The Express.
London, England, 1861-04-11 00:00:00

MONEY MARKE7.-(THIS DAL)

FRESH REDUCTION IN THE BANK RATE
OF DISCOUNT.

Two o'Cloce.
The Directory, of the Bank of England have this
day reduced the minimum rate of discount from 6
per cent. (at which it was fixed on Thursday last)
to 5.
The movement at the Bank, having been (Re-
counted yesterday at the Stock Exchange, has been
followed to-day by some sales. The markets are
accordingly slightly flatter. There is no general
alteration of importance, but the funds have de-
clined 1 per cent. Attention continues to bo
directed to the anxious position of affairs on the
•
Costment. Vcry little business is going forward.
At Paris this morning, according to Mr. Renter's
telegram, the Three per Cent. Renter opened at
67fr. 60c., but improved to 67fr. 70c., being 1 per
cent. better than yesterday. The advance is caused
by the fall in the rate of discount here.
Consols are officially marked 911, 4, and g for
money, and 921 and 911 for the account. The
I present quotations are 911 to 1 for money,
and 92, "sellers," for the 9th of May. The official
business report is as follows :—Bank Stock,
227 ; Three per Cents. Reduced, 90, 1 ;
Thirty Years' Annuities, expiring in April,
1885, 154 ; India stock, 220 ; ditto Five per Cent.
stock, 1001,1, 1 ; ditto Four per Cent Debentures,
1858, 951, 961 ; ditto 1859, 961 ; ditto Bonds, 28a.,
30a. discount; Five per Cent. "enlaced" rupee
paper, 931 ; ditto Five-and-a-Half per Cent.,
994 ; Exchequer Bills, 25., Is., se. dia.
Scarcely any business has been done in the foreign
stock market, and prices have not varied. The
Turkish Loan of 1854 is quoted 701 to f, ex div.
and that of 1858, 534 to 4. Sales are recorded
as follows :—Danish Three per Cents., 1825, 82, 4,
ex div. ; Mexican Three per Cents., 231 ; Turkish
Six per Cents., 1858, for account, 534, 4.
News has been received of the embarrass-
ments of two private banks. The first and more
important is the Preston Old Bank of Messrs.
Pedder and Co. The partners have been Mr. Ed-
ward Pedder, of Ashton-park, Preston, and Mr.
Henry Nowsham Pedder, of Whinfield, Preston.
The senior partner having recently died, the books
have been examined, and with such result that a
stoppage has been determined upon and noti-
fied. It is feared in some quarters that the liabi-
lities will not be leas than half a million sterling,
the establishment having enjoyed an extensive
connexion amongst manufacturers and agricul-
turists. The stoppage will cause a painful sensation
throughout the district. Considering, however,
the large landed property possessed by theipartners,
it is hoped that a good dividend will be obtained.
Until lately the bank had a good credit in London.
It was established in 1776, and was not a bank of
issue. The London agents are Messrs. Heywood,
Kenuard, and Cu.
The acceptances of the Faringdon and Wantage
Bank of Messrs. Barnes, Medley and Ansell
have also been refused by their London agents
(the Union Bauk). It is hoped that the amount
of the liabilities is only moderate. This bade
issues its own notes, but the amount of its issue is
restricted by law to a maximum of 8,9771. The
partners are Mr. John Barnes, of Charleywood,
Herts ; Mr. Henry St. John Medley, of Faringdon
(brewer and banker) ; and Mr. James Henry
Ansell, of Wantage. The cause of their embar-
rassments has not transpired.
Notwithstanding the uncertain state of foreign
politics, a more confident feeling is observable in
most circles. This is partly owing to the growing
ease in the money market and to the marked im-
provement which has suddenly occurred in the
weather at a time when it was urgently needed for
agricultural operations. Added to these features,
the American accounts are much better ; and an
unusually large amount of gold is announced by
the coming Australian mail as on the way to this
country.
Support was derived from the withdrawal, at
yesterday's settlement, of a large amount of Con-
sols—computed at 200,0001.—which is said to have
gone into the names of bankers.
The Vienna Bourse oontiuues much depressed.
The funds are declining, and the exchange on Lon-
don has risen to 151.50.
The fortnightly settlement in shares and foreign
stocks will oommence to-morrow ("continuation
day") and terminate on Monday.
The mails from Calcutta, China, and Australia
reached Malta on Monday.
The Melbourne advice* report the departure of
the undermentioned gold ships for England, via.,
the Copenhagen, with 51,206 oz. ; Empress of the
Seas, 5,040 oz. ; Owen Glendower, 14,157 oz. ;
Kleber, 8,872 oz. ; Kent, 26,054 oz. ; Marco Polo,
6,570 oz. ; and the Peru, with 14,562 oz. The
Kooria Mooria, with 10,000 oz. the Calliance with
31,513 oz., and the Southampton with 21,544 oz.,
previously referred to, are also still at sea, so that
the aggregate in gold on the way hither is 758,0001.,
of which 252,0001. is about due. •
A sum of 56,0001. in gold was purchased by the
Bank, making 406,0001. during the week ending
yesterday.
The Ellora will take to-morrow 100,6351. in
silver and 45,9001. in gold for Bombay, making
together 146,535/.
The latest accounts from New York report the
exchange "firm" at 106, and describe a cheerful
impression with regard to politics. Here the in-
quiries fur American securities are inert:L:4/4, and
the supply of many descriptions is becoming ex-
hausted.
The Liverpool cotton market yesterday was firm,
but quiet. The sales comprised 10,000 bales.
Mr. Joseph Tacker died suddenly on Monday,
having broken a blood-vessel. Mr. Taaker, who
was 64 years of age, had been connected for 30
years with various foreign, particularly Spanish-
American, bondholders' committees, and was well
known in City circles. He had been for many
years a director of the United Mexican Mining
Association.
Mr. Joseph Neale M'Kenna, hitherto General
Manager of the National Bank, has been
appointed to the seat on the direction vacant by
the decease of the late Mr. Francis Spaight.
The annual meeting of the proprietors of the
National Provincial Bank of England is convened
for the 9th of May.

