The Express.
London, England, 1847-01-14 00:00:00

COMMERCIAL 4' MARKETS.

MONEY MARKET & CITY LNTELLIOE,NCE.
The financial intelligence by the Cambria steamer comes
more unfavourable still from New York and the United
States. The rates of exchange on London had fallen 1 per
cent. more, and were ruling at 5 to 51 peer cent. nominal
premium, but in reality 4 percent. under the real par of ex-
change, with a supply of hills, as might be expected,
greatly exceeding the demand. With such low rates on the
other side there can be no question that large continuous
remittances of sovereigns will be made from this country, of
which the next outward-bound steamer will afford proof.
Money, also, was coming into greater demand at New York,
where it was worth from 8 to 10 per cent. in loans and dis-
counts. The operation of the sub-treasury bill, under which
all payments for Customs' dues are to he made in specie or
treasury bills, would greatly tend to cramp the money roar-
ket, especially as the locking up of such heavy specie re.
ccipts in the various ports of collection on the sea-board of
the Union would bo eqnivalent to a complete diminu-
tion of the active circulation to all the extent. The
dollars paid into the Customs'-office at New York,
or 13014011, for example, would not be re-issued for expendi-
ture there, by the circulation temporarily contracted
might be again diffused and equalised, but would be
remitted to New Orleans :end other parts of the Union
where the war expenditure was chiefly to be incurred, or to
Mexico, for the uses and to defray the heavy expenses of the
American troops there, and of the squadrons off the coast.
The specie so remitted would be so much taken away slto-
gether from the circulating specie funds of the United States,
whilst that portion dispereed is the interior, and in
distant parts of the Union, would not find its way
back again into New York, Boston, and other ports
of most active business, whence collected and car-
ried off, for a considerable period, and then
only in small indeterminate quantities, at uncertain
times. Under these various circumstances, all with
the same bearing, it would seem evident that this
country must be very largely drawn upon for specie
for some time to come, if not for a period of lengthened
duration. The prices of government and state stocks and
other securities had receded at New York, under the com-
mencing pressure of the money market and of the new sub-
treasury bill, then coming into operation. The new
government loan was at 99, or 1 discount. There is,
however, one countervailing probability of a certain amount
of balance to check against the sums to be drawn from this
country in the action of the new United States tariff. One
month's experience of it is said to have realised all that was
prognosticated of it as a revenue measure. " Although the
duties," observes a New York paper, " have been
greatly reduced, yet the revenue is increased, and no crest
fears are entertained of its inflic.ing very serious injury
upon the manufacturing industry of the country."
TlnVpaat Two.—The directors of the Bank of England,
at their weekly board today, decided, as has been expected
for some time would be the cue early in the new year, on
raising the rate of interest, in the terms of the following
notioe

The minimum rate of interest on bills discounted at the
Bank of England not having more than 95 days to run is 31
per cent.
" Jan. 14, 1847."
Same uneasiness was evident in the stock market from the
commencement of business. Consols opened ■t 931 to I, but
with a depressed appearance. As the American monetary
intelligence was read, and the impression gained that
an alteration in the Bank's minimum rate of interest
might be looked for, the prices gave way. Consols
became sellers at 931, declined afterwards to 93 to 1, and are
now only 921 to 1, extremely heavy. Exchequer Bills no-
minally 10s. to 13s. prem.
Foreign securities are entirely neglected, and the quota-
tions must therefore be regarded as merely nominal, as no
real business is doing. Mexicans stand quoted 231 to 1.
Spanish Fives, 251 to 1; the Threes, 351 to 1. Portuguese,
36 7.
ENOLIBH FEW MI.
Husk stock, Mg SI 3 per et.Comaols for Acct., 1:4 I
eer sac 3. pee Ceut, NI I
3 per 000xtuttli I Exchequer WI., Rh. 13e.

S pee Ct. Auerlsa Bends. 944 --
i ;:,;;Z;;15. Grenada Ms .19 30
44 per Ct. Seidl. Roods, 914 si °resold Defereed Ws., 33 a
2 per feat. ditto - 3 per CL Neale., 1444, 34 a
3 pe Ct. Drallllll3 Eds., 07 9 6 per Ct. Perseids Iktp, 4$ 41
Ditto New, 87 9 Porton.* Coo•, 11de , II 37
3 pr Ct. hoescle Ayres 1349., 41 4 3 pee 4.3- kopeks 114, ,110 II
Tluei MAW H 4, 114 6 DIG* Spanish Ms. 231 1
Ditto C, 5, Def. Dd.,— 3 per Cl. liparilai Rds , ..1.34 I
Colevatda• Nerd. DM. 11 , Span Deferred Me, 17 4
1 per Cr. Daololt Dda.,116 S 1 Spanish Doody. Ms ,34 4
$ per Cl. Diateit DM., Of i 9 per CL Venesseia Hde , 39 40
4 per Cs. Dutch Cert., 924 3 Venezuela Ixterred Dd., 1113

RAILWAYS.
The market is quite depressed, with scarcely any
dealings, except in London and Yorks, and Buckingham-
shire*.