The Sun.
London, England, 1869-01-06 00:00:00

MONEY MARKET

AND

COM MERCIAL T t

CITY, Two O'CLOCK.

The business today was not of an important
character, yet the prices of yesterday were well
maintained. In foreign stocks Turkish improved
slightly, but other securities remain as last quoted.
The only move in the railway mkrket was in Me-
tropolitan, which went up 1. The demand for
money continues steady.
Consols are 92k i; for money ; ditto, for Ac-
count, 924 Li i ; Three per Cent. Reduced, 92;
New Three per Cents, 92i a ; ditto Red Sea Tele-
graph, Aug., 1908, 201 ; Bank of England Stock,
4 per Cent., 2411.
India Stock, 10k per Cent., April, 1874, 211 10 ;
ditto 5 per Cent., July, 1880, 1121; ditto 4 per
Cent., Oct., 1888, 102 k 4 ; ditto Bonds £l,OOO,
20 prem.

In the Foreign Market Greek Bonds have re-
ceded I, to 11f 12 ; and Turkish Five per Cent?.
and Italian Five per Cents. are f higher, at 408 f,
and 548 I ex div. respectively ; New Spanish re-
main steady at 404 / ex div. ; Mexican at 148 15f ;
and Peruvian Five per Cents. of 1865 are 76i 77
ex all.

Egyptian Seven per Cent. Loan of 1868, 74 4 ;
and Honduras Loan, 86 87 ex coupon.
In the railway market Caledonians are 4 better,
Great Western 4, Great Eastern 3-16, Lanca-
shire 4, Metropolitan 4, ditto Extension 4, Brigh-
ton 4—all better. North British are lower.
Caledonian, 774 ; Great Western, 484 9 ; Great
Eastern 44 4; Great Northern, 106 7 ; ditto A,
108 4 ; Lancashire, 129 4 ; Metropolitan, 1074 4 ;
ditto Extension, 1014 21 ; Midland, 114 4 ; Shef-
field, 47 1; Brighton, 50 4 ; North British, 334 4 ;
North Western, 113 4 ; North Eastern, 994 1004 ;
South Eastern, 794 4 ; Chatham and Dover, 171 4.
Great Indian Peninsular Railway Four per Cent.
Debenture stock is 49, 95.
American Five-Twenties are 741, 744 ; the
Bonds of 1865 734, 731 ; and the Ten-Forty Bonds,
714, 72.
Anglo-American Telegraph shares are firm at
914 4 ; the Eight per Cent. Preference shares are
1-16 lower, at 3 41-16 3 13-16 ; and the Oriental
stock is 29 31 ; Atlantic and Great Western Railway
Debentures are firm at 414 424, and the Consoli-
dated Mortgage Bonds at 44 444, showing a rise of
4on the former. Eries are dull at 254 16, and
Illinois Central stock is 4 lower, at 954 96.
In Banking and Miscellaneous Shares we have
no alteration to make in yesterday's prices.
The sum of £24,000 in gold was taken to the
Bank of England yesterday.
Permission has been given by Marshal Vaillant
to Mr. Henry Stead of Old Bond-street, to exhibit
the model of the proposed railway bridge between
Calais and Dover in Paris.
It is announced that the subscription list of the
Seven per Cent. Loan of the Chesapeake and Ohio
Railroad Company will be closed on the 11th inst.
The whole of the shares lately offered to the pub-
lic by the Britannia Fire Association having been
taken up, the directors have commenced business
In conjunction with the Briton Medical and Gene-
ral Life Association.

It is understood that application has been made
to the Committee of the Stock Exchange for inser-
tion in the official list of the quotation for the ex
coupon of the Atlantic and Great Western Railway
Bonds.
The directors of the Birmingham Joint Stock
Bank (Limited) have resolved to declare the usual
dividend at the rate of 20 per cent. per annum free
of income tax, carrying the balance of the year's
profits to reserve surplus fund.
A general meeting of the shareholders of the Im-
perial Bank (Limited) is convened for the 19th
inst., to receive the half-yearly report and balance-
sheet, and to declare a dividend.
The directors of the Union Bank of Liverpool
announce a dividend for the half-year of 15s. per
share, or at the rate of 10 per cent. per annum.
At the meeting of the Union Marine Insurance
Company (Limited) of Liverpool and London, the
directors will recommend the payment of a divi-
dend of 12f per cent.

