The Express.
London, England, 1847-10-23 00:00:00

EVENING, OCTOBER 23, 1847.

MONEY MARKET.

FRIDAY EVINDIO.
The understanding that the Bank had agreed to
lend assistance to the great Liverpool house in diffi-
culties, and compromised with the Royal Batik, had
a favourable influence on the funds in the morning.
Consols advanced 1 per cent. on the confidence pro-
duced by the report, and the expectation that banking
facilities would be still more liberally accorded in
other instances. But reports became current later in
the day of deputatioce being in town from various
country banks requiring aid, and one in particular
was specially mentioned and asserted to have actually
suspended, which led to an unfavourable reaction of
prices, and Consols, after some fluctuations, receded to
791 to i for money, and 801 to 1 for account. There
is scarcely any difference however between these and
the closing prices of yesterday. Reduced Threes 784
to t. Three-and-a-Quarter per Cents., 79f to t.
Exchequer Bills. 30s. to 275. dia. India Bonds, 40s.
to 30s. die. Bank Stock, 180 to 3. Long Annuities,
81 to 3-16.
Some isolated transactions may be reported in
foreign stocks, but collectively of little account. The
singularity of one bargain was done in Austrian, at
102. Danish were 78 to 80. Datch Two-and-a-
Half 'per Cents., 52 to 4 ; the Fours, 80 to 2.
Money was becoming more in demand in Amster-
dam, by accounts of the 19th, and paid on stock at
the continuation of / per cent. Spanish Fives, 161
to 171; the Threes, 27; to t. Portuguese, 19 to 21.
Mexican, 17 to 18. New Granada, 171 to 181.
The Bank of England averages, for the week end-
ing the 16th inst., give, as compared with the returns
for the week before, the following results :
Circulation Wine £11,989,800
Cirmalation scum 19,339,485
Püblic dep.:sits
Other deposits— 8,674,584
Ooremmeat ereuritiesin
banking department-. 11,088,877
Other 'emits*
Coin and Bullion
Seven day and other bide 903,519
The rest 3,495,432
The most particular and discouraging feature of
this account
banking department, the average of which stood only
at 2,630,1151., decrease from the account preceding
691,5851. And this decrease in working capital was
in the face of a decrease in government and other secu-
rities to the extent of nearly 3,000,0001., by which the
reserve should have been strengthened in great part,
if not in the whole. The coin and bullion show a
small addition, but it is evident that the coin was
flowing out from internal demand, from the fact that
a great Hebrew cspitalist house alone paidlin during
the week 102,000/. in sovereigns (not 150,0001., as
stated in some quarters).
The decrease of " other" securities of 2,474,1171.

comes to exemplify, what was observed Midei: this
day before the dividends became payable, that the
Bank would be under the necessity of letting a large
amount of loans and bills rue out without renewal, in
order to save the reserve as much as possible during
the payment of dividends. The reserve, u will be
seen, was still very closely premed, whilst public
deposits show more respectably than usual after
dividend time. The Bank of course has been since

