MONEY MARKET AND CITY INTELLIGENCE.

Southland Times, Volume I, Issue 23, 23 July 1864, Page 2

MONEY MARKET AND CITY INTELLIGENCE.

- - '•*'• * -•'- - VJ ' ■"'GITT;-- i WEDNESDAY; i -MA3-y25;;" '■•:■: Foreign stocksjand banking shares have, in many instances, .^closed? ats.ahj nnpi'ovement.f ;oprispls have declined $ per cent, for the account. Home railway stocks are' supported by the extraordinarily - favorable course of thertraffic-K The jnarkets were -unfavorably influenced by. the statements that, the Conference is not hkely to lead to any good results. Speculation is now slack, and animation^ ihas now been checked by the anticipation of Epßom races. Eaih which has' fallen lately 5 has been i of ,the*; greatest Bervice to vegetation.- The growing wheat crop has a luxuriant ■appearance-^perbaps toomuch so for the safety of-the • crop, if- heavy : rain ; should set in next month'. ■>•**, >*: ■ ■:,:.-. i--yy ■-. The supply of home-grown wheat has continued Hberal for the seasori of the year, in furtherconfirmation of the abundance .of last year's crop. The supply of barley is still in excess of former 'years at the corresponding period; while the deli-' veries 1 of oats remain of little importance. „ 'An outline has fbeenj, published of the Asiatic j Banking Corporation.. .By is stated that this i undertaking will shortly bV'prepared to commence business in London; and that' agencies and branches are being organised at Bombay, Calcutta,;. Singapore, Ceylon, Hong Kong, and Shanghai. It was formed last' year, and is therefore" iiot ah offspring of the recent' mania ; but; although the whole of the capital was subscribed- in a fewhours; the formalities consequent upon thp application for a charter, which has now been, granted, prevented it from going into opera-' tion at an earlies period. The : London Board of Direction, and also ' the Bombay Committee are persons of standing and experience. | The, subscribed capital is £500,000, of which £300,000 is paid, and the remainder is in course, of beiug called up. By the terms of the charter, which, as usual, extends the liabilities of share-, holders to^double the amount of their shares, the company'are empowerd to increase their capital to £2,000,000. The Eastern Exchange Company, Limited (Liverpool) — capital, £2,000,000, in 100,000 shares of £20 each, first issue 50,000 shares — is formed to connect Liverpool with the Mediterr anean, tbe East Indies, China, and Australia, with which it has now not a single direct banking connection. * The magnitude of the trade of Liverpool is well known to bo most wonderful, and affords the basis on which the operations of tins company are intended to be based. A prospectus has been issued of the Liverpool, Melbourne, and Oriental Company, with a capital of £2,000,000, three-fourths to be first subscribed in shares of £50. The object is to extend the facilities for emigration to Australia, and the company will have at their disposal the existing contract with the Government of the colony of Victoria. The board of direction comprises representatives of tbe firms of Gibbs, Bright, and Co., James Barnes and Co., and others largely interested in the shipping trade of Liverpool. The undertaking is to replace the Australian and East-^ | crn Company, the formation of which was recently defeated. I The report of the Chartered Mercantile Bank df I India, London, and China, states the profits for tbe year at £200,831, out of which £50,000 has been paid in two half-yearly/dividends, besides £25,000 as a bonus, malringa^tbtal distribution of 115 per cent. £50,000 hjß|||iEadded .to reserve,* j and £75,831 is carrie«^Krd;?;^rhe £*00$t| premium on new sliailPTnas dlso been '"adHSa to the reserve fund, which now 'amounts "to £250,000. The Union Bank of London hove resolved to increase their nominal capital from £3,000,000 tO | £4,000,000, by an issue of £20,000 new shares of £50 each, rateable to tlie present proprietors at i £16 premium. The amount paid upon the existing £50 shares of tbe bank is £13, and it is contemplated at an early day to increase this sum to £15 by an appropriation of profits. We are informed that the steamer Great Eastern hasbeen sold to the French for a sum approaching a quarter a million sterling, : Tbis, however, will not interfere with her present engagements, wliich include the of the Atlantic cable. The Great Eastern was purchased at Liverpool at auction ;about three months ago for a sum of £25,000, but, as the mortgage debentures had been previously bought up, the total cost was probably 70,000 or 80,000. There is, however a very handsome profit on the present transaction. At the Jime of the excitement in connexion with the Trent affair this vessel took out a very large number of English troops a single trip, and in view of her great capabilities for this and similar services, her present transfer altogether from English to French hands is regretted iv some quarters.