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

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE.

CITY, Two oCLocK.

Business to-day bad an upward tecdency, Con-
sols improving I. Iu the foreign market there was
also a better inquiry for stock, but railways were
on the decline.

Consols are 92i 21 for money ; ditto, for Ac-
count, —; Three per Cent. Reduced, 93i ;
New Tkree per Cents, 931 ; ditto Annuities,
April, 1835, 121 ; ditto Red Sea Telegraph, Aug.,
1908, 19i.
India Stock, 101 per Cent., April, 1874, —;
ditto 5 per Cent., July, 1880, 1121 ; ditto 4 per
Cent., Oct., 1888, 1021 a ; ditto Enlaced Paper, 51
per Cent., 110:1 ; 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, 844 to 844 ; Chi!ian of 1867,
94 to 95 ; Egyptian of 1864, 87 to 88 ; ditto of
1868, 744 to 754 ; Italian of 1861, 571 to
prem. ; Mexican, 154 to 154 ; Peruvian of 1865,
784 to I.
In the Railway Market Great Eastern stock is
394 to 8 ; Great Western, 52 to ; Metrorolitan,
1081 to 1084 ; London and North Western, 1191 to
; Midland 1221 ; London and South Western,
91 to 93 ; Brighton, 518 to 1 ; South Eastern, 824
to 8 ; Great Northern, 1121 to 1134 ; ditto A, 1121
to ; Caledonian, 784 to 8 ; and London, Chatham,
and Dover, 17 to 1.
There is a rise of 1 per cent. in Erie Railway
Shares, the price being now 241 to 251 ; Illinois
Central are 961 to 971 ; Atlantic and Great Wes-
tern Debentures, 354 to 36 ; ditto Consolidated
Mortgage Bonds, 364 to 371; and the Five-Twenty,
784 to 4.
Miscellaneous Shares are steady. National Dis-
count are 114 to 1 ; General Credit, 14 to 1 dis. ;
International, 11 to 8 dis. ; Hudson's Bay, 134 to 4;
Telegraph Construction, 184 to 19 ; Atlantic Tele-
graph 8 per Cent. Preference, 48 to 1 ; and Anglo-
American, 224 to 4.
In Bank shares London and County are 501 to
514 ; London Joint Stock, 821 to 331 ; London
and Westminster, 654 to 661 ; Union of London,
361 to 371; Anglo-Austrian, 131 to 141 prem.;
and Imperial Ottoman, 24 to a prem.
The Cimbria, from New York, has brought
£68,800.

The report of the Submarine Telegraph Com-
pany recommends a dividend at the rate of 5 per
Cent, per annum.
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
Atlantic and Great Western Railway, representing,
nominally, £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
best 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.

A 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 made 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 commence business on the Ist 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
Xingdurn, amounts to 92. _ _

A report by Mr. William Lloyd, C.E., on the Pe-
ruvian nitrate beds maintains that the cost of the
nitrate, of which more than 10J,000 tons are shipped
annuatly from Peru, might be reduced from £8 13s.
10d. per ton to £6 2s. 41 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 bee❑ discovered in the extreme
forth of Chili, at La Chimba, only five or six miles
from the coast, in which case he 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. 'labor, one of the offi-
cial liquidators of the International Contract Com-
PanY, appointed his colleague, Mr. James, to be sole
official liquidator.
The failure of Messrs. Adam and Co., of Glas-
g"'", Batavia merchants, for £70,000, has been
announced, and it is stated that a considerable
Portion
of their liabilities will fall on Manchester.

1111TISII FUNDS—TITO O'CLOCK.
. UOVERNMENT FUNDS.
ut
:lit .
,Pief:Ott; . Account,oßoendBuoelesßeduced
921 1
931 1
vreW 6 per Cent
'LIeW 21 Per Cent. Jan. 1894
. Dc'• per Cen Jan. 1873 Aunoities, SO yrs, expire sth Jan., ltibt' -7.
o. for 30 yr ,s expire sth April 1885 l2t Do (Red Sea Telei„raph), Aug., 1908 l9f
Ex 4,
(-3qu:.sr Bills, Xl,OOO, 2i per Ct.
D°.Do
£5OO
£lOO & 00 —
ilailk of En land Stock, 42por Cent
Do g
ci • account
1411ater-"a 4 Per Cent. Bends —
Colonial Ornnium
Ito:NDIAN tiOVEILNMENT SECURITISII
ia V,,tockl 10f per Cent., April 1874...
D 0
• %Telling, Account --
D°. 5 pin. Cent. July,880
I,°' I Per Cent., Oct. 1888
i.o. Certificates —
O. Enlaced Pape, 4 per Cant —
i.")°- 5 per Cent., Jan. 1872
Do° ,4 Per Cent. May 1879 llOl
D par Cent., Rup. Deb. 1872 —
Do
do. 1877 lO4l
2 —
D• 1• DO, do. 188
per Cent., Aug. 1873
oo• Bonds, 4 per Cent .41 000
~ ,
2
01). under .£l.OOO 2
Argetir°llElGN TUNDS—T
WOO'CLOCK.ne Republic, t; per Cent
~,Arkzi•:jancl ip A. 40 paid
41trlan Bo d - cent
n ti 0 per
b_ . Do. 1859
5 per Cent
—Do ti
• -1 Per Cent. 1852 —
Do. •

ito,, do. 1858....
1)°
186 1
/-1• d.. •
do
t T;oo.4scepoeiru.l(t l-
3, Cent., 1186
8473 2i
6:
_
ee°
_
, 8 Ayres 6 per Cent.
eittio 2
Viper- Cent. (Deferred 3 per Cent 541
1)11' er —
(I...4isti 6 Cent.

