The Express.
London, England, 1851-03-24 00:00:00

MONEY MARKET.

IHIS DAY.

Two o'Cioca.
The appearance of the Consol market is rather
steadier to-day, but no change has occurred in prices.
Business is upon a very quiet scale, and there
is scarcely a single operation deserving of
notice. The indisposition to operate, however, appear
not to be confined to this, but to extend to r rrrfi
department of the Stock Exchange. Attention is
fixed with a good deal of interest upon the result of
the debate to-night upon the Ecclesiastical Titles
Bill, as the papers of to-morrow arc confidently ex-
pected to contain the division. Much doubt is ex-
pressed in many quarters as to how the numbers,
will run.
Consols have been operated in to-day on a quiet
scale at t 46 to 1 for money, and 061 to for the ac-
count of the 10th of April, being Saturday's rates.
The only other description of funded investment in
which business has been transacted is the Annuities
for 30 years, expiring in 1860, which mark 7a.
In the floating debt very little is doing. but prices
arc nominally unchanged. Exchequer Bills, small,
mark 525. and 3.15. plan. ; India Bonds, 1,000/., 60s.
prem. ; ditto under 1,0011/., 375.
In the market for foreign bonds the chief change
is a fall in Spanish stocks ; the Active Bonds have
becu transacted as low us 201. Peruvian have also
been dealt in at rather lower terms. Mexican Bonds
rallied to 331 late on Saturday afternoon, but
the improvement has not been fully main-
tained to-day. Cubit bonds have met with business
this morning. The operations in this department
are upon a very trilling scale, the official report of
hweimoss done being limited to: Cuba Six per Cent.
Hoods, 99. Dutch Two-and-ailalf per Cents., 384;
ditto Four per Cents. Certificates, 911. Mexican
Bonds for the 28th of March 331, 1. Peruvian Four-
and-a-Half per Cent., 1849 for Account, 814. Por-
tuguese Five per Cent., 871. Russian Four-and-a-
Half per Cents., 971. Spanish Active, Five per
Cents., for account 21 201; ditto, Paesivellonds 51.
The amount of the precious metals exported front
the port of London during the week ending Thurs-
day lust, we learn from official sources, was 3,300
ounces of gold and 201,000 ounces of silver, shipped
as follows: Gold bars: to Dunkirk, 3,300 ounces.
• Silver coin : to Rotterdam, 80,01.81 ounces ; to Bel-
' gium, 121,000 ounces. The total value of these ex-
ports is about 63m4)/. Besides the exports of bul-
lion from London there were the following : 46,0001.
by the Severn to the West Indies; 36,730/. to Lisbon
by the Montrose; and 243,323/. silver (1,015,0'2) ozs.
bars, and 201,393 ozs. coin) to India by the Indus.
The following are the last quotations of exchange
at foreign places on London :
Previous Latest
Quotations. Quotations.
Christiania (3 months) 4.60 4.60
Copenha,:en (short) .. 9.2 9.2
Ditto (three months) 8.92 8.92
Galata
Gothenburg (90 days) 11.45 42 11.42 43
Ihrnila
Kingston (Jamaica) (90
days) 1 percent. p. 1 to 1 per cent. prem.
Leghorn (3 m0nth5)....201. 80 291 75
Leipsig (3 months).... 0 201 6 201
Mauritius
Milan (3 months) 201. 12 291. 16
New York (00 days) 1091 10 100: 101
Odessa
Palermo (three months) 5.5.14 53 4-5
Paris (short) 24f. 971 •241.971
Ditto (three months) 21f. 821 24f. 823
Smyrna 110: p. 110:1 p.
Smekhohn (short)
Ditto (90 day.) 11.42 11.41 10
Among the new branches of enterprise which now
occupy. the share market, and which are likely, next
to mining, to become prominent and permanent, are
steam navigation and electric telegraphs. Whilst
the consul market has been occupied for nearly two
centuries with dealings in the same stock, the opera-
tions of the share market are directed chiefly to
objects of temporary interest. Mines alone have
always commanded a place in the market ; railway
shares, although introduced in the beginning of this
century, were not dealt in largely till 1824, and,
although now largely engrossing the market, and
always on account of their large capital likely to
occupy it to a considerable extent, yet the time will
come when they will be no longer predominant.
Canal shares were the masters of the market in the
last century, but notwithstanding that the capital
is considet:able, and as large as ever, they are
now acarcely dealt in. They arc held as
family investments, as heir-looms and in trust, and
rarely come into the market, having passed a stage
which first-class railway securities are now reaching.
Docks, water companies, and bridges comntanded at-
tention in the first quarter of this century-now
they arc seldom heard of. After 1820 assurance
companies were much extended, and after 1830 joint
stock banks, but such shares can never be extensively
dealt in. As, therefore, new undertakings are
brought into the market their flaying capabilities are
of some interest. Bridges we know to have been a
sink of money, however beneficial to the country.
Steam-larat companies may be said to have come
out in 1824, ag,eitt in 1836. There was another
period leading to the establishment of the ocean
lines, and now it is evident large demands
will be made upon the public in consequence of the
completion of the ocean routes, the establishment of
the screw and of auxiliary steam power, the extension
of steam, omnibus traffic, and the introduction of the
American construction for our short sea traffic. The
old ocean companies are increasing their operations
and capital, the Eastern Steam Navigation Com-
pany require two millions, the General Screw Steam
Company have authority to increase their capital to
a million. In the year of the Exhibition it is very
evident the boats working short and cheap trine; on
the Thames must be largely increased, and the at-
tention of our river builders is turned to that point.
For the coast traffic the enterprising firm of Robin-
sons and Russell are building a boat which shall
make a quick passage from London to Boulogne.
and have 200 sleeping berths, on the system adopted
by Mr. Albert Robinson from his American experi-
ence, and introduced into India. This class of ves-
sels, once begun, must be
.greatly extended; for
at present our steamers for night travelling are far
behind those of the United States, and are not
comparable to the old trekschuits which plied at
night between Bruges and Ghent. New steam ports
are being yearly established; the Northern Steam
Company have begun running boats front Lowestoft
to Denmark. and Harwich will soon be brought into
work for the North Sea traffic.
Thus, although a large amount of capital is already
invested, a much larger amount must evidently be
called up, and a great influence he produced on many
departments of trade. The demand for iron for
machinery and hulls will largely employ our home
industry, and an example be set to the government,
notwithstanding dockyard influence and misrepresen-
tation, for the greater use of iron in naval construc-
tion. When capitalists are thus drawn upon for mil-
lions, they ask what they are to get ; and the pre-
sent state of affairs is a satisfactory one. It is trues
some companies have been knocked up by mis-
management. and some of the large companies are
greatly benefiting by the contract money, but on the
whole a good return is obtained. The !General Steam
Navigation • Company has paid a dividend for a
quarter of a century, and which is now 10 per cent.;
the Royal Mail Steam pays 61 per cent.; the Penin-
sular and Oriental, 8 per cent.; and the General
Screw Steam Company, 8 per cent. The share-
holders have further benefited by bonuses and the
issue of new shares.
The ease of the telegraph companies seems an ob-
scure one, because they are new, and the public
knows little about them. That there will be a vast
extension of telegraphs is evident, because this coun-
try is far behind the United States, Austria, and
Prussia, but then comes the question-do, and will,
telegraphs pay? It is known very well that they
pay handsome dividends in the Muted States, and
yield good returns to the continental govern-
ments, but what they do here is not known,