The Express.
London, England, 1855-04-17 00:00:00

MONEY MARKET.

-
MONDAY Evnarpre.
The absorbing topic of interest in the City to-day
was of course the Government Loan. We give in
another column the conditions fixed by the Treasury,
together with an abstract of the proceedings at the
important meeting of capitalists at the Treasury
Chambers this day. The total amount of the pro-
posed loan is 16,000,000 J. in cash, to be raised by an
issue of 18,000,0001. in Consols at par. Inasmuch,
however, as Consols are now at in per cent. discount
in the market (from which discount, however, must be
deducted t he three mon the dividend now accrued, being
equal to, say, t per cent.), capitalists contracting for

the loan are to a co rtaio amount in annuities

expiring thirty years hence. la these annuities the
bidding, are to be made, and in fixing a price in his
tender the capitalist will of course make allowance
for the excess over the market pries which he gives
to government for this new creation of Canso* and
he will also reserve a certain margin which he may
deem calculated to afford Dim a profit on the transac-
tion. and to secure him spinet the chalices of loss

attendant upon the uncertain condition of po-
litics. Per contra, the um of the money

market will influence the terms of the contmoto

in a sense favourable to the Treasury and to the
state. So far u regards the negotiation between
the contractor and the Chancellor of the Exchequer:

the relations between the contractor and the monied

public disposed to invest in the proposed new issue of
government securities come next for consideration.
Of the great cap►talists only one firm, that of Messrs.
N. M. Rothschild and Sons, has yet intimated an
intention to open lists to the public. The notice
issued by this firm this afternoon ie appended:

"Loan of Sixteen Millions to the British Government.—
Meson. 14. M. Rothschild and Sons beg to announce to the
public, th►t they are ready to receive applications from
parties desirous of participating in the forthcoming loan of
sixteen millions, and will receive the same until Thursday
neat at 2 o'clock. it is necessary that every application
should be accompanied with a deposit of 10 per cent. on the
amount applied for. II the whole amount applied for be
not allotted, the proportion of the deposit will be returned
forthwith.

New court. St. Swithin's-lans, April 16, 18.55."

It will be noticed that the price at which he may
be disposed to tender is left to each individual appli-
cant, it being presumed that the bona Ades of the
application will be ensured, and the proffering
of inordinately low terms discouraged, by the
obligation of making a deposit of ten per
cent. on the amount applied for. It may
be pointed out that the Messrs. Rothschild, or any
other great firm that may be disposed to step for-
ward and contract, will act as an intermediate agent
through whein the mass of individual applications
will be received. By deciding that the contractor
must contract for the whole, and not for any less portion
of the loan, the Chancellor of the Exchequer virtually
leaves the contract open for competition to not more
than two or three firms in the kingdom, and the
contracting firm, again, must ascertain what support
the public are likely to give to the project before
they commit themselves to a contract with the
state. In this point of view the scheme lacks the
element of popularity. An apprehension is also
entertained in some quarters that the interval allowed
is scarcely sufficient for the publio to fully digest the
terms of the loan, the complexity of which, without
fall explanation, may tend to discourage applicants.
The entire loan, it will be seen, is to be paid up this
year, the last instalment on the 18th December, and
no discount is to be allowed for prompt payment of
the instalments. The Chancellor of the Exchequer
further pledged himself not to make any further sales
of Savings Bank Stock (except to meet the with-
drawals of depositors) until the loan shall have been
paid up. The Chancellor likewise• mentioned that
government intend to apply for power to issue
3,000,0001. more in Exchequer Bills, such power,
however, only to be exercised in cue of need. This
is of course a totally distinct operation, and is only
now mentioned lest contractors and the public should
hereafter complain that government did not fairly
state at the present moment the entire extent to
which they intended to draw upon the money
market.

