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

MONEY MARKET

AN t)
COMMERCIAL 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 lst January next, in addi-
tion to the coupons due on those days.

The General Credit and Finance Company will,
in a fow 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 bolids 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
preceding twelve months, after providing for bad
and doubtful debts, of £336,992. Under ordinary
circumstances this might be looked upon as a highly
satisfactory result, 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
on the Continent. A statement of affairs is being
Prepared by Messrs. Lovering and Minton, accoun-
tants, 13, King-street, Cheapside, and the assets are
not 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 Kirkconnel Granite Com-
pany, with a capital of £120,000, in shares of
each, has been announced for the purpose of leas-
ing and extending the workings of six quarries, the
atone from which has been selected by the Metro-
politan Board of Works for the construction of the
Thames embankment. The purchase money i 3
£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
hom Suez, the following advices in anticipation of
the Australian mail :—" Quantity of quartz crushed
during 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 150 each. The object, as previously stated, is to
convert the old-established bank of Messrs. J.
arned 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-
Scot partners are to occupy seats on the board.

Two o'CLocK.

AI the Paris Bourse this morning, according to
Reuter's telegram, the 3 per Cent. Itentes were
66f. 30c. Flat.
The English Stock Market has been very dull,
iand the Funds in the earlier part of the day were
ewer ; subsequently, however, a recovery of f has
'been: made, and Consols are 89i for money, and
8~4
for the account. The New Threes and Re-
ced Annuities are 884 89 ; Annuities (1885),
1-16th ; Exchequer Bills, 2s. to ss. prem. ;
India 5 per Cents., 1048 ; ditto, 4 per Cents., 99 ;
„
Enfaced 5 per Cents., 1011.
1., general decline has taken place in the value of
1: 0 rel •
gu Securities, which are dull. Turkish Con-
-2-7468 are 498 50e ; Mexican, 258 s; do New,
(1:1 ; Greek, 20} 21 ; Spanish Passive, 298 308 ;
6 8 Certificates, 1q 15 ; and Confederate Loan,
.

b In the Railway Share Market a heavy tone has
oezen apparent, and prices have given way to a
WVt,ht extent. ' Metropolitan have declinedsil 10s. ;
eat Western, £1 ; Brighton, 15s. ; South-
th.estern, 10s. ; and North Western, and Lanca-
and Yorkshire, each ss.
'e Foreign and Colonial lines remain without
ally
change of importance.
wit,ank and Miscellaneous shares are dull, but
flinch variation to report in values. Impe-
Qa,, Bank have improved to 29i ; London and
4-n,tY to 78 ; Mercantile Exchange to Ilk ; and
nn Financial to 22k f•
thesnull/31°ined are the current quotations of some of
50,0 Or
new projects : —The New Issue of
00 Preference Shares of £5 each of the Atlantic

Telegraph Company, 11 to 14 prem. ; the A Stock
of the Metropolitan Extension Railways of the
London, Chatham, and Dover Company, 60 62
per £lOO stock ; the Downs Docks Company, 1*
prem ; London Quays and Warehouses, 2 prem. ;
Russian Ironworks, 8 9 prem. ; London Bridge
Land, 1 prem. ; Northern Assam Tea, par pm.;
Chubwa Tea Company of Assam, 1 prem. ; Bri-
tish India, &c., Trust and Agency, 2 prem. ; the
Phosphate of Lime Company (Limited), 2 21 prem.

BRITISH FINDS--ONE O'CLOCK.
GOVERNMENT FUNDS.
3 per Cent. Consols
Do. Account, June 6 894 i
o per Cent. Reduced BBl 9 81 9
New 3 per Cent- BBl 9
New 21 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 l4 1-16
Do (Red Sea Telegraph), Aug., 1908 —
Exchequer Bills, £l,OOO, 3 it. 31 per Cent 5 2
Do. £5OO —
Do. £lOO and £2OO ' 5
Bank of England Stock, 54 per Cent 217 9
Do Account
INDIAN GOVERNMENT SECURITIES.
Indian Stock, 104 per Cent., AprillB74 —
Do Account
Do. 5 per Cont. July, 1870
Do. Account —
Do. 4 per Cent., Oct. 1888
Do. Certificates —
Do. Enfaced Paper 4 per Cent
—Do.
5 per Cent., Jan. 1872
Do. 51 per Cent., May 1879 —
Do. 4 per Cent., Aug. 1866
Do. Bonds, £l,OOO —
Do. under £l,OOO —
FOREIGN FUNDS—ONE O'CLOCK.
Austrian Bonds, 5 per Cent
Brazilian 5 per Cent
Do. 41 per Cent., 1852-58-60
F Do. 1863
Buenos Ayres 6 per Cent
Do. Account —
Do I per Cent. (Deferred 3 per Cent.)
Chilian 6 per Cent —

Do. 41 Per Cent
Colombian 6 per Cent.
Cuba, 6 per Cent.
Do 5 per Cent., 1864
Do. Scrip, £55 paid
Danish 3 per Cent., 1825
Do. 4 per Cent., 1863
Do. 5 per Cent., 1773-77, £25 paid
Danubian Principalities
Do.£B6paid
Equador New Consolidated, 1 per Cent —
Do., Provisional Land Warrant
Egyptian 7 per Cent 961
Do., Second Issue
Do £lOO Bonds
Do. 1864 93i 1
Do £lOO Bonds 931
Greek 5 per Cents., 1824-5, ex Coupons
Do Account 2Ol

