The Express.
London, England, 1846-11-17 00:00:00

.10 funds have scarcely varied to-day, the only in,
difr ensue. in the quotations having been that sellers have ,1
hr 4to take the buying, or lower price, and buyers, per
e antra, the higher. The transactions have been chiefly in ig
money business; speculations in time bargains were rare st
'and of no extent. Consols all day have been 941 to 1 both It
for money and account. Reduced Threes, 931 In 1. Three- 11
and-a-Quarter per Cents., 951 to 1. Exchequer Bills, 9s. to
12s. prem. Bank Stock, 2011 to 51. India Stock. `265 to 7. ;
Excepting the settlement of the account, and the few e(
transactions necessary for its adjustment, there was literally 2!
nothing doing in the foreign market. The news from 11
Portugal, exciting for speculators as it should seem, led to 11
no business. The fact is that railway shares, since the in- VI,
vestment of capital in them to such an enormous amount,
have almost absorbed the interest which formerly attached 3(
to foreign stocks. The account was of small c insideration,
and readily got over. Prices may be quoted nomin- Z
ally for Portuguese, 37 to 8 ; for Spanish Fives, ?,
26 to ; the Threes, 37 to 1 ; Deferred, 17 to 1 ;
Passive, 51 to 1 ; Mexican, 22 to 6 ; th-ss being the
more speculative stocks. Ecuador Bonds, 34 to 1. Pe-
ruvian,
31 to 6. Dutch Two-and-a-Half per Cents., 59 to 34
1; the Fours, 911 to 1. 14
The advices from New York, per the Caledonia, notice
that exchange on England was done as low as 1061 The 11
fact, as stated in the journals of that city, appears to have 4,
created some anxiety in money and banking quarters in the
City, where its truth has been rather too lightly assumed 1
without sufficient inquiry. An immediate drain of gold to 1;
the United States has, under such misapprehension, na-
turally presented itself to the mind, to he fol!owed, as almost 11
threatened by the state if not prospects of foreign exchange, st
with an almost contemporaneous drain for continental 2'
Europe. In actual circumstances it is above all things de- 1
sirable that the public mind should not be swayed by unin-
tentional or ignorant exaggerations of the real state of mone- ,
tary affairs abroad or at home. The wolf is not at the door
vet, and is even far off, whatever the chance of its arrival.
The true state of foreign exchange, at the date of the depar-
ture of the Caledonia, was this. Some bills of rather
doubtful, at least not of first class, credit, could not ob-
tain more than 1061. But first class paper readily fetched
71, and, as the respectable correspondent of a leading
American house in this city writes, he could readily have
sold any quantity almost at the sailing of the C .ledonia at
74. To cover expenses, with the barest profit, specie is not
exportable to the United States unless exchange on London,
for best paper, is at 107, which supposes exportation direct
without agency charges. It is not of course export-
able at that rate with agency charges to pay in
addition, that is, where the intromission of third
parties. is necessary. These explanations are necessary
because there appears to be a disposition in a certain quarter
weekly and daily, supposed to Le in connexion, and other-
wise well informed, to hurry on to the conclusion of a money
crisis. The tenor of articles in each journal for a longtime
past has run too much in that strain. What was said yes-
terday may be now repeated. It will be a great misfortune
should the Bank deem it expedient at this advanced period
of the year to raise the minimum rate of interest, and it
would form a grave subject of reproach against that Estab-
lishment should such a step be resorted to except ou the
most urgent grounds of necessity. In commerce, manufac-
tures and agriculture, arrangements and calculations are
already made for the general balance of the year's accounts
on the faith of existing rates of banking accommoda-
tion, that is, of money. Raise the rate, all contracts
arc disturbed, and much more than that, credit is ma-
terially straitened and injured to the incalculable
prejudice of all interests, and of the labouring
classes above all. It is said, and the opinion need not be
dissented from, that the Bank acted wrongly in not advan
cing the rninilnum rate five or six weeks ago ; but the omis-
sion being then, the mischief would be greatly worse con-
founded were it now, and before next year, to confess and
attempt to redress, the error. The interests of the dividends
and the Bank proprietary must occasionally give way to
those of the public supposing a collision, or otherwise
existing privileges may be endangered. Whatever profit
may he diminished at particular periods, it is well known
that the Bank makes the deficit amply up at others.

ENGLISH FUNDS.—Nov. 16.
Bank Stock, 2051 4i India Stock. 253
3 per Ct. Reduced Anne., 931 1 Consols for Acet., 941
3 per Cent.Coneols, Anns, 944 1 li. Hill.. El.nn. 114., 10 12 9
New 31 per Cent. Anna., 951 Ditto, £5OO, 10 12 9
Long Annuities, expire Jan. 5, Ditto, Small, 10 12 9
1860, 10 3-16
FOREIG.
21 per Ct. Dutch Equador lids. 31 I
per CL Mexican Ads. 1846. 221
6 per Ct. Peruvian Bonds, 341
4 per CL Portuguese Bds., 371

FINDS.
4 per Ct. Account, 38
3 per Ct. Bpanimh Bonds, 37i
2$ per et. Dutch Exch. 12 Gull. 59
4 per Ct. Dutch Cent,., 91i

EiCHANGES AND STOCKS ABROAD.

