The Express.
London, England, 1862-01-14 00:00:00

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MONEY MARKET•-(THIS DAL)

Two o'Cisace.
The funds have been quoted during part of the
morning at a reduction of per cent., but the
preset quotations are only 1-16th below
those of yesterday. There is little business in any
ilspefintent of the Stock Exchange. English rail-
ways show a drooping tendency, particularly Mid-
land and Lancashire and Yorkshire.
The new Moorish Loan remains very firm, and
is now quoted 5 prem.
At Paris this morning, according to Mr. Rein
telegram, the Three per Cent. Routes were
quoted 691 r. 20c., being about per cent. be
than yesterday.
Consols are officially marked 931, , and }for
money, and 94, }, 1, and 1 for the amount.
The present quotation is 93} to both for cash
and the 6th February. The official business re-
port is as follows :—Bank Stock, 241, 239 ;
Three per Cents. Reduced, 93, 1, 94 ;
New Three per Cents., 931, 93, 921, 931 ;
India Ave per Cent. Stock, 1061, 106, 104 ditto
for amount, 1061 ; ditto Four per Cent. Deben-
tures, 1863, 100 ; ditto, Bonds, 25a, 245.
prem. ; Five per Cent. "enlaced" rupee paper, 100,
991 ; Exchequer Bills, March, 20e., 17s. pram. ;
ditto June, 205., 23a., 18e. prem.
The Turkish Loan of 1854 is firm, at 82 to 83,
and that of 1858 a little flatter, at 721 to f.
Spanish Bonds continue in demand, while the
inquiries for Mexican are lees numerous to-day.
Sales are recorded as follows :—Brazilian Five per
Cents., 1839 and 1869, 101 ; Buenos Ayres Deferred,
301, °idly. ; Italian Five per Cents., 631 ex div.
(exchange 25fr.) ; Mexican Three per Cents., 281 ;
Russian Five per Cents., 981 • ditto Three
per Ceuta., 1859, 591, 60 ; Sardinian Five
per Ceuta., 74 ; Spanish Three per Cents.,
51/, 1, ex div. ; Turkish Six per Cents., 1854,
821, 1; ditto Six per Cents., 1858, 721, 1 ; ditto
for account, 73 ; ditto Guaranteed Four pee
Cents., 103.
The Morocco Loan has been completely success-
ful. Yesterday, the first day of the subscrip-
tion, the contractors received applications for a
far larger amount than is required. The price at
the opening was 2 to 3 premium, and thence ad-
yawed to 4to 5 premium, the closing price. It is
very probable the subscriptions may ultimately'
reach twenty times the =omit of the loan. Under
these circumstances the arrangement for keeping
the list open until Friday is to be regretted, as
merely extending unnecessarily the area of disap-
pointment.
Letters from Paris affirm that a loan is certain,
and mention an impression that the price of the
Rentes is being raised by the government in order
to prepare the market for its issue. The new
Italian Loan continues largely overbought in Paris.
It appear' that as much as 10,000,0001. of this stock
was originally taken in France, chiefly on specula-
- lion, • large portion of which as yet to be placed
in the hands of boa fide investors.
About 76,0001. of the Australian add by the
Kent was carried to the Bank yesterday, making
166,0001. since the last return.
The Europa took on Saturday 50,0001. in specie
foe Halifax, on government account.
The mail steamer Seine has arrived from the
West Indies with about Kocat. in specie. The
Teuton* from New York, has brought 30,0001. in
specie for England and 17,000/. for France. The
continued draughts upon the stock of specie in the
New York banks will tend to increase the prospect
of a ruspension of specie payments.
The wheat market yester&y was flat, at a reduc-
tion of 2s. per quarter from last Monday's prices.
The foreign arrivals are heavy, and three-fourths
from America.
The Liverpool cotton market was very quiet. The
sales were limited to 5,000 bales.
At a meeting on Friday of the creditors of Mr. A.
xe Fitch (trading as Fitch and Co.), provision liter-
" chant, a balance-sheet was presented by Mr. Hum-
phreys, of the firm of Honey, Humphreys, and
Honey, the accountants, showing liabilities to the
amount of 20,892/., with aaseta estimated at 13,9431.
r net. It was resolved to wind up under inspection.
A dividend of about 12s. 6d. in the pound is ex-
pected to be realised.
With reference to the failure of Messrs. O'Shea
and Co., of Madrid, the advises from that city men-
tion that M. Ybarrola, the junior partner,
" alleges that be found a deficiency in 1847
in the accounts of the house to the extent
of 14,000,000 reds (say 140,0001.), and that
zg he has increased the deficiency to 20,000,000 reds
(200,0000 The statement respecting the deficiency
In in 1847 is given, however, with all reserve. It
appears that M. Ybarrola has made no attempt to
conceal himself.
The present Australian mail has brought none
from Adelaide. It is assumed that the inter-
n, colonial steamer did not arrive at King George's
Sound in time to catch the homeward mail packet.
The mail from Bombay has reached Alexandria.
It is observed with great regret that the City of
Hamilton Canada West, has not met the interest
due in London on its debentures on the inst.,
and that the municipality have put forward a
very discreditable apology for the default. Their
plea is that payment would necessitate the levying
of a tax of 10s. 6d. in the £on the assessed annual
value of the city property, and that they wish to
obtain relief from the Provincial Legislature. In
the event of no such relief being obtained the din-
honest suggestion is thrown out that the bond-
holders should consent to "accept a mnch
rate of interest, and defer the payment of the prin.'
cipal until such a time as a reasonable sinking fund I
would accumulate to meet it." This proposal savours
of repudiation, and if there is one point in which
Canada ought to make every sacrifice it should be
to avoid that stain which has acted so detrimen-
tally to the interests of the United States.
Nothing can really be said by the advocates of the
municipality in extenuation of the course now pur-
sued. They must have been perfectly aware of the
extent of the burthen they assumed when they put
out the proposals for the loan, and if they did so
with a secret reservation in favour of repudiation,
or of alternately flinging the responsibility upon
the provincial government, it would be difficult
to find language too strong for their conduct.
They have now cast a stigma upon every
Canadian security.
The London agents of the Illinois Central Rail-
road Company are now authorised to receive pay-
ment of the 12th instalment of 5 doh'. per share, due
the 20th inst., at the exchange of 4s. 21 per dol.,
or 11. Os. 1.01 per share.
A meeting of the Australian Agricultural Com-
pany is called for the 28th inst.
An extraordinary. meeting of the British Gua-
rantee Association is called for the 15th inst., to
elect six lfidiuburgh directors, in the room of those
who have resigned.
The Brighton Railway traffic return shows this
week an increase of 1,746/. ; arid the South Eastern
a decrease of 1731.
Messrs Seyton and Wainwright, of New York,
observe that the possibility that the large govern-
ment expenditure may reault in a suspension of
specie payment contributes to sustain prime in
the stock market.

