The Sun.
London, England, 1865-09-28 00:00:00

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

TWELVE O'CLOCK.
ADVANCE IN THE RATE OF DISCOUNT.

The directors of the Bank of England have
rather unexpectedly raised their rate of discount
this morning from 4 to 4i per cent.
_ _

This advance is no doubt due to the continued
large demand recently experienced for discount
accommodation, although it has been caused by the
payments falling due at the end of the quarter.
But this increase in the inquiry, together with the
money sent into the country for harvest purposes,
with that taken abroad by excursionists, and, above
all, the large sums recently removed from the mar-
ket for subscriptions to foreign loans and now lying
idle, must have formed the chief reasons to induce
the upward movement.

A prospectus has been issued of Allan's Transat-
lantic Telegraphic Company, requiring a capital of
£150,000, in shares of £lO each, for the construc-
tion of a line to Portugal, with power to increase,
to enable its completion to Halifax. This company
has secured the exclusive right to use the well-known
cable and system of deep sea telegraphy, perfected
and patented by Mr. Allan, between Great Britain
and America, which effects a saving of about 33
per cent. on first cost, with about 50 per cent.
extra working powers as compared with others.
The cable, from its peculiar principle of con-
struction, smallness of bulk and weight, renders, it
is stated, the carrying and submerging it a simple
mechanical operation comparatively without risk of
injury to its electrical integrity, for ocean depths
and distances. The object of this company is to
establish telegraphic communication between Lon-
don and New York, the two great termini or centres
of telegraphic communication in the Old and New
World by submarine line or lines, from Falmouth, to
Halifax, Nova Scotia, the inlet to all the telegraphic
lines already in operation on the American Continent,
thus organising a telegraphic communication be-
tween Great Britain, the Canadas, British Columbia,
and America generally. Although the directors are
satisfiedthat, with the system of cable adopted, the
direct line from Falmouth to Halifax could be safely
and satisfactorily laid, it is proposed, as a measure
of prudence, to carry out the establishment of trans-
atlantic -telegraphic communication, in the first
first instance, by a less direct route ; and to con-
struct, firstly, the section from England to Oporto,
the length of cable for which distance will be only
about 600 miles, and would be highly remunerative
in itself ; it will also fully demonstrate the practi-
cability of safely submerging and working this form
of cable in ocean depths. The length of cable from
Oporto to Flores, one of the Azores, would be about
1,400. Thus this route has the great advantage of
its longest unbroken distance being only 1,400
miles.

A call has been made by the London and South-
Western Bank of £2los. on the new shares, making
£2O paid up.

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

Great Western ...
North Western ...

1865. 1864.
... £76,741 £75,505
... 120,450 113,872

South-Western ...

... 26,949 27;433

Brighton ...
Midland ... ...
South Eastern ...
Great Northern ...

... 25,153 28,214
... 50,531 49,412
... 30,821 80,436
... 89,378 37,336

Lancashire and Yorkshire ... 43;871 40;328
Bristol and Exeter 7,580 7,203
North Eastern ... ... 73,927 69,602
Manchester, Sheffield, and Lincoln 19,569 18,030
Great Eastern ... 34,831 34,508

These returns, when compared with those of the
corresponding period of last year, are generally of
a favourable character. On the Lancashire and
Yorkshire there is an increase of £3,343 ; on the
Bristol and Exeter of £377 ; on the North Eastern
of £4,325 ; on the Manchester, Sheffield, and Lin-
coln of £1,489 ; on the Great Eastern of £313 ; on
Great Western of £1,236 ; on the North Western
of £6,578 ; on theßrighton of £1,939 ; on the Mid-
land of £1,119 ; on the South Eastern of £385; and
on the Great Northern of £2,042 ; while South
Western shows a decrease of £484.

Two O'CLOCK.

At the Paris Bourse this morning, according to
Reuter's telegram, the 3 per Cent. Rentes were
68f. 27c., offered. No business.

, An active demand for money prevails, and the
lowest rate out of doors is the Bank minimum.
A proportionate alteration of per cent. in the
rate for money on deposit account has been made
to joint-stock and private discount establishments.
For money at call the rate is now 3f per cent., for
seven days' notice of withdrawal, 3,1, and for 14
,(IsYs) 4 per cent. The joint-stock banks will give
".ti: Per. cent. ; the London and Westminster make
'sir usual exception for sums under £5OO, for
Which they will not allow more than 2+ per cent.
t The English Stock Market has been subjected
2 a further decline, consequent upon the rise in
re rate of discount. Consols are 89+ for money,
n(1 891 + for the account. The New Threes and

Reduced Annuities are 87+ ; Exchequer Bills, 4s.
dis. ; India 5 per Cents, 1054; do. Enfaced Paper
4 per Cents., 89 ; do. 5 per Cent., 1021 ; and 4 per
Cent. Debentures, 100.

Foreign Stocks have been generally well sup-
ported at former values. Turkish Consolides are
49i 4 ; Mexican, 264 4 ; do. New, 244 ; Greek, 20k
21 ; Spanish Passive, 29k 304 ; Certificates, 141 15 ;
Italian, 631 64 ; Confederate Loan, 7 8 ; and Bra-
zilian Loan, 31 1 prem.
American Securities are further improved. United
States Government 5-20 Bonds, 74 ; Erie Shares,
59i 60 ; and Illinois, 84 I.

