The Sun.
London, England, 1863-11-05 00:00:00

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, TWELVE O'CLOCK.
ANOTHER ALTERATION IN THE RATE OF

DISCOUNT.

The directors of the Bank of England have just
advanced their rate of discount 1 per cent., viz.,
from 5 to 6 per cent. This movement has not
created very much surprise, but its vast
importance has naturally had the effect of
creating much disturbance in almost al: de-
partments of business. An upward movement
of 2 per cent. in the value of money in one week is
of course an unusual event, and one that must
necessarily exercise a very potent influence upon
the current of monetary, mercantile, and Stock
Exchange operations. Tne measure from its highly
restrictive character may be regarded with some
satisfaction, inasmuch as it will remove much uncer-
tainty that would otherwise prevail. It is always
as well in cases like this that the worst should be
known, and, unless affairs are in a more anomalous
position than present appearances indicate, the
policy adopted will probably prove instrumental in
checking the outflow of gold, in alleviating the
pressure for discounts resulting from the expectation
of higher rates, and also restraining the impetuosity
of joint-stock company promoters.

The intimation that the rate of discount had been
put up to 6 per cent, caused an unusual degree of
commotion, especially on the Stock Exchange,
where affairs for a few minutes were very much ex-
cited. A quieter feeling, however, has succeeded,
and less depression is manifested in the quotations
of many of the principal securities.
There continues to be great scarcity of silver in
this market, and the quotations are consequently
very buoyant. The Mexican dollars brought by
the West India packet were sold yesternoon for
China at an advance of ss. 3:f (1 upon the
price realised by the previous sale.
_ _ _

Although there were no withdrawals of gold from
the Bank of Eogiand yesterday, the totai quantity
sent away during the week has approached
£400,000.

The last week's (railway receipts ascertained up
to this day are in round figures as under :
..,_

1863. 1862.
Great Western £39,254 £60,527
A orth- Western
,outh- Western
Brighton
Midland
south-Eastern
Great Northern ..
Lancashire and Yorkshire 33,668 32,800
Bristol and Exeter
North Eastern
Manchester, Sheffield, and Lincoln 15,663 14,922
Great Southern and Western, Ireland B,llO 8,094
Midland and Great Western 4,470 4,303
These returns are in most instances of an un-
satisfactory character. Oa the Great Western
there is a decrease of £1,273; on the South
Western-of £1,053; on the Brighton of £2,330;
on the South Eastern of £1,555; and on the Great
Northern of £2,852. Tne North Western, how-
ever, shows an increase of £4,026; the Midland
of £3,252 ; the Lancashire and Yorkshire of £B6B ;
the North Eastern of 13,849; and the Manchester,
Sheffield, and Lincoln of 1741.

Two O'CLOCK.

Much confusion has prevailed in the market for
the English Funds, the effect of the general dis-
turbance having been aggravated by the settlement
of the account now in active progress. Consols are
925 a for money, and 92Z- I- for the December set-
tlement, being per cent. worse than they were
yesterday afternoon. Since Saturday last the
total fall has represented about t per sent.
In the ether Securities the transactions have been
moderate ; the New Threes and Reduced Annuities
are about 901 being much lower, and Exchequer
Bills have fallen to 7s. and ss. dis. Indian Stacks
are, in some instances, a little flitter, the 5 per
Cents. being 1081 s ; the 4 per Cents., 1005 ; the
5 per Cents. Eufaced 1061 ; and the Bonds 15s. 20s.
Considerable excitement prevailed in the Foreign
Market upon the announcement of the alteration
in the Bank rate, but there is a more settled ap-
pearance at the present moment,and affairs are much
quieter. Numerous variations have occurred, but
Turkish 6 per Cents., 1862, are now 70i 71; do.,
Consolides, 485 a ; Mexican, 404 5 ; Greek, 28k y ;
do., Coupons, 13 k ; Spanish Passive, 335 345 ; do.,
Certificates, 125 13; Portuguese, 49k ; Italian,
711 72; Egyptian, 99 1005; and the Confederate
Loar., 63 64.

In the It2ilway Share Market the dealings have
been very limited, and prices have in most instances
shown increased depression. Caledonian, Midland,
and North-Eastern (Berwick), have declined 55.,
Great Western and Lancashire and Yorkshire, 10s.,
and Great Northern , £l.

The Foreign and Colonial undertakings have con-
tinued inactive, but show no material variation in
values.

Bank Shares have been depressed. Imperial
Ottoman realise 171- ; Alliance of London and Liver-
pool, 441, 4 ; London and Middlesax, 1O ; and
Union of London, 39k.

In the Miscellanaous Market, International
Financial shares are dealt in at 9,1; London Finan-
cial at 154; and National Discount Company at
9-1 ~.

BRITISH FUNDS—ONE O'CLOCK.
Bank Stock 236
3 per Cent. Reduced Annuities
3 per Cent. Consols Annuities
New 3 per Ceiat. Annuities
annuities, 30 yrs, expire pith Jan., 1880 —
Ditto (Red dm Telegraph), Aug. 1903 2l
India Stock, 1874
Ditto 5 pet Ceut. 1870
Ditto 4 per Cent. 1888 lOO2 •
Ditto Enlaced Paper, 4 per Cent —
Ditto 5 per Centlo6/
D,to, Bonds 1:4,000 l5 20
Ditto under £1,000......
Consols for Account, Dec, 3 9ll ex div
Exchequer Bills, £l,OOO, 21 per Cent 5 7 dis
Ditto £500
Ditto Small
FOREIGN FUNDS—ONE O'CLOCK.
Brazilian 5 per Cent ....... looi
Ditto 41 per Cent., 1852-58-60
Egyptian 7 per Cent 991 1001
Ditto, Second Issue
Greek 5 per Cent., 1824-5, ex-Coupons
Ditto Account
Ditto Coupons —
. Ditto Account l3l
Mexican 3 per Cent
Ditto Account
New Granada l5
Peruvian 3 per Cent.
Ditto 4/ per Cent., 1862 ..
Ditte Account B6
Portuguese 3 per Cent., 1853
Ditto 3 per Cent., 1856, '7, '9, '6O, 62 —
Ditto Account 491 1
Sardinian 5 per Cent
Ditto Account
Spanish 3 per Cent
Ditto Passive
. iDitto Account 341 3/ 4
rarkish 6 per Cent. 1854 —
Ditto 6 per Cent. 1862
Ditto Account 7l 701 1
Venezuela 3 per Cent.
Ditto Account —
Ditto 6 per Cent., 1862
Ditto Account .. 57
Dividends on the above payable in London.
Italian, 5 per Cent., 1861, Ex. 25 francs..
iiitto Account 72 11
..........
Console,
92/ Money
Ditto TWO O'CLOCK.
Account .. ............