The Sun.
London, England, 1868-01-14 00:00:00

MONEY MARKET

AND

COMMERCIAL INTELLIGENtYtt

Crry, Trro O'CLOCK.

The Stock Markets are inactive, but the tone has
been good, though the best prices have not so far
been fully maintained. The Funds advanced a point,
but they have since relapsed to the opening price
without being sensibly weaker. Railways have fol-
lowed much the same course. They arc not so good
as at the opening, but better than yesterday
without any activity beyond that connected with
the settlement. In the Foreign market the princi-
pal feature is a decline in American securities.

Money is in abundant supply both in the open
market and in the Stock Exchange. It is hardly
possible to lend money. The terms for the best
bills may be quoted at to 4 per cent.
Consols opened firm, at an improvement of /, but
have since returned to yesterday's price, at 921 to
921 for money and account. New and Reduced
Three per Cents., 921 to 92/ ; India Five per
Cents., 111 to 1111 ; Bank Stock, 240 to 242 ;
Exchequer Bills, 225. to 275. prem.
The demand for Foreign Stock keeps up.
Turkish (1865) are I better, at 30f to 301; New
Spanish 1, at 341 to 351 ; and Mexican 1, at 151
to 151 ; Greek show no change, at 12 to 121 ;
Italian (1861), 42 to 421 ; Egyptian Railway Loan,
90 to 91; Brazilian (1865), 75 to 76 ; and Portu-
guese Scrip, 11 to 4 prem.
American Securities are flat. United States
Five-Twenty Bonds are lower, at 71/ to 711;
Erie Railway and Illinois, each 1 worse, the former
being quoted as 49 to 50, and .the latter at 871 to
88/.

Atlantic and Great Western Railway Debentures
have receded 1, to 24 26, and the Consolidated
Mortgage Bonds I, to 22 23.
Railways opened much firmer upon the scarcity
of Stock for the settlement. There is now a rise of
lin Great Northern, at 106 to 107 ; of I in Cale-
donian, at 73 to 731 ; of 1 in Sheffield, at 43* to
41 ; and Metropolitan, at 115 to 1151 ; of s in
London and North Western, at 114 to 1141 ; of
4in Midland, at 103 to 1031; and 4in South-
Eastern, at 67 to 671; in Great Western, at 45 to
451 ; and in Chatham, at 18 ito 181. Lancashire
and Yorkshire are quoted 122* to 123 ; Great
Northern A, 1061 to 1071 ; and Brighton, 48
to 484.
Upon the arrival of an official report of the con-
flagration at the St. John del Rey mines, the com-
pany's shares have declined to about 33, making
the total fall on this account no less than £24 per
share. The manager reports the fire to have been
very serious, but the extent of the mischief cannot
Yet be ascertained. The whole staff of miners are
now at work clearing the mine.
Bank Shares continue to decline. London and
County are £1 lower, at 511 to 521 ; and Union
of London, at 32 to 33 ; and London and Joint
Stock, at 34 to 35, are 10s. lower. Alliance, 14 to
12 discount ; Metropolitan, 64 to 74 ; and Imperial,
18 to 19.
Atlantic Telegraph Preference shares are quoted
prem.

CITY, TWELVE O'CLOCK.

