The Express.
London, England, 1863-11-02 00:00:00

MONEY MARKET.--(THIS DAY.)

ADVANCE IN THE BANK RATE OF
DISCOUNT.

Two o'Osoow.

The directors of the Bank of England at their
weekly court to-day have raised the minimum rate
of discount from 4to 5 per cent. It had not been
generally anticipated that this measure would be
adopted to-day, although the expectation of an
early advance in the value of money had within the
last day or two become general. To-day's
action :has produced no sensation, being [plainly
referrible to causes the operation of which has been
universally recognised and closely watched. Amongst
theme causes are the rise in the value of money
on the Continent, the drain :of bullion from the
Bank of France, and the low state of the reserve
of the Bank of England, together with indications,
presented within the last week, that some
amounts of gold are likely to leave the latter esta-
blishment, chiefly in payment kr salver. The mea-
sure now adopted will doubtless have a conservative
effect.

The joint stock banks have raised the rate for
deposits from 3 to 4 per cent., and the usual altera-
tion of the terms allowed for money has been made
by the discount establishments.
The Stock Exchange being closed to-day, no busi-
ness is going forward in public securities, and
there is thus no means of testing the effect of the
movement at the Bank upon prices.
More influence is now beginning to be exercised
by the less favourable prospects of the money
market. An impression is gaining ground that
an advance in the rate of discount at the Bank
of England will not be long delayed, in the event
of the decline in the foreign exchanges making
further progress. Mexican and Greek Bonds,
which were recently run up to high prices,
are being pressed for sale by dispirited
holders, now that no fresh event of a favourable
nature appears to be in immediate prospect.
These securities are additionally depressed by the
apprehension of a dearer money market, as
in such case more difficulty may be experienced
in obtaining the loans by means of which the
speculation for a rise has hitherto been up-
held. It may be remarked also that specu-
lative foreign bonds, in common with many
other classes of securities, suffer for the time from
the diversion of attention to the numerous new
projects which are brought forward from week to
week. In the ingenuity with which these concerns
are framed, in the avidity with which they are
received by the market, and in the high premiums
to which many of them are carried before any
business whatever hail been transacted or profit
earned, calm observers have no difficulty in dis-
cerning the advent of a period of rampant specula-
tion. Should the tendency in this direction be
moderated by an advance in the value of money, the
community will have cause for satisfaction. At
present, however, one of the predominant charm-
teristies of the market is the rage for premiums.
The intimation in the Constantinople telegrams
that "the Minister of Finance contradicts the
report that the dividends on the new Consolidds
are to be paid in London and Paris, and states that
they will be punctually paid in Constantinople
only, by the Imperial 13ank"—confirms the views
already expressed in these columns.
About 37,0001. in bar gold was withdrawn from
the Bank on Saturday for transmission abroad.

The steamer Persia, from New York, hoe brought
69,0001. in specie. The Magdalena has arrived at
Lisbon from Brasil, with 25,5731.
The Alliance Bank have given notice that the
business of the Southwark branch will be removed
on Monday, Nov. 2, from the temporary office, 2,
Southwark-street, to their new bank, 255, Borough,
High-street.
The Metropolitan and Provincial Bank have
taken over the business of the London and Middle-
sex Bank at Woolwich, and will commence on
Monday, Nov. 2.
The arrangements which have for some time been
'in progress for the amalgamation of the banking
and bullion business of Messrs. Adam Spielmann
and Co., of Lombard-street, with that of the Lon-
don, Hamburg, and Continental Exchange Bank,
have now been completed, and this company will
immediately remove from its temporary offices in
Bieboba-lane to 79, Lombard street, and will com-
nmates business on Monday. Mr. Spielmann has
r commented to act for a time as superintendent of the
London department of the bank.
The first half-yearly meeng of the Hudson's
Bay Company under the new direction will take
place on the 24th November.
A call of 21. is to be paid by the 28th Nov. on
the shares in the Great Indian Peninsula Railwar
Company, on which 101. per share has already been
cal led.

