The Sun.
London, England, 1866-10-19 00:00:00

MONDY MARKET

AND

COMMERCLELL IN T

TWELVE O'CLOCK.
There is no apparent change in the immediate
condition of the Discount Market, yet it is thought
that an alteration will take place in the course of a
few weeks. Trade requirements are likely to in-
crease, since it is seen by the daily accounts from
almost all the manufacturing districts that orders
on home as well as on foreign commission are more
numerous than they were a few months ago.
Operations in most quarters are being conducted
in a very quiet way, and the prevailing low rates
for monetary accommodation fail for the time to
induce anything like excessive speculative adven-
ture. Other reasons may be given for
the probability of an upward movement in the
rates for bills. Corn and cotton are required in
large quantities, and specie will leave the country in
Payment. Already there is an outflow, as must have
been observed by all interested in the subject, from
reports of the Bullion-office of the Bank of England.
It is true that only £145,000 has left this week at
present, but to-day and to-morrow further sums
may be despatched, the destination being eastwards.
Reasonably assuming that the efflux will continue
Owing to the reasons assigned, viz., corn, cotton,
and expanding trade, it can scarcely be expected
that the existing terms for loans and discounts will
be quoted after the lapse of a few weeks.
To-day the Money Market is plentifully supplied,
and the rates are as low- as 4 to 4 per cent., with
few borrowers.
The traffic for the week ending 18th August, 1866,
on the Eastern Bengal Railway has been £2,463,
against £1,909 in the corresponding week of 1865.
On the lines of the Piedmont Railway the traffic for
the week ending 30th September was £17,914,
against £24,906 at the corresponding period of
1865, showing a decrease of £6,962. On the rail-
ways of Southern Austria, Lombardy, and Central
Italy the receipts for the week ending 30th Septem-
ber were £66,273 on the South Austrian line against
£49,243 at the corresponding week of 1865 ; and
on the Lombardo and Central Italy line £19,699
was received against £14,970 at the corresponding
Period of 1865.
With regard to the progress of trade it is satis-
factory that the protracted strike at Middlesboro'
has been checked by the resumption of work at the
mills of Messrs. Hopkins, Gilkes, and Co. These
little events point not only to the prospect of in-
creased commerce, but also to the moral force em-
ployed by the present Government in suppres-
sing disaffected people who do not consider
their own interests. With regard to the
mills referred to the Newcastle Chronicle
states as follows :—." The half-dozen furnaces are
being worked by under-hands, and to-day (Thurs-
day) several others are to start. The Union men,
however, remain unaltered in their resolve to stand
out against the proposed reduction of their wages.
We regret to add that during Tuesday night a most
disgraceful trick was perpetrated by some malicious
person. A big piece of wrought iron bad been
placed amongst the machinery, so that when
it was put in motion the fly-wheel would
break. Suspicion is cast upon the Union
men for this. If they are guilty, they will
be very much disappointed to learn that their
shameful scheme to stop the poor under-hands and
labourers from earning bread failed, for the masters
had given
instructions to their workmen to inspect
e machinery minutely before it was put in motion,
and thus the mischievous piece of iron was discovered
and removed. At Messrs. Bolckow, Vaughan, and
Co.'s, there is nothing new, neither is there any
attempt to start the other works in the district ; but
the public generally still believe that the dispute is
Virtually at an end. The skilled workmen, how-
ever, say they will not return to work unless they
get their old wages, and, therefore, the struggle
may be continued for some time yet."
In reference to the affairs of Overend, Gurney,
al
41,11 d Co., an application was this day made to Mr.
