The Express.
London, England, 1868-07-22 00:00:00

TEE EXPRESS, WEDNESDAY EVENINd, JULY 22, 1868.

LATEST SPORTING INTELLIGENCE

GOODWOOD NOTES, NOTTINGHAM, AND

SOUTHAMPTON.
TO THZ Rams or rirs intrazo.

Sig,—Thoee who saw the field for the Hunting-
donshire Stakes pull up might well quake for Goodwood.
Out of the nine garters only about three were able, good
as the going was "in places," to drag one leg after the
other when the two miles had been covered, and at first it
was thought all the first three had broken down. Success
soonest got over the effects of his journey, bad as his legs
were always understood to be, and Chelsea limped more
from soreness than any other cause, having a rather
jaded appearance when he came out to run ; but Choral
so alarmed her Goodwood Stakes backers that at MO time
as much as 1,000 to 16 was to be had about
her, and even whoa the welcome news was made known
that she was all right, later in the day, none dared to
accept the 1,000 to 30 offered. In my opinion, she will
see the old price again, for very little appeared to be
taken out of her by the struggle, and her friends must
not despair of victory yet, it being something to her
credit that she got as close to Chelsea as Tabouret did at
Newcastle, though this will prove a somewhat rotten line
to hang upon. The Goodwood Stakes performers behind
Choral—Pest and Leases, may be summarily dismissed,
their disgrace helping further to reduce the strength of
the field, and yet 7 to 2 is easily attainable about
Corners whilst nothing but Xidderiainstee, of the
old favourites, improves in price. On the contrary
Romping Girl, Oar Mary Ann, Eye-sore, and Papillon,
have gone to almost as obscure regions as Lucifer ;
and the only candidates at all firm at this writing are
Mr. Johnstone's Tynedale and Tabouret, the Doke of
Newcaatles Gomera, Lord St. Vincent's Cannon Ball, Mr.
Lincoln's Kidderminster, Captain Barron's Fidelia, and
Mr. Stephenson's Stradbroke, Mr. Paris Ecarti going
rather badly in the market. Mr. Lincoln acted with
wise discretion in withdrawing both Kidderminster and
Ilium—and rowing in with Success—from the Hun-
tingdonshire Stakes, and I shall not be at all astonished
at his young one turning out a very useful second string
on Wednesday next, whilst it is not 100 to 1 against his
proving the better of the twain. It will be time enough,
however, to entertain this question when the betting
has settled down, which may not be until the eve
of thorace, forin a few hours we shall have the Stewards'
and Chesterfield Cups and Nursery weights, and book-
makers will thus find fresh employment. I hope to be
early in the field with a useful hint concerning the first-
named, and shall notice the handicap as soon as possible ;
but it is " hard lines " to have to prophetically discuss
even the smallest event these times, when owners of horses
do not know their minds for two days together, and I
shall very briefiy touch upon the remaining business of
the current week. That it will be slow there is no doubt,
and neither Knutsford nor Kingsbury need claim my at-
tention, as it is easy to perceive the only good things in
the Cheshire bill of fare are Melody for her two
races. Nor is it necessary to dwell at any
length on the Nottingham events, the following selec-
tions being merely subject to whether the animals named
put in appearance :—Nottinghamshire Handicap, King of
the Fairies or Fidel* the latter's starting being doubtful.
Stand Plate, Coup d'Eclat or Miss Frances. County
Members' Plate, Marshal Ney, whose owner, Mr. Payne,
should land the Beedgate Handicap if be can beat
Vixen. Robin Hood Stakes, De Vera. Clumber Park
Stakes, Rosa Pauline. Nursery, the Iraperatrioe colt.
Rufford Abbey Stakes, the Rajah. The remaining events
are dependent on the first day's results.
I shall leave the local stables to do as they list with the
minor handicaps at Southampton, and concentrate my
affections on Flower Girl for both the Two-year-old
Stakes and Cork Jacket for the South Hampshire.—
I em, de., METEOR.
Wednesday Morning.

HUNTDTODON MEETING.—crms DAY.)

PEEL HANDICAP.

Cornet
Master Willie
Miss Hayes •.
6 ran.
GOODWOOD STAKES.
6 to 1 apt T. Dawson's lot (t).

CORPORATION STAKES. Three quarters of a mile.
Lyminn, Messenger, King Richard, Hop Girl, Ex-
preesion, Red Ribbon, Scout, IMadrA, Caw* Lavinia,
and Chimes are here.
MILTON STAKES. T.Y.C.
Belle of Warwick, Bin to Veda, Chanoinease, Perfume,
and Melody are here.
HUNTINGDON CUP. Two miles.
Chippenham and Strathconan are here.
APETHORPE SCURRY HANDICAP. Three-quarters
of a mile.

