The Express.
London, England, 1863-12-03 00:00:00

TEEM ADVANCE IN THE BANK RATE

The directors of the Bank of England, at their'
weekly meeting to-day, have raised the minimum
rate of discount from 7 to 8 per cent., thus making
a total advance of 2 per cent. in two days. The
announcement, though in some measure expected,
has naturally produced some excitement in
mercantile circles. In the Stock Exchange
the effect has been ' depressing, but the
several markets, after opening in a kind of
panic, have become steadier iu character within the
last hour and a half. Most of the principal securi-
ties, however, are lower than they were yesterday
afternoon. The fall. in the funds amounts
to Ito per cent. The chief movement is a fall
of * to 1 per cent. in the speculative foreign stocks.
Greek Bonds have suffered to the extent of 2 per
cent., and the market is excited.
The usual telegrams from the Paris Bourse have
not yet come to hand.

Consols are now quoted 00l to 1, ex div., for
money, and 901 to 4, ex div., for the account
(January 7). The official business report is as
follows :-Three per Cent. Consols, for money, 904,
1, 90, ex div. ; ditto for account, 904, 2, 1 ;
Three per Cents. Reduced, 90, 891, 90 ; New
Three per Cents., 90, 891 ; Thirty Years' Annui-
ties,lBBs, 141 ; India Five per Cent. Stock, 1062,
; ditto Four per Cent., 1004 ; ditto Bonds, be.
prem. ; Five per Cent. " enlaced " rupee paper,
103, 104 ; and Exchequer Bills, ss. die.
Much excitement has prevailed in the foreign
stock market. Greek Bonds opened at 241 to 251,
rose to 254 to 26, and are now quoted
241 to 251, being 2 per cent. worse
than yesterday. Turkish Consolif..is opened
at 44 to 45, were offered at 44, and are now quoted
441 to 4, being 1 worse than yesterday. Mexican
opened at 341 to 1, and are now 331 to 341,
being 1 per cent. lower than yesterday. Spanish
Passive Bonds show a reduction of 4, being quoted
324 to 1. Anglo-Turkish Bonds of 1858 and 1862
are comparatively steady at 694 to 70.
Transactions ars recorded as follows :-Chilian
Four-and-a-Half per Cents., 83, ex div. ; Egyptian,
99 ; ditto second issue, 984 ; Greek, for
account, 261, 4, 241 ; ditto, Coupons, for
amount, 12, 111 ; Italian, for &coconut, 701 ;
Mexican, for account, 34, 4, 334, 344 ; Portuguese,
1863, 48 ; Russian, 1862, 864, 851 ; Spanish, 53 ;
ditto Passive, for account, 32t, 1, 32, 1 ; ditto
Certificates, for account, 13, 121 ; Turkish, 1858,
for account, 693 ditto 1862, 691. ; ditto, for so-
count, 691, 70 ; Venezuela, 1862, for account,
554. 56.

International Financial shares are quoted
to 41 prem. ; General event, 24 to 1 prem. ; Lon-
don Financial, 81 to 9 prem. ; Mercantile Credit,
31 to 1 prem. ; Hudson's Bay, 21 to
21 die. ; Egyptian Trading, I} to 11
prom. ; Merchant Banking, 41 to 5 prom. ;
Australian Land and Mortgage, to I prem. ;
Mortgage Bank of India, 21 to 1 prem. ; National
Steam, 31 to 4 pm.; West India and Pacific Steam,
to I. prem. ; English and Swedish Bank, 21 to 31
prem. ; and Etat London Bank, 21 to 1 prem.
One object of the directors of the Bank
in their exceptional regulations seems to be
to hamper the operations of the bullion ex-
porters, but the fact that 203,000 sovereigns
were yesterday withdrawn for one of the
new cotton countries proves the difficulty of
stopping the present drain. A heavy fall in the
price of cotton would be much more likely to pro-
duce this result. Meanwhile, the uncertainty which
prevails in the discount market interferes materially
with the free circulation of money.

