The Sun.
London, England, 1864-05-12 00:00:00

HONEY MARKET

AND

COMMEIWIAL INTELLIGENCE,

CITY, TWELVE O'CLOCK:

The terms for first-class bills in the general dis-
count market remain without alteration. The
directors of the Bank of England have also re-
frained from making any change in their minimum
quotation, and the market, although not inactive,
presents a somewhat quiet appearance. It is be-
lieved that when the forthcoming Stock Exchange
settlement shall have been completed the demand
for discount purposes will have been considerably
lessened, and the public may look forward for some
nbstantial concessions at the hands of the autho-
rities.

About £106,000 in gold was taken into the Bank
yesterday.

The Agincourt, from Melbourne, has arrived with
£12,588.

The committee of tha Stock Exchange have ap-
pointed Monday next for a special settlement of the
scrip of the Russian Anglo-Dutch Five per Cent.
Loan, and Wednesday for the Silvers Indiarubber
Works and Telegraph Cable Company, both to be
officially marked.

The directors of the London and South Western
Bank (Limited) have resolved to issue rateably to
the proprietors the additional 5,000 shares, as
authorised by the articles of association, at a pre.
'llium of £2 102. per share.
The directors of the Scottish and Universal
Finance Bank have concluded arrangements with
Messrs. Hoggard and Co., bankers and bullion
merchants, of 85 and 86, Cheapside, by which the
whole of their bnsiness and connection is transferred
to the bank. One of the firm will join the board.
The success which has already followed upon the
exertions and management of the Alliance National
Land, Building, and Investment Society has led
the directors of the company, with a view to the
still farther development of the scheme, to invite
subscriptions on easy terms towards a first capital
of £lO,OOO, in £lO shares, under the limited liabi-
lity act. The gentlemen forming the direction of
the Alliance Company are most of them well
known, and are some of them eminently prac-
tical men, They seek to extend over the United
Kingdom, further than they have done already,
branches of an association in which small sums
may be deposited on good security, and which will
at the same time produce a satisfactory rate of inte-
rest to the small capitalist so investing his savings.
They appear to have invented, moreover, in some
sort an original plan by which the small trades-
man or artizan, by a monthly payment (as in an
ordinary building society), may accomplish this—
viz., by tha issue of £25 debentures, payable by
2s. 6d. monthly instalments, upon which compound
interest at the rate of 5 per cent. is allowed. The com-
pany also undertakes to receive deposits at 5 per cent.
It undertakes, in a word, to afford a safe and profit-
able opportunity for investment to small capitalists.
As indicative of the fair prospects before this asso.
ciation the capital stock is now said to be in such
demand as to command a small premium. While,
in evidence of the manner in which it has already
been taken up in the sister kingdom, we may call
the attention of investors to the fact that since
January 1, 1864, the sum of £16,000 sterling has
been advanced on first-class securities, and upwards
of 7,000 shares and debentures have been taken up.
Mortgages for more than £40,000 are in course of
completion, and the company now consists of
upwards of 1,500 share and debentura holders.
The Mercantile Credit Association have notified
the terms of arrangement with the Imperial Finan-
cial Company, assented to by the respective boards,
subject to the confirmation of the shareholders. The
union is to take place on the Ist June, under the
title of the Imperial Mercantile Credit Association,
Limited, each company dividing its profits up to
that date. The capital of the amalgamated com-
pany to consist of 100,000 shares of £5O each ;
50,000 shares to be allotted to the shareholders of
the Mercantile Credit Association, Limited, at £1
premium, in proportion to their holdings (that is
five for every two shares) in that association, and
the remaining 50,000 shares to the shareholders of
the Imperial Financial Company, Limited, at
premium, in addition to the £5 already paid, in
proportion to their holdings (that is share for share)
in that company. In the issue of 50,000 shares to
the shareholders of the Mercantile Credit, the £5
already paid on the 20,000 shares will be placed
to their credit. The capital of the Imperial Mer-
cantile Credit Association, Limited, will then stand
thus :-100,000 shares of £5O, £5 deposit and £1
premium, £5,000,000 capital, £500,000 paid up,
and £lOO,OOO reserve.

The last week's rahway receipts, ascertained up
to this day, are, in round figures, as under

1864. 1863.
Great Western
North-Western
South-Western
Brighton
Midland
South Eastern
Great Northern
Lancashire and Yorkshire
North •Eastern ...... •..
57,888 50,856
Bristol and Exeter **********
6,561 6,381
Manchester, Sheffield and Lincoln 15,954 15,097 North British ...........
Great South-Western of Ireland ...... .
19'843 12272 030
9,329..
These returns are in most instances of a satisfac-
tory character, compared With those of the same
period of last year. On the Great Western there
is an increase of £2,684, the North Western of
£8,173, the South Western of £156, the Brighton
of £385, the Midland of £4,519, the South Eastern
of £3,071, the Great Northern of £3,194, the
Lancashire and Yorkshire of £5,140, the North
Istern of R 7,032, the Manchester, Sheffield, and
Lincoln of £857, the North British of £Bl3, but on
the Groq Southern and Western of Ireland there
is a decrease of £57.

Two O'CLOCK.
At Paris this morning, according to Renter's
telegram, the Three per Cent. Rentes were 66f. 75c,
—Firm.

A further decline of y per cent. took place in the
English Funds, through continued sales of stock
purchased, when lower prices prevailed, The
market has presented a heavy appearance,
and Consols are 911 for money, and
90,1 L, less the dividend, for the account.
The New Threes and Reduced Annuities are 888 89;
the 21 per Cents., 74; Red Sea Telegraph, 2O ;
Match Exchequer Bills, IGs. dis. ; and June do.
9s, 4s. dia.; India 5 per Cents, 104 105, do. 4 per