The Express.
London, England, 1864-10-24 00:00:00

MOM MARKET.-(THI8 DAY.)

Two o'Cuxw.

The stock markets to-day are firm, with a rather
favourable tendency, although the speculators
manifest a disposition to wait and see how
the Indian bills maturing to-day are met. The
funds have improved 4 per cent. In the other
markets, where any alteration is observable in
prices, it is in an upward direction.
Although • large amount of Indian bills
have become due to-day, the discount market
is quiet, with a large supply of money. The
general rate is 9 per rent., but in some cases
transactions have occurred at 84 and 81. Short
loans are obtainable in the Stock Exchange at 2
to 3 per cent.
At Paris to-day, according to Mr. Reuter's tele-
gram, the Three per Cent. Ranks opened at
64fr. 85c., and improved to 64fr. 90c., being, how-
ever, 1 per cent. lower than on Saturday.
Consols are now quoted 881 to 89 for money, and
89 to 1 for the account (November 10). The official
business report is as follows :—Three per Cent. Con-
sols,for money, 884, 89 ; ditto for acoount,B9 ; Three
per Gents. Reduced, 871 ; New Three per
Cents., 87,1; Annuities, 1885, 141 ; Red
Sea Telegraph, 20 ; Bank Stock, 236 ; India
Five per Cent. Stock, 1044, 4, I ; ditto Four per
Cent., 961 ; ditto Bonds, 75., 10a. ciis. ; Exchequer
Bills, March, tria, 10e. die. ; ditto June, 18e. die.
Mexican Bonds and Turkish Consolid4s
have risen 1t per cent. Other foreign
stocks are firm, at Saturday's prices. Some
of the present quotations are annexed, viz. :
Greek, 211 to 22 ; Mexican, 261 to 4 ;
Confederate, 64 to 66 ; Spanish Passive, 291
to 30 ; the Certificates, 131 to 4 ; Turkish, 1862
Bonds, 70 to 4 ; ditto, 1858, 68 to 4 ;
and the Consolideis, 491 to 4. Transactions
are recorded as follows :—Dutch Two-and-
Half per Cents., 614 ; Egyptian, 96 ; Greek,
Coupons, for account, 9 ; Italian (Marem-
mana Railway), 71 ; Mexican, for account,
264, 4 ; ditto 1864, 254 ; Portuguese, 1856, lc.,
464 ; ditto for account, 464, 4; Russian, 1850, 844;
ditto 1859, 531 ; ditto 1862, 871 ; Spanish,
for account, 484 ; ditto New Deferred, for accouot,
411 ; ditto Certificates, for account, 134 ;
Tarkish, 1854, for account, 884, 894, ex div. ;
ditto, 1858, for account, 68 ; ditto, 1862, 1001.
Bonds, 704, 70 ; Venezuela, 1862, for account,
551 ; ditto, 1864, 424.
International Financial shares are now quoted
1 to 1 prem. ; London Financial, 64 to
prem. ; General Credit, 24 to 4 prem. ;
Imperial and Mercantile Credit, 11 to 4 prem. ;
Hudson's Bay, 15 to 4 ; Ottoman Socidt4 Gdud-
rale, 1 to 4 prem. ; and Anglo-Egyptian Bank, 2
to 14 die.
The French mail steamer arrived at St. Nazaire
from Mexico this morning, with 21,000/. in
specie.

The shifts to which the Spanish government is
being driven in order to provide the means of meet-
ing the most preening requirements of the Treasury
are lowering the credit of the country to an extent
which may hereafter cause serious sacrifices to be
imposed upon it. The financial position of the go-
vernment requires to be consolidated, and this
can only be done by satisfying the just claims of the
Passive and Certificate creditors, and thus opening
the foreign markets- This accomplished, Spain will
have no difficulty, as soon as the money market
resumes its ordinary aspect, in raising a foreign loan
of such amount as will obviate all existing difficul-
ties, and give the government a fair start in a new,
and, it is to be hoped, reputable path. The long
expectant creditors of the State, when satisfied,
would probably lend powerful support to a new
loan. Meanwhile Spanish financiers may rest as-
sured that the longer they delay a settlement of
these claims the more onerous will be the terms that
will be demanded. It is known that the govern-
ment has already offered exorbitant rat•mo for tempo-
rary accommodation both in Paris and London.
The telegrams from Madrid affirm that " The
Bank of Spain has ooncluded a loan of 20 millions
reals (say 200,000/. sterling) with &oboe Sala-
manca," and that "the Sub-governor of the Bank
will leave for Paris to-morrow to purchase gold."
This sum will not last long, and each accumulating
weight of this sort will merely serve to plunge the
government ultimately deeper in the mire.
About 3,0001. in gold was sent into the Bank
on Saturday ; there were no withdrawals.
The J. E. H., from Melbourne, with 44,0001. in
gold, has now been at sea 100 days.
The suspension is announced of Messrs. Hall
and Geere, Russia brokers, with liabilities to
the amount of about 30,0001. of which, however, it
is thought that only a small portion will rank
against the estate. The partners ascribe their diffi-
culties to the failure of some of their principals,
and to the great dereciation in the value of the
securities (for jute, Lc.) held by the firm. The
books havebeen placed in the hands of Mr. Edmund
Harding, the accountant.
The public will have cause for satisfaction if one
of the consequences of the recent collapse of prices
in the share market should be the cessation of the
obnoxious and unfair system of allotting shares
which became a fashion amongst the promoters of
the new public companies launched during the late
mania. It ia instructive to remark that, almost
without exception, the fall in prices has been the
heaviest in those companies in which was adopted
to the largest extent the practice of making reser-
vations of shares for private allotment, and of
offering only a comparatively limited number
to the general public. It would not be
difficult to point out cases in which this plan
must have involved the parties to these arrange-
ments in loss instead of the large gains which they
expected to realise. In such instances the only ad-
vantage apparently secured is that the shares were
kept nominally at a premium for some time. There is
no satisfaction to anybody, however, in a premium
which cannot be realised, and the general public,
on their part, have a right to complain of a system
which tends to put a false face upon the market.
Shareholders who subscribed with a full knowledge
of the reservations in question have, it. is true, no
ground of complaint, but in the depression of their
shares they can now see clearly the disappointing
results of the selfish policy that has been pursued.
Their property has been kept down in market price
by the fact that a supply has 130012 known to be
always procurable in certain quarters. The market
for a stock thus situated is naturally destitute of
buoyancy, and the process of placing the shares
amongst the public, instead of being accomplished
at one stroke, as it ought to be, is really kept
dragging on for an indefinite period. Many other
considerations might be cited to prove the objec-
tionable operation of the system of partial allot-
ment. It may now be hoped that the practice,
disoouraged as it is, and is likely yet to be, by the
Committee of the Stock Exchange, will not strike
root in this country, the more especially as there
are indications that it is falling into discredit even
in the speculative circles of Paris, whence it was

