The Express.
London, England, 1864-05-27 00:00:00

MONEY MARKET.-(T818 DAY.)

Two o'CLocz.

The Stock Exchange to-day is very quiet, many
of the members being absent at Epsom races.
The general tone is dull, owing to the want
of business, notwithstanding the very favourable
nature of the Bank return. Consols are quoted foe
the account barely so good as they closed yesterday.
With the exception of Confederate Bonds, which
continue to fluctuate, very little variation has oc-
curred in other securities.

The discount market is very quiet to-day, and the
rate for good three months' bills has declined to 64
per cent.. being below the minimum of the Bank
of England. The supply of money seeking employ-
ment is very large. _ .

At Paris to-clay, according to Mr. Renter's
telegram, the Three per Cent. Rentes opened at
66fr. 75e., and receded to 66fr. 70c., being 1 per
cent. below the last price of yesterday.
Consols are now quoted 91. to 1, with div., for
money, and 90j, ex div., for the account (June 8).
The official business report is as follows :
Three per Cent. Consols, for money, 911, 1, 1 ;
' ditto, for account, 901 ; Three per Cents. Reduced,
891, 1 ; New Three per Cents., 891, 1,1, 1 ; Bank
Stock, 239, 237 ; India Five per Cent. Stock,
1051, 106 ; ditto Four per Cent., 100 ; ditto Four
per Cent. Debentures, 1866, 981 ; ditto Bonds,
18s. dis. ; Exchequer Bills, March, Bs., 12s. die. ;
ditto June, 3a., 7s. dia.
Rumours of Confederate successes being circu-
lated this morning, Confederate Bonds rose to 65,
"buyers," but since the publication of the second
editions of the morning journals the price has
relapsed to 63 to 65 ; this, however, is 1 per cent.
above the final quotation of yesterday. Other
foreign stocks are dull, and several of the more
speculative have declined 1 per cent. Mexi-
can Bonds are quoted 441 to I ; the scrip
par to prem. ; Greek, 24 to 1 ; Passive, 34 to
1 ; Turkish of 1862, 701 to 71/ ; the Consolides,
481 to 1; and Swedish scrip, 2* to 3 prem.

Transactions are recorded as follows :—Brazilian,
1863, 871 ; Belgian Four-and-Half per Cents. 97/,
ex div. ; Bgyptian, 1001 ; Greek, for account, 24k,
24 ; Italian, 68/ ; Mexican, for account, 441. ;
ditto Anglo-French scrip, 1 prem. ; New Granada,
131; Portuguese, 1853, for account, 49, 481 ;
ditto 1856, dm, 451 ; Russian, 1859, 541,
lex div. ; ditto 1862, 871, 1, ex div. ; Turkish, 1854,
for account, 90 ; ditto, 1858, for account, 691 ;
ditto, 1862, 701 ; ditto, for account, 701 ; ditto
1001. Bonds, 711, 701, 711 ; ditto Guaranteed,
100 ; Venezuela, for account, 231, 1 ; ditto 1862,
for account, 551, 561, ex div. ; ditto 1864, scrip,
6 dia., ex div.

International Financial shares are now
quoted Vto prem. ; General Credit, 5 to
6 prem. ; Mercantile Credit, 10 to 1 prem. ; Lon-
don Financial, 121 to 13 prem. ; andiron's Bay, 191
to f ; Credit Mobilier, 4 to 5 prem. ; Millwall
Ironworks, i to f prom. ; Imperial Bank of China,
to 1 prom. ; and Imperial Financial, al to 4
prem.

- It is satisfactory to learn that the Bank of France,
still following the lead of our Bank, has lowered its
charge from 7 to 8 per cent. —a movement which of
course tends to place the two great banks of Western
Europe upon au equal relative footing. Gold is
coming forwent, too, in large quantities from Ame-
rica and other parts, and it is fully expected that
the accumulation here will reach a higher point.
At the same time, the favourable feature is pre-
sented of a steady diminution in the remittances of
bullion to India and China. It will now be impor-
tant, however, to watch the effect of the fall in the
value of money not only on the near but also on
the more distant ex..banges. We must pause and
notice how far the easier terms on which we
now offer our capital will tend to stimulate remit-
tances to foreign countries in payment for cotton
or in liquidation of joint stock or loan commit-
ments previously entered into. Neither must it be
forgotten that we may be called upon to repay
some amount of foreign capital which was attracted,
i.e., lent, to this market under the inducement of
the exorbitant rates recently bid for it. It is un-
derstood, furthermore, that s large amount of bills
connected with the internal and external trade of
the country have latterly been held back in expec-
tation of a fall in the rate of discount ;
this having now occurred, it is probable.
that business in the discount market will
become more active. Amongst the demands
which will shortly influence the market, are the
coming half-monthly settlement in the Stock Ex-
change, the commercial bills maturing in the first
week in Junes and the Camel settlement on the Bth
of June. In the month preceding the payment of
the dividends, the Bank of England acquires, more-
over' an increased control over the circulation, and
is the better enabled to fix its own charge for the
temporary letting-out of what is virtually govern-
ment money.

