15 SEPTEMBER 1855, Page 9



The value of Government Securities is not always the index to public opinion on the fulfilment of some great event ; and a declining market this week has ill corresponded with the joyous feeling out of doors on the fall of Sebastopol. A temporary advance of a occurred on the arrival of the news ; but the Funds yielded to circumstances of a financial nature—to pre- sent requirements and future forebodings. An instalment of 1,000,0001. on the Turkish Loan on Wednesday, and an increase in the demand for money, have led to some considerable sales of Stock ; and a large


portion, it is thought, has been on account of the Bank of England, prepara- tory to their making advances on part of the Exchequer Bills or Bonds which the Government are empowered to issue. The Continental exchanges are advancing rapidly; but the amount of gold taken from the Bank for remit- tance has been considerable, and will absorb the recent arrivals from Aus- tralia and New York. Some has been taken for the purchase of corn on the Danube ; and the instalment just paid on the Turkish Loan, it is expected, will be sent in sovereigns to Constantinople. With such prospects in view, and with increasing firmness in the Corn-market, a further advance to 41 per cent was made yesterday in the Bank rate of discount; but its effect on the Funds did not exceed per cent. The public were rather surprised at this further advance ; for although the demand for discount and drain of gold have been excessive, it was considered that the amount of Stock the Bank is believed to have sold would have rendered it unnecessary. The discount-houses were also unprepared for the event, and delayed their determination respecting their rate of allowance for money at call. The Joint-Stock Banks will now allow 3z per cent for fixed deposits; the Bank rate for advances on Govern- ment Securities during the closing of the transfer-books will now be 4 instead of 31 per cent. Trade in the manufacturing towns was checked last week by the enhanced rate of discount and sustained rise in the Corn-market. In the previzus activity that prevailed there was no appearance of unwise speculation.

Consols this week have touched 91k, and have been since as low as 90g. Today they leave off at 90k f and 94 a for the Account, after being 1 better. Exchequer Bills have fallen 4s. India Stock is 1 lower. The gold and specie arrivals have been 170,0001. from New York, and 352,500/. from Australia. Among other exports, 49,296/. has been sent to Brazil. In the Foreign Market, little activity has been manifested. Turkish, un- til today, was steady ; and several exchanges were effected from Consols to the New Four per Cent Scrip ; the joint guarantee of England and France being a strong inducement : today the Stock has declined 1, and the Scrip f. Railways have been very fiat this week ; arising more from the pressure for money than any other cause. The Account was arranged on Tuesday,

and the rate of "continuation" was higher than of late : in London and North-Western it increased from / to 1. Today there has been a decline of 108. to 11. in several of the leading lines. Great Western leaves off at 55f 61 ; Lancashire and Yorkshire, 77f 8 ex div.; London and North-Western, 92f 3; Midland, 661 7. French Shares have been also lower.


The English Funds are / lower this morning, chiefly owing to the large decrease in the bullion return by the Bank of England, amounting to 721,7421. Consols for Money are 90/ k, for Account 908 f. Exchequer Bills continue very heavy. at 5 10. In Foreign Stocks, 'Turkish Six per Cents are 91] 2 and the Four per Cent Scrip par premium, being lower respectively. Railways present no improvement, and at present very little business has been transacted—Eastern Counties, 9;; Great Northern B, 124#; Midland, 66/. SATURDAY, ONE o'CLocs .

The English Funds have been quiet since the morning—Consols for Money have not altered, but the Account price is quoted A higher, being 901 #. Ex- chequer Bills 5 10. In Foreign Stocks, Venezuela is 1 lower ; it is now 28 30. Turkish Securities have undergone several changes ; the six per Cents have been done at 911 1 90/ 11, and the Four per Cent Scrip a prem. par I prem. French Three per Cent Scrip 21 1 prem. Equador 4i. Railways have been lower, and London and North-Western have been done at 92; the markets generally are now slightly higher—Eastern Counties, 9a; Great Northern, 86; Ditto A Stock, 70; Ditto B. Stock, 1241 ; Great Western, 56; Lancashire and Yorkshire, 761; London and North-Western, 921; London and South-Western, 831 ; Midland, 661; Norfolk, 481; North British, 261 ; North-Eastern—Berwick Extension, 12/ ; Ditto G. N. E. Purchase, 9; Ditto York, 47 ; Oxford, Worcester, and Wolverhampton, 241 ; South Wales, 311; Midland Bradford Preference Stock, 921. Preference Shares—Eastern Counties Extension 5 per Cent, No. 2, f prem ; Great Northern 5 per Cent, 115 ; Ditto 41 per Cent, Redeemable at 10 per Cent prem., 100.), ; Great Western, Convertible and Redeemable 41 per Cent, 951 ; Mid- land Consolidated Bristol and Birmingham Preference, 41 per Cent, 98; North-Eastern—Berwick 4 per Cent Preference, 93; Eastern of France. 37; East Indian, 231; Ditto Exteusion, 111; Great Indian Peninsula, 51; Great Western of Canada, 231; Great Luxembourg Constituted Shares, 31 ; Paris and Lyons, 451 ; Scinde Guaranteed 5 per Cent, 611. Miscellaneous—Austra- lian Royal Mail, 41; British American Land, 60; Canada, 156.

