The Express.
London, England, 1868-10-12 00:00:00

868.

URKET.-(17118 DAY.)
.
ONS &MOCK.
Notrwithskeding the announcement from Paris •
that there is some prospoot of the Emperor of the
French initiating a proposal fur a European
disarmament, the stock markets are rather
ingestive to-day. The circumetanee that the fort-'
nightly settlement will commence to-morrow
tends to restrict fresh business for the moment.
Consols show no variation, The only change
of importance in railway stocks is a fall
of • per cent. in Caledonian, owing to
8011110 considerable 'ales for a fall, chiefly upon
telegraphic orders from Glasgow. Some of the
foreign bonds are inquired for, especially Turkish
of 1885 and Italian of 1881. The latter hare been
tably affected by the swoon of the new
l

There Is a fair demand for money, but choice
bills are readily taken at to le per amt. The
dividends will be payable at the Bank of England
on Wednesday. The charge for advances in the
Stock Exchange is 1} pee amt.
Consols are quoted loti to f for money, and
Of/ to / for the amount (Nov. ; and the Thee
per Cents. Reduced and New Three per Cents.,
911 to /.

the railway market Oaledonian stock has de-
clined } per cent., via., to 69/ to I. London,
Chatham, and Dover is 1 lower, at 171 to 1;
Leedom and North Western, 112 to 1; Cheat
Western, 49 to 1. ; Midland, 1111 to 112 ;
Loadon and South Western, 871 to 881 ; Great
Eastern, 401 to ; Brighton, 611 to I; Smith
Eastern. 77; to ; Metropolitan, 1061 to 1 ;
Great Northern, 107 to 108 ; ditto A, 106 to 1;
Lancashire and Yorkshire, 128 to 1; and Man-
chester, Sheffield, and Lincolnshire, 471 to 1.

As regards foreign bonds, Italian of 1861,
Turkish of 1865, and the Orel Vitebsk Railway
Loan have improved / to 1 per cent., while Mexican
bonds have declined 1. Annexed are the prima :
Brazilian of 1866, 77 to 1; Chilian of 1867, 94 to
1 ; Egyptian of 1864, 821 to 1, eat div. ; Italian
of 1861, 511 to ; Mexican, 151 to 1; Peru-
vian of 1886, 781 to 1; Russian of 1866, 901 to
; Nicola Railway Loan, 671 to 1; ditto Orel,
841 to 1; ditto Moscow-Jareabiw, 82 to 1;
Spanish of 1867, 33 to 1; Turkish of 1858, 66 to
1; ditto of 1862, 681 to ; and ditto of 1865, 391
to 401.

The Indian Five per Cents are inquired for, and
have improved I per cent., the present price being
114} to 1151. The Ton and a Half are at
214 to 217 ; the Four, 1031 to 101; the bonds,
20s. to 2Ss. prem ; and Exchequer Bills, 15s. to
20s. prem.

Bank shares exhibit no change. Some of the
present prices are as follows :—Union of London,
331 to 341; London and County, 481 to 491;
London and Westminster, 651 to 1 ; Anglo-
Austrian, 6 to 1 prem. ; London and Brazilian, 30
to 25 dia.; Imperial Ottoman, 11 to 11, prem.; and
Consolidated, ft to 1 prem.
Hudson's Bay are 2s. 6d. lower, at 141
to 15, but other miscellaneous shares are un-
altered. National Discount, 1l; to 1; Gene-
ral Credit, 21 to 1 dis. ; International Financial,
11 to 11 dis. ; Telegraph Construction, 151 to
161; Atlantic Telegraph Eight per Cent. Pre-
ference, 31 to 4 ; and Anglo-American, 21 to 1.
United States 5-20 bonds are 1 per cent. higher,
at 71 to ; Erie Railway Shares, 321 to 1; Illinois
Central, 95 to 96; Atlantic and Great Western
Debentures, 361 to 371, and the Consolidated
Mortgage Bonds, 381 to 39.

Italian scrip hm experienced a fresh rise of h
per cent., viz., to i to i preen

TWO O'CLOCK.

There is still very little business in the Stock
Exchange. Metropolitan Railway stock is 1 per
cent. worse, at 1061 to I. Mexican Bonds have
improved 1, while Peruvian of 1865 have declined
to the same extent. Console are steady.

FOUR O'CLOCK.
The government funds are steady, at 941 to
for money, and 941 to 1 for the account.
The principal feature in the railway market is a
rise of 11 per cent. in Caledonian stock, the pre-
sent price being 701 to 1. Lancashire and York-
shire is 1 better, at 1281 to 1; while South Eastern
and Great Western have declined 1 to 1, the pre-
sent prices being 761 to 771 and 481 to 1, re-
spectively. Brighton, 611 to 1 ; Metropolitan,
106/ to g ; Midland, 111# to 1; London and
North Western, 1111 to 112/.
Several of the speculative foreign bonds have
improved to 1 per cent. Italian of 1861, 511 to
; Orel, 841 to 1; Nicholai, 671 to 1 ; Turkish
of 1865, 401 to 1; Spanish of 1867, 331 to ;
and Italian Scrip, jto prem.
• About 12,000 sovereigns have been taken from
the Bank for India.

At Paris to-day the Three per Cent. Bentee
opened at 69fr. 33c. for the account, being 1-16
better than on Saturday.
Almost simultaneously with the introduction of
the Italian Tobacco loan for 9,404,762/., the sub-
scription for which has just been completed, pro-
posals were brought forward, to be adjudicated to-
morrow, for a loan of 400,0001. for railways in
South Australia. On Saturday evening a New
South Wales government railway loan for
1,000,000/. was announced, the tenders being
receivable on the 20th. Moreover, the recent
advises from Melbourne have intimated that
the requisite legislative sanction is being sought
for another Victorian government loan for
2,000,0001., which is likewise to be applied
to railway construction. With regard to these
colonial loans, it will be noticed that in each
instance the money is required for useful and
reproductive purposes, the carrying out of which
can scarcely fail to promote the development of
the colonies and their commerce with the mother-
country, to which they will be enabled to send
increased quantities of produce, drawn from the
interior. It must further be borne in mind that
the greater portion of the materials for the con-
struction of colonial railways is derived from this
country, the net result to us of such loans being con-
sequently that, instead of actually lending money,
we merely supply the colonists with iron, ma-
chinery, and other manufactures, in respect of the
full value of which they pay us interest, besides
making due provision for a sinking fund. It is
impossible, therefore, to raise any valid objection
to transactions of this nature, so long asthey are kept
within the bounds s by the requirements
and capacity of the lgoeifiteesc! and by a due regard
to our own means. That money will he slow to
flow into such channels is not at all likely so long
as the terms offered by the colonies are sufficiently
remunerative, and on this point there has not yet
been any ground for complaint. It must be ob-
vious, however, that in proportion as the creation
of competing securities goes on, a cheek will be
given for the time to the demand for existing
.stocks ; and this check is felt t'ari more because the
disposition en the part of the public) to invest has
not yet regained its usual proportions.
The half-monthly settlement in shares and
foreign stocks will begin to-morrow (" continua-
tion day") and end on Thursday.
Messrs. Rothschild and Sons and the Bank of
New South Wales, acting as agents for the govern-
ment of New South Wales, invite tendon for a
loan of 1,000,000/., for the purpose of completing
railways already sanctioned, the security being
the consolidated revenues of the colony, The kr.uk