The Sun.
London, England, 1865-03-30 00:00:00

MARKET

MONEY

COMMERCIAL INTELLIGENCE,

CITY, TwELVE O'CLOCK.
REDUCTION IN THE RATE OF DISCOUNT,

The Bank of England directors, at their weekly
court to-day, have notified a reduction off per cent.
in their official minimum, viz., to 4 per cent. This
concession has for a long time been expected, and
no surprise has therefore been created. The
continual accumulation of gold both at the
Bank of England and the Bank of France, the
very small inquiry for accommodation that has
prevailed for commercial purposes owing to the ex-
ceeding quietude of trade, and the disinclination
now generally evinced by the public to enter into
extensive speculation, have prepared most parties
for the relaxation now conceded. The capital at the
command of bankers and brokers is certainly small,
but as it has been mostly diminished for revenue
and other payments, which are sent into the
Bank, and redistributed in the form of dividends,
it is not too much to expect that in the course of
a few days the supplies on offer will show a large
increase. The settlement at the Stock Exchange
is likely to produce a further demand for accom-
modation, and to-morrow, which is the end of the
quarter, a large number of Indian engagements
will arrive at maturity. The discount market is
likely to present a busy appearance during the re-
mainder of the week.

Messrs. Overend, Gurney, and Co., Messrs. Alex-
ander, Cunliffes, and Co., the National Discount
Company, &c., have reduced their rate of interest for
deposit accounts per cent.--viz., to 3 per cent. for
money at call, to 31 per cent. for seven days, and
to 3f per cent. for fourteen days' notice of with-
drawal.

Reduced Annuities are 87/ 87k. Exchequer Bills,
3s. to 6s. prem. India, 5 per Cents., 105/ 1051.
Enfaced 5 per Cents., 1001. Debentures, 99i ;
and the Bonds, 15s. prem.

Continued firmness prevails in the Foreign Market
which is rather active. Turkish 6 per Cents., 1862,
are 731 74 ; ditto Consolides, 568 551. Mexican,
26/ 27 ; ditto New, 25/ 26 ; Greek, 211 211 ;
Spanish Passive, 321 321; do. Certificates, 17117-8-;
Italian, 631 64 ; do. New, 3 2i dis. ; and Confede-
rate Loan, 32i 33i.

Business in the Railway Share Market has been
moderately active, and prices has shown a slight im-
provement. Great Northern A Stock have advanced
2, North Eastern, Berwick, 1; North Western, ;
Midland, ; and Lancashire and Yorkshire, I.

The Foreign and Colonial lines remain without
change of importance.

Bank and Miscellaneous Shares continue in fair
request, and prices are generally well sustained.
Millwall Freehold Land and Docks have improved
to n 3* prem. ; South of England Waggon shares
are quoted 4 11 prem. ; South African Land,
prem. ; and Rio de Janeiro Gas, 1 11 prem.

BRITISH FUNDS—ONE O'CLOCK.
GOVERNMENT FUNDS.
3 per Cent. Consols
Do. Account, April 6 B9} /
b per Cent. Reduced B9} ft
New 3 per Cent B7}
New 2} per Cent. Jan. 1894 •
Do. 5 per Cent. Jan. 1873
Annuities, 30 yrs, expire sth Jan., 1880
Do. for 30 yrs, expire sth April, 1885 —
Do (Red Sea Telegraph), Aug., 1908 —
Exchequer Bills, £l,_ooo, 4 per Cent 6 3

£5OO 6 3
£lOO and £2OO

Bank of England Stock, 51 per Cent —

INDIAN GOVERNMENT SECURITIES.
Indian Stock, 10 per Cent., April 1874 2411
Do Account
Do. 5 per Cent. July, 1870
Do. Account
Do. 4 per Cent., Oct. 1888
Do. Certificates —
Do. Enlaced Paper 4 per Cent —
Do. 5 per Cent., Jan. 1872
Do. 51 per Cent., May 1879
Do. 4 per Cent., Aug. 1866 99}
Do. Bonds, £l,OOO pm
Do. under £l,000
FOREIGN FUNDS—ONE O'CLOCK.
Austrian Bonds, 5 per Cent
Brazilian 5 per Cent
D0._41 per Cent., 1852-58-60
Do. 1863
Buenos Apes 6 per Cent —
Do I per Cent. (Deferred 3 per Cent.)
Ohilian 6 per Cent —
Do. 41 per Cent —
Colombian 6 per Cent.
.Cuba, 6 per Cent.
Do 5 per Cent., 1864 —
Do. Scrip, £55 paid — pm
Danish 3 per Cent., 1825 —
Do. 5 per Cent., 1864 —
Do. 5 per Cent., 1773-77, £25 paid —
Danubian Principalities
Do £65 paid — dis
Equador New Consolidated, 1 per Cent —
Do Provisional Land Warrant —
Egyptian 7 per Cent 95 1
Do., Second Issue 941
Do £lOO Bonds
Do. 1864 961 7
Do Scrip, £55 paid
Greek 5 per Cents., 1824-5, ex Coupons
Do Account

The joint-stock banks have lowered their rate of
interest for deposits to 3 per cent.
The bullion operations at the Bank yesterday
comprised an influx of £31,000.