Master Walk, Lady Bispiiie,F- ht, Warrior, Milli
Hayes, Aatracan, Harlington, Veo Mare, Cornet, Mass-
derwen, Macduff, Glamia, and Latona c are here.
RANIBAY ABBEY NURSERY HANDICAP. Three-
quarters of a mile.
Melody, Ring Richard, Dryad, Acaster, Maggie, Pom-
peii, Rosary, Violeta, Yellow hose, Little Go, Parma-
sana, Windiest*, and Imperatrice c are here.

TIM CREDIT FONCIER OF ENGLAND.
(THIS DAY)

This day the half-yearly meeting of share-
holders was held in the large room nt Exeter-hall, Mr.
MOWAIT in the chair.

The moment the directors appeared there were groans
on the part of the shareholders, and several of them in-
quired, " Where is Grant f"
The Cturnmsw, who rose amidst cries of " Grant !
Grant ! " said that he had consented to take the chair at
that meeting, and to preside at the head of the company,
on the ground that he was to make a clean breast of
everything connected with the company from its begin-
ning to the present time. (Hear, hear.) He asked the
meeting, on the other hand, to give him • patient hearing.
The report having been taken as read,
The CHAIRMAN proceeded to say that, on the face of it,
it was and must be unsatisfactory to the shareholders. It
indicated that the directors had not only no money to
give is return for the 2,000,0001. invested, but had
actually lost 100,0001. of the capital. (Hear, hear.)
What was the explanation of this ? Why was it
that they were in this unsatisfactory position ? The first
cause was that the bulk of their capital was locked up in
investments, which whether good or bad could not produce
a profitable return for some years to come. (Hear.)
It was also locked up in unproductive investments.
Why was it so locked up t That was the question
which ho himself would ask if he were on the other side.
But when they were receiving large dividends no
one said to the directors—you are on the wrong
tack. He believed that one cause of the lock
up was the vicious system of remunerating the directors.
The directors were paid by commission on the profits they
made, and that of course was an inducement to them to
float many speculative projects. Let him take the bring-
ing out of the Imperial Land Company of Marseilles.
They were offered 366,8001. to float that company.
("Hear, hear," and " Oh! " ) That was certainly very
tempting. The managing director was vended to a commis-
Rion beyond his salary on the profits made above lOper cent.
That left him a very nice sum. Well, how was this
366,8001. paid? It was paid with what he must call
" stuff." They were paid 120,8001. in debentures at par,
and 240,0001. in bills, acceptances, promisee to pay,
out of this sum they were paid about 21,0001. of ac-
ceptances at their value, and of the remaining amount
they got 13,0001. (" Oh, oh !") The next transaction was
that with the London, Chatham, and Dover Company.
Messrs. Peto and Betts came to them and offered a com-
mission of 266,787!. for floating their A stock of 607,7001.
Upon this sum the managing director and the other
directors were entitled to 10 per cent on the
profits after the shareholders received 10 per cent.
It did not follow that they were culpable for accepting
this offer. He thought the shareholders were right
in blaming the directors ; but be must say
that they would do the same themselves if
placed in the position the directors were in. (" Hear,
hear," and "no, no.") They must bear in mind that
these were golden days, and that people did not
look on the paper of respectable firms as they
did now. (Hear, hear.) Subsequent event" proved them
to be in the wrong. They had cash at the bankers',
and on deposit at call 66,2831. He verified this fact
for himself. They had loans on freehold properties
to the amount of 382,9001. He believed that money was
safe, and he might say the same of the money repre-
sented by bills receivable, loans on securities, and deben-
tures. In fact, there was not an item of 61.6 e. Bd. which they
had not made an estimate of one way or other. They might
therefore depend upon it that in the balance-sheet now
presented they had got to the bottom, though he did not
represent it as a comfortable bottom. Turning to the pro-
fit and loss account, the chairman explained the amount
of 96,9304, the loss on the Paris streets investment. They
bad invested something like a quarter of million of
money in that speculation. They got back 75,0004
which wee treated as profit and divided amongst
the shareholders. He was bound to say that the
directors received no per oestage on that 75,0901. They
were joined with • French company in the Paris streets
investment, and to enable that company to go on they had
to borrow 160,000!. When he came into the direction he
expressed the opinion that it was better to realise their
investment at any loss and free themselves from their lia-
bility of 150,0001. The result was represented by
this 96,000!. There was a sum of 32,6834 written
off as bad debts. Dealing with hundreds of
thousands of pounds, it was not e•ay to make
an estimate of bad debts ; but he thought it best to make
such an estimate as he believed to be fair. The loss on
offices of the old company was 2,9861. They had been
paying over 12,0001. • year for their offices—the
old and the new. The result of the whole
was a balance of loss to the amount of 93,3971.
The Millwail Docks Company was an excellent invest-
ment, and the best proof that he could give of his opinion
was that he was ready to buy 10,000/. of stock at 96. The
interest of the Credit Tenth!r had been sacri-
ficed to support the Consolidated Land Company
of France. They had now a first mortgage on
all the property of that company which was estimated at
1,000,000/. He thought the completion of the Suez Canal
would increase the business of Marseilles, and it was pro-
bable that the property they possessed there would be
required for docks and warehouses. He had
reason to think that the Emperor Napoleon
was disposed to adopt their system of bonded warehouses
in Marseilles. But as between the Consolidated Land
Company and the Credit Former he promised them that it
was not the Credit Foncier that would go down. There
was an item of 55,3751. on the credit side of
the profit and loss account. ; but of that sum
not more than 3,3061. had been received. (" Oh, oh.")
The salaries had been cut down from 9,0001. to 5,000/.
The expenses altogether had been reduced from 30,000!.
to 14,000/. He thought there was a probability of pay-
ing a dividend of between 4 and 5 per cent. next half-year.
[The proceedings bad not concluded when we went to
press.)