In the Railway Share Market there has been very
little animation, and prices in several instances are
a shade flatter. North Western, and North Eastern
(Berwick), have declined + ; Great Western ;
Great Eastern and South Eastern each 4 ;' and
Metropolitan 1.
The Foreign and Colonial lines have remained
at steady prices, Dutch Rhenish have improved to
24k, Grand Trunk of Canada to 21i 22.

Bank and Miscellaneous Shares remain inactive.
London and Westminster are marked 951 ; London
Bank of Mexico, 142 2 ; Alliance Bank, 312 ; Union
of London, 532 ; Imperial Mercantile Credit, ;
and Overend, Gurney, and Company, 151 ; London
and Australian Agency Company shares are
quoted 2 1 prem. ; and Transatlantic. Steamship
Company, par 1 prem.

FOREIGN FUNDS —ONE O'CLOCK.
GOVERNMENT FUNDS.
8 per Cent. Consols
Do. Account, Oct. 10
o per Cent. Reduced B7/ /
New 3 per Cent' B7/ i
.
New 3f per Cent. Jan. 1894 —
Do. 5 per Cent. Jan. 1873 —
Annuities, 30 yrs, expire sth Jan., 1880
Do. for 30 yrs, expire sth April,lBBs —
Do (Red Sea Telegraph), Aug., 1908 —
Exchequer Bills, .E 1,000,3 per Cent. 4 die
Do. £5OO —
Do £lOO and £2OO —

Bank of England Stock, si per Cent
Do Account
INDIAN GOVERNMENT SECURITIES.
Indian Stock, 101 per Cent., Apri11874..„
Do Account
Do. 5 per Cent. July, .1870
Do. Account

Do. 4 per Cent., Oct. 1888
Do. Certificates —
Do. Enfaced Paper 4 per Cent B9
Do. 5 per Cent., Jan. 1872
Do. 51 per Cent., May 1879 —
Do. 4 per Cent., Aug. 1866 lOO
Do. Bonds, £l,OOO —

Do. under..£l,ooo
BRITISH FUNDS—ONE O'CLOCK.
Austrian Bonds, 5 per Cent, 1859 —
Brazilian 5 per Cent -
--.,D0. 4i per Cent., 1852-58-60
Do. 1863
Buenos Ayres 6 per Cent —
Do. Account

Do 1 per Cent. (Deferred 3 per Cent.)
Chilian 6 per Cent —
Do. 41 per Cent —
Colombian 6 per Cent. —
Cuba, 6 per Cent.
Danish 3 per Cent., 1825 —

Do. 4 per Cent., 1863 —
Do. 5 per Cent., 1773-77, £25 paid —
Danubian Principalities
Equador New Consolidated, 1 per Cent —
Do., Provisional Land Warrant —
Egyptian 7 per Cent 95
Do., Second Issue —
Do £lOO Bonds —
Do. 1864 95 i
Do £lOO Bonds
Greek 5 per Cents., 1824-5, ex Coupons
Do Account 2ot

Do. Coupons —
Guatemala 5 per Cent.
Do .£B6 paid —
Do. 1839 and 1850 —
Italian 5 per Cent (Maremmana Railway)
Do 1865 —
Do Scrip, .£67i paid
Do 5 per Cent, 1864 —
Do. Scrip, £55 paid —
Mexican 3 per Cent
Do. Account: 24 i 5i
Do 1864 24i
._._ ..

Do 6 per Cent. Anglo-French _
Do French Scrip, Lx. 25f 20c —
Montevidean 6 per Cent., £3O paid —
Moorish Imperial 5 per Cent —
New Granada l3k 4
Do 2 per Cent
Do Deferred
Do Land Warrants (Hectares)
Peruvian 44 per Cent
Do Scrip, £45 paid, paid in Bonds
Do 3 per Cent. (Uribarren) —
Do 4f per Cent., 1862
Do. Account
Portuguese 3 per Cent., 1853
Do Account
Do 3.per Cent., 1856, '7, '9, '6O, '62, '3, 464 4

Do. A-ocount --
Russian 5 per Cent., 1822, .£ St 9l
Do 4i per Cent. 1850
Do 3 pet Cent. 1859
Do 4i per Cent., 1860 -
Do 5 per Cent. 1862
Do 5 per Cent. 1864
Sardinian 5 per Cent
Do Account
Spanish 3 per Cent
Do Account
Do New Deferred
Do Account
Do Passive
Do Account
Sranish Cert. of Coup not funded

Do Account _
Swedish 4 per Ceut.
Do Account —
Do. 4i per Cent. 1864
Turkish 6 per Cent. 1854 941
Do Account —
Do 6 per Cent. 1858
Do Account
Do £lOO Bonds
Do. 1.1 per Cent —
Do 6 per Cent. 1862
~
Do Account
Do £lOO Bonds 74f
Do 6 per Cent., 1864
Do 5 per Cent. 1865
Do £ICO Bands
Do Scrip, £35 paid
Do Guaranteed, 4 per Cent lOO
Venezuela 3 per Cent.
Do. Account
Do. 6 per Cent, 1864
Dividends on the above payable in London.
Austrian, 5 per Cent., En. 10 Florins
Belgian, 41 per cent., En. 25f.
Dutch 2f per Cent., En. 12 Guil —
Do. 4 per Cent. Certificates - -
French Routes, 4 per Cent. —
Do. Account
Italian C per Cent., 1861, En. 251
Do Account
TWO O'CLOCK.
Consols
Do. Account