The Sun.
London, England, 1869-08-19 00:00:00

- oWte'r r lil "A' cc T

AND

COMMERCIAL INTELLIGENCE.

CITY, Two o'CLocE.

REDUCTION IN THE RATE OF DISCOUNT.

At the meeting of the Bauk of England directors
this morning the rate of discount was reduced from
3 per cent., at which it was fixed on the 15th of
July, to 21 per cent. The joint-stock banks and
discount establishments have made no alterations
Yet; but a corresponding reduction will be made in
the course of the afternoon.
Consols are: firm to-day at 92i 3 for money;
date, for Ac2ount, —; Three per Cent. Re-
duced, 93i I ; New Three per Cents, 93i ;
Exchequer Bills £l,OOO, March, prem. ; June,
prem. ; ditto £lOO, £2OO, and £5OO, March,
Prem. ; June, 7 prem. ; Bank of England Stock,
4 per Cent., —.
India Stock, 10} per Cent., April, 1874, ;
ditto 5 per Cent., July, 1880, 112 k 4 ; ditto 4
Per Cent., Oct., 1888, 101 ; ditto Enfaced Paper, 5
Per Cent., —; ditto Bonds £l,OOO, 29 prem. ; ditto
Bonds under £l,OOO, 25 30.

Continued inactivity prevails in the Railway
Market, and prices, although dull, show little or no
change, except London and North Western, which
isk higher, at 1181 to 1181. Metropolitan is a
shade lower, at 93 to 931 ; and the other descrip-
are quoted as follows :—Caledonian, 801 to 81;
Great Eastern 384 to 39 ex div. ; Great Northern,
1061 to 1071 ; ditto A), 105 to 106 ; Great West-
ern, 511 to 511 ; Lancashire and Yorkshire, 1261
to 127 ; London and Brighton, 44 to 441 ; Lon-
don, Chatham, and Dover, 164 to 164 ; Midland,
118 to 1181 ; and South Eastern, 764 to 774.
IL Foreign Stocks opened quiet, and are now a
shade stronger, but prices generally are without
Movement, except Argentine Six per Cents., which
better, at 799 to 791 ; and Egyptian (1868) I,
at 761 to 77. Turkish are dull. The following
are the principal quotations :—ltalian Five per
Centsi, 551 to 554 ; Mexican Three per Cents., 114
to 121 ; Peravian Five per Cents., 79 to 791 ; Rus-
elan Five per Cents. (1822), 88 to 89 ; Spanish
New Three per Cents., 28k to 281 ; Turkish Six
per Cent. (1862), 651 to 661 ; ditto (1865), 66
to 661; and ditto Five per Cents. (1865), 43.1 to 44.
American Securities quiet. United States Five-
Twenty Bocds are steady, at 831 to 831 ; Illinois
are I lower, at 94 to 941 ; and Erie Shares are un-
altered, at 191 to 20.
Among Continental Railway Shares, Lombardo-
Venetian is steady, at 224 to 224 ; and Great
Luxemburg, at 10i to 11.
The only feature in Bank Shares is an inmprove-
lrient of in Agra (A), which is dealt in at 11.1 to
111. Chartered Mercantile is steady at 33 to 34 ;
Imperial Ottoman, 31 to 3i prem. ; London and
County, 49 to 50 ex div.; London and Westminster,
56 to 57 ; and London Joint Stock, 30 to 31.
In Telegraph Shares the dealings are only mode-
rate, and no change is marked in prices. Anglo-
American is quoted at 191 to 201 ex div. ; French
Cable, 20 to 201 ; and Telegraph Construction and
Maintenance, 2S:i to 291.
The sum of £64,000 in gold was taken to the
.flank yesterday, making a total of £292,000 for the
Week since the date of the last return.
The City of Washington, from New York, has
brought £109,200.
The report of the Southampton Dock Company,
to be presented on the 25th inst., recommends a
dividend for the half-year at the rate of 4 per cent.
11°r annum.
The tenders for Rs. 32,50,000 in bills on India
has been received at the Bank of England. The
amounts allotted were—to Calcutta, Re. 31,15,000,
and to Madras, Rs. 1,35,000. The minimum price
Was fixed as before, at ls. 104 d. on Calcutta and
Madras, Tenders on those presidencies at ls.
W 11 receive 39 per cent. ; those above that price in
full.

We learn that a memorial has been recently sent
b' the London private bankers to the Chancellor
of the Exchequer, po:ntiug out the great incon-
f enienee which will arise in the money market
rom the payment of the large amount of taxes re-
ceivable in January. next. In reply Mr. Lowe
i
understood to have stated that it is now too
late to deal with the suggestions which have been
::) "red to him, but that the views of the memo-
rialists shall not be lost sight of on a future oe-
e4ion.