NATIONAL DISCOUNT COMPANY
(LIMITED/.-(THIS DAY.)

The half-yearly meeting of the shareholders
was held at noon, at the City Terminus Hotel : Mr. F. W.
Iltmesu, M.P., in the chair.
The following report was presented:—" The directors
refer with pleasure to the annexed accounts, which
show that the gross profit for the half-year ending
30th June has amounted to 91,2461. 16s. 2d.,
and that after providing for the current expen-
diture, directors' and auditors' remuneration, bad debts,
and all other charges, and reserving 20,2641. 19s. for rebate
of interest on bills discounted not yet due, there remains
for division, including the balance of 1,8061. 10s. 6d.
brought forward from the last account, the sum of
61,8741. Os. 3d., of which they propose to apportion
69,8414 to the payment of • dividend at the rate of
16 per cent. per annum, free of income tax, and to atri7
forward to the next account the sum of 2,0331. Os. 3d.
The dividend will be payable on and after the Ist of
Ai4uet.
The Csamitur, in moving the adoption of the report_
and accounts, observed that no particular events had
occurred during the half-year requiring comment. The
half-year had passed off as well as could have been ex-
=econsidering the state of trade. He was sorry
tude had not improved ea much as could have
been desired ; but that was owing in a great
degree to • deficient harvest, while this year, if re
could be relied upon, the wheat harvest was likelyrrie
very abundant. The amount of bad debt. was
exceedingly small, one-fifth of a penny per 1001.
brie all that was required to meet them. The
board
had adhered, and would continue to adhere, to
the safe and prudent policy which had characterised the
business of the company.
In reoy to a question,
The *alumnus said the company had received 16s.
in the pound on the losses connected with the recent
commercial aids, and he had no doubt that the remain-
der would be paid with interest.
Mr. Bass, M.P., after congratulating the meeting on the
favourable nature of the statement laid before it, spoke
of the advisability of reducing the liability of the
shareholders in respect of their shares, with • paid-up
capital of 800,0001., and • reserve of 600,0001. He sow no
necessity for maintaining shares at the present nominal
amount of 201., and thereby diminishing their value. He
concluded by asking the chairman whether the board con-
templated making any change in the constitution of the
company for the purpose to which he alluded.
Mr. Sures would agree with Mr. Bass if the shares
were of the nominal amount of 601., but as it was, be
thought the company should let well alone.
Mr. Bunn agreed with Mr. Base, the more so as the
present period was free from agitation or excitement.
Another finarsomixa observed that the chief security
for the public was good administration, and on that point
the best evidence was afforded. The board had adhered
to the principle of discounting sound legitimate paper,
and if it had to be wound up all its
business might be brought to a close within
three or four months. There was no other company
like that with a redone of 300,0091. He hoped the board
would take the subject introduced into their serious con-
sideration.
The Ciurausn, in reply, said the subject had already
ewged the attention of the board. The company had lately
had to pass through troubled waters, and it would bare

been premature then to entOriain nob • Plextion ; but
the board had now under their cals:on a plan for
reducing the liability on the shares, aim .4 would be laid
before }be shareholders prior to the ne"i balf-Toorll
meeting. (Hear, hear.)
After a few words from Mr. Czavron, Depuky-Cliair-
man, intimating that the directors were not yet agfled on
the question raised,
The report was adopted, and a dividend at the rate of
15 per cent. per annum having been declared, the proceed-
ings terminated in the usual manner.

