The Express.
London, England, 1852-06-14 00:00:00

Great firmness was again iistiervable in the Eng-
lish stock-market to-day, although, owing to this
being the dull day of the week, and to the closing of
the transfer books, business was altogether upon a
more limited scale. Consols opened 99/ to ex
div. for the opening of the 16th July, which is equal
to 101,1 to 1 with the dividend, and the price closed
1 higher at 991 to .1 ex div. Compared with the
closing price of yesterday this is equivalent to an
advance of per cent. There was a transaction for
money at 1001 with the dividend. Bank Stock
shows a strong tendency towards a further
rise. The business record is as follows:—Three per
Cent. Consols, for money, 1001, with div. for money;
ditto, for opening, 16th July, 901, t,' ex div. Three
per Ceut. Itedueed, 1001, 100, 1. New Three-and-
a Quarter.per Cents., 1021, 1, 103. Annuities of 30
years, 1859, 6 11-16. Bank Stock, 2231.
The March Exchequer Bills remain at their re-
duced range of 735. to 76e. prem. The June Bills
were dealt in at 68s. to 71s. prem., and India Bonds
were steady, with purchaser at 89s. prem.
In the foreign stock department the transactions
were nut numerous, but Mt xican, Venezuelan, Peru-
vian, and Granada Deterred Bonds, and Aus-
trian Scrip showed a tendency to improve-
ment.
The sales recorded are as follows:—Austrian
Five per Cent. Scrip, 21, 2 prem. Buenos Ayres,
Six per Cents., 721, 73. Dutch Two-and-a-
Half per Cents., 61, 1 ; ditto, Four per Cent. Certifs.,
96. French Four and-a-Half per Cent. Mentor,
100 f. 50c. (exchange, 2.5 f. 40c..) Granada Deferred
Bonds, ti?,, 1. Mexican New Three per Cents., 241,
1. Peruvian Active.., 104 ; ditto Deferred Three per
Cents., 631, 64. Portuguese Five per Cents. (Brazil
guarantee), 991. ltussiun Few-and-a-Half per
Cents., 1051, 41" 5, 41. Sardinian Five per Cents.,
941, 1. Spanish Passive Bonds, 5„,; ditto Old
Three per Cents., 481; ditto New Deferred Three
per Cents., 21t, ; ditto Committee's Certificates,
2/ per cent. Venezuelan Active., 401.
Great ease continues to be the chief characteristic
of the money market. Discount of unexceptionable
bills can be obtained readily at 11 per cent., and
from that to 2 per cent. Meanwhile the tendency
would appear to be rather in favour of a further re-
laxation of terms than otherwise. As we anticipated,
the Bank of England directors have decided upon
maintaining the rate for advances upon stock and
Exchequer Bills during the shutting of the books at
2 per cent., but it is agreed that the consequence
will be as we pointed out last week, that is
to say, this burtneue will be carried almost
entirely into other quarters where the Bank
will be underbid. To-day the directors of the
London Joint stock Bank issued an announcement

that, in consequence of the low rate of money and
the difficulty of finding employment for it, the in-
terest hitherto allowed on their customers' monthly
balances will in future be discontinued, and there is
no doubt the examp,e will be followed by other great
banking institutions. How far we shall be relieved
of our surplus capital by foreign loans and other
schemes, for which so great a temptation is afforded,
is at present a mutter of doubt. A decided die-
position to turn the favourable position of this
market to, account is evinced in many quarters,
but the opinion generally entertained of foreign
un ertakings is unfavourable. Arrangements are
understood to have been made, as already intimated
by us, for the introduction of several United States
railway schemes into this market, and consequently
the reception of the Illinois Central line is regarded
with the more interest. This loan, however, has
excited very little notice on the Stock Ex-
change, the amount required being comparatively
small. There are associations connected with
the name of the state from which the company re-
ceives its concessions and privileges, peculiarly ad-
verse to a favourable consideration of the loan in the
London market. Illinois is notoriously a defaulter
to a large amount on the loans previously contracted
by her; her debt is now swelled by the ac-
cumulated arrears of interest to nearly three
millions and a half sterling; and, though her
legislature has for some time past shown a disposi-
tion to do its best to retrieve the depressed credit of
the state, it may not be unadvisable to recall to re-
collection that the English bondholders will possess
no more control over the decisions of this legislature
than did the bondholders of Mississippi or any other
repudiating state of the union. Attention may also
be usefully directed to the extraordinary rapidity
with which railway projects are being now concocted
at New York and in the other great money marts of
the republic, and which threatens at a future period,
unless caution be exercised, to be attended with very
disastrous results. Already the voice of warning LI
raised by wary mercantile correspondents, even, it
may be said, before the movement has reached
such a height as to inspire any serious anxiety. In
the present instance the autumn sought to be raised
is only a million sterling, but other schemes of a
similar character will assuredly follow ; and although
little fear can be entertained of our capitalists biting
with inordinate avidity at the apparently tempting
inducements held oat by these American railway
projects, after our late disastrous experience of tr,e
evils of overtaxing the capabilities of the market in
this way, perhaps a word of caution may not be
altogether out of place.
A highly beneficial effect is expected to be pro-
duced by the boon recently granted to the Irish rail-
way interest by the Lords of the Treasury, who have
at length yielded to the repeated representations
made in parliament and elsewhere, and have reduced
the rate of interest to the borrowing companies
from . to 4 per cent. In the present position
of the market, this reduction will perhaps
not be regarded u any extraordinary concession, but
it is noticed that the measure will certainly increase
employment in Ireland and assist in completing the
several junctions require 4 to make the Irish system
fully available for general traffic.
At the Court of Bankruptcy to-day was held the
last examination meeting in the case of Mr. J. G.
Lacy, gun manufacturer, of St. Helens, whose failure
was entirely caused by his having become responsi-
ble on account of his son-in-law, Mr. A. A. Laker-
steen, lately adjudged a bankrupt for a very large
amount. The total of the bankrupt's liabilities, on
account of Mr. Lackersteen, are stated at 45,6361.,
against which, however, stands a sum of 11,4001., esti-
mated to be realised from property deposited as seen-
rity on this account. The bankrupt, of course,paseed.
Very large imports of bullion and specie have
again taken place this week, and the supplies show
no indication of falling off. The arrivals include
19:1,000 dollars by the Canada. and 620,000 dollars
by the Atlantic, both from New York, and chiefly in
silver; 1,386,673 dollars by the Orinoco, from the
West Indies, of which 903,934 dollars were in silver,
and 482,739 dollars in gobs; 600/. worth of gold
dust, by the Hellespont, from the Cape and Sierra