The Sun.
London, England, 1866-03-06 00:00:00

MONEY MARKET

AND
COMMERCIAL IN TELLIGESOE,

TWELVE O'CLOCK.
The Discount Market remains in o, rather active
but easier condition. The supply of floating capital
continues to increase, and the rate fractionally
So descend. First-class bills are now negotiable at
per cent., and in exceptional cases at 6fr per
Cent.

The sum of £16,000 in gold was taken to the
Bank of England yesterday.
At the annual general meeting to-day of the
shareholders of the Commercial Union Assurance
eorapany, the directors recomended a dividend at
the rate of 71 per cent. per annum, free of income
tax.i A. bill has been presented to Parliament for
e purpose of enabling the Commercial Union to
take over the business of the Argus Life Office, on
terms which, after long negotiation, as considered
to be mutually advantageous.
Business in the Foreign and Colonial Produce
41arkets during the last few days has continued
rather animated. In tea, however, the operations
have been deferred until the public sales, which
eernmence to-day. Sugars have been in fair re-
(Peat at steady prices, while superior qualities of
c'effee have brought enhanced prices. Rice has re-
mained inactive, but a large business has been done
hi tallow at higher rates for both present and for-
Ward delivery.
The letters of allotment for the new Chilian loan
W„ere posted last evening. Those parties whose ap-
Pueations could not be entertained on account of
the extraordinary large number of subscriptions will
not receive any notification.
A prospectus has been issued of the Anglo-
'4-elerican Telegraph Company, with a capital of
£600,000, in shares of £lO each. This company has
course established for the purpose of executing in the
of the present year the great enterprise of
~ying a submarine cable between Ireland and New-
,eandland, so as to connect telegraphically the Old
IlV,d°rld and the New, and to raise the cable partially
last year, in order to complete a second
line to America. The circumstances attending the
increased
attempts to carry out this work have greatly
lereased the confidence of all those who have
been; engaged in it, and they are convinced that this
renewed effort will be attended with success.
e whole length of 1,212 nautical miles of cable
aid from the Great Eastern in July last continues
Pr!..eet) according to the daily reports of the elec-
tie'lle in charge at Valentia ; and the observa-
cells taken by Captain James Anderson, of the
Atreat Eastern, and Staff Commander Henry A.
theriarty, R.N., have determined the position of
C e broken end with the utmost accuracy. Mr.
laallt fling and the other engineers engaged in the
iexpedition are confident that with the
vanidhery and tackle now being prepared, they
i,
be able to raise the cable and complete the
to Newfoundland. The 1,070 nautical miles of
cable, Which has remained on board the Great
in
Eastern since August last, is certified to be
perfect condition as when it was shipped.
endaa er arrangethents with the Atlantic Telegraph
eel? InPanY this company will be entitled to re-
hive £125,000 per annum out of the earnings
cern the working of the Atlantic Telegraph
titel,nlPanY's lines ; and they will also be en-
'Ned to receive £25,000 per annum from the
eevf York, Newfoundland, and London- Telegraph
fo!tilPany, out of the earnings of that company
t' through. messages. The old company can
hereise the fight of cancelling the agreement on
thPayment of £1,200,000, which will be double
te amount of the capital of the new company.
en he event of this occurence taking place the new
b°,,4ll;anY will be dissolved, and the funds distri-
"n4 among the shareholders. The Telegraph
rnenstruction and Maintenance Company will
acatinfacture the new cable and undertake the
b,,tnal execution of the work contracted for
et; the company, as above stated (up to the
'en. leg of the Atlantic Telegraph lines for public
to„inese), for a total sum of £600,000, with a
ce4-18) to be provided by the Atlantic Telegraph
panniNhY under their agreement with this corn-
Tel3r' of £137,140 in ordinary shares of the Atlantic
i42egralcal Company, payable by instalments, extend-
-1311;.er 14 months, in case the cable of last year is
orC,evBefully completed, and continues in working
of-1 during that period. Everyone must wish suc-
t° the undertaking, whether it be on account
oral a triumph of science over difficulties that can
effort be surmounted by skilful and persevering
Iteertte, or as a link in the great chain that will con-
e 6 the Old and the New World, it is hoped, in
amity, as well as being the means of extending
Amf7,nreial• operations between this country and
ausrLea• The operation is introduced under the
ces of Messrs. J. S. Morgan and Co.
an i„,,enra• Robert Benson and Co. have announced
ateo'lle of Bonds at the rate of 7 per cent., to the
one 44 of £780,000, for the purpose of completing
aerosef the important links in the railway system
Atiahe,,the American Continent to connect the
the fir and Pacific coasts. The Bonds are for
Nva,. :Let division of the St. Paul and Pacific Rail-
?nutroll
, gh the State of Minnesota, and will be
140-a of $l,OOO (£200), at a price equal to
e. 1.
4-uter at lug, thus giving a certain 10 per cent.
ella's', Which will be increased as the sinking
arat
ine°reee into operation. The security of this
eeniha °rtgage is the whole line and lands of the
eight nY, and the latter is considered to be worth
The
ildollars an acre, of which there are 512,000.
and Will be also taken in payment of land,
(4are
4 redeemable at the fixed rate of 4s. per
aThe interest is to be paid in London or
quee :I*, at the option of the holder. The pro-
red: all the land sales is to be applied to the
-11,01t,13,,t,ien of the Bonds. Lists aro opened in
be 00;4111, Rotterdam, and London, which will
y .
cd on Saturda next

Two o'CLocx
Three ding to Reuter's telegram the French
4:ienaeatri. Cent. Rentes were quoted at G9f. 82c.
dull The
market for English Stocks has been very
siO4. 7ad quotations have generally shown depres-
i4 th o further alteration, however, has occurred
for a Price of Consols, which are now quoted 861 I
ThtiZtleY and the-Bth inst., and 87 for April.
(14eaew Three per Cents. are 84i- 84, and Re:
ex
.I‘.` Annuities, ; ditto Annuities 1885, 13i
..41r* Bank of England Stock, 248* ; India