The suspension of Messrs. Bremner and Co., in
the East India and Brazilian trade, has been an-
nounced to-day, with liabilities about £150,000, of
which about £lOO,OOO is secured. It is reported to
be a very good estate, and a favourable result is
anticipated.

There has been no demand for silver for several
days past, and the small quantity in the market has
been sold for the Continent at 600. per oz.,
establishing a decline of id.
The last week's railway receipts, ascertained up
to this day, are in round figures as under :--

Great Western
North Western
South Western

Brighton ... ...

Midland

South Eastern

1865. 1864
....£63,500 £65,658
... 101,368 101,074
19,268 20,692

Great Northern
Lancashire and Yorkshire

Bristol and Exeter

15,854

44,678

... ... 17,696

33,161
... ... 36,110

... 6,208 ...

North Eastern ... ... 56,293
Manchester, Sheffield, and Lincolnshire 17,388

21,367

46,971

21,523

Great Eastern ...

... 30,049

30,255
38,047

5,971

57,181
18,973

Do. Coupons
Do Account
Guatemala 5 per Cent.
Do. 1839 and 1850
Italian 5 per Cent (Maremmana Railway)
Do 1865
Do Scrip, £25 paid
Mexican 3 per Cent.
Do. Account
Dc 1864
Do 6 per Cent. Anglo-French
Do French Scrip, Ex. 25f 20c — die
Montevidean 6 per Cent., £3O paid
Moorish Imperial 5 per Cent
New Granada
Do 2 per Cent
Do Deferred
Do Land Warrants (Hectares)
Peruvian 44 per Cent.
Do 3 per Cent. (Uribarren)
Do 44 per Cent., 1862
Do. Account
Porttiguese 3 per Cent., 1853
Do Account
Do 3 per Cent., 1856, '7, '9, '6O, '62, '3,
Do Account
Russian 5 per Cent., 1822, £ St.,
Do 44 per Cent., 1850
Do 1860
Do 3 per Cent., 1859
Do 5 per Cent., 1862
'Do 1864
Sardinian 5 per Cent
Do. Account
Spanish 3 per Cent

31,527

These returns, when compared with those of the
corresponding period of last year, show some very
unsatisfactory results, consequent upon the late
severe weather and the disturbance existing in the
iron trade of the north of England. On the Great
Western there :is a decrease of £2,158, on the
South Western of £4,424, on the Brighton
of £5,513, on the Midland of £2,293,
on the South-Eastern of £3,287, on the Lancashire
and Yorkshire of £1,937, on the North-Eastern of
£BBB, on the Manchester, Sheffield, and Lincoln of
£1,485, and on the Great Eastern of £1,478. The
Great Northern, however, shows an increase of
£2,906, the Bristol and Exeter of £237, and North
Western of £312.

~ 251

The meeting of the City Offices Company was
held to-day, and the following is an abstract of the
report presented :—Since the issue of the report of
the 30th November last the properties of the com-
pany under construction have been rapidly pro-
ceeded with. The alterations on the Cornhill pro-
perty have been completed, and it has been let on
lease at a rental securing a very remunerative re-
turn on the investment. The present productive
properties of the company are as follows, viz. :
Nos. 17 and 18 Cornhill, 27, Leadenhall-street, and
63, Great Tower-street. It is expected that the
block in Clement's-lane will be so far completed that
rents will be received fora portion of it at Michaelmas
next. With reference to the Bishopsgate-street block,
possession has been obtained of the whole of the site,
and the old buildings are in rapid course of demoli-
tion. Having regard to the suggestions of the share-
holders, at the last general meeting, in respect of
the interest on the £300,000 mortgage debentures
being charged to cost of buildings, the direc-
tors have carefully considered the matter, and
for their guidance instrusted the solictors of the
company to draw up and submit a case to
counsel, which was done, and submitted to
Mr. I. H. Lloyd, of the Temple. The following
is an abstract from his opinion :—" Upon a careful
consideration of this matter, I am of opinion that it
was and is competent to the company to carry to
capital the interest on so much of the debenture
debt as on a fair apportionment may be attributed
to the purchase of the premises, at present unpro-
ductive, as being in course of construction or
adaptation, and to the expense of such construc-
tion or adaptation ; and that if any surplus income
remain after satisfying the interest on the debt not so
apportioned or appropriated, it may be distributed
as dividend among the shareholders." In accord-
ance with that opinion £2,334 13s. 11d., the amount
of debenture interest paid on the properties under
construction that had been charged to revenue
account, has been transferred to the cost of pro-
perty. By such transfer the revenue account shows
a balance of income in excess of expenditure of
£703 9s. 10d., as per audited accounts annexed.
Several of. the company's properties being leasehold,
it is necessary that provision should be made to re-
coup the capital at the expiration of the terms of
the leases. An actuary's calculation has been ob-
tained of the necessary annual amount to be set
aside for that purpose, which it has been determined
for the future so to set aside, and to charge to the
debit of revenue account. The directors recom-
mend that power be given them to pay an interim
dividend before the accounts for the current year
are closed, in the event of their finding it advisable
to do so.

