The Express.
London, England, 1863-11-16 00:00:00

MONEY MARKET.-(THIS DAY.)

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Two o'Croos.
The funds to-day arc firm, and Consols
are quoted 1-16 to 3 per cent. better
than on Saturday afternoon, but the
other departments of the Stock Exchange
are somewhat heavy. There is a decline in the
principal speculative foreign stocks, and also in a
few of the chief home railways. The shares of the
new companies remain firm._ The settlement in
shares and foreign stocks is iu full progress.
At Paris this morning, according to Mr. Renter's
telegram, the Three per Ceut. Renter were quoted
67fr. 25c., showing no change.
Console are now quoted 924 to 4, cum div., for
money, and 914 to 4, ex div., for the account
(Dec. 3). The official business report is as follows :
-Three per Cent. Consols, for money, 924, 4 ;
ditto, for acouunt, 911, 4 ; Three per Conte. Reduced,
904,1, 4 ; New Three per Cents., 904, 1, 4 ; Red
Sea Telegraph, 211-16 ; Bank Stook, 236 ; India
Five per Cent. Stoclq 1084 ; ditto Bonds, 7s.
prem. ; Five per Cent. "enlaced" rupee paper,
115 ; and Exchequer Bills, Bs., 4e. die.
There is a decline today of 3 per cent. in Mexi-
can, Greek, and Turkish Bonds of 1858, and F in
Turkish Gonsolidei and Spanish Passive.
Venezuela Six per Cents,. have like-
wise given way. The foreign stock market
generally is rather fiat. Some of the present quo-
tations arc annexed :-Turkish 1854 Loan, 91 to 4 ;
ditto, 1858, 691 to I ; ditto, 1862, 704 to 71 ; the
Consolidds, 474 to 48 ; Greek, 30k to 4 ;
Mexican, 384 to 39 ; and Passive, 334 to 34.
Transactions are recorded as follows :-Egyptian,
99, 984 ; Greek, 304, 4 ; ditto Coupons,ls ;
701 ; Mexican, 384, fl ; ditto, for account, 39, 384,
; New Granada Land Warrants (Hectares), 74 ;
Peruvian, 1862, 834, 86, 854 ; Portuguese, 1856,
kis, 49, 48; ditto, 1863, scrip, 14, 04 prem. ; Rus-
sian, 1822, 914 ; ditto 1859, 551; Spanish, 54 ; ditto
Passive, 334 ; ditto for account, 34 ; ditto Certifi-
cates, 121, 131 ; Turkish, 1858, for account, 70 ;
ditto, 1862, 71; ditto, 1863, 684 ; Venezuela,
1862, 554, 56, ex die.
International Financial shares are quoted 41
'to # prem. ; General Credit, 3 to 3 prem. ;
London Financial, 84 to 4 prem.; Mercantile Credit,
3 to 3 prem.; Hudson's Bay, 11 to 1 die. ; Egyptian
Trading, 24 to 1 prem. ; Discount Corporation,
174 to 8 prem. ; National Steam, 54 to 4 prem. ;
Merchant Banking, 44 to 54 prem. ; Australian
Land and Mortgage, to 1 prem. ; Mortgage
Bank of India, 21 to 31 prem.
The discount market continues to present a very
anomalous and unsettled appearance. The general
supply of money is unquestionably large, and in-
stances are mentioned in which capitalists wishing
to discount choice six months' bills at 61 to 61
per cent. have been unable to meet with them.
Nevertheless, great uncertainty continues to be
evinced with regard to the future course of the
market, and, consequently, the terms for even the
beet short paper cannot be quoted below 6 per cent.
At the moment the balance of opinion evidently
points to the probability of the Bank of England
minimum being raised to 7 per cent. either
before or on Thursday next. This belief is
strengthened by a consideration of the decidedly
embarrassed position into which the Bank of
France has allowed itself to drift, possessed as it is
of a total bullion reserve of only 8,200,0001. against
s note circulation of no less than 33,000,0001.
The pressure for money appears to be very severe
at Turin, where the bank has just raised its rate
of discount from 7to 8 per cent. The statement
has been ventured upon that the drain of gold from
the Bank of France has been partly caused by pay-
ments to Italy for silk, but the fact that the
Italian
money market is as heavily pressed upon as any
other indicates that the gold goes to other and pro-
bably more distant regions.
About 40,000 sovereigns were withdrawn from
the Bank on Saturday fur Alexandria.
The satisfactory and creditable announcement is
officially made that "Unforeseen difficulties having
presented themselves to the carrying out in a satis-
factory manner the projected Imperial Royal
Privileged Union Bank of Austria, the directors
have determined to return in full the subscriptions
of the several applicants for shares."
A deputation of the directors of the Malta and
Mediterranean Gas Company, consisting of Mr. E.
Hawkins (chairman), Mr. Willian Nicol, M.P.,
and Mr. Edwin Crosley (directors), had an inter-
view with Earl Russell on Saturday at the Foreign-
office, to solicit an assonance from his lordship that
the rights and privileges of the company at Corfu
shall not suffer through the cession of that island
to Greece. Thedepntation was favourably received.
A call of 51. is to be paid en the new shares of
the English, Scottish, and Australian Chartered
Bank by the lit of December.
The salt-yearly interest, at the rate of 5 percent.
per annum, is announced on the shares of the
Bombay Gas Company.
The Great Western Railway Company of Canada
intimate that " the loss om exchange by the con-
version of American money received for the car-
riage of through traffic from the commencement of
the currenthalf-year to 31st of October amounted
to the snot of 53,342 dols. 90c. ; and at that date
there was a further sum of American fonds still re-
maining to be converted of 34,603 dols. 97c."
The following, ou the prospects of the produce
markets, is from the circular of Messrs. Joseph
Travers sod Sons :
The healthy condition of the produce markets has been
further exemplified this week by the slightseee of the effect
created by the pressure for discount. The prospect still con -
timies of a very large consumption on the pert of the geoerrd
population throughout the winter, and this branch of trade
was waver more free from all dependence see speculation.
The IJuited States, although they have lately been large
here of some of the most important articles, are
Cater :till to be almost entirely bare of stocks, the recent
transactions having been merely sufficient to meet the le-
mead from day to day. On the continent of Europe, like-
wise, the demand is certain to continue heavy, since,
although there is a pressure for money in all parts, this
pressure is caused, not by distress, but by the exult-
ordioary activity and profitable character of the commercial
operations of the period, the state of employment being
better on the whole than has, perhaps, ever previously
been known. It is remarkable how few complaints are
heard from any part of France or Germany with remud to
the 000dititni of the population at this season, although we
are now at the date of the year when soy scifferiog that
may exist is most sure to find voice. The probability that
this conditioa will be maintained has, moreover, bees
strengthened to-day by an announcement that the Bank of
Frame is about to issue notes of the denomination of
50 francs, or 21. each, the greenest notes hitherto issued
having been 100 francs. TJ the extent that these may be
taken into circulation gold will he set free, sad a propor-
tionate rise in prices will occur. The impulse thus created
will be felt among all classes, and contribute through the
whiter to keep up the power of the labouring people to
purchase full supplies of articles of food and luxury.