The Sun.
London, England, 1869-02-24 00:00:00

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, Two o'CLocK.

Consols are 93 n 21 for money ; ditto, for Ac-
count, 93 ; Three per Cent. Reduced, 931 ;
New Three per Cents, 931 ; ditto 21 per Cent.,
Jan., 1894, 74:1 ; Exchequer Bills, £l,OOO, 21 per
Cent., 3 dis. ; ditto £lOO, £2OO, and £5OO, 3 dis. ;
Bank of England Stock, 4 per Cent., 244.
India Stock, 101 per Cent., April, 1874, 111 ;
ditto
5 per Cent., July, 1880, 1121 1 ; ditto 4 per
Cent., Oct., 1888, 1021 ; ditto Enfaced Paper,
Per Cent., 93 ; ditto 5 per Cent., 1041 ; ditto s:i
per Cent., 1111 ; ditto Debentures, 5 per Cent.,
1044 4; ditto Bonds under £l,OOO, 12 pron.
There is no great change to notice in the depart-
ment for Foreign Bonds. Italian are 3-16 better ;
Turkish of 1865 are 1. Eg3ptian are good.
Nicolai Bonds are 661 to 67 ; Orel Vitebsk Bonds,
82/ to 834 ; Moscow Jaroslaw Loan, 801 to 80; ;
Honduras Bonds, 85 to 87 ; Chilian Six per Cents.
of 1867, 94/ to 95 ; Egyptian Seven per Cents. of
1864, 881 to 89.
The following is the business transacted in the
Railway Share Market :—Brighton, 511 to 511 ;
Caledonian, 771 to 771 ; Great Eastern, 381 to
381 ; Great Western, 52 to 521 ; Great Northern,
"A," 1121 to 1121 ; Lancashire and Yorkshire,
1284 to 1291 ;
_Metro' olitan, 105 to 106 ; Midland,
1214 to 122.
Colonial Government Securities are quiet.
Canada Six per Cents., 1041 4 ; ditto Five per
Cents. Consolidated Bonds, 93/ 94 ; New South
Wales Five per Cent. Bonds, 1875, 1001 1 ; ditto
1888 to 1896, 981 991.
Bank shares are firm. Chartered Mercantile, 30
to 31; Consolidated, 4to prem. ; London and
County 51 to 52; London Joint Stock, 321 to 331 ;
London and Westminster, 641 to 651; Oriental,
44 to 45 ; Union of London, 361 to 371.
Miscellaneous Shares are steady at prices :
Anglo-American Telegraph, 221 to 22/ ; Atlantic
Eight per Cent. Preferential, 41 to 41 ; Hudson's
Bay, 131 to 131.
Business is moderately active in the market for
American Securities this morning, and prices are
generally steady.
Letters from Dundee announce the failure of
Mr. B. S. Jamieson, corn merchant and flour
Miller. The liabilities are stated to amount to
£lO,OOO, and the estate is expected to yield ss. or
68. in the pound.
Mr. H. G. Gordon has resigned his seat at the
Board of the Ceylon Company (Limited), the direc-
tors of
which, on accepting the resignation, ex-
pressed their " unabated confidenc,3 in his honour
and integrity." •
At the meeting of the General Steam Navigation
Company yesterday, Mr. John Wilkin in the chair,
the usual dividend of 145., being at the rate of 10
per cent, per annum, and a bonus of 2s. 6d. were
declared.
The directors of the Telegraph Construction and
Maintenance Company (Limited) recommend the
payment of 21 per cent., the balance of interest on
and 5 per cent. dividend (free of income
tax), making 10 per cent. for the year.
The death is announced of Mr. George Robert
Smith, the head of the firm of Messrs. Smith, Payne,
and Smiths, the bankers, of Lombard-street. The
event took place at Eaton-square yesterday morn-
ing. He has left a large property, and only two
eons to inherit it.
c, We are informed that, up to Monday, February
22, 2,012 miles of the French Atlantic Cable had
been manufactured and certified by the engineers.
The Manchester Examiner says We under-
stand that the state of the cotton trade at Over
uarwen grows more gloomy every day. Some mills
are entirely closed, some are on short time, and
others are on short time with a large portion of
Machinery entirely stopped."
The directors of the Metropolitan Railway Com-
pany have issued the following circular to the
shareholders :—" The Vice-Chancellor, Sir Wil-
liam James, having granted an injunction upon
the second motion of Mr. Salisbury, referred
t° in the directors' report, the company are
restrained for the present frotn dividing the
142)600 received for the past half-year from the
contractors. The course contemplated with refer-
ence to that sum being, as the directors considered,
strictly in accordance with the spirit of the arrange-
tnents entered into in 1865, on the creation
of the extension shares, with the settle-
tuent of last year, and with the legislation
which thereupon ensued, they propose, if so ad-
vised by counsel, to obtain the decision of a
higher tribunal upon the true construction
of the Act of last session. Should the judg-
ment of the Vice-Chancellor be upheld, they will,
with the sanction of the shareholders, avail them-
selves of the opportunity of the company's bill, now
before Parliament, to bring up a clause enacting,
in direct terms, that the £42,600 in question shall
be applied, as heretofore, to the purposes of divi-
dend.
The directors recommend the proprietors to
declare at the meeting an interim dividend at the
rate of 6 per cent. on the Preferred, 3 per cent. on
the Deferred, and 4/ per cent. on the Extension
and Ordinary Stock, leaving the £42,600 to abide
the result of the appeal or further Parliamentary
enactment, as the case may be.
New
advices of the 10th inst., published in
ew York, state that on the previous evening a
meeting of planters was held at the Palace, by
'°h one a resolution was adopted guaranteeing with
'u Per cent. of their property the issue of a loan of
„,f 9,000,00 in notes by the Spanish Bank, 5 per cent.
the taxes to be devoted annually to its redemp-
tion.
kt the time when the necessity of adhering to
essential principles of business is more than ever
te
iecifill, and has been severely impressed by the
es
_3()" of experience, it is noticed with surprise that
404
8.1:,, of the Australian banks have become shippers
importers of wool, thus competing, it would ap-
pear, With merchants both in the colonies and in
be tid". That banks in adopting this course must
assuming responsibilities and risks never con-
the 'tee' by their shareholders seems obvious, and
co__
ecluestion arises whether such transactions can
iale'.l...vvithin the scope of charters or deeds of settle-
It is understood that other banks strongly
rehie the measure.

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