Financial.

The discount market is quiet to-day, with few
transactions, and the rate for good bills is without
variation, at 4* to I per cent. Short loans on
Engliah government securities are obtainable in
the Stock Exchange at 31 per cent.
Consols are now quoted 89 to k for money, and
89* to for the account (Oct. 9).
In the foreign stock market Turkish of 1865,
Spanish Passive, and Italian of 1861 have declined
* per cent. Greek and Mexican are dull, at the
reduction of yesterday. Turkish Bonds of 1862
are now quoted 56 to 58 ; ditto of 1865, 31* to
; Greek, 15* to I ; Spanish Passive, 22* to ;
ditto Certificates, 15 to ; Italian, 1861, 56* to
; and Mexican, 15/ to 16/.
American securities are steady, at the closing
prices of yesterday. 5-20 Bonds are now quoted
72/ to / ; Erie Railway shares, 47/ to 481 ; and
Illinois Central, 781 to I.
Anglo-American Telegraph shares continue in
request, and have risen 7s. 6d., the present quota-
tion being 17k to / ; and Atlantic Telegraph are
also 2s. exl. better, at 6/ to k.
International Financial shares are quoted I/ to
1 dis. ; London Financial, 13* to 13 dis.; rleneral
Credit, 1/ to I* dis. ; Credit Fonder, 3/ to 3*
dis. ; and National Discount, 9to prem.

HALP-PAST Two o'Ctoca.
Consols are unaltered, at 89 to for money, and
89} to I for the account.
At Paris this morning the Three per Cent. Rentes
opened at 69fr. 30c., showing a decline of per
cent. since yesterday.
About 5,000/. in bar gold and 60,000 sovereigns
from the Continent were sent into the Bank yester-
day, while 50,0001. in American eagles was with-
drawn for transmission to New York.

It appears that the quarter of a million in silver
which has been received here this week from India
was remitted by the government in India in dis-
charge of its indebtedness on this aide. According
to some of the advices further amounts will come
in the same way by succeeding packets.
On Change yesterday afternoon there was again
a demand for bills on Belgium and Frankfurt, and
the rates were somewhat less favourable for this
country. The Hamburg exchange, however,
slightly improved. The usual list is subjoined :
Amsterdam, 3 months, 11.19 to 11.196 ; ditto, short,
11.161 to 11.18 ; Rotterdam, 3 months, 11.19 to 11.196 ;
Antwerp, 3 months, 25.45 to /1.50; Brussels, 3 months,
2.5.45 to 25.50; Hamburg and Altona, 3 months, 13.8..1 to
13.81 ; Berlin, Cologne, &c., 3 months, 6.27 to 6.276;
St. Petersburg, 3 months, 291 to 281 ' • Paris, short, 25.20
to 5.30 •, ditto, 3 months, 2.5.40 to 25.45 ; Marseilles,
3 months, 25.40 to 25.45 ; Frankfort-on-the-Maine,
3 months, 1191 to 120; Vienna, 3 months, 13.20 to
13.25; Trieste, 3 months, 13.20 to 13.25; Madrid, 3 months,
44 to 45A ; Santander, 3 months, 46 to 456 ; Cadiz, 3
months, 461 to 464 ; Seville, 3 months, 47 to 461; Malaga,
3 months, 461 to 464 ;Valencia, 3 months, 47 to 461 ; Bar-
°elms, 3 months, 48 to 471; /tilbao, 3 months, 464 to
46 ; Saragossa, 3 month., 464 to 46 • Leghorn, 3
months 26.45 to 26.5.1 ; Genoa, 3 month. %.45 to
26.55 ; Naples, 3 months, 26.45 to 36.55 ; Palermo, 3
months, 26.45 to 26.55 ; Meseina, 3 months 26.45 to
26.55 ; Liston, 90 days' date, 516 to 511 ; Oporto, 90 days
date, 511 to 511.
A telegram received in London announces the
failure of the Bank of Upper Canada, an under-
taking established in 1822, with an authorised
capitalof 800,000/. of which 387,457/. has since been
paid up. The total! liabilities of the bank on the
31st of July last, according to the statement pub-
lished in the Omuta Gazette of the Ist inst.,
reached 747,135!., and the assets 1,145,735!., thus
showing an apparent surplus of 398,6001. This
concern held a very high position in Canada for a
long period, but about five years ago, upon the
I death of Mr. Hideout, the manager, its affairs
were ascertained to be much involved, through

