The Express.
London, England, 1851-03-03 00:00:00

MONEY MARKET.

THIS DAY.

Two o'CLoci.

The prolongation of the cabinet crisis appears to
exercise no influence on the Stock Exchange, and
has not given rise to speculative operations of the
slightest importance: either for a rise or full. The
English stock market has been extremely quiet all
morning, attention being at present mainly directed
to the " Railways department" of the house, where
business has resumed the activity which it displayed
a week or two ago.
Consols for money opened a shade weaker, but for
time the price has not undergone even a fractional
variation. The present quotation of the market is
961 to 3 both toot cash and the 11th of March,
being the same as at the close of Saturday's
market. The New Three-and-a-Quarter per Cents.
have met with a moderate amount of business, but
in all other stocks scarcely anything has been done.
The official list of business is as follows : Three per
Cent. Consols, 961„ ; ditto for account, 963, I ; Re-
duced Three per Cents., 973, 97. ' New Three-and-a-
Quarter per Cents., 983, 99, 981, 99; India Stock, 264.
The market for the floating debt presents little
change. Exchequer Bills, of all amounts. have been
sold at 475. prem. • and the advertised bills at 465.
and 495. prem. Ineirftends, 1,0001., mark 545. pm.
The foreign stook market is firm, and an impr.ove-
ment is to be noticed in Buenos Ayres and Mexican.
Peruvian Bonds, on the other hand, are scarcely so
good, the price of the Active Debt having receded. to
823. Bargains have been concluded to-day in se-
veral classes of the Deferred debt of Spain. The
prices of business are :—Buenos Ayres Six per Cent.
Bonds, 55. Dutch Two-and-a-Half per Cents., 583,
1. Equador Bonds, 31. Mexican Bonds, 341, ;
ditto for the IHa of March, 341, 3. Peruvian
Four-and-a-Half per Cents., 1819, for acct., 83,
823; ditto Deferred, 37 1. Portugue: 0 Five
per Cents. Converted, 1841, 36 ex div. • ditto
Four per Cents., 331. Russian Four-and-a-Half
I per Ccnts., 973. Sranish Five per Cent. Bonds,
1838-9-40, div. from Nov., 1810, 171; ditto Five per
Cent., div. front May, 1843, 153; ditto 1845, 14l;
ditto 1846, 143; the Passive Bonds, 41; the Three
per Cents., 38.
From the Spanish committee we have received the
following unbecoming answer of Senor Bravo
Murillo. Had the bondholders been adequately re-
presented at Madrid matters would have taken
another turn. Mr.lVeisweiller's co-operation would
promote success, but this business ought not to rest
on the isolated exertions of that gentleman.
Ti) MK. DANIEL WEJCWEILLEIt.
Sir,—l have received your obliging communication of the
19th inst., wherein you refer to the letter from the chair-
man of the Committee of Spanish Boadholders in England
dated the 11th of this month, which you have had the kind-
ness to send ate. With respect to that letter, I must in
reply make it manifest to you, in order that you may have
the kindness to do so to the chairman, that the Spanish
government has reached (if it has not gone beyond) what is
possible, and that it is no longer called upon, on any
grounds, to present the amendment which you suggest to a
project already submitted to the examination and delibera-
tion of the chambers, who will decide according to the
result of tho discussion on what they may deem most proper.
1 avail myself of this occasion to testify to you, and through
you to the chairman, how much I have been gratified by
the approval expressed by him of all the other articles of
the project, with the exception of those forming the object
of his new demand, The question must not revolve upon
an application of the principles of equity and justice, but
upon the fact of possibility, of which you arc not one of the
least qualified to form an estimate, since by your long resi-
dence in this country, and the transactions you have had
with the Spanish government, you are in a position to ap-
preciate better than any foreigner the present state of the
Spanish treasury.—Ever yours most sincerely,
Madrid, Feb. 21, 1851. J. Bravo MIMTLLO.
The money market is dull, and rates as before, the
relaxation afforded in advances on Stock and Ex-
chequer Bills not affecting commercial transactions.
Foreign rates of discount may be quoted as fol-I
