The Express.
London, England, 1853-11-24 00:00:00

MONEY MARKET.

WEDNISDAT Evaxixe.
The upward tendency shown by the stock markets
during the last few days has at length received
check. The funds opened this morning a shade
firmer than they left off yesterday ; but, notwith-
standing an influential purchase for the account,
symptoms of weakness soon became apparent, and
after a fall of the market finally closed 1 per
cent. worse than yesterday. The increased demand
for money "out of doors" is acting unfavourably
on the funds, and stimulates renewed sales by the
late operators for lower prices. The appearance of
a leading broker as a borrower of money on the
deposit of stock to a considerable amount assisted the
tendency towards depression. This operation at once
causes an incresseddemand for money within the Stock
Exchange, and, by tending to render stock more plen-
tiful in the market, weakens the main prop—i. e..
scarcity of stock, by which it has of late been so
firmly maintained in face of the serious aspect of
foreign politics. The loans of stock referred to are
understood to be chiefly on account of bankers, &c.,
who find that the increased demand for accommoda-
tion on the part of the mercantile public will enable
them to employ the money to more advantage. In
consequence of this state of affairs the " backwarda-
tion" or increased differential value of money stock
has not merely passed off, but it has even been easier
to-day to sell for the account than f3r money. At the
close the market was not strong in character, evinc-
ing more sensitiveness than of late.

Consols opened 931 to 3, fell to 95: to and were
quoted at the official close 953 to 3, both for money and
the 6th Dec., which was also the latest "after hours"
quotation. The official report of actual transactions
is as follows :—Three per Cent. Consols, for
money, 953, I, Y ; ditto, for account, 6th Dec., 93:,
L I, :. Three per Cent. Reduced, 944,
Three-and-a-Quarter per Cents., 961, b, 95:. Long
Annuities, 1860, 5; ; ditto, 30 years, 1859, 5, 3 1-16 ;
ditto, 1860, 53. Bank Stock, 218. South Sea New
Anu., 100 i.

The late advance in Exchequer Bills is fairly
maintained, the closing price being 6s. to 9s. prem.
India Bonds were dealt in at ls. to 4s. prem.
In the foreign stock market business was almost at
• stand-still, and the tone was rather flat, except for
Buenos Ayrean, which continues to show an improv-
ing tendency. Mexican closed weaker. In Russian
stocks no transactions were recorded. At 4 o'clock
Mexican Bonds were quoted 26 to lex div. Peru-
vian Four-and-a-Half per Cents., 71 to 72 ; Granada
Deferred, 71 to 84; ditto, Active, 194 to 204. Sar-
dinian, 91 to 93. Spanish Deferred, 22 to ; the
Certificates, .51 to 51 per cent. The sales are re-
ported as follows:—Buena Ayres Six per Cent. Bonds
651, 64. Chilian Six per Cent., 102. Dutch Two-
and-a-Half per Cents., 631; ditto, Four per Cent.
Certifs., 951, 1, 941. Mexican Three Der Cents., for
account, 30th Nov., 251, 1,4, ex div. Peruvian
Four-and-a-Half per Cents., 721; ditto, Three per
Cents., 50, Sardinian Five per Cents., 911, 92.
It will be seen on reference to another part of our
paper, that the decree for modifying the French
duties on iron and coal, for which we had prepared
our readers, has at length been published in the
Moniker.

The exchange on London came reported from St.
Petersburg to-day still more unfavourable to this
country, at 39 9-16 to p. From Odessa the ex-
change is advised as rather less unfavourable, but it
is still very high. It may be mentioned that the
state of the corn market has a material influence on
the quotation of exchange on Odessa; and this ex-
change again re-acts on that of St. Petersburg. In
the present position of the exchange it is considered
certain that further large remittances of gold will be
made to Russia. For instance, an open policy of in-
surance was effected to-day for 50,0001. worth of gold
to Hamburg, by next Friday's steamer. It is gene-
rally understood that of the 400,0001. or thereabouts
which was withdrawn from the Bank yes-
terday for Russia, 300,0001. was on account
of the Russian government, which is believed under
ordinary circumstances to have some half a million
sterling to its credit in London. It will thus be
seen that the shipment in question is invested with
some degree of political interest. During the last
five or six days the aggregate withdrawals of gold
from the Bank have amounted to a very considerable
BUM.

