The Express.
London, England, 1853-01-05 00:00:00

MONEY MARKET.

Tvzsiasv Evasino.
There was a decided feeling of.depression in the
English stock market this afternoon, prices dropping
a quarter per cent., and the heaviness extended to
every other department of the house. Sales have
been induced by a revival of the rumour that the
Bank directors, foreseeing an increase of speculation,
as well as considerable shipments of specie for grain,
contemplatisan early advance in the rate of discount.
• At pressed, howeier, such a step is generally regarded
as h.ghly. improbable, there being no influences now
in operation sufficiently serious to warrant the direc-
tors in giving so decided a blow to the confidence of
the commercial community as would be thereby in-
volved. There are many persons who think the Bank
ought never to have reduced its rate below 21
per eent.—a rate certainly low enough for all legiti-
mate trading purposes, but now that a lower rate
has been so long established, and at a period when
trade shows such a healthful activity, any interfer-
ence with the even current of mercantile affairs is
greatly to be deprecated as being of a very injurious
tendency. Up to to-day money has been obtainable in
Lombard-street below the Bank's minimum rate, and
it is now abundant out of doors at 2 per cent. It is
consequently tobe inferred that the adoption of the
step referred to would be rather dictated by precau-
tionary views than warranted by any present in-
creased demand for accommodation without ; and,
even viewed in this light, there appears to be no real
occasion for it. There is no inordinate speculation
going on in any department of business. The
movements in grain and iron are the chief
feature, but are by no means calculated to excite
uneasiness, being generally well founded. The other
speculation going on, including the gold mining ex-
citement, is restricted to too limited a circle to have
any. important effect, being a mere bagatelle in com-
parison with the vast mass ,of the national transac-
tions. As regards any downward movement in the
Bank's stock of bullion, it is difficult to see how any
feeling of uneasiness can be founded upon it, seeing
that this item is still considerably above twenty mil-
lions sterling. We have at the same time large
amounts of gold coming forward immediately from
Australia, witlt, the certainty of an immense future
supply. Such a simple circumstance as the arrival
of the Australian steamer, now daily looked for,
would probably have a considerable effect in removing
unfavourable anticipations. Again it must be remem-
bered that the dividends on Consols and other stocks
fall due to-morrow, and become payable to the public
on Saturday, when, in round numbers six millions
and three quarters sterling will be released, as shown
below, viz.:

Half-yearly Dividend.
Three per Cent. Consols 0,700,000
New Fire per Cent. Annuities lO,OOO
Three per Cent. Annuities, 1726
South :Us Stock
South Sea Three per Cents., 1761
South Sea New Annuities 32,000
East India Stock 316,000
Annuities ending 1860

Tots?
£6,778,000
The foreign stock dividends also falling due com-
a prise between six and seven hundred thousand
pounds, and including the dividends falling due on
1 the vast mass of home joint stock undertakings, it is
probable the total sums receivable by the public on
dividend account during the month are not less than
nine millions sterling.
Console opened at yesterday's rate of 1001 to t ex
div. for the opening of the 18th January, but al-
though not sold lower than 1001 during the official
hours, the after-hours quotation was only 1001 to 1.
There was a renewal of operations by the govern-
ment broker, who took a
.parcel of Reduced Threes
at 1014. The official business report is annexed :
Three per Cent. Consols, for the opening, 1001,1, 4.
Three per Cent. Reduced, 1011, Three-and-a
Quarter per Cents., 1041, 4, 4. • Long Annuities,
1860, 8 7-16.;
Exchequer Bills remain quoted 695. to 725.
prem. ; and India Bonds, 80s. to 83s. prem.
Foreign stocks were quiet, with a less confident
feeling towards the close. Spanish Bonds were a
Ishade firmer, and the Committee's Certificate rallied
to 41, per cent. Turkish Scrip was net operated in,
but maintains 1 prem. Granada Deferred opened
firm, but subsequently went weaker. Thu list of
sales is annexed :—Belgian Five per Cents., 100.
Brazilian Old Five per Cents., 1034. Danish Five
per Cents., 1071, 108. Dutch Four per Cent. Cer-
tificates, 991, 99, Granada Deferred, 131, f.
Mexican Three per Cents., 231, # ; ditto, for ac-
count, 14th January, 231. Peruvian Deferred Three
per Cents., 641, 66. Portuguese Four per Cents.,
40 ; ditto, Three per Cents., 1848, 36. Russian
Four-and-a-Half per Cents., 104 ex div. Sardinian
Five per Cents., 951. Spanish Old Three per Cents..
494, d ex div.; ditto, New Deferred Three per
Cents., 231, 1 ex div.; ditto, Passive (Converted),
; the Coinmittee's Certifs., 41, 41 per cent.
Venezuela Three-and-a-Half per Cents., 401.
The directors of the English, Scottish, and Aus-
tralian Chartered Bank have received their charter
of incorporation, and intimate their intention of im-
mediately commencing business. The government
is showing itself laudably anxious to encourage sound
enterprise by the grant of charters.
Mr. William C. Bennett, civil engineer, and Capt.
Fred. A. Ellis, R.N., left Southampton yesterday in
the Medway steamer, for New Granada, in the ser-
vice of the Magdalena Steam Navigation Company,
to take measures for carrying out the objects of that
company.
The General Screw Steam Shipping Company
have advertised the departure of their first steamer
for Australia, viz., the Harbinger, which will leave
Southampton for Port Phillip and Sydney on 10th
Feb. This vessel is to be followed by the new screw
steamers Jason, Golden Fleece, and Crcosus, each of
2,600 tons burden. It is thus evident that our steam
connexion with Australia will soon be more efficient
and regular.
The shipments of gold to St. Petersburg continue.
An eminent firm connected with the Russian trade
despatched this afternoon a further sum of 80,00 W. in
bar gold and half imperials, via Hamburg. The Bank
of kaigland is understood to have still on hand a
large sum in Russian gold coin. The Haddington
has carried out 17,7351., nearly all in gold, for Con-
stantinople.
At the meeting of the London Dock Company
held to-day, a dividend of 2/. 10s. for the half-year
was declared, leaving a balance in favour of the
company of 160,0731. The business of the docks
was stated to be gradually extending. A full report
will be found in another column.

