The Express.
London, England, 1853-07-23 00:00:00

MONEY MARKET.

FRIDAY Emmet.
The English funds to-day were stationary, and,
on the whole, show firmness. The buoyant feeling
lately noticed, however, hu passed off. The Paris
Bourse is very closely watched, and its fluctuations
have almost invariably a corresponding effect here.
The prices brought by. telegraph from to-day's
Bonne reported a slight improvement. The discus-
sion promised for to-night on Mr. Layard's motion,
after so many postponements, is looked forward to
with the greatest interest; and meanwhile opera.
tions in the security markets are partially sus-
pended.
Consols ruled without the least variation all day
at 981 to 1 for money and the 11th August. The
official business report embraces :—Three per Cent.
Consols, for moneT, 981, Z, 1; ditto for account, 11th
August, 981, 1; Three per Cent. Annuities, 1726,
991; Three per Cent. Reduced, 991, 4; Three-
and-a-Quarter per Cents., lola, 1, a; Long Annui-
ties, 1860, 51, 5 13-16, 5 15.16; ditto, Thirty Years,
1860, 6 9-16, 61; India Stock, 258; Bank Stock,
229.

Exchequer Bills remain quoted at their improved
price of par to 3s. prem. The present abundance of
money, and the difficulty of obtaining employment
for it, teed to support this market, in spite of the
low rate of interest (viz., 11 per cent. per annum),
yielded by Exchequer Bills. India Bonds mark
235. to 275. prem.
Foreign Stocks were generally well supported,
especially Dutcb, Russian, Portuguese and Bra-
zilian; but this market presents little new feature,
the transactions being restricted. Mexican was
rather flatter. The new Peruvian loan on the other
hand, appears eeadier. Spanish may be said to
maintain its late improvement. The Committee's
Certificates touched 61 per cent., but left off not quite
so good. At 4 o'clock, Mexican Bonds were quoted
264 to 4, ; Peruvian Deferred, 68 to 60; ditto Four-
and-a-Half per Cent. Scrip, 2 to 1 dia.; Granada
Active, 21 to 22; ditto Deferred, 9 to 91; Spanish
Deferred Threes, 23 to 1 ; the Certificates, 64 to
6 per cent. Sales are thus marked :—Brazilian
Old Five per Cent. Bonds, 101,1, 102. Dutch Four
per Cent. Certificates, 98, 971. Mexican Three per
Cents., 261. Peruvian Four-and-a-Half per Cent.
Scrip, 1 dis. Portuguese Five per Cents. Converted,
ex all overdue coupons, 44; ditto Four per Cents.,
43, 43: ; ditto for account, 29th July, 44. Russian
Five per Cents., 119, 118}; ditto Four-and-a-Half
per Cents., 100:. Spanish Old Three per Cents.,
47i; ditto New Deferred Three per Cents., 23, I,
. .

the Committee's Certificates, 6,6; per cent.
No further arrivals from Australia were reported
to-day. The Cornelius, reported yesterday as arrived
from Portland Bay, has only one box of gold on
board, worth scarcely 100 k Of a large number of
vessels that have left London for Australia this week,
not one, so far as we can learn, has taken out any
specie on freight. On the other hand, the Australian
supplies continue to be despatched to the continent.
A large portion of the gold brought in by the Woo-
loomooloo was to-day received from the melter's pre-
paratory to its remittance across the Channel.
The silver brought in by the Orinoco was sold to-
day. Bar silver realised ss. lzd. per ounce standard,
being a reduction of ad. per ounce from the price paid
at the last sale. Mexican dollars sold for 4s. 1 ltd.,
or the same as before. The aggregate amount of
silver offered for sale was unusually small.
The foreign arrivals of grain in London are to a
fair extent, and numerous Boating cargoes are off the
coast, but meet of these are reported already sold,
those remaining being held firmly. Generally, at to-
day's market, wheat and flour were held for an ad-
vance over the prices of last Monday, but not much
business was done. Foreign wheat, however, must
be quoted fully Is. dearer than last Monday.
At the indigo sales to-day prices were fully sup-
ported. 1,104 chests were passed, of which 575 were
sold. The quantity remaining to be sold is about
1,600 chests.
Commercial letters from St. Petersburg of the 16th
inst. were received to-day, but communicate scarcely
a single item of news, the free use of the pen, even in
correspondence, being interdicted. The exchange
ruled at 38 5-16 d. %easels were more plentiful, but
freights still ruled very high.
We are sorry to perceive that a small section of
the scrip-holders of the Upper India Railway Com-
pany are lendiug themselves to what we cannot help
iionsidering a very ill-judged movement, in opposi-
tion apparently to their directors. A notice was
issued to-day, purporting to be signed by one indi-
vidual, on behalf of parties holding, as it is stated,
80,000 shares in the company (although it is believed
nothing like this amount is held by them), inviting
a meeting of the scrip-holders for the 2nd August, to
discuss the proposed arrangement with the East
Indian Railway Company, and, as the notice ex-
presses it, "to appoint a committee, to carry such
arrangement into effect, and for winding up the
affairs of the Upper India Company, upon
the completion of such arrangement." Of
course the negotiations between the two rail-
way companies can only be carried on
through their respective boards, and as the directors
of the Upper India Company arc known to be
earnestly engaged in negotiation, tho indelicacy—
not to apply a stronger term—of any section of
the Upper India scrip-holders rushing forward to
meddle with it, is manifest. It is understood that the
conveners of the proposed meeting have already re•
ceived a hint to this effect from the East India
Railway Company. We understand the recommen-
dation for the construction of the entire Upper India
line—in fact, the whole line from Calcutta to Delhi
—by one amalgamated railway company, and one
board, comes from the Board of Control, which echoes
the recommendation of the Governor-General of
India; but a majority of the East India
directors is understood to be unfavourable to
the amalgamation, and disposed to recommend
the employment of several distinct companies. We
have already drawn attention to the evident danger
of the creation of an immense monopoly of transit in
Northern India, should a line of between 1,300 and
1,600 miles in length, destined to afford the means
of transit to some seventy millions of inhabitants
and their produce, be handed over to one company ;
and it is to be hoped government will weigh the
matter well before a final decision is come to. Row-
ever, whilst the opinions of mcu practically ac-1
quainted with India and its requirements are being
collected by the authorities, and whilst negotiations I
are in progress, the proposed meeting of scrip-
holders is uncalled for, and likely to prove prejudi-1
cial to the interests of the Upper India Company
rather than otherwise. We understand the Upper '
India Railway Board have decided upon imme-
diately distributing pro rat; amongst the English
shareholders nearly 21,000 reserved shares. This
distribution will be at the rate of about oue new
share for every nine now held, supposing all the
shareholders apply for their quota.
The Financial Agent of Portugal has put forth an
advelli-cr declarin" that any corttfititrm :hit
may be vt.t acd, jani.urtiag to represent the Fo-