FORE-STREET WAREHOUSE COMPANY
/LIMITED).-(TRIS DA F.)

The half-yearly meeting of the shareholders was held
this afternoon at the London Tavern, Mr. W. Stara in
the chair.

The report, which has appeared is the Evros, having
been read,
The eItAIRJIA74, in moving the adoption of the
report and accounts, said, when they last met
the directors had to confess to a crippled liminess and
diminishedprofits, arena which might justly have been ex-
pected considering the difficulties of the commercial crisis
and the affects of two bad harvests. However, the results
of the year's business wore not, after all, very diasstrom,
theaverage dividend being 81 per cent., and 3,0001. carried
to the reserve fund. There were not many concerns,
which, if their affairs had been subjected to as strict a
scrutiny as their own, would have shown such results
wider the circumstances. (Hear, hear.) Attempts
were made by rivals to show that the Fore-
street Company had collapsed, and oue result of
these aim ta was a reduction in the value of the
shams. All the board could do was to live down these
rumours. He was happy to say that, notwithstanding
the panic which was thus created. out of 30,000
Mares only 2,460 changed hands at a discount. (Cheers.)
It was cow four years and a half since the Yore-street
hastiness changed lhandis. The aggregate sales during the
four years subsequent to the purchase exceeded the
aggregate of the four years immediately preced-
ing it. He was happy to say that up to the
30th of June that rule still held good—(oheers)—
and be had no doubt that by the end of this year they
would be able to show a favourable comparison between
the five years subsequent and the five ears prior to it.
(Cheats.) The business was pu on the basis
of an annual profit of 71,00 W., while the actual
profit realised in the first three years after the pur-
chase averaged 75,0001. The favourable results of
pat half year were owing to three causes, freedom
bad debts, of management, and a reduction
the amount airlock. In 1864 the value of stock amounted
to 400,0001., in 1866 to 393,0001., in 1886 to 396,0001., in
1867 to 342,0001., and in 1868 to 288,0004 This redaction
was attended with great advantages—a direct saving of
interest and an absence of depreciation in con-
sequence of property being held over from half
year to half year.- (Hear, hear.) If any business were
exempt from speculation, that of the Fors-street Ware-
house Company was so. Then was not a single entry
in the books from January to December which did not re-
fer either to the buying of goods and the paying for them,
or the selling of goods and getting paid for them. (Hear,
hear.) The extreme amount of credit given even in ex-
ceptional cases was five months. (Hstar, hear.) The
available assets, after providing for all liabilities, were
1,900,0001. In conclusion, the chairman stated that the
bad debts did not amount altogether to 41001., and
intimated that he thought the amount still due to Mr.
Morrison might be met by the Wine of debentures, and
without making a call. (Cheers.)
After some discussion, the report was adopted, and •
dividend at the rate of 10 per cent. per annum declared.

COMMERCIAL AND MARKET&
MARK-LANE.—(THIS DAY.)
There was • moderate supply of new neigh& wksat on
sale here to-day, but very few samples of last year's
. The trade was very quiet for all descriptions, at
h Monday's decline in value.
Foreign wheat, of which a good supply was on the
stands, was dull of sale, at the late reetuctum.
Floating cargoes of wheat were neglected. Maim and
other descriptions of produce, afloat, were firm in value.
The show off barley was moderate ; of English,
trifling. On the whole, the trade was steady at full
currencies. •
Malt moved off freely, it late rates.
Oats were in steady request, and the quotations were
well supported.
Beans were firm, at improkieprioss.
Peas commanded as much money, with • fair in-
qu
The flour trade was steady, at Monday's reduction.
Linseed was steady, but rapeseed was quiet.
Cloyerseed and trefoil were in request; otherwise the
market for agricultural seeds was inactive. Cakes were
firm.
ARRIVAU3 OF DRAIN, kn. INTO LONDON BY WATER
CARRIAGE WEEK.

Fezeign
Total

LIVERPOOL COTTON MARKET.
(THIS DAY.).

(ram wiz own oonanseowniner.
The market again quiet. Wes about 8,000 bales.
CORE BUTTER MARKET.—(THIS DAY.)
(IT TILIOILLPS.
(raox outs own ociassaronmer.)
108 e., 1
Ordinaty, no ch
age, 1,400 firkins. Mild cured, 1175.,
00e. ; 190 hos.

