The Express.
London, England, 1864-11-29 00:00:00

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it i,

MONEY MARKET.,--(THIS DAY.)

Two o'OLoar.

In he Stock Exchange to-day the chief business
has again consisted of preparations for to-morrow's
settlement. Of fresh speculation there has not
been much, and business generally may therefore
be regarded as dulL The funds have undergone a
fresh decline of j per cent., but as regards most
other classes of securities there is not much change.
The financial companies' shares are flat Spanish
Passive Bonds and CerUficates, however, have
risen considerably, it being said that the Spanish
government is about to make certain proposals for
the settlement of these claims.

There is a fair demand for money to-day, and
the rate for choice bills is firm, at 64 per cent.
At Paris to-day, according to Mr. Retder's tele-
gram, the Three per Cent. Rentes were quoted
6615. 2c., being about the same as yesterday.
Consols are now quoted 901 to 1, with div., for
money, and 891, "sellers" ex div., for the
account (Dec. 8). The official business report
is as follows :—Three per Cent. Console, for
money, 904, ; ditto, for account, 891;
Three per Cents. Reduced, 881, 4,1, ; New
Three par Cents., 881, 1, 1 ; India Five per Cent.
Stock, 106, ; ditto Four per Cent, 971, 98 ;
Five per Cent. " enfaced " rupee paper, 101 ;
exchequer Bills, March, 6s. dis., pa• ; ditto June,
6e. di..

In the foreign stock market the only movement
of importance is a considerable rise in Spanish
Passive Bonds and Certificates, which have becu
largely bought. Turkish Bonds of 1858 are rather
lower. Some of the present quotationsare as follows,
viz. :--Greek, 23 to 1 ; Mexican, 291 to 1 ;
Confederate, 59 to 61 ; Spanish Passive, 321
to 33 ; the Certificates, 141 to 3 ; Turkish
Bonds of 1858, 711 to 72 ; ditto 1862, 711
to 1 ; and the Consolid4s, 461 to 471, ex div.
Transactions are recorded as follows :—Brazilian
Old Five per Cents., 98 ; Dutch Certificates, 971 ;
Egyptian, 951 ; ditto, second issue, 100 f.
I Bonds, 951 ; Greek, 222 ; ditto Coupons,
9 ; Italian, for account, 64} ; Mexican, 29 ; ditto,
for account, 291 ; ditto 1864, 271 ; Peruvian, 1862,
for account, 82/, 1 ; Portuguese, 1856, kc., 48, 471,
1 ; Russian, 1862, 87, 861; Spanish Passive, for ac-
count, 3n, I, 1,1; ditto Certificates, 14, 3 ; ditto
for account, 141, 1 ; Turkish, 1858, 711 ; ditto
1862, 711, 1; Venezuela, 1862, 491, 501; ditto
1864, 461, 411.

Egyptian scrip is quoted } to i prem. ; Danubian,
1 to li prem. ; and Atlantic and Great Western
Certificates of Debenture, I to li prem.
International Financial acres are now quoted
21 to + prem. ; London Financial, 9 to i
prem. ; General Credit, 3 to g premium ;
Imperial and Mercantile Credit, 3 to g prem. ;
Hudson's Bay, 1611 to II ; Ottoman tiochit4
Gindrale 24 to f prem. ; and Anglo-Egyptian
Bank, 4 :lia. to par.

At the meeting today of the creditors of Messrs.
Halliday, Fox, and Co., East India merchants, the
direct liabilities were estimated at 319,0001., against
which there are assets to the extent of 318,0001.,
including a large amount of produce. It was
unanimously resolved to wind up the estate under
inspection. A strong belief was expressed that
nearly 20s. in the pound will be realised.
Some amount of stock has been thrown upon the
market, possibly to provide the means of paying
upon the new securities in course of creation. The
market for our home funds does not seem to have
yet recovered from the disturbance which was occa-
sioned in it by the large transaction recently carried
out by the Bank of England. The Bank may be
said to have acted as a large speculator for the fall,
for during the recent pressure in the money market
it sold a great mass of stock for immediate delivery,
thus causing a severe fall in prices, and bought it
back for the monthly settlement At that settle
meat the act of the Bank, in recalling its stock, gave
a proportionate impulse to prices in an upward
direction, and now that the effects of that impulse
are passing away the English funds are once more
yielding in price under the depressing influence of
the still high value of money. It is natural that
bankers and other capitalists who eve their way to
employing money for 4 or 6 months onwards at
to 7 per cent on the best securities should
be indisposed to keep large reserves in Consols,
which yield a rate of interest so very much
lees. The prices of our home government stocks
are thus chiefly supported at present by the mode-
rate investments made by the public, who usually
buy in anticipation of each dividend, though some-
times selling after it is paid. _ _

Some effect seems to have been produced yeeter-
day by payments on the allotment of 100,0001.
Debenture Bonds of the Bombay, Baroda, and
Central India Railway Company. There is also a
demand in connexion with the pending settlement
in the Stock Exchange, and to pay for English Go-
vernment stock recently sold.
It is notified that the subscription for the Danu-
bian Principelite. will be closed to-morrow for
Loudon, and on Thursday, the lit of December, for
the country.
The scrip of the Danish Loan does not appear to
have been dealt in yesterday, the heaviness of the
instalments sad the fact of the debentures being for
1,0011. each, rendering them unsuitable for mere
speculation. This loan is brought out on a novel
principle, the debentures being redeemable in fixed
proportions at fixed dates between May, 1865, am.
May, 1877. We are informed that the distribution
will be so arranged as to give the debentures to
be allotted to each subscriber as near as
possible an average currency of seven years. Upon
this principle the loan shows an average annual
return of 61 per cent. It is anticipated that afte
the allotment two different prices will be quoted—
one for debentures maturing from 1865 to 1871,
and another for those redeemable from 1871 to 1877.
It is rumoured that the contemplated Russian
Loan will be raised, if at all, exclusively on the
Continent—perhaps by means of a "lottery." This
will be satisfactory so far as our money market is
concerned. The past history of Russian finance
affords little encouragement to subscribe to any new

issue of stock, even apart from the caution ;which
is suggested by the present uncertain position of
our money market. The Russian Four-and-a-Half
per Cent. Loan of 1850, issued at 93, is now at 86 to
87 ; the Three per Cent Loan of 1859, issued at 68,ris
at 52+ to 53} ; for the Four-and-a-Half per Cent.
Loan of 1860, issued at 92, no prior seems to be
currently quoted ; and the Five per Cent. Stock of
1862, given to the public at 94, is now at (.64 to
87+. Every one of these loans, therefore, stands
at this moment at a oonsiderable depreciation.
The Russian Loan of 1864, now quoted 87+ to 881,
is the only stock that commands • premium on the
price of issue which was 85, and the exception in
this instance is due solely to the very low price
that was accepted for it by the government. Each
successive Russian Loan has oome out at • pries
lower than its predecessor, thus surely marking the
peogeesu've decay of the credit of the Empire—a
decay that cannot excite surprise, considering the
frequency of the applications made by Russia to the
purses d our capitalists.
There being no supplies of gold in the market at
the moment, about 500001. in bars was withdrawn
from the Bank yesterday for the Continent, from
which quarter there is a Rood inquiry for this metal.
Oa the other band 2,0001. was sent into the Bank.
The steamer Atrato has arrived from the West
Indies with 449,0001. in specie, of which 286,0001.
is gold, and 163,0001. silver.
The silver market was firm yesterday, with a good
demand for the East, and the amount on hand here