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

The English stock market has been very. quiet all
day. Business has been exceedingly restricted, not
only in this, but in every other department of the
Stock Exchange, as speculation is quite at a stand-
still till definite advices are received from Paris as to
how the celebration of the 4th of May has passed off.
The critical state of affairs in Portugal is also made
use of to depress the market.
Consols have been dull all day at Saturday's
quotation of 961 to both for money and the 13th
inst. The official statement of the day's business is :
Three per Cent. Consols, 961, 3 ; ditto for account,
961 t ; Three per Cents. Reduced, 96, k ; New
Three-and-a-Quarter per Cents., 9711, a. Bank Stock,
2101. Long Annuities, 1860, 7 5-16.
Exchequer Bills remain at Saturday's range, all
I sizes having been dealt in at 50s. and 335. prem. In
India Bonds no business is marked.

The foreign stock market is quiet, and little
change in prices is apparent, though speculative
descriptions, especially Mexican, are fiat. The ad-
vice, from Mexico continue unfavourable to the
financial pp of the country. Portuguese Bonds
remain dxpressed, but are not violently affected by
the accounts of the triumph of the Duke of Saldanha,
which prove the accuracy of the views expressed by
the Daily News and Express a fortnight ago, rela-
tive to the nature and prospects of the struggle. The
business list is limited to the following stocks, viz. :
Danish Five per Cents., 1021, 102; Mexican Bonds,
account 16th of May, 35Z, Z. l'orturiese Four per
Cents., for account, 321. Russian our-and-a-Hulf
per Cents., 99, 4 ; ditto small, 99Z. Spanish Active
Five per Cents.. 191; ditto Three per Cents., 391.
Dutch Two-and-a-Half per Cents., 391 ; ditto Four
per Cent. Certificates, 89-1.
The discount market remains as before, though
much anxiety was expressed during the week at an
anticipated alteration in the Bank rates. Although
some deprcsaiing influences are in action, it is morally
certain that, after to-morrow, the Fourth of May an-
niversary in Paris, a decided a•fiivity will be maid-
' fested ur every department of trade, the money
market will assume a less critical appearance, and
the large amount of disposable capital be brought
into application in a state of renewed confidence.
Foreign lutes of discount may be quoted as fol-
lows: Adelaide, 20 to 30 percent.; Amsterdam, 2
per cent. ' • Antwerp, 2 to 3 per cent.; Bourbon, 6 per
cent.; Bordeaux, 4 per cent.; Brussels, 4 per cent.;
Calcutta, 11 per cent.; Ceylon, 9 to 10 per cent.;
Copenhagen, 3 per cent.; 'Frankfort, 11 per cent.;
I Lunburg, 1; per cent.; Ilavre, 4 per cent.; Havan-
nal', Bto 9 per cent.; Madrid, 6 per cent.; Mar-
seilles, 4 per cent. ; New York, 6 to 7 per cent.;
Paris, 4 per cent.; Peru, 24 per cent.; Philadelphia,
6 per cent. ; Rotterdam, 21 per cent.; Rio Janeiro,
7 Per cent.; 'Trieste, a to 5k per cent.; San Fran-
cisco, 6 to 8 per cent. per month; St. Petersburg, 31
to 6 per cent.; Valparaiso, 12 per cent.; Vienna, 3
per cent.
The Bank of England returns arc favourable. The
public deposits. notwithstanding the payment of
some portion of the dividends, are again increasing;,
and the decline in the bullion is insignificant in
comparison with the altered state of the bullion
market.

The accounts of the Bank of France for the week
ending Thursday last, the Ist in t., show the fol-
lowing results (23 francs for IL):
Bullion £t2,057,29 Increago £144,8132

.
Bullion en deposit 127,211 Increase 26,784
Circulation
l'ulilie deposits
Pri‘ate deposits 4,n1,310 increase 141,881
Bill, discounted 4,2113,071 Increase 115,161
tics rianent m-curities 7,1312,5.37 Decrease 980

The bullion in this establishment continues stea-
dily augmenting.
The Hank of San Fernando at Madrid has de-
clared a dividend at the rate of 6 per cent. per
annum.

