The Sun.
London, England, 1860-01-31 00:00:00

MONEY II!AR KET A 21r1) CIT Y NR fl S.

CITY, Two o'CLocK.
ADVANCE IN THE BANK RATE OF,
DISCOUNT.

The directors of the Bank of England announced
at an- early hour this morning that the minimum
rate of discount had been raised from 3 to 4 per
cent.

This important alteration, although it amounts
to 1 per cent., and has been adopted so early in the
week,, was in some measure anticipated, owing to
the rapid flow of gold to the continent, and the ex-
citement created in the Discount Market by the
impression that a change would necessarily ensue.
The demand for money yesterday afternoon be-
came unusually active, as some of the commercial
community hastened to obtain all the assistance
`:ey required during the next feiv weeks while the
rates remained unaltered. The advance, therefore,
became necessary; and, if it should arrest the drain
of bullion, monetary affairs may soon settle down
into quiet state. The ordinary requirements, of
trade are yet too moderate to create any pressure
for money ; and, notwithstanding the recent intro-
duction of new schemes, the present disturbance is
attributable to diminished receipts, of specie and
augmented shipments of gold td the Continent and
of silver to the East.

During the last few days the transactions in the
Foreign and Colonial Produce Markets,have been
' rather restricted owing to they increased value of
money.consequent upon the 'advance in the mini-
mum rate of discount. Prices, however, have, in
several instances, been fully sustained. For tea,
there has been a steady demand, and 'the finer
descriptions have realised full rate's. The transac-
tions in sugars have not been extensive, only the
finer qualities finding purchasers, at about late
quotations. Coffee has been neglected, and the
dealings in rice, fruit, and spices have been re-
stricted to immediate requirements. At the public
sales of cinnamon less firmness was apparent, and
the rates realised were a trifle under those obtained
at the previous sales. Saltpetre has maintained
its value, and more- activity has been apparent in
the tallow market, the demand for consumption
having considerably increased, the trade having
operated to a fair extent in most qualities at slightly
advanced rates.

Letters from Liverpool report that the Cotton
Market yesterday closed with a very animated ap-
pearance, and prices of all descriptions were well
supported. The sales were estimated at 10,000
bales. - In the Railway Share Market only a very
small amount of business was transacted, and quo-
tations exhibited a further decline. -
About.L76,ooo in gold was withdrawn from the
Bank of England yesterday for exportation.
A meeting has been convened of the 'Mediterra-
nean Extension Telegraph Company for the pur-
pose of considering the general. position of the
company's affairs.

There has not been much animation in the market
•.` for Public Securities to-day, the rise in the rate of
discount not having stimulated speculative business.
Instead of creating depression, however, the mea •
sure, which it is thought, will arrest the efflux of
gold, has led to a fractional recovery. Consols,
which were at first 94 to 941, being 941 a for
money and account. The New 3 per Cents. and
• the Reduced have receded to 94-1 I; India Stock is
heavy at 218 to 220 ; ditto New is steady at 103 1 ;
ditto 6 per Cont. Enfaced Paper has- declined to
• 97f a ; and ditto 51- per Cent. to 104; Exchequer
Bills are also very depressed, viz., 265. to 225. prem.
• Only a very small amount of business has been
transacted in the Foreign Stock Market, and prices
. exhibit no change of importance. Turkish 6 per
Cents. are 781 to 791; ditto -New, 66k. to 67;
• Russian 41 per Cents. are Steady at 97-k, and
Spanish at 44k 9 ; Venezuelan 3 per Cents. have
receded to 26t, Mexican to 20i 21, and Dutch 21
. per Cents. to 66k.
The shares of the Ocean Marine Insurance have
been dealt in at 2-1- 4 prem. ; the Universal ditto at
/ prem. ; the Bank of Turkey, t dis. to.l prem. ;
and Canada Loan, 2 -41, prem. (the second instalment
of 8 per cent. is due to.morrow). •
, (‘' ;The transactions in the Railway Share Market
save been rather limited, and thp few dealings
entered into have been at further reduced rates.
Great Western, South Western, Midland, North
'tritish,. and North Eastern Berwick have declined
,Gs.; Eastern Counties, Lancashire and York Shire;
righton and South Eastern, 10s., and Catedonian
tl. •

In the Foreign and Colonial undertakings
there was not much variation although
a very heavy tone prevailed. Lombardo-Venetian
Were fiat, .at, 11 114 ; Pernambuco brought Hi,
Ind Bahia and San Francisco 63, Grand Trunk of
Canada, remained steady, at 342 35, and. Great
Western of Canada at 1211' 12i. East Indian de-
elined to 101, and Great Indian Peninsula improved
t 9 981.
joint Stock Bank and Miscellaneous Shares have
1/een in very limited request, with little variation;
importance in prices.

- - BRITISH FUNDS—CLOSING PRICES. •
b
tiaiik stock
l•pei• Cent. Reduced-Annuities 94-1 b
~,,° Per Cent. Consols Annuities , , 94b 4 41-
,New 3 per Cent. Annuitie 5....
448. 30 Itears, expire sth April; 1885..; 17A
India StoCk
1 1
,„_Ditto 5 per Cent. •
.. 103 3a.
UN. Debentures, 1858 . .
b97i 7
-. Ditto, 1859
lt° Bonds, £l,OOO -,
Ditto
£l,OOO , 5 p par
•uitto 5 per Cent.
10141
t,,i to 51 per Cent.
yi
94i it it
4;11, 01,5,_, for Amount •
‘." It ttock for Acounnt —
1
:itto 6 per Cent . -103 k •
ite,liNuer Bills, £l,OOO, ljd 20 18. 22 16 21 18
Mtto
mail, lid.
• 20 .18 22 16
. •
•
FOREIGN FUNDS----CLOSING "PRIG ,
• 1
t-ti • •
Ditto
.5 per Cent. -
. ,
~4i,gan 3 per Cent. ,24 "-
i...."t0 Account
'rtilian 41 per Cent Ditto Account -
,941 ~ Ditto, (lbarren), 41 per gent.
4440 3
It, . e . 7
kanp, ler
822, -n £ St.; 5 per Cent ll
Ditto 41 per cent 974 8
a pia?, 3 per Cpnt., 1859 6st
ga itnis rcliniati' 5 per-Cent B5
Pb: 3 er. Cnt 44 i
gp lou-
sh Copm. Cert. of Coup. not funded 41.,b i
Swedish,
4 per.Cent.B2
•Nrkish 6 per Cent . 7Bi-9 •
Ditto Account
Ditte New Loan
'l' oneznelan. 3 per Cent
Bel Dividends on the above payable in London.
rlzian 1i per Centl2., Ex. 25L 9B
Ilteh iachange, Gull. 2k per Cent 66i
•
THREE O'CLOCK.
11. , Consols, Money 9l i.
Ditto Account (Feb.)
•