The Sun.
London, England, 1868-05-20 00:00:00

MONEY MARKET

AND
COMMERCIAL INTELL/GBNCE,

CITY,-TWO O'CLOCK.

Though still firm, the Stock Markets are hardly so
Zood as they were yesterday and the day before. The
r epetition of attempts to precipitate a dissolution with
itsincalculable inconvenience, commercial and poli-
tical, is causing some anxiety, and but for the
highly encouraging character of the corn and money
markets, a relapse would most certainly ensue. Only
quiet business is being done. Among foreign
'tocks, Egyptian and Russian Bonds and Guarantees
ire flit, but Spanish are better. The railway traffics
are not considered very good, and shares are less
arm.

The money in Lombard-street is 11 per cent., and
to the Stock Exchange short loans are offered at 1 per
:ent.

Corn is in better supply and flatter, but no further
decline is quoted.
The Funds are steady at yesterday's prices, Consols
being dealt in at 942 to for money, and 93± to
5:1 for account ; New and Reduced Three per Cents.,
9'.1 to WA. ; Think Stock, 246 to 248 ; India Five
Per Cents., 116 to 116 k ; Exchequer Bills, 5s to 10s
Drew.

A check has been given to the demand for Russian
and Egyptian Bonds, and quotations are below the
Prices current at yesterday's close. Egyptian (1864),
and the Railway Debentures are 4 lower, at 81 to 82
and 91 to 92 respectively. Orel Vitebsk Railway
Bonds have declined 1 to 79. Mexican also show
heaviness at 154 to 16. New Spanish Bonds are in
more request now that the question of quoting the
new stock is settled. The present price .is 36± to 364.
Greek Bonds are 31- to 31 ; Italian (1861), 491 to
49i Portuguese, 40± to 40/ ; the Viceroy's Seven
Per Cent. Bonds, 72 to 724 ; and the Nine per
Cents., 911 to 911.
Egyptian Nine per Cent. Bonds are 91± to 911.
American Securities are firmer. United States
Five-Twenty Bonds are 5 better, at 711 to 714 ;
Erie Shares and Illinois are each k higher, being
quoted at 45± to 452, and 95 to 96 respectively.
Atlantic and Great Western Railway Debentures
have receded 5 to 281 to 281 ; and the Consoli-
dated Mortgage Bonds remain at 31/, to 325.
English Railways are steady, but quiet. The
changes comprise a fall of 5 in South Eastern, and of
in Metropolitan, Chatham, and Midland ; also a rise
of 5 in Lancashire and Yorkshire, and of *
in London and North Western, Great Western
and Brighton. The quotations current are :
Chatharn 18/ to 19 ; Caledonian, 745 to
751 ; Metropolitan, 1111 to 1121 •, Sheffield,
42 to 424 ; Brighton' 54 to 544 ; Great Wes-
tern, 54 to 544 ; Great Eastern, 34 to 345 ;
Great Northern, 102 to 103 ; ditto (A), 961 to 975 ;
London and North Western, 1154 to 116 ; South
Eastern, 76 to 764 ; Midland, 107 to 1074 ; and
Lancashire and Yorkshire, 1272 to 128±.
Foreign Railway Shares are steady. Lombardo-
enetian is marked at 145 to 154 ; Great Luxem-
bourg at 111 to 11;1.
The dealings in Bank shares are merely nominal,
211:1 prices are without a single change. Agra (A), is
'Arm, at 10 to 104 ; Alliance, 13 to 12 dis.
A-nglo-Austrian, 45 to 55 prem. ; Chartered
Mercantile, 27 to 28 ; Consolidated, 44 to 41 ;
Imperial Ottoman, H to 5 prem.; London and County,
52 to 53 ; London and Westminster, 71 to 72 ;
Oriental 42 to 43 ; London Joint Stock, 35 to 36 ;
tnion of London, 33 to 36.
In Foreign Mining Shares Chontales are 5 lower,
at 2 to 21 ; St. John del Rev unaltered, at 164 to 174 ;
and Port Phillip 14 to 11.
Miscellaneous securities are extremely quiet. Anglo-
American Telegraph is quoted at 225 to 235 ; Atlantic
Telegraph Eight per Cent., 5 to 55 ; Hudson's Bay
Steady, at 154 to 151 ; London General Omnibus,
to ; Fore-street Warehouse, 2to 1 dis.
The bar gold sent into the Bank yesterday was
of the value of £19,000.
The foreign Exchanges continue favourable to this
country.

