The Express.
London, England, 1864-09-09 00:00:00

BANK OF FRANCE.

RISE IN THE RATE OF DISCOUNT.
(sairma's xxiscaam.)
PARIS, Sari. 9, Arrzazooz.
The Bank of Frames has raised its rate of dis-
count from 6 to 7 per cent.,both for bills of exchange
and securities.

MONEY MARKET.-(THIS DAY.)

Two °Two,.

The stock markets to-day are very dull, the un-
certainty which prevails with regard to the future
course of the money market contributing to check
purchases. The funds are quoted about the same
as they closed yesterday. Many other securities,
including some of the home railways, the specu-
lative foreign stocks, and financial shares, are
rather lower.

The discount market is quiet to-day, with plenty
of money, but there is no disposition to transact
business below 9 per cent, the bank minimum. In
the Stock Exclisuge the supply has largely increased,
owing partly to numerous investments by insurance
companies and the public in Console, and the rate
for short loans is nominal, at 5 to 6 per cent.
At Paris to-day, according to Mr. Reuter's tele-
gram, the Three per Cent. Renter opened at 66fr. 67c.,
being about the same as yesterday.
Consols are now quoted 871 to I for money, and
87 11-16 to 13-16, or 871, for the account (Oct. 11).
The official business report is as follows :—Three
per Cent. Consols, for money, 874, 1, ; ditto, for
account, 871, 1 ; Three per Cents. Reduced, 851 ;
New Three per Cents., 854, 4,4; Bank Stock,
242 ; India Five per Cent. Stock, 1031, 104 ;
Five-and-a-Half per Cent. " enlaced " rupee paper,
110.

A reduction of eto per cent. has taken place in
several of the speculative Soreign stocks. The present
quotations are annexed, viz., Greek Bonds, 231 to
I ; Spanish Passive, 301 to 1 ; the Certificates,
131 to ; Mexican, 271 to 1 ; Confede-
rate, 791 to 801; Turkish of 1858, 681 to 69 ; ditto,
1862, 691 to 70 ; and the Conaolid4s, 60 to .
Transactions are recorded as follows:—Brazilian,
1852, 1868, 1860, 851 ; ditto 1863, 86 ; Egyptian,
981, 99, ex div. ; Italian, for account, 661, ;
Mexican, for account, 271, j; ditto 1864, 251 ;
Portuguese, 1856, &c., for aocount, 471 ; Russian,
1862, 88 ; ditto 1864, 881 ; ditto, scrip, 4, Si
prem. ; Sardinian, for account, 84 ; Spanish, for
account, 491 ; ditto Passive, for account, 301,
1 ; Turkish, 1858, for account, 681, ex div. ;
ditto 1862, for account, 70 ; ditto 1001. Bonds,
70 ; ditto guaranteed, 991 ; Venezuela, 1864, 461,
ex div.

International Financial shares are now quoted
3 to f prem. ; General Credit, 2 to 1 prem. ;
London Financial, 7 to 4 prem. ; Imperial Mer-
cantile, 21 to i prem. ; Hudson's Bay, 154 to 16 ;
Anglo-Egyptian Bank, 14 to I prem. ; Imperial
Mexican Railway, f dis to par]; OttomanSociit6
Ginirale, If to 4 prem. ; and Credit Foncier and
Mobilier of England, 3 to 4 prem.
A failure has been announced to-day in the Stock
Exchange, but the amount involved is understood
to be unimportant.