The following, relating to the settlement of all
disputes between the Great Western and Metro-
politan Railway Companies, is from the Money
Market Review:

Some few leo•the sires the traffic epee the Ifeendolitee
Railway was °deeded. sad the train service reduced in
frequency sad 'oone:l:caribou, by this sadder' °edition of
friendly retinae& between the Great Waders and the
Meddrliten Compiled The Great Weston ended to
work the line at a very short soda, to the great incoo-
voodoos of the public. Within the lad fry dad it is
nadorelood that the chalenee at the two compasise and the
oaken had met and satifeetarily settled all disputes and
differences. The aceasicra was afforded by the sear dm-
platoon of the Hammersmith sad City Janatioe Railway,
which, starting from the Gnat Western Railway, abase
iluve-qadters of a mile from the Bishop's-read dads of the
Great Western sad Metropolitan, cosoects the My with the
populous neighbourhoods of Kenaingtou and Hasamersinitb.
• acenpled and Inquest service of thine will soon pies
from the City 14/GURUS of the Metropolitan over two asps.
rate lines of the Great Western Railway. derrikated to that
spacial purpose, to Hammersmith, Kensington, and Victoria
Station (Pimlico), and it is adicipated with coolkleace that
a large swum of passenger traffic will find in this command.
cation facilities of intercourse, much to the relief of the
overcrowded streets of Loodoo, sad to the advantage of
deideete to the suburbs. The amusements made between
sae reqsray companies embrace else • settlement of all past
disputes sad scoosiats, sad the withdrawal of all lawsuits
sad litiptices between the Gnat Weston sad Metropolitae.
TIM proprietors of both these Sass ay be edgratulated
upon this result, which, while inereadeg public codeine"
sad supplyiag dewing dues, will teal to red thus rail-
ways as • peopsety.
With reference to the stocks of produce in the
bonded warehouses, the circular of Messrs. Joseph
Travers and Sons remarks on under :

Selsjoined is an aooount of the quantities of the priaelial
articles of imported merchandise (subject to customs duties)
remaining is the hooded warehouses of the United Kim/does
gm the 30th September, 1863, compared with this ireastiten
in warehouses on the 30th September, Int and net :
Itsmaining la the Causes Was-
houts*, Nth Ileganher.
I*6l. hat lag
Ossos lb. 0,111.997 MAIN (Mae
Cafes lb. 19 WO% 10,11/,700 V.1W.107

Currents cwt. 1411,(157 794.790 29L9t11
Babies cwt. &IMO 'LUZ SLUM
Pepper lb. •909,101 1.9011,001 T.49T,686
Mum

1112aady i5.3.01‘.• 31 ;o&l4lkiii:iii
Itegar,24llB4llpopilip) art WIN 13,337 104,4110
11a. oars/aid

lainaTes-77
Ta.%

• "
lb. NASALS Ge.g0e.949 5i,176.47

Tobeece
Wise gals. 11,7111,1M0 11.011‘,081 11.111,671
. .

Press the above it appears that, with the eraeplios of
salaam and tobacco, the stocks of every article are larger
than at the eorrespoodieg date of last year, the Warsaw is
swirly every instal:es being wasiderable. Is woos, it is
114 per cent.; in cioffee, 33 per aut.; in currants. 14 per
seat.; ia raisins, 51 par coat.; is pepper, 34 per cleat.; I.
rum, 1 per Gest.; is brandy, 11 per and.; in refined =gar,
76 per mot. ; is waseasd sager, n per cwt.; is tee, 26 per
asst.; and in wise, 5 per twat. The falling off is molasses
is 30 per seat; is tolwooo, 6 pr asst.

SITURDAT 1011111310.
Consols, which closed yesterday at 93 to 1, both
for money and next Thursday's settlement, opened
this morning at the same quotation, and closed at
921 to 93. Foe the 3rd Deo. the last price was 931
"sellers." The official business report is u fol-
lows:—Three per Cent. Consols, for money, 931,
93 : ditto for accuint, 931, 93 ; Three per Oenta.
Reduced, 911, f ; New Three per Cents., f ;