Barran" Nov. 14.—Loan of 1840, 1101 ; Intta, 1842, 1014 ; Ditto,
1844, 98 ; Dino, 1836, 951: Loon of the City, 1832, 1004; Ditto, 1843,
081 ; Bank of Belgium, 922.—Exchange on London, 2M. 6210.
Atorirear, Nor. 14.—Exchange on London, 25f. 621 c.; ditto, two
month* 2.5 f. 45c.
Visas, Nov. 7.-17 re per Cents. 108 1 ; Pour per Cents., 99i:
Three per Cents., 70 ; Loan of 1834, 136; Ditto, 1839, 127; Bank
Shares, 1,560.
Nov. 13.—Anstrian Five per Cents., 11l bills; Bank
Shams, 1,570 bills; Russian English I•se Three per Cents., 1051
bills; Ditto, Five per Cents. Hamburg Certificate*, 1016 bills, 101
money; Ditto, let Series Inscriptions, 102 i bills; Ditto, Hope and Co.,
3rd and 4th Series, 96 bills; Ditto, in Certificates, 974 bills. New
Four per Cents., Hope and Co., 88 money ; Ditto, &keit; 871 bills,
87 money; Polish New Four per Cents. Loan, 78 bills; Danish F.ng-
Limb Loan. Three per Cents., 84 bills; Span:sh New Five per Cents.,
184 bills, 181 money ; Ditto, Three per Cents., 304 bills. Exchanges
on London—Hamburg, Nov. 13-13 61, three months, 13 51 ; Vienna,
Nov. 7—three months, 9 52; Stockholm, Nov. 6-11 44 42; Riga,
Nor. 7-39 11-16 bills, 39 11-16 money ; lit. Petersburg, Nov. 6-39/ 1
bills, .961 money.

SPANISH LOAN AFFAIRS. A "Bondholder," who
favours the papers with a sort of circular, sugeests, as a de-
sirable plan for the conciliation of the interests of the
holders of securities under the different titles of debt:
That the Spanish government be invited to incorporate, within a
limited period, the whole of the present dormant stocks, whether
representing the capital of the original loans, or the ar rears of interest
thereon. into a new stock bearing one per con' interest. A proposal
of this kind would probably be acceptable to the government, and
would stimulate it to make the necessary exertions to carry it into
effect. It is at least certain that any scheme for the supposed benefit
of one clam of the creditors only, irrespective of the interests of the
other parties concerned, would at the present day be not only imprac-
Ueable but absurd."

RAILWAY NEWS.
There woe a remarkably good market yesterday—
although the settlement day—for railway securities. The
market was not firm only, but with prices on the advance in
many lines. Oxfords and Worcester, Shrewsbury' and
Birminghams, Goole. and Doncaster, amongst others, were
better in price. The French lines were fiat, and neglected.
At Liverpool, the share-market did not change much yes-
terday morning. Chester and Birkenhead ads anted 11., but
in old shares, generally, there was little done. The York-
shire stocks were in fair demand. Hudderafields closed 51;
Dewsbury, 161 p. Oxford, Worcester, and Wolverhampton,
which have long been neglected, begin to be inquired after.
Birmingham, Wolverhampton, and Stour Valley, improved
to 31 p. Shrewsbury and Birmingham were 11 to 11 p.
At Manchester a good business was done. Prices were
firm, and in many stocks marked higher.
There was again a considerable amount of business trans-
acted at Birmingham. Shrewsbury and Birminghams
gradually rose from 14 pm., to 21 pm., end Shrewsbury,
Wolverhampton and South Staffordshire' finally rose to
Is. 3d. prn. Stour Valleys opened at 41 pm. ; towards the
middle of the day there were sales at 41 pm., but in conse-
quence of the number of shares thrown into market, the
price receded to 31 pm., with a downward tendency at the
close of the business. There were sales in the Birmingham
and Oxford Junction at 61 pm. In the North Staffordshire
at 31 pm Oxford, Coventry, and Burton, at 21 pm. South
Staffordshire Junction, regiirered (late Trent Valley Mid-
lands), 11 pro. And in Ambergate, Nottingham, and Bos-
ton, at 1 and 65. 3d. pm. Shropshire Unions were done at
dis.
At Leeds, the share-market was active, and a fair amount
of business transacted with an advance in price in several of
the lines. Leeds and Dewsbury advanced froml3l to 171
pm.; Dewsbury Extension, from 255. to 425. prem.; Wharf-
dale Junctions from Bs. dis. to 2s. dis.; West Ridings, from
41. 2s. to 41 ; Dewsbury Branches were sold at 9 pm.,
and closed at 81 pm. per share.
The Bristol market continued flat, with prices generally
the same as Saturday. The following are the only instances
in which there was any deviation from that day's quotations;
—North British 1-shares, 2/ 21 ; Bristol 'Water-Works,
41 ; Taff Vale New Shares, 11. Bs. 9d.
On Saturday the Hull market was wanting in all kinds of
stock, or a large amount of business would have been done.
Eget Lancashire*, Leeds and Dewahurys, Leeds and Thinks,
and Blackburn, Dar wen and Boltons, were in particular
request, and improved Accordingly. The market closed firm
in all stocks in which salsa were effected.
In Glasgow there was last week a considerable increase of
business at improved prices. Caledonian, 231; North
British Quarters, 80s.; do. new Quarters, 335.94.; Edin-
burgh and Glasgow Halves, 201 ; Edinburgh and Northern,