The Sun.
London, England, 1866-10-27 00:00:00

tiONEYMARKET

AND

COMMERCIAL INTELLIGENCE,

TWELVE O'CLOCK.
With a very moderate demand for commercial
accommodation, and a considerable inflow of gold
into -the bank, the prospect of affairs, especially
monetary, is not so unfavourable. The only dis-
couraging circumstance is the high price for cotton,'
and the refusal of some of the manufacturers at
Manchester to work at full time in consequence.
Already the burden is that the rise in prices will not
admit a moderate profit, and it would appear that
in this quarter there will not be a full and regular
employment for the mill hands during the coming
winter.

Such a contingency is to be regretted more than
in one light, and it is to be hoped that the supplies
of cotton coming forward from Egypt and India
will be abundant, and that America, too, will be
able to export a larger quantity than was recently
expected, and thus render increased work for the
operatives, who will have to pay a higher price for
the staff of life in consequence of the deficiency in
our harvest. Regarding our stock of bullion in this
country it is larger than for a considerable time
past, and owing to this circumstance, as well as to
the very light demand for accommodation, it is not
improbable that in the course of the ensuing week
the official rate of discount may be lowered to 4
per cent. •During the past two days the inquiry
has been rather active, in consequence of the Indian
Bills, which became due yesterday, and the antici-
pated reduction. To-day the inquiry has been very
moderate, and the best commercial bills have again
been negotiable as low as 34 per cent.
The official liquidators of the Commercial Bank
Corporation of India and the East has issued a report
to the shareholders. It shows approximately that
the total debts on June 30 were £3,150,839, with
assets amounting to £3,332,447, leaving a probable
surplus of £181,608, subject to several possible re-
ductions for expenses, interest, &c. There is there-
fore a chance that instead of the shareholders being
called upon to sustain a deprivation of more than
their capital and reserve they may ultimately
receive a small amount back. With regard to the
payment of a dividend to the creditors the report
states :—" Since the suspension of the bank large
amounts of cash and bills have been received, and
there is every probability of a considerable dividend
being declared early in next year, especially if the
funds accumulated at Bombay are sent home in
accordance with my instructions. The claims for
dividend will, it is estimated, be reduced by sets- ,
off to the sum of £2,500,000, or thereabouts, and
the funds in the Bank of England in cash and in
bills, which will shortly be available, amount to
£750,000, and remittances are expected from
the branches, including Bombay, to the amount of
£600,000, making together £1,350,000. When
these sums can be dealt with and the claims have
been adjudicated upon, the dividend will be de-
clared. A further dividend will depend upon the
progress to be made in the realization of the assets
in China and India. Every exertion shall be used
to secure the full discharge of the liabilities at the
earliest possible date ; but, having regard to the
nature of the securities to be realized, and the large
amount of claims upon insolvent estates, the time
necessary for effecting this result cannot yet be
deficed.,,
The movements of the precious metals during the
Put week have been on a rather limited scale. The
!lllP°rts have only amounted to £203,470, includ-
ing £14,390 from New York, by the Saxonia ;
9,840 by the City of New York ; and £15,440 by
the Bremen. The Queen of Nations, from Aus-
tralia, has brought £93,000 ; the Pera, from Alex-
andria, £2,800 ; and about £68,000 in silver has
a,been received from the Continent. The exports
nave been £lO,OOO to New York, by the Fulton ;
4thnd there have been remittances to the Continent
rough private sources estimated at £190,734 ;
the total amounting to £200,734.
b The committee appointed by the six Australian
ankS (Bank of New South Wales, Bank of Aus-
tralia, Union Bank of Australia, Bank of Victoria,
'radon Chartered Bank of Australia, and Colonial
otaue of A.ustralasia) as agents in this country
t Government of Victoria (Australia) for the
negotiations
of the loan authorised for the Public
18:1,"1 Act, 29th Vic., No. 287, assented to Oct. 12,
„ )to be effected by the issue of debentures to
rate
amount of £850,000, bearing interest at the
£‘,131 6 per cent. per annum, in amounts of £lOO,
da,
u"' and £l,OOO each, secured upon the consoli-
,eued revenue of the colony of Victoria, and re-
tentcable on Jan. 1, 1891, have given notice that
,cl,lllere will be received for the entire amount of
'oe",2 o 0
colocko
at the London and Westminster Bank, up
..xt on the afternoon of Monday, Nov. 5
0
Ati e,
when
quality they will be publicly opened. In case
of tenders beyond the amount to Abe
deposit 5 per cent. on the amount of each
er must be previously paid to the London and
livstminster Bank. The debentures will carry
ered from the Ist July last, and will be de-
to the subscribers on the 30th Nov., upon
Paymen,
of the balance due thereon. The act pro-
that the loan shall be applied as follows :
tfta or the
completion of the State railways, 250,000;
rds the Works of defence necessary for the pro-
°n of the colony against invasion, £lOO,OOO ;
water
the construction of works for supplying
agricultural
to various districts in Victoria, for mining,
toi.,licaltural, and pastoral purposes, £500,000—
re The prospectus states that the
an
nu of Victoria exceed three millions per
um) and have always been sufficient for the
expenditure,vis which includes annually a large pro-
thell for public works calculated to develope
rail great natural resources of the colony. The
are ways, for the completion of which £250,000
trequired, are already producing 4+ per cent.
fohe cost of their construction, after paying all
urworking expenses, which include full provision
Maintaining the permanent way and rolling
stock,, in the highest state of efficiency. It is con-
ntly expected that in three years the railways
wlll return, over and above working expenses, the
hole amount of the interest of 6 per cent. paid for
: money borrowed for their construction. The
4111 of £830,000 has been from time to time ex-
Pended from the ordinary resources of the colony in
the, creation and maintenance of works of defence.
II has been determined by the Legislature that the
Very large amount of property at stake requires
that the harbour defences of Melbourne shall be
Complteonapleted, and £lOO,OOO are required towards
eted,
object. The climate and soil of Victoria
are fit for the production of all that can be
Profitably grown in Southern Europe, but a regular
aikiply of water is essential for the development
- e of the agricultural, mining, and pastoral re-
sources of the country, and for this £500,000 are
r,eq,:ired• The city of Melbourne and its suburbs
f—e supplied with water from a reservoir constructed
toa',r the purpose, and although the work was under-
nen at a time when labour was dearest, it returns
8 per cent. on the original outlay.
The sum of £48,000 in gold was taken to the
Bank yesterday, including 37,000 sovereigns.

Accordingo'CLocK. to Reuter telegram from Paris to-day
French euer
Rentes were 69f. 10e.
he settlement of the account in the foreign
'ends and shares of all classes having commenced
theu amount of business negotiated at the Stock Ex-
change has to a large extent been merely of a formal
character. Very few new engagements have been
Opened, except in connection with the account now
terminating. The rates charged for "carrying over"
Contola
re not heavy, owing to the abundance of money.
remain particularly firm at 891 1 for
money, and 89i for the account. The New Threes
and Reduced Annuities remain steady, and have
each been dealt in at 87i ; Exchequer Bills re-
in at par, to 4s. prem. ; Bank Stock is steady at
244, and the 5 per Cent. Indian Loan at 106 i.
The Foreign and Colonial lines are in very limited
request, and showed little variation of importance.
Fast Indian are marked 1031 ; Great Indian Pen-
nsula, 1061 ; Madras 5 per Cents., 1001 101; and
Great Western of Canada, 1211 i•