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 as 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 curtailed, and
at the Stock Exchange there is a tendency towards
increased depression.

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

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

The prospectus has been issued of the Scottish
and Universal Finance Bank, capital £1,000,000, in
20,000 shares of £5O each, the first issue to be 1.0,000
shares. The object is to introduce the C: edit Mobilier
system into Scotland, and the directors have sue-
ceed€ d in completing arrangements for the purchase
of the business of Messrs. Nathan and Co., of Corn-
bill, London, bullion and exchange bankers, and
also for the transfer, upon equally favourable terms,
of the business of M. Monteaux and Sons,
Palais Royal, Paris, bullion and exchange ban-
kers. A nucleus being thus obtained, the direc-
tors will be enabled at once to commence operations.
The 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-
venience 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 :
1864. 1863.
Great Western
North-Western
South- Western
'•••'••••••• 22,132 21,797
Brighton -
Great Northern
....
Lancashire and Yorkshire... 37,513 32,4‘;6
Bristol and Exeter
6,627 6
North 'Eastern
Great Eastern .
.. .. 8
... 32,826 7
27,694
Great South-Western of Ireland
Glasgow and South Western
6 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
£206, on the Midland of £6,944, on the Great
1N orthern of £5,490, on the Lancashire and York-
shire of £5,027, on the Bristol and Exeter 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, and on the Glasgow
and 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. 112 d. oa Cal-
cutta and Madras, and Is. 11d. on Bombay. The
applications within the limits amounted to £85,000.
Tenders on Calcutta and Madras at ls. 111 d. will
receive about 21 per cent., on Bombay at 2s. Old.,
about 66 per cent,, and all above these prices in full.
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 lialited to £600,000 per month. I

Two O'CLOCK.
ADVANCE IN THE RATE OF DISCOUNT.
The principal topic of conversation in City circles
is 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
commercial circles; while at the Stock Exchange
the depression previously apparent has been consi-
der-Ably increased. The Gasette 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 large increase in the other
e curities.

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
in their allowance of interest on deposit accounts.
The Dover Castle, from Victoria, has brought
407,400, and the Magdalena, from the Brazils,
£12,297 in specie.
Th© Funds have receded the latest quotations
for Consols being 901 for money, and 91; for
the June settlement. Numerous sales have been
ffected, and the market presents a very disturbed
appearance. Tee
alterations in the New Threes,
Reduced 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, and business is dull.
Turkish 6 per Cents,, 1862
Consoii , are 70! 71 ; ditto
ees have deciined fik, to 50a ; Mexican

to 42a i; ',ditto New Loan, I, to 2 1 dis.; Greek,
221 ; Spanish Passive, g, to 338 d ; Portuguese
are 481 ; the Confederate Loan has dropped 2i per
cent., to 62 64; and the Russian Scrip is I 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 X 2, and Great Eastern,
Great Western, and Lancashire and Yorkshire, each
ss. North Western, !however, have declined 105.1
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 191 ; while Imperial have declined to 39 Q ;
Oriental to 66 8; and Union of London to NI I;
Hudson Bay Company realise 188 ; International
Financial, 11 ti ; Crystal Palace stock, 33 ; and
London Financial, 26 I.

Toe following are the current quotations of some
of the principal new projects ;—Provincial Bank-
ing Corporation, 11 prem. ; International Land
Credit, 11, 2i prem. ; Telegraph Construction, lt
prem.; Sablouiere Hotel, 14 prem.; ;North Aus-
tralian 11,- lt prem.

BRITISH FUNDS—ONE O'CLOCK.
GOTERNMENT FUNDS.
3 per Cent. Consols
Ditto Account, May 8
per Cent. Reduced
New 3 per Cent
New 21 per Cent. Jan. 1894.... —
Ditto 5 per Cent., Jan. 1873... .—
Annuities, 30 yrs, expire &th J an., 1880 —
Ditto for 30 yrs, expire sth April, 1885 —
Ditto (Red Sea Telegraph), Aug. 1908 —

March. June:
Exchequer Bills, £l,OOO, 2/ & 3 per Cent l5 8 4 die
Ditto £5OO
Ditto £lOO and £2OO
Bank England Stk, 41 per Ct.
Ditto Account,.