yesterday £12,000 in coin received from Lisbon
Was sent into the Bank. The following remarks upon
the prospects of the bullion market are from Messrs.
79uatta and Goldsmid :—" The inactivity in all de-
re—Ptions of silver still continues, and the prices
m
ain without alteration, the only demand being for
;the Continent. The low state of the Indian exchanges_
induces many people to anticipate importations of
silver from the East, but there must be a further
decline of about 3 per cent. before such shipments can
be profitable. The arrivals of gold from America and
i
Australia have been on a large scale ;
Or two unimportant exceptions, the whbut, with ono
whole has been
purchased for exportation, and there is still a fair
!demand. The quotation of Exchange from New York,
owever, is gradually declining, so that it is possible
that importations from that quarter may shortly
cease."
The Hermann has arrived from New York with
X 230,500 in specie for this country, and the City of
tendon with £236,400 in specie. Tho Atrato, from
the West Indies, brings £92,206 in specie. The
°trathdon has arrived from New South Wales in 88
`Late with £12,828 in gold.
The report of the Metropolitan B, auk (Limited)
-tates after making provision for bad and doubtful
debts, for interest paid to customers, as well as rebate
and current expenses, the profit and loss account
exhibits a balance of £12,392 6s 6d. (out of which an in-
terita
dividend atgthe rate of 5 per cent, per annum
was paid to 30th June last), a result which, consider-
-I,ng the low rates of interest during the last year, will,
is hoped, be deemed satisfactory. The directors
recommend that a dividend at the rate of 5 per cent
per annum (free of income tax) be declared, leaving
;t2,392 Gs Gd to be carried to the credit of profit and
less new account.
The directors of the International Financial Society
nave issued their report. The accounts show an
available total of £45,118, out of which the directors
recommend a dividend at the rate of 5 per cent. per
annum free of income tax. Half of this having been
paid by Way of interim interest in July last, the divi-
adend_ now payable will be 2s 6d per share. This,
_alter providing for the necessary amount to be car !d
.r 4, e
the reserve fund, in conformity with Clause 25 of
tarticles of association, will leave a balance of
,▪
u,854 to be carried forward to the next account?.
directors have also decided upon recommending
:Ciety to
to the shareholders the reduction of the capital of the
torthis £1,500,000 in £150,000 shares at £lO
each, with £5 paid thereon, and special resolutions
purpose will be submitted to the shareholders
after the termination of the ordinary business of the
keeting.
_ The half-yearly meeting of the Herne Bay, Hamp-
T'ocon) and Reculver Oyster Fishery Company has been
have for the 31st inst. ; and the Oyster Company
ed.called their meeting for the same day, to receive
the . directors' report ancrstatement of accounts.
special general meeting of the New Zealand
utst and Loan Company will be held on the 22nd
s_., for the purpose of declaring an interim dividend.
The following is the report of the directors of the
Manchester and County Bank (Limited), to be pre-
sented at the half-yearly meeting, on Friday, the
24th of January :—" Including the balance of £4,156
4s 2d brought forward from the! previous half-yet,r,
there is now a net profit r,PL £41,393 5s lld to be
appropriated. Of this
. amount the directors propose
add £l5,
will thus be Th') to the reserve fund, which
raised to £120,000---to pay the usual
dividend, at the rate of 8 per cent. per annum, which
together with the income tax, will absorb £15,203
12s---and to carry forward £1,189 13s lld to profit
and loss account of the present half-year. In order
to make the paid-up capital of the bank an even
amount 0f.£600,000, one hundred and one shares have
been sold at a premium of £3 per share, being the
market price of the day. The general business of the
bank continues to increase ; and during the half-year
a sub-branch has been opened at Colne.
The ordinary general meeting of the Nortn
Western Bank has been called for the 28th inst., to
transact the ordinary business of the company.
'The directors of the Birmingham Financial Com-
pany recommend a dividend of 10 per cent. per
annum leaving a balance of £1,155 to be carried
forward.
The report of the Victoria (London) Mining Com-
pany states that the directors are not able to declare a
dividend for the past half-year, but, on the other
band, to meet the existing liabilities, they have made
a call of ls. per share, payable by the 10th of Feb-
ruary.
A. Stock Exchange has been opened at Liege. The
new Belgian law providing freedom in trade as to
brokers has come into operation, and Brussels is now
1 free market. the same as London, Frankfort, Am-
sterdam, and Geneva. The rules of the Brussels
Stock Exchange have been entirely revised with this
view.

ducThe Hungarian Loan is not expected to be intro-
in Paris before the 20th or the 22d inst., and
it seems likely to meet with a favourable reception,
both from the Bourse and from the public. It is
estimated that 100,000 obligations out of the number
into which the loan will be divided have been sub-
scribed in Hungary itself by anticipation. The excel-
lent harvest of last year has made money abundant
there. Hungary will probably take one-seventh of
the whole number of obligations.
The following are the rates of backwariation ana
olthicontinuation current for the fortnightly settlement
ch closes to-morrow. They show that the scarcity
of Railway Stocks increase :
Caledonian Railway ... -a to i back, closing i toll. back.
Cheat Eastern ... ... even to 1.16 contango, closing
1-16 to A.
•.. A ton contango.
.. A back to A contango, closing
1-16 to 3-16 contango.
Leeds Stock
London and N.
••• ••• Ato A back, closing Ato back.
Western... even to a contango, closing 1-16
great W to 3.16 back.
Western ..; :.. 1-16 to 3.16 do.
tilidltuul , ,
. siA etel to A bank, closing i to I
__, IL,.
...__

Great Northern ...
Ditto A..,,