reinforcing its reserve, but the fast of Es redaction to
so low an ebb will sufficiently acootmt be the repug-
nance and inability of the Bank to coney with the
requests for assistance which have been abused to
it from various quarters.
The real state of the negotiation with the
Liverpool commercial house of Means. Littledales
(since the firm has been named in other quarters)
may be stated thus. The Bank undertakes to renew
acceptances or endorsements of the house which bass
come into their pomession through their branch bank
in that city, and other quarters, to the aracant of
160,0001., on condition that the sectuitias offered
shall be approved by their solicitor'. A further earn
in stock was conceded on loan, which the house un-
dertook to replace at the price, but free to sell, and a
credit of 50,0001. was granted in bank notes besides.
The more considerable part of this transaction is con-
tingent on the arbitration of the securities offered,
but it may be assumed that the nature and solidity
of those securities had been duly estimated in the
bank parlour, and only required to be ascertained
how far, by legal forms, their validity and ready con-
vertibility could be established.
There were some further reports of banking and
commercial embarrassments to-day, which appear to
have bad no foundation. One very currently and
oonildently
bizted was about another Liverl
join bank, the North and South Wales, which
was contradicted on authority, and for which there
was no foundation. In times like the present, with
violent fluctuations in the funds, such are
circulated and received too confidentlyreporta , even in
accredited quarters.
TO IRE EDITOR OF TRIO " EXPRZIO."
Sir,—lL report having been in general circulation in the
City to-day, that the North and South Wales Bank had sus-
pended paymeat, I beg leave to lay that it is entirely without
ou,—l am, air, your obedient servant,
London and Westminster Bank, Loth W. 8. HIGLEY.
W.
Oct. 22.
The still growing and ;more threatening position of
banking and commercial affairs, is and at last, and
not before they are in eztretnis, to have seriously
alarmed the government. A near relative of a gentle-
man occupying one of the highest official positions,
though not a member of the inet, has been known
to declare that the government must and would in-
terfere for the prevention of further mischief and the
remedy of present financial disorder. At the meeting
of the Alten Mining Company to-day, Mr. Labou-
chere, the chairman and ban (brother of the Presi-
dent of the Board of Trade) is said to have declared
that, though begging not to be understood ma spealdng
in any official sense, or from official knowledge, there
could be no doubt in his opinion that the government
must and would come forward to grant assistance in
the present overwhelming crisis. As loans of Ex-
chequer Bills must be out of the question: avabo
discount and discredit to which they are do
usistance can only be rendered in one way,
io , and that 'LI by relaxing, and Illme•
fore nullifying, the restrictions of the Bank bill of
1844. Even Sir Robert Peel must mow be more than
doubtful of the policy of these restrictions in times
when considerate accommodation must be more than
ever necessary.
It is with much satisfaction their numerous ma-
ne:ions will learn that the old and respectable firm of
Menus. Sitwell and Son, stock and share brokers,
whose temporary suspension was announced some

short time since, have rimmed business, with engage
meats all satisfied. In such times as the present,
when the beat securities are unavailable and unrealisa-
ble, this circumstance tells to the credit of the re-
sources of the house. There was, in fact, no necessity
for the firm to have suspended at all had they applied
to their friends. But overtaken momentarily by the
defalcation of principals, and the accumulation of en-
gagements consequent, it was conceived that the more
honourable muse was to suspend for a time the
course of their dealings.
The announcement of the death of Mr. James
Wetenhall, the official compiler of the Stock Exchange
list, was incorrect. Although dangerously ill at the
time, be still survives, and is, as understood, in pro-
cess of recovery. The mistake arose from his own
office where, in explanation and apology of certain
irregularities in the delivery of the price lists, it was
stated that Mr. Wetenhall died at two o'clock in the
afternoon.

We hear from Liverpool that there was a better
feeling there to-day, and no failure was notified.
Cotton advanced a Id. per lb., and shares retained
yesterday's prices.
BANK OF SNOLAND.—Accov,r for tho Week chains Oct. 16*
183C2 DIY
Notes timed l:2l.litto3o

01.1X19.8100 1

Government Debt._ 411,015.100
Other Securities 241,900
Gold Coln end Bullion 6.&0.485
Biller BuWou ........ 1.090.11 b
.e1C1.989.000
Government Securities
iinclud. Dead Weight
Annuity) £11.088,21
Other Securities ...... 18,910,3
Notre ....... 2,630,115
Gold and Sliver Coin.. ULM

!1!,!!I'S.

Proprietors Capital 44,a3,000
Ro.o
Pub tle Deposits lbselud
Ea &eq., Pas. Dso
Comm.. of Pailoosl
Debt, and Dir. Aosta) 6.01,810
Other Deporata 8.674,684
serert4sy sold other 'Bills 803.6191
133,123,413