The Express.
London, England, 1864-11-14 00:00:00

tv

Great Northern, a to
Metropolitan
South Eastern
North Eastern: Berwick -16 to 9-16 ~
Great Eastern

Great Western of Canada 6d. to la. „
Luxembourg 6 to 12 p.c.
General Credit
International Gd. to L. „
Confederate Loan even to 4 9.
Mexican
_ _ .

Ditto, 1864 4 to 3-16 ~
Spanish Passive 1.16 to 3-16 ~
Ditto Certificates l-32 to 3.32 „
Turkish Consolides
Venezuela, 1862
With reference to the market for Consols, the
circular of Messrs. Joseph Travers and Sons con-
tains the following remarks, which are interesting
because they state very intelligibly the nature of
the recent dealings of the Bank of England with a
portion of its government securities :
The funds have experienced a further improvement of 1
per cent., and are now nearly 3 per cent. above the lowest
point touched during the recent pieseure. Some time after
the raising of the Bank rate of discount to 9 per cent., in
September last, the demand upon the resources of the Back
seemed to threaten the necessity of a further upward move-
ment to 10 per cent., but to his the directors re-
solved to employ a portion of their available II,IS/o,ooof.
of government vacuities by borrowing money in the Stock
Exchange, where these was a better • tipple than in the open
market. Accordingly they gradually wad about 1,500,1e.W.
of Consols for immediate delivery, that is to say, for cash,
and bought back an equal amount to be paid for on the
next settling day, namely, the 10th of Nuveniber. The
difference between the price at which they could sell for
money and buy back for time constituted the rate of inte-
rest they had to pay for the supply of money thus tem-
porarily obtained, and as they could lend that supply to the
commercial world by discounting good bills at if per cent, the
transaction was profitable to themselves, and equally advan-
tageous to the legitimate mercantile interests of the country.
In fact, it tended, to equalise a pressure v. hich had previously
borne more hardly upon the commercial markets than upon
the Stock Exchange. Coosols thereupon bore some share
of the decline which had previously been disproportionately
inflicted upon produce, and a still greater depreciation was
caused in the shares of the various new banks and Mancha
companies, by whose unguarded operations the principal
part of the existing mischief had been brought about. In
every way, therefore, the action of the Bank in this respect
has been highly salutary, and the period of worst difilculty
having now been safely passed, the Bank on the day before
yesterday, when the Conaol settlemett took place, re-
sumed possession of the greater portion of the •tuck, and
returned the temporary advances over which they had thus
usefully obtained control. Console in our last were quoted
89i, and they closed yesterday evening at DI i.

SATURDAY ETZEIG.

Consols, which closed yesterdiiLi94t;Tex
div. for the Bth Deoember, opened and clu-ed to-day
at the same quotation. For money the last price
was 91 to 1, with div. The official business report
is as follows :—Three per Cent. Consols, for money,
901, 911 • ditto, for account, 891, 1 ; Three per
Cents. Reduced, 881, 89 ; New Three per Cents., 891,
881; Red Sea Telegraph, 20 1-10, ; Bank Stock,
238; India Stock, 218 • ditto Five per Cent. Stock,
1061 ; ditto Four per 'Cent., 97 ; Five-and-a-Half
per cent. " effaced " rupee paper, 1091.
The India Five per Cent. Stock was a little more
offered. The March Exchequer Bills remain at 3s.
clis. to 2a. prem., and the June at fis. dis. to par.
The foreign stock market was again firmer. Con-
federate Bonds rose 1 per cent., ' • Egyptian, ; and.
Greek, Mexican, and Spanish Passive, 1. Turkish
Consolideis exceptionally declined I per cent.