The Sun.
London, England, 1867-07-25 00:00:00

N V
L 4. E A EKET

AND

COMIEROIAT., iNrsr.,LtoEacß,

TWELVE O'CLOCK.
REDUCTION OF THE MINIMUM OF THE BANK

OF ENGLAND.

The minimum rate of discount has just been re-
duced from 23. to 2 per cent. This measure has
been forced upon the executive by the actual value
of money. Even now the minimum is only an ap-
proximate representative of the terms upon which
the best qualities of mercantile bills are negotiated,
as the principal discounting houses are working as
low as 1.1 per cent. The announcement in the regu-
lations of the establishment has been received very
apathetically in commercial circles as well as at the
Stock Exchange, where speculation is inactive, and
prices, though steady, are little better than nomi-
nal. At no former period has there been such an ex-
traordinary accumulation of available capital, but it
la to the shrinking of credit that would, appear to
afford an explanation of the existing anoma-
lous state of affairs. Merchants and manufac-
turers are prnperly extremely cautious, owing to
the unfavourable advices still received from all
the principal markets of the world. On the Con-
tinent, in Australia, India, and China, operations
are yet two cramped, and prices too low to admit of
the transmission of larger orders to this country.
America, likewise suffering as she is from the effects
of the war, is not the customer she used to be a few
Years
ago, and a considerable lapse of time is likely
to be experienced before any very decided improve-
ment can be looked for in this direction. Imme-
diately, therefore, trade requirements will pro-
bably continue moderate. The most remarkable
feature of the period through which we are
now parsing is the indifference shown by
the public towards Government Securities even the
English Funds, that millions should be kept on de-
posit at the Joint Stock Banks and other institu-
tions at 2 per cent. or less, when an investigation
of the official lists will prove, even to the most
sceptical, that there are numbers of securities of
undoubted integrity yielding, at the present market
value, interest ranging from 31 to 16 per cent., and
even more, per annum.

A further sum of gold, amounting to £43,000,
Was received at the Bank of England yesterday,
raising the total since the last Gazette return to
£208,000.

The Saxonia, from New York, has brought specie
to the amount of about £96,000.

At the meeting held to-day of the Arica and
lacua Railway Company the report was presented.
The state of the company's account was shown at
the date of March 31, when the London books were
closed, but some remittances that have since come
forward enable the directors to declare a dividend of
per cent., which they have much pleasure in
doing, and that dividend, less income tax, will be
Paid at the offices of the company, on and after the
18th inst., in discharge of the 18th dividend coupon,
Which must be left three clear days for verification.
The report of the English and Australian Copper
Company, to be presented at the half-yearly meet-
ing on the Ist August, states that the six months'
Working, to the 31st December, shows an estimated
Profit of £5,678 Bs. 7d., reduced to £3,788 16s. by
o'er estimate of copper on hand 30th June, 1866,
and by restoring the small amount required to
ulake up the last dividend. This will be sufficient
for the payment of an ad interim dividend of Is.
Per share, after paying interest at the rate of £5
Per cent. to the reserve fund. The reserve fund
at the present date stands at £11,382 Os. GI.
The half-yearly
,meeting of the Consolidated
Bank, Limited, was held at Manchester, yesterday,
When the report of the directors was adopted, and
the dividend declared.

The sum of £250,000 in specie, which it was
intended to have despatched to India and China by
the Peninsular and Oriental Company's steamer
Ilangalore, from Southampton, on Saturday last,
arrived too late, and was sent overland to Mar-
seilles, to be forwarded by the branch packet of the
Peninsular and Oriental Company from that port.
The report of the Provincial Banking Corpora-
tion, to be presented at the meeting on the 2d prx.,
States that the gross profits for the half-year amount
to £22,837, and after deduction of all charges, &c.,
there remains a balance of £9,079 for disposal. A
(10/Wend is recommend„d at the rate of 7f per cent.
Per annum, payable on the 14th August.
The directors of the East London Bank, at their
_,meeting en Tuesday next, will recommend a divi-
dend at the rate of 5 per cent.
The transactions in American Securities on the
tendon market during the past week have been
numerous and important, prices generally being
dell supported. United States Government Stocks
Show little alteration, the 5.20's of 1862 being last
quoted 721 to if, and the 1865's 711 to Illinois
shares close 76 to 77, or half per cent. under the
bee of this day week. Eries have declined to 44,
Alit from this on renewed buying for shipment to
t'ulerioa they have reacted to 47/ to 481. Some
t 43:01g on Continental account advanced the quo-
Iron for Atlantic and Great Western Consolidated
Junes
to 24, but the decrease in traffic receipts for
American
on this line in common with nearly all
they
railroads, has bad a prejudicial effect, and
have to-day declined to 22/ 231. The Divi-
'cleal Bonds have also receded about 2 per cent.
torrhe last week's railway receipts, ascertained up
tills day, are in round figures as wider :

