The Express.
London, England, 1853-01-06 00:00:00

RAILWAYS.

THIS DAY—Two o'CLoci.

The raising of the di;Muintr;t;;Fthe Bank of
Rriigland has been followed, u was to be expected,
Ist7ezmparative cessation of purchases of railway
and, as sellers have become more numerous,
a decline in prices has taken place all round. Up to
the present hour, however, the decline has not been
of a salmis character. South Eastern stock is more
'unfavourably affected than other descriptions.
French shares are also lower. Sambre and Meuse
fell rather heavily, but have since partially rallied.

leo t 04167 %p
tot pa.

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Northers of ?ranee.
Do al. I par et. acad.
(lee Y a Moises As.)
Norwegian
L Trunk ?raw.
hew sad yons .
Paris sad Oritaas
Paris sad Monett
fans sad Pltruthatrir, •..
rant.C•••.sadaurrboone

il 111
81 7
33 U
141 oi

3916
41
1 pa
40

igesbis ma
awn eimi Haw* .
ilialse W Now
111 vey.Coat. Preer.

ii isi
31 St Pa
311 Li".
10$ II

4
29.
all
9

Soathinier Franc*
Upper Indiana*
Wart Flanders
Do. 64 per Cent Prefer.
western ..r V 711.141,

ie --owtty-e.runa

is 4 ra
3/
i pea
101 101 pa

MONEY MARKET.

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34 4
In

NI Si

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sifi I
of

201 20
101 94 106

WEDNESDAY VENI.
The probability of the Bank of EnglandE raisingNGits
rate of discount at the board meeting, which will be
held to-morrow, formed the chief subject of conversa-
tion in City circles to-day, and with the chance of
such a measure impending the security markets in
each department wore au unfavourable appearance. It
has beoome known that a serious discussion as to the
advisability of the step will certainly be revived at
the meeting to-morrow, and men of considerable
weight in the market do not hesitate to express
their belief that a raising of the rate will be decided
on. General opinion, however, continues decidedly
adverse to the measure as equally unnecessary and
prejudicial to trading interests. It can only be
repeated, that such wanton interference with
the current of mercantile affairs is, in most circles,
regarded as quite unwarranted by our general com-
mercial and monetary position, which has seldom
been stronger. Reference is made in conversation
to the continuance of unfavourable exchanges with
the continent as chiefly calculated to influence such a
step, but on the other hand it is well observed that
the difficulty of action lies with the large supply of
gold cumiug forward immediately and in prospect
from Australia. With so immense an amount of
the precious metal lying in the Bank vaults it is evi-
-1 dent we have yet a large reserve for exportation to
the continent and elsewhere, the more especially
I when it is remembered that the sum abstracted must
inevitably be more than counterbalanced in a very few
months by the Australian influx. The decrease mothe
Bank's' stock, moreover, is far too gradual to afford
the slightest foundation for uneasiness. The next
return of the institution, it is anticipated, will show
a decrease of only about 200,0001., and a portion of
this decrease is also probably owing to the drafts
on account of government salaries and other ex-
penses incidental to the close of the financial quarter.
Parties in search of some reason explanatory of the
serious discussion understood to have arisen in the
Bank parlour point to the heavy liabilities contracted
of late by some of our extensive railway contractors,
whose balls are known to be afloat in heavy amounts,
but even granting that such is the state of the case,
and that some of these great firms have got on their
hands enterprises of great magnitude, there yet ap-
pears to be no ground for undermining the general
confidence, looking more especially at the indifference
with which the great majority ofthese railway projects,
particularly the foreign portion of them, is viewed
by the monied public, ea shown in the flatness ob-
servable in the market for most of them. It is again
suggested that these great railway contractors must
be heavy sufferers from the late extraordinary rise in
iron ; but this result does not necessarily follow, as
it is understood that in most instances when a con-
tract for a line is taken sub-contracts are at the same
time entered into by the chief contractor, the work
being, in fact, divided in various portions amongst
a number of parties, who again make their own