Australian Agricultural shares opened steadily to-
day, but receded to 290 to 295. South Australian
Land improved to 74 in the morning, fell back to 66,
but closed better again at 69 to 71. Although the
prices realised for these undertakings are not
quite so high, the supply being. temporarily
greater, yet a good enquiry continues to ex-
ist for them. Excluding Australian Bank
transactions, which arc elsewhere recorded, we have
to report dealings as follows :—Bank of British North
America, 611 ex div.; London Joint Stock Bank,
21; London and Westminster Back, 351; Oriental
Bank Corporation, 40; Crystal Palace, 5; Southamp-

ton Docks, 414 ; General Steam Navigation, 29, 4;
Peninsular and Oriental Steam, 894, 904 ' • Beziers
and Graissessac Railway shares closed Ito 4, prem. ;
Royal Swedish Railway, to 4 dis.; French South
Eastern f to 1 prem. ; Financial Union Bank of
Paris, par to prem.; Zealand Railway, to 4
prem.; Orleans and Epernay Railway, par to
prem.; Great Western and City Junction Railway,
par to prem. ; City Railway Terminus, dis. to
p; London Bank of Australia and India, par to
m.; Bank of Asia, Z to b dig.
The New Orleans Erening Picayune reports the
arrival of the brig Tehuantepec from Vera Cruz, with
dates to the sth December, and contains the follow-
ing paragraph:—

It appears that a proposition has been made to the Mexi-
can government by individuals to meke the railroad over
the Isthmus of Tehuantepec for the sum of 10,000,000 dole..
payable to them in Mexican bonds, which are afterwards
to be settled by the proceeds of the road. The government
looks favourably on this proposition, and has positively re-
jected every other hitherto made. On the Isthmus all was
quiet,

The meaning of this statement is not very clear,
bnt by some parties it is considered that an arrange-
ment of this nature would probably be accepted by
the Mexican government. It is to be hoped Mr.
Falconnet will duly attend to the interests of the
British bondholders should any sualiamoupooMNlF
contemplated.

The chief operations in the market for foreign ex-
changes to-day were in Vienna and Trieste, at the
reduced rates of 10.50 to 10.53. Paris was a shade
higher, bring generally done at 23 for short, at
which bills against gold shipments remained over.
Hamburg was somewhat lower at 13.3* to 31, but
with limited transactions. Amsterdam was more
offered than last pest. Italian and Spanish places
presented no alteration. Oporto was in demand at
531, and Lisbon at a3l to The prices negotiated
are annexed :
Tame. Priam as negotiated this day.
11111 e and K. Money.
kineterdasi part Short 111. lapte. 115. 16 sm.
Ditto
Rotterdam

Antwerp
Brawls
tilarabou 2 and Altana „ ,r limes. S achl. : itnea.s4 rah.
•rt. Petteaburs psr ruble 39 settee ... SS$ pence
Paris per S Short 231 r. Se. ... 23fr. 3a.
Ditto
2....-

Marvell's*
2*.
Fraakfort-ok.tbo4taioe per SIO „ 11140.—Okr. 11810. okr
boom (effective) pert „ 104. SOU,. ... 100. Sfikr.
?riot*
100. 540 r. 101. 38kr,

,er dalar ~ pence ... 60 peat.
...... „ ~SOI pence ... SO pence
1* „ 49] pence ... 49 peace
..... „ „ 491 pence ... 49 pence
491 pence ... 19 pence
...enlle «..« " „ 19 pence ... 49 peace
Gibraltar „ ~ 494 pence ... 49 pence
Leghorn
Gum
14Z=. per ducat „ 111 pence . 411 pence
per ounce „ 124 t pence .... 121 pence
Mambo
Liab0a...........per mike: 90 days date 331 pence .. 33, pence
~ „ 281 pence ... 331 pence
As some misapprehension exists as to the exact
terms of the new Portuguese Conversion, just de-
creed, the subjoined statement may be of service :
For every £lOO Three per Cent. Stock, 1818 (Art. 2nd),
viz.:

For the principal Active 3 per cent. gloo 0 0
Fur the July, 1&52, coupon unpaid

Total Three per Cent. Active Stock.... £lOO 15 0

For every £lOO Four per Cont. Stock, 1845 (Art. Ist,
Clause 6), vit.:
For the principal £loo 0 0
For the 75 per cent. of the Coupons due Jan.
1 and July 1, 1851, and Jan. 1 and July
1, 1852 6 0 0