MINCING LANE.—(THIS DAY.)
Sreux.—The market continues flat, and the sales by pri-
vate contract are too trifling to give quotation` Refined
also continues dull of sale, and pnoes rule in buyers'
favour.
Corm.—There is • fair inquiry for all descriptions at
the previous value. Plantation Ceylon, good and fine
ordinary, 60e. 6d. to 62a. 6d. ; fine fine ordinary to low
middling, 86s. Bd. to 675. 6d. ; middling to good middling,
708. to j9s. Native Ceylon, flue ordinary, 495. 6d. to
60e. 6d.
Cocoa.—The market continues steady at previous rates.
Trinidad low grey, 60s. ; mixed to good red, 635. to 63e.
Tres.—The public sales are progressing very steadily at
full private contract rates.
Rica—The sales are chiefly confined to floating parcels
—6OO tons Rangoon, at 1 Is. ; 2,300 tons Bassein, 10s. 9d.,
and 600 tons Necranne, 10s. 71d.
Rtnx-30 puncheons fine Demerara sold at le. 10d.
Sarrrwria—The market ccatinues dull.
Carrorr.—There has been more business done, holders
having accepted a reduction of id. per lb.
Ann.-2,600 bales sold at firm prices.

TALLOW MARKET.—(TIIIB DAY.)
The market is steady. Town tallow, 41s. 9d.; Petersburg
Y.C., cm the spot, 435. 911.; July to September, 435. 9d.;
October to December, 46e. to 43e. 3d. ; December, 46e. M.

BOROUGH HOP MARKET.--(THIS DAY.)
Xmas. Pattenden and Smith report a steady retail
demand for the best descriptions for immediate con-
sumption ; prices being unchanged.

COAL MARKET.—(THIS DAY.)
Walls End Hatton, les. ed.; Walls Rad
17.. 6d. ; Walls End Russell Haltom, les. ; WWalls End
Candoc, 17s. 9d. ; Walls End Hetton Lyons, 16s. ed. ;
New Belmont, 16s. 9d.; Hawthorne, 16.. HolTrell,
16e.--Ships at Twice, 34 ; at sea, 40.

According to the Owl, it is arranged that her
Majesty will, on her way to Switzerland, stay for a few
hours in Paris in order to have an interview with the Em-
press of the French. Her Majesty will travel under the
designation of Countess of Kent, and will be accompanied
by the Marchioness of Ely as lady in waiting. Sir
Thomas and Lady Biddulpls will also be in attendance.

THE PAYMENT OF BATES AND TAXES AND TEI
Baszernarton Qtrisisoe.—The Paddington vestry lately
determined to take the opinion of counsel as to the ne-
cessity of payment of assessed tax as well as poor rates,
ri.l*. . ing. to be as voters under the
VOZMAct of 1867. eta meeting of the ye •strj_lrl_dm
terday the vestry clerk read the following.
the Hon. Gemp Denman:—" I ant of otTiat oc-
cupiers of ' dEng-housee,' in a borough, who come
within the requirement' of mo. 3 and no. 61 of 30th and
31st Viet, cap. 102, are not bound to pay the assessed
taxes as Well as the poor rates, in order to entitle to
vote or to be placed on the list of Totem, but that per-
sons who only occupy houses other than dwelling-
bosses' (as defined by the interpretative clause 81),
warehonaos, ;counting-houses, shops, or other buildings
separately of jointly with land—are so bound, inasmuch
as their qualiffm ,Wn is wholly under 2nd William IV.,
cap. 411, MC- 27 and is, therefore, one to which 11th and
12th Vic. cap. 10, still applies (see sec. 66 of the last ma
of last erasion, in addition to the other clauses referred to
in the question). I think that, having regard to sea 3of
the act of last session and also to sections 56 and 69, it is
dear that the requirements of suction 27 of the Act
William IV., and section 1 of the 11th and 12th Vie.,
cep. 90, cannot be imported into the new act so far se
relates to the suffrage gained by occupation of dwelling-
houses and payment of rates, and that section 69 of the
new act excludes the franchise from the operaticin of those
enactments under the restrictive words, so far as is oon-
sisteut with the tenor thereof.' "

OVERDOSE OF LATIDANIIII.—A very melancholy
event occurred yesterday at Congleton. Mr. Henry Scho-
field, surgeon, having a considerable practice in that town,
being much afflicted with toothache, ltes been in the habit
of taking laudanum to mitigate the pain. Yesterday he
took • larger dole than naval, and symptoms of poisoning
were immediately perceived. Mediad aid was obtained
as quickly as possible, and every effort made to eject the
liquid. but w.thout success. He was highly respected in
Congleton. Be was married, but has left no family.