3per Cent Consols 901 a Danish 3 per Cents 83 6 Ditto for Account 901 i Dutch 21 per Cents 64 6

3 per Cent Reduced

shut Ditto 4 per Cents 95 7

New 3 per Cents

shut Mexican 3 per Cents 211 2 Long Annuities shu. Peruvian 41 per Cents 77 9 Bank Stock shut Ditto 3 per Cents 57 9 Exchequer Bills 5 10 Portuguese 4 per Cents 43 5

India Stock

229 31 Russian 3 per Cents 98 100 Austrian 5 per Cents 80 2 Ditto 41 per Cents 89 91 Brazilian 5 per Cents Belgian 44 per Cents 101 3 94 6 Spanish 3 per Cents Ditto Deferred

L't 1

Chilian 6 per Cents 103 5 Sardinian 5 per Cents 85 7

Danish 5 per Cents

101 3 Swedish 4 per Cents 87 90


The adjourned half-yearly meeting of the North Staffordshire Company took place on Tuesday, at the Loudon Tavern. The Chairman, Mr. J. L. Ricardo M.P., alluded to his late retirement from the Board ; and on re- suming office his best efforts would now be used to forward the interests of the Company. He dwelt at sonic length on the dispute with the London and North-Western Company, who had promised the North Staffordshire Company all the Manchester traffic, but, without fulfilment, had com- promised for half of that and half the cross traffic, which was agreed to by both Boards, but the agreement had been sought to be repudiated by the North-Western Company. Resolutions were passed adopting the report, expressing full confidence in the Directors, and requesting them to protect the interests of the shareholders, and enforce their rights with the London and North-Western Company. No dividend was declared. The report of the Directors of the North British states that the Peebles Railway was opened on the 4th of July ; that the traffic had been satisfac- tory, and cordiality existed between the two Companies. The Selkirk and Galashiela Railway and Jedburgh line, when completed, would be worked by the North British Company. The debentures when due had been re- newed at 5 and 4 per cent per annum. The receipts for the half- year ending 31st July exhibit an increase of 94431. above the same period of 1854, being an average increase of 3901. per week. The working expenses during the half-year have been 80,2391. The revenue account shows a balance in hand of 14,8741. ; which is insufficient by 46301. to pay a dividend on the Guaranteed Stock, and the balance-sheet next half-year would probably show little improvement. Arrears to the Preference share- holders must be paid from future income before the ordinary proprietors' claims can be met, unless some arrangement could be made to provide for the necessary repairs which now encroach on the revenue. In the account of estimated obligations and assets there is a deficiency of 22,2821. In order to provide means to complete the works on the line, and for other purposes, the Directors proposed that authority should be given to apply to Parliament for power to raise a further sum not exceeding 150,0001. of Preference Stock, and to borrow 50,0001. They also proposed to take powers to issue Stock bearing inte- rest not exceeding 4 per cent in redemption of the Debenture debt. The half- yearly meeting was held on Tuesday, at the London Tavern. The Chairman, Mr. Hodgson, in referring to the requirements of the next half-year, which would end on the 31st January next, expressed his belief that the line would be able to fulfil all its obligations. The arrears of calls amounted to 76,0001.: if they had been received there would have been a surplus of 48,0001. The financial scheme proposed in the Directors' report would enable them to declare the full dividend on the Preference Stock, and efforts would be made to reduce the working expenses so as to secure a dividend for the ordinary shareholders. The report was agreed to, and a dividend at the rate of 5 per cent per annum was declared on the Preference Shares.