The Sun.
London, England, 1864-03-11 00:00:00

MONEY MARKET

AND

COMIURCIA.L INTELLIGENCE,

CITY, TWELVE O'CLocK.
In the general discount market to-day business
is moderately active, at the current quotations.
About £85,000 in gold was taken into the Bank
yesterday.
The Syria, which leaves on the 12th with the
Alexandria and Bombay mails, will carry £185,310
in specie.
The weekly return issued yesterday by the Bank
of England authorities may be generally regarded
as satisfactory. The other securities have been
diminished partly through the large number of
bills that arrived at maturity at the commencement
of the month, and the bullion has not been so
largely reduced as might have been expected from
the withdrawal of gold recently made for exporta-
tion. Tne notes in circulation have also fallen off,
but the Government balances have heels increased
through the active revenue collections now in pro-
gress. Subjoined is our usual analysis :
Active Circulation .. £20,027,140
Decrease .. .. • • 216,260
Bullion , . • . • . • • • • 13884 '389
Decrease .. • • • • 149,833
Rest ..
•• •• 3,791,536
12,663
Increase .. • • • • • •
Public Deposits •• •• 8,863,361
Increase .. • • • • 969,731
Other Deposits.. .• 12,434,975
Decrease .. .. 1,106,303
Seven Day and other Bills .. 5;:6,685
Decrease .. 20,789
Government Securities • • .. 11,174,584
Other Securities No a'teration.
.. 20,497,7,7
..
Decrease
.. 211,125
,
Notes Unemployed 7738,170
Increase .. 67,205
The Bank of France return for the month to
Thursday last has also been issued. The altera-
tions comprise an increase of £540,000 in the
bullion, with a decrease of £2,533,332 in the bills
discounted, £326,664 in the advances, £1,140,000 in
the notes, £220,000 in the treasury balances, and
£686,664 in the current accounts.
During the last few days there has been less
activity in the Foreign and Colonial Produce
Markets. Sugar, however, has fully maintained
previous rates, while slightly enhanced prices have
been obtained for coffee and cocoa. Rice has been
dull, while the operations in tea have been to about
an average extent, good qualities of green main-
taining full prices. Rice, fruit, and spices have
been inactive, but ta'low has been in better request
at steady rates for both present and future delivery.
The British Copper Company (limited) has issued
a prospectus, with a proposed capital of £lOO,OOO,
in 20,000 shares of £5 each, commencing with a
first issue of 10,000-108. to be paid on application,
and a further sum of 10s. on allotment. The
directors announce that they commence their work
with more than one-third of the shares already
taken up, and that they do not anticipate that it
will be requisite to call up more than one-half of
their proposed capital. It is urged that the advan-
tages of the plan upon which this company is to be
Worked are well worthy the attention, not only of
investors in mining property, but also of the com-
mercial world in general. It is proposed by this
company to work with one expense of management
their several mines at one and the same time, and
they give as an illustration of the wisdom of such
economy the great success of the St. John del
Rey Mining Company which pays 30 per cent.
dividend. A provisional contract has been entered
into to purchase the Lochfyne, Rednal, and other
Mines, under very favourable circumstances, by this
cupany, and the directors are fully confident of
ultimate success, and pay almost immediate divi-
dends. Alexander Alison, Eeq., late of the firm of
Alison, Merry, and Co., of Glasgow, has been
appointed chairmen of this company, and his infla-
ence in the mining world, coupled with those of his
brother directors, is an earnest that the objects of
the company will be fully developed.
The prospectus of the West of England Woollen
Coos
Noy will be found in another portion of The
Sun. The object of the company is to establish
Works for the purpose of manufacturing with im-
proved
machinery, which has been secured by pa-
tent, various descriptions of woollen fabrics, by the
process of " felting"
pensive whereby the cumbrous and ex-
machinery used in spinning and weaving is
d
ffeceispensed with, and a saving of time and material
effected of not less than 30 per cent. In addition
too the production of carpets and felted goods, the
rpes.„
j intend
hi to apply their operations to a
higher class of goods, as the process is capable of
the manufacture of cloth of the finest quality. The
operation of felting is not now for the first time
introduced to the public, as the process has
been worked with the greatest success in
the seat of our woollen manufactures, and
also on the Continent 'and in America. After the
Most careful calculation it is expected that a profit
of at least 25 per cent. on the capital raised will
be realised, and the increasing demand for the
articles manufactured justify the expectation. The
company have arranged for the transfer of a newly
constructed mill, with six acres of freehold land at
Bradford.on-Avon in thoroughly experienced manager has been secured,
waut of which has brought many promising
companies to destruction. The directory contains
the names of some that rate business men, and as a
considerable amount of the capital (which is set
down at £lOO,OOO in £lO shares) has been applied
for, the money invested will soon begin to make ah
adequaee return. It is proposed in the first instance
only to. issue 5,000 of the £lO shares.
'IZ., Another new financial undertaking is announced,
the Warrant Banking Company (Limited).
r-rte c apital proposed is £2,000,000 in 40,000 shares
°I £feo each, with a first issue of 20,000 shares. The
com.pany's progratame is sufficiently simple, as its
business is to consist mainly in making advances
ukea produce represented by dock warrants or other
assissnable documents. It is proposed that all such
produce shall be duly, inspected and valued, and a
Margin allowed for depreciation. The advances
are to be made, not in cash, lent in acceptances by
the company of the drafts of its customers; and,
to secure the due payment of these acceptances,
the directors piedgo themselves that the entire
paid-up capital of the company shall be
invested in British or Indian Government securi-
ties, or lodged at call. It is also proposed to
Make advances upon stocks and shares.
In a busi-
ness of this nature everything depends upon the
Management, and it must be conceded that the
company's board is respectably constituted, com-
prising the undermentioned names,—Mr. Joseph
Bravo, of J. Bravo and Co., of London; Mr. Archi-
bald Bruce, of the lets firm of Bruce and Co., of
Abchurch-lane ; Mr, W. J. R. Cotton, of Culver-
Wen, Brooks, sad Cotton; Mr. A. D. De Pass, of
33,3 Pass and Sons; Mr. Abel Heywood, ex-Mayor
M.
Manchester and director of the Alliance Bank;
A Jr. George
Ja
Ball,y, late of the firm of Quilter,
and Jay ; Mr. Thomas Jelly, of Manchester ;
Alr. I. It. Niarriott, of Henry Marriott and Co.,
,so,r. Mahrectornches the Alliance Bank ; Mr. Albert Ricardo,
°fOA, and W. Ricardo ; and Mr. William Rewstron,
O,.Atanchester. Branches are to be established at
-Liverpool, Manchester, Glasgow, and other large
towns. The directors are not to receive any remu-
neration until the shareholders have been paid £5
Per Cent. by way of dividend on their paid up capi-
the net profits, tfl, utter which the directors
will receive one-fifth

••••••• ••.••.•I•••

Two O'CLOCK.
Al the Paris &arse this• day, according to Mr.
'tetiter's telegrams, the Three per Cent. Reines
°Palled at 66 50.
lit Ail the Stock Exchange Markets this mornin
g
tre remained particularly quiet, in the absence of
litre remained
intelligence from the Continent and
ietive speculative dealings. A better feeling has
tillsverthe less prevailed in the English departmcnt,
tk4Cl a few purchases have sufficed to place the
:le Punch k per cent, higher than they were at the
e'sa of business yesterday, the latest prices for
'ensals being olfr for money, and 9IZ-4- for the
atsceottnt. The New Threes end Reduced Annuities
baps
been dealt dig 891 a ; Exchequer Bills, at
4' dia. to pm.; b 5 per Cents, have realised