rt rto trifer that it will be
distributed, as usual, amongst a variety of interests.
As regards the status of our great railway men, in
connexion with the recent revival of railway enter-
prise at home, but more especially abroad, it ts rather
o be inferred that they are making very large profits
on their transactions, according to the best informa-
tion. In the general money market, as already
stated, although the out-of-doors rates are approxi-
mating more nearly to the minimum charge of the
Bank of England, there is still nothing to warrant
any raising of the rate by this establishment. Dis-
counts were effected in Lombard-street to-day at 1 1
per cent., and in most quarters money appears to be
still seeking employment freely. It is very probable
the wish to increase the profits of the proprietary
may have an important bearing on the delibera-
tions of the directors to-morrow, and we may fairly
infer they will not be slow to seize the opportunity,
if they think they can squeeze an extra i per cent.
out of their customers, but under ,present circum-
stances grave doubts may be entertained if the
profits of the institution would really experience any
accession by the step, u a large portion of their huffi-
ness would inevitably be dricen to the discount
houses, which, there is every probability, would be
enabled to carry on an extensive business at rates
considerably below 21 per cent. Should any adverse
decision become to on this view of the circumstances,
it would only be another illustration of the antago-
nistic position frequently assumed by the
Bank of England as against the public.
Should the Bank directors announce any change—
for many reasons so much to be deprecated,—there
is yet a general impression that any raising of the
rate of discount would be merely temporary, u there
are influences in operation in connexion with the
gold production and other circumstances, irresistibly
leading to the conclusion that money must remain
very cheap, and the feeling of confidence prevalent
up to the present period continue. Should the Bank
find itself compelled a short time hence to revert to
its rate of 2 per cent., or jeopardise its business,
severe blame would certainly be apportioned to the
directors for the unnecessary disturbance inflicted on
trade.

Consols were first quoted this morning at 1001 to
ex. div. for the opening of the 18th January, and
after improving to 100 t, left off only 1001 to The
government broker made another investment in Re-
duced Threes at 1011. The business report is an-
nexed :—Three per Cent. Consols, for the opening,
1001, 1,1 ex. div. Three per Cent. Reduced, 1011,
1, I. Three-and-a-Quarter per Cents., 104 t, 1. An-
nuities of 30 years, 1859, 61, 3-16. Bank Stock,
2241, 223/, 2241.
Exchequer Bills were rather flatter to-day, being
purchased at 71s. prem., or Is. easier, but the closing
rate was 695. to 725. prem., being the same as yes-
terday. India Bonds remain quoted 80s. to 83s. prem.
Foreign stocks present no feature, business being
quiet ; Grenadian, Mexican, and some of the more
speculative descriptions remain flat. The list of sales
is annexed :—Brazilian old Five per Cent. Small
Bonds, 103; do. New Four-and-a-Half per Cents.,
1852, 981, 1, 99. Chilian Six per Cents., 108.
Dutch Two-and-a-Half per Cents., 67 ex div. ; do.,
Four per Cent. Certificates, 99. Granada One-
and-a-Half per Cents., ex Dec., 1849 ; Coupon,
22 ; do. Deferred, 13, 121, f. Mexican Three per
Cents., 231, 1. Peruvian Six per Cents., 103 ; do.
Deferred Three per Cents., 644, 1, 64. Portuguese
Four per Cents., 401, 40. Russian Five per Cents.,
1211; do. Four-and-a-Half per Cents., 1041, ex div.
Swish Old Three per Cents., 49; ex div.; ditto,
New Deferred Three per Cents., 231 ex div.;
the Committee's Certifs., 41, 41 per cent. Swedish
Mortgage Loan, 11 dia.
The sum of 200,0001. is proposed to be raised here
by the Matanzas and Sabanilla Railway Company,
a Cuban association. This line is 43 miles in length,
and connects Matanzas with Havana and Cardenas.
The entire line was opened for traffic in 1850, and
the money is wanted to pay off a debt of one million
dollars, contracted in the island at a high rate of in-
terest. The total net receipts for 1832 are estimated
at 50,0001., and out of these it is provided that
14,0001. per annum shall be applied to paving off
the new bonds at par. The money is to be raised in
bonds bearing interest at the rate of 7 per cent.

Australian Agricultural shares were lower to-day,
although still freely purchased by investors. The
old stock, ex. the Peel River shares, is in request,
and rose to 1001. to 1051. South Australian Land
were not much altered. Dealings have also taken
place u follows :—Bank of British North America,'
013, 1 ex. die.; London and %Vestminster Bank,
353 ; 'Oriental Bank Corporation, 403, 40 ; South.'
ampton Docks, 43 ; Australian Royal Mail Steam,
43 ; Crystal Palace, 5 ; General Screw Steam Ship-
ping, 51, 3; Netherlands Land Enclosure, 23; Roy al
Mail Steam, 803. The prices of shares in new un-
dertakings were generally nominal.
The directors of the South American and General
Steam Navigation Company, which has been for some
months established at Liverpool, have announced the
commencement of their monthly line of packets in
May next. The route proposed includes Lisbon, St.
Vincent, Pernambuco, Bahia, Rio Janeiro, and Monte
Video, whilst a branch steamer will communicate
with Buenos Ayres. The three first vessels of this
company are named the Braaileim, Lusitania, and
Olinda, and are each of 1,000 tons register and 200
horsepower. The present period is marked by a
great extension of our ocean steam system, from
which great benefits must accrue to our trade.
Dividends on the shares of the Britannia Life
Assurance and Argus Life Assurance Companies
are now in course of payment.
The Halifax North Anterican announces the
failure of the firm of John M'l/ougall and Co., with
liabilities of between 50,000/. and 00,000'.
Subjoined is a statement of railway calls falling
due in the first half of the current Year. The mate-
' rials are extracted from Mr. %hill Slaughter's
Weekly Share List, published under the authority of
the committee of the Stock Exchange.

