The Express.
London, England, 1852-03-31 00:00:00

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MONEY MARKET.

TUESDAT EVILNINO.
The English stock market was firmer to-day,
more confidence being inspired by the pacific
tenor of Louis Napoleon's speech in Paris. Consols
were done as high as 984, but left off at yesterday's
quotation of 984 to;, both for money and the 13th
April, the reaction being attributed by some parties
to sales prompted by the requirements of the share
and foreign stock settling. The prices officially
marked are :—Consols, for money, 981, 2,2, 2, ;
ditto, for account, 981, 2. South Sea Three per Cent.
Annuities, 1751, 971. It will be seen that cash in-
vestments were made at a figure above the time quo-
tation.

Exchequer Bills were very steady at 68s. to 71s.
prem. The continued discussion in the House of
Commons relative to the practicability of reducing
the interest on these aecunties, has, as a matter of
course, no influence on the market, the question being
for a time settled. India Bonds realised 775., 795.,
and 765. prem.
In the foreign house the business consisted mainly
of the arrangements for the settlement of the
account. Generally stock is by no means scarce, and
for several descriptions prices were flat. Peruvian
and Venezuelan Bonds, however, were better, and
Spanish stocks were steadily supported. To-morrow
(Wednesday) being the last day for the
conversion of the Five per Cent. Spanish
bonds, unless the sacrifice of a year's interest is sub-
mitted to, the London and County Bank, who act as
the agents of the committee, will remain open for,
the purpose till a late hour. To-day transactions
are marked in the official list, for the first time, in
the newly converted Three per Cent. Mexican Bonds,
which were transacted at 261. This price is, of
course, exclusive of the proportion of the indemnity
money due upon each bond. Bargains are recorded
to-day u follows : Brazilian Old Five per Cent.,
1011, 1; ditto New, 1829 and 1839, 1001, 100.
Buena Ares Six per Cents., 731; ditto, for ac-
count, 731. Ecuador Bonds, 6. French Three per
Cent. Renter, 71f. (exchange, 25f. 40c.) Granada
Deferred, 10k, 10. Mexisan Three per Cents.,
32„2; ditto, Now Three per Cent. Converted, ex the
indemnity money, 261. Peruvian Actives, for ac-
count, 16th April, 105, 1; ditto, Deferred, 62i,
631. Russian Fitur-and-a•Half per Cents., 1031,
Sardinian Five per Cents., 931, 1. Spinish Old
Three per Cents., 44! ; ditto, New Deferred Three
per Cents., 201, 20, 191 ; ditto, Committee's Certif.
of Coupon not funded, 21, 21 per cent. Venezuelan
Actives, 464, 4,1, 46; ditto, for account, 47 ; ditto,
Deferred, 181.
The settlement of the account in the railway share
market, now in progress, shows an excess of specu-
lative buying, which has given rise to the exaction
of very heavy rates of " continuation," whilst at the
same time money has been in general demand
throughout the market. In many cases yesterday's
rates of contango prevailed, hut on some stocks much
heavier terms were demanded to-day, as will be seen
from the following list, which may be taken to re-
present the transactions at one period of the morn-
Loudon and North-Western, to 1 continuation.
Great Western, # to 1 continuation.
Midland, 1 to 1 continuation.
Lancashire and Yorkshire, Ito continuation.

South Eastern and Dover, 1-16 to continuation.
South Western, to continuation.
These rates are equivalent to 13 to 20 per cent. per
annum on London and North Westerns; 14 to 21 per
cent. on Great Westerns ; 15 to 25 per cent., on Mid-
lands; and 9 to 13 per cent. on Lancashire and
Yorkshires. French shares were plentiful, at rather
lower rates.

The variations in the market for foreign exchange
to-day were not of an important character, nor was
an extensive business transacted. Short Paris de-
clined a shade, being rather in demand, chiefly to
remit against French railway shares, which have
recently been somewhat higher here than on the
Paris Bourse. It was done at 25.321 to 35; ditto 3
months, 25.50 to 55. Belgian paper was about 21 per
cent. higher. Amsterdam showed a slight advance,
and closed 12.1 to I. Hamburg also moved up-
wards, purchasers not being eager to take; the price
left off 13.11 to although coming lower from the
other side. This is accounted for by the high rate
of discount at Hamburg, which is at present full 4
per cent. on the best bills. Frankfort was in
request at 1211, with very little paper offering. Of
Italian places, Genoa was most inquired fur at
25.571 to 621. Bills on Sicily, Spain, and Portugal
showed no variation front play ious (Agitations, nor
did the rate on Vienna sad Trieste dossases sensibly.
The quotation for Austrian paper ruled ►t 12.38
to 44.

There is no change in the bullion market, which is
quite bare of supplies. Tho arrival of the Conway,
which vessel, as we are to-day advised, put into
Kingston (Jamaica) on the 2nd inst. for coals, is im-
patiently looked for. She is bringing over specie to
the amount of a million and a hall of dollars. Mean-
while the price of bar silver is merely nominal.
Owing to the Great Western Itailway Company
having suspended the issue of their new 41 per cent.
preference stock, this security has risen in the mar-
ket, and is now worth Ito 2 per cent. prem. 'llia
stock was created on tho 25th April, 1850, the
holders having the option, within seven years from
that date, of exchanging the same for rateable stock
of similar amount, and the company, on their side,
being entitled during seven years from the 25th
April, 1857, to redeem and pay off at par any of the
then existing fixed 41 per cent. stock upon giving ono
year's previous notice to the holders. It is further
provided that the directors may, if so inclined,
issue a portion, not to exceed a million
of the stock, discharged from the above conditions
of exchange or redemption. An instalment of 10
per cent. was paid on the 10th November, 1851, and
another of 20 per cent. on the 10th of January, the
future payments being 10 per eent.on the lothApril,
and 10 per cent. on the 10th July next. Till very re-
cently the company have constantly advertised for sub-
scriptions to this stock, which from its being entitled
to priority of dividend over the ordinary stock, must
be re ed as offering a very fair rate of return
eonsi cuing the low terms of the money market.
The tardiness; with which it has been taken up is
probably owing to the dissatisfaction felt at the fre-
quent difficulties between the Great Western and
the other great companies.