imprudent advances to a large extent. Upon this
fact becoming known, the government withdrew
their balance, and the business has since expe-
rienced a gradual diminution, while the shares are
stated to have been unsaleable. The bank had at
one time eight branches sad fifteen agencies, but
some of them are understood to have been recently
closed.
The Caledonian railway traffic return shows this
week an increase of 618/. over last year.
The following is a copy of a telegram which has
been received from the agent of the Scinde Railway.
It would appear that the damage done to the line
by the late severe rains has been leas than was
anticipated :
Kurrachee, Sept. 17.—Line open through last three
days. Traffic good. Other railways suffered more. Rain
unprecedented ; 40 inches within 48 hours. Increased
rates sanctioned will add 30 per cent. to revenue.
The following is from the financial circular of
Messrs. Smith, Martin, and Co., dated New York,
the 6th inst. :
The extraordinary revenues of the Treasury for the
month of August have enabled the secretary to reduce the
principal of the public debt to the extent of thirty-seven
millions, and to add to his gold balances in the Treasury
fifteen millions of dollars. The Bret-named sum was paid
out of his internal revenues in currency, and the latter
accumulated from his customs' revenues in gold. The pre-
sent and recent rate of reduction of the principal of the
debt, averaging, say 25,000,000 dole. per month since Ist
of June, is not only unprecedented in the finances of the
great States of the old world, but affords promise of the
early extinguishment of the entre public debt of the
United States. It is not out of the way to repeat our
previous calculation, that by the close of the new fiscal
year, ending 30th June, 1867, the interest-bearing or
fooded debt of the United States will not exceed two
thousand millions of dollars. The internal taxes, or ex-
cises of the month past amounted to 37,500,000 doles., and
the customs duties 17,500,000 dols.—the latter being
exclusively in gold. The price of gold, which left
off on the 6th August, 1471, has fluctuated up to
151 i and down to 1451 per cent., closing 146 per cent.
to-clay. The cash gold, moat of the intervening time, has
bees scarce, and at one time as much as Iper cent. a day
was paid by the shorts for its use. In the last week or ten
days the difference has been j to 3-16 of 1 per cent. • day
—occasionally less. The market has been partially
weakened by receipts, and Atlantic Cable advice' of ship-
ments from Europe to pay for United States 5-20's, which
have been in great demand for nearly every outward
steamer. The 62's sold last week as high as 114 per cent.
They are now 111} to 1111 per cent. In other United
States bonds the business has been very large for domestic
employment, and the new 5.20's of 1865, in the face of
sales by the government, and conversions of 7-30's to the
extent of 34 000,000 dollars, have steadily advanced 2i to 3
per cent. The money market has worked easy at 4 to 5
per cent. on call to our brokers, and sto 6 per cent. for
choice merchart paper. After paying off 43,000,000
of One Year Certificates of indebtedness in July, the Secre-
tary paid off 73,000,000 dollars of 5 per cent. deposits on
26th August. About 15,000.000 dollars of the latter
have not yet been presented for payment, although
the interest ceased on the day named, and the over-doe
eertifisates are row ranked with the matured debt not
presented for reimbursement. The influence of these
Treasury movements has been, ar d is dill, to ease the
market for money. They have also let loose • large
amount of national Bank notes, which had accumulated
in the Treasury from internal taxes, ke., and which are
now going out to the south and west to move the new grain
and cotton crops. Meanwhile the city banks have accu-
mulated 22,000,000 doles in legal tender notes (by far the
largest amount ever before reported), so that if further as-
sistance in the way of currency should be required for the
approaching crop movement, it can be readily extended
without oppressing the market in New York. It is pos-
sible, however, that later in the season money may com-
mand better, and, in some respects, more healthy rates of
interest than have been prevailing through the lsat sixty
or ninety days. The new crops, we are pleased to add,
continue to promise a heavy fall traffic on the railways,
besides inducing, as already man, a large trade in foreign