The Express.
London, England, 1852-07-12 00:00:00

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MONEY MARKET.

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SATUXDAT EVININCI.
There were a good many investments in the go-
vernment funds to-day, and $ rise of 1 per cent. took
place, the market closing with a steady appearance.
Consols were purchased as high as 10.01 cx div. for
cash, and closed at 1001 to 1 for the 16th. Bank
Stock realised the high price of 2261 for the account,
and India Stock 276. The list of business is as
follows:—Three per Cent. Consols, for money, 1001,
1,3; ditto, for the opening, 1001,1. Three per Cent.
Reduced, 1011, 1. New Three-and-a-Quarter per
3A4 n; n tfts:
foofr
6C115dia.nt5.k0c1n7k,18,2t710c.6,11'2,74422.. 3itcoyert, 22611:
The March Exchequer Bills remain quoted 765. is
79e. prem.; ditto June, 695. to 725. prem. hale
Bonds have improved Is., realising 90s. to 90s,
prem.
In the foreign house there was au absence of memo
mot, and prices remain at former quotations, an-
seSs bang the chief characteristic of this, as 460
AN departments of the boast. Ecuador Bonds
art rather higher at 41. Sales are marked as follows :
Austrian Five per Cent. Scrip, 4; prem. Austrian
Old Five per Cent. Bonds 833 (exchange fixed at
10 11. pound). Brazilian Old Five per Cents,
Ka Three per Ceuta. (1826), 83. D
41'wo-and-a-Thill per Casts., !ISt si div.; aitlg2
per Cent. Certifs., 971. Ecuador Bonds, q, I, I.
Mexican New Three per Cents., 261, 1. Portuguese
Five per Cents. (Brazil guarantee) 100, 4; ditto)
Converted Four per Cents., 39. Russian Four-and-
a-Ralf per Cents., 1031, ex div. Sardinian Five
per Cents., 941. Spanish Passive Bonds, 8; ditto
New Deferred Three per Cents., 223, 3 ex div.; ditto
Committee's Certifs., 3 per cent.
Transactions have taken place in Bank of Austra-
lasia shares at 641 and 311; Union Bank of Austra-
lia, 48 and 49; Eastern Steam Navigation, 1 prem.;
Peninsular and Oriental Steam, 821; Ditto New, 351;
Royal Mail Steam, 80; Royal Australian Banking
and Gold Importing shares, 3 prom.; Madras Rail-
way, 21 to 21 prem.; Ebro Canal, par to 1 prem.;
Crystal Palace, 1 die. to par; National Patent Steam
Fuel Company's shares, 1 prem. The allotment of
these shares was made to-day.
The money market remains at the former low
rates, and it will readily be perceived by a glance
at our present position, as regards trade and specu-
lation, and with the large dividends constantly com-
ing forward, that very easy terms must continue to
rule for some time to come at least. The present is
a peculiarly favourable opportunity for railway com-
panies to relieve themselves of the heavy burdens
resting upon them in the way of interest on loans,
and it is to be hoped they will exercise due prompti-
tude in availing themselves of it. It is stated in a
railway contemporary that the South Eastern Com-
pany are renewing their loans at the low rate of
21 per cent., and similar facilities are enjoyed by
other companies. A very important influence is now
permanently exercised on the market by the perio-
dical influx of the heavy railway dividends. The
pressure caused by so large an amount of capital
lying unproductive has passed away, and we now
have railway property contributing its quota to
the accumulatsug profits arising from the national
industry. It will be seen, too, that the revenue from
this source possesses in itself all the elements of a
very considerable increase.
The imports of specie and bullion this week have
not been so large as of late, as the Australian sup-
plies have for the moment fallen off, and the West
India steamer is not yet in. Our usual weekly ac-
count is as follows :—lty the Hydaspes, from Ade-
laide, three boxes gold dust ; by the America, from
New York, 289,000 dole. ; by the Baltic, from the
same port, 300,000 dole.; by the Bosphorus, from the
l'Ape and Sierra Leone, 100 ounces of gold dust ; by
the Peninsular and Oriental Company's steamer
Madri 5301. from Gibraltar; and by the Madras,
4,6101. from Constantinople and 1001. from Gibraltar.
The total value of these imports may be stated at
nearly 170,0001.
The exports from London, as returned in the
custom-house re ..rt for the week ending Thursday
last, comprise 2,ti11. in gold and 177,630 ounces of
silver, the whole amounting in value to about
46,000/. The account in detail is as follows :
Silve, coin to Hamburg, 21,6.50 ounces ; to Boulogne,
3,800 ounces. Silver bars : to Hamburg, 150,000
ounces ; to Boulogne, 2,000 ounces. Gold coin : to
Launceston, Van Diomen's Land, 2,0001.
From the outports there has been a shipment of
7,3001. by the Tcviot for the Brazils. The Appoline
has also sailed front Gravesend with about 40,0001. in
coin for Port Philip. The total exports from the
kingdom are thus raised to 93,3001.
The proceedings at the meeting of the Eastern
Steam Navigation Company on Monday will be
watched with much interest, as there is a prospect of
a very important boon being conferred on the vast
interests connected with our Indian trade. It will
be remembered that after the rejection by the govern-
ment of this company's tender for a portion of the
eastern mail service, which gave rise to so much dis-
cussion four months back, the directors were em-
powered to take into their serious consideration the
question of the future proceedings of the company.
Their report is now ready, in which they jsive full
details of the various propositions di. for ob-
taining improved communication between England
and her possessions in the East. Proposals for
establishing a second overland line, and also for lay-
ing down a line of ordinary steamers between England
and India, ria the Cape, were examined and rejected,
and a third plan was then suggested, which should
comprise the element of high speed without the in-
convenience and great expense of the overland
route. It was suggested that steam vessels of the
great power which modern science renders available,
might be despatched by way of the Cape, so as to
accomplish the distance between England and Cal-
cutta in the same, or less time, than the present
transit from Southampton and the Desert, and with
more comfort and less expense to the passengers.
For this purpose it would be necessary that vessels
should be employed possessing the speed of 15 or
16 knots an hour, as it appears 15 knots an hour
would accomplish the distance to Calcutta in 32
days, 16 knots in 30 days, and 17 knots in 28
days. Tho directors therefore came to the con-
clusion that mewls of this class could bo prudently
ellculated on to perform the entire distance in 30 or 32
days, provided only they were not obliged to stop
and coal by the way. The next question was,
whether a vessel could be constructed of power and
capacity to perform the entire voyage without stop-
ping to coal, and on this point special application
was made to Mr. Brunel, the eminent engineer, who
has had so much experience in ocean steam naviga-
tion, and who has satisfied the directors of the prac-
ticability of building and running such vessels with
advantage, his views being also borne out by the
opinions of other eminent engineers and shipbuilders.
It is stated that the power of carrying coal for the
whole voyage involves the difference of a cost of 12s.
to 13s. per ton, in comparison with a cost of 40s. to
451. per ton, this latter being the average of the cost
of coal per ton throughout the overland route.
The consumption of coal is known to be the
great element of cost in steam navigation,
and if this could be reduced by two-thirds, it be-
comes obvious that a great corresponding increase of
speed and power might be obtained, simultaneously
with an actual diminution of expenses. As regards
the profits to be expected, the directors express
themselves satisfied that vessels of this class, making
one voyage out and home every two months, would
yield a very large return on the capital; and this is
the course which they have decided on recommending
to the shareholders. For these arrangements about
one-half of the total capital will be required, leaving
ample provision for the future extension of the ope-
rations of the company. The directors further re-
commend, that, pursuant to the powers conferred by
the deed of settlement, interest at the rate
of 4 per cent. per annum shall bo paid on
calls until the vessels of the company commence
running; and they also state that any proprietor de-

