The Sun.
London, England, 1865-05-04 00:00:00

11,

ONEY MARKET

AND
COMMERCIAL INTELLIGENCE,

LVE o'CLoCK.
ADVANCE IN THE BANK OF ENGLAND RATE
OF DISCOUNT.
The Bank of England rate of discount has just
been advanced to 4i per cent. The necessity for
the measure now adopted has been very apparent
during the past few days, and. the directors have
again shown their commercial prudence and fore-
sight by not trammelling trade more than is really
necessary. An advance of per cent. may have
all the effect that is required, and should its influ-
ence be found insufficient, then an increase of
another f per cent, would inevitably follow.
The discount houses have made a proportionate
• alteration in their allowance on deposit accounts ;
3i per cent. is to be given for money at call, 34 for
seven days, and 4 per cent. for fourteen days' notice
of withdrawal.
The only bullion operation of importance at the
Bank yesterday was an influx of 20,000 sovereigns
from Portugal.
The Mediator, from Melbourne, has brought
£B,OOO.
The report of Hewitt and Co. (Limited)" for
the past half-year recommends a dividend at the
rate of 10 per cent. per annum, which will absorb
This
and leave £1,985 to be carried forward.
-this company was formed last August to take over
the fishing fleet of Messrs. Hewitt.
A meeting of the creditors of the influential and
well-known firm of Messrs. James Marshall and
Sons, of Stockport, has been summoned at the
Clarence Hotel, Manchester, for Friday, the sth inst.
According to some reports a proposition is contem-
plated for a composition of 15s. in the pound, in
instalments of 6, 12, 18, and 24 months, the last to
be guaranteed. The liabilities are said to range
between £BOO,OOO and £1,000,000.
The biddings
.for bills on India, which were
offered to the usual extent of £300,000, took place
Yesterday at the Bank of England, but only £44,500
was taken, the proportions allotted being to Calcutta
£32,500, and to Madras £12,000. The minimum
Price was as before-on Calcutta and Madras,
is. 11d. ; on Bombay, Is. 1114:1. Tenders on
Calcutta and Madras at the minimum will receive
in full. On Bombay all the tenders were below
the minimum. This result, which shows a further
rapid diminution in the demand for means for
remittance to the East, is understood to have been
anticipated, but it appears that, the-India Council
not requiring at present any additional funds, it was
deemed unnecessary to lower the terms.
At the half-yearly meeting to-day of the share-
holders of the Asiatic Banking Corporation the
report stated that the half-year for which the
accounts are now rendered, and during which period
.a portion only of the existing branches of the
_bank have been working, represents not only the
least favourable season of the year in India, but has
alBO been characterised by a severe monetary crisis
lu. this country, which has necessitated the exercise
oflie the utmost caution in conducting the busi-
. ss. of the bank, and a consequent re-
!potion of its operations. Notwithstanding
cluuese. drawbacks, the net profits, after de-
e, cl.,ulg all charges upon the current business
alo_t,he bank, and fully providing for all bad and
sZtfill debts, amount to £70,439 4s. Bd. This
directorsner propose to distribute in the fol-
lowinthe
rate of Imsapn
of 10s. viz• :---4.37,500 by a dividend at the
er cent per annum ; £12,500 by a bonus
being together share, equal to 5 per cent. per annum,
..g togeth
the paid-up er equal to 20 per cent. per annum on
the proprietors
liquidationcapital on 31st December, to be paid to
in free of income-tax ; £8,484115. 11d.
penses . the whole of the preliminary ex-
which ) 5,500 to be added to the reserve fund,
, with the premiums arising from the recent
t°
next W. shares, will then amount to June 30
9d th
1-75,000; and the balance, say £6,454 12s.
7 ey. Propose to carry to the credit of the profit
and less account for the current • ear The dime-
-4olrsarehhaovidee further the pleasure toY congratulate the
shares, both upon the successful issue of the new
13r0liiptl here and in India, which were all
circulen 11P
upon the terms specified in the
ar y tak
Nieto_
;e
te addressed at the time to the original pro-
by
a; additional capital, though not required
able,- xigencies of the bank, was deemed desir-
Id° Place it
mg business. upon a footing suitable to its increas-
.l-40 don
neral
113,:ci re and
meeting of the shareholders of the
South
African Bank took place to-day.
ded„,.,4.ing 1513 rt submitted for adoption stated that after
,
all charges for the past year, and pro-
dispoVidinzre bad and doubtful debts, there remains a
suns f. 2 50 balance of £26,984 Bs. 4d. From this
411hd, mil have to be placed to the reserve
and xj.,8,114 will then amount to £18,053 6s. 3d.,
end of the 6e. to preliminary expenses. At the,
Ravin°, year this latter account will be closed.
the solt7gard to the depressed state of trade in
in octoeu African colonies, it was deemed prudent
Per cenbt. r last to declare an interim dividend of 3i
received d
uulY, but the satisfactory returns since
tors to; 'rem the several branches enable the dime-
hoick recommend for the approval of the share-
the Pars a,
divi oen of 18s. per share, which, with
ate of Yment made in October, 1864, will be at the
r leavin 8g
a balance, of
• per annum, free of income-tax,
Wardan
of £377 9s. 4d. to be carried for-
t° the profit and loss account for the next
1,-3rear.
to Athihe. daY last
a week's railway receipts ascertained up
r •
e in round figures as under :-
Great Western
*** W 1865. 1864
estera
•••
trighto western
.E7l 380 £66,277
... 111,692 103,950
Mkt% ••• 22,649 17,899
'',o4th Eaat.e..rn
45,895 46,761
22 384 20,441
Great Nort,,
•••• ••• •••
taneksh• uern ••• ... 37,001 33,035
Ire and •
Yorkshire
rlstol •" ••• 38,546 37,513
xaetor
... 7,151 6,627
‘ll,Trzetle.r-Zter
60,537 58,821
tasetre,niSheffield, and Lincolnshire 18,231 17,222
These returns ••• 33,444 32,827
correspendind-wperineodn compared with those of the
increase of £1 of last year, show an
,033
then the Lancashire and York-
Shire ; 27,742 on the a NavLesin.tecronln;; x£12,,010894 on
the Manchester, Sheffield°,
the North British ; Lincoln
the e North Eastern,
on
£4,750 on the
£617 on the Great
Brighton ; £1,943 on the South Eastern Eastern ; £524 on
the Bristol and Exeter • £3,969 on the Great
Northern ; £5,103 on the Great Western • but
ther-
u a decrease of £866 on the Midland.