There was a decided increase to-day in the demand
for money for general commercial purposes. Al-
though we hear of discount being obtained as low as
4i per cent., this appears to be an exceptional rate,
and applicable only to very short dated and every
way first class bills. Generally it would appear that
accommodation has not been obtainable on good
paper below the Bank of England minimum
of 5 per cent. The Lombard-street discount houses
are understood to be doing no business under 5 per
cent. We understand that, in addition to a conside-
rable number of country bills, a quantity of paper of
foreign origin has been sent to this market for dis-
count, partly under the influence of the upward ten-
decoy of the rates of money on the continent.
Under these circumstances, it is stated that the appli-
cations for accommodation at the Bank of England
have been numerous. It may be remarked that, at
the present season of the year, money is generally
rather tight. With the approach of Christmas, there
is an impression in well informed quarters that the
market is likely to he characterised by some degree
of stringency, which may not experience much re-
lief until the heavy government payments falling
due in January. The efflux of gold is, of itself, cal-
culated to render the money market less easy.
In the corn market to-day the dense fog almost
entirely impeded business off the stand, and few
buyers appeared in the market. Prices were quoted
nominally the same as on Monday. Several floating
cargoes were sold yesterday and to-day, making the
sales since Saturday 12 cargoes, including a large
cargo of Sandomirca wheat, at 655. nett, for the con-
tinent (inclusive of freight and insurance); a cargo
Taganrog Ghirka, at 655. 6d., for Bristol; Mariano-
ple wheat, at 6Ss.; and another at 695. 3d., all on
passage.
The Electric Telegraph Company of Ireland are
laving down a submarine communication between
the city of Belfast and the Scotch coast. We under-
stand the system adopted is a new one, patented by
Mr. R. I)ering, which promises to effect a great
change in the system of electric telegraphs.
The remarks contained in the enclosed may be
commended to the attention of all parties interested
in Portuguese Bonds.

TO THE EDITOR OF THE DAILY NEWS.
Sir,—The notice by Mr. W. W Venn, notary public, re-
lative to the conversion of the Portuguese External Debt,
places beyond a doubt that up to the 16th August the
holders of 3,608,660/ Ss. 9d. had converted, and that the
said bonds were cancelled on the 16th November, which
would have been very satisfactory, had it not been tollcwed
by another notice from Mr. G. C. X. de Britto, the Porto-
gucse financial agent. This contains some very important
milts which seem to have escaped hitherto the notice of
toe press. He therein states "the sum of 1,440 contos refs
(320,000/. at the rate of 4,.500 reis per E) Old Five per Cent.
Inscriptions of Internal Debt belonging to the Portuguese
government, which by virtue of the decree of December 22,
1832, approved by law of the Cortes, were cancelled at the
Junta of Public Credit, and converted into External Debt,
in order to be deposited as collateral security of the sums
raised for the construction of roads," are now converted
into the New Active Three per Cent. Stock. We ought to
b• informed of the numbers and amounts of these extra
bonds so issued, and whether they are intended for
circulation on the London or Foreign Exchanges. I have
no doubt they will soon (if not already) be thrown on the
market, and if I am correct in my surmise, this jumbling
way of issuing • new loan ought to be thoroughly expesed,l
and when the time arrives (whim. it will very shortly, on
account of a majority of the debt having converted 'that ap-
plication is made to the committee of the Stock Exchange
to allow the new conversion to be officially quoted, I hope
they will not do so without excluding this identical
320,0001. It may be contended that Portugal or any other
foreign state has a right to emit bonds to any extent, as

long as they can find fouls to buy them. Granted ; but let
it be done fairly, and, for the sake of variety, have them
printed on different paper and colour, and with, out of de-
cency, some other variations in the body of the bond. Do
not take advantage of a conversion to juggle an additional
amount of stock into circulation, whether authorised
by decree or not. I await an explanation, as en
the whole I do not think the recent conduct of the
Portuguese government as black as painted by Mt.
Thornton and others. The principle of the decree of the
22nd December, forting the new conversion rwlctu Cohen.
on the unfortunate creditors, is vicious in the extreme. It
was, nevertheless, extremely well drawn out, and, in my
judgment, 'sufficient awe was made out to warrant it
Had the sacrifices demanded been in the first instance
asked as a boon from the bondholders, they would no doubt
have been cheerfully made by the majority. The Portu-
guese government have been badly advised, as they must
now find to their cost, in seeing theii railway projects linger
for want of English capital and enterprise, and the recent
want of courtesy shown by the financial agent, Mr. Britto,
towards our indefatigable friend Mr. Thornton, will not
tend to bring about a good understanding —I am, &c.,
Brighton, Nov. 23, 1833. 11. G L'EUALLA.
The sixteenth half-yearly general meeting of the
West Flanders Railway Company is called for the
13th December in London, and for the 16th idcm at
Bruges, and will afterwards be made special "to
obtain the confirmation of the shareholders to an
agreement made by the directors with Menace. De
Parientfi and Co. for the transfer to that company of
that portion of their lines lying between Dcynze and
the main line."

Land shares today were generally rather flatter,
but yet showed considerable strength, especially Aus-
tralian Agricultural. Bank shares were quiet, except
those of the Bank of Australasia, which were in
I marked demand, and touched at one moment 85.
Crystal Palace shares, after opening 21 to 2. prem.,
and declining to 2 prem. "sellers," closed 21 prem.
exactly, having been largely dealt in. London Dock
stock has been dealt in at 110 to 1; and Australian
Royal Mail Steam (81. paid), at 31.
Annexed are the latest reports from continental
bourses, as received by Mr. Reuter's express :
Amsterdam, Tuesday, closing prices:—Dutch Four
per Cents., 921; ditto Two-and-a-Half per Cents..
61 3-16. Spanish Deferred Three per Cents., 21
9.16; the Coupons, 5 7-16. Austrian Five per Cent.
Metallic*, 7511-16. Peruvian New, 69. Portuguese
New, 36 3-16. Mexican New, 231 ex div. Granada
Active, 18 16-16. These prices exhibit little varia-
tion. The exchange comes reported without altera-
tion, at 11.65, short. Paris, closing prima of this
day, for money: —Three per Cent. Rentes, 74.5;
ditto Four-and-a-Half per Cents., 99.85. Bank
Shares, 2,890. These prices are a shade better than
the closing rates of yesterday.

