The Sun.
London, England, 1866-12-20 00:00:00

MONEY MARKET

AND

rIOMMERO!L NIT fr '4 ri

TWELVE O'CLOCK,

REDUCTION OF BANK RATE.

The minimum rate of discount is now 3k per
Cent., the directors of the Bank of England having
shortly after noon announced the change in their
Oficial quotation. To very few this will be of little
advantage, as it is a positive indication of a de-
pressed and demoralised trade. From all parts of
the United Kingdom there are complaints of para-
lYsed enterprise, of vast numbers of men unem-
ployed, and men "on strike" owing to trades'
unions, because their masters have not full employ-
'tient for them, nor the ability to pay the wages.
Many of the traffic returns from the principal rail-
Ways, and trade circulars of most classes, report
stagnation, and thus it happens that there is a
plethora of money, a large proportion of which is,
under existing circuinstauees,.idle and unproductive.
A. rise rather than a fall in the rate of discount
Would have been a matter for congratulation, as-
suming that it had been occasioned by a legitimate
extension of industry and commerce.
The following notice has been issued by the
gyrational Discount Company, Limited. The com-
pany is now allowing the following rates for money
on deposit, viz : —2k per cent. per annum, repayable
on demand ; 24 per cent. per annum, repayable at
7 days' notice ; and 24 per cent. per annum, repay-
able at 14 days' notice.
The Massilia has arrived from Alexandria with
£51.6,729, in specie and gold dust, principally from
Australia.

At a meeting held to-day of the General Credit
and Finance Company of London, Limited, the reso-
lution passed at the meeting of the 27th November
last Was confirmed, for the purpose of reconstructing
the company and reducing the liability of the share-
holders. The following is the resolution :
"Resolved,—That the report of the directors now read
be received and adopted ; and that the sanction of the com-
pany be given to the declaration by the directors of a
dividend of 6s. per share, in respect of the current year end-
ing the 31st December, 1866, including the sum of 2s. per
Share already paid on account thereof ; and that the com-
pany be wound up voluntarily, as on and from the
31st day of December, 1866 ; and that James Macdonald,
of No. 27, Austinfriars, in the City of London, gentleman'
end Robert Jackson Butler, of the same place, gentleman,
be appointed liquidators, for the purpose of winding up the
affairs of the Company, and distributing the property ; and
it having been stated to this meeting that a new Company,
oa lied The General Credit and Discount Company, Limited,
uas bean duly formed and registered, with a nominal
capital of £2,000,100, in 2,000,010 shares of £lO each, and
that it is proposed to transfer to such new company the
Whole of the business and property of this company, after
Providing for a dividend not exceeding 6s. per share, in-
cluding the 2s. per share already paid, in respect of the year
"ding Dec. 31, 1866, and after selling such portion, if
any, of the assets of this company as may be necessary,
for the purpose of satisfying dissentient members, in con-
sideration of the new company assuming all the liabilities
of this company, and paying the sum of £1,500,000 by
means of a credit of £7 10s. per share on 200,000 shares in
the new company, which shares aro to be allotted to
or for the benefit of this company) that the pro-
-I.3°Bed transfer be and the same is hereby approved ;
and that an authority bo and the same is hereby conferred
on the liquidators of this company to accept, in coin-
Pensation for such transfer, 200,000 shares in the
said new company, each credited with £7 10s. as
paid up thereon, for the purpose of distribution
the
ongst the members of this company ; and that
purchase-money for the shares of the dissentient
luembers, if any, be payable to them under the 161st
section of the Companies' Act, 1862, be raised by the liqui-
dators by sale of the shares in the new company which
:would have been distributable to such dissentient members
.111 ease they had not dissented ; and, in case of these prov-
insufficient, then by a sale of some portion of the assets
of this company."
Tim last week's Railway receipts, ascertained up
to this day, are in round figures as under :

areat Western 1866. 1865.
Nk)erth Western 71,379 70,429
°
th Western 119,018 118,490
Brighton
1a 19,820 17,858
so
47,072 49,674

-oath Eastern 21,907 20,830
,
Great Northern
,tancashire and Yorkshire 44,153 39,846
~•north Eastern ristol and Exeter 6,891 6,419
68,789 69,176
~'N
(„41atnehester, Sheffield, and Lincoln '21,261 20,114
t'reat Eastern —
IGlasgow and South Western
',
8,447 7,859
Landon, Chatham, and DoTer

