The Sun.
London, England, 1864-02-25 00:00:00

MONEY MARKET

AND
COMM.MCIAL INTELLIGENCE.

CITY, TWELVE O'CLOCK: ,

ALTERATION IN THE BANK RATE•

A reduction of 1 per cent. has just been announced
la the minimum rate of discount of the Bank of
flgland. The movement was fully expected
°wing to the tendency of monetary affairs for some
time past, and the improvement which is reasonably
supposed to have taken place in the position of the
bational establishment, The return, which will
aPPear this afternoon, will no doubt show that the
reserve of notes, the stock of bullion, and the other
securities warrant the relaxation, and the general
12raspeets of the market seem to justify the idea that
farther concessions will be sp2edily adopted. For
some days past the mercantile community have been
,Ilegctiating first-class paper at 61 per cent., but the
uifference between this rate and the lowest charge
at the Bank of England must have excluded
bills brought forward for negotiation. All the
adverse influences which were productive of the
stringent policy which carried the price of money
to 8 per cent. have disappeared. The resources of
the
Bank of France have improved, gold is no longer
required for transmission to Paris or silver in such
large quantities for shipment to India, the exchanges
have all become favourable, and there is no pres-
sure for discounts, and bankers and brokers have
far
larger supplies than they are enabled to employ.
4 prospectus has been issued of the Imperial
Financial Company, with a capital of £2,000,000,
the
half of which amount is to be first subscribed
oa shares of £5O. The objects of this company are,
f
course, identical with similar existing companies.
The directory is composed of gentlemen of high
standing in the commercial world.
k Prospectus has also been issued of the general
International Agency Company, with a capital of
46°02000 (half to be subscribed first), in shares of
e 10, "to undertake financial credit, agency, and
change operations in England and France.
c Prospectus has been issued of the Gellivara
;,n1„ PanY, with a capital of £500,000, in shares of
acres
The object is to purchase an estate of 1,200,000
beds
in Sweden, containing large and productive
Portion
of iron ore, extensive forests of pine, and a
s'Grlinn of agricultural land, besides saw-mills, fur-
ores, a shipbuilding yard, &c. The development
s this property, which is to be bought for £225,000,
:claires a railway of about 60 miles for the trans-
Port of the iron ore to the furnaces and shipping
rrt) and this (including also the construction of
el/it) canals) will cost £232,000, towards which the
ti:ledish Government contribute £48,000. Pending
aenstruction of the railway and canals, which
111.; Occupy three years, the vendors of the property
817erteke that if the receipts of the company fall
ei Qrt of 6 per cent. they will make up any defi-
taeilleY• About four years back a plan was enter-
ned for this undertaking, but it was brought
fe'tward in a less practical shape, and the period
Rae less favourable than at present.
The
Prospectus of the English, Irish, and Foreign
coOillieg Stock Company will be found iu another
tvilln't of /he Sun, the object of the company being
vt4troduee imported patented inventions for rail-
it? waggons, buffer springs, and other improve-
tednts (by which the cost of repairs will be greatly
tn:ced) in the construction of waggons, &e., &c.;
411 4180 for building, sale, or letting on lease, such
Dall.reved waggons to the different railway com-
follles. The .idea is a good one, and the gentlemen
raing the directory are in every way well calcu-
ated t
I).' carry the company into active operation.
Olya
1. es of large contracts have already been
-eativEd.

