The Sun.
London, England, 1867-08-24 00:00:00

MONEY MARKET

AND
COMMERCIAL INT3LLIGENCM,

TWELVE O'CLOCK.
The Discount Market has again closed for the
week with a very unfavourable appearance, for
"thing could be so disadvantageous and indicative
of prostration and want of confidence than the low
rates of discount now current, the limited financial
requirements of the community, and the accumula-
tion of gold here and in Paris. When money is
idle and unproductive it is a bad sign. Writers upon
this subject are mostly wrong upon their reasoning,
forgetting that excessive trading with all parts of
the world, and reckless gambling at home, are the
Only cause of the prevailing lethargy and depres-
sion. No direct financial movement will produce a
change. All that is required is an improvement in
mercantile advices from all parts of the globe to
anitnate our mills and warehouses, and thus by the
renewal of enterprise to carry the minimum rate of
discount to a point indicative of prosperity.
The movements of the precious metals during the
past week have been on a rather limited scale, both
as regards the imports and the exports. The former
have been to the extent of £184,160, including
£B,OOO from New York, by the Cimbria, £15,500
by the City of Baltimore, and £47,000 by the
Laurent; the China has also brought £2,804, and
the,7 Baltic £2,060. The Velacidade, from New
~ealand has arrived with £26,550; the Donati,
frotn the Brazils and River Plate, with £52,746 ;
the Peril, from Alexandria, with £6,500 ; and about
£23,000 in silver has been received from the Con-
tinent. The exports have been £1,855 to Bombay
by the Ceylon, £5,200 to the West Indies by the
bouro ; and there have been remittances to the
Continent through private sources estimated at
£56,302, the whole amounting to £63,357.
We extract the following from the .Mining Jour-
There is very little change to report upon
al the mining Share Market ; business is remark-
ably quiet, and prices dull. The standard for copper
ore, We are glad to say, has risen £2 10a., and the
Devon Great Consols sale shows a good rise in cop-
Per.„, At the July sale 1,731 tons realised £7,577
us' ; and, according to the produce, the price paid
Was £67 per ton for the copper in the ore. The
Present sale (1,714
_tons) has brought £B,lOO , ancl ,
as it produces 111 tons of copper, it is equal to £73
Per ton, or a rise of £6.
The silver market continues very dull, and quo-
tations generally are about nominal, large remit-
tances being daily expected from Vera Cruz.
There were no gold operations at the Bank of
England yesterday.
The Committee of the Stock Exchange have ap-
Pointed Tuesday, 27th instant, a special settling
day, in the shares of the Anglo-Italian Mining
Company,
A report by the gg committee of consultation,"
connected with the Great Western Railway Com-
PanY, has been published. It is of a highly im-
Portant character. It appears from this document
that the floating debt of the company, which amounted
di1,300,000 on the 31st July, 1866, had been re-
xred on the 29th of May last by the sum of
d'54,000, and has since then been further re-
whileto £341,550, at which .it now stands ;
the debentures have been regularly provided
for as they have become due. The committee con-
ate the proprietors on the material improve-
tillhent in the financial
position of the company which
Ur
ese figures indicate. They further strongly
ge upon the shareholders the advisability of
accepting,e their dividends for the past half
ing
in preference or debenture stock, believ-
that the effect of this operation in the
Peornieeding half
Year was to place the credit of the
1 i
cottiPa.ln a greatly improved position. The
unttee then
Position examined in detail the present
of the company. Of the rent charges they
cerh:erve that though formidable in amount the in-
crease
which Which will fall upon future revenue is
.°f an alarming character. The total sum
4te,g.o tred
to complete the companyls Parliamen-
aitiirliabilities for new lines is £550,000, the expen-
c of which they recommend should be spread
over
with' of period of years ; £214,000 will be required
counts
the next three years. The audit of the ac-
ie
11111.15 U:0 pronounced to be efficient. The corn-
fmake several suggestions for developing
afao on the line, and state that the increase
hitherto has been satisfactory, particularly in the
000de .
41vis_ and mineral department ; but they strongly
° the cultivation of friendly relations with
vneiorgt.h:bouring companies respecting the through
ne:ng and interchange of traffic. The perma-
-Ir,o_ way and rolling stock are asserted to be in
iktact co.ndition, the repairs having been kept up
BatiSfactory manner. The committee conclude
°Y exT, •
rreaung a strong conviction that better days
oar:, irh,
of
for the Great Western Company. In
Cre'..e_e however, to allow time for the gradual in-
thitals of revenue, they consider it as above all
ct, g 8 necessary that the company should have
1,,,4tt" and they4.-Oisp?ctive are therefore gratified that the
engagements are moderate in amount,
~."'Ltnat the future liabilities have been brought
"thin a narrow compass.

OCLO.
443
According to Reuter's telegram Two
from '
ParisCK to-
) the French Rentes were 69f. 77c.. Firm.
-A,ll the Stock Exchange markets have closed
With a favourable appearance. At the last moment
there was rather less buoyancy, but the tone of
affairs continued satisfactory. Consols are now
/ for money, and 944 for the account.
gll i The New Threes are 941 e ; , Reduced Annuities,
; India 5 per Cents., 113} 4 ; Enlaced 5 per
1031; and do.' Bonds under £l,OOO, 70s,
"- Prem.
uzForeign Stocks have to-day been very steady.
"teek have advanced 1, to 131 ; Spanish Passive,
t° 201 21; Turkish 5 per Cents., 1-16, to 311 ;
ti,4t Italian have declined I, to 48/ 49 ; Mexican
-17aill at 14i. 1; and Spanish Certificates, at 161.
the Railway Share Market business has re-
111ed very inactive, but in several instances are
ahade
_
Iticire -Foreign and Colonial Lines are flat. East
34 •an have declined to 109 f and Great Indian
ntnanla to 109
li 1.
duce, ank &hares remain without change of import-
Alliance 0 shares receded to 12/, London and
douttlit7 have improved to 56, and Union of Lon-
Atlietnain heavy at 39 391.
t4res antic and Great Western Railway Deben-
t'eraain steady, at 23 25 ; and the Consoli-
Itiu Mortgage Bonds at 20f 211.
to 774nerican Securities Illinois have declined 1
acid but Erie shares continued at 44f 45 ;
' .nited States 5-20 Bonds at 731
.1-
activ:cellaneous
'
and Finance Shares continue in-
Top, at
grabh about previous rates ; Anglo-American
" are marked 161 17 •; London General
411:libus
4414, and N-onopany, 2 9-16th 2 11-16th ; Penin-
Oriental Steam, 49 ; and Trust and Loan
-Tan!
v tiPPer•Canada, 4f.