The Sun.
London, England, 1867-02-21 00:00:00

MONEY MARKET

A ND
COMMERCIAL INTELLIGENCE,

TWELVE O'CLOCK

There is a steady business going forward in dis-
count circles, and the rates for all classes remain
without the slightest alteration of importance.
At the Bank of England yesterday there were no
gold operations.

The biddings for £350,000 in bills on India took
place yesterday at the Bank of England. The pro-
portions allotted were—to Calcutta, £197,840 ; to

Madras, £2,160; and to Bombay, £150,000. The
minimum price was fixed at Is. 11d. for all the
Presidencies—an advance of a half per cent., and
tenders at that rate on Calcutta and Madras will
receive about 63 per cent., and on Bombay about 42
per cent. These results show a further moderate in-
crease in the demand for means of remittance to
the East.

Messrs. Seymour and Elwyn, of the Stock Ex-
change, in their weekly circular, state as follows :--
" The state of the money market during the past
week has been somewhat chequered. For a few
days there was a decidedly increased demand for
discount through the falling due of a large number
of Indian and Australian bills. Nevertheless, in
the general market the rate for the best paper
has not reached the Bank minimum of 3 per
cent., but has varied between 2i and 2i.
At the Bank itself the business done has
been exceptionally small. Thus the main features
of the Money Market are practically unaltered.
Every now and then some little increase of de-
mand arises, but it is soon recognised as being
merely temporary. A movement of this sort may
be expected now. The Fenian disturbance has
caused the withdrawal from England of balances
employed here by continental bankers and mer-
chants. The foreign exchanges are consequently a
shade weaker, and some small amounts of gold may
be taken from the Bank. The available supply of
capital, however, will not, in rtality, be appreciably
affected. For months past it has been much in excess
of the requirements of the day, and there is no sign
that the over-abundance has been diverted else-
where. A striking proof of this fact is shown by
the little influence caused by the subscriptions for
the Chilian and Russian Loans, and the propositions,
actual or prospective, of several other needy Go-
vernments. The public appear able to part with
many millions in operations of this nature without
inconvenience. Of course it would be far better that
these accumulations should be used at home, but un-
fortunately the present condition of trade forms a fatal
bar. A revival from the stagnation produced by
the late crisis is as yet distant. The period of
transition that always follows a great commercial
convulsion is likely to last for some time longer.
On the Stock Exchange the supply of money has
invariably been abundant. In the past week there
was for a time a slightly augmented inquiry for the
foreign stock and share settlement, but this is only
an ordinary feature on such occasions. The rates
for loans on Government securities are little more
• than nominal, 2 per cent. being the usual charge,
although in some cases 2i has been obtained.
At a meeting held to-day of the English and
Australian Copper Company the accounts pre-
sented by the directors to the 30th June, 1866,
showed a real profit of £3,324 applicable to
dividend. The dividend declared was Is. per
Share, payable on the Ist of March. In conclusion,
the directors state that copper, which was quoted at
£99 per ton at the beginning of February last, has
fallen, during the year, as low as £B2 per ton ; and
cannot now be quoted higher than £B5 per ton. The
drought in Australia had caused the price of fodder
to be raised very considerably during the whole year,
adding greatly to the cost of the company's cartage;
whilst the monetary crisis in England could not but
affect the interests of the company most prejudi-
cially, by depressing the copper market to a lower
Point than has been known for the last 16 years,
a" by embarrassing the ordinary financial opera-
tions of business. Nothing but the economy intro-
duced into the working operations of the company in
Australia—the full effects of which have been felt, for
the first time, in the year under review—could have
madet head against such a current of adverse circum-
Sances ; and it is the knowledge of that fact which
encourages the directors to hope ror a Detcer Suture.
A meeting cf the bond and debenture holders,
creditors and shareholders, has been convened by the
committee of investigation, of the Atlantic and
Great Western Railway, to be held on Tuesday,
the sth March, at the London Tavern.
Tha last week's Railway receipts, ascertained up
to this day, are in round figures as under :
Great Western 1867. 1866.
ern ••• 65,016 63,514
North Western ...
...108,969 105,721
South Western
Brighton 20,766 19,842
Midland ... 17,872 15,951
South Eastern •.:•• ••• ••• 50,440 48,242
Great North 20,735 17,712
Lancashire Northers ••• 36,261 33,519
and Yorkshire...
Bristol and Emete.. ... 43,580 40,842
North Eastern 1....
..• .
... 5,809 5,453
Manchester, Shefaei'd •• . ••• ... 65,593 61,631
:az:coin ... 20,859 20,105
Great Eastern
London, Chathana:a-n' -• ... 32,227 82,011
The returns, when coml. ;ithB,t3hso7se of the
corresponding period of last year,
On
generally
1 7n33the Great
of a very satisfactory characteYrearx,
Western there is an increase of
;Weletrhne
North-Western of £3,248 ; on the South'
of £924 ; on the Brighton of £1,921 ; on the Mid_
th
land of £2,198 ; on the South Eastern of £3,023; on
e Great Northern of £2,742 ; on the Lancashire
and Yorkshire of £2,738 ; on the Bristol and Exeter
of £356; on the North-Eastern of £3,962; on the
Manchester, Sheffield, and Lincoln of £744 ; on
the Great Eastern of £216 ; and on the London
Chatham, and Dover of £652.

