The Express.
London, England, 1847-06-03 00:00:00

fidenoe in the desJers in the stability of the improvement
which was treat( d previous to and on the account day last
week.

The Exchequer-bill operation, and the probabilities about
its full success, the doubts of which returned to perplex and
Mall anxiety both in and out of the Stock Exchange, reck-
oned doubtless for much in this adverse condition of funded
values. It was stated that (bargains had been done in Ex-
chequer-bills advertised, that is, called in for renewal or
paying off, at 2s. discount. As officially no sales at such a
rate were reported, it follows that the bargains, whether one
or mere, must have been done out of the house, say in the ge-
neral money market. The fact °finch sales mast be regarded as
of rather ominous import for the grave financial undertak-
ing of the Treasury, whence the usual advertisements have
issued for paying the bills off, or renewing them, at the op-
tion of the holders. Friday next (the 4th instant) is the lest
day for declaring and notifying their election, and on the day
following the Chancellor of the Exchequer will be fully in-
formed on the extent of the burden which may be east upon
him, or of the anxieties from which he may be happily re-
leased, as proposals for renewal, or for payment of the
hills, shall predominate. The more immediate cause of dan-
ger is apprehended from the banking interests both in town
and country, with whom large amounts of Exchequer
bills are usually held, and who, it is feared, may press for
the money rather than for carrying the bills over by renewal,
from a lively remembrance of the difficulties if not actual
embarrassments in which some amongst them must have
bean placed within the last two or three months when, with
abundance of Exchequer bills in their ash portfolios, they
essld neither dispose of theta in the market excepting at a
serious discount and low, nor obtain loans upon them at the
Bank on any terms. Should the bankers see cause to fear
the recurrence of such a money crisis, or each financial dis-
turbances, as they have recently experienced, they will
be naturally solicitous to place themselves in position
for the worst that can happen, by sending in their bills for
money, and so obtaining the command of their own funds.
How the treasury may propose to deal with the extreme
though not impossible case of a call for a few millions of
money in this way, it is not now the moment to inquire.
Bat it is one of the singular signs of unsettled times, that
the best paying government security is precisely the one
which finds least favour in the money market. Exchequer-
bills were called all day, and done at Is. to Is. pm.
Reduced Three per Cents. were 861 to 7j. Three-and-a-1
Quarter per Cents., 881 to I. Beak Stock, 195 to 7. Long
Annuities, 9 to 1-16.
The business in foreign stocks continues extremely limited.
Spanish Fives were quoted 221 to 1; the Threes, 331 to 41 ;
Portuguese, 324 to 34; Dutch Two-and.a-Half per Cents.,
58/ to 1 ; the Fours, 891 to 90; Mexican, 20 to 1 ; New
Granada, 19 to 20 ex div. Russian wore done at 1091,
quoted 109 to 111.
ZEMIN! tßlelfe.
- -

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