In consequence of the alteration at the Bank, the
Joint Stock Banks yesterday raised the rate allowed
for deposits, from 4i to 5 per cent. This resolu-
tion was adopted at a meeting of the representa-
tives of the several establishments held yesterday
at the Loudon and Westminster Bank. The ex-
ception is that the London and Westminster gives
only 4 per cent. for sums below 500!. The discount
firms and companies have raised the rate of money
at call, from 4.} to 5 per cent., and at three days'
notice, from sto si, while for deposits fixed for
14 days, 6 per cent, is offered.

It is really surprising to observe the steadiness
with which nearly all securities held for investment,
such as guaranteed and preference stocks, have
borne this rise in the value of money, but, as the
terms now offered for floating capital are relatively
high, it is evident that one main support is with-
drawn from the market for these stocks..

About 203,000 sovereigns were withdrawn from
the Bank yesterday, chiefly for Alexandria. A
further large total is expected to be taken for
Brazil during the next few days. The bl,OOOl. in
American eagles by the China has been purchased
for the Continent. .

A sum of 188,345/. in specie has been engaged
for transmission to the East to-morrow, by the
steamer Ripon, of which nearly the whole, 180,9551.,
is gold for Alexandria. A further amount for
Egypt is expected to be forwarded to-day from
London to Southampton for despatch by this vessel.
The biddiugs for 50.00.000 rupees (500,0001.) in
bills on India took place yesterday at the Bank of
England. The proportions allotted were—To Cal-
cutta, 27.00.000 rupees ; to Bombay, 2L00.000
rupees; and to Madras, 2.00.000 rupees. The
minimum price declared was as before, via. :
Is. Hid. per rupee on Calcutta and Madras, and
Is. Did. on Bombay. The applications within the
limits amounted to 172 lacs (1,700,0001.). Tenders
on Calcutta at Is. llad. will receive about 94 per
cent. ; on Bombay, at 2s. Old., about 38 per cent. ;
on Madras, at la. II gd., about 10 per cent. ; and
all above these prices in full.
Proceedings having been instituted to conduct the
winding up of the Great Ship Company under the
cognisance of the Court of Chancery, a large number
of the shareholders have, after much consideration,
agreed to nominate Mr. R. P. Harding (Harding,
Pullem and Co.) to the office of official liquidator.
This selection has been made with the view of having
the services of a gentleman totally independent of
any connexion with the company, and who would
have uo particular interest to serve.
The London and North Western Railway traffic
return shows this week an increase of 8,5801. over
last year ; the London and South Western an in-
crease of 1,883/. ; the Great Eastern an increase of
3,8411. ; and the Great Northern an increase of
2,815/.
A half-yearly meeting of the Canada (Land)
Company will be held on the 30th December, when
a dividend is to be determined on. _ _

The subscription list of the West India and
Pacific Steamship Company has closed with a total
application amounting to six times the number of
shares to be allotted.

With reference to the market for American secu-
rities Mr. E. F. Satterthwaite reports as follows :
The market in London for American securities has since
our last been characterised 134:he same dulness which has
pervaded the market for fore stocks gsserally. Gaited
Government and Virginia Six per Gent. Bolds have
&dined 2 per cent, whilst Illinois and Erie shires remain
unaltered. There has, however, been a good inquire for
Atlantic and Great Western Bonds : those of the New York
section have been done at 791 ; the Pennsylvania section are
Brut at 77 to 78. Some boyars appear to prefer the New
York bonds, inasmuch as they carry the coupons doe In
January next, whilst others prefer to take the Pennsylvania
hoods, for the chance of the drawing to take plans next
month. Some bonds of the Ohio section of this company
issued in America, and dealt is at the New York Stock
Board, have found their way over here, and have been dealt
in from 58 to 60 ; principal and interest on these is payable
only is currency is New York.