Pons o'CLocK.
Consols are fractionally firmer, at 871 to for
money, and 871 to 1 for the account. 5,0001. in
gold has been taken to the Bank.
The last previous alteration in the Bank rate
of discount was made on Thursday, the 4th
ult., when a rise from 7 to 8 per cent. took
place. The present measure has taken the
oommercial public a good deal by surprise, as
most persons failed to recognise in the imme-
diate features of the money market the necessity
for additional measures of restriction. It is not diffi-
cult, however, to distinguish the motives by
which the directors of the Bank are actuated.
Their great desire is understood to be to
bring about • substantial improvement in the
general condition of the Bank accounts, and es this
has not been accomplished to the extent desired by
an eightper cent. rate, which has now been in force
for a period of five weeks, a fresh " turn of the
screw" is resorted to. The unfavourable quotations
of Indian exchange received on Wednesday after-
noon, and the indications of a considerable drain of
silver to the East, have probably contributed to the
measure. A large amount of India six months' bills
also came upon the market yesterday, partly in
connexion, it is believed, with the payments for the
heavy mass of treasure lately received from Mexico,
and now in course of re-distribution, chiefly east-
wards. The most satisfactory feature at the mo-
ment is the calmness, and the entire absenoe of any
feeling of vague alermorith which the present severe
action of the Bank directors has been received. This
is the more worthy of notice when it is borne in
mind that the legitimate trade of the country must
have no small difficulty in bearing the existing
onerous rates of money—rates which must in many
cases fully equal if not exceed the ordinary profits
of business. It is to be hoped that the dispropor-
tionately high value of money now prevailing in
this country, as compared with that in the chief
continental cities, will, in addition to bringing for-
ward a larger supply of our home capital for em-
ployment in commercial channels, give a speedy
and powerful impulse to the exchanges, and thus
accelerate the existing flow of gold to the Bank of
England.
Ou the 4th of August, when the Bank rate we,s
raised from 7 to 8 per cent., the coin and bullion
were 12,877,4331., and the reserve of notes and
00111 5,598,4931. By last night's return the totals
are, respectively, 12,970,4471. and 6,810,5821.,
showing in the former instance an increase of
93,0141., and in the latter an increase of 1,212,0891.,
during the five weeks.
The large balances which the banking and finan-
cial establishments deem it prudent to bold avail.
able in the present uncertain state of the money
market, continue to find their way for employment
for short periods in the Stock Exchange.
The steamer Plantagenet has reached Liverpool
from Vera Cruz with 89,0001. in specie.
The steamer Magdalena will take to-day 75,2001.
in gold (most of which was taken from the Bank
yesterday) and 8,000/. in silver.
The silver market is quiet, with little business,
notwithstanding the rise in the Indian exchanges.
The advance in the Bank rate of discount will tend
to check the exports of bullion for the East, and it
would appear that some amount of specie has been
despatched to that quarter of late in anticipation
of higher rates of exchange.
The Lancashire and Yorkshire Railway traffic
return shows this week an increase of 4,0311. over
last year ; the Manchester, Sheffield, and Lincoln-
shire, an increase of 1,236/. ; the North Eastern,
au increase of 7,0211.; and the Midland, an in-
crease of 3,7441.
At the London office of the Atlantic and Great
Western Railway the following satisfactory tele-
gram, dated Cincinnati,_ Augest 26,. has been re-

. •. IF--

The third payment of 51. is to be made on the
shares of the London Financial Association by the
Lt October.

The annexed is from the monthly hide tirades
issued yesterday by Messrs. CulverweU, Breaks,
and Co. :

The bide market conthime quiet bat rtead7, the high
rate of disoonnt Weds to restrict business. Entes.—fished
Ox and °arr.—South American or* in moderate request.
Australian hare sold freely, especially light hides, whir&
have realised an advance of id. to Id. Noe have brought
previous rates. Horse bide—Baited have bresight luf
prices. East India Kips have not been in active request ;
common to fair dessiptione have be is better demand
than those of good to prime quality, upos which • slight
decline has taken place. English market hides have bees
in fair demand, but prices have ruled in favour of beyets.
The leather market his been steady, and full prices have
genteelly been realised. North American Fan and Skins.
—The annual autumn sales commenced with that the
Hoene Bay Company, on the 29th ult. The diima es*
fur, prices generally were firm, excepting for otter, martin,
beaver, and first and second clams of raccoon, which have
sold lower than last spring.
The following, upon the silk market, is from the
circular of Messrs. Durant and Co., dated yester-
day :

We have bad a mouth of comparative quiet in silk, the
particular meson of the year an.l high moss of prices in-
duoiog mummers. both home and continental. to limit their
purchases as much as possible. Borne little asgeroess has
been manifested during the last week to pun:bake the first
arrivals of new silk from China, sad shout 700 bales have
been sold at very full prices—generally at la. above our
quotations of a month since. The stock of old silk is very
small in all claims, both of China and Japan silk, and
holders are very firm. Deliveries ars comparatively good.
In Bengal silk a fair correct business wee doing at fall
prices until the last few days : now we seem to have rather
a check, but consumption has turned most satisfactorily
upon this class.

The return of the Bank of England for the week
ending Wednesday, Sept. 7, compared with that for
the previous week, allows the following changes :
Circulation issue
Circulation actin 20,809,865 lacrosae 71,765
Public deposits 6,022,373 lacrosse 206,631
Other deposits
Government securities a

tanking deportment 10,797,095 No clangs
Othersecuritom in banking
department
Coin and bullion in both

departments
Beveo day sod other bolla 557.259 lee:ream 6,035
The beet 3.879,279 lemur 19,713

Notes in reserve
Total reserve (notes & coin
in tanking department) . 6,810.582 Decree's 81,351

These changes are not of the unfavour►ble cha-
racter that might have been expected from the sud-
den alteration made to-day by the Bank directors
in their rate of discount. The coin and bullion
are almost stationary, and the decline in the reserve
is of no importance. The sidition to the private
securities, representing loans, discounts, &c., is not
large.