The Sun.
London, England, 1865-06-26 00:00:00

MONEY MARKET

AN D
C; biCtIERCIAL INTELLIGENCE,

TWELVE O'CLOCK.

The discount market continues active, and the
quotation for the best commercial bills remains at the
Bank minimum of 3.per cent. Very little relief is
expected till after the liquidation of engagements at
the end of the quarter and the distribution of the
dividends.

Thirty-five thousand sovereigns were taken out
of the Bank on Saturday for Alexandria.
The Robert Henderson, from New Zealand, has
brought £24,000.
The first annual drawing of 4 per cent. of the
gross amount of the Second Mortgage Bonds of the
Pennsylvania and New York section of the Atlantic
and Great Western Railway is appointed to take
place on the 6th of July. The authorised issue of
the Pennsylvania Division is $1,000,000, with cou-
pons due in January and July ; and $BOO,OOO in
the New York Division, the coupons being due in
April and October. Four per cent. of each deno-
mination will be drawn, and the bonds so drawn
that have been issued in London will be paid off at
the rate of £225 for every 1,000 dollar bond ; £ll2
10s. for every 500 dollar bond ; and £22 10s. for
every 100 dollar bond. Those of the New York
section on the Ist October next, and those of the
Pennsylvania section on Ist January next, in addi-
tion to the coupons due on those days.
The General Credit and Finance Company will,
in a few days, publish, for the information of the
bondholders, full details of the conversion and uni-
fication of the internal debts of the Ottoman Em-
pire into bonds of the general debt, bearing interest
at the rate of 5 per cent. per annum. The com-
mencement of the conversion has been delayed for
the sake of obviating the necessity of sending the
original bonds to Constantinople for verification,
but measures are now being completed for verifying
them at the place of conversion, and on the Ist
August next the conversion will commence simulta-
neously in London, Paris, and Constantinople.
The second annual general meeting of share-
holders of the Imperial Ottoman Bank was held to-
day. The report presented stated that the accounts,
made up to Dec. 31 last, shows a gross profit for the
preeeding twelve months, after providing for bad
and doubtful debts, of £336,992. Under ordinary
circumstances this might be looked upon as a highly
satisfactoryresult, but it is peculiarly so when viewed
in connection with the severe commercial depression
which has prevailed throughout Turkey, added to
the fall in the price of cotton and the reaction
after excessive speculation. In the nine months
previous to the period now under review a con-
siderable portion of the bank's profit arose
from the issue of the Turkish Loan of 1863.
The balance of this loan, two millions sterling, was
issued in 1864, and.the bank has derived from it a
Portion of its present profits. It is, however, most
satisfactory to be able to state that to the extension
of the bank's ordinary operations, and not to any
exceptional sources, the favourable nature of the
balance sheet is mainly due. The profits arising
from interest, discount, and commercial business
have increased more than 30 per cent. during the
second year of the bank's existence. There is no
reason why these branches of the business should
not continue to increase, though much care
is required in the selection of bills ful-
filling the conditions of security neces-
sary for a bank, and especially for a bank of issue.
The bank has faithfully and liberally performed its
duties to the Imperial Government ; and the amount
of its transactions with the Government had con-
siderably increased. During the past year agencies
have been established at Salonica, Magnesia, Larnaca

(Cyprus), Afioum-Kara-Hissar, and Aidin, at all of
which the bank receives revenues on account of the
Government, and transmits them to Constantinople
on terms much less onerous than those to which
the Government was formerly obliged to submit.
There is reason to anticipate a considerable increase
of business at these various agencies. After de-
ducting from the net profit the interest paid on ac-
count in January last, the addition to the reserve
fund, and the percentages provided by the statutes,
there remains a balance of £135,817 ss. Bd. The
committee propose a dividend of £1 per share,
Which, together with the 10s. paid in January last,
makes a total dividend at the rate of 15 per cent.
for the year, and will leave £Bl7 ss. Bd. to be car-
ried forward to the next account.