The steamers leaving New York yesterday for
Europe took £BO,OOO in specie.
'the silver market is flat, upon the prospect of large
arrivals from Mexico shortly.
Regarding the project for which Messrs.. T. S.
Morgan and Co. invite subscriptions for the European
and North American Railway, the line is of great
commercial and political importance, and has been
liberally subsidised by the provinces more imme-
ately concerned. By connecting the city of Saint
'John (New Brunswick) to the frontier State of Maine,
United States, complete communication will have
been established with all the railways of the United
States and Canada.
The committee of the Stock Exchange have passed
the following resolution :—" That, in the absence of
any opposition, the committee do not consider it ad-
visable to withhold official quotations from the New
Spanish Three per Cent. Bonds of 1867 • but record
their dissatisfaction at the conversion of Passive Bonds
having been accompanied by the compulsory payment
of money."
The committee have also ordered the £234,000
General Mortgage Six per Cent. Sterling Bonds
(i2OO each) redeemable Ist July, 1910, of the Penn-
Railroad Company to be quoted in the
official list.
The ordinary general meeting of the British India
Steam Navigation Company has been called for the
27th inst., for the purpose of declaring a dividend.
Thel annual general meeting of the African Steam-
ship Company has been converted for the 3rd June.
An extraordinary general meeting of the West
Dam Gas Company has been called for the sth June,
to consider a recommendation of the directors that
2.000 new shares of £5 each, subject to a call of
tos per share on allotment be forthwith issued.
The Metropolitan Railway traffic shows an increase
of £4OB ; the Great Luxemburg, £1,119 19s 9d ; and
the Grand Trunk, £3,294
At the Wheal Kitty (St. Agnes) Mine meeting yes-
terday, the accounts showed a profit upon the three
months of £406. A dividend of 2s per share was
declared.
The produce in stock in London continues, with
few exceptions, to be below the quantities held this
time last year. The instances of increase are :—Rice,
3)980 tons ; tallow, 1,161 casks ; coffee, 3,185 tons ;
and cochineal, 2,421 bags. The decrease in cloves,
5,691 packages ; cotton, 1,296 bales ; jute, 81,335
Wee ; jute. cuttings, 15,113 bales ; lac dye, 1,567
chests ; nutmep•-,s, 1,634 packages ; black pepper,
i 3,993 tons ; white pepper, 47 tons ; pimento, 10,981
bags ; rum, 4,276 puncheons ; nitrate of potass,
2,696 tons ; nitrate of soda, 400 tons ; and sugar,
27,427 tons.
In reference to the Manchester market, Mr. Sam.
Mendel's circular, under yesterday's date, has the
following :—" The advance obtainable at the close of
last week and up to yesterday is more difficult to
realise. Sales are not active, but prices are slightly
above those accepted on the 12th, and a somewhat
ateader feeling."
Mr. Henry Ayres, a well-known financial writer,
hag Published, through Mr. Effingham Wilson, of
the Royal Exchange, a work of the greatest interest to
railway proprietors and the general public. While engi-
neers like Mr. Fairlie are striving to impress the
public with a sense of the importance of creating
income by diminishing the proportions of dead
weight carried to paying freight, Mr. Ayres,
with equal .sagacity, points out the necessity
improvingof the forms of account. More than that,
he suggests forms, perfectly simple, which would be
efficacious in describing the exact financial position of
any or of all companies, if they were only required to
be made out uniformly. It is impossible in a short
paragraph to enumerate, much less to describe,
the other practical suggestions made by Mr. Ayres,
with a view to the security of railway shareholders.
We can only urge them to obtain the work for them-
selves, assured that they will find it exceedingly
valuable. One of Mr. Ayres' suggestions is that a
Special department of Government should be formed
for the purpose of controlling the railway affairs of the
country ; and many practical persons have been con-
l'ineed by his reasoning that to that conclusion we
lantet, come at last.

BRITISH FUNDS—CLOSING PRICES.
GOVERNMENT FUNDS.
3 Per Cent. Consols
Ditto for Account, Juno 4 ...
3
isr Per Cent. Roducod 931 1
-m-e'v 3 per Cont
"'ow' 2} per Cont. Jan. 1894
3)0.5 per Cont. Jan. 1873
Annuities, 30 yrs, expire sth Jan., 1880 —
Do. for 30 yru, expire sth April 1885 l2l
t Do (Red Sea Toloh,raph), Aug., 1908 —
I''/loquer Bills, £l,OOO, 2 per Ct 8 6 7 pm
Do, £5OO
Do, £lOO & £2OO 8 6 7
1/'"11, of England Stock, 43-per Cent —
Do. Account
IroIiINDIAN GOVERNMENT SECURITIE.
a tock, 101
per Cent., April 1874 x —
i.o. Account
')- 5 per Cent. July, 1880
Do, 4 per Cent., Oct. 1888
Do. Corti licates
D°. Enfaced Paper 4 per Cent —
Do. 5 per Cent., Jan. 1872
Bo
D
. 0
51 per Cent., May 1879 —
o per Cent., Rup. Deb. 1872 —
Do. do. 1877 lO2
do. Do. 188.1
D
' “eb. 5 per Cent., Aug. 1873
D n ' o
- Bonds, 5 per Cont., £l,OOO - pm
no. under £l.000
:.I.A..c:triarn°ll:lo.klultiGtiNs FUNDS—CLOSING PRICI S.
ti-;entine Repulse, 6 per Cent...
Is ,itiala . , per Cent. 1859 -
3 per Cent — xd
i)°. d• 4i Poo
.r Cent
, "
-'
-3. d 0.," "
18",8
Dlico): 5 p edroC; en t 11i65;3( ' 7O 69
Bo Account " 76i i i