The Sun.
London, England, 1869-02-22 00:00:00

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, Two o'CLoca.
Business to-day had an upward tendency, Con-
sols improving 1. In the foreign market there was
also a better inquiry for stock, but railways were
on the decline.

Consols are 92f 3a for money ; ditto, for Ac-
count, —; Three per Cent. Reduced, 93f + ;
New Three per Cents, 93+ ; ditto Annuities,
April, 1885, 121; ditto Red Sea Telegraph, Aug.,
1908, 19f.
India Stock, 101 per Cent., April, 1874, —;
ditto 5 per Cent., July, 1880, 11.21 ; ditto 4 per
Cent., Oct., 1888, 1021 ; ditto Enfaced Paper, 51
per Cent., 1104 ; ditto 5 per Cent., 1041 ; ditto
Bonds £l,OOO, 21 prem. ; ditto under £l,OOO, 22
prem.

In. the Foreign Market prices are as follows :
Brazilian 0f1865, B.li to 843 ; Chi!ian of 1867,
91 to 95; Egyptian of 1864, 874 to 88 ; ditto of
1868, 744 to 75k ; Italian of 1861, 57i to
prem. ; Mexican, 153 to 153 ; Peruvian of 1865,
784 to f.
In the Railway Market Great Eastern stock is
393 to 4 ; Great Western, 52 to ; Metropolitan,
1084 to 1083 ; London and North Western, 1191 to
; Midland 1221 ; London and South Western,
91 to 93 ; Brighton, 514 to 4 ; South Eastern, 821
to ; Great Northern, 1124 to 1134 ; ditto A, 1123
to 4 ; Caledonian, 784 to 1 ; and London, Chatham,
and Dover, 17 to 4.
There is a rise of 4 per cent. in Erie Railway
Shares, the price being now 244 to 251 ; Illinois
Central are 964 to 973 ; Atlantic and Great Wes-
tern Debentures, 354 to 36; ditto Consolidated
Mortgage Bonds, 364 to 373 ; and the Five-Twenty,
783 to 4.
Miscellaneous Shares are steady. National Dis-
count are 114 to 4 ; General Credit, 14 to > dis. ;
International, 14 to I dis. ; Hudson's Bay, 134 to 4;
Telegraph Construction, 184 to 19 ; Atlantic Tele-
graph 8 per Cent. Preference, 44 to 4 ; and Anglo-
American, 224 to 4.
In Bank shares London and County are 504 to
514 ; London Joint Stock, 824 to 331 ; London
and Westminster, 654 to 663 ; Union of London,
64 to 374 ; Anglo-Austrian, 134 to 144 prem. ;
and Imperial Ottoman, 24 to 4 prem.
The Cnu. b ma, from New York, has brought
£68,g00.

The report of the Submarine Telegraph Com-
PeeanntY. perrecommends a dividend at the rate of 5 per
The report of the Committee of Management of
the Bank of London (in liquidation), to be pre-
sented on the 26th inst., announces that all the
liabilities of the Bank, at the date of its stoppage
on the 26th of May, 1866, have now been dis-
charged, and that on the realisation of the assets
still outstanding there will be a considerable sur-
plus for division among the shareholders—estimated
at £130,000 exclusive of the securities held of the
A.tlantie and Great Western Railway, representing,
£650,000, and which have been the
subject of a friendly adjustment.
Several new financial operations are on the lapis.
There is every expectation that they will be suc-
cessfully carried out, because the " combinations"
arranged to introduce them are very powerful.
They include foreign and colonial loans, and some
fresh issues of debentures by the Indian railway
companies. The increased value of money may
make Some slight alteration in the terms, but the
Jest of them as investments will without doubt
be floated. The public at present are inclined to
absorb all sound dividend paying securities, and
Without they are of this character they are not now
introduced.

further call of £5 per share has been announced
on the shares of the Hindustan Bank, and it is
expected that an attempt will be wade to open a
further inquiry in the affairs of this establishment.
The General Accident Company, which has been
established by certain leading members in the inte-
rest of architects, civil engineers, and surveyors, is
to comuaence business on the lst March. Mr. Cur-
rey is to be the chairman.
The number of bills deposited for this session,
which relate to railways and tramways in the United
Kingdom, amounts to 92.

