The Express.
London, England, 1847-01-23 00:00:00

MONEY MARKET.

FRIDAY EVENING.
The bent of the funds has again been all in de-
cline to-day. The first quotations of Consols this morning .
at 91 to money were lower than the last prices of yester-
day. Alter ranging between 901 to 914 they were called l'
901 to 1 for money at the regular hour of closing, and 914
buyers for account. But shortly afterwards they became
sellers for account at 91, and for money 901 to 4. The un-
favourable nature of the accounts from France was the
amigned cause for the depression at the earlier stage
of the market. But in the course of the diy it became
known in leading circles that sales of money stock had been
made to some extent for account of bankers and parties with
whom previously lodged as security for loans. It was un-
derstood also, that sales of securities had been going forward
for some of the Scotch banks. Advices from Scotland are
looked for with more than ordinary interest, to see what
effect may be produced there by the further advance yester-
day in the Bask rate of discount. An impression prevails,
erroneously or not, that the Scotch banks have loaned rather
freely on railway stocks, which in times like the present are
not easily convertible when the money is most wanted, and
when borrowers are unable themselves to replace the funds
taken up. The general ability
.and the exemplary caution
for which the Scotch banking institutions have long been
credited, renders it difficult to attach faith to such rumours.
It is more than probable they may have originated from con-
founding the operations of certain joint-stock Exchange
establishments, created within the last year or two in Scot-
land, with the express object of making advances on railway
securities, as a profitable means of employing capital and
realizing a high rate of dividend, with the regular end long-
accredited institutions dealing only with money-values upon
well-understood banking principles. These institutions, it
may be observed, are one and all large holdersef government
stocks.
The government broker took to-day 10.0001. Reduced
Threes fur the national debt, and 40001. 31 per Cents. for the
savings banks. Reduced Threes were 911 to 1 at the
closeof business. Three-and-a-quarter per Cents. 93 to 1.
Exchequer Bills 4s. to Bs. premium.
In the after part of the dew some bargains were done in
foreign securities, partaking ot the nature of forced sales, or
stocks bought in for making up. Wide diffen nets were
mostly made betwixt buyinz and selling rates. On leaving
off, Dutch Two.and-ruhalf per Cents. were called in decline
at 67 to 4, the Fours at 911 to 2. Portuguese at 311 to 21.
Spanish Fives at 231 to 1, the Threes at 331 to 1. Mexican
at 211 to 1.
We have had reports vaguely afloat in the City to-day, and
previously, of a loan for ten millions sterling being in con-
templation of the government, as part of the ways and means
for meeting the exigencies of the times. It may be doubted
whether, in actual circumstances, a financial operation of the
kind, and to the extent, would be viewed with much favour
in the market, or be carried through without difficulty
and a large sacrifice in the realisation of proceeds. As
exchequer bills are held in heavy amounts on trust
accounts, it might perhaps be a more facile and less dis-
turbing expedient to fund a proportion of those secu-
rities, and raise the required means by a fresh issue to
the extent funded. It is clear, however, that in such
an operation considerable sacrifices would have to be sub-
mitted to in the present state of prices. The French ex-
chequer is, moreover, believed to be in so impoverished a
position, that a loan must inevitably be resorted to by the.
French government, if the precarious condition of the Pude
money market do not render such a transaction ►impractices-
ble. -The Bank of France, it is also rumoured, has ben
endeavouring to negotiate a loan here of one million
on the deposit of renter to cover the value, but it is said
no result has been yet arrived at.
The price of bas gold in Paris, January 20, was 10 per
mille on the ancient tariff rate of francs 34.34.44 per kilo-
gramme, which gives an arbitrated par of francs 26.39.7 per
£ sterling, and the rate of exchange for bills on London was,
at short, francs 25.271 per £, making a difference of 0.48
per cent. gold dearer at Paris than London.
The price of bar gold in Hamburg,Januaryl.s, was, marks
team 4324 per mark weight fine, which gives an arbitra-
ted par of marks bane* 13.8.73 per £ sterling, and the rate
, of exchange for bills on Leaden at short was marks bane*
13.5 per £, snaking a difference of 1.75 per cent. gold dearer
at Hamburg than London.
Foreign exchange was arida in decline on nearly all the
chief continental places. The rates negotiated en Amster-
' dam were 12.1/ tot; on Rotterdam,l2.ll to 21 ;on Antwerp,
25.66 to 70; on Hamburg, 13.61 to 71 ; on Frankfort, 120;
on Paris, 26.621 to 671 ; on Vienna, 10 to 10.1 ; on Leghorn,
30.30 to 36 ; on Naples, 401 to 1 ; on Madid, 361 to 1; all
at three months date. On Lisbon, at GO day, 63 to I.
It is understood that the amount of gold and silver bullion
in the bank was not diminished in the last week of making
up the returns(which will appear to-morrow), by more than
400,0001., notwithstanding the reports current, which carried
the deficiency as high as oue