Making
Due Date. " Call " Paid.
Cork and Bandon, New Prof. 5 Penni:ay, Ist3 ....EI 0 0 ... el
Ditto ditto 3 April, 133 ... 10 0 .58
.. . . _ ..... . _
IA

1553 :::
1633 ...

1 o 0...
3 0 0 ... 10

Ditto _...._
ditto
11 Jue,
Grand Junction of Prance 3 Feb, oary,
Greet Northern, New 44 £lO
Scrip 3l arch,
0114 ditto 30 JuMne,
Great Wades of Canada 2O April.
Lanciash. sad Yortah. fifths 31 March,
Maryport sad Carhat, 44 per
ant., C 44 ...
Ditto ditto 1 lisy,
Namur and Liege, Pref.
Norfolk, Delwatore Shares
Oxford, Wore, and Wolvarb ,
PraL .Cl 3 (1n 1 allotment) 3 March, 181.
Ditto ditto 8 June, 1c33 .
Paris sad L Bonds
Paris sad floods
of 1833
Quebec sad Richmond ...

133.,
1113.1
Isll

1.53
1533 ..
11133
1833 ..

2 10 0 ... 3
2 10 0 ... 7/1
0 6 ... 201
1 0 0 ... 16
0 0
2 0 0
4 0 0...13
1 0 0 ... 4

3 0 0 12
3 0 0 ... 13
4 0 0 ... 40

THIS DAY —Two o'CLoCE.
The apprehensions entertained, that the Bank of
England Directors, disregarding general opinion,
would put on the screw, ha% e proved well founded.
At the board meeting, to•day, the minimum rate of
discount of the institution was raised to 2j per cent.
As, however, it is anticipated that the attempt of the
Bank to increase the value of money, will under pre-
sent circumstanees, prove in a great measure unsuc-
cessful, owing to, the competition of the discount
houses and others, the effect produced upon prices is
by no means so serious as some might have been led
to expect. Consols have receded to 100 k to lez div.
for the 18th January. Three per Cents. Reduced
have fallen from 101; to 101; and the Three-and-a-
Qusrter per Cents., from 1041 to 1041; Exchequer
Bills mark 70s. to 735. prem.; and India Bonds, 83s.
prem.
Foreign stocks are also flat, escecially Spanish,
but prices are nut much depressed. Spanish Old
Threes mark 494 to ex div.; the New Deferred,
231 ex div. ; Turkish Scrip, a prem. ; Dutch Fours,
99 to 1; Portuguese Fours, 391 ; Russian Fives, 1211
to 1; blexican, 231 to 1; Granada Deferred, 12a ;
Brazilian Four-and-a-Half per Cents., 99 to 981..
• ,ong•
tit
LATEST FOREKE! EXe IA t

I
Iligboat. Lowest. Closing.
,
el :0 ei7e SI SS SO 60
SO 108 M NS 110 101 SO
1

PARIS, he. 5. 1 ►or it
Money. [Oat
. 60 40 '
. 101 0
103 0 105
99 23
Lath

Yor mamas.

hp - s.:erna.
oar Cents., D. 23 1
C r Cenci., 1/132
4 pip • Ct•nte
3 ',O'Dea's. New Lola. .
Exchange on London: c't,
eO. 3
63p
1540 Money
Do. 12
Do. 44
Piedmont a p.a. lOO 30
Do. 4. 1632

•
gilt, 25 5; ;0 days, 24 92a
Naples Itent, lO7 50 Away.
Roman per Cents 931
1.10. 183 LI
Bank Mates

PLUM, JAN. 6.—St. Germain' 1,410; Versailles (right
bank),—; ditto (Left bank), 348 75; Par,. and Orleans 1,093. Pans
and Baum 992 Se ; Rouen and Havre, 520; Man.:lller and Avis.
non (Converted), 570; Btrubourg and Bale, 360; NortLent, 880;
Parks and 3tes.bourg, ; Parr and Lyons, SI I 23, Lyons and Medi-
Weinman, 78); Montereau and Troyes, 302 S 0; Cunt, 730;
Bloom. and 81. Dialer to Gray. 540; Pans end Cberbowg, Gli 30;
Dijon and Besancon, Bordeaux and Out e, 603 73; Dieppe
and Patimp. 340; Centre of—; Italy, 1004 00; l'aris and &eau; —;
Bordeaux and Testa, —; Cenual Suisse, 620.
VIENNA, JAN. 3.—Five per Cent. Metalliques,
96. New Loan (Series A), 96k; (Series B), 1071.
Four-and-a-Half per Cents., 86k. Bank Shares, 1,368.
Exchange on London, 10.42.