The half yearly meeting of the Fore-street Ware-
house Company (Limited) will be held on the 19th
inst., when a dividend will be declared.
Vice-Chancellor Giffard bas fixed the 10th in-
stant for the appointment of the official liquidator
of the Utrera and Moron Railway Company
(Limited).

A petition for the winding up of the Hercules
Insurance Company (Limited) is to be heard be-
fore the Master of the Rolls on the 16th inst.
The Spanish Minister for the Colonies invites
tenders for the laying of a submarine telegraph
cable " between the islands of Cuba or Porto Rico,
Canaries, and the coasts of the Peninsula, in the
port of Cadiz, or its neighbourhood."
A telegram has been received from Havannab,
dated yesterday, which announces the arrival of
General Duke. Few samples of the new sugar
crop had yet come forward, and prices were
nominal.
A prospectus has appeared inviting applications
for bonds of the first division of the St. Paul and
Pacific Railroad Company (State of Minnesota).
The amount of this further issue is $6,000,000, the
first issue being $3,000,000. The price of issue for
each bond of $l,OOO, or £2OO sterling, is £l4O.
Subscriptions are to be received from the 6th to the
9th inst. at Amsterdam and Rotterdam, and also in
London by Messrs. Robert Benson and Co. and
Meisrs Surgery and Pickering.
A correspondent points out that the information
with regard to the mission of Daoud Pasha to Paris
and to " a Turkish loan of 125 million francs" is
believed to be confused between the Roumelia
Railway question and the loan lately concluded
with the Societe Generale at Paris. Daoud Pasha
is the Turkish Minister of Public Works, and he is
charged with the business of the railway ; but the
loan, extending to some such amount, has already
been concluded with the Societe Generale ; and the
Turkish Government appear to have imposed the
condition that it should not become a public loan,
but should be treated as a temporary advance, se-
cured by Treasury Bonds, renewable at the expira-
tion of six months.

With regard to the practice of certain firms at
Vienna and elsewhere who style themselves
" bankers," and send allotted shares in the Austrian
State lotteries to persons in England, it appears that
the Austrian Government have no power to interfere
with them, as they are not in any sense agents of
the Government, or in any official connection with
it. Our own Government, indeed, seems more to
blame in the matter than that of Austria, since,
although the attention of the Treasury has been
formally called to the fact that illegal advertise-
ments of these lotteries are constantly inserted in
English provincial newspapers, they take no steps
to put a stop to them. These advertisements are
headed, " Imperial Austrian Guaranteed State
Loans," " A fortune for a trifle—£2s,ooo for £l,"
Bona fide money speculation," &c., and it may be
presumed that a number of dupes are found suffi-
cient to render the trade profitable.

BRITISH FUNDS—CLOSING PRICES.
GOVERNMENT FUNDS.,
i per Cent. Consols - xd
Ditto for Account,
S per Cent. Reduced 921 i 3
Yew 8 per Cent
New 21 per Cent. Jan. 1894
Do. b per Cent.dan. 1873
A.lnuities, SO yrs, expire sth Jan., ISht, —
Do. for 30 yrs, expire sth April 1885 —
Do (Red Sea Telet,raph), Aug., ME 2o}
'Exchequer Bills, .£l,OOO, 2 per Ot . — Put
Do. £5OO