MONDAY Emma.
Consols, which closed on Saturday at 93/ to /,
both for money and the 6th February, opened this
morning at the same quotation, and closed at 93
5-16 to 7-16, or 93j. The official business report is
u follows :—Three per Cent. Consols, for money,
981, ; ditto, for account (Feb. 6), 931,
Bank Stook, 2391, 240 ; Three pee Cents.
dated, 93, I ; New Three per Cents.,
(7, 93/,
93 ; India Five per Cent. Stook, 106/, 1 , 1061,
106 ; ditto for account, 106,1, }di ditto our per
Cent. Debentures, 1863, j, ; tto, 1954, 991,
; ditto, 1864 or 1888, ; 've per Cent. " en-

faced" rupee paper, 100, 04 j ; ditto Illve-andea-
Half par Cent., 106.
The India Five per Cent. stock was 6rm,
closing at 106 to 4.
The rupee paper is in demand during the pretest
easy condition of the money market owing to its
•carryng interest from day to day, like Exchequer
Bills. The Five per Cent. is quoted 994 to 100,
and the Five-and-a-Ralf 1064 to 106.
Exchequer Bills of both issues were firm at 20e.
to 24m. prem.
The transactions in foreign stocks were mare
numerous than of lete.
Bank of Australasia and London Chartered Bank
of Australia shares were quoted better to-day.
Union Bank of Australia and Chartered Bank of
ladle, Australia, and China were likewise inquired
for. while London and Westminster Bank were a
little more offered. There was a further improve-
ment of it. to 2i. in Royal Mail Steam shares.
Peninsular and Oriental, Oriental Inland Steam,
and English and Australian Copper were likewise
inquired for. Australian Agricultural were quoted
rather lower.
The closing quotations for shares in DOW under-
takings to-day were as follows :—Oesan Marina
Insurance, 54 to a prem. ; Thames and Mersey
Marine, 14 to 1 prem. ; Universal Marine Iwo''
ante, If to 1# dis. ; London and Provincil
Marine, #to dis. ; Mercantile Firs, to
prem. ; National Marine Insurance, to 4 prams.
Commercial Union Fire, par, " buyers," being
better ; and Indian Carrying, par to 3 prem. The
Amman Colliery Company's shares have been dealt
in at prem.
A rise of to 1 per cent. took place in New
South Wales, Victoria, and Cape of Good Hops
strarnment debentures.