_
, per Cent
,)0. 4i per Cent
Po
1), 0- 3
spar Cent.,
95
`'°' Per ce-t. 1867
_
. 7 per Cent 1866
C le übut 1
-r, n, 6 per Cent.
_
,'''4,lBh. per Cent 1825. •••••
781 9
-uati.o,i, • •". • 7 r Cent
~ n Principalities, Per
84±
-t• ''''' 8 per Cent, 1867
...qualDr New Consolidated,
k'B37l3tiati, 7 per Cent -7
irs" '`,'COll4l 1551.14- .
MO* 450 C Bonds J. per Cent. —BB4
85± Gi
1:10. 4100 Bonds
•••••
Do. 1864
, Do.,
Account
_
lio. 500 Ponds
89i
1)o• -£IOC Ponds
75 4 I
English Scrip, 1868
.....
, Do
do.
.£45 Pd
• 96i
(jr ..,overninent RaiIWILIT lAlbelltUreti •.•
,r4qr 5 per 824. 5, ex Coups
▪
00. Acccunt Cont."
.
Courens
_
1-)O. Account
:i•xr•ttelnala 5 per Cent .. _
siotichi_G___.-4.
..., r-it all pd --
vv rt. il.Loan., top. ki ,
lti,dan'r per vet' t., 1865 _
_
-00. Accouul .
DO xr .
li - -.Leretutuana Railway _
_
;.,'xicaL 3 per Cent
...._
Ditto for Account
_
Dn
1864
_
Du 6 Pt; Cent. Anglo-French
_
!I.oUteidon.l. 6 per Cent.......... ..
U 8 71
Lac orish luiperial 5 per Cent
&'4OW Gianada. . - ' 15i
pp%o 3 per Cen....*......................••••••••••••.. 3611-
.Deferred ......................... • .e4 O per Cent. Ib6s_

Do Account ..

Do 4i per Cent. (Uribarren)
Do 4/ per Cent.. 1862 • —
Do Account 961
Portsguese 3 per Ct., 185^,'6, !,'9,'60,'2,'3 86. if
!Do. do. 1167 —
Do. do. Scrip, £2O paid —
II issian 5 per Cent.., 18::.z, X St
Do 4/ per Cent . 1850
Do 4/ per Cent., 1860
Do 3 per Cent., 1859
Do 5 per Cent., 1862
Do. Anglo-Dutch, 1861, £lOO Bonds. 934
Do. do. £B4 15s. d 0....
Do., 1866, £lOO Bonds 93/
Do. do £B4 15s. do —
Do Nicolas Railway 671
Sar Tinian b per Cent —
Spanish 8 por Con ....
Do. Account -
Do. 1867
Do. Account
.2
Do. New Deferred —
Do. Account
Do. Passive —
Do. Corn. Cert. of Coui . not funded
Do. Account
Swodish Provincial Mortgage Loan —
Do Government, 1864
Do do, 1868
Do do, Scrip..... — pr.
Turkish 6 per Cent.l •, ..,., . _
tio Account
Do 6 per Cent. 1858 —
Do Account
Do £lOO Beads —
Do 6 per Cent., 1862 —
Do Account
Do .£l.oe Bonds 67/
Du 5 per Cent. 1865 —
DJ Account
Do 6 per Cent., 1860 65 4/
Do 1 por Cent., Guaranteed
Do Law." Warrants (He ;tares)
Venezuela 3 per Cent. —
Do. Acc,ont
Do 6 per Cent. 1864
Du 6 per Cent., 1862
Divideuos on the above payable in Lon,io
Austrian a per Cent. Ex 10 Florins
Belgian, 4/ per cent., Ex. 25f.
Dutch 2/ per Cent. Ex. 12 GO . B9
Do. 4 per Cent. Certificates ..... —
Do. Account —
French Relates, 3 per Cent., Ex. 25f. —
Italian 5 per Cent. 1831, EL:. 25f. -
Do Account 571 I
TITO O'CLOCK.

.consols, Money 93 }
I Po. Account, March 4

THE CONVENT C.ASE.

COURT OF QUEEN'S BENOR-THIS DAY.
SAURIN T. STAR AND KENNEDY.

The further hearing ca 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 mo 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 ?

Witness—Oh, qui.e so, to our sfitisfaction. There was
the cruelty about the thintli.e, for instance, if the circum-
stances were true.

The Lord Chief Justice—The "if" in:ikes all the dif-
ference.

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

TRADE AND FINANCE.

4-- "--

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 hand
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 byspecu-
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 mlnths'
bills are not taken under 34, 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 is 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 prospects
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
pith " 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 mks 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
Melina 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 improv-
ing 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 shoot-
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 Duncombe Winter, and a hurrier;
named Anderson.

The Prolocutor of the Lower House of Convoca-
tion (Archdeacon Bickerstoth) has been appointed to preach
the sermon at the consecration of the three Bishops, which
is to take place at Westminster Abbey on Wednesday next.
The Aiken gum announces that Mr. Blanchard Jer-
rold has been appointed by the Poor Law Board to report
on the condition of the poor in Franco and Belgium. —Mr.
Cat:in, the Prairie traveller, has communicated to " Trub-
ner'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 Inter-
national Exhibition of 1862.