The failure is reported of Mr. Francis Dunn,
vin"-
s°Y manufacturer, of Glasgow. The liabilities
atnonnt to about £17,000.
thMessrs. head, Brown, and Co., carpet manufac-
Frers, of Kidderminster, have also failed ; but a
4Vourable liquidation is looked for.
A crowded meeting has been held in the sub-
scription room of the Corn Exchange, Mark-lane,
of gentlemen interested in the corn trade, for the
Purpose of taking some steps in reference to the
present state of the metage of corn. Under an old
'tarter the Corporation of the City of London
11.14aesses the privilege of measuring all the corn
th?u,ght into the port of London, and in late years
and vexatious
been found to involve a most oppressive
vexatious impost. In 1865 a similar meeting
iitspBll i4nt`(l, and a committee was appointed to take
Ps he matter, but no definite result was ar-
eeYed at. Recently the Corporation has taken pro-
qiedirigs against some of the large dealers, to
tol',Qtee the payment of arrears of metage. Re-
aefe itiona
were unanimously passed deciding to
clit" such actions, and the committee were re-
vieellteci to negotiate with the Corporation, with a
katitetro. Bome arrangement being arrived at on the
It
appears that the directors of the Albert Life
114,:atauce Company have placed its affairs in the
As of Messrs. Lewis and Lewis, and Messrs.
lirBt, Morris, and Co., and that Mr. S. L.
cf house Messrs. Price, Ilolyland, and Water-
-I\rh' has been appointed provisional liquidator.
the -,:at net objecting to the steps thus taken by
u°ard on behalf of the shareholders, a feeling
that ml the part of some of the policy-holders
with Itl,, would be more satisfactory to associate
inter 'N-tr• Price a special representative of their
ofteat; in order to ascertain the exact position
4E3 r e company, and to examine any scheme for
4014 "escitation. The deficit is believed to be
Vioertiling enormous, and it is said that unless
eots-„°4B measures are adopted without delay, the
bough euces will be ruinous in the extreme. Al.
Limthe company is not registered under the
hold'ed Liability Act, the liability of the share-
la the appears to be restricted by certain clauses
Thus it may turn out that the po-
th::4_ko..ie
,:leirtshs of
have scarcely any security at all, seeing
e uncalled capital is very small compared to
liabilities
the company.
are hn directors of the Midland Railway Company
haat, fvitin
g tenders, to be delivered by the 31st
atii,ii°t the construction of part of the Settle and
eludie
e Railway, commencing at Settle, and in-
the with flea Moor Tunnel about 17 miles of
The
441."
- CompanyhalflearlY meeting of the Great Western
Company will be held on September 3.

a (LlU:rain FUNDS—TWO O'CLOCK.
4)17t1t '
kr
ee Nmtvt IruNns.;
92i 3
bitt Consols
~Sofiplvtiraenett/iitr.Atteccaotiuctiedt, Sept 8
93i i
N etz2t Ppeerr dull 931
3;: .......... J3i i
_
kg,,,,itinPer ceb. Jan. 1873
14. for'4, 30 yrs, expire sth Jan., 188(' —
li„ r,, 30 yrs expire sth April 1685
tikell. "ell Sea 'l'2elei.rapli). Aug., 19"8
iAlit-r itilim
,cI.,OUU, 21 p. L.t. March
tt b 3 Do. ' ' "8- do. June pin
i'llk of /,, £l9O, £2OO & £sou 7
_
c,4 1),.. ,tigland Stock., 4,1 par Gent
t 4 :,.Opetil ng .................
1111,01.4_,4 4 Per Cent. Bonds
__
, I -4,loliiiil Oinnitun ~.
&II lia ,Pl4ll UovEnNistENT. ..6
............
,;..d(kili, 10f per Cent. April 1874 •
__
.
Do. sPeuiug, tor Account
112 i }
cat
1)0. Pt,: Cent., Oct. 1888
iibr ::,
.1 4k*
',.-. e,
fet rai ef ibd Oct.
i,..1; 1:
.... ::::: (.t )%
A.. ...... .--
r)ou . ',.: i'l.a' Cet., Jan, 1872 .... .
134 ',I I,,er 0-it. May 1879 --
It: Cent. ilup. Deb. 1872 —
do 1877 —
0 bo,
_
do. 1882
Co.. 44_1J., 5 per Cont. Aug. 1873
under 29
lbo. u4ils,4 per Cent, 1,000
80 pm
41.000 . 23