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OUR "CITY" ARTICLE. IN the week commencing the 19th of August business was again very limited, and the attendance below the average even at this period of the year. The fineness of the weather caused a general advance in the earlier part of the week, but a reaction occurred afterwards conse- quent upon an over abundance of rain. Consols were slightly better. Railway stocks continue comparatively buoyant, and in several cases show a fresh improvement, although the best quoted prices are not always to be obtained. London and Brighton are exceptionally heavy, on renewed statements that the forthcoming report will be unfavourable. South Eastern has improved, on the proposal to divide the ordi- nary stock into preferred" and deferred but subsequently relapsed, and left off rather worse than on the previous week. Foreign stocks show dulness, and banking and miscellaneous shares are inactive. There has again been a good inquiry for the East Indian Railways, and Eastern of Bengal have been specially in request, owing to the satisfactory traffic returns on this line. Notwithstanding the absence of business, it is evident that an improved tone prevails in most of the markets. The demand for discount shows no alteration. At the Bank the applications are limited, and in the open market the general rates remain at 1 to If per cent., 4 with exceptional transactions at H.. On the Stock Ex- change, loans on Government securities are still offered at 1 to 14 per cent. The official business report for the 20th of August was as follows:—Three per Cent. Consols, for money, 9H, •f, |; ditto, for account, 94f, § Three per Cents. Reduced, 94,1 New Three per Cents., 94i, i; Bank 4 s Stock, 263J, 9, 3 India Five per Cent. Stock, 1131 '2 S' 1 47, 1, J ditto Five per Cent. "enfaced" rupee paper, 102|, 3, t; ditto Five-and-a-Half per Cent., lOSt, n ditto Bonds, 66s., 70s., 65s. prem. It is satisfactory to note that trade generally appears to be improving. There is less disinclination to embark in fresh transactions, and in many quarters it is thought that the revival will be more marked in the latter part of the autumn. For this reason a reduction of the Bank rate from the present minimum of 2 per cent. is not anticipated, though but a short time back it seemed certain. American securities have been very little dealt in. 5-20 Bonds and Illinois Central Railway shares de- clined t to i per cent., while Erie Six per Cent. Con- vertible Bonds improved 4, and Virginia Six per Cents. l. Prices have been quoted as follows :-5-20 Bonds, 731 to | Erie Railway shares, 45^ to f Illinois Central, 774 to 78 Atlantic and Great Western Deben- tures, 23 to 24 and Consolidated Mortgage Bonds, 21 to 22. Atlantic Cable shares show no variation. Anglo- American closed at 16if to 17k Atlantic Telegraph 8 per Cent. Preference, at 3k to a and Telegraph Con- struction, at 2 to 2 dis. Colonial Government securities are firm, but the only change has been a rise of 4 to 1 per cent. in some of the New South Wales and New Zealand debentures. A well-informed correspondent from New York states that traffic arrangements are in progress for connecting the Hudson River, Haarlem, New York Central, Michi- gan Central, and two other railways farther west, with the Great Western of Canada, so that a continuous line will be made for the through conveyance of passengers without change of carriage. The latter company will especially benefit by the adoption of this plan, and a strong competition is expected to be thereby raised against the Erie Railways. With regard to the harvest in the United States it is observed :-The crops through- out the country are unusually fine, giving promise of cheap food here and with you, and the railways must do an immense business this fall. The letters from Mexico report a better feeling in commercial circles, and take a somewhat hopeful view of the future. A loan which had been raised amongst the merchants by General Porfirio Diaz, so that he might satisfy his troops, had been punctually repaid. The President Juarez had arrived in the capital, and a conducta had left for Vera Cruz with about 1,000,000 of dollars, or £ 200,000. This amount, together with a considerable sum despatched from Mazatlan by her Majesty's ship Mutine, is expected to reach Southamp- ton by the steamer due towards the end of the present month, Bank shares show firmness, with a somewhat increased amount of business. London and Westminster are in good demand, and have risen X2. Provincial of Ireland have improved £1, and London Joint-Stock and Oriental Corporation 10s. Land Mortgage of India debentures, however, have fallen £1 10s. The annexed is from the Produce Markets Reeiew: The Bank returns, so far as they are indicative of the commerce of the country, still point to a great heaviness in trade, though some partial improvement in this respect is deduced from the Clearing-house returns, which this week show a slight increase. The gold and silver coin and bullion again show an increase, when compared with the returns of the preceding week and the reserve of notes shows a further augmentation, to be accounted for by the increase in the public and private deposits, and the de- crease in the private securities. The recent decision of the House of Lords confirming Vice-Chancellor Malin's judgment in the Overend and Gurney case, though natu- rally unwelceme to the shareholders, will contribute in no small degree to placing the law of limited liability on a better footing. The House @f Commons has already passed the bill for the amendment of the Companies Act of 1862, and it will shortly, it is to be hoped, receive the sanction of the other House. The opinion of a num- ber of leading firms, who are about to lay their views before the President of the Board of Trade, is to the effect that the existing paralysis of commercial enterprise is in a great degree attributable to the cir- cumstance of many millions of capital invested in joint- stock securities being unnegotiable through the absence of the powers which the new bill would supply;" and the memorialists pray that the measure may be made to pass at once through the House of Lords, and not thrown over to the next Session. Subjoined is a com- parison of the present position of the Bank, and the price of Consols for the week ending August 17, 1867, with the corresponding period of the two previous years :— ibb 't. JÖQQ. J.tSti:). Bank Bullion £ 23,491,513 £ 14,150,956 £ 14,180,543 Reserve of Notes 13,174,540. 3,611,505. 5,917,905 Notes in Circulation 24,113,270 24,540,090 21,974,915 Bate of Discount 2 percent. 8 per cent. 4 per cent. Consols fcr Money 94t ssi, 891 th

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