Do. £lOO & £2OO — pm
Bank of England Stock, 4 per Cent
Do. account
Canada 4 per Cent. Bonds —
later-Colonial Omnium
INDIAN GOVERNMENT SECURITIEb
India Stock, 101 per Cent., April 1874 2ll 10
Do. Opening, for Account —
Do. b per Cent..fuly, 1880
Do. 4 per Cent., Oct. 1888
Do. Certificates —
Do. Enfaced Pape. 4 per CAnt —
Do. 5 per Cent., Jan. 1872 , —
Do. 51 per amt. May 1879 lO9l
Da Doer Cent., Rup. Deb. 1872 —
. do. 1877 —
Do. di?, 1882 .—

M. Deb., 5 per Cent., Aug. 1873
Do. Bonds, 4 per Cent., £l,000
Do. under £l.OOO
FOREIGNI FUNDS—CLOSING PRICES.
Argentine Republic, 6 per Cent .
Do., Scrip £45 paid ..
Au-Arian Bonds 5 per cent
Do. 1859 62
Brazilian 5 per Cent
Do. 4i per Cent., 1852
Do. do. 1858 • •

Do. do.,
Do. do

1860 -
1863 -

Do. 5 por bent., 1865 —
Do Account 79 81
Btienos Ayres 6 per Cent.
Do 2 per Cent. (Deferred 3 per Cent )
Cu')', 6 per Cent.
0“iiilill 6 per Cent —
on. 411- per Cent —
Do. 3 per Cent~
to. 6 per ce t. 1867 931
1 o. 7 per Cent., 1866
C 10 abian, 6 per Cent.
Dan sn 3 per Cent., 1825...
Dan il)ian Principalities, 7 rer Cent 734
D • 8 por Cent., 1867
Equador New Consolidated, 1 per Cent
,%.;,;yptian, 7 per Cent ...
tio Second Issue
Do. .Csnt, Bonds —
Do. .£lOO Bonds
• •••
Do. t 864
Do. Account
D ~ coil() Bonds
Do. 4100 Bonds 864 4
English Scrip, 1868
Do do. £45 pd — die
Government ttailwav Deb,ntures
GroeK 5 per Cent., 1824:5, ex Coups —
Do. Account
Do. Coupons
.
Do. Account
••
' tatetuala 5 per Cent .. —
Honduras Gov. Rail. Loan., 10p. Ct., all pd
It4iiau 5 per Cent., 1865 —
Do. Account ~ —
Do Maremmana Railway * —
%,texican 3 per Cent —
Ditto for Account
Do. 1864 —
Do 6 per Cont. Anglo-French —
dontevideau 6 per Cent. . —
doorish Imperial 5 per Cent
N'ew Granada —
Do 3 per Con —
Do. Deferred
Do Laud Warrants (Hectares) I —
Peruvian 5 per Cent. 1865
Do Account .. 77 64
Do 44 per Cent. (Uribarren)
Do 44 per Cent., 1862 . —
Do Account
Portuguese 3 per Ct., 1853, '6, 7, '9:60,'2.':-,
Do. do. 1867 —
Do. do. Scrip, £2O paid
liassian 5 per Cent., 182; £ St
Do 44 per Cent , 1850
Do 44 per Cent., 1860
Do 3 per Cent., 1859
Do 5 per Cent, 1862
Do. Anglo-Dutch, 1864, £lOO Bonds..
Do. do. £B4 15s. de —
Do, 1866, £lOO Bonds 9O 894
Do. do £B4 15s. do

Do Nicolas Railway 66
Sar linian o !ha. Cent
Spanish 3 per Oen .
Do. Account
Do. 1867
Do. Account o 3lf I
Do. New Deferred
Do. Account
Do. Passive
Do. Cora. Cert. of Coup. not funded
Do. Account
Swedish Provincial Mortgage Loan
Do Government, 1864
Do do, 1868
Do do, Scrip Pit
Turkish 6 per Cent.
Do Account
Do 6 per Cent. 1858
Do Account
Do £lOO Bonds
Do 6 per Cent., 1862 62'
Do Account
Do .£lOO Bonds 644 31.
Do 5 per Cent. 1865
Do Account
Do 6 per Cont., 186 b 6ll 4
Do 4 por Cent., Guaranteed
Venezuela 3 per Cent.
Do. Account
Do 6 per Cent. 1864
Do 6 per Cent., 1862
Dividouds on the above payable iu London
Austrian o per Cent. Ex 10 Florins
Belgian, 4} --1 r cent., Ex. 25f.