While the momentary turn in the exchanges may
be looked upon with distrust by some, an important
change, and of another character, in silver bullion
has likewise taken place. Since the commencement
of the bullion crisis, the price of bur silver has been
kept up at as. I,d. per ounce, and gold has been
correspondingly depreciated. This rise in silver, so
long without precedent, was productive of much
alarm, and gave rise to some controversy as the
supposed sign of a sudden disturbance in the rela-
tive prices of the precious metals. California was
imagined to have inundated the Bank vaults with
gold, and to have made that metal a drug; and some
legislative bodies have seriously taken in hand the
demonetizing of gold and the establishment of an
exclusive silver standard. The extensive specula-
tions in bullion consequent on the sale of the ten-
florin piers by the Netherlands authorities were
considered as manifestations of the same Californian

influence, and e‘ery market in Europe has been
disturbed and alarmed. For the sake of a half-

franc or a franc on a thousand, the ex-
changes of every city in Europe have been
worked, finvicial authorities frightened out of their
propriety, the bullion of the Bank of England drawn
down to 13,2x9,t41;1., in a period of great prosperity,
and the bullion of the Bunk of France accumulated

to the amount of 22,057,2947., being more than its
whole paper circulation, and enormously in excess
of its commercial requirements. It was evident to
cool observers that this state of the bullion market,
originating in temporary circumstances, could not
. .

lasi long ;"and, indeed, haid not a demand sprung up
fur East Indian export and for Cape supplies, the
silver quotations, which were wavering, would, in
the beginning of the year, have given way. The
full has now been a considerable one ; for on the sale
of the frei;lit of the names yesterday, which was
chiefly bar silver, a reduction of three-eighths of
a penny per ounce had to be submitted to, and
although pikes may rally an eighth, there can be
little reason for doubt that a restoration to something
like tbrmer prices of bullion is about to be esta-
blished. The Exhibition alone will bring into de-
mand gold coin in thoie markets where it has been
a drug, and although the recent arrangements as to
quicksilver forbid the expectation of any great. in-
crease in the supply of silver, or diminution in the
price, there is nothing to counteract the accustonrd
relations between the two chief metals of circulation. '
The demand for bullion for Exhibition purposes
at Paris has already produced a rather unusual
effect on the Exchange. The exchange on London
at short which was 25fr. 05, is now 25Er. 021; but
' sovereigns, which have come into demand, are
25fr. 05 to 25fr. 07, which may be considered the real
exchange, instead of 25fr. 02). Bank post bills
and bank notes are likewise in demand at 24fr. 95
to 25fr.
The circular of Messrs. Sharp and Wilkins, states
the present quotations of the bullion market as fol-
lows:—Bar gold, 3!. 114. lid. per ounce standard;
American gold eagles, 3/. 10s. 3d. per ounce; bar
silver, without gold, ss. I,ld. per ounce standard;
bar silver containing gold, (all wild above five grains
in the pound to be paid for), ss. 1 ;Id. per ounce
standard; Mexican and South American dollars,
4s. Md. per ounce; Spanish pillar ditto, ss. Id. per
ounce ; United States dollars, 4a. Ilyd. per ounce;
quicksilver in bond, 3s. 9d. per Ib.
The imports of bullion during the week have in-
cluded 30,500/. by the Iberia from the United States.
One hundred thousand dollars have been shipped at
/Cm York for London or. boaid of one of the liners.

As many passengers are coming over, much unmani-
fested specie will come into circulation, though not
appearing among the imports. Shipments direct
from New York to the continent continue.
The amount of the precious
endingp-ted direct
from London during the week hursday last,
we learn from official sources, was 537,094 ounces of
silver, sod 3,997 ounces and 50,0001. in gold, shipped
as follows : Silver bars: to Itokterdam, 80,000 oz.
Silver coin : to Belgium, 65,000 oz.; to Boulogne,
4,040 oz.; to Rotterdam, 380,000 oz.; to Hamburg,
8,054 oza. Gold bars: to Dunkirk, 3,000 oz. Gold
dust: to Belgium,232 oz. to Havre, 132 os. Gold

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