These returns, when compared with those
of the corresponding period of last year, are in
nest instances of a favourable character. On the
great Western there is an increase of £950,
°ll the North Western of £528, on the South-
Western of £3 ; on the Brighton of £1,962, on the
South Eastern of £1,077, on the Great Northern
el £4,483 ; on the Lancashire and Yorkshire
.of
4,307, on the Bristol and Exeter of £472, on the
4anchester, Sheffield, and Lincoln of £1,147,
and on the London, Chatham, and Dover of £5BB ;
vhile the Midland shows a decrease of £2,602, the
western
Eastern of £387, and the Glasgow and South
'Vestern of £699.
The shares of the Belgian Public Works Com-
my are steady at prem.
Another small parcel of gold, viz., £5,000, was
ikon yesterday to the bullion office of the Bank of
„,
The movements during the Gazette week have
been insignificant, the amount received being
'27,000, and that withdrawn £lO,OOO.
The Germania has arrived with specie to the
amount of £112,127 from New York, viz., £32,700
for
England, £79,027 for France, and £4OO for
llalnburz.

The biddings for bills on India took place yester-
day at the Bank of England. The proportions
allotted were—to Calcutta, 7,15,000 rs (£71,500) ;
and to Bombay, 5,85,000 rs. (.£58,500). The
minimum price was fixed, as before, at ls. 11d. per
rupee upon all the presidencies. Tenders at the
minimum will receive in full.
111 Birmingham, a meeting was held yesterday of
le creditors of Mr. John Jones, of Bircbhills, and
Of the Spring Vale Ironworks, Wolverhampton,
11410 failed in the early part of the year 1865. It
/as anticipated at the time that the estate would
realise 20s. in the pound. Mr. Edward Dixon,
,ehairman of the Staffordshire and Wolverhampton
15anking Company, presided. A proposition was
made on behalf of Mr. Jones to pay ss. in the
13t1Ind by annual instalments of £lO,OOO. After
alta°lllg deliberation this proposition was accepted,
a considerable number of creditors refused
4'th
vote. Before the acceptance of the proposition
report was laid before the meeting by the com-
ii3littee of investigation to the effect that they had
eti. unable to obtain any. satisfactory account of a
transaction with the Commercial Union Life
Company, and also with regard to two Chan-
'
~el)* suits.
ti The committee of the Stock Exchange have ar-
Al‘'ed at a very sensible decision upon the subject of
1.• Watkin's reported failure, and the assumed
I:4laexion of the rumour with the house. Far too
lleh has been made of the affair, and credit is due
to the executive for the pains they have taken in
elucidatingLl the matter. The committee have ad-
teased the following letter to Mr. Watkin

Committee-room, Stock Exchange,
London, Dec. 19, 1866.
tr,ivr--Your, letter of the 15th instant, calling upon the
lilt/lige° of the Stock Exchange to trace out the real
414110
r of a rumour to your prejudice which was in circu-
it
the has
on Friday last, has been laid before my colleagues,
has occupied their attention during the greater part of
et.ll' three last sittings. Tho explanations given by Mr.
I,lBewood wore entirely satisfactory to the committee.
t"
„ telegram forwarded by him to his agents in Manches-
-4 was sent in cypher, and contained a strictly confiden-
itquiry as to the truth of the rumour, and he did his
t to circulate the contradiction as soon as received.
pr following up the investigation the committee have been
'vented, by the vague and general character of the evi
14°: Ice, from tracing the rumour in a tangible shape to any
14111ber of the Stock Exchange. Although, however, the
I),(!ittrY of the committee has boon ineffectual for this pur-
-1 they cannot, in justice to their fellow-members, re-
frora stating that the evidence adduced as to the
1
•tiaracter and amount of business done, far from support-
-4'Lc°,xlpletely disproves the existence in the London
vait'et of any systematic or concerted plan to depress the
to llB of South-Eastern stock, as asserted in your circular
+,
shareholders. Tho depreciation which has so long
with so seriously affected all securities may be attributed
ljtt°rgreater justice to the uneasiness of the public, and the
want of confidence occasioned by the disasters and
'closures of the last few months. I beg, in conclusion,