The Sun.
London, England, 1868-02-28 00:00:00

MONEY MARKET'

AND

COBIMEROIAL INTELLIGENOR,

CITY, Two o'CLocl.

The weekly return of the Bank of England shows
an increase in its resources, and a considerable acces-
sion of strength in bullion and reserve, though the
outside demand for money has reduced the amount of
its private deposits. Tho addition to the bullion is
explained by the abatement in the continental demand,
and the additions to the reserve mainly by the in-
crease in the public deposits. The circulation has
diminished a little, but it is still high, so that the
public are still holding large supplies of money within
their immediate control, and consequently they have
been Able to redeem a further amount of securities.
The amount of private securities now held by the
Lank is only a fraction over .016,200,000. The
following are the principal changes since the preceding
return :
Decrease in Circulation
Increase in Publio Deposits
Decrease in other Deposits
Decrease in Government Securities 200.000
Decrease in other Securities . 59.841
Increase in Bullion
Decrease in Rest 19,807
Increase in Poserve
Bullion in both Departments .....21,349,789
Reserve of Notes and Coin 13,231,939
Circulation, k.nluding Bank Post Bille 23,666,244

The return of paid clearing, for the week ending
IVednesday, Feb. 2G, as certified by Mr. J. C.
Pocock, deputy-inspector, is as follows :--

Feb. 20, Thursday £7,779,000
Feb. 21, Friday
Feb. 22, Saturday
Feb. 24, Monday 8,736,000
Feb. 25, Tuesday 10,916,000
Feb. 26, Wednesday ......

Total £54,046,000

This return is not affected by any settlements on
the Stock Exchange or by any special bill day in
foreign trade. It, therefore, represents an average
clearing in the inland trade exclusively ; and in this
respect the aggregate shows no material variations
from the preceding weeks in the current year when
Aimilar conditions occurred.
The shipments of Australian gold during the month
of January from Melbourne amounted to £93,000,
making the total uow known to be at sea for this
country £195,000.
The money market is more active in all directions.
The dividends in the course of payment have had the
effect of limiting the supply, and the rate for the best
bills is 1 per cent. In the Stock Exchange money is
in demand, partly owing to a payment of 70 per cent.
falling due to-morrow on the Russian Railway Loan,
find advances on Consols are charged 1i per cent.
The failure is reported this morning of two Stock
Exchange operators, who had large speculative ac-
counts open in railways.
Corn is quiet, at previous rates.
Consols are quiet at 921- to 93 for money and
account ; New and Reduced Three per Cents., 93i
to 93 ; India Five per Cents., 112 to 112 r ; Bank
Stock, 249 to 251 ; Exchequer sills, lls to 15s prem.
The Foreign Stock Market is dull, at the following
:—Mexican, 15* to 151 ; Greek, 12k to 121 ;
New Spanish, 352 to 361; Italian, 45 to 45f ;
Turkish, 32i to 3211 ; Brazilian (1865), 74 to 75 ;
Peruvian, (1865), 75i to 76i ; Russian (1862), 84
to 85 ; Portuguese Scrip, to prem. ; Egyptian
(1864), 86 to 87 ; ditto, Railway Loan, 90 to 91-1- ;
Viceroy's Seven per Cents., 7.4 to 74 ; and the Nine
Per Cents., 884 to 89.

The New Honduras Loan is steady at 1 to 14 prem.
In American Securities, United States 5-20 Bonds
are lower, at 71# to 71#. Erie Railroad is -5 better,
at 44 to 45. Illinois steady at 87-5 to 885.
Atlantic and Great Western Railway Debentures
have risen f, to 26 to 24, and the Consolidated Mort-
gage Bonds, *, to 255 to 26.
English Railways are steady at last night's prices.
Lancashire and Yorkshire, 1251 to 1264 ex. div. ;
Midland, 1051 to 106* ex. div. ; South Eastern, 72
to 72k ex. div. ; London and North Western, 116 to
1165 ex .div. ; Great Northern A, 104 to 1045 ex
div. ; Sheffield, 414 to 411 ; Brighton, 46 to 465 ;
Great EaStern, 291 to 304 ; Great Western, 455 to
46 ; Caledonian, 835 to 845 ; Metropolitan, 110 to
110 ex div. ; and Chatham, IE4 to 19.
In foreign. railways the only change is an advance
of 4 in Lombardo-Venetian, which are quoted at 151
to 15#.
The dealings in Bank Shares are merely nominal,
and not a single variation has taken place in prices :
--Agra (A Shares) 105 to 11 ; Alliance, 135 to 125
dis• ; Consolidated, # to # prem. ex div. ;
165 to 175 ; Imperial Ottoman, # to 5 dis. ; London
and Westminster, 675 to 68)s ; Oriental, 42 to 43 ;
London Joint Stock, 33 to 34 ; Union of London,
.33i to 34.