Two o'CLocir.
Towards the close of business yesterday there was
all improvement in the Funds, but to-day there has
been a reaction to the extent of If per cent. Consols
are 9p! for money, and 901 91 for the account.
-the principal feature in the Foreign Stock Mar-
basket been a decline of 24 in the value of the
behiliana Loan Scrip, the price now being 3 21 dis
133nubian Scrip has also declined a, to par to I
but Turkish Turkish 5 per Cents, are lower, at 301 4.;
'5
Italian had advanced 4., to 534 ; Greek * to
1 ; and Russian Scrip ,
rln, a , f, 21 1 ; Mexican are
,ea t
ittesl7l. i; Spanish Passive, 221 a and the
rtiel, at 15f f.
d,,0111y a moderate amount of business has been
ajne ill British Railway Shares, but in a few in-
attees Ptices are a shade firmer. Great Eastern
_reat Northern, Great Western, Lancashire and
s%l7•lairlkEthire' a_nd Midland have each improved
1* South 11-;rstern have declined and Metropo
-nag
The F •
oreign and
Colonial lines remain without
aor,, .
sa,, °'• importance. Great Luxembourg are 12,
13InoAdiilt;nearillioeli31, Grand Trunk of Canada 24, East
and Great Indian Peninsula 1051.
Securities are flat. United States 5-20
37 s have decl 4., to 73! 4 ; Erio Shares, f, to
and Illinois Shares aro 77f 78i.
biaxial* Shares are quiet. Bank of Egypt aro
Londed 32i ; Imperial Bank have improved to 23i ;
to Joint Stock, to 43-4. ,and Union of London,
~ilscel4.
fair
d coax and Finance shares continue in
ele2r:inkanci at steady rates. Anglo-American
at A- -13" being 15i * • Credit Foncier of England,
et1iai1:d28437,84,
3,:ie(.‘o.llnpany, 16 ; International
' aad Lona aneire Improvements, 201
Atia„,. -on General Omnibus Company, 31.
Lave d"c and Great Western Railway Debentures
k)rt,„ valle°cl 1, to 28 30, and the Consolidated
t'4ge Bonds 1 to 22 23.

, 13-MITIIIII FIINDS—ONB O'CLOCK.
'ON'EttNi
~._l. _ e ••iiT FUNDS.
901 1 99f
"ILO tit. Consols
901
8 per clkee°llUtl March 7
901 -I. 1
Ilow
~ co
pe' lteclucod 1`,3%, ;,Per Uent ......
Do. 2§ Per Cent. San. . Ygi ******************
—9OI
1
4,14114101,er Cent. Jan, 1873
0. for 30 Yrs, cxpire sth Jan., 1880
Do of
'' rg, expire sth April, 188.5 —
0 Sea Teleg aph), A i . 1908 —
1., :equer Bills, £1,0r00., 4 Per Cent — pm
_. pm
.-'01).0.
............... X5OO ... ij
troak
0.; .. . ..... .£lOO & ii6O . -
L Liaglaracl Stock, 6i per'Cleut „, 264 2