The Sun.
London, England, 1866-11-19 00:00:00

?IIONEY MARKET

AND

COMMEROLU NTELLI.I3 :4'; N t;

TWELVE O'CLOCK.
The Money Market is quiet, with a very mode-
rate demand on all kinds of paper. A few transac-
tions have taken place in best three months' bills
at 31 per cent., and in special cases per cent.
lower.
It is gratifying to be able to state that the heavy
Indian and Australian payments which had to be
met on Saturday led to no embarrassment,
ample provision having been made under .the
favourable influence of the satisfactory condition of
credit and the easiness and abundance of money.
The suspension has been announced of Messrs.
Ormerod, Jervis, and Thomson, of Manchester,
commission agents and manufacturers, with large
liabilities. It is stated that their embarrassments
are caused by large speculative transactions in no
way connected with their regular business.
The sum of £48,000 in sovereigns was taken to
the Bank of England on Saturday.
The reports from the various manufacturing dis-
tricts for the past week represent that business ge-
nerally has been very dull. Cloths and yarns at
Manchesterhave furtherdeclined, and manufacturers
are adopting the short-time system. In the woollen
trade of Leeds, Bradford, and Huddersfield there
his been a very limited demand, particularly for
,spring goods. At Leicester and Nottingham there
has been only a moderate inquiry for lace and
hosiery goods, at barely previous prices, while in
the hardware districts of Birmingham, Sheffield, and
'Wolverhampton, no change of importance has taken
place in the general aspect of affairs.
A NEW RUSSIAN LOAN.
Messrs. Baring Brothers and Co., London, and
Messrs. Hope and Co., Amsterdam, have just
issued the following prospectus :
RUSSIAN ANGLO-DUTCH 5 PER CENT. LOAN FOR £6,000,000
OR FLORINS 70,800,000 STOCK.
Messrs. Baring Brothers and Co., of London, and Messrs.
,n1)0 and C0.,0f Amsterdam, beg to announce that in con-
rormity with an ukase of his Majesty the Emperor of
Russia, and with the instructions of his Excellency the
Minister of Finance, they will receive applications for the
loan therein authorised for £6,000,000 or 7 0,800,000
florins of Stock bearing s.per cent. interest, on the follow-
ing terms and conditions:—Bonds in due form executed
in St. Petersburg will be issued in sums of £lOO or 1,18011.,
and £B4 15s. sterling, or 1,00011., with twenty half-yearly
dividend warrants payable Ist April and Ist October, new
style, of each year, at the counting houses of Messrs. Bar-
ing Brothers and Co., London, and Messrs. Hope and Co.,
Amsterdam, and with an authorisation to claim fresh divi-
dend warrants without charge. The half-yearly dividend
warrants will be respectively for £2 10s. or 29.5011. on
ea ell bond of £lOO or 1,18011. ; and for £2 2s. 6d.
or 258. on each bond of £B4 15s. or 1,00011.
The amount of the bonds will be also reimbursed without
charge or deduction, either in London in pounds sterling,
or in Amsterdam in florins, at the offices of the above-
mentioned fir.ns, at the choice of the holders. A sinking
fund of one per cent. on the principal will commence on
Ist October, 1868, and be applied annually (together with
the interest on all bonds paid off) towards the reimburse-
Ment of this loan at par. This reimbursement will thus
be
„ Completed in 37 years from its commencement, and
'un bonds thus destined to be paid off at par will be
annually drawn by lottery, and the amount canbe received
'"at October of each year either in London or Amsterdam.
'be bonds: will bear interest from Ist October, 1866, and
t)he Payments in London will be as follows :—On £lOO
ds £lO to be paid two days after allotment to Messrs.
7 din and Co., Lombard-street ; £l5 on 15th January,
867 ; £lO on 15th February ; £lO on 15th March ; £l5
on loth April ; £lO on 14th June; £lO on 16th July ; £6
°,15 15th August, less the half-yearly coupon ; total, £B6.
`-'ll £84155. bonds, £Blos. to be paid two days after allot-
trtent to Messrs. Martin and Co., Lombard-street ; £l2 10s.
°II loth January, 1867 ; 10s. on 15th February,
£8 10s. on 15th March, £l2s. 10s. on 15th April (less the
41
-,1,f-Yearly coupon), £8 10s. on 16th July, £5 7s. 6d. on
• °‘a August—£72 17s. 6d. The failure to pay all the
instalments forfeits all previous payments. Subscribers
a3r pay up all or any instalments under discount of the
13e9tive maturities at the rate of 5 per cent. per annum.
Scrip receipts will be delivered with as little delay as pos-
-B'hie) on production of the bankers' receipt of
PaStnent of the instalments, and the bonds will be issued
With the least po3sible delay.
In the general business of the port of London
lagt week less animation prevailed. At the Custom-
!louse 164 vessels were reported as having arrived
from
foreign ports, and there were two from Ire-
and. The entries outwards comprised 120 vessels,
and those cleared were 117, 15 of which were dis-
patched in ballast. The departures for the Aus-
,traliall colonies have been 4 vessels, viz., 1 to Syd-
'ey, of 735 tons ; 2 to Port-Phillip, of 1,985 tons ;
and 1 to New Zealand, of 57 tons ; the total ton-
t,e amounting to 2,777.
The committee of debenture holders of the Lon-
rn, Chatham, and Dover Railway have issued the
`°llotving
" The circulaF issued this (Saturday) afternoon by the
directors of the, London, Chatham, and Dover Railway,
pro
P°Sing a scheme for postponing the claims of the de-
benture holders, and creating a debt in priority over their
t'deatbentures, contains a proposition so fraught with danger
hat t
committee advise all debenture holders to
with-
ld their assent thereto. During the last session of Par-
-I)llient somewhat similar scheme to raise money was
_r3tght before the Legislature, and rejected as an impro-
rcr interference with the vested rights and interests of
'e debenture holders.