MONEY MARKET.--(THIS DAL)

ONE 0' MOOS.
Owing chiefly to the non-attendance of many
of the members there is little activity in the Stock
Eactango to-day, and the markets, with one
or two exceptions, are dull. Consols are offered,
and have declined & per oent. South Eastern
Railway stook is in rather strong request, and has
improved upwards of 1 per cent., in consequenoo of
the result of the debate in the House of Lords last
night with reference to this company's bill. The
changes in the other lines are not important. The
transactions in foreign bonds show a preponde-
rance of sales, and prices have given way. Credit
Fonder shares have experienced a fresh reduction,
in anticipation of a committee of investigation
being resolved upon at to-day's meeting of the
shareholders.

The rate for bills in the discount market is 11
per cent., and for loans in the Stock Exchange 1.
Consols are quoted 941 to 4 for money and
941 to f for the account (Aug. 6), and tho
Three per Cents. Reduced and New Three per
Cents., 941 to 4.
South Eastern Railway stock is in active de-
mand, end has risen 1: per cent., viz., to 73/ to 1.
Caledhnian, Groat Western, Great Eastern, and
Great Northern A have improved to 1, while
Midland and Metropolitan have declined to the
same extent. The prices are as follows :—Cale-
donian, 731 to 4; London and North Western,
1141 to 1134 ; Great Western, 481 to 49 ; Mid-
land, 1032 to 104, ex new; London and South
Western, 911 to 921; Great Eastern, 381 to ;
Brighton, 634 to 54 ; Metropolitan, 1121 to 1 ;
Great Northern, 103 to 4; Ditto A, 97 to # ;
Loyd)on, Chatham, and Dover, 191 to 20 ; Lan-
cashire and Yorkshire, 1291 to 130/ ; York and
North Midland, 92 to 93; Berwick, 1021 to
f ; and North British, 34 to 4.
Foreign stocks are fiat, and a decline of 1 to 1
per cent. has taken place in Peruvian of 1865,
Spanish of 1867, and Turkish of 1838, 1862, and
1866. Subjoined are the prices :—Brazilian of
1867, 761 to 771; Chili= of 1867, 921 to
931; Greek, 131 to # ; Egyptian of 1864, 83
to 1 ; Italian of 1861, 531 to ; Mexican, 154 to
4; Peruvian of 1863, 781 to I, ex div. ; Russian
of 1866, 911 to 92 ; ditto 'Orel, 831 to 844;
Spanish of 1867, 33# to 4, ex div. Turkish of
1858, 661 to 671; ditto of 1862, 64 to 63, ex div. ;
and ditto of 1863, 40 to 1, ex div.

Indian stocks are in moderate demand. The
Five per Cents. are at 116 to 1 ; the Four, 1041
to 105; the Bonds, 255. to 30s. prem. ; and the
Debentures, 105 to 1. Bank stock, 245 to 247 ;
and Exchequer Bills, 16s. to 20s. prem.
In the market for bank shares, Anglo-Austrian
have improved 2s. 6d., the present price being 61
to 1 prem., ex div. London and Brazilian, 28 to
23 dis. ; Imperial Ottoman, 1 to 11 prem. ; Con-
solidated,l to / prem. ; London and Westminster,
701 to ; London and County, 51/ to 521; and
Union of London, 351 to 361.
Miscellaneous shares exhibit no variation with
the exception of a reduction of 2s. 6d. in Credit
Foncier, viz., to 21 to 1 per share ; National Dis-
count, 61 to 71 prem. ; General Credit, 21 to 11 die.,
International Financial, 11 to 1 dia. ;
London, 22 to 21 dis. ; Hudson's Bay, 151 to ;
Egyptian Trading, 5 to 41 die.; Telegraph Con-
struction, 141 to 15 ; Atlantic Telegraph Bight
per Cent. Preference, 41 to 1 ; and Anglo-
American, 211 to 22.

American securities are rather inactive. The
5-20 bonds are quoted 724 to 1 ; Illinois Central
Railway shares, 95; to 961 ; Atlantic and Great
Western debentures, 381 to 391; and the Conso-
lidated Mortgage bonds, 38/ to 39/.
The Canadian Railway Loan is at 108 to 107 ;
the Egyptian, par to 1 prem. ; the Swedish, 21 to
31 prem. ; and the Tamboff-Rozloff, 2to prem.

-The half-yearly meeting of the London and
County Banking Company will be held on the 6th
of August.
A meeting of the proprietors of the East Lon-
don Bank (Limited) is called for the 28th inst.,
when a dividend will be declared at the rate of 5
per cent. per annum. It is also proposed to alter
the name of the undertaking to the London
Bank (Limited), and to authorise the directors to
reduce the capital of the company by diminishing
the amount payable on its shares.

