The Express.
London, England, 1847-11-10 00:00:00

stated m a fact, and without any reserve. On inquiry at the
hank, however, I was assured that there was not the Last
foundation for the report; that they had issued no circular
urging the closing of accounts' on this ground; that Mr.
Lloyd was not about to retire, and that they do not at all
contemplate changing the nature of their business.

WEEKLY REPORT OP THE PARIS B01:11.93 AND MONET
Masan.—A rise, as rapid IA unexpected, took piece on the settle-
ment of the public stack., and brought there, in the emcee of a few
days, from 75fr. to 77fr. This mtraordinary progression, which has
been tin tow Metaled but by the endeavours of speenlatorn, has
excited general surefire. Public credit does not always gain for any
length of time from these sudden variations, brought round by the
forced purchases of Rome speculators for the fall, to wait the last
quarter of an hour of the settlement to close their operations. What
the result of what hasjust taken place? Let m suppoee the lenders
will be compelled by circumetsnoes, and that having taken every die-
position necessary to accept the loan at a price in on to the
actual state of the market for capital on the places of Europe,
they will be forced to increase the sum of their conditions of accept-
ance. Undoubtedly It In desirable to see the loan contracted on ad-
vantageous conditions; too low a price would command no confi-
dence; but it Is not necessary neither, for the conditions of the loan
to be below the general rate anigned to interest on money in the dif-
ferent placement of stock on the state. If the rate be too high,
serious capitaluits will be in some mount compelled to get rid of
their vouchers. and throw them again wont be market. It to gnat!,
to be desired that no perturbation should succeed an operation which
needs, a• well in the interest ef individuals u in that of the state, to
be seconded by the steadiness of public credit and general security.
What Is the most important to government, is not to contract the loan
at I or 2 fn. more or lee, but to oenclude it at a puce in harmony with
the situation of affair,; on that depends the situation of public credit
and industrial stock. What is to be dreaded above all, in such a moment,
are the errors of atonal:nom which occasion the dinpLicieg of stock.'
much more dangerous, es they can be more multiplied, and keep floating
on the market deeds which, in a time of calm perhaps, would not have
changed hands, or would hare bought in without perturbation and
without cuing the lent shock. It is well known on the Bourse, that
the really valuable movement• of a rise are those which take place by
degrees sad in virtue of • general improvement of affairs, improve-
ment which requires time, and cannot be brought about from one day
to another. Otherwise the market is exposed to re-actions which
trouble the sang Aoki of new purchmers, and turn to their detriment
a, well a. to that of the faata. When a loan of 250,000,000 is at
question, we must consider things from a higher point of view, and
reflect what la to the real Advantage of the generality. It le an
immense operation, the direction of which is difficult even in a
time of proeperity, and which can be undertaken in the crisis
of the times but by the greatest effort., and in calling to our assist-
ance the concourse of serious capitalists. It would then he to be re-
fretted should we ace the situation complicated by any sudden at-
tempts at a rise, or at a decline, in circumstances where an much
calm sang froid and prudence are required. Railway shares, which
are not such an exclueive object of attention, have participated in the
revival of public stock, but, however, in very reasonable proportions.
The receipts support this revival, which could still further improve,
without carrying the firenrate tines beyond the price aseigned to
them by their revenues and by the hopes of the future.—Desists.
MoNTHLY REPORT OP THE PRVESIAN RANK, according
to section 99 of the Bank Ordinance of the sth Oct., 1846 :
Acrirt. Rix Dollars.
Gold coin and barn
Tremury bonds 1,129,900
Exchange
Lombardy loan 11,032,300
State Pajero, various deessads.
Pmerva.
Binh-notes in circulation
Deposit of capital
Loan of the State, In Titulary Bode, after deducting
4,100,000 six dollars, out. b at thaßsnk Or-
dinance of sth Oct, 1846 1,900,000
Credit of the Public Treasury isatitution, and pri-
vate persons, including the O iro Bank 3,688,700
Berlin, Oct. 20, 11347. The Royal Prussian Bank Directory,
sinned—VON LOMBRECUT, WITT RICEHONBOCE, MITER
SCIIMIDT.