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

MONEY MARKET

AND
COMMEROIiL INTELLIGENCE,

TWELVE O'CLOCK.
REDUCTION OF BANK RATE.
• The minimum rate of discount is now 3} per
cent., the directors of the Bank of England having
Shortly after noon announced the change in their
official 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'
bilious, because their masters have not full employ-
ment 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 circumstances, 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
National Discount Company, Limited. The com-
pany is now allowing the following rates for money
on deposit, viz : -2f per cent. per annum, repayable
on demand ; 24 per cent. per annum, repayable at
7 days' notice ; and 2,1 per cent. per annum, repay-
able at 14 days' notice.
The Massilia has arrived from Alexandria with
£516,729, 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 followingis the resolution :-
"Resolved,-That the report of the directors now read
he received and adopted ; and that the sanction of the corn-
Patty 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'
and Robert Jackson Butler, of the same place, gentleman,
be appointed liquidator; 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,
Called The General Credit and Discount Company, Limited,
has been 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-
eluding the 2s. per share already paid, in respect of the year
ending 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
Ineaus of a credit of .£7 10s. per share on 200,000 shares in
the new company, which shares are to be allotted to
er for the benefit of this company) that the pro-
Posed transfer be and the same is hereby approved ;
and that an authority be and the same is hereby conferred
on the liquidators of this company to accept, in com-
pensation for such transfer, 200,000 shares in the
said new company, each credtted with .£7 10s. as
Paid up thereon, for the purpose of distribution
amongst the members of this company ; and that
the purchase-money for the shares of the dissentient
Inenabers, 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
in case they had not dissented ; and, in case of these prov-
ing insufficient, then by a sale of some portion of the assets
of this company."
The last week's Railway receipts, ascertained up
to this day, are in round figures as under :-
1866. 1865.
Great Western 71,379 70,429
North Western 119,018 118,490
tBoriugtihitTstern 22,059 22,056
19,820 17,858
Ilia and
South Eastern 21,907 20,830
~Great Northern
'-'ancashire and Yorkshire 41,153 39,846
tristol and Exeter 6,891 6,419
North .Eastern 68,789 69,176
Manchester, Sheffield, and Lincoln 21,261 20,114
Gent Eastern
London,
and South Western
4-aindon, Chatham, and Dover 8,447 7,839
These returns, when compared with those
of the corresponding period of last year, are in
Most instances of a favourable character. On the
Great Western there is an increase of £950,
on 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
of £4,483 ; on the Lancashire and Yorkshire of
4,307, on the Bristol and Exeter of £472, on the
kauchester, Sheffield, and Lincoln of £1,147,
and on the London, Chatham, and Dover of £5BB ;
While the Midland shows a decrease of £2,602, the
North Eastern of £387, and the Glasgow and South
Western of £699.
The shares of the Belgian Public Works Coin-
Puny are steady at I prem.
Another small parcel of gold, viz., £5,000, was
taken yesterday to the bullion office of the Bank of
England.
The movements during the Gazette week have
been insignificant, the amount received being
£27,0e0, 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
Ilamburg.
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
rninimum will receive in full.
In Birmingham, a meeting was held yesterday of
the creditors of Mr. John Jones, of Birchhills, and
of the Spring Vale Ironworks, Wolverhampton,
Who failed in the early part of the year 1865. It
, Was anticipated at the time that the estate would
realise 20s. in the pound. Mr. Edward Dixon,
Chairman of the Staffordshire and Wolverhampton
Banking Company, presided. A proposition was
blade on behalf of Mr. Jones to pay ss. in the
rund by annual instalments of £lO,OOO. After
°rig deliberation this proposition was accepted,
tihhough a considerable number of creditors refused
to vote. Before the acceptance of the proposition
a report was laid before the meeting by the coin-
nlittee of investigation to the effect that they had
been unable to obtain any satisfactory account of a
transaction with the Commercial Union Life Insur-
ance Company, and also with regard to two Chan-
cery suits.
The committee of the Stock Exchange have ar-
• ved at a very sensible decision upon the subject of
"31r. Watkin's reported failure, and the assumed
connexion of the rumour with the house. Far too
much has been made of the affair, and credit is due
to the executive for the pains they have taken in
elucidating the matter. The committee have ad-
tiressed the following letter to Mr. Watkin :-
Committee-room, Stock Exchange,
Loudon, Dec. 19, 1866.
Sir,-Your letter of the 15th instant, calling upon the
committee of the Stock Exchange to trace out the real
.author of a rumour to your prejudice which was in circu-
taation on Friday last, has been laid before my colleagues,
nd has occupied their attention during the greater part of
9their three last sittings. The explanations given by Mr.
irisewood were entirely satisfactory to the committee.
'Jae telegram forwarded by him to his agents in Manches-
ter Was sent in cypher, and contained a strictly confiden-
tial
inquiry as to the truth of the rumour, and he did his
I„ttinost to circulate the contradiction as soon as received.
In following up the investigation the committee have been
Prevented, by the vague and general character of the evi
,enee, from tracing the rumour in a tangible shape to any
~.."I.ber of the Stock Exchange. Although, however, the
iluorry of the committee has been ineffectual for this pur-
l_ they cannot, in justice to their fellow-members, re-
e"ty.,,ain from stating that the evidence adduced as to the
actor and amount of business done, far from support-
tscompletely disproves the existence in the London
market of any systematic or concerted plan to depress the
to Value of South-Eastern stock, as asserted in your circular
the shareholders. The depreciation which has so long
sad so
seriously affected all securities may be attributed
11,1'nr greater justice to the uneasiness of the public, and the
cliLt:_osNsaut of confidence occasioned by the disasters and
s tires of the last few months. I beg, in conclusion,