The Sun.
London, England, 1868-02-14 00:00:00

MOt4BY MARKET

AND

70MIIE1tZIAL INTALLI‘,4ZN(3,

CITY, Two o'CLocK.
The Money Market is steady, though quiet. The
rate is 11 per cent. per annum.
English wheat is firm this morning.
Consols are without change, at 931 to 93j- fnr
money and account. New and Reduced Three per
Cents., 931 to 938 ; India Five per Cents., 1111 to
112/ ; Bank Stock, 248 to 250 ; Exchequer Bills,
18s. to 235. prem.
Foreign Stocks are heavy upon sales being effected
on the financial news from Alexandria and the report
of renewed commotions at Peru. The Viceroy's 7
per Cent. Loan is 1 lower, at 751 to 761 ; and the 9
per Cent. 1, at 90/ to 91. The Egyptian 1864 Loan
is 89 to 90 ; and the Railway Loan, 92/ to 93k.
There is a fall of 4 in Peruvian 1862 Bonds, at 92 to
921 ; and of 1 in those of 1865, at 751 to 761.
Mexican Bonds are 16 to 161; Greek, 121 to 13 ;
New Spanish, 351 to 361 ; Italian (1861), 431 to
431 ; Turkish, 321 to 32/ ; Portuguese Scrip, 1
to 11 pre ; and Brazilian (1866), 75 to 75g.
Some of the speculators on the Paris Bourse are
reporting that the new French loan will be emitted
at 67f. 50c. If the March coupon be added of 75c.
it would bring up the price to 68f. 25c.
The Bey of Tunis is endeavouring to consolidate
the state debts into a six per cent. stock, and he
has established a commission in Paris for the
purpose. The conversion will commence on the
20th inst.

Colonial Bonds are very quiet. Canada Six per
Cents. are quoted at 98 to 100. Mauritius Six per
Cents., 103 to 105. New Zealand Six per Cents.,
108 to 110. Victoria Six per Cents, 110 to 111.
Bank shares are without change. Alliance are
quoted at 13 to 12 dis.; Agra (A. shares), 11 to 11k;
Consolidated to I prem. ex div. ; Imperial, 17f
to 18 ; Imperial Ottoman, sto dis. ; London and
County, 53 to 54 ; London and Westminster, 67i
to 68f ex div.
The ordinary general meeting of the English and
Scottish Marine Company has bean called for the
21st inst., to receive the directors' report and state-
ment of accounts.

Miscellaneous shares are scarcely noticed, dealers
being almost wholly engaged with the settlement,
The only movement is a fall of A. in Hudson's Bay,
which are now quoted at 141 to 148. Anglo-
American Telegraph, 191 to 191 ex div. Atlantic
Telegraph, sto 51. National Discount, 11 to 111.
In Foreign Mining Shares St. John del Reys are
steady, at 20 to 22 ; Port Phillip Mining, 11 to 11 ;
Chontales, par to / prem.

CITY, TWELVE O'CLOCK.

The Bank appears, from a slignt addition to tg9
amount of its private securities, to have done a little
more business commercially ' • but, on the other hand,
its loans to the Government have fallen off, so that it
may be doubted whether any considerable profit has
been realised. The reserve, in fact, has enlarged to
some extent, from which it may be inferred that there
is more unemployed money in the market than there
was last week. This is rendered the more probable
from an increase in the private deposits. Although
the Bank, on the daily reported bullion movements,
has, in balance, lost £445,000, the actual reduction
in the stock is under £150,000. It may be taken,
from this fact, that the internal circulation of gold is
falling off a little, as well as the circulation of notes.
The following are the principal changes since the pre-
ceding returns :
Decrease in circulation
Decrease in Publie Deposits
Increase in other Deposits
Decrease in Government Securities 100,167
Increase in other Securities
Decrease in Bullion
Increase in Rest

Thereon in Reserve
Bullion in both Departments . 21,605,960
Reserve of Notes and C0in..... 13,102, 645
Circulation, including Bank Post Bills 24,097,687
The return of paid clearing for the 'week ending
Wednesday, Feb. 12, certified by Mr. J. 0. Pocock,
deputy inspector, is as follows :--

Feb. 6, Thursday
Feb. 7, Friday .., 9,301.000
Feb. 8, Saturday 9,792,00
Feb. 10, Moudey 8,592,000
Feb. 11, Tuesday 8,963,000
Kb. 12, Wednesdav