Subjoined are the latest quotations of insurance,
gas, dock, and other shares, as given in the last
Stock Exchange list :
Insurance—Albert Medical Life and Family Endowment,
3 ; Atlas, 13} ; Globe, 996 ; Giardina 313; Indemnity
Marine, 135 ; Law Life, 80 • Legal and General Life, 6j ;
Liverpool and London Fire and Life. 8:3 ; London aml Pro-
vincial Marine. 2 ; Marine. 100 ; I Una Marine, 811
Themes and Mersey Marine, 21, 3.
Gas—Brighton and Hove, 20 City of London A, 26
ex div. ; ditto New, 7i ex div. ; ditto B,cx
div.; Commercial, 31} ; European, 12 ; Grait Central, 10j ;
Imperial, 80 ; London. 61.
cita— Kant and West India, 117, 1161 ; Leaden, 504,
50, 51, 503 ; St. Katharine, 60.
Canals—Grand Junction, 59} ; Regent's, 23.
Waterworks—Charm, New Gusrauteed, 24 ; Lambeth,
104.
• •• • • - • -

With reference to the market for American se-
curities, Mr. E. F. Satterthwaitereports as follows :
We have again to note • very firm market in London for
American securitiew, caused by the improved quotidian re-
ceived from New York. The market at present is very lure
of first-elms railroad bonds, sad quotations of Erie Third
Mortgage, New York Central, Michigan Central, and Penn-
sylvania Central show an advance of 2 per cent. Michigan
Southern and Northern lediasa Sinking Fund Moeda are
much wanted. the pries in New York laving reached 87.
In Illinois Central and Fiie shares there has Leen an ad-
mice of 1 per oast., sad New York Central of 2 per cent.