Two O'CLOCK.
At Paris to-day, according to Mr. R euter's tele-
gram, the French 3 per Cent Rentes were 67f. 35c.
Ueavy.
Ile tnglish Stock Market has been very inactive
and heavy to-day. The increase in the Bank rate
has occasioned sales of stock, and Consols have re-
needed to cm
- -i- i for money and the 9th inst., and to
uOl i for the account. The New Threes and Re-
duced Annuities . are 881 i ; and India 5 per
Cents., 1061 107.
Foreign Securities opened flat, but have since
.ri-e"ed ;
C business, however, is not very active.
durkish onsolidds are 518 528 ; Mexican, 261 ;
3°O. l‘iew' 258 .3- ; Greek, 20f 21; Spanish Passive,
c°i 31 ; do. Certificates, 1611 ; Italian, 64i- f ; and
L/Ifederate Loan, 11 13.
datilsilleBB in the Railway Share Market has been
libo.u.and with one or two exceptions prices have
Wick) 'l further depression. North Eastern (Ber-
ta;' have declined £.l ; Great western and South
4a,-,-ern, each, 102. ; and Lancashire and Yorkshire,
5t.,4 North Western, each ss. Great Northern A
`Lek, however, have improved ss.
abo-ulue li°reigia and Colonial lines remain dull, at
gawk t Previous quotations.
and Miscellaneous
quotations.
tered cind Miscellaneous Shares are quiet. Char-
to 2,, ~cf India, Australia, and China have declined
fr, '1 ; South Eastern to 121 i ; City of Milan
tijrcvement to 8/ ; Moore, M'Queen, and Co.
j'irea are quoted 2 2f prem. ;Ottoman Company,
111°'115-lel3a. • Lion Brewery, 1 11 prem. ; Ply-
aacc ;Li 611. Ipbuilding Company, I 1 prem. ; London.
Geil„,, c,cilterranean Bank, 1 1f prem. ; Colonial and
44 :-ai Laud Credit, 2 prem. ; Anglo-Egyptian
V 1841414) 3i 3i prem. ; South African Land and