The Express.
London, England, 1846-12-07 00:00:00

tf England being bound by evi ry principle of good faith and
honour to requite the obligation conferred by the Bank of
France in 1839 to all the extent of its ability, without im-
pairing the stability of its own situation, or damaging the
financial interests of the nation committed to its guardian- I
sti:n. The assistance sought by the Bank of France ought,
perhaps, be most conveniently reciprocated through the
same sort of combined action on the exchanges as that so
ably conducted by the house of Borings, Batts, and Co., in
1839 for the Bank of England, the Bank undertaking to
afford the same facilities and guarantees for the operations,
as in its own case were conceded by the Bank of France.
A sort of controversy has been engaging some of the
journa'a about the mode in which the Bank of France lent
its aid, and whether, or not, it was in the shape of a loon.
But it amounts to no snore after all than a dispute about
words. Sebstantially it was, to all intents and purposes, a
loan. Not indeed, a loan of money, but a loan of credit in the
shape of liabilities and responsibilities incurred, of credit in
fact, which to a solvent party is all the same as
a loan of har.l money. As a " loan " it was
almost invariably spoken of by certain of the Bank
dir (tors at the time, as well as in the press. Count d'Argout,
the governor of the bank cf France, was here by accident,
some thought by express invitation, at the critical moment.
It is well known with what promptitude he left this metro-
polis, where his longer stay was formally announced for a
little mystification perhaps, for Paris, after several confer-
ences with the bank directors in which of course the plan
of operations was decided upon, its part in which was so
honourably fulfilled by the Bank of France.
It may be in conclusion, observed that no engagement
was primarily made with, or was even required by, the
Mes-rs. Borings, to lodge with them any securities as
"guarantee" for the bills to be drawn and sold for account
of the Bank of England. Mr. Horsley Palmer expressly
states (Question 138.5, Bank Report,lB44 that " so much of
the dead weight was transferred as would cover the bills
drawn; there was no condition of this sort made by the
parties drawing the bills, it was a voluntary act on the part
of the Bank."
:Mtaos.t.surn.—As the quotations of prices in the official lists
which follow may seem at variance with those given above, it mar be
as well toexplain that the othcial lists only quote the priers at which
transactions have actuolly taken place, and at the fluctuations noted,
each fluctuation describing a separate order of transactions. The
Money Market, besides representing the general course of the day's
business, gives the buying and selling prices—that is, the micro at
which broker* Jobbers, and speculators are ready to buy or sell; or in
the case of jobbers, to deal either one way or the other, 'Attic option of
parties haring bithineas to do.]
ENGLISH FUNDS.
Bank Stock, 2061 India Bonds, under 1,001., 22
3 per Ct. Red. Anna., 941 Consols for Account, 951
3 per Ct. Consul*, MUM, 951 1 F.xchequer Bills, £l,OOO, 10.007
New 31 per Ct. Anns., 961 6 Ditto 5001., 10 7
India Stock, shut. Ditto small, 10 7 10
FORBID. FUNDS.
5 per Ct. Brazilian Bonds, Acct. 5 per Ct. Spanish Bds., 1945, 211
Dec. Ditto Deferred, 171
3 Per Ct. Buenos Ayres 11 mds, 13; 3 per Ct. Spanish Bonds, Acct.,
21 per Cent Dutch Exchange 12 Dec. 16, 371
GuiL, 591 2 per Ct. Venezuela Bonds, 40
5 per Ct. Mexican, Deferred, 131 Ditto, Deferred, 12
Ditto, Met, Dec. 16, 221 1 21 per Cent. Dutch Exchange 12
4 per Cent. Portuguese Bonds, Gull., tul
Acct., 381 91 9
EXCIIANGES AND STOCKS ABROAD.
PAW., 4.—Three per Cents., 82 30; Five per Cents., 118 ;
Four-and-a-ILK per Cents, 110 25; Four per Cents., 105 00; Belgian
Fire per Cents., 1840, 991 ; ditto 1812. 101; Naples Rentes, 102 25
Roman Lran, IPS ; Bank Shares, 31 85. Exchange on London, 30
days, 25 471; Ditto, 90 days, 25 35, 25 321 rash.
MADRID, Nov. 28: -Three per Cents., 94 9-16; Four per Cents., 21 ;
Five per Cents., 211 ; Passives, 61 ; Coupons, 191. Exchange on
London, 3CI.

DuntaN, DEc. s.—The Bank of Ireland is discounting
English bills at 4i per cent. First class Irish paper is dis-
counted at 5 per cent., and " good bills" by all the banks at
6 per cent. Money is easy.