A report by Mr. William Lloyd, C.E., on the Pe-
ruvia❑ nitrate beds maintains that the cost of the
nitrate, of which more than 100,000 tons areshipped
annually from Peru, might be reduced from £8 13s.
10d. per ton to £6 2s. 4d. by simple improvements
In the means of transport. Mr. Lloyd adds that
according to late advices from the Pacific, deposits
of nitrate of soda have been discovered in the extreme
north of Chili, at La Chitnba, only five or six miles
from the coast, in which case lie is of opinion the
cost may be still further reduced at least £1 per
ton.

Vice-Chanancellor Sir John Stuart has in conse-
quence of the death of Mr. Tabor, one of the offi-
cial liquidators of the International Contract Com-
l'auY, appointed his colleague, Mr. James, to be sole
°facial liquidator.
The failure of Messrs. Adam and Co., of Glas-
Owl Batavia merchants, for £70,000, has been
announced, and it is stated that a considerable
Portion
of their liabilities will fall on Manchester.

BRITISH FUNDS—CLOSING
PRICES.
1 OoVlnsatEsx FUNDS.
per Cent. Consols
New 3 n
Ditto fur Account,
931 1.
.'" Cant. Reduced
931 1 '
3 , ~,,,per Cent
.4ave 21 per Cent. Jan. 1894
Do c
•., per Can s mi. 1873
Annuities, SO yrs, expire sth Jan., '
"8"
121
O. for 30 sea Telegraph
h April .885
..* Do (Red 8 1, Aug., 1908 lut
Ex .11 ea
Pm
L %nor Bills, £l,OOO, i per Ct. Do.
£5OO De.
100 k £2OO —
pm
la
nk of England Stock, 4 par Cent
„ Do. account
Vaned 4 per Cent. Bonds
inteColonial Ommum —
India4blattl GOVERNMENT !SECURITIES
tock, 10f C t April 1874...
D°,l) per en ~_
°. Opening, for Account
112}
r, 5 Per Cent. July, 1830
102 i 1
-,.,°. 4 per Cent., Oct. 1858
Lon. Certificates
Do.
Enfaced Pape. 4 per emit
11,°' Per Cant., Jan. 1872 ~
1101
i• *3 per Cent. May
_
-•) 5 per Cent., Rnp. Deb 91872
Do
do. 1877 lO.ll
,„ Do.
do. 1882 _
"'• Deb 6 873
~ ~ per Cent., Aug.•
21 1
,e. Bonds, 4 per Cent., £l,OOO
22
"e• tinder .£l.OOO
FOREIGN FUNDS—CLOSING PRICES.
"
lr
pintine Republic, 6 per Cent
4 , Scrip .445 paid
"°riall Rondo 6 per cent
t. Do. 1859 —
On
'azilian 5 per Cent —
r,- i
• . per Cent. 1862
"°. }Per Cent.
1858....
j),°• do. 186
73 21
-°. do 1863 Do 5 Cont.,—
„ • Per C 1865
844 };
it •••0 Account
_
",e4os Ayres 6 per Cent.
04" t, 2
04.3 per Cent. (Deferred 3 per
_
0 'N 6 Per Cent.
"444 6 per Cent
r)
D°. 41 per Cent
_
°. 8 Per
Lo. Cent.,
95
, • 6 Per ce.t. 1867
~., 7
_
O 1 • per Cent., 1866
_
D,„ 4biati 6 per Cent.
_
b " 3t‘. 3 per Cent. 1825 •
4tl "ion p•• i• • 7 Cent 7Bi 9
~.,0 g rincipa es, ler
841.
t _, per Cent., 1867
0111t3r New Consolidated, 1 per Cent,
gyPtiftn, 7 per Cent
__
D 0• £506 B onds oud issue
DO'
Do.
4-'°' £lOO Bonds . 851 64
- 1864 —
Do.
Account
•
)
b• . 4500 Bonds
894
0. -410 C Bonds
E i•
75 41
tigiißli Senp, 1868
din
Do
do. £45 pd —
Go
wit
(ir, verinzent Railway Debentures . ... 4.
,A 5 per Ct la 1824 sex Coups —
4)0 ' ~' ,
• Acceuer .
0" '
D
o
0. l•oupons ................ -
, 4 • Account
liV_oatenlala 5 per Cent ..
tinduras per
Rail. Loan., 10p. Ct., all pd '144 5 per Cert , 1865
DO' Account a .:.
Do
b x. Maremmana Railway, ......
"4 ?ca 3 Cent
Ditto former Account
„ Dn.
1864
sic) 6 Cont.
.._ per u Anglo-French
nontevidoau 6 per Cent. ......... ..
Eonrish Imperial 5 per Cent
Neer %Ailed
154
Do 3 a
1) ' eferTed ............. ,
erilTien b Per C'ent. 1565