Messrs. Ernst Brothers, silk agents, 5, Falcon

street, City, have suspended payment, with liabili-
ties of about £15,000. The creditors reside chiefly
WI the Continent. A statement of affairs is being
Prepared by Messrs. Lovering and Minton, accoun-
tants, 13, King-street, Cheapside, and the assets are
tot as yet ascertained.

The accounts from the various manufacturing
districts for the past week have, in most instances,
been of a more satisfactory character. The woollen
trade of Leeds, Bradford, and Huddersfield has re-
mained moderately active owing to a fair demand
for winter fabrics. At Manchester the dealings in
both cloths and yarns have been more active, and
prices remain steady. In the hosiery and lace de-
partments of Leicester and Nottingham consider-
able activity has prevailed, at fully late prices, while
at Birmingham, Sheffield, and Wolverhampton there
has been a slight improvement in most branches of
business.

The Delbeattie and Birkconnel Granite Com-
Pany, with a capital of £120,000, in shares of £lO
each, has been announced for the purpose of leas-
lag and extending the workings of six quarries, the
stone from which has been selected by the Metro-
politan Board of Works for the construction of the
Thames embankment. The purchase money is
£50,000, half of which is to be paid in cash, and the
remainder in shares fully paid up. These shares to
receive no dividend for two years unless the distri-
bution amounts to 10 per cent.

The Directors of the Port Philip and Colonial
Gold Mining Company have received, by telegram
from Suez, the following advices in anticipation of
j the Australian mail:---" Quantity of quartz crushed
croring•the month of April, 3,300; yield per ton,
6 dwts ; remittance, £l,OOO ; prospects improving."
The prospectushas been issued of Barned's Bank-
ing company, with a capital of £2,000,000, in shares
•of Z5O each. The object, as previously stated, is to
convert the old-established bank of Messrs. J.
Ilarned and Co., of Liverpool, into a joint-stock
Concern under the limited liability principle. The
Purchase-money will amount to £165,000, payable
by instalments spread over two years, and the pre-
Bent partners are to occupy seats on the board.

Two o'CLocx.

At the Paris Bourse this morning, according to
Iteuter's telegram, the 3 per Cent. itentes were
66f. 30c. Flat.

The English- Stock Market has been very dull,
414 the Funds in the earlier Thsrt of the day were
; subsequently, however, a recovery of has
been made, and Consols are 891 a for money, and
89 for the account. The New Threes and Re-
reed Annuities are 881 89 ; Annuities (1885),
1,4 1-16th ; Exchequer Bills, 2s. to ss. prem. ;
India 5 per Cents., 10.41; ditto, 4 per Cents., 99 ;
atld Enfaced 5 per Cents., 1011.
-A- general decline has taken place in the value of
''(:)re11):;11 Securities, which are dull. Turkish Con-
;°Alidds are 49i 50/ ; Mexican, 25/ ; do New,
; Greek, 201 21 ; Spanish Passive, 29i 30/ ;
s" Certificates, 14i 15 ; and Confederate Loan,
G 8.

In the Railway Share Market a heavy tone has
seen apparent, and prices have given way to a
_?.eatern,
4glit extent. Metropolitan have declined £.l. 10s. ;
;eat 'Western, V. ; Brighton, 15s. ; South-
10s. ; and North Western, and Lance-
Mire
and Yorkshire, each ss.
The Foreign and Colonial lines remain without
anp change of importance.
ank and Miscellaneous shares are dull, but
clout much variation to report in values. Impe-
Bank have improved to 29i ; London and
I,°,lllltY to 78 ; Mercantile Exchange to 71 ; and
Subjoined
Financial to 221 4.
oi:ubjoined are the current quotations of some of
~, Principal new projects :—The New Issue of
v°o Preference Shares of £5 each of the Atlantic