48

'Do Account
Do New Deferred
Do Account
Do Passive

Do Account
Spanish Cert. of Coup not funded
Do Account l7l
Swedish 4 per Cent. —
Turkish 6 per Cent. 1854 —
Do Account
Do 6 per Cent. 1858
Do Account —
Do £lOO Bonds
Do 6 per Cent. 1862
Do Account 74; 4
Do. £lOO Bonds —
Do 6 per Cent. 1863 —
Do Guaranteed, 4 per Cent
Venezuela 3 per Cent.
Do. Account
Do. 6 per Cent, 1862 —
Do. Account

Do 6 per Cent.,1864 4ll
Dividends on the above payable in London.
Austrian, 5 per Cent., Ex. 10 Florins
Belgian, 42 per cent., Ex. 25f.
Dutch 22 per Cent., Ex. 12 Guil 621
Do. 4 per Cent. Certifi,..tes —
French Rentes, 3 per Cent. —

Do. Account
Italian 5 per Cent., 1861, Ex. 2sf.
Do. Account

TWO O'CLOCK.

Consols, Money ~ 89
Do. Account

Liverpool Cotton Market—This Day.

`,l-- The first ordinary general meeting of share-
holders of the India Rubber, Gutta Percha, and
Telegraph Works Company was held to-day. The
report stated that there was a balance of £7,818
195., at the credit of trading accounts, enabling the
directors to recommend a dividend at the rate of 10
Per cent. per annum ; there remains £2,368 195.,
Which, after liquidating the balance standing against
Preliminary expenses, left a sum of £1,138 7s. 3d.
to be carried to next account.

Sales 5,000 or

'RES FOR 1865.

Canterbury Spring
Abergavenny • 20
Thirsk 2l
Cardiff 25
Epsom Spring

Bath 23
Harpenden 26
Epsom 3O

Hampton 2l
Newton
Newcastle
Odiham
Bidbury
Stockbridge

Nottingham
Southampton l9
Chesterfield
Goodwood
Down Royal Corp

The annual general meeting of shareholders of
the Reliance Mutual Life Assurance Society was
held to-day. The report submitted showed that,
during the year 1864, 790 policies were issued for
assuring £233,530, bringing in £7,582 14s. 11d.
hew premiums. The total income of the society for
Premiums and interest was £50,683 10s. 6d. The
Cash liability is £143,697 45., and the certified
assets £168,429 18s., showing a surplus of £24,732
145., to be appropriated for bonus subject to the
Usual reserve.

Two o'CLocir.

At Paris, this day, according to Mr. Reuter's
t:legram the French 3 per Cent. Rentes were 67f.
usc. Heavy.
There has been a slight increase in the demand
for money since the alteration in the official mini-
-17411m, owing no doubt to the Stock Exchange settle-
-125411t. A large number of Indian engagements will
1
e due to-morrow, which is also the end of the quarter,
aid it may therefore be expected that the inquiry
dill be actively kept up the remainder of the week.
The rate for the best bills is 4 per cent., with excep-
tional transactions at 3i per cent.
411 improvement of per cent. has taken place in
.0,
it'e Market for the English Funds, and Consols for
1,,.°11ey and the 6th inst., are 89i 89i, and for the
"ay settlement, 89i 89i. The New Threes and

SHARE MARKETS—This day.

POLICE INTEL LIGENCE, —This Day.

THE SUN, LOADON, THURSDAY EVENING, MARCH 30, 1865.