Do Account

Do 41 per Cent. (Uribarren)
Do 41 per Cent., 1862 -‘ —
Do Account
Portsguese 3 per Ct., 1853, '6, 7,'9,'60,'2,'3 364
'Do. do. 1867 —
Do. do. Scrip, £2O paid —
Russian 5 por Cent., 1822, £ St
Do 41 per Cent . 1850
Do 41 per Cent., 1860
Do 3 per Cent., 1859
Do 5 por Cent., 1862
Do. Anglo-Dutch, 1861, .£lOO Bonds.. 931
Do. do. £B4 15s. do —
Do., 1866, £lOO Bonds 931
Do. do £B4 15s do —
Do Nicolas Railway 67}
Sar Tinian 5 ptr Cent —
Spanish 3 per Con ...
Do. Account ...
Do. 1867 ...
Do. Account
Do. New Deferred —
Do. Account
Do. Passive
Do. Corn. Cert. of Cunt . not, feuded
Do. Account
Swedish Provincial Mortgage Loan —
Do Government, 1864
Do do, 1368 -
Do de, Scrip — Pr-
Turkish 6 per Cent.]
Do Account
Do 6 por Cont. 1858
Do Account
Do £lOO Loads
Do 6 per Cent., 1862
•••
Do Account
Do £lOl Bonds 674
Do 5 per Cent. 1865
Do Account
Do 6 per Cent., 1860
DD
o L
Do i
apoo(ri
\\Cont.,7arra
nt Guarantee.
(fiot
2ar.1e..,
Venezuela 3 per Cent.
Do. Acc. ant
Do 6 per Cent. 1864
Do 6 per Cent., 1862
Dividends on the above payable in Lou,'.,
Austrian o par Cent. Ex 10 Florins
Belgian, 41 per cent., Ex. 251.
Dutch '..!.1-per Cent. Ex. 12 GO. B9
Do. 4 per Cent. Certificates ..... —
Do. Account —
French Routes, 3 per Cont., Ex. 25f. —
Italial. 5 per Cent. 1851, Ex. zoi. -
Do Account s7i i
, • CLOSING PRICES.=
Jousois, Money 93 4
i ID°. Account, March 4.

THE CONVENT CASE.

COURT OF QUEEN'S BENLAI—Tius DAY.
SAL'RIN I'. STAR AND KENNEDY.

The further hearing of this case was resumed this morn-
ing for the sixteenth time. _

The court and the avenues were much crowded to-day
at the commencement of the sitting, notwithstanding the
unfavourable state of the weather, but not to the extent
they were in the earlier stages of the case.

Canon Wallace—My first connettion with the com-
mission was getting the bishop's letter appointing me the
president. I received and forwarded letters to the
other commissioners, asking their attendance. There
was a unanimous opinion that the charges had been sub-
stantially proved, and above that there were circumstances,
if the plaintiff was to be believed, that would extenuate
the complaints that had been made against her. We dis-
cussed the counter-charges, and considered what weight
should be given to them.
_

The Lord Chief Justice—Was she examined about
them ?

Wituess—Ob, quite so, to our satisfaction. There was,
the cruelty about the thimble, for instance, if the circum-
stances were true.

The Lord Chief Justice—The "if" makes all the dif-
ference.

Witness—She was not questioned more about the coun-
ter charges than when sha made her other statements.

TRADE AND FINANCE.

