The Express.
London, England, 1865-03-08 00:00:00

samr.--mars DAL)
Two &Qom

The funds have experienced a recovery of per
cont. to-day, the bulk of the preparations for to-
morrow's settlement having now been completed,
and some support having been derived from •
purchase for account of the sinking fund, of
35,0001. New Three per Cent. Stock in ad-
dition to 10,0001. of Exchequer Bills. The
other markets, however, are heavy, and prices in
many cases are lower, especially es regards the
Confederate Loan and the shares of some of the
financial companies.
• period of the quarter is approaching when
large revenue payments will have to be made to the
Beak ; there is consequently an increased demand
for money, and the lowest rate for bills is 44 per
cent. In the Stock Exchange short loans are ob-
tainable at 34 to 4 per cent.
At Paris to-day, according to Mr. Renter's
telegram, the Three per Cent. Rentes opened at
671 r. 77c., being about 1-16 per cent. lower than
yesterday.
Coned' are now quoted 88j to 1, both for money
and to-morrow's settlement, and 884 to 89 for the
DOW account (April 6). The official business report
is as follows :-Three per Cent. Consols, for money,
88/, 4, f ; ditto foe account, 884, j ; Three per
Cents. Reduced, 87, 864 ; New Three per Cents.,
661, j, 87 ; New Two-and-a-Half par Cents., 724 ;
Bank Stook, 246, 3474 ; India Five per Cent.
Stock, 1031, 104, 1033: ditto Bonds, 15a.
prem.: Five per Cent. " eases(' " rupee paper,
100 ; ditto Five-and-a-Half per Cent., 108, ; and
Exchequer Bills, 4a., 35., die.
Foreign stocks are flat, and in some oases
have declined t per cent. Confederate
Bonds have again fallen 1 per cent. Some
of the present quotations are annexed, via.
Greek Bonds, 204 to 21 ; Mexican, 25/ to 264 ;
Confederate, 96 to 38, ex div. and drawing ;
Spanish Passive, 324 to I ; the Certificates, 16
to 4; Turkish, of 1858, 694 to 701, ex div.; ditto
1862, 72 to ; and the Consolidds, 524 to 534.
Tranesotions are recorded as follows :-Bra-
milieu, 1852, 1858, 1860, 814 ; Chilies Four-
and-a-Half per Oenta.,Bl4 ; Danubian scrip, 34 die.,
ex div.; Dutch Two-and-a- Half per Cents., 63 ;
Egyptian, 94, ex div. ; ditto, 1864, 964 ; Greek,
for account, 204, 1 ; Italian drip, 2 din. ; Mexican,
for account, 26, 254 ; ditto 1864, 254,
244 ; Portuguese, 1865, the., 474 ; Rus-
sian, 1850, 874 ; Spanish Certificate', for
account, 16, 4, Turkish, 1858, for amount,
704, ex div. ; ditto 1001. Bonds, 734, ex div.-;
ditto 1862, for account, 724, 72, ; ditto„ 1001.
betide, 724, ; Venezuela, 1862, for account,
43, ; ditto 1864, 404, 4.
International Financial shares are now quoted
14 to 14 prem., ex div. ; General Credit,
2to 24 prem., ex div.; London Financial, 5 to 54
prem., ex div.; Imperial Mercantile, If to 14
prem., ex div. ; Hudson's Bay, 141 to 15 ; Otto-
man Socid4 Gniirals, 2 to 3 prem.
The quotations for the shares of some of
the new companies are subjoined :-City of
Milan Improvements, 4 to f prem. ; Metropoli-
tan District Railways, 44 to 54 prem. ; China
Steamship and Lake= Coal, 14 to 1 die. ; Rio
Janeiro Gas, to 3 prem. ; West London Docks
and Warehouses, Ito prem. ; Varna Railway,
If to 2 pram. ; and South African Land and Fi-
nance, 3 to 14 prem.
The low prices of the funds, especially con-
sidered in relation to the reduced value of
money, continue to excite much attention.
The fall which has been going on during
the last few weeks has been occasionally
checked through speculators stepping forward to
buy in the belief that, according to all precedent,
the reduction in the value of money must inevit-
ably change the course of the market. Thus far,
however, these operations have been attended
merely with disappointment and loss. It is evident
that sufficient importance has not been attached to
the causes of depression in the funds which have
been in slow but steady operation for a long period.
The creation of miscellaneous joint-stock companies
has been so rapid and large to to absorb an
important amount of capital, and establishes of it
self a competition with the funds ; but, apart from
this, there has been a ceaseless introduction daring
the last three years of securities of a more or less
solid nature, and which have attracted investors
through presenting many of the characteristics
which distinguish our home government stocks.
Numbers of our fundbolders have thus been shaken
in their old allegiance to Consols, and have mani-
fested willingness to exchange the small, though
undoubtedly secure, return yielded by this stock
for the largely increased income presented
by other investments, even though that increase
of income be aceompanied by some moderate
degree of uncertainty or risk. A decided
influence has been exercised by the nu-
merous loans brought forward by foreign govern-
ments, the security of which is more or less sub-
stantial. An equal effect has been produoed, per-
haps„ by the large issues of capital of the Indian
railways, all enjoying a 5 per cent. guarantee,
secured upon the revenues of a country to which
we have been looking, year after year, with in-
creased interest and increased hope. We might
refer, too, to the creation of a large amount of
capital representing the extension and development
of our home railway system, and the absorption of
which by bond fide investors has been promoted by
the rise latterly noticed in railway dividends gene-
rally. All them securities have competed with the
British funds, and have induced radiations, the
result being the low range of prices which now
excites so muck wondering discussion on the part
of persons who do not watch closely the coarse of