The Express.
London, England, 1866-09-06 00:00:00

FRESH REDUCTION IN THE BANK RATE

OF DISCOUNT.

thgs o'Ctues.

The directors of the Bank of England, at their
weekly court to-day, have made a fresh reduction
of 1 per cent in the minimum rate of discount,
which is now lowered from 6to 5 per cent. This
announcement has been received with satisfaction,
and has served to confirmthe favourable feeling which
has lately become manifest in the various depart-
ments of business. The reduction having been
generally looked for in the Stock Exchange,
however, public securities, though firm, and show-
ing a favourable tendency,] ,haveg not ex-
perienced any important movement. Con.
sols, in which this is the monthly settling
day, are well supported at the advance which
took place yesterday afternoon.A few of the
chief British railways are about per
cent. higher. Foreign stocks in some instances
are fractionally better ; in Turkish of 1865 there is
a rise of 4 per cent. Animation continues to pre-
vail as regards the shares of the companies inte-
rested in the Atlantic Cable.

The discount market is quiet, with very little
demand ; but as the rates have been reduced for
some days past, the change now notified
by the Bank of England has had little influence
upon the terms out of doors. Good bills are taken
at 5 per cent., with occasional transactions at 41.
There is an impression that the present Bank
minimum of 5 per cent, will probably be main-
tained for some time to come.

Consols are now quoted 89f to I for money,
and 891 to 90 for October. _ _

Foreign stocks are firm, with a favourable ten-
dency, but without much business. There is an
advance of per cent. in Turkish Bonds of 1865,
in Italian of 1861, and I in Spanish Passive. Some
of the present quotations are subjoined, viz.:—
Turkish Bonds of 1862, 51 t 053 ; ditto 1865, 28 to ;
Greek, 14i to 15; Spanish Passive, 231 to ; ditto
Certificates, 15i to / ; Italian, of 1861, 55/ to 56} ;
and Mexican, 16/ to 17. _

American securities are steady. 5-20 Bonds are
quoted 721 to 73} ; Eric Railway shares, 464 to ;
and Illinois Central, 79 to it.

International Financial shares are quoted 1i to
oi die. ; London Financial, 13 to 124 die. ;
general Credit, to 1 die. ; and Credit Fonder,
S to 23 die.

Anglo-American Telegraph shares hare again
risen 10s., being quoted 161 to f, and Atlantic
Telegraph Preference are firmer at 4i to g.
It appears from a Gazette announcement that
the interest on the March Exchequer Bills has been
fixed for the ensuing half year at the rate of 4 per
cent. per annum.
The following, relating to the debt of New
Granada, was posted up in the Stock Exchange
yesterday : _ . .

NEw GRANADA DIRT. 11011111. Baring Brothers and
Co. have this day received a remittance on account of New
Granada dividends of 1,480/. from the custom-house of
Santa Marta. _ _

London, Sept. 5, 1866.

