The Express.
London, England, 1856-05-23 00:00:00

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WM. MILLIKLN,
Londos, May 16.1856.

The Bank of England directors, at their weekly
meeting to-day, rescinded their exceptional oharp of
7 per cent. for bills having more than 60 days torso.
Six per cent. is now, therefore, their minimum rate
for all first-class riper. The effect produced upon the

money market by this announcement, which had been
generally anticipated, is trifling, the more especially
as good paper has recently been negotiated out of
doors at a reduction from the Bank's charges. Never-
theless, to•day's measure is regarded with great satis-
faction, as indicating that the expected improvement
in the money market has at length fairly set io. It is
understood that the resources of the Bank are gra-
dually increasing, and the is flux of gold and cessation
of the drain to Turkey are considered to warrant the
belief that a further amelioration will take place.

The last alteration in the Bank rate of diecoant was
on :Bth October, when it was raised from 51 per cent.
to 8 per cont. for 80 days', and 7 per cent. for 96 days'
bills. At that date the coin and bullion stood at
11,230,2071., and the reserve of note' at 4,310,4861.
In the last published return (for the week ending the
10th inst.), the metallic stock was only 9,778,6821.,

and the unemployed notes, 3,690,9901. Despite the
unfavourable features presented by this comparison,
bower, oonfidence remains quite unimpaired, it
being recognised that the chief canes of the late
disturbance in the money market are now removed.
The Bank movement appears to have been ',dis-
counted" yesterday in the Stock Exchange. The
feuds condone to exhibit general firmness, but the
'losing quotations this afternoon showed a decline of

1 per mint.
In the Stock Exchange money is remarkably
abundant, and loans are obtainable on Consols from
day to day at the low rate of 3 per cent. per annum.
The scrip of the new loan, after being marked as
high sa 21 prom., was last quoted 1; to 2 prem.
Consols ranged throughout the day between 941
and 941 for the 4th of June, and closed at 941 to 1.
For money the last quotation was 941 to 1. The dif-
ferent* between the pries for money and that for
account is now only 1 per oust., owing to the decline
in the value of money in the Stock Exchange. The
official business report is as follows: Three per Cent.
Coal** for money, 941, 3,1, ; ditto, for account,
4th June, 941, 1, 4. Three per Cent. Reduced, 93,
931, 931,1. New Three per Cents., 931, 1, 1. Long
Annuities, expiring in January, 1860, 3 3-16, 31;
Thirty Years Annuities, April, 1885 (Loan of
16,000,0001.), 17 3-16. Bank Stock, 2161, 2161.
Three-and-a-Helf per Cent. Exchequer Betide, falling
payable in 1868, 981, 4, # ; ditto 1869, 981, 1. Con-
ant Scrip (New Loan), 21. 11 prem.
The New Two-and-a-Helf per Cents. were also
dealt in at 781.
Exchequer Bills fully maintain their late improve-
ment. The June Bills were quoted 4s. die. to par,
and the March, 21. dia. to Is. prem. India Bonds
ruled at 64. to 24. dim., aced Exchequer Bonds at
981 to 3.
Foreign stocks are generally well supported.
Turkish Six per Cents., however, closed per cent.
lower than yesterday, at 98$ to 3. The Guaranteed
Four per Cents. show much steadiness, and left off
at 1021 to 1. Spanish securities continue to meet
with numerous transactions. Several bargains took
place at 6/ to 61 per cent. in the Certificates which
were issued by the Committee of Spanish bond-
holders to represent the 60 per cent. of overdue
coupons left unfunded at the last conversion.
&ulnae Ayres Bonds are marked 771 and 78.
A feature of the railway share market is continued
heaviness as regards Great Western stock, which to-
day experienced a further fall of 1 per cent. on sale,.
Lombardo-Venetian Railway shares experienced
an improvement this afternoon, closing at 61 prem.
0. buyers." Riga and Dunaburg Railway shares were
quoted 11 to 11 prem.; Carmeaux Coal Mines and
Railway, 3 to 1 prem.; and General Bank of Swit-
zerland, 1 to 11 prem.
Bank of Egypt shares closed at 1 to 1 prem.; Otto- '
man Bank at / to 13 prem.; and National Discount I
at ;to 1 die. Other bank stocks were quiet. London
and County Bank is marked 321 to 33. Land shares
exhibit no important change. The shares of the
London General Omnibus Company were more in-
quired for. East and West India Dock stook was
dealt in at 123; London Dock at 101; St.Ratharioe
Dock at 831; British American Land at 60; and
General Screw Steam at 13/ to 1 (ex 24. returned).
Canadian Government Six per Cents. matinee in
request, with an upward tendency. New South Wales
Five per Cents. are marked 97.