The Sun.
London, England, 1867-07-29 00:00:00

COMMERCIAL INTELLIGENCE.

There is no great change to notice in the Money Market
this week. There is a lull which may soon change into
greater activity. When the small rate of interest paid for
money on deposit is considered, it is not likely that capi-
talists will remain long satisfied with a return for their
money of only 11- to 2 per cent. As the different limited
liability companies improve their position confidence will
return, and with it prices will improve .and regain that
figure which will pay about 5 per cent. But to regain
confidence a clear statement ought to be published, to
show how the capital has been invested, and in what way
it can be restored with profit to the company.
The accounts published by the General Credit and
Discount Company, at the half-yearly meeting held last
week, were so far satisfactory that the chairman explained
that the company had at their disposal two-thirds of the
capital, or one million sterling, but he was unable to
give a clear statement in what way the other half million
is invested. He explained that of this sum £151,000 had
been lent to the South-Eastern Railway of Portugal. In
the printed report it is said that—" Assurances have
been given by the Portugese Ministers to the effect that
theii Government will eventually deal with the question
in a spirit of equity which will prove satisfactory to
the railway company and its creditors." S 9 there is
hope that the money will be repaid when the Govern-
ment of Portugal is able to raise the money by loan or
otherwise. He also explained that £160,050 had been lent
to the London, Chatham, and Dover Railway Company,
secured by a charge on surplus land. The printed report
reads thus : " Your directors have been obliged to file a
bill in Chancery against the Railway Company and other
parties through whose instrumentality the transaction
was entered into. Although at present the ;answers to
these proceedings have not been put in, your directors
are advised that not only will the chargebe sustained, but
that those who obtained this loan from the company will
be held responsible for its repayment." He further ex-
plained that the liability for calls upon outstanding invest-
ments was not more than £12,000, but no account was
given of these investments, which figure in the pub-
lished account to the 31st December "at market value
£150,851." The real position of the company will, there-
fore, be only known at the annual meeting which takes
place at the commencement of the year, when it is to be
hoped that outstanding loans and securities will be rea-
lized, and will enable the company to show a clear balance

sheet. In the meantime, the credit of the companY is
secure, as they have more than £1,000,000 in hand, which
gives every security to depositors, and increased deposits
are expected, as the Bank allows interest on money on
deposit. The shareholders were glad to read in the re-
port " that the amount of profits actually made, justifies
the directors in making an interim payment on account of
dividend, at the rate of 5 per cent. per annum, for the six
months ending 30th June, and the report and accounts
were reeeiv.ed and adopted unanimously.
< At the 4eeting of trtir-Landon Joint Stock Bank, Mr.
£92,175, and the usual diVitlad--ifilii3 rate of 121,pr
centter annum, with a bonus of Gs. 3d. per share, nmk-
ing together £1 ss. per share, was declared, leaving £2,175
to bo carried forward. The liabilities of the Bank on
ilimosit accounts and acceptances, which are not stated
sop' an;!,ely, are £14,733,764. The proposal for issuing
8,000 ne'ur so as to increase the paid-up capital of
the Bank from :.1,080,000 to £1,200,000 is to bo considered
at a general meeting pn the 25th inst.
lidated Bank, to be presented
The report of the Cons;'
at the meeting on the 24th L:lutant, shows an available
total of £40,346, including a preTiousbalance of £9,107.
A distribution at the rate of 5 per -cent- per annum, will
absorb £18,958 ; the sum of £3,000 is to be carried to re-
serve, which will then amount to £95,000. A gpecial ap-
propriation of £lO,OOO is to be made as the nucleus of a
fund to meet any loss that may possibly arise from a
liability of £233,691, incurred by the bank two or three
years ago in connection with the Atlantic and Great
Western Railway, and a balance Of £B,lBB will remain to
be carried forward. The paid-up capital of the bank is
£BOO,OOO, and the deposits held are £2,159,710, being
an increase of £571,335.
The bullion deposited at the Bank of Engliid has
reached the sum of £22,686,726, compared with £13,645,975
for the same week last year. The discount remains at 21

per cent., but this will be, it is expected, shortly reduced
to 2 per cent. But even at that low rate of interest there
are no signs as yet of a return of confidence.
Although rain was much wanted in the country, the
violence of the late storms has done some damage to the
growing crops. Where fields have been laid, it Will, no
doubt, reduce the quality and the average yield. In
France, in the centre and west, fine weather is much
wanted to get in the corn which is now ready to be car-

ried. In the north a large breadth has been laid, and the
price of corn has gone up in consequence. However, as
farmers this year, on account of high prices, have sown a
larger breadth than usual, with fine weather an average
crop may still be expected. From Vienna we ledrethat
the harvest has been magnificent in Hungary, mkt' that
considerable orders for grain had arrived from England,
and that the French have been making large purchases
for some time past. Accounts from Australia by the pre-
sent mail indicate that the supply for wheat and flour this
year in all the colonies will be unusually great. Already
in the period between the Ist of January and the 18th of
May, 'the exports from Port-Adelaide to England had
amounted to 87,621 qrs. of wheat, and 512 tons of flour,
and larger quantities would be shipped in the event of
any upward movement in prices.
There have been great fluctuations in the price of the
Don Pedro Northdel Rey and Anglo-Brazilian Gold Com-
pany's shares, consistent with the high premiums which
have lately been paid. The monthly report of both mines
has been received, showing that the profits of the Don

Pedro mine, to the Ist of June, amount to £23,729, and an
extraordinary general meeting of the company will be
held ou the 28th day of August next, to authorize the
directors to pay an interim dividend of 3s. Gd. per share,
for the three months ending 30th June last, which will
take about £13,550. The produce cleared, up to the 18th
Juno, is 4,892 oitavas, which prothises a fair profit for that
month, and it is to be hoped that as the works proceed
in the Jacotinga formation another rich bunch will be
discovered. In the Anglo-Brazilian the cost has been
greater than the returns by £6OO. Tho ores have fallen
off in yield, butas they appear good for gold, the captain
is of opinion that the stamping has been too deep in the
"covers," and an experiment, therefore, of stamping less
deep in the covers will be made forthwith. He writes that
the work at the different sections of the mine has been
carried on with regularity, and the lodes have seldom
looked better.
The numbers of the bonds purchased with the sinking
fund of the Peruvian 4-1 rer Cents. for the half-year enodo-
- 30th June have been published, allowing that £320,81
have been bought up. This makes the tenth half:evi;
redemption, and making the total amount of
loand was
cancelled to date £2,824,250. The original

£5,500,000.
In Italy, Signor Nervo, on behalf of the committee on
the Budget, has presented his report on the financial ex-
penditure for the year 1866-7. The report shows that
for 1867 amounts to 114,000,000
the general expenditure
lire, and the revenu to 897,000,000 lire, leaving a deficit
of 217,000,000 lire. Signor Nervo then proposed that a
bill should be passed to the order of the day for effecting
a reduction of 30,000,000 lire in the Budge
ntt for
of the the sec Stock ond
half of 1867. In nearly every departme
Exchange dulness has been the rule, with an almost
tof of business.—Westminster Gazette.

rtal absence

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