- . .
The amount of gold sent into the Bank yesterday
was 71,0001., principally in bars. This makes 'a
total gain to the Bank of 406,0001. on the foreign
movement of the week, afterdeducting the 150,0001.
exported.
The screw steamer Leda arrived yesterday
from Oporto, with 13,328 sovereigns and 1,200/. in
Portuguese silver, which has been sent to the Bank
of England.
The Saxonia has arrived from New York with
7,1001. in specie for England, besides a small sum
for Hamburg.
The biddings for bills on India took place yester-
day at the Bank of England. The proportions al-
lotted were—to Calcutta, 2,514,300 rs. ; to Madras,
30,000 rs. ; and to Bombay, 10,000 rs. The mini-
mum price was fixed at is. 101t1. on Calcutta and '
Madras, and Is. 100. on Bombay, at which rates
tenders will receive in full. This indicates little
revival in the demand for the means of remittance
to India, inasmuch as, of the 350,0001. of bills
offered, only 255,400/. have been sold. The govern-
ment minimum, however, has been fixed Id. per
rupee higher than on the last occasion.
Through the Oriental Bank Corporation there
is announced a New South Wales Oovernment
Loan for 850,0001., in 5 per cent. deben-
ture bonds at 90 per cent. These bonds are to be
redeemed by annual drawings, to the extent of
100,0001., commencing in December, 1867, and the
entire loan is to be paid off by the Ist June, 1875.
The proceeds of the loan are to be applied to
public works in the colony—viz., railways, water-
supply, sewerage, &c. Taking into account the
terms of repayment, the loan yields an average
interest of about 9 per cent. per annum. The
tenders are to be lodged by 2 o'clock on the 20th
inst.
The foregoing is the first of the new loans an-
nounced since the improvement in the money
market set in. It is said, however, that negotia-
tions are in progress for the launching of loans for
Sweden, Italy, and Brazil.
The exports from Liverpool to New York of cot-
ton, woollen, linen, and other British manufactures
have exhibited a very considerable movement since
the beginning of the year. The returns from the
circulars of Messrs. Guion and Co. are as follows :
January, 25,257 packages; February, 17,986 ;
March, 14,614 ; April, 9,055 ; May, 9,499 ; June,
11,469 ; July, 12,990 ; August, 14,143. It is well
known that there was an excess of our manufac-
tures exported for the spring trade, beginning in
October last. There has been more caution exer-
died for the autumn season, and the gradual exten-
sion appears to be now healthy and satisfactory.
The London and North Western Railway traffic
return shows this week an increase of 4,834/. over
last year ; the Midland, an increase of 2,426/. ; the
Great Western, an increase of 3,760/. ; and the
Great Northern, an increase of 8801.
An extraordinary general meeting of the mem-
bers of the Marine Investment Company (Limited)
I was held yesterday at the London Tavern, when the
special resolutions for the reconstruction of the
company, and the formation of a new company, to
be called the Marine Investment Corporation
(Limited), with a capital of 250,0001., in 50,000
shares of 51. each, and the transfer thereto of the
business and properties of the Marine Investment
Company, were confirmed.
A fifth call of 2/. 10s. is to be paid on the shares
of the Millwall Freehold Land and Docks Company
by the 28th inst.
A call of 51. is to be paid on the shares of the City
of Moscow Gas Company by the 28th inst.
A call of 11. is to be paid on the shares of the
Saloon Steam-packet Company (Limited) by
19th inst.
A petition for the winding up of the Sequelin
Oil Company (Limited) is to be heard in the Court
of Chancery on the 2nd November : and on the 3rd
November petitions for the winding up of the
Financial Agency Company (Limited), the Cotton
Plantation Company of Natal (Limited), and the
Portuguese Contract Company (Limited).
With reference to the market for American secu-
rities, Messrs. E. F. Satterthwaite and Co. report
as follows :

At the latter erd of last and beginning of the present
week the transact:ens is the London market for American
securities were very surnames sad heavy in amount, aod
the prices of all descriptions were oarriedoonsiderably whore
the quotations of this day week. For the but two days,
however, there has been • falling elf in the amount of
bunions, and prices have slightly declined. United States.
5.20'5, which en Monday were taken as high as 73f, have
given way to 72 73, mid Illinois Central shares after
having botched 80 hove needed to 79 to f. The recent
settlement developed a shortness in Erie*, the purchases
for shipment to New Tort having been upon • large mak
after being 47 they close 46. to 47. A very large business
has been done in Atlantic and Great Western Bonds,
chiefly in debentures and consolidated mortgage. The for-
mer have advanced 10 per cont., and even at the enhan.ed

quotations are very seams and difficult to boy. The Nor
Unita First and Seoand Mortgage Bona
are also firmer all
round.

WIDIIIISDAT Erzinrs.

Consols, which closed yesterday at 89/ to both
for money and to-morrow's settlement, opened
this morning at the same quotation, and closed at
220 to I. For the October settlement the bet
price was 89i to 90. The official business repeat
la as follows :—Three per Cent. Co fa
far
money, 84 /, ; ditto, for account,
Three per Cents. Reduced, 87, 1, 61, ex tv. ;
New Three per Cents., 86i, 71.
Indian Government securities were very quiet-
Exchequer Bills were unaltered, the March being
quoted 34. din. to 2s. prem., and the June 2s. dia.
to 3s. prem.
The foreign stock market was generally better.
There was a rift of 1 pe- cent. in Peruvian of
1865, Sardinian, and Turkish of 1862; in
Italian of 1861 ; 2 in Peruvian of 1862 ;
lin Spanish Passive, to in Mexican, I
in Greek, and lin Spanish Certificates. On the
other hand, Brazilian Bonds of 1863 declined 1
per cent., and Turkish of 1865, e.
There were inquiries for the Confederate Cotten
Bonds, for which 6 per cent. was bid. The Italian
State Domain Loan was in great demand in the
afternoon, and, after standing at 71 to 73, closed
firmly at 74 to 76.