"R. HODGSON, Chairman."

Two O'CLOCK.
A stormy meeting is now in progress of the share-
holders of the Bank of Hindustan, China, and
Japan, Limited. The following is the report of the
The
on the balance-sheet of 30th June, 1866
-the report of the auditors on the balance-sheet
rates they have to report a very large estimate of
These
at the head office and several other branches.
titeSe losses have for the most part been made at
n°llll3aY, Calcutta, and China Branches, and
14PPear to us to have occurred from the most reckless
raa'sagement and in some cases an almost total dis-
regard of the established rules of the bank, and in op-
ritinn to the special instructions of the head office.
br°lll the latest returns received from the several
a:afehes, together with the report of Mr. Stewart,
ofd explanations from the general manager and
uther officers of the Bank, we believe we have
arrived as nearly as possible at a correct statement
of the P
torobable loss, which we estimate will amount
2,, about £713,404 beyond the sum of £87,794 ls.
~!,`. Written off the reserve fund of December, 1865.
Is,'!le capital account of the Bank under this estimate
e:fl! stand as follows, viz.:—Paid up, £892,247 ;
balance
value of £26,753 calls in arrear, £15,000;
Deduct
of reserve fund, £20,605 ; total, £927,852.
ed.tint estimated loss as above, £713,404 ; balance
henaainin-,
g £214,448. Among the loans due to the
0;444 office there are several amounts due from some
the directors, in all about £5,000, and a further
44
of about £16,000, the liability to which on the
v
part of some of the first directors and others is dis-
t_ 'ecl, but the matter has been agreed to be referred
‘ arbitration"

QUARTER-PAST Two.
tiate,,e'rdino• to Reuter's telegram, the French Rentes
No
were 69f. 25c.
'"bo further change in the Funds.
Russian New Loan firm.
trench Funds 10c. lower.
i„ The Hindustan, China, and Japaft meeting was
i" a state of confusion. The discussion is expected
last for some hours.
BtFather less firmness is apparent in the English
Theelt Market, Consols having gone back * per cent.
e Russian Loan—likely to become a favourite
e um , of speculation for a time—induced no doubt
sales that have caused this fractional change.
()E't of the accounts open must carry a large pro-
cesafter the recent advance, and some of the suc-
ae Fifel operators have thought it expedient to realise
transfer
ew edinglY• The latest quotations are 901 1 for
, and 841, less div. for the 6th prox. The
Threes and the Reduced Annuities are
iitlar.ked
, 871 88 ; Exchequer Bills, ls. to ss. prem. ;
The 5 per Cents., 1041 ; Enfaced ditto 1001.
tho ue Poreign Market has not been very active,
numerous dealings have taken place in
ebghYPtian, Peruvian, and Turkish, at considerably
Me enhancers,
Prices. Turkish 5 per Cents are 341 ;
214 22 17i 1; Greek, 13,1 14+ ; Spanish Passive,
Gover
; the Certificates, 14* 1 ; and Italian 544-
-t4en to 863 nment a R ilway Debentures have
6 Per 62 ; Peruvian to 7%1 and Turkish
tCents., 1862, 60.
usiness ill the Railwi 61
ay Share Market has re-