Money Market And City News.

MONEY MARKET AND CITY NEWS .

THURSDAY . As Ave drift into the Easter holidays Stock Exchange business becomes feebler and feebler , and the only movements of any moment , are transactions connected with tho closing of speculative accounts . In the discount market , rates are more particularly affected by tho condition of the foreign exchanges , and AVO havo left

off with an impression that money is becoming somewhat lighter . As we approach the end of the financial year , too , considerable interest naturally attaches to the revenue collections , ancl wo may therefore , wo hope , be excused for quoting from an able review in tho Time * , which says the prospect of the coming year will depend absolutely upon the policy that is followed in calculating

the revenue of the succeeding twelve months . The estimates of expenditure aro now all published , and they all show a slight and p . 'obably inevitable increase . The army , tho navy and the civil services will all cost something more than last year . In round numbers we shall have to face an expenditure of 75 millions . Tho revenue of tho current year will not exceed this sum , and there will therefore

bo no surplus unless wo create it by discontinuing an elasticity not exhibited in our recent experience . Wo do not say it Avould be unwarrantable to calculate upon an increase of receipts in the coming twelvemonths , because we havo not been able to rely upon it in the year now passing ; the prospect is , on tho whole ' , a little brighter now than it was twelve

months back , although tho official returns of imports and exports scarcely support this realisation ; but we submit that tho history of the expiring year demonstrates tho impolicy of a Finance Minister denuding himself of his resources on the faith of increased receipts , which may not ho realised . Had a bad harvest happened last autumn instead of tho good harvest Avith which tho world was blessed ,

Sir Stafford Northcotc's balances would havo presented a painful appearance . Tho answer of the Chancellor of tho Exchequer to the deputations who asked him to remit the railway passenger duty , implied a confession that ho had no surplus with which to reduce taxation and AVO hope tho Government will resolutely refuse to diminish theiv income in tho blind hope that it may como

back to them . This policy is popular with those who run after democratic applause and they arc not sparing of sophistries in support of it , but the time is inopportune to listen to their reckless suggestions . Up to Saturday last tho Treasury receipts amounted to £ 73 , 080 , 000 made up of the following items ; Customs , £ 18 , 737 , 000 ; Excise , £ 20 , 834 , 000 ; stamps , £ 10 , 204 , 000 ; land tax and house duty , Le 2 , 3-10 , 000 ; income tax , £ -1 , 217 , 000 ; Post Office ,

Money Market And City News.

£ 5 , 620 , 000 ; telegraph service , £ 1 , 120 , 000 ; Crown lands , £ 385 , 000 ; miscellaneous , £ 3 , 563 , 000 . Tho Budget estimate of revenue for the financial year , which terminates on the 31 st instant is £ 74 , 425 , 000 . Business iu tho various departments being now virtually suspended for the next few days , it will not servo any useful purpose to go into further details , tho usual summary of prices and other features of financial interest will therefore stand over till next week .

At tho half-yearly meeting of tho shareholders of tho Caledonian Railway Company , held at Glasgow , on Wednesday , a dividend of 5 Jper cent , was declared . The cost of the Knglish colonies for tho year 1872-3 , as given in an official return , was £ 1 , 817 , 471 , which is less , by about £ 928 , 000 , than tho cost four years earlier . The diminution in the cost of regular troops is about £ 1 ) 02 , 000 .

At tho annual meeting of the Britannia Fire Association , held on Wednesday , tho premiums were stated to be £ 63 , 317 , and the losses £ 35 , 988 .

The following statement shows tho receipts for traffic on tho undermentioned railways for the past week , as compared with the corresponding week in 1874 : — Miles open . Receipts . Railway . 1875 1875 187-1 .. . . £ £

Caledonian 737 > GlasgOAv aud South Western . . 315 . } 15 , 359 14 , 316 Great Eastern .... 763 43 , 301 41 , 179 Great Northern .... 517 53 , 229 48 , 108 Great Western ... . 1 , 525 94 , 006 97 , 576 Lancashire and Yorkshire . . 430 63 , 783 60 , 022

London and Brighton . . . 376 : 23 , 259 22 , 613 London , Chatham and Dover . . 153 ^ 15 , 179 13 , 962 London and North Western . . 1 , 582 } 161 , 986 158 , 215 London and South Western . . — 32 , 384 29 , 550 London , Tilbury and Southend . 45 Manchester and Sheffield . . 259 . V

Midland 9 Hi 109 , 221 100 , 030 Metropolitan 8 9 , 380 8 , 329 „ „ District ... 8 5 , ( H 7 4 , 131 „ „ St . John ' s Wood . . If 472 430

North British 839 40 , 184 37 , 173 North Eastern .... 1 , 379 121 , 774 117 , 463 North London .... 12 6 , 888 6 , 869 North Staffordshire Railway . . 190 10 , 088 9 , 5 ( 35 „ „ Canal . . 118 1 , 754 1 , 688 South Eastern .. .. 350 27 , 910 28 , 593

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THE FREEMASON ' S CHRONICLE PUBLISHING COMPANY L i IM : I T ~ m . Incorporated rmcler tlao Companies' . Acts 1 S 63 and 3307 . CAPITAL : — £ 2 , 000 , IN SHARES OF £ 2 EACH . Payable lO . s per Share on Application , and 10 s per Shave , on Allotment ; further calls not to e . i'ceed 10 s per Share , and at intervals of not less than Three Months , PBOVISI 03 MAL COMMITTEE . Bro . T . S . CARTER , Farquhar Cottage , Port Hill , Hertford . | Bro . AV . NEWMAN , 58 St . Thomas ' s Road , Einsbary Park . Bro . WILLIAM CUTBUSH , Barnet , Herts . i Bro . F . VENADLES , 5 & 6 Bncklersbnry , E . C . Bro . HAYWARD EDWARDS , Hadley , Middlesex . , Bro . G . WARD VERRY , Love Lane , Shadwoll , E . Bro . I . FISHER , 1 Three King Court , Fleet Street , London , E . C . ; Bro . J . G . YOLLAND , Barnet , Herts . Solicitors— Bros . BLAGG & EDWARDS , 6 A Victoria Street , Westminster Abbey , S . W ., and St . Albans , Herts . Bankers . —THE LONDON AND COUNTY BANK , Aldersgate Street Branch , London , E . C . Auditor . —Bro . P . T . DUFFY , 32 Florence Street , Barnsbury , London , N . Secretary . —Bro . A . GODSON . General Manager—Bro . W . W . MORGAN . Registered Offices-67 BARBICAN , LONDON , E . C . E 0 RM OF APPLICATION FOR SHARES . To the General Manager of THE FREEMASON ' CHROXICLE PUBLISHING COMPANY LIMITED . DEAR SIP ., —Having paid into your Bankers the sum of £ , being 10 s per share on ray application for Shares , of £ 2 each , in THE FKEEMASOX ' CHRONICLE PUBLISHING COMPANY LIMITED , I request yon to allot me that number of Shaves , and I hereby agree to accept tho same , or any smaller number that may be allotted me , and to pay the balance thereon , in accordance -with the terms of the Prospectus dated lltli December 1874 . Christian and Surname in full Address Profession ( if any ) Date Usual Signature , Prospectuses and full particulars CD ; bo obtained of the Secretary or the General Manager , at tho Offices of the Company , 67 jtJarbicau , London , E . C .