The Sun.
London, England, 1865-04-18 00:00:00

TWELVE O'CLOCK.
In the general discount market there is very little
activity, the inquiry for money being small, and the
supply very abundant. The rates for the best bills
continue at 3
Only 1
£.3,000 in
t per cent.
yesterday, gold was taken into the Bank
The directors of the Commercial Bank Corpora-
tion of India and the East have, in anticipation of
the meeting to be held on the 26th inst., declared
a dividend for the six months ended the 31st of
December at the rate of 10 per cent. per annum.
Subjoined are extracts from the report of the
directors of the Credit Fonder and Mobilier of
England, issued last evening :
"Li handing to the shareholders a balance-sheet showing
the position of the company's affairs, the directors have to
congratulate them.on the results of the half-year's opera-
tions.
By the figures in the statement annexed it will be
seen that the great exertions made during the past half-year
have not been without commensurate results, the balance of
profit and loss account showing a net sum available, after
Paying all charges and expenses during the past half-year,
°f C 394,024 16s. 4d. It will be seen, however, that in this
large amount is included the sum of .£40,000 received from
the old Credit Mobilier and Credit Fonoier Companies.
(being their reserve funds), and the sum of £160,296, the
amount of premiums received on the issue of the new shares
of this company, making together the sum of £2oo,996,leav-
ing, therefore, £123,728 16s. 4d. as the net sum earned by
this company during the six months just elapsed. While
Meeting the just expectations of the shareholders in the
amount of the .dividend which the directors recommend
should be declared at the ensuing meeting, they have promi-
nently borne in mind that there is no way so sure of main-
taining and augmenting the scale of profits as that of com-
manding public confidence, by the formation of a large re-
serve fund ; they therefore have decided to appropriate
£200,000 to that purpose. In fixing the dividend at ls. per
share on the £5, and ss. per share on the £2 10s. paid,
equal to 20 per cent. per annum, the directors believe they
have placed it at such a rate as may fairly be counted upon
as a minimum dividend. They further have decided that in
every half-year, when the profits will admit of a larger dis-
tribution, such increase should be made in the shape of a
bonus, which, in the present instance, is fixed at the same
amount as the dividend, thus making a distribution equal to
20 per cent. per annum on the amount of capital paid up.
To further show their great desire to ensure the results of the
minimum dividend of 20 per cent. per annum being always
maintained, they have decided to form, a fund, to be called the
dividend reserve fund, such fund to be always kept at the
amount necessary to pay one year's dividend of 20 per cent.
per annum on the capital for the time being paid up. This
Will require on the paid-up capital of £500,000, viz., the
sum of £lOO,OOO, towards which the directors have, out of
the profits of the present half-year, carried the sum of
.£70,000, and they propose to complete the fund out of
future earnings. The effect of this will be practically to
Make our shares a minimum 20 per cent. stock, and the
action of the fund will be as follows, viz. in any half-
year after the sum necessary for one year's dividend on the
eapital paid up is reached, the profits exceed 20 per cent.
pers a'? unna, then, after provision for reserve, a bonus will
uupaid at ch a rate as the directors think it prudent to
ationatof recommend but should, from any extraordinary cause, the
of 20 per
makeeent. per
profit not reach a sum sufficient to pay the dividend
Will
De given th the company annum, then the dividend reserve fund
will , up the deficiency,and thus increased stability
reserved
resources, as well
the shareholders
of , alike from its ample
as from the knowledge beforehand by
will therefore b their minimum dividend. This fund
serve fu e used to insure the dividend, whilst the re-
will be or otherwise,
fund will be available for any extraordinary occasions
without interrupting the revenue of the
Zestor. The payment of the present dividend and bonus
(equal he to 40 per cent. per annum) will absorb
,4711983 10s. The directors further have decided to dis-
_arge the whole of the amount of the preliminary expenses
.eurr. ed by this company, viz. :—£7,183 16s. 9d. ; they also
building,
it Well to write off the item standing to the debit of
78. Zing, office furniture, and fittings account, £8,457
and there will still remain a sum of £34,600 10s.
(1. to be carried forward to the next half-year's profits."
The following circular has been issued this
afternoon:—

"London and Brazilian Bank (Limited),
" 2, Old Broad-street, E.C.
Sir)--The directors have much satisfaction in informing
their shareholders that they have, subject to their approval,
concluded a provisional arrangement with Messrs. Maua and
Co., for an amalgamation of the large and important busi-
ness,including the privilege of issue of bank notes at Monte
Video and Rosario, carried on by that firm in Brazil and the
River Plate, with the business hitherto carried on by this
bank.
"The amalgamation will be effected by means of the in-
corporation of a new joint-stock bank, with limited liability,
having a nominal capital of £5,000,000 sterling, in 250,000
shares of £2O each, one half of which is to be paid up. Of
the 250,000 shares, 150,000, with £lO per share paid up, will
be allotted to Messrs. Maua and Co., in exchange for cash or
approved securities to that amount, and the remaining
100,000 shares will be placed at the disposal of this bank.
" The proposed amalgamation will take effect as from the
Ist January, 1866, after which date neither of the two banks
will carry on business on their own account..
" The management of the new bank will be constituted
by the present board of directors of the London and Brazi-
lian Bank, joined by the Baron de Maua, the senior partner
in the firm of Messrs. Maua and Co.

" The. directors propose to call together their share-
holders at an early date for the purpose of considering the
mode of raising the amount of capital which will form the
contribution of this bank to the amalgamated undertaking.
" I am, sir, your obedient servant,
"Joni BEATON, Secretary.

" London, 17th April, 1865."

Two o'CLocK.
At Paris, this day, according to Mr. Reuter's
telegram, the 3 per Cent. Rentes were 67 80.
Inanimate.

A further recovery of * per cent. has taken place
in the English Funds, but the business transacted
has not been large. Consols are 91* for money, and
91* 4for the account. The New Threes and Re-
duced are 89* * ; Exchequer 13111 s, 4s. to 7s. prem. ;
India 5 per Cents. 106* 107* ; ditto 4 per Cents.
99, and ditto 5 per Cents, 102.
In the Foreign Market there was very little ani-
mation, but prices exhibit firmness. Turkish 6 per
Cents., 1862, are 72 ditto Consolides, 54J s ;
Mexican, 27 ; ditto New, 26i ; Greek, 2(4 211 ;
ditto
ditto Coupons, 8i 9 ; Spanish Passive, 311 32 ;
Certificates, 16i 17 ; Italian 641 5 ;
New, 3/ dis. ; and Confederate Loan, 216 23. ditto
In the Railway Share Market there has been a
Moderate amount of business transacted, and prices
have shown a slight u
Pupward movement. Metro-
advanced £1 10s., Lancashire and
Yorkshire and North Western each 155., and
13righton and North Eastern (Berwick), each 10s.
Great Eastern and Great Northern A Stock, how-
ever, have each receded ss.
The Foreign and Colonial
lines are dull, and with-
out change of importance as regards values.
Bank
and Miscellaneous Shares are in moderate
and
request some instances are a shade firmer.