siring to be relieved of his shares in the altered con-
dition of the company can be accommodated, and
have his deposit returned to him by making applica-
tion during the present month. Much credit is due
to the directors for the spirit with which they have
carried out their task, and it is to be hop. the com-
pany, if established on the basis pt opmed, will receive
every encouragement in its progress in the useful
path marked out. Shares in these ocean steam
'navigation companies, it is well known, have in most
cases turned out very remunerative investments, and
although this company, in consequence of the partial
decision of the government, will not, for a time at
least, have the benefit of a subsidy from the nation,
it will at the mine time be in possession of several
important advantages, including perfect freedom of
operation.
From Herapath's Journal we extract the following
analysis of the railway traffic returns for the last
week on all the lines in the kingdom :
A611,41MM Number Average
amount of miles receipt per
received. open. mile.
1852 .... £304,619 6,589 £46 5 0
1631 .... 321,631 6,377 60 8 0
1660 .... 260,906 6,889 44 6 0
......

With respect to the aggregate of the half ycai's
truffle, the same authority observes as follows :
" The aggregate amount of traffic on railways in the
United Kingdom, published weekly, from the Ist of
January to the id of July inclusive, amounted to
7,228,7081.; corresponding period of 1851, to
6,901,0281.; corresponding period of 1850, to
6,087,3121.; and in 1849, to .5,341,9021. ; showing
an increase in 1852, as compared with the corms-
spending period of 1851, of 327,6801.; an increase in
18.51 over the corresponding period of 1850, of
813,716/. ; and in 1850, over the same period of
1849, 745,4101. The receipts for the above ave-
raged, in 18.52, 1,0631. per mile; in 18.51, 1,0961.; in
18.50, 1,1251. per mile; and in 1849 they averaged
1,1661. per mile.