theoft liquidators, for an order to enforce the payment
he call against twelve shareholders of this coin-
-1),,,,„ aaY, notwithstanding the order of the Vice-Chan-
to stay the same as against certain share-
holders until the 3d November. Mr. Denton, on
,half of the liquidators, contended that the Vice-
j'l'llancellor had left open the right to pursue other
reholders, and the chief clerk decided that the
Ordera,: as against the twelve must be made. Mr.
et'ilwis stating that he should apply to the Vice-
of ,Ileellor, as in the former case, on behalf of such
Defence twelve who happened to be members of the
thete
nee Association, to oppose the drawing up of
order to enforce the payment of the call.
"The fruit trade during the week has been active.
by
-Kgrapes have arrived ; some parcels sold
eheeling and Hunt at public sale went at prices
meter with quality. Lisbon and Malaga
lemons lower.
stUv L
t!to arrive, Business has been done iu Barcelona
invoice price being considered safe.
on hand light Para sustain the advance in I-412, a short crop being confirmed.
Barl'he following are the current prices of bullion :
gold, ~,
778 „ a. 9d. per oz. standard ; do. parting,
orlo d. Per oz. ; doubloons, Spanish, 745. 61
oz.. -I
UO. Mexican and South American, 735. 9d.
t 0 ,;
silo
per oz, ; United States, 765. 2id. per oz. ;
arbar lver, ss. ld. per oz. standard ; do. containing
d (5 grains and upwards), 55. lid. per oz. ; dol-
iurs, Mexican, 45. 141 per oz. ; do. Spanish Caro-
cake do. ; Portuguese crowns, do. ; sfr. pieces, do. ;
silver, ss. had. per oz.
The
Ville de Paris, one of the steamers belonging
t
the CoMpagnie Generale Transatlantique, arrived
C'
Brest yesterday from New York with 192 pas-
sengers.
4, Al a meeting held at Hong Kong, Aug. 16 last,
~,t'ne second report of the directors of the Hong
"4-oug and Shanghai Banking Company was pre-
-0
a„ented, which showed a net balance of $202,396
6a• for the half-year ended June 30, after deduct-
ing all expenses, rebate of interest, amount
written off preliminary expenses, &c. From
the profits thus shown, the directors recommend a
dividend of $5 per share, equivalent to 8 per cent. per
, annum, which will absorb sloo,ooo—and of the re-
maining amount the directors purpose carrying
$66,700 to the reserve fund (which will increase it to
$100,000), and the further balance of $45,696 86e.
forward to the credit of the new account in addition
to $35,573 79c. being rebate on bills not due.
Within the Gazette week there has been a large
diminution in what used to be termed the portfolio
of the Bank of England, i.e., the amount of bills
under discount. The reserves of Bank notes and
coin have been trenched upon, because there has
been an increase in the active circulation of over a
million sterling. Annexed is an. analysis :
Active Circulation
...X24,08.6,535
tumon Increase ... 113,370
lest 133363
oCrease 16,
...
... 334,143
"' • ... ... 3,226,501
, Increase..
... 50,524
rUblia Deposits ... •••
3,392,982
Decrease 2 Br 3 217
• Other Deposits •••
18,778,523,'
6__ Increase"'
••• 1,323,850
°van Day and Other Bills : 632,234
.• •••
r,ov Increase 19,149
`-* ernment Securities• ::: 12,291,426
Other Sepcuereirjea:e ..• ••• ••• 127,617
21 244 986
N Decrease otes
904,564
Unemployed 6,044,910
The Bank
..• ••• 453,665
e Bank of France for the•
official week has
transacted more business in loans and discounts—.
a satisfactory feature, as it is indicative of extended
oPeratlons in some form. The cash has come-
gTentlY been reduced, and the amount of notes in
`aeulation is larger.
cThe directors of the St. John d'El Rey Mining
re, oall'anY (Limited) have received the following
vort, dated Morro Velho, Sept. 17, 1866 :—Pro-
", ce for August, 52,016 oitavas ; cost for do..
(1'14)472 oitavas ; profit for do., 8,583 oitavas ; pro -
days e, 10 days of September, 15,995 oitavas ; yield,
0)677 •
eitavas per ton.

Two O'CLOCK.
uay,
According to Reuter's telegram from Paris,
In to-
French Iterates were 68f. 72c.
Mincing-lane to-day there has been an ex-
trerie degree of inactiyity. The weather has not