The Sun.
London, England, 1867-11-09 00:00:00

)110NEY MARKET

AND

COISIMERCIAL INTELLIGH NOE

TWELVE O'CLOCK.
There continues to be a moderate inquiry for ac-

6311unodation in the general Discount Market, but
not sufficient to stimulate any advance in the rates,
which still remain at per cent. for the
negociation of first-class short-dated paper.
The Master of the Rolls directed yesterday the
Payment of a further dividend of ls. in the pound
to the creditors of the Joint Stock Discount Com-

pang (Limited). This will make, with former
dividends, 103. in the pound.
Annexed is Messrs. Alex. Collie and Co.'s Man-
?heater report :—" Friday, November Bth.—There
18 a better feeling, and buyers would operate to a
fair extent, at Tuesday's full rates, but producers
are demanding an advance of 3d. per piece, which
15 limiting business."
The General Bond of the Imperial Russian Go-
vernment and of the Orel Vitebsk Railway Com-
pany's Loan has been deposited in the Bank of
44ngland. It will be seen from this important
document that the Imperial Russian Government
not only guarantees to the holder of each bond the
regular and punctual payment of the interest upon
and redemption thereof, but expressly covenants to
secure the timely provision of the needful funds for
the said purpose, and binds itself, whenever, and
if ever, necessary, to provide the said funds itself ;
consequently the service of this loan is in all respects
as regards the Imperial Government identical with
any other loans contracted by it.
The movements of the precious metals during the
week have been on an extremely limited scale, the
imports only amounting to about £71,440, includ.
lug £20,400 from New York by the New York,
and £1,500 by the City of London. The Bazalore
from Alexandria has brought £6,741 ; about
£38,799 in gold has been received from Portugal ;
and £4,000 in silver from the Continent. The ex-

ports have comprised £20,000 to Bombay by the
Ceylon, and there have been remittances to the
Continent through private sources estimated at
£316,352, the total amounting to £336,352.