lows :--11delaide, 25 per cent.; Amsterdam, 2 per
cent.; Antwerp, 2 to 4 per cent.; Bourbon, 6 per
cent. • Bordeaux, 4 per cent.; Brussels, 4 per cent.;
Copenhagen, 5 per cent. ; Frankfort, 11 per cent.;
Hamburg, 13 per cent.; Havre, 4 per cent.; Ha-
vannab, 8 to 9 per cent. ; Madrid, 6 per cent.; Mar-
seilles, 4 per cent.; New York, 6 to 7 per cent.;
Paris, 4 per cent.; Peru, 24 per cent.; Philadel-
phia 5 to 6 per cent.; Rotterdam, 21 per cent.;
Rio Janeiro, 7 per cent.; Trieste, 41 per cent.; St. Pe-
tersburg 53 to 61 per cent.; Valparaiso, 12 per cent.;
Vienna, 5 per cent.
The Bank of England returns present no feature
of importance. The slight decrease in the bullion
does not seem likely to offer any check to the favour.
able course of events.
The bullion market, as we have before reported,
seems to be returning to its normal state. Silver is
on the decline, and this week the temporary yore-
mium on 20 franc pieces at Paris, has vanished;
otherwise there is no considerable change of prices.
From Chili there is an unfavourable circumstance
that quicksilver has risen, though it may be that
silver mining has received an impulse, and that the I
supplies of quicksilver are not yet adequate, as the
Californian stock had not yet come into the market
The imports of bullion during the week have in-'
eluded 890,736 dollars by the Medway (silver,
5:14,578 ; gold, 356.158); 85,000 dots. by the Canada;,
and 6,5001. by the Euxine, from Lisbon—altogether,
about 200,0001.
Oporto letters mention the arrival of the Betsey,'
from England, with 37,200 sovereigns, consigned to
various houses.
Messrs. Quilter and Ball's report on the Eastern
Counties Railway is very searchingly and severely
dealt with by Herapath this week, and several
most serious misstatements are exposed. Heroes/1i
says that Messrs. Quilter " present some very origi-
nal ideas in the science of railway construction."
Messrs. Quilter are unquestionably very clever men,
but the faults into which they have fallen could not
have been committed by any one conversant
with railway business. For the time, there
is much less disposition to place faith in'
the reports of committees of inquiry, which
from the time of Mr. Hudson's memorable report
on the North Midland affairs have been the means
of foisting on the public the most erroneous princi-
ples and systems of policy. From the time that Mr.'
Hudson swept away the accountants and store-'
keepers from the Midland establishments down to':
Messrs. Quilter and Ball's schemes for making'
dividend bear capital charges, we are not aware of
any good done by such reports, which are, without
exception, found convenient vehicles for abusing old
directors. and advertising the claims of their oppo-
nents. From jobbing directors the shareholders have
suffered, but much more from jobbing committees of
inquiry.
The last report of the railway commissioners has
produced some stringent comments in the Railway
Times. This document is an addition to the accumu-
lated proofs of the incapacity of those salaried job-
bers. Their resistance to the remission of duty on
first and second-class excursion tickets is, however,
as the Railway Times remarks, calculated to lead to
an important result. To get rid of the tax, let ex-
cursion trains have but one fare ; let the rates be
uniformly raised to a penny per mile, and the com-
missioners, on their own showing, will be defeated.
Another railway paper has a similar comment on
the tendency of the day towards "omnibus," or one
class traffic, on railways here, as in America. Hera-
path continues the crusade against the reserve and
depreciation funds, which arc justly characterised as
humbugs for the impoverishment of the shareholders.
Herapath this week singles out the Midland, the
South Eastern, and the York and Newcastle.
The amount of railway calls due in tho month of
March is as follows :

Am:mat pr Awe.
Das already NutlikeDate.
Date. pakL Wed et shares.

manco•,aurmsug, LUG
Linc..C6 Pref. ..-- 17 9 0 0 1 0 0 172,300 171,500
Royston sad Ultehin,
BheprtthEltem..... 10 77 6 017 6 10,665 'An

..........
The total calls for the first three months of tho
present year will thus be 1,296,9811. In the corre-
sponding period of 1860, the amount was 4,255,2061.
in 1849, 8,660,673; and in 1848, 10,268,6831.