INDI kN GOVERNMENT SECURITIES.
India Stock, 105 per Cent., April 1874
Ditto 5 per Cent. July, 1670
Ditto Account —
Ditto 4 per Cent., Oct, 1888 —
' Do Certificates
Ditto Enfaced Paper, 4 per Cent ..
Ditto 5 per Cent., Jan. 1872 ..
Ditto 51 per Cent., May, 1879 —
Ditto Debentures, 4_per Ct., April 1661
Ditto ditto Aug., 1866
Ditto Bonds.Cl,ooo —
Ditto under £l,OOO
FOREIGN FUNDS—ONE O'CLOCK.
Austrian Bonds, 5 per Cent ..
Ditto 1859
Brazilian 5 per Cent
Ditto 41 per Cent., 1852-58-60
Ditto 1863 .
Buenos Avres 6 per Cent —
Ditto Account
jililian 6 per Cent. —
Ditto 41 pet Cent —
Colombian 6 per Cent
Cuba, 6 per Cent.
Danish 3 per Cent., 18,)5
Equador New Consolidated, 1 per Cent —
Egyptian 7 per Cent lOll 1
Ditto, Second Issue
Greek 5 per Cent., 1824-5, ex-Coupons —
Ditto Account 221 1 1
Ditto Coupons lOl
Ditto Account —
Guatemala 5 per Cent. ..
Ditto, 1839 and 1859
Italian 5 per Cent. (Maremmana Railway)
Mexican 3 per Cent
Ditto Account
Moorish Imperial 5 per Cent
New Granada .. —
Ditto 2 per Cent. 3l
Ditto Deferred
Ditto Land Warrants (Hectares) —
•
Peruvian 41 per Cent ..
Ditto Account....
~ —
Ditto 3 per Cent. (Uribarren)
Ditto 44 per Cent., 1862
Ditto Account
Portuguese 8 per Cent., 1853
Ditto Account • •
Ditto 3 per Cent., 1856, '7, '9, '6O, 62,'3
1 Ditto Account
Ditto Scrip (1863) £3O paid — pin
Russian 5 per Cent., 1822, £ St B7 8
Ditto 44 per Cent., 1850 .. 84
Ditto 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 Passive
Ditto Account 3ll /
Spanish Cert..of Coup not funded —
Ditto Account .. 111 1
Swedish, 4 per Cent —
Unraish 6 per Cent. 1864 —
Ditto Account —
Ditto 6 per Cent. IS6S
Ditto Account
tDitto, £lOO Bonds
Ditto 6 per Cent. iBO 2
Ditto Account .. 71 70!
Ditto £lOO Bonds.. 7Ol
Ditto 1863
Ditto Guaranteed, 4 per Cent.
Venezuela 3 per Cent.
Ditto Account
Ditto 6 per Cent., 1862
Ditto Account
Ditto 14 per Cent
Dividends on the above payable in Lord ,u.
Austrian, 5 per Cent.. Ex. 10 Florins.
Belgian 45 per Cent., Ex. 25f
Dutch 21 per Cent., Ex. 12 Guil
Ditto 4 per Cent. Certificates
Italian, 5 per Cent., 1861, Ex. 25 francs..
Ditto Account 67 i
TWO O'CLOCK.
Consols Money
Ditto Account, June..

BANKRUPTSiCHARGED 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 £4O
worth of cheese after making a deed of assignment, and
with refusing to give up a cashbook to their trustees. After
the case had bean 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-
cided 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 keen 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 l lth 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
mat 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 outbuilding described as a coach-house, occupied
by Mr W. Bentley, druggist, Shudehill. The cheese was
removed there k,y a porter named Bothwell, who stated
that, where Taylor paid him for the job, ho told him " he
had Pea occasion to say anything to anyone about B."—
lir 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 prime 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 cha-ge, of withholding the cash-book,
and which 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 ROCHDALE.—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.e 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 opinion to the effect that
the right of sale is vested exclusively in the Vioar, 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 ou the part of the valuers, or culpable ne-
glect amounting to constructive fraud,