TWO O'CLOCK.

Consols are without any further alteration.
Midland Railway stook is in demand, and
3 per cent. better, at 1043 to 3. Cale-
donian and Metropolitan have improved i to
1, but London. Chatham, and Dover and South
Eastern have receded kto 3. The variations in
foreign securities comprise a rise of I per cent.
in Peruvian of 1865, and a fall of i in Italian of
1861.

FOUR O'CLOCK.
Consols remain dull, at 94} to I, both for
money and the account.
Railway stooks are in request, at an improve-
ment. South Eastern is in strong demand,
and has advanced 11 per cent., viz., to 76}
to $. The rise in the other lines amounts to
1 to I. Caledonian, 731 to I ; Metropolitan,
1121 to 113; Brighton, 631 to 54 ; Midland, 104}
to f; London and North Western, 1151 to 1; Lan-
cashire and Yorkshire, 1291 to 1301; and Great
Western, 49 to I.
In the foreign stock market, Italian Bonds of
1861 have declined I per cent., via., to 621 to 63};
but Turkish of 1866 are I better, at 40} to f ;
Orel. 83f to 84/ ; Nicholai, 66 to 1; and Spanish
of 1867, 35e to $.
About 10,0001. in gold has been sent into the
Bank to-day.
At Paris to-day the Three per Cent. Reales
opened at 70fr. 22c. for the account, being about
the same as yesterday.

Although there is no disposition whatever to
question the honesty of intention of the Swedish
government or people, exception is taken by some
persons to the absence of any express engagement
in the p of the recent loan that the bond-
holders shall, under all circumstances, be wholly
exempt from taxation. After recent experiences
in connection with the debts of Austria and Italy,
it is reasonably contended that no foreign state
ought in future to be allowed to borrow here
without first placing upon record a distinct pledge
on this point ; and in the present instance this is
wanting.
In view of the nature of the security s favoura-
ble reception will evidently be given to the
Canadian Interoolonial Railway Loan, sealed
tenders for which are to be sent in to Messrs.
Baring Brothers and Co., to-morrow, between
1 and 2 p.m., yet a good deal of comment
continues to be excited by the injudicious way in
which, doubtless at the instance of the Canadian
commissioners, the two nooks whereof the loan is
composed are intertwined. Although persons who
make finance their profession will probably snooped
in arriving at a good guess as to the mean price
that ought to be offered for two distinct stocks, to
be bid for at one price, yet to be received in un-
equal proportions, there can be no doubt that
the oompbcated nature of the affair will tend to
deter many bond fide subscribers. The question is
asked—in the event of the colony making default
in meeting the interest upon the smaller portion
of the debt assigned to it solely, could the British
government afford to let the bondholders go
empty away, seeing that the loan has been in-

ttOthieed under the express inaction of; the how
authorities ? It is obvious that they oculd not;
and this consideration helps to bring into stronger

in„relief the injudicious oharieter of the arrangeneis.
,w sdo pte d.
about 7,000 sovereigns were withdrawn from
the Bonk yesterday for Brazil. The recent arrivsla
five E meTici, consisting of eagles, have buss
taken for the continent.
The Deutschland has arrived from New York
with 91,0004 in specie ; the Syria, from Alex-
andria. with ,2,685/. ; and the Nestorian, from
Quebec, with 420.
The foreign arai,anges yesterday afternoon prey
seated scarcely any variation. The rates u regards
bills on Vienna and at Petersburg were ellghtlj
less favourable for those Plasm
At the meeting of the Irrigation Company of
France (Limited), held yaeterday, the directors'
&port, which stated that the works are prevailing
satisfactorily, was agreed to. A resolution was
also passed authorizing the parnent of interest at.
the rate of 5 par cent. on the paid-up capital of
the undertakuw.
At the meeting of the Brighton Hotel Company
(Limited) yesterday the report of the directors and,,
liquidators, and of she committee of inquiry,
.sub-
nutted to the meeting on Friday last, was adopted.
The chairman expressed a hope that those
share-
holders who who have not already, subscribed to
the 12,0001. required to take the concern out of
its difficulties will do so at once, as the money is
required by Friday next,
The directors of the London Financial Associa-
tion (Limited) have issued their hall-yearly
report, in anticipation of the meeting called for
tho 27th instant. It mentions that the com-
pany's liabilities now amount to about 236,0001.
and that the cash balance is 15,2001. All shares
in other companies held by the association are
now fully paid up.
The annual meeting of the Metropolis Sewage
and Essex Reclamation Company in called for the
7th of August.
Subjoined are the quotations of insurance, gas,
dock, and waterworks shares, as given in the Stook
Exchange list of last evening:
Insuranoe.—lndemnity Marine, 123 Liverpool and
London and Globe (11. Annnit.), 20t, t ; Ocean Marine,
19i ; Universal Marine (Limited) 6 13-16, ex di,.
Gas Light and Coke.—li=ial Continental, 100/.
Docks.—Fist and West 15i, 14a, as div. ;
London and fit. Katherine, 49, ex div.
Waterworks.—Berlin, 161.

