The Sun.
London, England, 1869-12-11 00:00:00

MONEY MARKET

AND

COMMERCIAL INTELLIGENCE.

CITY, Two O'CLOCK.
At the Stock Exchange to-day there was little
doing except preparing for the Share Settlement,
which begins o❑ Monday. The tone is firmer, and
the changes are favourable. In the Foreign Stocks
there is a good demand for Italian, which is about
the only feature. Railways are steady. Telegraph
Shares are animated. Cons, is are firm at yester-
day's closing prices. There is a slight decline in
Construction and Maintenance Company.
Consols are now at 921 to 924 for money;
ditto, for Ac:ount, —; Three per Cent. Re-
duced, 92 ; New Tkree per Cents, 92 1 ;
Exchequer Bills £l,OOO, March, 5 prem. ; June,
2 7 prem. ; ditto £lOO, £2OO, and £5OO, March,
prem. ; June, prem. ; Bank of England Stock,
44 per Cent., 238 40.
India Stock, 101 per Cent., April, 1874, shut ;
ditto 5 per Cent., July, 1880, 111- 12 ; ditto 4
per Cent-, Oct., 1888, 1001 ; ditto Eufaced Paper,
4 per Cent., —.
The Foreign Market continues firm, but prices
show no particular change. Italian is stronger, at
541 to 54i ; Spanish New Three per Cents. are
quoted at 271 to 274 ; Egyptian (1868), 541 to
544 ; Mexican, 131 to 14 ; l'eruvian, 83.1 to 84i
Turkish Five per Cents., 441 to 441; Argentine,
87 to 88 ; Russian Railways are steady ; Orel is
marked at 821 to 83 ; and Charkof, 81 to 811.
The Railway Share Market is comparatively
quiet, and the changes in prices are few and unim-
portant. London, Chatham, and Dover is better,
at 15 to 151 ; and South Eastern, at 77i to 77; ;
but Caledonian is lower, at 78; to 79. Other de-
scriptions are steady. Great Eastern is now 37
to 37; ; Great Northern, 107 to 108 ; ditto (A),
1081 to 109 ; Great Western, 551 to 56 ; Lanca-
shire and Yorkshire, 1261 to 127 ; London and
North Western, 1211 to 122 ; London and South
Western, 93 to 95 ; Metropolitan, 834 to 84f ;
Midland, 119,1 to 1201; Midland, 119 i to 1201 ;
North Eastern (Berwick), 120 to 1201.
Continental Railway Shares are in fair request,
and prices are firm. Lombardo-Venetian is 1
better, at 201 to 201 ; Great Luxemburg unaltered,
at 121 to 121.
The market for American Bonds keeps firm. The
Five-Twenties are quoted 851 to 86 ; the 1865
issue, 841 to 841 ; the 1867 issue, 863. to 861 ; and
the Ten-Forties, 821 to 83. Erie Shares are 20 to
201, and Illinois 994 to 1001.
The transactions in Bank Shares are unimport-
ant, and the only movement in prices is a decline of
10s. in London add County, the price being 461 to
47i ; London and Westminster is steady, at 58
to 591 ; London Joint-stock, 31 to 32 ; Union of
London, 37 to 33; Imperial Ottoman, 2a to 21
prem. ; Chartered Mercantile, 31 to 32 ; Anglo-
Austrian, 10 to 12pretn. ; Alliance, 121 to 131 ;
and Agra A, 101 to 10.
A considerable demand continues to prevail fur
Telegraph Shares, especially Construction and
Maintenance, which have again advanced. The
bargains were again at 31:1 to 35 ; but have since
become less strong, and now quoted at 344 to 341,
being an improvement of 1 since last night. French
Cable is 1 higher, at 151 to 151 ; Anglo-Ameri-
can is also firm, at 191 to 19-i. Falmouth is dealt
in at fl to 1 prem. ; British India, 21 to 31 ; and
Anglo-Mediterranean, 271 to 171.
A. fair business is doing in Colonial Government
Securities, and prices are well supported. Canada
Five per Cents. are quoted at 961 to 971; New
Zealand Five per Cents., 934 to 944 ; Queensland
Six per Cents., 934 to 94; ; Queensland Six per
Cents., 110 to 111 ; and Victoria Six per Cents.,
114 to 115.
Mifcellaueous Shares are quiet. Hudson's Bay
is steady, at 12k to 121 ; National Discount, 11 to
111 ; General Credit, 11 to k dis. ; and Interna-
tional Finance, 21 to 11.
. The half -monthly settlement in shares and
foreign stocks will begin on Monday (" continuation
day") and end on Wednesday.
The amount of gold sent into the Bank yester-
day was £77,000.