V Two O'CLOCK.
ell little business is reported in the discount
-4tlret.
ehe discount firms have reduced the interest they
on deposits to 41 per cent. on call, and to 5
per
aent. at seven days' notice.
of `he
Was a meeting to day of the shareholders
, Oriental and General Marine Insurance Corn-
-4137, at which Mr. Elias Mocatta presided. The
tPrt Was unanimously adopted, and interest at the
:Li" I£s per cent, was ordered to be paid. The
11,4(thee, £63,935 11s., was ordered to be carried to
,
account.
Not
rt. the slightest variation has taken place in the
qt,ll,:et for Consols, which remain at the closing
ii;Lations of yesterday, viz.. 918 / for money, and
104 d for the account. Had it not been for the
aZev,r,ing of the rate of discount some heaviness
"' have been experienced, as there is an unfa-
-I'4tabl
~ e feeling relative to politics. The New
bete
°a a and Reduced Annuities are 911 ; Ex-
htll4e: Bills have risen to 3s. die. to par.; and
f Per Cents. are 104 i 1.
Tvearyaitihtte le Foreign Stook Market there has been
alteration, and business is less active.
litlrkiBh 6 per Cents., 1862, are 691 ; do. Como-
do ear; s°l *; Greek, 221 s ; Spanish Passive, 34} ;
the -,ertiacates, 131 14; Portuguese, 471485; and
Confederate Loan, 51 52.
korekaa activity has prevailed in the Railway Share
Ivo et
tn-daY, and prices have generally given
114;* Lancashire and Yorkshire and Midland
‘eto.a,e,elined 10s., North Western 55., South
,th-", 435., and Metropolitan £2.
bo
tztx orei-n
16 and Colonial undertakings exhibit
tati:ril. alteration as regards values.
fair and Miscellaneous Shares continue in
decii,""ecticillest• London and Brazilian have
iropro.,; to 88,1; Hindustan, China, and Japan have
are
quo e tadtl) 30ii ; Nation al S hipping Company
wttoniml Prem. ; Mauritius Credit, preen. ;
Baskin gFl°anei par 1 prem.; South Eastern
tern t• 3napan em • and General In-
AtEt.tonalA y, pr • I
Reno
01,. the half. Yl. to 1 prem•
bp la (Londo )YilearlY meeting, today, of the Vic-
jlnsed adinou'rrk Company, an amendment was
the meeting for one month,d.
°-""ng a committee to report upon the a.
Ity of
)3130ths the property. During
Bracing ea-
the six
ji"ing December last 1,137 ships, ra
allow? '4,782 tons, entered the Victoria Docks,
as ,-118. a decrease of 124 ships, and 110,446 tons,
f4ilintaPared with the same period in 1862. This
tier g °Er is accounted for in the decrease in 7418
414°411ting to 177 ships, measuring 106,

4 oorizitNl33fltiTlSll FUNDS—ONE O'CLOCK.
De_ _ 12kTT FUNDS.
oF kent. Consols
itte. Account, March 5 .......... 91*
,xbt'to
Der CONero n 'll'. Reduced
Pr
pecrent . ..........
9911
Cent , Jan. 1873.. ....... , 106_/
per
.lil4tielleciller Bills il,OOO, 21 & 3 per Cent. 3 n_ is p
hrit ngland Sitk, 41 per Ct., last hf.-yr. 239
IticlAll. GOVERNMENT SECURITIES.
tisr Qtoek, 101 per Cent., April 1874....
Oto ken__ t
• • --
.qttto 5
• Per Cent. July, 1870
-", ,c, E
,uitt nfaced Paper, 4 per Cent 944
104/
I), ° 6 Per Cent,, Jan. 1872
bltta p ptr
itt -'ondS MAO .................
0 'ander £1,000..
.aziii
ll' FOREIGN FUND' ........... E O'CLOCK.
Ditto,a per Cent -
1839 and 1859.....-
°YPtilO3
.i.)- au 7 per Cent
4414° Second Issue
„sell,,
• . ----
411\ittO LcroCuenntt., 1824-5, ex-Coup.ms
22i I i
I)i,t -
"to f',
oupous
t,•t° Account,
—teat, 3
1);#, per Cent
2!ton",', Account
1'4'41. Imperial. 5 per Cent
0 iltuese 3 per Cent., 1853
1).40 Account..
.r)!tto
~, per Cent., 1856, '7, '9, 'GO, 62,'2
„to Account 4B
64.8jEtti 6 per Cent., 1822,:i; St —
tpahlt,to 6 per Cent, 1862
-th 3 per Cent
:4itto
Ditto Account 52
~,?,tto New Deferred
,4-,itto Account
ijitt 451
o Pasegve
DittoSp„ Account 3l /
6-0,111 t.'!ert. of Coup not funded
1, c-0 11 CZ:Unnt .. 13i
11.)fr`iNh 6 er Cent. 1851
itto Account 9ll
bit
1r ditto
:u.i..)iii
iti°ooo6
AP ecrc
oCuenntt . 1858
i Account
Illt,t° 6 per Cent. 1862
.. 691 9
'llezuela 3 per Cent.
6Apeceor-uCriTt., 1862
59
Ditch
Dividends on the above payable in Lc.al n.
itch 21 per Cent., Ex. 12 Gui1..
n ottaola TWO O'CLOCK,
Ditto Mone
--Itto Accouny t „ .... , ...... . • . , 91i