The Express.
London, England, 1866-08-03 00:00:00

MONEY MARKET.-(THIS DAY.)

Osra o'Cwcz.
The maintenance of the Bank of England
rate of discount at 10 per cent. continues to
have a very prejudicial effect upon the stock
and share markets, which are generally fiat
to-day. English government securities are
freely offered for sale, and the funds have experi-
enced a fresh fall of per cent. Foreign bonds
and British railways have also given way, the moat
important fall in the latter being in Great North-
ern, Midland, and Lancashire and Yorkshire.
Banking and financial shares have been little
dealt in, but the tendency of prices is down.
wards. United States 6-20 bonds participate in
the universal heaviness.

To-morrow being the 4th of the month, there is
a good demand for money to-day, and the rate for
choice bills is firm, at 8 to 9 per cent.
Consols are now quoted 871 to for money,
and 871 to 1 for the account (August 9).
Foreign stocks are heavy, with a preponderance
of sales. Turkish Bonds of 1862 and Brazilian
scrip have declined 1 per cent ; Italian of 1861
and Mexican, 1 ; and Spanish Passive, /. Turkish
Bonds of 1862 are now quoted 48 to 50 ; ditto
of 1865, 261 to ; Greek, 11 to 12 ; Spanish Pas-
sive, to }; ditto Certificates, 141 to ;
Italian, 1861, 511 to 52 ; Brazilian scrip, 4/ to
at die. ; and Mexican, 161 to 171.
United States 5-20 Bonds have receded per
cent., and Erie Railway shares 1, the present quo-
tations being 68} to 69 and 42 to 1 respectively.
Illinois Central are called 74} to 1, being steady.
Anglo-American Telegraph and Atlantic Tele-
graph shares are 2s. 6d. lower, at 13/ to 1 and 3/
to 1, respectively.
International Financial shares are now quoted
11 to 11 die. ; London Financial, 121 to 14 dia. ;
General Credit, 2to if dis. ; Credit Foncier,
at to 3/ dia., ex die. (81. paid); and National Dis-
count, 71 tog prem., ex div.
At the commencement of business yesterday
morning it was evident that hopes of an imme-
diate reduction in the Bank rate of discount
were very generally entertained, and, as hour
after hour passed away, the concourse of
brokers and mercantile men who have latterly
thronged the Bank lobbies on the weekly court
days, became even greater than usual. Not until
about half-past twelve was it announced that the
rate is to remain at 10 per cent., and, owing to
the strained condition of expectation which the
delay had occasioned, the news produced a rather
keen feeling of disappointment.
A recovery of 41. to 5/. in London and County
Bank shares, followed yesterday's meeting. It
would appear that the fall which took place on
Wednesday afternoon in this stock was caused by
mere speculators, who did not scruple to put into
circulation a number of false rumours.
About 15,000 sovereigns were withdrawn from
the Bank yesterday for transmission to Belgium.
The Oneida, from Brazil, has arrived at South-
ampton, with 29,7221. in specie. The Virginia,
from New York, has brought only 3,0001.
Subjoined is a copy of a private telegram from
Bombay, dated July 23 :
Exchange on London for a First-class Bank Bill, six
months' sight, per rupee, Is. 110. ; the Calcutta rate for
ditto, per rupee, 2s. ; Exchange on Calcutta at sight,
1011 to 1011; Government 4 per cent paper, rupees, 891 ;
Ditto 5 per cent. ditto, rupees, 1061 ; Ditto Si per cent.
ditto, topees, Int ; Bank of Bombay rate oI discount,
12 ; Bar Gold, 991 touch, rupees per tole., 16.6 ; Bar
Silver, 17 to 171 betterness, rupees per 100 tolas, 1071.
12,000 bales cotton sailed from Bombay during the
fortnight. Piece goods active.
The weekly return of the Bank of France shows
the following changes :
Coin and bullion lncrease E 693,000
Bills discounted
Government deposits.
Notes in circulation
Private deposits
Advance*
It is difficult to imagine a more instructive con-
trast than that presented by the condition
of the Bank of France and the French
money market as compared with ours. Though
the rate of discount at the French Bank is only
3} per cent., as against 10 per cent here, a further
large addition has been made to the coin and
bullion, accompanied by a further diminution in
the amount of bills discounted. Were France
hampered with a currency system like ours, we
should doubtless see a very different state of things
there.
The failure of two unimportant private banks was
announced yesterday, viz., Messrs. J. B. Kennedy
and Co., of Dublin, and Mr. G. W. Hall, of Con-
gleton, Cheshire, but the liabilities in each case are
very limited. The former establishment com-
menced business in 1840, and the latter about ten
years ago. Neither had any note issue.
The proposed dividend on Bristol and Exeter
Railway stuck for the half year is officially
announced at the rate of 44 per cent. per annual.
The North Eastern Railway traffic return shows
this week an increase of 1,0261. over the corre-
sponding period of last year ; the Lancashire and
Yorkshire, an increase of 4,0771. ; the North
British, an increase of 1,4531. ; the Loudon,
Chatham, and Dover (including the Metropolitan
Extension and branches), an increase of 5341. ; the
Metropolitan Extension, an increase of 5591.; and
the Kent Coast, a decrease of 1201.
The traffic receipts on the Atlantic and Great
Western Railway fur the second week in July
amounted to 101,886 dollars, against 126,518
dollar; in the corresponding period last year, show-
ing a decrease of 24,632 dollars.
At the meeting yesterday of the City Discount
Company (Limited), the directors report was
adopted. It stated the amount available for divi-
sion at 4,2441., and recommended a dividend at
the rate of rather more than 10 per cent. per annum.
The sum of 33,8001., in anticipation of calls, has
been paid into the Bank of England from the 28th
of June to this date, to the credit of the Secretary
of State for India, on account of the capital of the
Delhi Railway.
A general meeting of the Telegraph to India
Company (Limited) is called for the 10th of August,
when a half-yearly dividend is to be declared.
At the meeting of the Provincial Union Assu-
rance Company (Limited), held on Wednesday, the
first half-yearly report of the directors, which re-
commended that a dividend of 7 per cent. per
annum be paid on all the paid up shares, was
adopted.
Creditors of the National Company for Boat
Building by Machinery (Limited) are required to
send the particulars of their claims to the voluntary
thiqouin dofatmithe' busyh
ettsheis2tostt inst. , as a final dist
atelyafteribur:

