The Sun.
London, England, 1864-05-05 00:00:00

MONEY MARKET

AND

COMMERCIAL INTELLIGENCE,

CITY, TWELVE O'CLOCK.
Much uncertainty has prevailed in the money
market all the morning, and es it is known that
the Bank of England directors are deliberating
upon the position of affairs, it will not occasion
much surprise if further discount restrictions are
adopted, especially as the authorities are charging
9 per cent. yesterday for accommodation. Pending
the decision of the executive, the business in the
general money market is very much curtaKed, and
at the Stock Exchange there is a tendency towards
increased depression.

About .f.:36,000 in gold was taken into the Bank
yesterday.

A branch in the High•street, Newington, is
about to ba opened by the London and County
-.Bank.

The prospectus has been issued of the Saottish
and Universal Finance Bank, capital £1,000,000, in
20,000 shares or £5O each, the first issue to belo,ooo
shares. The object is to introduce the CI edit Mobilier
system into Scotland, and the directors have sue-
ccedt d in completing arrangements for the purchase
of the business of Messrs. Nathan and Co., of Corn-
hill, London, bullion and exchange bankers, and
also for the transfer, upon equally favourable terms,
of the business of M. Monteaux and Sons,
Palais Itoyal, Paris, ballion and exchange ban-
kers. A nucleus being thus obtained, the direc-
tors will be enabled at once to commence operations.
Tll3 company will receive money at call or on de-
posit, grant loans, make advances on merchandise
and dock and other warrants, on title deeds, on con-
:tracts for works, deal in the precious metals, and by
means of the Paris branch it is proposed to under°
take the shipment of silver to the East via Mar-
seilles. It will likewise transact business by the
issue of small bills and letters of credit for the con-
wenience of travellers and emigrants, and negotiate
approved foreign or inland bills and cash coupons,
&c.
The last week's railway receipts, ascertained up
to this day, are, in round figures, as under :

Great Western 1864. 1863.
£57,377
North-Western
.... 99,834 90,995
Brighton .
South-Western,
Midland
17,899 17,693
Great Northern
Lancaslare and Yorkshire 37,513 26,914
32,4',6
Bristol and Exeter
53,287
27 6,572
6
North, Eastern
58, 6,821
Great., Eastern
Great South-Western of Ireland . 32,826 27,694
Glasgow and South Western 8,882 8,567
9,3.66 8,637
These returns when compared with those of the
same period of last year, exhibit some satisfactory
results. On the Great Western there is an in-
crease of £4,500, on the North Western of £7,839,
on the South Western of £335, on the Brighton of
£2OO, on the Midland of £6,944, on the Great
Northern of £5,490, on the Lancashire and York-
shire of £5,027, on the Bristol and Ezeter of £55,
-on the North Eastern of £5,534, on the Great
Eastern of £5,132, on the Great Southern and
Western of Ireland of £315, end on the Glasgow
rand South Western of £729.
The biddings for £300,000 in bills on India took
place yesterday at the Bank of England. The pro-
portions allotted were---to Calcutta, £133,700 ;to
Bombay, £120,000; and to Madras, £46,300. The
minimum price was as before---ls. 111 d. on Cal-
cutta and Madras, and ls. Hd. on Bombay. The
applications within the limits amounted to £85,000.
'Tenders on Calcutta and Madras at ls. 1111. will
receive about 21 per cent., on Bombay at 25,. o:d.,
about 66 per cent,, and all above these prices in tell.
It appears that from this date the drawings of the
India Council on India, instead of being £700,000
per month, as has recently been the case, will be
limited to £600,000 per month.

Two O'CLOCK.
ADVANCE IN THE RATE OF DISCOUNT.
The principal topic of conversation in City circles
an advance in the minimum rate of discount from
,8 to 9 per cent., which the directors, after a careful
consideration, notified about an hour ago, So im-
portant an announcement has naturally occasioned
an unusual degree of commotion in monetary and
tornmercial circles; while at the Stock Exchange
The depression previously apparent has been consi-
derably increased. The Gazette returns, which
will
be published this evening, is expected to show a
'considerable decline in the reserve of notes and stock
of bullion, and a largo increase in the other
securities.