The half-yearly report of dir'"....iors of the
West Flanders Railway Company, to be submiiteu
to-morrow (the 25th) inat., recommends a dividend
of 4a. per share.

Formal notice is given that a petition for the
winding up of the Corsican and Mediterranean Gas
Company (Limited) is to be heard before the Mas-
ter of the Roils on the next day of petitions.

The half-yearly interest at the rate of 6 per cent.
per 1111111t1111 L slll3ollooed on the shares of the Lem-
berg and Crarnowitt Railway Company.

The lJnion Bank of Australia have advertised
the half-yearly interest on the City of Melbourne
Loan.

With reference to the position and prospects of

the money market, the circular of Messrs. Joseph
Travers and Sows has the following :
.

An additional element of disquiet hoe enddeoly been intro-
duced, by the sews of failures at Rio de Janeiro to an aggro-
Este amount at 11,000,090 f. starling. At the firet moment it
wu feared that some blowy losses might fell on this country,
owwiing to the intimacy of oar commercial relatioes with
Beams; bat it is now understood that none are likely to be
experienced, except of comparatively anal amount, end
such es will molly be swished by parties to whom they
will be of so serious importance. A few failures of • minor
eharteteir must, however, still be looked for. and the 6th of
November will, in this respect, be awaited with some inte-
rest, as it is upon that day that most of the gut
Brazilian bills will fall doe. At this time lest_ year the
Beak bullion was 14,645,24 W., it is sow 13,0M.4881. :
the reserve wu 6,499,8801., it is sow 5,647,0901.
The difference between thus figures would not
under any circumstances appear very serious, and the
Irate of discount, which is now 9 percent., wu then only 4
per cent.; the real strength of the position is therefore con-
sidered to be greater sow than at that period. Within the
part few days the supply of floatieg mammy has bean larger
than for some time pest ; and u everyone, in the exercise
of the extreme caution lately awakened, is anxious not to
part with it except for short dates, the competition to find
temporary borrowers has been such that on the Stock Ex-
chimp it has been difficult to obtain 3or 4 per cent. Many
Intelligent people think that this must react Upon the dis-
count market ; and were it not that the next mail from
India (which will bring the moment of the effect produced at
Bombay by the news of the first revulsion in the Liverpool
cotton market) will be looked for with anxiety, there would
be little to cheek the growing impression that before the
middle or end of November the Bank directors will have
found it necessary to make a reduction in the rate of dis-
count, which, however, in our opinion, will prove but UM-
poetry.
The subjoined, relating to the probable effect of
the Rio failures on the market for Brazilian pro-
duce, is from the same source :

The find inhume° that might be drawn from the recent
Rio failures ia, that they would cause Brasilia* produce to
be sent forward in haste, but probably the reverse will be
the cue u merchants will be for coins little time distrust-
ful in the negotiation of bills. The decree of the Brazilian
government., moreover, authorising a delay of sixty days in
all paymeets will likewise teed to prevent the neoemity of
undue sacrifioe. It is also to be remarked that the
from the recent failure* will (all mostly on the ir
population of Rio, and not on the oommerciel classes.
According to the latest aa well u to all previous accounts,
trade at that city was inherently sound and prosperous. The
coffee crop is a highly favourable 020. and the yield of
cotton, it is said, will be three times that of last year.

SATI7ADAT Evsaurs.
Consols, which closed yesterday at 884 to 89 for
the 10th Nov., opened this morning at 89 to 4, and
closed at 884 to 89. For money the lad price
was 881 to . The official business report is as
follows :—Tliree per Cent. Consols, for money,
89, 881 ; ditto, for scooting, 89, 4 ; Three per
Cents. Reduced, 87, ; New Three per Cents.,
; Bank Stock, 238 ; India Five per Cent.
Stock, 1041, ; ditto Four per Cent. Debentures,
1866, 974 ; ditto Bonds, 10a., 81. dia.
The India Five per Cent. stock continues in good
demand. India Bonds were dealt in at 10s. to Bs.
dia. The March Exchequer Bills were unaltered
at 10s. to 6s. dia., and the June slightly firmer at
18s. to 12a. dia.

Greek Bonds and Coupons declined 1 per cent ;
Mexican Old Bonds and Turkish Consolid6a, 1; and
Brazilian Four-and-a-Half per Cents. of 1863, 1 per
oent. Chilli= Four-and-a-Half per Cents., on the
contrary, improved 1 per cent. ; and Confederate
and Venezuela Bonds of 1862, 1. The Mexican
Loan of the present year was likewise firmer.