wards.
The mails from Calcutta, China, and Australia
are expected to be distributed in London about the
14th inst.
The subjoined remarks on the position and pros-
pects of the money market are from Messrs. Smith,
Edwards, and Co.'s Monthly Cotton Circular, dated
Liverpool, the let inst. :
The course of the money market throwthout the past
month has been very mortifying. Week after week a re-
duction of the Bank rate was eagerly expected, but each
Thursday brought a fresh disappointment ; the Bank re-
turns showed a most tardy improvement, and the failure of
two local banks (at Birmingham and Preston) prolonged
the monetary tension. No strain on the money market
equal to this luu been known within the pretest genera-
tion, never was credit so thoroughly shattered,and the means
of doing bylaws so vastly inspaired,and the wonder is that
this market and Manchester have 'arrived the pressure so
well. The average weekly sale of cotton during July was
90,000 bales, sad this fact speaks volumes se to the
:natural idsztioity ef tie trade. Three ars now at last
:r:luetioroavr tc.her l'aPreT' him:1'1;1110 peasee
al ethe
mosey
is ausidontelt,
wrested tide week, end it is not Mies* et.
to totem tlemy*
when the fall begins it must be sharp end continuous till a
comparatively low rate is reached. Never was there •
time when fewer fresh bills were created or the business of