The Sun.
London, England, 1867-10-23 00:00:00

MONEY MARKET

A ND

COATMERCIAL INTELLIGANc_IA,

TWELVE O'CLOCK.

In monetary and commercial circles there is still
a considerable degree of quietude, although iu a
few instances slight symptoms of improvement have
been apparent, owing to the more peaceable aspect
of affairs on the Continent. In the general dis-
count market the demand for accommodation con-
tinues inactive, and the rates current for the nego-
tiation of first-class short dated commercial paper
remain unaltered.
At the bullion-office of the Bank of England
there were no gold operations of public interest
yesterday.
At the meeting yesterday of the Atlantic and
Great Western Railway Company, after a length-
ened discussion, lasting four hours and a half, the
report of the committee was adopted.
Atlantic and Great Western Reilway Debentures
have advancel 1, to 26 27, and the Consolidated
Mortgage Bonds If, to 21i 22.
The Roman, steamer, from the Cape of Good
Rope, has arrived with gold to the amount of about
£5,000 ; the City of Boston, from New York, has
brought only £1,500; and the Copernicus, from the
River Plato has arrived at Liverpool with £lOO,OOO.
The following correspondence relates to the Debt
of Venezuela :

" London, Oct. 17, 1867.
"Dear Sir,—At our recent interview I mentioned
to you a plan I proposed two years ago, that the
V nezuelan bondholders should farm the customs of
Venezuela. I now beg to send you a copy of that
Plan, from which you will perceive thatl propose that
portion of the dividends receivable by the bond-
holders should be devoted to the construction of rail-
ways, steamboats, and other industrial enterprises cal-
culated to develope the resources of the country, and
that the Government should make a large grant of
Waste land to the bondholders in compensation for
such
sacrifices they are called upon to submit to.
°uch an arrangement, under the sanction and
guarantee of the British Government by an inter-
national convention, would not only secure to the
British creditors the gradual payment of their claims,
but would promote, at the same time, the interests
.°f Venezuela by establishing a sound system of the
"'lances of the country highly beneficial to her
credit and commerce. Soliciting the favour of your
kind opinion on my project, I have the honour to
remain, dear sir, yours, &c.,

(Signed) "J. GERSTENBERG,
Chairman of the Committee of Venezuelan
Bondholders.
66 To Mr. G. Fagan, her Majesty's Charg6
d'Affaires at Caracas."
" 8, Bennett-street, Oct. 21, 1867.
"Dear Sir,—l beg to acknowledge the receipt of
Your letter on the 17th inst., enclosing a plan which
311 had proposed two years ago for the farming of
the Customs of Venezuela by the Venezuelan bond.
ficdders. Without entering into a discussion as to
Lee practicability of carrying some of the details of
Your plan into execution, I have no hesitation in
stating to you that in my opinion the farming of
the custom-houses of the republic by an English
ecmpany would be of great advantage to the coun-
try,, whilst it could be made equally beneficial to the
bondholders. It is notorious, as I informed you
verbally, that under the present system the import
duties collected in the ports of the republic scarcely
amount to one-third of what they might produce if
the administration of the Customs were properly
and honestly conducted.—l remain, dear Sir, yours,
c., (Signed) " GEORGE FAGAN.
"To Mr. J. Gerstenberg, Chairman of the
Committee of Venezuelan Bondholders."
At the meeting of the Royal Mail Steam Packet
Company to-day the directors' report, showing the
result of the working for the half-year ended June
30th last, was presented. It stated that, in addi-
tion to the augmentation of the disbursements in
the " working account," arising, as above-men-
tioned, the charges for " coals" have been still further
increased by higher rates of freight, and the items
of "provisions" and" stores," particularly the former,
by the rise in the price of articles in general use. .s
regards the " general reserve fund," it is necessary only
to remark that, following the course explained in the
last report, the directors have re-transferred to
"profit and loss account" £5,000, leaving the fund
with a credit balance of £4,939 103. sd. Nothing
having occurred to affect the " insurance account,"
the directors have only to congratulate the share-
holders on the satisfactory position of the fund, and
en the substantial returns which they have from
tielo to time derived from it. The directors re-
commended a distribution of £3 per share (free of
Income-tax), including profit from the insurance
account; payable by warrants to be issued on the
evening of the 26th inst. The report was adopted.
With respect to the markets at Manchester, the
weekly circular of Messrs. Alexander Conti and Co.
states as follows :—During the past week we have
had a brisk demand for goods for nearly all im-
portant markets, and the advance in cotton has
Ilahled sellers hero to obtain very full prices for
their productions. As compared with last Tuesday,
our quotations show more buoyancy in several de-
ZiPtiens of shirtings, jaconets, and yarns, but the
demand has been checked to-day by the bank.sus-
La,sien at Liverpool. Producers, however, show
i'ame inclination to force sales, as they are well en-
ged) some of them to the end of the year.

Two o'CLoci.
further advance of 1 per cent. has taken place
h They,, ill the value of Consols, which are now 941 hfor
Y, and also for the account. This movement
ellieflY attributable to the information received
Geri
the Roman question. The statement that
baldi had approached Leghorn has been
e4thlillllented upon, and likewise the intimation that
. e Government intends to repress revolu-
bic'earY movements. Moreover, the Garibaldian
ailds having, as asserted, retired to the frontier, has
Prod
lleed a favourable impression. English public
securitiest have consequently tended upwards, and
:line favourable confidence has been produced by
ofe.piettrney of the Emperor of Austria to the Court
ranee. Monetary affairs continue easy, and
there are indications of improvement in many de-
Partinents of trade.
slpies. 1, viz., to 441
ittt°reign Securities have naturally attracted much
elation, owing to the situation of Continental
po
Italian have advanced
t4,,Er; and some importance has been attached
the advices from Florence that the pre-
sent will remain in power. Greek
1013da are 121 12/, which is a rise of 1 per cent. ;
m'elicao have advanced $, to 15 151 ; Spanish Pas-
1, to 19 194 and Turkish 5 per Cents.,
-vive' 311.
Share firmness is apparent in the Railway
advance
Market, prices generally showing a further
trviatee of about to I. per cent. Great Western,
la-igt°n ; London, Chatham, and Dover; Mid-
v;', and North Eastern (Berwick) have each ad-
chLiced 1 ; Great Eastern, North Western, Man-
t "'te, Sheffield, and Lincoln, and South
Tern oath I,
and Caledonian 1.
a ,t! the Foreign and Colonial lines there has been
haseght decline in one or two instances. San Paulo
receded to 161, East Indian to 110 k. Great
'131411 Peninsula remain steady at 107 1071.
'lnk Shares are in moderate request at about
.erevi
; ous rates, London and Westminster being dealt
.01 at 7
451 °I ; Oriental Bank Corporation, at 45
vel ; London and County, at 55 ; and Bank of
•‘1,,,,tv. Zealand, at 181.
9Z New Irew Threes are 921 1 ; Reduced Annuities,
471' it ; Exchequer Bills, 295. to 30s. prem. ; Bank
ilv4e4, 250 ; Indian ditto, 223 1 ; ditto 5 per Cents.,
faced 131. I ; ditto 4 per Cents., 100 k 99i ; En-
109r. 5 per Cents., 1041 ; ditto 51 per Cents.,
18,8 V and ditto 4 per Cent. Rupee Debentures,
, 105.
A4seell
quiet aneous and Finance Shares are very
Credit Royal Mail Steam have declined to 79 ;
graph
Power of England to 21. Atlantic Tele-
t_ P 4 8 per Cents. remain at 70 ; and Viceroy of
gypv4 Mortgage Loan at 72.