The Express.
London, England, 1847-08-06 00:00:00

MONEY MARKET.
TuURSDAY EVEMINO.
At the commencement of business stocks were
quoted the same as the last prices of yesterday, but
so susceptible was the market that on the first bar-
gain Console gave way L per cent. Prices fluctuated
subsequently between 88 to 1 for account, the first move
in decline, and 87t, the lowest point afterwards
reached, until about two o'clock, when the following
notice issued at the Bank, this being the weekly
board day, became public :
minimum rate of discount at the Bank of England
is 51 per cent.—Bank of England, Augnq 5, 1847.
The promulgation of this notice had an instantane-
ous effect upon prices, and indeed produced a sort of '
panic in the stock exchange. There was, as usual on
occasions of extraordinary excitement, a rush of eel-
lers, and from 881 for account, at which the last pre-
vious transaction was effected and marked, consols
fell at once to 871 on the first bargain done, leaving
off at the regular hour 871 to .4 for account, and 871,
for money. Shortly afterwards they were currently a
dote out of the regular hours 874 and for etc- 41
count. The fall from first to last was therefore
equal to I per cent., or a shade beyond.
Reduced Threes left off 88° to 4. Three-and-a-
Quarter per Cents., 894 to Long Annuities, 9 1-16
to 1. Exchequer Bills went down to par to 3s. pre-
mium. India Bonds were done at 3 discount, and
were called 3 discount to par. Bank Stock, 196 to 8.
India Stock, 241 to 3.
But for the indisposition now so long prevalent to
dealing or speculation in foreign securities, they
might have followed the downward movement of
home stocks to the proportionate extent. As it was,
those in which casual dealings took place suffered a
reduction in prices. Spanish Fives were lest quoted
201 to 1 only ; the Threes, 301 to 1. Portuguese, 30 to
1. Butch Two-and-a-Half per Cents., 561 to 7 ; the
Fours, 891 to 9. Mexican, 18 to 1. Venezuela, 38
' to 40.
The unexpected movement of the Bank in ad-
vancing the minimum rate of interest has been
variously criticised in banking and money circles. It
certainly took all parties by surprise, as well it might.
For it is but a few days since the banks, discount and
other houses, with discount accounts at the Bank,
were formally notified at the corresponding office of
the establishment of the new regulations as to the
dates of bills by which the rates of interest would in
future be goveraed, as detailed under this head at the
time. Such a proceeding was naturally, regarded as
tantamount to a declaration that no further changes
were in contemplation. Yet here, within less than a
week, comes forth in most abrupt fashion a notification
in the terms stated, the precise object of which, un-
less designedly intended to spread greater discou-
ragement, and 'germ ate the state of discredit now
too prevalent, in the money-market, it is not easy to
comprehend, For, in fact, formidable as the melee
may be construed on superficial reading, substantially
it proposes no alteration at all beyond mere verbiage
in what is and was before the established course of i
the Bank's business. It is well known that for some '
time past no bills have been admitted to pratire
there under 5i and 6 per cent. Even 61 per cent.
has been charged it is said, upon brokers mixed
parcels, when taken to account. The public
and more official intimation therefore of a lower mini-
mum, so long acted upon before in reality within the
knowledge of all parties having access to the Bank,
changes nothing in the substance, however slight.y it
may do in the form, of its monetary regulation,. It
would seem, therefore, to have been uncalled for by
any circumstances of purely domestic concern, and
can only be explained creditably for the Bank on the
certainly not groundless supposition, or belief, that,
pressed by financial embarrassments, the French
government were anxiously labouring to place some
portion—to place the whole is out of the ques-
tion—of the loan of fourteen millions sterling
for which they have been authorised by the
legislature. The Bank notice may be de-
signed therefore as a significant warning to
capitalists against taking part in such an operation—
at their peril, if they do. In this sense, the Bank
would stand justified in this extra official action • it is
fairly entitled to defend and preserve the solidity of
its own metallic funds from invasion and abstraction.
As before said, so far as the current business of the
institution and the regulations by which it is go-
verned, the notice does really neither propose any
alteration substantially, nor is it likely to effect any.
Banking and commercial interests of the legitimate
character will be served as before.
The currency doctors of the Peel school will, hoWs
ever, of course, be greatly delighted with this pawed
exhibition of vigour and promptitude on the pert d
the Bank directors some three months since only se
denounced in parliament, and reproached out of doer,
for supineness and incapacity in not earlier applying
the screw, and creating a confusion in money affairs.
We learn from a respectable quarter that the
banking firm of Todros Freres of Paris, which &u-
-pended payment last month, resumed the usual coarse
of their affairs on the 2nd instant. Wealthy relatives
are understood to have come to the assistance of the
firm, and enabled it to recommence in a manner satis-
factory to its numerous and respectable connexions.
Messrs. Todros are nearly related, among others, to
one of the richest banking-houses of Venice.
=GUSH ITrDli,

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11 For Ct. Ite4. i 711
3 per Ct. Gawk Amos.. 8711
New /14 psi Ct. A. 40, Pi IMO
Lem Aar, exp. Bt► Jas., 1640,
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616.14

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