The Sun.
London, England, 1870-02-16 00:00:00

MONEY MARKET

AND

COMMERCIAL INTELLIGENCE.

(ITY, Two •'CLooK.

The business on 'Change to-day were mere
numerous than yesterday, ani the p! ices realised
were a shade in favour of sellers. Consols wire
firm at the closing quotations, and in the Foreign
market there was not a very extensive business
doing, but quotations were firm. In Railway share s
there seemed to be rather a desire to realise Metro•
politans, and the same may be said as regards
Telegraph shares. In Banking and Miscellaneous
there was scarcely a transaction to report.
Consols are now at 92i to 921 for money;
ditto, for Account, 922 ; Three per Cant. Rc-
dsood, 93 2/1; New Tree per Cents, 93 2i ;
Exchequer Bills 11,000, March, par to 5 ; June,
; ditto £lOO, £2OO, and 1500, March, 3
prem. ; June, par; Bank of England Stock, 41
per Cent., 242.

India Stock, 10i per Cent., April, 1874, —;
ditto b per Cent., July, 1880, 111 f j ; ditto 4 per
Cent., Oct., 1888, 104 ; ditto Enfaced Paper,
4 per Cent., 1879, ; ditto Bonds under £l,OOO,
25 prem.
In the Foreign Market Turkish Fires are 44}
to 44/ ; the New Scrip, to j. prem.; and the Six
per Cents., 674 to 68. Russian Scrip, 2i prem. ;
Charkof, 844 to 854 ; Orel, 854 to 86 ; Peruvian,
78k to 79 ; Mexican, 14 to 144 ; Italian, 54e to
54' ; and Spanish, 274.

In the Railway Market, the prices are now :
Caledonian, 771 to 78+ ; Great Eastern, 381 to 381 ;
Great Northern, 1161 to 1171 ; ditto (A), 1171
to 1181 ; Great Western, 63/ to 64+ ; Lancashire
and Yorkshire, 1281 to 129 ; London and Brighton,
43+ to 431 ex div. ; London, Chatham, and Dever,
141 to 115 ; London and North Western, 1241 to
1251 ; London and South Western, 93 to 94 ;
Metropolitan, 78: to 784-i ; Midland, 124 to 124+ ;
North Eastern (Berwick), 1281 to 128/ ; and South
Eastern, 771 to 771.

In American Securities the Five-Twenty Bonds
are 87k is 871; Ten-Forty Bonds, 83 to 83f ;
Eries are 20i ; Illinois, 109} to 1101 ; Atlantic and
Great Western Debentures, 31 to ; and the
Bonds, 30.
The Lombardo-Venetian is 20 1-16 to 20 1-16 ;
and Great Luxemburg is 134 to 13f.
In Bank Shares Agra (A) are 11i to 12 ; Lon-
don and Westminster, 59i to 601; London and
County, 48 to 49 ex div. ; London Joint Stock,
32 to 33 ; Union of London, 36 to 37 ; imperial
Ottomam, 21 to 31 prem. ; and Chartered Mer-
cantile, 32 to 33.

Anglo-American Telegraph Shares are marked
17i to 18} ex div. ; French Cable, 171 to 171 ;
British Indian Submarine, 14/ to 15 ; China Sub
Marine, dis. to prem. ; Falmouth, 2 to 3 prem. ;
India Rubber, 63 to 631 ; Construction it nd Main-
tenance 43 to 434 ; and Hooper's Telegraph Works,
21 to 21 prem.
In Miscellaneous Securities Hudion s Bay is
124 to 12k ; General Credit, 1 to 1 dis. ex div. ;
International Finance, 11 to 1i dis.; and National
Discount, 11 to llf.
There were no gold operations at the Bank yes-
terday.

The Bank of Holland has reduced its rate of
discount from 5 per cent., at which unusual point
It had stood from the beginning of November las',
to 41- per cent. he Bank of Prussia has made a
reduction to 4 per cent., charging 5 per cent. for
Advances on merchandise and securities.

The Manchester markets this week have opened
with firmness.