A meeting of the creditors of Louis Maggi and
Company, ship-chandlers of London and Cardiff,
Was held to-day, William C. Clarke, of the firm
of Barnard, Thomas, and Co., accountants of Car-
diff) in whose hands the affairs had been placed,
presented a statement of accounts as follows :
'Dr. to sundry creditors unsecured, as per schedule,
£12,208 16s. Bd. ; on bills payable open account,
£3)266 Os. 11d. ; total, £15,474 17s. 2d. ; there
,Were also rent, taxes, and wages in Cardiff and
London, to be paid in full, £lO5. On the other side
Were the following stock in trade at Cardiff, as per
inventory, £2,742 17s. 6d. ; London stock in trade,
(at cost) £4BB 19s. 101; plant, trade fixtures, and
°'nce furniture at Cardiff (at valuation) £54 4s. ;
household furniture at Cardiff (valued) £5O ; plant,
trade fixtures in London, £lO ; book debts con-
sidered good at Cardiff, £2Bl 12s. 10d. ; ditto ditto
In London, £lO4 Os. 4d. ; cash balance in hand,
£l5B lls. 9d. ; total £3,840 Gs., which would be
reduced by preferential claims to the extent of
£lO5, so that the real statement was that the liabi-
lities were £15,474 17s. 2d., to meet which were
assets amounting to £3,735 Cs. Mr. Clarke said he had
been afforded very little assistance by the insolvent.
The books had been very indiferently kept, and had
not been balanced properly for some time. Mr. T. H.
Stevens, solicitor to the trustees, also addressed the
Ineeting• A proposition was made by tha solicitor,
acting for Mr. Maggi, to the effect that the cre-
ditors should take 4s. in the pound, 2s. 6d. down,
and is. 6d. in three months.
A very long discussion ensued, of a very com-
plimentary character as affecting the firm in diffi-
culties,
and eventually the creditors accepted an
amended ofer of ss. in the. pound, to be paid on
the day of registration, and Mr. Maggi executing a
deed of assignment, and his stock in trade to be
held by trustees as security for the payment.
With regard to the South-Eastern Railway of
Portugal, it is stated that the arrangement which
A Ir. Laing, M.P., had to announce at the meeting
of the bondholders on Thursday last, the 7th inst.,
will no doubt be received with very general satis-
faction by the parties whose investments will be
rescued by it from a position of undeniable danger.
It must be admitted that the failure of the company
to fulfil its contract, however much to be palliated
by the exceptional circumstances that paralysed the
Whole world of commerce and enterprise during and
since the year 1866, laid them under the several
penalties, which there aro Governments to be
found; who would have insisted on enforcing
In
all thoughts of equity or leniency
41 view of a fallacious prospect of some
temporary gain. The Lisbon Cabinet have taken
a course no less liberal than statesmanlike. The
bondholders are to be paid in full with coupons
cl°wn to the Ist July, 1868, in a Government stock
Dearing 7 per cent. interest ; and, in addition, there
to be a half per cent. sinking fund, that will pay
Off the whole of the principal at par within about
seven years. Then the other class of capitalists
ueerned—the shareholders—are to be cared for
by„ an exactly similar arrangement, save that the
'°h-fulfilment of the contract is to be furnished by
aforfeiture of all interest prior to 1867, and a fine
on2o per cent. on the share capital, leas- I
g a balance of £625,000 to be provided
i
the way just stated. Very probably
the holders of this
portion of the capital will
grumble at the loss thus entailed, but the bulk of the
monied interest will be of opinion with Mr. Laing
that
rs. the penalty inflicted is not excessive under the
due elltnstances. Nations have a right to find the work
,7 executed, both as to time and other points, for
boich
Ley are called on to pay. The great point for
n shareholders and bondholders is to be satisfied
that the conditions laid down for the payment of
principal
- and interest are capable of fulfilment. The
edit of the Portuguese Government has hitherto
keene n properly maintained, and it is satisfactory to
i w that our ,4 old and faithfully ally" is perfectly
11 a Condition to discharge engagements infinitely
more onerous than those her Cortes will be asked
t
assume in connexion with the South-Eastern
ni4ilwaY of Portugal. The country is wasting no
01.°11eY on armaments disproportionate to her size
th Political importance. Any expenditure beyond
e regular routine of administration is devoted to
toa
ds and railways, and such like reproductive
in rks• The revenue and the exports are steadily
thearteesing, and the more hopefully and surely
444 the expansion under both heads is gradual
to e„111.3t impulsive. Alterations with regard
ea 1: 'ail and church property permit labour and
ilail ltal to deal with the land unimpeded and on a
fere footing. Agricultural improvements are, there-
Polnaaking vast strides, and the old reputation of
Wit port vast
for mineral wealth is likely soon to revive h till now
Darli unlooked-for splendour. Add to all this
a
Mentary government has taken inamovable
root irk the
the
vi country, and freedom of opinion and
olability of the subject are certain to pro-
that the that development of industry and commerce
have hitherto accompanied their existence
urough
euL the history of the world.
t the
One A,
meeting of the Great Eastern Railway
the
held yesterday, a committee was ap-
Pointe
. dto arrange the reorganisation of the board
10 accordance with the proposals recent]y made. It
Was ann _
o in_, unced that nine out of the fifteen directors,
iz
disposal
41`111(143g the h •
c airman, had placed their seats at
remain• .of the shareholders, and most of the
gave
,sing six, on being requested by the meeting,
a q
Wick, ualified assent to the same course. The
e°rc,
ulitt
C. ee,consisting of Messrs. Rowley, J. Chad-
Stewart, E. Cleary, J. Fildes, M.P.,
I
report to
tawson, A. B. Legg, and C. 11. Parkes, are to
an adjourned meeting, to be held on the
22d •
.„ inst., as to the the board
changes which ought to be made
eligible , and to suggest the names of proprietors
as members of the now direction.
Tender.,
colonies, are invited by the Crown agents for the
I\T_ e_s, on the 19th inst., for £470,000 6 per Cent.
ealuder of
ew. Zealand Government Debentures, being the
ret-_
the £3,000,000 loan authorised in
of Which £2,530,000 has already been issued.
Willy-Lnehave will 24 years to run, and the interest
date from
the 15th of next mouth. A sum