The prospects of trade at the present moment are not
encouraging. A dark cloud appears to hang over the
commercial world in consequence of the great shock given
to credit by the revelations in the case of Overend,
Gurney, and Co., and the Merchants' Company, not
to mention various other cases, which, although
now nearly forgotten, have left a most adverse influence
behind them. And, looking at the magnitude of these
discreditable transactions, it is only fair to assume that the
return of confidence will be proportionately longer delayed.
The capital formerly employed in trade has been com-
pelled to seek other uses, and has naturally betaken itself
to the stock markets. Accordingly we find that most descrip-
tions of securities have been daily in the advance, and
prices have at length become inflated. Unfortunately
these operations do not add to the wealth of the country.
They merely shift the wealth from one band
to another, without increasing the amount of
capital in English bonds. On the other hand,
the high prices current here for most descriptions
of foreign bonds will certainly attract large shipments
of bonds "from other sources, and thus our bullion
resources are likely to be drawn upon to a further
extent. There is very little to fear on this score,
however, as the foreign Bourses present at times sad
remunerative outlets for this class of security as will ensure
us the means of re-exporting them at a profit at no distant
period. Large quantities of foreign bonds are held by specu-
lators under advances from the bankers, who still find this
the most remunerative, though not the most legitimate,
means of employing their capital. Should these moneys
be suddenly withdrawn—a not unlikely proceeding— we
shall see a large amount of stock thrown upon the market,
and a heavy reaction will take place in the quotations.
It is not to be believed, however, that a good trade is
not going on. Money, although plentiful, is in demand,
and the rate in the open market for the best short paper
is fully equal to the Bank rate, 3 per cent. Three ninths'
bills are not taken under 31, and bankers shew
increasing indisposition to take long-dated paper, except
at altered rates. Everything points to an early rise in
the official minimum, although the position of the Bank
directors is stronger than most people seem to be aware
of. Were it not for the depression which exists in the
cotton trade, the prospects of the commercial world would
be much brighter than they are at present. Fortunately,
there are some hopes of a return to legitimate business in
this department. The late rapid rise in the value of the
raw material 18 to be attributed to the rabid speculation
which has seized upon the trade, both here and in New
York, and which has no connection whatever with the
requirements of the spinners. The latter have been placed
in a most anomalous Position. Unable to dispose of their
goods at previous prices, the returns offering in foreign
markets giving no inducements to merchants to operate,
and unable at the same time to close their mills, they have
been compelled to go into stock at prices which offer no
chance of remuneration, and which can only result in
loss. A downward movement in cotton has now set in,
which may be expected to continue until the quotations
recede to a level more in conformity with the prospect;
of the trade.

The decisions in the law courts in regard to the
Metropolitan Railway Company, and Charles Lafitte and
Co., must be regarded with satisfaction. The jugglery
with " contractors' penalties "in the former case is a
subject which has long required ventilation, and which
will now probably get it. In the case of Charles Lafitte
and Co., the conspiracy to override the rules and
regulations of the Committee of the Stock Exchange,
has come to a most satisfactory conclusion, the
most culpable parties having been ordered to refund the
money lost. The great point to consider is whether this
judgment does not make directors personally liable for
such losses. The judgment of Vice- Chancellor
Malins in the case of the National Bank goes far to
substantiate such an opinion, and it is not improbable that
if it be discovered, that the directors of the Metropolitan
Railway Company have been wrongfully applying the
"contractors' penalties" to the payment of dividends,
they also may be regarded as responsible for the amount.
The matter, in the present state of affairs, however, is a
a hazy one, and one that sadly requires legislative action.

The Bishop of Salisbury, the Echo says, is improy-
fog in health, having passed three favourable days.
The Prince, of Wales, says the Irish Times, has
commissioned an agent to rent a suitable fishing and shooi-
ng lodge for his royal highness in the south-west of Ireland.
During the week several bodies have been re-
covered from the Oaks Colliery, among those identified
being a miner named Duncombo Winter, and a harrier,
named Anderson.

The Prolocutor of the Lower House of Convoca-
tion (Archdeacon Bickersteth) has been appointed to preach
the sermon at the consecration of the throe Bishops, which
is to take place at Westminster Abbey on Wednesday next.
The Athenzum announces that Mr. Blanchard Jer-
rold has been appointed by the Poor Law Board to report
on the condition of tho poor in France and Belgium.—Mr.
Cat'in, the Prairie traveller, has communicated to " Trub•
nor's American and Oriental Library Record" the curious
fact—if it should prove to be a fact—that a great river,
larger than the Mississippi, flows under the Rocky Moun-
tains.—lt is Mr. Leighton's intention to bequeath to the
Royal Academy, for the use of the students, the whole of
the large collection of his studies in landscape *which adorn
his painting-room, made during various visits in the East,
Greece, Spain, and around the Mediterranean. They com-
prise forty pictures in oil.—Mr. Robert Braithwaite Mar-
tineau, one of the most accomplished and amiable of English
painters, died of heart disease on the 13th inst., in the 43d
year of his age. He was the painter of the "Last day iu the
old Home," which made so great an impression at the Later-
uational.Exhibition of 1862.