The Express.
London, England, 1852-03-04 00:00:00

MONEY MARKET.

THIS DAY.

Two o'CLocw.

Business in the English funds to-day is marked
by more quietude, and the general appearance of the
market has been rather dull. The government
broker has again invested in Consols at 971, but
the other operations are of an uninteresting character.
Some parties were disposed to look for a reduction
in the rate of discount at the weekly meeting of the
Bank Board to-day, and though the idea was by no
means general, the absence of any such announce-
ment has induced more dulness in this department.
The highest price of Console was not maintained
yesterday, the closing quotation being 971 to 1 for
money and the 11th inst. This has also been the
ruling rate to-day, whilst for the 13th April the quo-
tation is 971 to 4. The official badness figures are
as follows : Three per Cent. Comets, 971, • ditto
for account, 971, 3. Three per Cents. Reduced, 981,
1, 4. New Threeand-a-Quarter per Cents., 991, Z,
4. Long Annuities, 1860, 7 1-16. Bank Stock, 2194,
218/.
The market for the floating debt is etrong, Ex-
chequer Bills having been operated in at 665. and
635. premium. Indian Bonds are firm at 72a. to 755.
premium.
The excitement in the foreign stock market con-
tinues, but realisations have offered more freely to-
day, and consequently the prices of the securities
lately in such high favour show some reaction.
Granada, Equador, Peruvian, and Spanish are all
rather lower to-day. The Spanish Committee's Cer•
tificates for the confiscated portion of the Coupons
were bought yesterday afternoon as high as 33 per
cent., and this morning reached 4, but they
are aro now weaker, and mark 31 per
cent. Mexican Bonds are rather firmer. The
list of actual transactions embraces :—Brazilian New
Five per Cents., 1829 and 39, 971. Belgian Four-
and-a-Half per Cents., 901. Danish Three per
Cents., 1823, 781 ; ditto Five per Cent., 102
ex div. Dutch Two-and-a-Half per Cents., 54 ;
ditto, Four per Cent. Certificate., 921, 4.
Ecuador Bonds, 64, 1. Granada One-and-a-Half
per Cents., ex December, 1849, Coupon, 22, 1 ; ditto
Deferred, 104, 91, 101. Mexican, for account,
16th March, 334, 4, 1. Peruvian Five per
Cents., 1849, 1031, 1; ditto Deferred, 551; Por-
tuguese Four per Cents., for account, 331; Sar-
dinian Five per Cents., 89/, 90; ditto for account,
891, 89, 1; Spanish Actives, for account, 251, 1, ' •
ditto Plosive, 51, 1; ditto Old Three per Cents., for
account, 421; ditto new Deferred Three per Cents.,
194, 19; ditto Committee's Certif. of Coupon not
funded, 3/, 1,4, 31 per cent. Venezuela Three-and-
a-Quarter per Cents., 39, 401; ditto Deferred, 184,
171, 181, 18. French Five per Cent. Itentes, 104 fr.
(exchange, 25fr. 25c.)
The traffic returns for the last week on the Lanca-
shire and Yorkshire railway amount to 16,5251,
being an increase of 2,024/. on the corresponding
period of last year ; the Manchester, Sheffield, and
Lincolnshire, 6,73 Bl.—increase, 8821.; the York,
Newcastle, and Berwick, 12,7481.—decrease, 3951. ;
the Midland, 20,3731.--ineresse, 9211.; the Bristol
and Exeter, 3,637 l—increase, 3201. • the York and
North Midland, 7,66 ll.—increase, 8101.; the Great
Western, 14,390/.7-increase, 209/. . . .

The transfer books of the various annuities and
stocks on which dividends fall due on the sth of
April will be closed and reopened as follows:
Close. Reopen.
Bank Stork
New Three-end•a-Quarter per Cents Merck 12 April 18

threaPsrbi•ita.R;iiicMl . -.
... March 11 Aril 16
Long Annuities
Annuities for terms of years March 11 April 15
South Bea Annuities
East India Stock
.._ March 4 April 16
. . . . .

The extraordinary and sustained rise in China&
Deferred Bonds, and which is now extending to
every class of the old Columbian debt, excites much
attention outside of the Stock Exchange. The re-
ports in circulation of an intended arrangement of
some eminent capitalists for mining. and other opera-
tions in the Columbian states, originally. gave a sti-
mulus to the movement, and the dealers in the Stock

Exchange and bondholders generally appear to have
derived fresh confidence in the future payment of
the interest on the different securities. It is argued
that should the development of the immense mineral
wealth and other resources of the Columbian republics
be carried out, the trifling interest which the Vene-
zuelan and Granadan bondholders have already
received can bear no comparison with the
future financial capabilities of these states.
As yet the speculation has been most marked
in the Granadan portion of the debt, but Vene-
zuelan and Ecuador Bonds now participate in
the rise. Various calculations of the ultimate advan-
tage to be expected arc current on each class of',
stock, but under present circumstances all figures in
connexion with this subject appear to be of very un-
certain value. Now that a party has been appointed
by the committee to enter into negotiations with the
Ecuador government for the final settlement of the
debt, the bonds of this state have attracted still
more attention, and various comparative valuations
have been made of Ecuador stock as against the pre-
sent rates of Venezuela and Granada. In the con-
vention respecting the partition of the Active and
Passive debt of Columbia, it will be remembered, the
terms were fixed as follows:

New °raised&
V la 2Bl PI
Ecuador 2l
Venezuela is now five years' interest in anion
and Granada two years' interest. One of the saw
lations referred to, which deducts the interestso
up to the present time from the price of active
is to the following effect :
The balance of liability to be discharged by the state of
Ecuador ea the arrears of iaterest due up to the let Jan.,
1852, asesseetai to 1641. w easy 1001. Columbian Bond, is
331. 10s., abbe ohs ealeelatien at 2l# per cent. :
211. 10s. in Baader Active Stock
(being the Zander proportion
of the old Columbian debt)
'schemed et the Venezuelan
Act= £4O
but
- noels sines 1841)
which leaves £26 give' £6 11 10
Ama3l. 10s. Ecuador Deferred
at Venezuela Deterred
air%on
—147071189i1m teems equal to .. £ll 12 6 per cent.
110-41111,1341 d with Granada stock the calculation
Was:
Edio7Rewidor Active stack at
Granada Active price of 241,
it (int. paid by Granada
since 1846, vi5.,31.105.
in money, and IL by
issue of Treasury
Certifs.)
Leaving 20 per cent., gives £4 68. od.
And 331. 10s. Equsdor Deferred
stock, at Granada Deferred
price of 101 per cent., gives .. 3100. 48.

8 0 8

Bringing Equador Bonds on
Granada terms to ET 16e. 4d. per cent.
• Whatever may be the result of the newly-
awakened hopes of the bondholders, this calculation
may be perused with some degree of interest, the
comparison lying between the three several classes of
a debt originally contracted by one state.
The proceedings at the meeting of the General
Screw Steam Shipping Company to-day tend to
show that the company is working most satisfacto-
rily, and holds out most encouraging prospects for
the future. The chairman informed the proprietors
that a contract had been obtained by the company
for the performance of a postal service to India, nia
the Cape, for a period of seven years, to commence
on the 15th May. These vessels will not touch at
Sierra Leone. A dividend of 5 per cent. was de-
clared, leaving 3,6231. to be added to the reserve
fund, and 1,8711. to the insurance fund.
The progress of the principle of assurance against
railway accident is shown in the accounts presented
at the meeting of the Railway Passengers' Assurance
Company held this day. The receipts show an in-
crease of 1,0411. on the previous half-year, and the
effect of the numerous payments made is now mant-