Pe,
Duich 2i per (lent. Ex. 12 Guil”

.. .
Do. 4 per Cont. Certificates ....
French Rentes, 3 per Cent., Ex. 2M. —

Do Account
Italiah 5 per Cent. 1851, Ex. 25f.
Do. Account
CLOSING PRICES.
Consuls, Money 92f f xd
Do :Account, Feb. 4 92f 3 xd

THE PROSECUTION OF 7HE DIRECTORS
OF 0 VEREND, GURNEY, AND COMPANY
(L 121117 LD).

THIS DAY.
The further hearing of the summons taken :against
the directors of this company on the application
of Dr. Thom, which charged them with conspiracy
to d efraud the public of £5,000,000 sterling, was
proceeded with this morning before the Lord Mayor
and Alderman Gabriel, in the Court of Queen's
Bench, Guildhall.

The court was crowded in every part.
The first witness examined was Mr. Sevine, the
secretary to the Committee of the Stock Exchange,
who proved to the fixing of a settling day in the
shares of Overend, Gurney, and Co. (Limited), in
August, 1865. The prospectus and deed of trans-
fer of the old company to the new was received in
the usual manner. The capital of the new com-
pany was set down at £5,000,000, in 100,000
shares of £5O each, £2 to be paid on allotment.
Mr. Slater said he was a member of Lloyd's, and
at the request of Mr. Gordon he was directed to hold
himself in readiness for an appointment. He was
eventually ca lied upon to act as temporary secre-
tary of the new company, and he attended after
that in that capacity. No minute book was kept
between the 12th and 20th of July, and no entries
of any description of business transacted was made
between these two dates. He distributed a bundle
of prospectuses to the public, and he had no doubt
all the defendants attended at the offices of the com-
pany. He recollected a meeting of the directors at
which he was not allowed to be present, a resolu-
tion was passed, but it was entered in a book kept
for special purposes. The resolution was not en-
tered in the ordinary minute-book. He was directed
to withdraw very frequently from the board-room
by the directors. He knew the seal of the company
was affixed to three deeds, but he only saw that
sent to the secretary of the Stock Exchange. The
witness said he could not tell the number
of shares held by each of the defendants.
The fact ought to appear on the allotment
sheet. He ceased to be secretary in January, 1866.
All the shares were allotted at that time. Mr. Boyce
was then regularly appointed secretary. He could
tell more of the management than he (witness)
could. Mr. Barkeley left England in his own yacht
in July, and did not return until the following
August. Mr. Barkely was down for 1,000 shares,
and he paid the £l5, but he did not know whether
he had paid the two £lO calls.

At this point the Court adjourned for re-
freshment. On the re-assembling of the court
the witness was further examined as to the money
due from certain of the directors upon the shares
they were set down as having subscribed for,
amounting in value to about £250,000, and was
asked whether he could find any entry in the
banker's pass book of the company as to
the payment of any money on those shares
of the defendants. He said he believed a sum
of money was so paid, but he could not find an
entry to that effect in the book referred to. He
knew that some of the directors did not get the
shares they set down their names for on account of
the demand for them by the public. Mr. Rennie
he perfectly reollected did not get his 500 shares ;
he waived his right to them at the solicitation of his
brother directors.

Mr. Howell, the accountant, was then called,
and his deposition which he made on Satur-
day was then read over to him. At its conclusion
he was cross examined as to many of the items
set down, but the witness only went tfurther into
detail with respect to the accounts of the new com-
pany after the stoppage, but the effect of his cross-
examination was merely to strengthen the state-
ment he had already made.
At the rising of the Court the further hearing
was adjourned till Friday.