Total £ss, 967, 000

This is a renuction of no less than £20,228,000
from the clearing of last week : but that clearing in-
cluded not only an unusually he ivy settlement in the
Stock Exchange, but, the adjunnents of the 4`h,
which were more considerable than usual. The pre-
sent aggregate has no soecialtics ; and it denotes a
steady, if not an improving internal trade.
About £66,000 in bar gold was taken from the
Bank for export yesterday.
The following remarks anon the bullion market are
from Messrs. Mocatta and Goldsmid :—" There have
been no arrivals of any importance since the date of
our last circular, and consequently transactions have
been only on the most limited scale. The appearance
of the market, however, is firtn, and no doubt the
Present prices will be maintained. The amounts of
gold- lately received have also been limited, as
hardly anything is now coming from America,
and the arrivals from Australia have only been on a
small scale, The overland mail, due in a few days, is
to bring about £90,000 of Australian gold from India,
but probably the total amount from that country will
not be very large. The demand for gold for transmis-
sion to France is still very active, and every day there
are withdrawals from the bank—a state of things
which appears likely to continue for the present."
The following is an extract from the report of the
Leicestershire Banking Company, adopted at the
meeting on the 12th insf.:—" After making provision
for ba.,4 and doubtful debts, and paying the income
tags the net profit of the bank for the past year
Year,illlu makes amounts to £24,929 is. This sum, added to
0£2,83
165 3d, the unappropriated balance of the preceding
a total of £27,762 17s 3d, in which
amount is included £l,6oti 4s 11d, for interest on the
2aranlee fund. The directors paid a dividend of
the 15s per share for the half-year ending
"0 30th of June, amounting to £8,750 ;
and they now recommend that the dividend
t2r the half-year ending the 31st of December last be
Z 1 15s per share, being 10 per cent. on the paid-up
capital. After the payment of these dividends and
the appropriation of the interest on the guarantee
fund, ins above, a balance of profit amounting to
£8,656 12s 4cl will remain ; out of this amount the
directors further recommend the payment of a bonus
of £1 per share ; and that the balance of £3,656 12s 4d
be carried forward to the current year."
We have received the following from a correspon-
dent respecting the London and North Western
Railway
Sir—Tbe following particulars of the finances of the
,„40Thdon and North Western Railway are taken from Mr. H.
4s• Bird's ' Analysis of the Capital and Revenue of the Rail-
-14:T3 Of the United Kingdom,' published by Effingham
-/ user,.
80``The total paid-up capital, exclusive of leases, on the
Aare June, 1867, was £49,320,756 ; but as dividends are in
vo, created by the companies whose lines are leased or
to ,:!ecl by the London and North Western, it will be safer
~,....'lecard this total of the main line only, and to lake the
Z,,/c_r_egate sum which constitutes the entire paid up capital
RP67,.which the gross profits are received. This amount is
t,„1_65.168, on which the gross profits are set down at
,0",_,00.,154, from which the woiking expenses,X3,l3l,olB,
or
be deducted, leaving the net profit £3,520,136,
30,1167* more than S ner cent. for the year ending June
Zietouttl'iatliatioraling etenteetr months preceding June 30, 1867, the
capital raised was £6,583,861, and the addi-
k eaPital expended a 202 158 according to
r.a
that
of £4040,496 of
D. A foot note. is appended, statine,
the C,496
.of this sum was for the capital
to
ether companies ompantes transferred, whereby rentals
Pay4blee" of £171,246 per annum have ceased to be
• The note also states that the capital expenditure,
apepetlatig lines taken over, but not included in leases,
semeie'i to be £3,235,777. The explanation is not
ext, as Mr. Bird implies by saying that the capital
C2aitr/ including
777. leases taken over, appears to be
un
+Ui1,1).7? here is an illustration of the necessity of -insisting
l
capit natal of all the expenditure which is added to
elnitaal every half-year. It is useless to talk about closing
where thaecounts. They never can be absolutely closed,
tied e concern
t approaches the magnitude of the London
a Nor 171, but
,eetr,in. estern Railway ; there is no difficulty in
't ing every particular of recent expenditure, and then'
ehatn„..,ie seen whether or not working expenses have been
divae'Ltte capital account, to enable the company to pay
beer, 4u3 which have not been fairly earned. All tbat has
pb„,‘ large(' to capital, so far as the accounts show, would
0 "r to be_
'Pita! Itenin transferred from other companies ... £4,040,496
ILek 419,413
4%41 "e w°rics 1,423,141
44d works
289,108

his
ttnie,a amount is given as tThelatiO.t.al exp..e.nd4i6tu,t2r.eo_,2,_hlus.ntB
ashu,,,_the actual facts are stated, we are not jus ified. aith7g that either of these items is correct, and especially
u.e four millions transferred from the capital ofiot !t.
furniZes ; there surely could have Leen no diflicu ty
ingthe names, with the amounts paid to each com
tilt;
lai4nltuireiruroving all doubt abon: tha appropriation of