In the discount market business for the moment
is almost suspended, and the joint-stock banks and
private firms have not yet announced any alteration
an their allowance of interest on deposit accounts.
The Dover Castle, from Victoria, has brought
167,100, and the Magdalena, from the Brazils,
£12,297 in epecie.
The Funds have receded I, the latest quotations
for Consols being for money, and 911 for
the June sattlernent. Numerous sales have been
effected, and the market presents a very disturbed
appearance. The alterations in the New Threes,
Iteduced. Annuities, and Exchequer Bills, are un-
important, and most of the Indian descriptions are
nominally steady.
A general downward movement has taken place
In the Foreign Market, end business is dull,
Turkish 6 per Cents., 1862, are 701 71 ; ditto
CODBOlid63, have declined a, to 50: -1; Mezicin

to 422 10 -::ditto New Loan, I, to 2 1 die.; Greek,
22,1 K ; Spanish Passive, to 338 a ; Portuguese
are 481; the Confederate Loan has dropped 23 per
cent., to 62 64; and the Russian Scrip is 11 prem.
In the Railway Share Market the operations
have not been very extensive, but in some few in-
stances prices have shown a firmer tone. Metro-
politan have improved £1 to .£2, and Great Eastern,
Great Western, and Lancashire and Yorkshire, each
Os. North Westernlhowever, have declined 10s.
The Foreign and Colonial lines remain inactive,
without any material change of importance.
Bank and Miscellaneous Shares are inactive.
Alliance have improved to 621 ; Bank of Queens•
land to 193 ; while Imperial have declined to 39 3 ;
Oriental to 66 8; and Union of London to 563 I;
Hudson Bay Company realise 18; ; International
Financial, 11 i ; Crystal Palace stock, 33; and
London Financial, 26 1.
Tae folio wing are the current quotations of some
of the principal new projects ;—Provincial Bank-
ing Corporation, 13- prem. ; International Land
Credit, 18 21 prem. ; Telegraph Construction, 13
prem.; S4bloniere Hotel, 11 prem.;
.North Aus-
tralian 1 13 prem.

BRITISH FUNDS—ONE O'CLOCK.
GOVERNMENT FUNDS.
3 per Cent. Consols
Ditto Account, May 8
per Cent. Reduced
New 3 per Ci•Aat
New 21 per Cent. Jan. 1801
Ditto 5 per Cent., Jan. 1873
Annuities, 30 yrs, expire &tit J an., 1880 —
Ditto tor 30 yrs, expire sth April, 1885 —
Ditto (Red Sea Telegraph), Aug. 1908 —
Mizell. June.
Exchequer Bills, £l,OOO, 2 & 3 per Cent. 15 8 4 dis
Ditto

Ditto £lOO and £2OO
Bank England Stk, per Ct.
Ditto Account

INDIIN GOVERNMENT SECURITIES.
India Stock, 101 per Cent., April 1874....
Ditto 5 per Cent. Juiy, 1870
Ditto Account....
Ditto 4 per Cent., Oct, 1888 —
Do Certificates
Ditto Enlaced Paper, 4 per Cent
Ditto 5 per Cent., Jan. 1872 ..
Ditto 51 per Cent., May, 1879 —
Ditto Debentures, 4.per Ct., April 1861
Ditto ditto Aug., 1866
Ditto lionds.el,ooo
Ditto un(lor £l,OOO
FOREIGN FUNDS—ONE O'CLOCK.
Austrian Bonds, 5 per Cent —
Ditto 1859
Brazilian 5 per Cent -
Ditto it per Cent., 1852-58-60
Ditto 1863 .
Bl:ewe Ayres G per Cent
Ditto Account —
jhilian 6 per Cent
Ditto 41 pet Cent —
Colombian 6 per Cent —
Cuba, 6 per Cent. —
Danish 8 per Cent., 1825
Equador New Consolidated, 1 per Cent —
n.,
glTtian 7 per Cent lOl/ /
Ditto, Second Issue
Greefr,. 6 per Cent., 1824-5, en-Coupons —
'lto Account
Ditto Coupons lOl
Ditto Account
Guatemala 5 per Cent.
Ditto, 1839 and 1859 -
Italian 5 per Cent.(Mareunuann Railway)
Mexican 3 per Cent
Ditto Account
Moorish Imperial 5 per Cent
New Granada
Ditto 2 per Cent. 3l
Ditto Deterred
Ditto Land Warrants (Hectares) —
Peruvian 41 per Cent —
Ditto Account....
Litt.) 3 per Cent. (Uribarren)
Ditto 41 per Cent., 1862 —
Ditto Account —
Portuguese 3 per Cent., 1853
Ditto Account —
Ditto 3 per Cent., 1856, '7, '9, '6O, 62,'3
Ditto Account 4B it
Ditto Scrip (1863) £3O paid .. pm
Russian 5 per Cent., 1822, £ at B7 5
Ditto 41 per Cent., 1850 .. 81
Ititto 3 per Cent 1859
Ditto 5 per Cent, 1862
Sardinian 5 per Cent ....
Ditto Account —
Spanish 3 per Cent
Ditto Account

Ditto New Deferred
Ditto Account
Ditto Pasqive
Ditto Accoun4 341 it

Spanish Cert. of Coup not funded .. —
Ditto Account .. 11i i
Swedish, 4 per Cent. —
rurkish 6 per Cent. 1t351 —
Ditto Account ..