Iu Fitlalice Shares there is nothing doing. General
Credit, 27; to 3i ; International Finance, 21 to 11
dig.; London Finance, 24 to 23 dis. ; National .Dis-
count, 10. f to 11*.
Miscellaneous Securities meet with little attention,
and prices are without movement. Anglo-American
Telegraph, 191 to 19A- ex div. ; Atlantic Telegraph,
8 per cent., 51 to 5 ; Hudson's Bay, 14i to 141 ;
London General Omnibus, 1 to 2.
The traffic receipts of the Great Central of Belgium
Railway for the week ending the 28th ult, amounted
to £9,067 9s 2d, comparing with £7,434 8s 9d in the
corresponding period of last year. The mileage has,
however, increased from 285 to 343 miles.
Eleven thousand sovereigns were yesterday with-
drawn from the Bank for export to Alexandria.
The suspension was announced yesterday of
Messrs. Murcott, Wright, and Co. of Lanesfield
Ironworks, Spring Vale, near Wolverhampton.
The establishment consists of forty furnaces and six
The liabilities are estimated at £27,000,
and the assets at £ll,OOO. The firm did a large
trade with Liverpool. Creditors representing £B,OOO
recommend that the estate should. be wound up with
all reasonable despatch, and the proceeds divided
Its realised by inspectors to be appointed. This
course is recommended because in the assets was
included a variety of items amounting to a con-
siderable sum which, in the event of bankruptcy or
anassignment to trustees, it may be difficult, if not
impossible, to secure for the creditors." The sus-
pension is attributed to losses by breakages of
nutchinery, the works being old, and 'to bad debts.
Some £B,OOO or £lO,OOO has gone in repairs, and the
bad debts are about £5,000.
The ordinary general meeting of lleuter's Telegram
Company has been convened for the 18th March, to
receive the director's report and to declare a dividend.
A special general meeting of the shareholders of the
Atlantic Telegraph Company has been called for the
Kith March, for the purpose of increasing the capital
of the company by a sum of £1,300,000, and to
attach to such new capital a preferential dividend of
10 per cent. per annum, and in adt7itiou thereto parti-
cipation in the surplus profits.
At the meeting yesterday of the Prince of Wales
Mine a dividend of is per share was declared.
It is reported again that a new emission of bonds
and obligations is contemplated by the directors of
the Lombardo-Venetian Railway to the extent of
100,0(10,000 francs, or £4,000,000 sterling.
Madrid telegrams, dated yesterday, the 26th inst.,
state that the new Minister of Finance, M. Sanchez
Ocana, is preparing a bill for the establishment of a
Land or foncier bank. It is now stated that M.
rr6lny 'will be at the head of this proposed
institution ; and documents have been published
to show that its establishment is of the first
necessity to the interests of Spain. Even
upon properties yielding large revenues and
without incumbrances it is hardly possible for the
Proprietors to obtain loans except upon onerous and
usurious conditions. From ten to twenty per cent.
are often paid for short loans by needy landowners,
Yet notwithstanding these hard terms the landed
mortgage debt, which in Spain is always registered,
,very great. An official return made up. to the
end
a sterling, 1865 states the aggregate at £60,000,000
and it has been since very considerably
increased. The high rate of interest arising from the
iareity of capital compels proprietors to borrow for
s
a °rt periods only. It is held, therefore, that loans
ead over longer periods than three or four years
Would not only yield good returns, but would tend to
tno..crease the value of the land and improve its cultiva-
n
• Hence the ministerial support accorded to this
rver°.iect of a Land Bank, and there seems to be no
ascn to doubt that it will soon be established.

BRITISH FUNDS—TWO O'CLOCK.
8 CIe*ERNMENT FUNDS.
13,6 r (Join. Consols
8 "0. Account, March 5 —
tiPer Cent. Reduced 934 4 I
.14°Iv 3 per Cent ' a
--erlr 21 per Cent. Jan. 1894 93 4
'-'° 5 per Cem. Jan. 1873 —
Annuities, 30 vrs, expire sth Jan., 188 P —
P)°. for 30 yrs, expire sth April 1885 —
E . ,° (Red Soa Televaph), Au/s., 1908 —
'enoquer Bills, £l,OOO, 2 per Ct.
Do £5OO — pm
B_ ,Do.- £lOO & .£2OO — pmLi-,ll'' of Enghnd Stock, 44 per Cent 219
,JO. Accuont
14i,INIMAN GOVERNMENT SECURITIES. ,
rioZLOCk, 104 per Cent., April 1874 , 2lO
bo Account
•
0, 5 Per 13 t, _ . en . 1880

. Oct..
102
DO' * Por Cent., t 1888
••••,,o• Certificates —
,"0. Enfaced Paper 4 per Cent —
"„0. 5 per Cent , Jan. 1872
D0"0- 51 per CeUt., May. 1879 —
5 per Cent., Pop. Deb., 1872
Do.
do. 1877 —
Do
188/
Do .11 • do.
noo:l3..oeulociss,
spperereCeennt.t,.,A2ls).oloB73 -: _
33 33 pm
u. tinder, £l,000
A.r.o t• VOREIGN FUNDS—TWO CLOCK.
A ° 11 Ine Republic, 6 per 0
tistrittn Bonds, ö r Cent 180 ,64
Per 1 '