The Sun.
London, England, 1870-05-13 00:00:00

THE MONEY MARKET

AND
COMMERCIAL INTELLIGENCE•

CITY, Two o'CLocic-
The Consol Market opened with rather mme firmness t 0"
day, and prices are slightly higher. The quotation for Lb:
June account is now 94 3-16 to 94 5-16, but the transactO
have not been numerous. Reduced and New Three Per
Cents. are quoted at 921 to 921; India Five per Cents-, 1,
to 114 f ; India B nds, 20s. to 255. prem. ; Exchequer
par to ss. prem.
The Money Market continues firm The Bank of Englan
return shows that that institution is in a very s rong Po • iti°fs
the proportien of reserve liabilities being no less than 'l.
per cent., Whereas the proportion at the opening of the Year
did not exceed 33 per cent. It is, evident, therefore, o'l'3
the Bans can maintain for some little time the position I
has now long held at the head of the discount market'',
meantime the open market dealers will not be in a raitt°,:„,
to compete with the vast resources in the possession of ta"
Bank. In a short time, however, the expenditure of tb:
Government will be considerably greater than the receiP
as the latter have been forestalled, and the resources of tb°
Bank will be gradually drawn upon. In this way nwnl
will again find its way into Lombard-street, °
will again be spread over a greater surface, and it is 11°t
improbable that the result of the new Government arrange'
ment for collecting the revenue will result upon balance, t°
the disadvantage of the Bank. To-day good short paPer.!
charged in Lombard-street 3 per cent , being fully equal '-
the official minimum
The La Plata has arrived at Lisbon with £17,390 is

specie
A special telegram from Philadelphia states that thoue
the surveys of the Isthmus of Darien have not been cOel-
pleted, the construction of a canal is impracticable
The market for Foreign Bonds has continued very fire
and prices have been buoyant. All the movements bsv:
been in an upward direction, and some have been importa
Egyptian Bonds have advanced I, Turkish. /, Russian rbsed4
Spanish 1. American Five-Twenty and Ten-Forty 13°°
are 2 better, while Italian have risen I. The transaction
up to one o'clock to-day are thus recorded in the °facie
list:—Egyptian, 1F64, 91 2; ditty, 18 8, fl./ 4 g ; ditto, 81f;
Russian, 18 2, 85 to -I; Nicolas Railway, 8} to
1870 Scrip, 85/ tof ; Spanish, 18 7, 301 ; ditto, 186 a,
29/ to 30; Turkish, 1862, 71/ to 2/ ; ditto, £lOO, 721 to :4
Italian, 1861, 571 to t ; U. S. 5-20's, 892; do, 1885, 88°
f ; do, 1867, 901 to /.
The principal feature in the demand for Home Railvisl
Stocks is the flatness in Metropolitan and Metropolit,iio
,
District which have been done at 72/ and 341 respectivs.v.
Midland Stock is also lower on realisation, but Great Eastern
and London, Chatham, and Dover, have shown firmness'
The shares of the Tavarone Mining Company have been
dealt in at 1/ to 11 prem.
There has been more firmness in the mark t for TelegrsPb
Shares, and a reaction has taken place in prices. Aer:
American, at 17 to 17/, and Anglo-M diterranean, at 17 to
17+, show a rise of }. Falmouth, Gibraltar, and ge:s
shares are also / higher, at 8/ to 8/ ; while French C31).-,
are / higher, at 16. India Rubber Company shares 9'o'
without change, at 44/ to 44/; and Telegraph Construe
are very flat, at 38} to 331. .ditto 9,