The Sun.
London, England, 1856-09-02 00:00:00

NEW SCREAM&

The effect of the diminution of 700,0001. in the
Bank bullion which took place in July, just after
the inflation consequent on the reduction of the
rate of discount to 4i per cent., has manifested it-
self during the past month in checking the manu-
facture of new companies. During the first half
of the present year the sums demanded by projec-
tors amounted to an average of 3,900,0001. per
month. Iu July the ardour increased, and the
total proposed to be employed was 5,370,0001., the
unfavourable feature of the proportion of foreign
being in excess of home schemes having also be-
come more prominent. In the past month the
amount has fallen one-half, and, although it has
reached 2,540,0001., which is at the rate of more
than 30,000,0001. per annum, it assumes by com-
parison an appearance of great moderation. An-
nexed is the list :

International Coasting Company 320,000
Timber Bending Patents Company
New Orleans and Jackson Railroad Bonds
General Credit Company
Bank of Toronto 500,0001„ of which 100,0001. is
desired at present lOO,OOO
Levant Mineral Company
Hannibal and St. Joseph Railway (iYlissoui i) 200,000
British Steam Fisheries Company
London Discount Company 1,009,000

Some of the above schemes will involve no drain
on the money-market. One million of the amount
is for tho London Discount Company—a species of
establishment which can beget no danger beyond
that of stimulating undue speculation at some
future period. The International Coasting and the
British Steam Fisheries Companies, which take
420,0001. aierely propose facilities for developing
our own commerce and productions, and the Timber
Bending Company is for promoting a patent which,
if it realises its promises, will operate in the direc-
tion of economy, rather than expenditure. Tho Le-
vant Mineral Company do not propose apparently
any risk of money in exploring doubtful mines, but
simply to work on a large scale certain formations
of emery stone already yielding definite supplies.
The only objectionable point, therefore, in the above
list consists in the totals to be sent to Canada and
the United States, whether, in addition to what
is drawn forth by public advertisements and com-
panies, there is always a large private drain of
British capital. The aggregate this month is
750,0001., which will all be drawn rapidly, and
which is mostly proposed for railways iu the South-
Western States, of which the investors can know
little beyond the representations they receive from
interested agents. Meanwhile, not only are other
borrowers ily arriving from the United States to
obtain, on the first turn of the market, new ad-
vances on first, second, and third mortgage bonds
of railroads in every imperfect stage of construc-
tion, but orders are being sent hence for direct
purchases, which have already, according to the
last New York advices, operated unfavourably on
the rate of exchange, and checked those remittances
of bullion on which we must partly rely to meet
our requirements for the Continent and China.—
Times i,7ity AI tide.

EXETER AND EXMOUTH RAILWAY.—The half-yearly
meeting of the shareholders of this company was held at
the Globe Hotel, Exmouth, on Saturday; the chairman
of the company, Mr. J. If. Walker, presiding. The re-
port of the directors stated that by the zealous co-opera-
tion of the committee of shareholders, such additional
subscriptions to the share capital has been secured
as, added to the value of the property offered to be taken
by the owners either in shares or as a rent.charg,e,
amounted to 40,0001., being the condition oil which the
additional subscriptions were offered. With this liberal
support the directors did not hesitate to declare their
intention of immediately taking the necessary steps to
purchase the land, and enter on the construction of the
line. Negotiations had been re-opened with tht Bristol
and Exeter and South Devon Railway Companies, but
before any agreement was concluded, the terms and con-
ditions would be submitted to the shareholders. There
was nothing in this negotiation to cause any delay in
the construction of the line. The report having been
adopted, the proceedings terminated.
HAMPSTEAD AND CITY JUNCTION RAILWAY.—The
works on this line, intended to communicate direct be-
tween Hampstead and the centre of the City, are pro-
ceeding night and day. The act was granted in 1853,
and the greater portion of the lat d and property required
has been contracted for and purchased, and another act
was obtained in the session just passed extending the
time for the completion of the Works until four years
from tite date of the original act in 1853, so that the
company have not much time to lose in carrying the un-
dertaking to completion.