The Express.
London, England, 1851-05-19 00:00:00

SATURDAY EVENING.
The money market has been rathertightersince the
beginning of the week, but no change has taken
place in general rates, nor was any great
change to be expected at a time when money
has been advanced more freely on warrants and
other securities. The failures at Liverpool and the
pressure on the cotton speculators there, and the pe-
riodical demand for the share settlement, have
caused a temporary demand for money, to provide
which sales of stock and Exchequer Bills have been
made, but with no immediate probability of any
great rise in the value of money, unless from greater
activity of trade.
At a time when a decided action on the part of the
Bank of England was expected for the purpose of
raising beyond 3 per cent. the rates of discount, we
pointed out the abundance of money in the various
markets, and the small demand for commercial pur-
poses. With discount on the great continental ex-
changes at I; per cent., any high rate here would
have caused a transfer of capital; and we observed
that there was a prospect of a rise on those exchanges
on the resumption of active business. The rate here
has not risen beyond 3 per cent., while the rate at
Hamburg has now advanced from I; to 3 per cent.,
which, though partly attributable to the negotiation
of the Norwegian land loan by Messrs. Heine, is
likely to be maintained for some time.
There arc now symptoms that business is improv-
ing, with large exports, good supplies of raw mate-
rials, and considerable quantities of bullion coming
forward to meet the export. There is now, so fur as
bullion is concerned, the appearance of a turn in the
operations. The quotation of silver in this market is
nearer its ancient price; the operations with the
10 florin pieces are at an end ; the flow of bullion
front the Bank of England is on the turn ; the flow
of bullion to the Bank of Franco has slackened; and
within four or five weeks the Mint operations at
Paris will be brought to a close. Sovereigns, doub-
loons, and eagles, instead of being at a discount, are
coming into request, and, unless there should be a
heavy silver ►oan for Austria, the restoration of the
usual proportion between gold and silver will be re-
sumed. The New York market is well supplied with
gold from California, and makes regular remittances
to Europe. Peace reigning in the countries of
Mexico and the Pacific, silver comes forward with
regularity. Besides other remittances, a parcel of
gold is expected from St. Petersburgh on account of
dividends on Russian Stock, which is now more
largely held in England.
The most significant circumstance in reference to
the stocks of specie is the condition of the Bank of
France. Tho extraordinary amount of specie there
collected, 22,2-11,7321., has struck many with sur-
prise, but its weekly accumulations have been looked
upon as a matter of course. On comparing, how-
ever, the weekly rates of increase since the silver
crisis set in, it will be seen that the accumulation has
very much slackened, although remittances are made
direct from New York to Ilavre, and two large in-
stalments of ten florin pieces have been lately re-
ceived. On the completion of the coinage, it is most
likely that a movement in the contrary direction will
take place; bullion will leave the Bank of France
and make its way here.
This year there has been little waste of bul-
lion by hoarding during war. The Portuguese strug-
gle is nearly at an end, and no where has there been
such a state of political affairs as to prevent specie
from coming into circulation.

In the accounts of the Bank of England, we have
already alluded to the most material feature, the rally
in the bullion.

The accounts of the Bank of Vienna, for the month
of April, show the following results :
Bullion £4,000,791 Increase £300,666
Discounts 3,301,293 Increase 163,627
Circulation 24,828,687 Decrease 140,616
These results are of a most satisfactory nature; the
increase in the bullion and discounts is continuous,
and the proportion of bullion to circulation is now
1 to 6, instead of 1 to 10; still a conversion to bullion of
some portion of the large amount of circulation seems
most desirable.

34,341 $4.1114
1,413 33.,
92,14 89,136
101 791
91,039 98,633
37... 04, 37.. GC
88, Od. 3414. id.