a 1867. 1866.
11'1.,!t Western 81,631 83,968
4 Western ... 123,460 129,139
g°,..11t,h Western. ..• 42,334 31.74,62
30,230 23,062
NI, ••• •••
No n 54,933 51,262
lith Eastern ... 30,148 29,284
eat Northern •.• 8.. 43,235 39,9°3,
141,,lleashire and Yorkshire... 50,013 49,422
North and Exeter •.. 7,976 7,596
ea:u Eastern 75,209 72,443_
boa:ehester, Sheffield, and Lincoln 22,296 21,7)0a
s Eastern . ... 41,819 3'4,-44
ic,,..,°n, Chatham, and Dover ... ... 15,766 13,9e2_
British
... 29,913 29,380
at'w and South-Western ... 12,188 11,990
kieaat Southern and Western of Ireland... 10,939 10,604
,1411 d and Great Western of Ireland ... 4,692 4,605
N:1'480 returns, when compared with those of the
iiwrePonding period of last year, are in one or two
'allees rather unfavourable. On the Great Western
there is a decrease of £2,337; and on the North-
etera of £5,679 ; while the South- Western,
Q.:WS an increase of £10,872; the Brighton, of
t '668 ; the Midland, of £3,671 ; the South-
n,
thaster
tof £864; the Great Northern of £3,282 ;
ktiea''ancashire and Yorkshire of £621 ; the Bristol
k2'
'766 Exeter, of £3BO ; the North Eastern, of
01 ;on the Manchester, Sheffield, and Lincoln,
1,05591 ; the Great Eastern of £3,575 ; the
Isio'n, Chatham, and Dover of £1,794 ; and the
or n,
British of £523.

Two o'CLocK.
j tAeeprding to Reuter's telegram from Paris to-
it;3;',,tne French Rentes were 68f. 67c. All offered.
.:un Funds are rather firmer, Consols havinthg
Pc'vedfor
A
04i for money, and to 94i
I.ll;naitc'
eicti(11811, t;3irrp!, --Ninredwialsltroeceks, ar2e1793; in'dßdeidttuoceds
ICents.,lllfl
_m;
11 the Foreign Market there has been a further
181.,4e. Italian 5 per Cents. have receded i,. .t :
o
; and the Chilian Loan Scrip
Li, to 2 1
ds
lurki
Greek Bonds have advanced to 14 14' I ,
Stock y t (-) 394 Per Cents. to ; and Mexican
ko 151 i.
atite,tileri"an Securities show no change of imp)ort:
p.ri'• United States 5-9) Bonds re quoted 7.4 ^B7 ;
ahar arees, 47i 4S
; and Illinois shares have ha-
1, to I, to 76i 77.
111ise
two laneous and Finance Shares are in one, or
1,0 Instances a shade firmer. Berlin Water IN orks
to leo iMproved to 12i 13 ; Madras Irrigation,
IF; 1 ; Anglo-American Telegraph are steady at
Vieg Iludson's Bay Company, at 141 15; and
1.1r133' of Egypt's Mortgage Loan to 63.
rezt [less
in the Railway Share Market has
ho,l4ltled very inactive and a further decline haE,
eaaill. exhibited in value. Great Western and Lan-
(irere and Yorkshire have each receded and
ea
,t Eastern, North Western, and Metropolitan
;111i , while Great Northern have advanced
the Foreign and Colonial lines the dealings
Luxe een cm a very moderate scale. Great
albourg are firm at 9i 10i ; and