The rate allowed by the joint stock banks for
money on deposit remains at 5 per vent. The
discount establishments give 5 phr cent, for money
at call (showing no change), be per cent. at seven
days' notice (a reduction of i), and 6 per cent.,
subject to fourteen days' notice (a reduction of 1).
The fortnightly settlement in shares and foreign
stocks will commence to-morrow (" continuation
day") and terminate on Tuesday.
Gold to the amount of 53,0001. was sent into the
Bank yesterday. The 226,0001. by the City of
Washington, from New York, will reach London
to-day.
The Ellora, which will leave to-day, will take
0n1y159,4901. in speciefor Bombay, of which 37,0401.
is gold and the rest silver.
the majority of the railway traffic returns pub-
lished this week include the traffic of Whitson
week, which last year did not occur until a week
later.

The Midland Railway traffic return shows this
week an increase of 8,0151. over last year ; the
Lancashire and Yorkshire an increase of 18,8721. ;
the Manchester, Sheffield, and Lincolnshire an in-
crease of 4,6681. ; and the North Eastern an increase
of 10,5921.
Creditors of the Seend Iron Company (Limited)
are required to send the particulars of their claims
to the liquidator by the 15th of June.
The share list of the Tyne Iron Shipbuilding
Company (Limited) is announced to be closed for
London on the 31st instant, and for the country on
the Ist of June.

The Union Bank of London 1117111OUDONI the inte-
rest due in June on Alabama State Six pee Cent.
Bonds.

With reference to the market for American secu-
rities, Mr. Z. F. Satterthwaite reports as follows,
under date of Wednesday evening :
'Fbe 'section is the London market for American seat-
Miss reported is our last his wallowed up to this morning,
whim the more favourable sews of the result of the military
operations of the Federal army caused some little inquiry
for both government and railroad stocks, though without
IsaiMag to much actual basioess. Milted States 5.23 Bonds
wweld be readily taken at 56, sad both Erie and Illinois
Oeuttel shares are quoted at an improvement at from 1 doL
te 2 dots.

Subjoined is Messrs. Culverwell, Brooks, and
Co.'s report of last day's hide sake :

At the -tenth series el lk ideates ter the year a tstr demand
wasexprrieserd, Nod tats rater were toehold. Faetleas.—
Or aad Cow —Caleatta were I. good roped, folly previews
prier were reallard. aad owe =all parcel et goe.
Oalentia sasoghttrod hides (owing to nausea r goo)
reshieed as advert* of led. told. par lb., whisk amount
forth* extreme qaotatiosos, :—for 1,430 bides, ooly Ist
belt, lbgd. ; lad ette, 131 ; bas bean, 140. ; heavy

13d. ; 3nde, Rid. prr lb. Madras end Pondicherry, Its.,
sold fairly. Themahair of LW salsa 62,383 Caloatta, new
paresis Z. 1,1115 brought fceward from former wales, and 3,828
Madras, Radioham ka.,la all 80,366 lido, of obi& 70,366
were sold. East lode.—Buffalo sold at late rater. leather.
—East Indian was in good demand and named very high
prima. Australian was in fair request at late rates. Salted
Aides.—Austeulias add well at previous prices. Cape were
iu steady request. Horse Hides.-Bouth American were
/00881, booght is. likoallamoaa.—Hides—llogadoro Kips
mostly mold; West Indian and Gibraltar all rold. Skins—
Belgian calf were taken in. Bark.—Misnait was bought in,
!olden requiring advanced prices.

The return of the Bank of England for the week
ending Wednesday, May 25, compared with that for
the previous week, shows the following changes :
Circulation issue
Circul►tion active 20,416,805 Decrees. 402,730
Public deposits 7,971,003 Increase 404,342
Other deposit
Government securities is
banking department 10,785,267 No clump
Othersecuritiee in banking
department ........
Coin and bullion in both
departmenu
Seven day and other bills 451,242 Decrease 42,1'45
The Rest 3,290,033 Inseam 0.308
Notes in reserve
Total reserve (notes k coin
in banking department) . 7,947,138 Increase 849,227
In view of these figures, the Bank directors would
certainly not have been warranted in keeping the
rate of discount any longer at so high • point as 8
per cent. The increase in the coin and bullion is
448,4971., raising the total to 13,713,9431., while
the increase in the reserve in the banking depart-
ment (arising mainly from the increase iu the
government deposits and the decrease in the private
securities) is no less than 849,2271., making the
total held close upon eight millions.

BANK OF 1301 AND.—As As
and et.h Tie., e. 12. to► the week
1864. __

=UM woman to ins Act 7th
ending on Walnasuas, Mai SS,

42271051 t.
' Government debt 011,01416
Other ..cooties ..tBL.IIOO
Gold coin mod LAG-
Goo
Weer lmllloo

427,01,3011