The Sun.
London, England, 1867-09-02 00:00:00

COMMERCIAL INTELLIGENCE.

It is now impracticable to obtain any rate whatever for
loans of money on Government securities, and largo sums
that would willingly be placed out by capitalists at one per
cent. aro lying idle. In the open market money is barely
worth more than two per cent., and yet the same stagna-
tion continues to exist in almost every Stock Exchange
security. The public have been so deceived during the
last two or three years that the best names in the City
command no longer any kind of confidence. Every week
seems to add fresh grounds of distrust, as the half-yearly
reports of many companies are far from giving that fa
information that the times require. It is only by giving
a very full account, so as to show the correct and exact
position of affairs, that confidence can be restored. Th("e
c.ompanies which at their half-yearly meeting have been
able to answer every inquiry, and give full explanations,
are already held in greater estimation, and their shares
are held at higher prices in the market, as they have been
able to show better future prospects. On the other baud,
no new company, however good, can be brought out with
success at present. The public have seen enough of these
limited liability companies, and they now know that the
calls make the liability a very heavy risk and that those
companies only which have called up all their capital really
represent a limited liability. It is probable that a large
amount of capital unemployed is at present held to meet
liabilities which, perhaps, will never be called up. It W
with the view of getting:over that difficulty that the Ovens
Company, formed for working one of the Government
concessions in Nova Scotia, proposed that the shares should
be paid up in full on application. But in spite of the great
richness of the ores said to exist in those mines, the public
have not as yet subscribed the necessary capital, but it i 5
hoped that the company will soon be able to complete their
subscriptions, so as to enable them to get the machinery
into full operation. A recent assay of ores from the mines/
brought over in the Duncan, made by Messrs. Johnson
and Sons, of Basinghall-street, shows the very extraor-
dinary yield of 242 ounces of gold, and 16 ounces of silver
to the ton of quartz. This is not the only company, re-
cently formed, that has not been able to find its capital,
although there exists so large an amount of unemployed
money. The public, no doubt, feel that limited liability
companies require rest as much as foreign loans or any
other speculative investment, and until the list of most
of the old companies stands again at par price it will be of
little or no use to invite subscriptions, as the market
is already too much burdened with shares which era
quoted under their intrinsic value.

At the meeting of the Great Northern Railway Conr
pany the shareholders expressed their feelings against anY
further extensions or branch lines. A motion was pro-
posed by Mr. Hughes to the effect—" That no preliminary
arrangement or negotiation be made on behalf of this co"
pany for any amalgamation, extension, or guarantee, with-
out the previous consent of a meeting of the proprietors
duly convened for that purpose ; and that no Bill in Part
liament be permitted on behalf of this company withou
such consent." The chairman explained that it would be
unwise to tie the hands of the directors, who, one anci
all, aro against extensions, and promised that everything
should be done to abandon, as far as possible, even thosa
lines authorized by Act of Parliament. This promise 105
accepted by the meeting, and the motion was lost by 5
show of hands, there being 31 to 13 against it. The midi;
tors' new plan of publishing the accounts was
approved. It would be difficult to show better the exact
position of the company and the extent of its liabilities
All railway companies would do well to adopt a similar
statement of accounts. It speaks much in favour of the
auditors, and a cordial vote of thanks was given to thou
, at the close of the meeting.
The directors of the Great Western Railway Companyt
recommend a dividend for the six months ending the 31s
of July last of 11 per cent. on the ordinary stock; of 55i
on the West Midland, Oxford; of 10s. ditto New Tort ; °‘
31 on the South Wales ordinary stock ; of 5 on the Vale we
Neath ; carrying forward, upon a sum to be divided 01
£132,800, the sum of <£20,431 ; and they propose to Pal
these dividends in debenture warrants of 6 per cent.
The directors of the South-Eastern Railway Company
have resolved to recommend the proprietors at their
half-yearly meeting, on the 29th instant, to declare a Pl'
dend at the rate of 2 per cent. per annum.
The return of the Bank of England for the week ending
the 21st of August, shows the stock of bullion to Ue
£23,532,661, and the stock of bullion held by the 13101 °
France;is £37,350,000.
The Southampton Dock Company have an available
total of £10,062, including a previous balance of £1,136
and pay a dividend at the rate of 5 per cent. per annum
i
for the half-year, leaving a balance of £1,054 for the ue'
account.

The Markets for Stocks and Shares continue in a r
-
fluctuating condition ; little activity is apparent. A g°°,
deal of interest attaches to the development of the coli
ferences between the Emperor Napoleon and the EmPerft
o
of Austria at Salsburg, particularly with regard to t'it
position of Prussia and the state of affairs in the East, bd
their influence has been unimportant from a want of al'"
parent authority. There is no change in the price of 16::
reign stocks. In railway shares the tendency is less
verse.— Westminster Gazette.