The Silesia, from New York, has brought £5,638
in specie.
The steamer Bangalore took out to-day £79,365
in specie for the East. Annexed are the particu-
lars, viz., for Alexandria, gold, £lO,OOO ; Aden,
gold, £80; Gallo, gold, £1,320; Bombay, gold,
£26,600; and silver, £lO,OOO ; Madras, gold,
£5,585 ; Singapore, silver, £23,800; and Shaughae,
silver, £1,980.
A communication, forwarded to the Stock Ex-
change by the managing director of the East Indian
Railway Company, states as follows :—" I beg to
inform you that it is the intention of the board, at
the ensuing half-yearly meeting, which will be held
during the present month, to recommend, in addi-
tion to the usual guaranteed interest, the payment
of a dividend on the stock and share capital of the
company at the rate of ss. per cent., the latter free
of income tax."
We are informed that Mr. John Watts, of Man-
chester, has been appointed manager of the Euro-
pean Assurance Society, at a salary of £1,200 per
annum, in the place of Mr. Henry Lake, resigned.
A petition for the winding up of the Oaker-
thorpe Iron and Coal Company (Limited) is to be
heard before Vice-Chancellor James on the 18thinst.
The prospectus was issued yesterday afternoon of
an undertaking which is full of importance to our
great commercial interests in the East. The China'
Submarine Telegraph Company (Limited) proposes
to extend to China the great system of submarine
electric telegraphs which will shortly reach, through
the medium of the British Indian and British In-
dian Extension Companies, to the Straits of Ma-
lacca. At that point the China Submarine Tele-
graph Company will take up the system, and by
means of a cable about 1,640 miles in length will
carry the communication to Hong Kong. The
second section, about 1,000 miles in length, is
intended to be laid from Hong Kong to Shanghai,
touching at one or more of the other Treaty
Ports. An ultimate extension to Japan is contem-
plated.
With reference to the affairs of Messrs. Mitchell
and Phillips, tin and metal brokers, who failed
about a fortnight ago, with unsecured liabilities to
the amount of about £30,000, and whose estate, it
is said, shows only about 2s. in the pound, it ap-
pears that a meeting of the creditors is proposed
to be held at the Guildhall Tavern on Wednesday
next.
Letters from Birmingham announce that a peti-
tion in Bankruptcy has been filed by Mr. Edward
Michelson, of the Upper Priory, woollen ware-
houseman. His liabilities are stated at £15,000 to
£20,000. The failure has been caused by the de-
pression of trade and losses upon consignments
abroad.
At the meeting of the Peninsular and Oriental
Steam Navigation Company a dividend was de-
clared of 3 per cent. for the half-year, free of in-
come tax. The chairman, Mr. Allan, remarked
that, although the rate of freight has lately been
considerably below that which prevailed some
time since, yet the increase in the quantity of
goods carried enables the company to show very
satisfactory results.
At an extraordinary meeting of the Irrigation
Company of France (Limited) resolutions were
passed in favour of the voluntary winding up of
the undertaking ; the transfer of its business to a
French concern, yet to be formed ; and the ap-
pointment of Mr. Cave, M.P., and Mr. A. Young
as liquidators.
The Bond and Debenture Holders' Committee

of the Atlantic and Great Western Railway, of
which Mr. David Chadwick, M.P., is chairman,
yesterday issued a circular or report to those
interested. It recites the proceedings which have
been taken by Mr. Chadwick in America, as pre-
viously announced. The committee add :--" Mr.
Chadwick is now engaged in important negotia-
tions, which have their entire approval, and which,
if successful, will be such, your committee believe,
as to commend them to all classes of creditors."
The report then goes into a controversy with the
committee with which Mr. Huxley and Mr. Rida-