THIS DAY.—Two o'Cnocx.
The English stock market opened flatly, and for
a short time showed a downward tendency ; but a
rather decided rally has since taken place, and prices
are now per cent. higher than they closed yester-
day. Consols opened 951 to and after being
sold at 951, are now quoted 951 to I, both for money
and the 6th of December. The Three per Cents.
Reduced have been dealt in at 94; to ; the Three-
and-a-Quarter per Cents., 951 to 961; Bank Stock,
2161 to 218 ; India Stock, 253 ; Exchequer Bills, Su.
to 9s. prem.; India Bonds, 4s. prem.
Business in the foreign market is very limited, and
presents no feature of novelty. Buenos Ayrean re-
mains very firm. Mexican Bonds have been dealt in
at 25 to ex div.; Russian Five per Cents., 11l to
1; Sardinian, 91; to 92; Danish Five per Cents.,
103 i ; Buenos Ayrean, 65 to 1.

MINES

WEDNESDAY EVENING.

Business in the market for home mining stocks
has been very inactive to-day. There are inquiries,
however for shares in South Caradon, West Cara-
don, Mill Pool, Trannack and Bosence, West Alfred
Consols, Wheal Lemon, Wheal Arthur, and Wheal
Edward.
It is expected that a farther rise in the price of
copper will be announced.
In the gold mining share market business was
restricted, and the advance of zesterday. was not
generally maintained. Agua Fria participated in
the reaction, Lake Bathurst shares have been dealt
in at ss. and 7s. 6d. each (11. paid). At 4 o'clock
Colonial Gold were quoted 3 to 3 prem. ; Great
Nugget, 3to 3 prem.; British Australian, 7-16 to
5-16 dim, ; Agua Fria, 13-16 to 15.16 prem. ; Nou-
veau Monde, 1 to 1 prem.
Other foreign mining shares were devoid of
feature. Metcalfe Copper closed dull, at 3 to 3
premium.
Thenominal elating prices of new undertakings are
as follows :—Mizen Head, 3 to 3 die. ; Lewis Hill
Range, 3to 3 die. ; Clarendon (of Jamaica), to
3 pm.; Britannia Gold, to 3 per sh.; L'Aigle d Or,
3 to 1 cip.; Mount Carbon Cal, 3 to a dia.; Kenmare,
par to 3 prem.; Lake Superior Copper, 1 die. to
par ; Connemara, 3 die. to par ; Glenaulin, 3 to
3 die. ; Australian Mutual, 3 to 3 dis.•, Chartered
Australian Land and Mining, 3 to 3 die.; Golden
Mountain, 3to din ; Poltimore, par to 1 prem.;
Great Crinnis, per to 3 pm.; Garnett and Moseley,
1 to 11 pm. ; Sue River (of Jamaica), 3 die. to par ; Met-
calfe (of Jamaica), 3 to 3 prem.; Adelaide Land
and Gold, 11 to 03 die. ; Australasian Coal, 3 to k
die. ' • Lignanes (of Jamaica), 3to 3 die. ; Port Royal
rJamaica), to 3 prem.; British and Colonial
melting and Reduction, 1 die. to par; Australian
Consols, 3 to 3 die. • Albion Gold, 3 to 3 din; Lack-
amor Copper, 3to 3 dia. ; New Linares, 3 die. to par ;
Obernhof, par to 1 pm. ; Knockatrellane Copper, 3
to 3 dis. • Gladkch Zinc, par to 3 prem.; San Fer-
nando Silver Lead, 3 to 3 prem. ; London and Vir-
ginia Gold, a die. to g prem. ; Peninsular Mining, 3
toy prem. ; Dhurode Copper, 3 die. to 1 pm. ; Cologne
Lead, to 3 die.; Monarch Gold, 3to 1 die. ; Car-
berry West, 3 to 1 dis. ; Angarrack Console, par to
/ prem. ; Jamaica Copper, to 1 prem.; New South
Wales Gold, ato die.
At Wheal Buller a dividend of 301. per share
(7,0601.) has been declared.

THIS DAY.—Two o'CLocit.

The gold mining share market is rather firmer
to-day, but with no feature of much importance. Agna
Fria are quoted 13-16 to 15-16 prem.; Nouveau
Monde, to 1 prem.; Colonial Gold, 7-16 to 9-16
prem.; and Port Philip a to 1, dim.
Australian Agricultural shares are quoted 44 to
45; Peel River 3to prem.; North British Austra-
lasian, 3.16 to 5.16 prem. ; and Scottish Australian
Investment, 11 to I a prem. Other foreign and colo-
nial shares are very quiet.