The English stook market showed more firmness
this morning, a recovery of i per cent. being at one
time established, but on the conditions of the loan
becoming known, the largeness of the amount, and
the fact that the whole sixteen millions is to be
created in Consols, operated unfavourable, and a fall
of # per cent. at once took place. At the close the
market retained heaviness, and the final quotations
were 1 per cent. below those of yesterday. The anti-
cipation of unfavourable news from Vienna had also
a depressing influence.
The discount market continues to exhibit extraor-
dinary ease. Owing to the limited demand, the Lom-
bard-street discount houses to-day were compelled to
refuse large sums of money offered to them on call.
The steamer Antelope has arrived at Liverpool
from Sydney and Melbourne, but this vessel (which
has come over in ballast) is not known to have any
gold on freight. The Margaret Thompson has also
arrived from Port Fairy, but is believed to bring no
gold.
Land and Bank *homes to-day were quiet. Penin-
sular and Oriental &ram roes 11. London Duck
stock has been dealt in at 1004 ; St. Katharine Dock at
80 ; General Screw Steam, at 15 to j ; and Nether.
lands Land, at 11 (U. paid).
The annexed weekly report on the freight market
is furnished by Messrs Offor and Gammen :
Tao Walt market amnions dolt—tle desert far towage Wag
ass sally val 7 Imhof sad eslattitias on approst datoradatalos as
Us pat olsotoboata to marts ergagestesto le my amiss Naito
draft as parent upset of stain Is the ps Mug waft Maar
st eiremeal derma he trap* ta ba• tree ta pimp ke sem wale
ae nod
rate* ma the Iry Meet tali
eat
ar
etedisely Wean as the mita ter empiemeNt. Attetalies
ere my neemy—sre Ail vends hoe huadretwal dodos as welt
at U. per regieler as, aid issaiga Swee moll tem* eiatseaa
to Ur The headoess la Wars Is haseatsa b the aide= a tle
tomes as tio bank whim, Oaf laMilsallabalalloall at IP fano
DinUi ire met the ore* eases owl mg Mamma ter Autratia
•311WOOf knowtag:
Estonia aeL Mersa.

.pp..
?muse.

nips. Tamp.
AA.kids 1,1.0
Hobert 111;r; *ll
Loooomotaa
Newell,* N.S.W 5ll
Now Zeeland ...
Portload hay
Port Ptilllp tiro
10.31 1,131 1 1,212

1 1

neyrent. 86/. ; Carthagess, 16L; Onaahuttlsoe, 424 ; %nos. 31J.
Gibraltar, lIL r Leghorn. 111.; Maas, 1r ; Marrailirs, 32L;
Vests, 231.4 mews., SL; Nagle% UN wan, 121.
W.; Palma. 301.; ammo, 1131.; Tarragona, 8114 1134Plaareat
Put, 141.; Trieste, 400.; Vestal, 471.; Villarkw, 190.

THIS DAY.—Two o'CLoon.
Tho English funds continue to decline. Prices are
now quoted 1 per cent. lower than they closed yes-
terday. Console for the 10th May were first marked
90, recovered to 903, declined to 891 to 1,
and are now quoted 895 to 90. For money
transactions are recorded at 89/ to 903, and
the present quotation is 893. The Three per
Cents. Reduced have been dealt in at 881 to 891;
the New Three per Cents. at 891 to i ; Bank Stock
at 210; Exchequer Bonds, 1858, at 99 to 1; Exche-
quer Bills at Se. to 10s. prem.; and India Bonds at
Ils. to 14s. prem.
The foreign stock market is dull, with little change
in price. Turkish has again receded to 72/ to 73 en
div. Mexican is quoted 201 to 211; and Spanish
Deferred Three per Cents., 171 to 181. Russian Five
per Cents. have been dealt in at 100 and 99; Sar-
dinian at 88 ; Belgian Fear-and-a-Half per Cents. at
94 (exch., 251 r.) ; Dutch Four per Cents. Certifi-
cates at 901 en div.; Chilian Three per Cents. at
' 861 ex div.; and Danish Three per Cents. at 81 to 1.

MINES.

MONDAY BVININO.

The market for mining stocks to-day has not been
active, but there have been inquiries for therm in
United Mines, St. Day United, Vale of Towy, Wheal
Kitty (Lelent), Trebarvah, Porkylns United, and
East Buller.

The gold mining abates rennin dull.
Pontgibaud shares rose 104., and British Iron and
National Brazilian (Cocaes) were firmer; but the
stock of the Old Australian Mining Company showed
flatten.
The shares of the Tergove Mining Company were
quoted par to prem.