Do. Coupons
Do. Account
Guatemala, 5 per Cent. . —
Do. 1839 and 1840_ —
Italian 5 per Cent (Maremmana Railway)
Do 1865
Do Scrip, £671 paid — dis
Mexican 3 per Cent. —
Do. Account
Do 1864 241 1
Do 6 per Cent. Anglo-French
Do French Scrip, Ex. 25f 20c —
Montevidean 6 per Cent., £3O paid
Moorish Imperial s.per Cent
New Granada ll4
Do 2 per Cent 291
Do Deferred
Do Land Warrants (Hectares)
Peruvian 41 per Cent.
Do Scrip, X 45 paid, paid in Bonds — dis
Do 3 per Cent. (Uribarren) —
Do 44 per Cent., 1862
Portuguese 3 per Cent., 1853
Do Account
Do 3 per Cent., 1856, '7, '9, '6O, '62, '3,
Do Account 49
Russian 5 per Cent., 1822, X St.,
Do 41 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
Do Account 4Bl
Do New Deferred
Do Account
Do Passive
Do Account 3ol. 30
Spanish Cert. of Coup not funded

Do Account
Swedish 4 per Cent. —
Do. 41 per Cent. 1864
Turldsh 6 per Cent. 1854
Do Account 93i

Do 6 per Cent. 1858
Do Account 73
Do 6 per Cent. 1862 —
Do Account 7441 4
Do £lOO Bonds 741 i
.Do 5 per Cent. 1865 —
Do Scrip, £2O paid
Do Guaranteed, 4 per Cent —
Venezuela 3 per Cent. ,
Do. 6 per Cent, 1862

Do. Account
Do 6 per Cent., 1864
Do. 11 per Cent
Dividends on the above payable in London.
Austrian, 5 per Cent., Ex. 10 Florins 74
Belgian, 4} per cent., Ex. 25f.
Dutch 2} per Cent., Ex. 12 Gull
Do. 4 per Cent. Certificates
French Rentes, 41 per Cent.

Do. Account •••
Italian per Cent., 1861, Ex. 25f.
Do. Account
TWO O'CLOCK.
Consols
Do. Account

Liverpool Cotton Market—This Day.
Market continues firm. Sales, probably 20,000
bales,

Pparture of the Great Eastern from the
Medway.

--f-

In accordance with the arrangements previously
made, that the entire length of the Atlantic telegraph
cable should be safely coiled away on board the Great
Eastern before Midsummer-day, the shipment of the
whole was successfully completed on the previous
day, and on Saturday afternoon the Great Eastern
left her moorings at Saltpan Reach, near Chatham,
for the Nore, where she will remain for some ten
days or a fortnight longer before she proceeds to
Valencia to commence the undertaking in which so
great an amount of interest is taken. Every facility
has been given by the Government to ensure,
as much as it can be ensured, the success of the
expedition, the resources of the dockyard at Sheer-
ness having been placed at the disposal of the pro-
moters of the undertaking by the Admiralty.
Steam was got up on board at an early hour on
Saturday morning, and notwithstanding that the
machinery of the Great Eastern has not been
brought into use for considerably more than twelve
months the engines worked with remarkable speed
and regularity, while they were stopped and started
within a very few seconds after the word waspassed.
At half-past 12 on Saturday afternoon the order
was given for starting the Great Eastern, and she
immediately commenced moving down the Channel
towards Garrison-point and the Nore Light. At
this time her draught of water was 34 feet, and it
was this circumstance, together with the fact that
she was obliged to be moored stem and stern to
prevent her swinging and consequent, grounding,
which rendered it necessary that she should be re-
moved to anchorage in deep water. The spot ac-
cordingly selected for her was one about five miles
below the Nore Light, where there would be a
depth of at least seven fathoms at low tides. By
direction of the government the Porcupine, survey-
ing steamer, had been previously engaged in making
a survey of the channel from the Medway to the
Nore, and marking out the route by buoys and
boats, so as to prevent the possibility of any untoward
occurrence.

On the Great Eastern passing the various ves-
sels of war in harbour the crews crowded the rig-
ging, and saluted the steamer with loud cheers.
On board the Formidable, 84, flagship of Vice-
Admiral Sir C. Talbot, commander-in-chief, the
marines presented arms, while on board the Cum-
berland, 70, the band, as the Great Eastern steamed
past, played alternately " Rule Britannia" and
" Hail, Columbia." The paddlewheels made about
six revolutions per minute, and the screw rather
more, and this speed was maintained until the har-
bour was cleared. On rounding Garrison-point the
large concourse of spectators who were as-
sembled vociferously cheered as the Great Eastern
passed. Accompanying the steamer were the Vivid,
Locust, and Sheerness, Admiralty steamers, with
three private steamers, the Porcupine standing about
half a mile in advance to show the way to be taken.
At a few minutes after two, the anchorage ground
below the Nore and the Mouse Lights was reached,
and the Great Eastern brought up, the whole of
the operations connected with her removal from her
old to her new anchorage having been effected with-
out the least accident. There are still upwards of
1,000 tons of coals to be placed on board to complete
the quantity she will take out, and according to
present arrangements it is intended that everything
shall be in readiness for her departure not later
than the middle of the approaching month.