Ditto 6 per Cent. 185.8
Ditto Aceou.nt

tDitto' £lOO Bonds 72
Ditto 6 per Cent. 1882
Ditto Account
Ditto £lOO Bonds..
Ditto 1863
Ditto Guaratteed, 4 per Cent
Venezuela 3 per Cent.
Ditto Account —
Ditto 6 per Cent., 1882
Ditto Account
Ditto 11 per Cent

Dividends on the above payable in Loncl u.
Austrian, 5 per Cent„ Ex. 10 Florins.
Belgian 41 per Cent., Ex. 25f...
Dutch 21 per Cent., Ex. 12 Gail 64
Ditto 4 per Cent. Certificates
Italian, 5 per Cent., Ib6l, Ex. 25 francs —
Ditto Account
TWO O'CLOCK.
Consols Money ... 9Ol
Ditto Account, Juno

BANKE.UPTS:CHARGED WITH CONCEALING PRO-
PERTY.—At the Manchester City Police Court, yes-
terday, John Taylor and Joseph Hiram Mayoh were
charged, upon two informations, with concealing about
worth of cheese after making a deed of assignment, and
with refusing to give up a cashbook to their trustees. After
the case had been opened by Mr. Higgin, who appeared
for the trustees under the deed of assignment, Mr.
Edwards, on behalf of the defendants, raised a ques-
tion as to the jurisdiction of the Court, maintaining
that the matter should be adjudicated by the Com-
missioner in Bankruptcy. Mr. Ellison, however, de•.
tiled that the Court had jurisdiction, and the case
was proceeded with. It was then shown that in January
the defendants were partners in a provision shop in Shude-
hill, where the partnership had been carried on about three
months, On the sth or 6th of January the defendants sent
20 cheeses, worth about £4O, to Mr. Ben. Whittaker, pro-
vision dealer, Every-street, for which they had received no
order. On the I Ith of January the defendant Taylor called
on Mr. Whittaker in the usual way of business, and when
asked why he had sent the cheese, he replied that he thought
it would suit Mr. 'Whittaker. Mr. Whittaker told him it
would not, and Mr. Taylor promised to send for the
cheese to his warehouse. Very shortly afterwards Taylor
met Mr Whittaker in the street, and told him either that
he had sold the cheese or that he would try to re-sell it, and
he also informed him that he was about to make arrange-
ments with his creditors, On the 14th January, finding that
Taylor did not send for the cheese, Mr Whittaker hired a
cart and delivered them at the defendants' warehouse. At
about half. past three that afternoon, the defendants exe-
cuted a deed of assignment, and at about four o'clock the
defendant Taylor removed the cheese from his warehouse
to an feint id in g described as a coach-house, occupied
by Mr W. Bentley, druggist, Shudehill. The cheese was
removed there by a porter named Rothwell, who stated
that, when Taylor paid him for the job, ho told him " he
had no occasion to say anything to anyone about it."—
Mr Henry Hargrave and Mr Edwin Whitworth, provision
dealers, trustees under the deed, stated that the cheese had
not been accounted. for to them.—Mr Ellison said it was
difficult to know how he could say that an offence had
been committed against the Act of Parliament. It was
true that the trustees said the cheese had not
been accounted for, but was that conclusive ? The
beginning of the cheese transaction with Mr Whit-
taker was perfectly fair and regular, and the
delivery of the cheese to Mr Bentley might only
be the fulfilment of a contract entered into before the sign-
ing of the deed.—Mr Higgin said that if any such contract
existed the defendants could not fulfil it, because the sign-
ing of the deed divested them of all their means.—ln reply
to Mr Higson, the magistrates' clerk, Mr Higgin said that
the trustees had not traced the goods beyond the possession
of Mr Bentley, who had not been examined before the Court
of Bankruptcy. The defendants had been examined there.—
Mr Ellison : Yes, but you don't bring their evidence into
Court.—After consulting with the clerk, Mr Ellison said that
though the case was surrounded with many suspicious cir-
cumstances, it was one of a class that required to be made
out upon stronger prima facie grounds than ordinarily
induced a magistrate to send a case for trial. He, there-
fore, did not think it would be of use to send it before a
jury. The second charge, of withholding the cash-book,
and wh'ch was stated to be a weaker case than the other,
was not gone into, the council arranging to proceed no
further with it till it had been more fully considered.
THE BISHOP OF MANCHESTER AND THE VICAR
OF ROCIIDALE.—The General Purposes Committee
of the Rochdale Town Council have submitted to Mr.
Davidson, Q.C., a case similar to that submitted a short
time since to Mr. Mellish, Q.C,, as to the right of the
Vicar of Rochdale, without the consent and concurrence of
the Bishop of Manchester, to sell to the Corporation the
excepted glebe lands for a public park. We understand
the learned counsel has given an op'nion to the effect that
the right of sale is vested exclusively in the Vicar, and
that the Vicar alone can give a legal title to the lands;
that the Bishop is altogether an unnecessary party, and
and can only object to the alienation of the land on the
ground of fraud on the part of the valuers, or culpable ne-
glect amounting to constructive fraud,