While proposals are entertained based on the
advantage of increasing the marketable character
of the public funds, it may be useful to direct at-
tention to the recent and striking instance furnished
by the Metropolitan Consolidated Loan of property
being
depreciated by a neglect of such considera-
tions. This loan was brought out in November
last for £2,500,000, and the Board have power to
increase the total to £10,000,000 in exchange for
other liabilities. It is a3l per cent. stock, and the
Izinitnutn price of issue was fixed at 94f. A sum of
about! .1:700,000 was at once taken at and above
that point, including one large subscription at £96
38., and the remainder was absorbed in the course
of a week, a large portion by the Bank of England.
Since that time, however, the price, even including
the accrued dividend, has fallen to £93 55., while the
other funds have been steady. The cause is con-
sidered by the Stock Exchange dealers to consist
solely in the fact of a stamp of 2s. Gd. per cent.
being required on each transfer. But for this, ac-
cording to general impression, the stock would be at
least 2 or 3 per cent. higher. To a permanent inves-
tor the charge would, of course, present no material
consideration, but it destroys the value of the stock
as a security on which temporary loans could at any
time be raised, or which could pass from dealer to
dealer until purchased by the public. The fact of
its being liable to the stamp was not pointed out in
the prospectus, and such of the original subscri-
bers as were unaware of it feel that in that circum-
stance they have, perhaps, an increased ground of
complaint. The amount to be annually derived
trona the tax is of course entirely insignificant
clarapared with the loss it will inflict, not only on
th°se who have subscribed for the £2,500,000,
but also on the Board of Works, or, in other
Words, the taxpayers of the metropolis, when they
naaY desire to raise the remaining seven or eight

The report of the Spton Dock C,
to be presented on the 23doutham instant, shows, withompany a
Previous balance of £1,130, an available total of
£B,BBB, and recommends a dividend at the rate of
4 Per cent, per annum, which %sill absorb £7,207
4tal leave £1,681 to be carried forward.
The report of the English and Australian Copper
F°l4Pany, to be presented on the 22d inst., shows a
heavy loss both on the operations of the year and
(211 the valuation of the copper on hand, but which
is regarded as attributable to exceptional circum-
stances which are not likely to recur. The reserve
fund, after deducting £6,000 for the losses of the
Year, stands at £6,754.
The directors of the Commercial Union Assurance
Company have resolved to recommend a dividend
of 10 per cent., and to carry £30,000 to the reserve
fund. They also propose to take power to declare
henceforth an interim dividend.
ahe Master of the Rolls has appointed Mr. G. H.
E. Brown (of Messrs. Payne and Brown), to be offi-
cial liquidator of the London and Manchester As-
surance Company (Limited).
Messrs. Stern Brothers have intimated to the
holders of shares of the Italian Tobacco Mono-
poly Company that the Council of Administra-
tion of the Company in Florence have made a
cell of 100 Italian lire per share, which will be
Payable in London from the Ist to the Bth of
March.
At the meeting of the Mediterranean Extension
Telegraph Company (Limited) the directors' report,
Which announced a dividend at the rate of 8 per
ekeat• per annum, less income tax, on the preference
suares, was adopted.
At the meeting of the proprietors of the London
and South Western Bank (Limited) the directors'
report was adopted, and a dividend declared at the
ratehi of ss, per share, free of income tax, for the
eV-Year. It was mentioned that the board do not
lia-
bility it advisable at present to reduce the
bility
on the shares of the undertaking.
of Call of £2 is to be paid on the ordinary shares
the Lion Brewery Company (Limited) by the
11th March.
lie
this Metropolitan Railway traffic returns show
Week an increase of £153 over last year; the
ties toutan District an increase of £64; the
Met
•• •
xic vontan and St. John's Wood au increase of
and the Glasgow and South Western an in-
crease of
tiler Ci4l .
approaching annual meeting of the Coin-
Will Pro Union Assurance Company the directors
Pet „, pose a dividend at the rate of 10 per cent.
to the and, in addition, £30,000 will be carried
reserve fund. It is further notified that the