The Express.
London, England, 1847-09-04 00:00:00

MONEY MARKET.

FIIIDAT 13•11 WINO.
As was anticipated, the partial relaxation intimated
yesterday of the restrictive rule on which the Bank
has been acting, by consenting. to loan upon public
securities till the 14th proximo, led to an active
market and advancing prices in the funds. The im-
provement which commenced yesterday continued
this morning, and Consols at one time were quoted
881 to a for account, or fully 1 per cent. above the
closing quotations of yesterday. But the report of a
considerable failure in Paris, and the certainty ac-
quired that the Bank would not admit bills of ex-
change to loan as in the usual course, as was erro-
neously assumed and stated in a morning paper, gave
a check, late in the day, to the advance, and upon
some heavy sales by a broker &opposed to act for spe-
culative parties out of doors possessed of peculiar in-
formation, Consols were depressed to 871 to for
money, and 871 to 8 for account. Reduced Threes
were 87? to 8. Three-and-a-Quarter per Cents., 891
to a. Long Annuities, 9to 1-16. Exchequer Bills,
3s. to 6s. premium. India Bonds, ss. to ls. discount.
Foreign stocks commanded more attention to-day,
but the dealings were not important. French Five
per Cent. Rental were sold at 115} franca, at exchange
23f. 30c. Brazilian were done at 83, but cannot be
quoted better than 83 to 5. Spanish Fives were in-
active at 191 to 201 ; the Threes at 291 to 301.
Portuguese, 24} to 51. Mtxican, 18; to 191. Bel-
gian Four-and-a-half per Cents., 92 to 4.
Foreign exchange was without material variation
to-day. The rates are quoted widely, and business in
bills was extremely limited. On Amsterdam the ne-
gotiations were 12.41 to 5 ; on Rotterdam, 12.5 to 1 ;
on Antwerp, 25.80t0 81; on Hamburg, 13.121 to 131;
on Frankfort, 122 to; ; on Paris, 23.65 to 75 ; on
Vienna, 10.51 to 6—all at 3 months. OiN other
places the rates underwent no material change.

The loans of the Bank on public secuiities are
understood to have been both heavy in amount and
numerous to-day. It is stated in quarters of authority
that these advances have exceeded the sum which
would be paid into the Bank on account of the eight
millions loan, the last instalment but one of 12 per
cent. of which became due this day. The accommo-
dation thus afforded must have been a considerable
relief to some of the subscribers to that, for them, un-
lucky operation, who were thus enabled to borrow
upon stock or Exchequer bills to make their payments
upon the scrip. It is possible that the scrip itself may
be admissible as a loan security to the extent, or within
a certain margin, of the instalments made good.
Large amounts of money have doubtless been taken
on loan by the stock exchange also, and stock would
be rendered more scarce by being thus temporarily
withdrawn from the market, which, as assisting the
speculators for the rise, might be one cause of the
improvement in prices which occurred in the morn-
ing, and was maintained until shortly before the close
of business. Money was In demand in the house,
and was paid at the rate of 51i per cent, so that it
becomes a beneficial operation to borrow of the Bank
at 5 per cent., and lend on the same securities at 4.
To-morrow it is expected will be a heavy bill day,'
at the Bank of England more especially. Upwards
of 3,000 bills held by that establishment will have
matured, to the gross value of nearly 400,0001. Two
extra clerks have in consequence been selected to
assist in the department charged with that branch of
banking business.
The presence in this city of M. Lafitte, the Pads
banker, has given rise to the report that he meg
have come to confer with capitalists here on the affair
of the French loan.
The Bank of England averages for the week ending
the 28th ultimo, give, as compared with those of As
wziL=l: the following results:
£22,363,900 Nampo £45,011
Clzoolsgos—aotiro 18,235,855
Pokiis looks 7,193,740
Olillr 0111011111... 7,105,701
Goivromont sooorltlests
181112113110=1115et... 111,711,840
Mir
Miami bullion
Solorisy *Mother hills 789,710 .. Deemme 26,449
TM Bat. 8,544,203
The reserve of notes in the banking department
was less by 157,9751., the amount in hand being only
4,330,0451. These returns present no particular fea-
ture. Those for next week will show a considerable
addition to the public deposits, through the payment
to-day of the 12 per cent. instalment on the eight
millions loan.

The following statement, prepared and condensed
from multiplied official returns, will be found to pre-
sent a simplified and intelligible view of the note cir-
culation of the United Kingdom, and of the coin and
bullion held by the banks indicated, both positively
at the date of the accounts last made up, and compa-
ratively with returns for corresponding periods.
The aegFigate average note circulation of the
United Kin om, according to the returns last collec-
tively comp eted for all the banks of issue, stood, for
the four weeks ending the 17th of July, as follows :
Batik of Eating .C18,784,590
Prints basks 4,258,130
Joint stook 2,991,35!
Inn teaks 5,097,245
Book* basks 3,553,831
Total &ciliation on weekly average 34,587,287
For the bar weeks ending Tuly 17
Dwane August 14
The decrease was thus composed on balance. For
the Bank of England there wan an increase of
1341,675/. For the private banks a decrease of 80,9351.;
of the joint-stock banks, 42,6701. ' • of the Irish banks,
160,1331.; of the Scotch banks, 40,2701.: total de-
crease, 324,0281. Deduct increase, and the decrease
on balance remains as above.

The fixed issues of the private banks being
4,990,4441., it follows they were below the amount
741,3141.

The fixed issues of the joist-stock banks of England
and Wales being 3,418,2771., it follows they were be-
low

The fixed issues of the Irish banks being 6,354,4941.,
it follows the 7 were below the amonnt 1,237,24 W.,
and with specie for 1,367,171!. to cover farther issues
besides.

The fixed issues of the Scotch banks being
3,087,2091., it follows they were above the amount
3118,4421., bat with specie in hand to cover, and
768,688/. over.
The average of coin and bullion held by the Bank
of England during the four weeks ending the 14th of
August was 9,410,3111. ; decrease on the returns of
July 17, 821,7401.
The average of specie held by the Irish banks
during the same term was 1,887,171/. ; increase on
the July return, 9,8341.
The average of specie held by the Scotch banks
during the same term was 1,137,0081.; decrease on
the July return, 82,8151.
The yearly comparison shows the following differ-
ences in the circulation:
Bank of England, WM £1,918,120
Private baWie
Joint tack
. 1,384,271