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

MONEY MARKET

AND
COMMERCIAL INTELLIGENCE;

Cur, Two o'CLoCK.
The Money Market is steady, though quiet. The
rate is 1} per cent. per annum.

English wheat is firm this morning.
Consols are without change, at 931 to 93; for
money and account. New and Reduced Three per
Cents., 93i to 931; India Five per Cents., 1114 to
1121 ; 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 754 to 76; ; and the 9
per Cent. I, at 90/ to 91. The Egyptian 1864 Loan
is 89 to 90 ; and the. Railway Loan, 92/ to 93i.
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), 43i to
434 ; Turkish, 321 to 324 ; Portuguese Scrip, 1
to 11 prem. ; and Brazilian (1866), 75 to 75i.
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 11i;
Consolidated to * prem. ex div. ; Imperial, 17k
to 18 ; Imperial Ottoman, Ito dis. ; London and
County, 53 to 54 ; London and Westminster,. 67k
to 68i ex div.
The ordinary general meeting of the English and
Scottish Marine Company has been 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 k in Hudson's Bay,
Which are now quoted at 141 to 14k. Anglo-
American Telegraph, 191 to 191 ex div. Atlantic
Telegraph, sto 54. National Discount, 11 to 114.
In Foreign Mining Shares St. John del Reys are
steady, at 20 to 22 ; Port Phillip Mining, 14 to 14 ;
Chontales, par to 4 prem.

CITY, TWELVE O'CLOCK.

The Bank appears, from a slight ddditlon to thi9
amount of its private securities, to have done a little
more business commercially ; but, on t7).9 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 thay 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
£229, Oa
Decrease in Public Deposits
Increase in other Deposits
Decrease in Government Securities
Increase in other Securities
Decrease in Bullion
Increase in Rest
Increase in Reserve
Bullion in both Departments 21,605,960
Reserve of Notes and Coin 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. O. Pocock,
deputy inspector, is as follows

Feb. 6, Thursday
Feb. 7, Friday
Feb. 8, Saturday 9,792,00
Feb. 10, Monday 8,592,000
Feb. 11, Tuesday 8,963,000
Feb. 12, Wedneslav

Total £55,967,000

This is a reluction of no than £20,228,000
from the clearing of last week : but that clearing in-
cluded not only an unusually heavy settlement in the
Stock Exchange, but the adjustments of the 4th,
Which were more considerable than usual. The pre-
sent aggregate has no specialties; 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 upon 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 firm, and no doubt the
present prices will be maintained. The amounts of
gold lately received have also been limited, as
hodly anything is now coming from America,
the arrivals from Australia have onlen on a
small scale. The overland mail, due in ay few days, is
,0 bring about £90,000 of Australian gold from India.
mit probably the total amount from that country will
Lot be very large. The demand for gold for transmis-
sion to France is still very active, and every clay 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 inst.: —" After making provision
for bad and doubtful debts, and paying the income
tax, the net profit of the bank for the past year
amounts to £24,929 ls. This sum, added to £2,833
lea 3d, the unappropriated balance of the preceding
Year, makes a total of £27,762 17s 3d, in which
amount is included £1,606 4s lid, for interest on the
guarantee fund. The directors paid a dividend of
£1 15s per share for the half-year ending
the 30th of June, amounting to £8,750 ;
and they now recommend that the dividend
for the half-year ending the 31st of December last be
--£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, as above, a balance of profit amounting to
£8,656 12s 4d will remain ; out of this amount the
directors further recommend the payment of a bonus
of .£1 per share ; and that the balance of £3,65612s 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—The following particulars of the finances of the
London and North Western Railway are taken from Mr. H.
E. Bird's Analysis of the Capital and Revenue of the Rail-
ways of the United Kingdom,' published by Effingham
'Wilson.
„" The total paid•up capital, exclusive of leases, on the
30th June, 1867, was £49,320,756 ; but as dividends are in
Part created by the companies whose lines are leased or
t‘lor,k.ed by the London and North Western, it will be safer
discard this total of the main line only, and to take the
aggregate
~sum which constitutes the entire paid- up capital
4P6u.,,L which the gross profits are received. This amount is
065.168 on which the gross profits are set down at
6,651
'154, from which the working expenses, £3,131,018,
or 't be deducted, leaving the net profit £3,520,136,
an ratt'" more than fi Der cent. for the year ending June
1867
etenteen montna preceding June 30, 1867, the
capir.al raised was £0,583,861, and the addi-
lit°lla 1,. capital expended £6,202,158, according to
that ealrwo
Table D. A foot note is appended, stating
of £4,040,496 of this sum was for the capital
the ether companies transferred, whereby rentals to
pa„ Ue4t of £171,246 per annum have ceased to be
it4aule• The note also states that the capital expenditure,
hpguing lines taken over, but not included in leases,
• sufe,s'rs to be £3,235,777. The explanation is not
expen'ei?t, as Mr. Bird implies by saying that the capital
'
23,1 t re, including
777, leases taken over, appears to be
oo",.:ow here is an illustration of the necessity of insisting
ll details of all the expenditure which is added to
•caAital every half-year. It is useless to talk about closing
u ere
accountss..
approaches They never can be absolutely closed,
concern the magnitude of the London
aseueriti theorth Western Railway ; but there is no difficulty in
it • Fein ever artioul rof recent expenditure, and then
dia he seen wyhepther oranot working expenses have been
vi; e'l to capital account, to enable the company to pay
b 'As which bare not been fairly earned. All that has
app,achto heed to capital, so far as the accounts show, would
Roiii al
transferred from other companies ... £1,040,496
Attio Stock .. 449,413
I/4in me works . ... 1,423,141
and branch 40:: ". 289,108

,£6,202,158
t`
This amount is given as tThoetatlO.t.al expenditure,. _hu.nt
au.ubnle a. the actual facts are stated, we are not justified
wittinlillg that. either of these items is correct, and especially
eon,o the four millions transferred from the capital of other
turt:i'•"
; there surely could have been no difficulty in
pan—'llgthe names, with the amounts paid to each com-
th-/ tllld removing all doubt about the appropriation of
140 But