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

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE,

CITY, Two o'CLocK.

The weekly return of the Bank of England shows
anincrease in its resources, and a considerable acces-
slenof strength in bullion and reserve, though the
outside demand for money has reduced the amount of
its private deposits. The addition to the bullion is
e:zplained by the abatement in the continental demand,
in the
and the additions to the reserve mainly by the in-
crease
public deposits. The circulation has
diminished a halo, but it is still high, so that the
Public are still holding large supplies of money within
their immediate control, and consequently they have
loen able to redeem a further amount of securities.
The
amount of private securities now held. by the
Lank is only a fraction over £16,200,000. The
following are the principal changes since the preceding
return :

Decrease in Circulation — --- 305,512
Increase in Public Deposits
Decrease in other Deposits
Decrease in Government Securities
Decrease in other Securities . 59,841
Increase in Bullion ' ......„ 157,640
Decrease in Rest 19,807
Increase i❑ Reserve .. 412,959
Bullion in both Departments
Reserve of Notes and Coin 13,231,939
Circulation, including Bank Post Bills 23,666,24 4

The return of paid clearing, for the week ending
Wednesday, Feb. 26, as certified by Mr. J. O.
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 nct 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 now 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 bad the
effect of limiting the supply, and the rate for the best
hills is 15 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,
and advances on Consols are charged 15 per cent.
The failure is reported this morning of two Stock
Exchange operators, who had large speculative ac-
counts open in railways.
torn is quiet, at previous rates.
Consols are quiet at 9* to 93 for money and
account ; New and Reduced Three per Cents., 93a
to 935 ; India Five per Cents., 112 to 1125 ; Bank
Stock, 249 to 251 ; Exchequer Bills, lls to 15s prem.
The Foreign Stock Market is dull, at the following
prices :—Mexican, 15/ to 15/, ; Greek, 121 to •12 ;
New Spanish, 35:1 to 361; Italian, 45 to 451;
Turkish, 32a to 321 ; Brazilian (1865), 74 to 75 ;
Peruvian, (1865), 755 to 765 ; Russian (1862), 84
to 85 ; Portuguese Scrip, Ito prem. ; Egyptian
(1864), 86 to 87 ; ditto, Railway Loan, 904 to 91; ;
Viceroy's Seven per Cents., 735 to 74 ; and the Nine
per Cents., 88--; to 89.
The New Honduras Loan is steady at to 11 prem.
In American Securities, U.dted States 5-20 Bonds
are -1, lower, at 71 to 71. Erie Railroad is 5 better,
nt 44 to 45. Illinois steady at 87-5 to 885.
Atlantic and Great Western Railway Debentures
have risen 1, to 26 to 265, and the Consolidated Mort-
gage Bonds, 1, to 255 to 26.
.English Railways are steady at last night's prices.
Lancashire and Yorkshire, 125 to 1261 ex. div. ;
Midland, 1051 to 106/ ex. div. ; South Eastern, 72
to 725 ex. div. ; London and North Western, 116 to
1165 ex div. ; Great Northern A, 104 to 1045 ex
div. ; Sheffield, 411 to 411 ; Brighton, 46 to 465 ;
Great Eastern, 29:1 to 30/ ; Great Western, 455 to
46 ; Caledonian, 835 to 845 ; Metropolitan, 110 to
1104 ex div. ; and Chatham, 18 to 19.
In foreign railways the only change is an advance
of 1 in Lombardo-Venetian, which are quoted at 15i
to 15g.
The dealings in Dank Shares are merely nominal,
and not a single variation has taken place in prices :
—Agra (A Shares) 105 to 11 ; Alliance, 135 to 12;
dis. ; Consolidated, to prem. ex div. ; Imperial,
165 to 175 ; Imperial Ottoman, -R to i dis. ; London
and Westminster, 675 to 685 ; Oriental, 42 to 43 ;
London Joint Stock-, 33 to 34 ; Union of Loudon,
335 to 34.
In Finance Shares there is nothing doing. General
Credit, 2,?; to 3 ; International Finance, 91 to 1
dis.; London Finance, 24 to 23 dis. ; National Dis-
count, 101 to 111.

Miscellaneous Securities meet with little attention,
and prices are without movement. Anglo-American
Telegraph, 192 to 194 ex div. ; Atlantic Telegraph,
8 per cent., 51 to 5 ; Hudson's Bay, 141 to 144 ;
London General Omnibus, to 2.
The traffic receipts of the Great Central of Belgium
Railway for the week ending the 281 h ult. amounted
to £9,067 Os 2d, comparing with £7,434 83 9cl 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
Atessrs. Murcott, Wright, and Co., of Lanesfield
Ironworks, Spring Vale, near Wolverhampton.
The establishment consists of forty furnaces and six
mills. 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
as 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
an assignment to trustees, it may be difficult, if not
impossible, to secure for the creditors." The sus-
pension is attributed to losses by breakages of
machinery, 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 Reuter'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
16th 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 aih'ition thereto parti-
-4.--ipation 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
100,000,000 francs, or £4,000,000 sterling.
Madrid telegrams, dated yesterday, the 26th inst ,
state that the new Minister of Finance, M. Sanche.7,
Ocana, is preparing a bill for the establishment of a
land or foncier bank. It is now stated that M.
Pr6iny 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
uP°o 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
flortgage debt, which in Spain is always registered,
very great. An official return made up to the
aetud of 1865 states the aggregate at £60,000,000
erliog and it has been since very considerably
Jlereased. The high rate of interest arising from the
short
of capital compels proprietors to borrow for
3u°ltperiods only. It is held, therefore, that loans
\read over longer periods than three or four years
it °lila not only yield good returns, but would tend to
tilerease the value of the land and improve its cultiva-
,run,. Hence the ministerial support accorded to this
4°Ject of a Land Bank, and there seems to be no
ason to doubt that it will soon be established.

BRITISH FUNDS—CLOSING PRICES.
, GOVERNMENT FUND& a
vZ Qom. Consols
-"° Account March 5
8 •93
7,,per Cent. Reduced 931 1-4 -1
Zew 3 per Cent 93i i I
-°W 21 per Cent. Jan. 1894 —
4 -pc'. 5 per Cent. c an. 1873 —
tbn uities_, SO yrs, expire sth Jan., 1880 —
O. for 30 yrs, expire sth April 1885 —
0 (Red Sea Tele;,raph), Au _., 1908 —
-.4 telicquer Bills, £l,OOO, 2 per Ct.
Do £5OO — prO
V.OO 0& £2OO ___ pin
kof England Stuck, 41 per Cent 249
o. Account
ivso. INDIAN GOVERNMENT SECURITIES.
"a tock, 101 per Gout., April 1874
I)
uso. Account
215 17
D°. 5 per Cent. July, 1880
‘,,,00: 4e,
epreri Cent.,s Oct. 1888
102 i 2
11)'0. Lufaced Paper 4 per Cent —
ou'• 5 per Cent., Jan. 1872
B • er Cent., May 1879 lOBl
° Doer Cent, P• D ‘l.) 1872
141 p. (.. ~
do. 1877 —
,
7 Do
...,, 0„,,. do. 1884
i.),.; „Yu., 5 per Cent., Aug. 1873
,-) • i3ouds, 5 per Cent., £l,000
iO. under £l,000
FOREIGN FUNDS—CLOSING PRICES.
41A--r4iela-tiu° Republic, 6 per Cent _
4 truki, Bowls,
5 por Cont, 1859