The dividend due the let of August on the
British Consolidated Debt of Guatemala is adver-
tised for payment in due course by Mews. Iwo
and Samuel.

MINEB.-(THIS DAY.)

ONE O'CLOCK.
The amount of business in home mining shares
is small, but Prince of Wales and West Caradon
are inquired for, at 375. to 395., and 3to re-
spectively. West Chiverton, 80 to 81; Bedford
Consols, to 1 ; Chiverton Moor, 8t to 7; New
Lovell, 17s. 6d. to 20s. ; East Lovell, 61 to 7t;
and East Basset, 14 to 18: . . _

Foreign and colonial mining shares are quoted
as follows : Yudanamutans, 41 to ;
St. John del Rey, 18; to 19; Don Pedro,
2; to 3 prem.; Anglo-Brazilian, par to
prem. ; Peetarena, to 1 din. ; Chon-
tales, I; to 2; ; Roma Grande, I to ; prem. ;
Anglo-Italian, kar to prem. ; 'United Idoun„
1; to ; ; Frontano and Bolivia, 1 to f ; and Port
Phillip, 1 9-16 to 11-16.
A meeting of the Don Pedre North Del Rey
Gold Mining Company (Limited) will be held on
the 4th of September, when the directors will pro-
pose the payment of a similar amount m that paid
for the first quarter of last year, viz., 3s, per
share, being for the three months ending the 30th
ult., and at the rate of upwards of 65 per cent.
per annum. The sum of 4,4431., and the profit for
June, are to be carried forward for the quarter
ending 30th September.

RAILWAY, MINING, AND OTHER
SHAREB.-(THIS DAY.)

[Ctosiog priawo to 1 p.m.l

COLONIAL 00'

Canada, Jan. and July (6 per cent.), 91.1.
New South Wales, Jan. and July, 1888 to 1896 (6 per
cant.), 100, 99f.
New Zealand, Jan., April, July, and Oct. (6 per cent.),
97,8eitalda.m,
1891, Jan. and July (6 per cent.), 1065.
Tasmanian, 1886, 106 f.
Victoria, April and October (6 per cent.), 1145, 14.
_ OEM:NARY SHAMS AND STOOK&

Caledonian, 734, 4;4 4.
Great Eastern, WI„ a.
Great Northern, 1
Great Western, original, 481.
Lancashire and Yorkshire, 130.
London, Brighton, and South Coast, 624.
London, Chathal and Dover, 191, 20.
Metropolitan, 112 , 168. balance of dividend.
Do., Extension div. lim. to 6 per cent, till lan.,
187 ,0) 1094.
Midland, 1034, 41, xn.
North Eastern (Berwick), 1024.
Do. (York), 924.
South Eastern, 764, 4,6, 4.
PREFERENCE SHARES.
Great Eastern, Eastern Counties Extension, No. 2, 93.
Midland, consolidated 44 per cent. irredeemable, 954.
ME/TREECE SHARES AND STOCKS.
Great We-n, 6 per cent. irredeemable, 16 102.
LINES LEASED AT FIXED BENTE.
London and Chatham, 64.
_ _ BRITISH POSSESSIONS.

Bomb., Bar.,;a7lCeni, Ind., gua.lW at., 104 I.
Eastern Bengal,_ gun. p par cant.. 1061.
East Indian, gun. 6 per cent., 1001.
Grand Trunk of Canada, Ist preference bonds, 60, I.
Do., 4th preference stock, 191, 1.
1 Great Western of Canada, 141, .
Bcinde (Delhi), guar. 6 per cent., IN.
FOREIGN RAILWAYS.
151. Bahia and San Francisco (Limited), guar. 7 pa. asst..
San Paulo (Limited), gua. 7 per amt., 171.

Wheat. Barley. Milt. Oats. Flour.
qrs. qrs. qrs. qrs. Ws. sacks.
oh .2 Beach 160 ... 1100 ... ... 710
Pt
btal
Maim, 1,970 qrs.