The Express.
London, England, 1855-04-21 00:00:00

MONEY MARKET.

EZIDAT
The English stock market opened rather flatly, and
upon the announcement that government have ao-
°opted Mesas. Rothschilds' tender for the lean,
which involves terms so favourable to the subscriber
as 145.6 d. for the 30 years' annuities, a proportionate
reduction at coos took place in the price of Consols.
At a decline of about 1 per cent., however, which was
temporarily established, the market showed much
steadiness of tone, supported by the continued absorp-
tion of stock on account of the public, and the closing
quotations were only per cent. below those of yes-
terday.
The terms accepted by government for this loan
of 16,000,0001. are briefly as follows :—Each sub-
scriber of 1001. in cash receives a nominal capital of
1001. in Consols (which is now worth in the market
a fraction below 901.), and also an annuity of 141.6 d.
for 30 years. To test the advantage or disadvantage
of this bargain to the subscriber, it becomes neces-
sary to ascertain the value of the annuity. It so
happens, however, that, owing to the existing un-
certainty as to tho future rate of the income tax
(an impost which presses relatively with greater
severity upon the holders of these govern-
ment annuities than upon holders of Con-
sols) and as to the future value of money,
it becomes a matter of very nice calculation to esti-
mate closely the relative value of the 30 years'
annuity. Several estimates have been put forward
upon the sublect, but exhibit some comparative dis-
crepancy, owing to these two undetermined elements
in the calculation. According to one of these esti-
mates, assuming the return of the interest from the
30 years' annuity now created to be 4 per emit., the
loan amounts virtually to a creation of Consols at
about 87 For cent.; but, as already observed, other
estimates differ from this. Generally, so far as City
opinion can be tested, there seems to be an impres-
mon that the terms may be considered fair to
both parties to the contract, as an allowance
must be made for the less popular mode in which the
loan is contracted, and, moreover, a fair margin of
profit is peculiarly requisite at the present critical
period to induce capitalists to enter upon engagements
to so large an amount. In the fact, however, that
the " °ma'am" of the loan (which term represents
the 1001. in Consols, with the 14s. 6d. annuity at-
tached—in otter words, the entire allotment) has
been largely dealt in to-day at 11 to 1# per cent.
premium, and was last quoted If to 11 prem., we
have evidence that, in market estimation, the
terms are sufficiently favourable: to the subscriber.
This fact also realises the anticipation expressed
in the Daily Nem of Thursday, that subscribers,
through the firm tendering, would quickly see their
allotments at a respectable premium. The propor-
tion of allotments to applications is, it appears, u
nine is to ten; in other words, a party applying for
10,0001. of the loan has had allotted to him 9,0001.
The favourite speculative operations of the day have
been sales of Consols against purchases of "ommum,"
but, although this may seem at first sight a very pro-
fitable operation, an intricate calculation will show
the necessity of caution. On the whole, the reception
given to the new loan is considered decidedly
favourable—a result which is mainly attributable to
the scarcity of stock in the market. It is a remark-
able fact that, despite the late heavy sales of savings
bank stock by government, and those effected by in-
tending subscribers to the loan, the investments of
the public, stimulated by the recent fall in prices,
have been so considerable as to render stock positively
scarce for transfer. Probably the operations for a
fall which were freely entered into upon the an-
nouncement of an impending loan have contri-.
bated materially to this scarcity. The supply
of stock brought into the market by the loan
may perhaps become greater some months hence, as
the instalments are paid up, and monthly creations
of Consols take time ; but it must be borne in mind
that this supply is to some extent anticipated, and
that the ease of the money market and the abundance
of unemployed capital are calculated materially to
support the market in the face of such new supply.
It was noticed to-day that parties were desirous of
borrowing Consols for the June account, owing to
the prevailing scarcity of stock.
Consols were first quoted 89j to 901. for money and
the 10th May, improved to 90/ to 1, receded to 891,
and were last quoted 89 13-16 to 1. The feeling of
the market at the close was apparently steady, owing
to boom Me purchases. The day's business in oar
government securities was unusually extensive. An
indisposition was evinced to deal at present in the
newly created Annuities, which have 30 years to run,
dating from the bth inst., but business is recorded in
them at 161. In other words, the new Government
Annuity of 14s. 6d. for 30 years has realised 161.105.
Foreign stocks were steady, but engaged little
attention.

The Emigration Commissioners will receive ten-
den on the 28th fist. for the hire of two ships to
convey emigrants to Adelaide and Moreton Bay re-
spectively. Each ship must be ready to receive pas-
sengers between the 11th and 19th of June.
Commercial letters from St. Petersburg to the 10th
Inst. quote the exchange on London at 36i to 11-16 d.
The price of tallow was a shade lower, at 117 to
118.10 i, down, for August.
Land and bank shares to-day maintained former
quotations, with the exception of a slight decline in
the Canaa Land Company's stock. East and West
India Dock stock his been dealt in at 1191; London
Dock stock at 100; Netherlands Land at 11 (61.
, paid); Peninsular and Oriental at 61; and Royal
Mail Steam at 87 ex div.
The niters of the Bank of England for the week
ending liderday, April 14, when eenspued with the
=rim, shows the following rialto :
Mae £lB.34l,lllllDeffespe 18,670
Okaimisa ware lmmo 571,470
Pallis rpm Vail Dogmas 3,288.266
Other apidei
Oova 14,215,7911 Imams 2,836,921
pnnalt in

0. 13A75713 Increase 646,964
fa biakiag
Cola
flapiamgtaira
ake fa Web 13,116,068 Damage 389,927

deporhoents
Sores day mad ether balls 947721 buxom
bet
The 3,123,446 Increase 37,363
The awe (vit., Wes
asi Sib la beakiag
loguramat)