The Express.
London, England, 1851-08-02 00:00:00

MONEY MARKET.

THE ARCHEOLOGICAL INSTITUTE OF
GREAT BRITAIN AND IRELAND,

BRISTOL, FRIDAY, Aro. 1. I
Yesterday, at the historical section, his Excellency. Two O'CLOCK.
the Chevalier Bunsen read a Dissertation on the Lake of • The English stock market presents a very quiet
Moeris. appearance to-day, the attendance of dealers being
His EXCELLENCY commenced by observing: Of all coun- limited, as usual on a Saturday, and the business of
in the world, none depended, and up to the present feria g extremely small. Of speculative movement
moment depends, more upon water than Egypt, the pro- ,, v
us
in
.. market there is none, not a single bargain
duce of the Nile, as Ilemelotus calls the greatest part of its
arable soil. If then, it should turn out that the Lake for the account having been concluded this mornin.
of Morris, one of the great miracles, as well as rid- .The railway share market is the only department in
dies, of ancient Egypt, is to a certain degree the work which activity is observable. The prices of the home
of man, and has for its object nothing less than to render funds, however, have been supported at the full
habitable and fertile what since has been and still is the richest
esterda ran
and most productive province of the land of the Pharaohs, ; ge of' yy.
the inquiry into this subject will present not only an anti• I Consols arc quoted steady, at 962 to I both for
quarian interest, as the solution of an historical problem ! money and the 12th inst. flte official business list
which, since Napoleon's expedition, has occupied the Mien- I includes :—Three lx:r Cent. Consols, 96 -'4,1,.; Three per
Lion of the civilised world, and exercised the ingenuey of . Cent. Reduced, 97 I
scholars and antiquaries, but also a fit subject for the : ~ .
l • New Three-and-a-Quarter
. per Cents., 1181,, i. Long Annuities, 1860, i ;
, 7,
Arch:velem:cal Institute of Great Britain. Both licrodotus
and Strides saw and described the Like of Moeris ; but the India Stock, 2611.
one considers it as the work of man, the other as a natural I Exchequer Bills stand at their depressed quota-
lake, connected with immense engineering works in sluices, ' tion of 41s. to 475. prem., and as yet show no syrup-
and with a still greater one of a canal conducted from toms of a rally. India Bonds are little dealt in, but
the Nile. Both described the phenomenon from what • . the .
in large amounts a transaction is recorded at
they saw, and for those who saw it, or cauld veri.y its
nature and action. So did Pliny, when he said, in his silky • als• pent.
Roman mood " The Lake of Moeris, a huge ditch" (grand,.
Line
eheorie
Hilswesutliallt
iotitio dinisposaniytiodneewt,irinpegntootfakfoenurgna
Assn), butte y the Egyptians accounted "amongst the great
bonds, and business being thus moldy confined to
and adiniralik works'' (sed .Egyptis mica ac memoranda uar-
money operations in the sounder dividend
rata). But to modern Eumpe the very place of that lake was ! .
unknown before the great French expedition: and its very I" few
existence was so doubtful that Danville, the greatest of sill stocks, this market likewise remains very quiet.
geographers since Erateetlienes and Ptolemy, came to the Prices to-day present no quotable change, except
desperate idea of imagining two lakes of Moeris, one of which for Mexican Bonds, which are llta. The figures
at which bargains has e been concluded are as fol-
he placed sear the labyrinth, and called it the Like of Batten
lows :—Brazilian Old Five per Cent., small bonds,
—a lake nowhere found, neither there nor elsewhere. And
901 ; ditto New, 182(1 and '39, Small, 891 ; ditto Ness*,
still the great man's mistake was wiser than the opininionstLf
those who corrected him in proving that,
Egyptian province in question, there was only one 1843, 88. Butch Four per Cent. Certificates, 831,
Luke, the Birket el Quorum, which, they said, must WV, 931. Mexican Bonds, for account, 15th August,
g
be, and therefore was the Lake of Morris. lie then explained 31i, 31. Portuguese Five per Cents., 90. Dunstan,
the map of Morris and diagram, and gave aver} eloquent de-
Four-and-a-HaIf.GLIM Yl..Nl.4.—Tille DAT.
per Cents., 101 L.
ecription, which betrayed considerable research, of the sup-
posed site of the Lake of Mocris, with his reason for the Katlic, us., cu k, ~,, 174. N;
lose Alinuivies,Te
and the difficulties which hail already been encountered. 31c,. Ct. f,,,,i,,,,,,i. !,71 l India Steck, 2i3
Ha concluded by observing : I believe 1 have established the 3 per CL Consols..., . , Dino Boats, kw, to Wk. pin.
lade:quer Inns, 4Utitt.,445.47> (mm
principal point of interest—the Lake of Motels was a vast •;,.troucti..o.te.a.-01...i1.51,:1i
reservoir of the Nile, destined to irrigate the province of ""
Fajum. It was constructed so as to allow the superabundant 4f ter et. !Wells, P 2. 4 FORLION Fl'N TS.
it per ct. teideari. 314 l'
water to supply the eastern districts of the valley of the Nile, Seer et. [cranes', to ee If is.r Ct. Persian, r
in the neighbourhood of }Awn. This is so nature' and 4 L'.4. 7,;.,:.::,..,,i.„ , ... 1.,.. 0,-f.d. ,
5 per Ct. IS.rtic,
certain that N. Linant has submitted to the late Viei ray of 01,7.". ca,,-,.i,7:....' a per Ci. gas
Egypt a project to renew the Lake of Morris for the same 3 mar Ct. Mlles, —. 41 Ism Ct. '
purpose, in order; to rester., the province of Fajum to its 1e.ey_0,57, Itt...±. :i.,:.f_ tits's.,
3 frr
pristine fertility, and to have at command a supply of water Vi15,,,'"&.",;'17,:•„71; aid
fisr the western side valley of the Nile in years of scarcity. ieervler.3l 4 '
The question now naturally arises, to what period of 1 Per Cs. Urea:vas. VI lee
Earpt does this great and most beneficent stork belong?
I believe we are enabled to answer, to the same period to I'
which the Labyrinth and the Pyramids belong—in short,
all the most stupendous works of the Egyptians—to the old
empire. This dynasty is that of the :Wsorlosirles, from the
name of ee &Arlene, Sesureesen, the origin ot the world-tamed
name ofSes4stris, According to my historical rem:arches, SOY"
Jacob and the children of Israel settled as peaceable shop- lie
herds in Goshen, under the Oiled king of that name, whose
prime minister was Joseph. His successor wits called
Maeris, and was the author of the work we have just de-
scribed. Ile was the same who built the Labyrinth, or
Generd Council House for the twenty-seven nwaoi or dis-
trite of the United Kingdom, and constructed the 1.) ....wet
by its aisle as his sepulchre'.
At the close of this interesting lecture, his excellency
was greeted with loud acclamations: and answered several
questions put to him with a facility that showed he was a
perfect master of his subject.
At the meetintr of the section of atiquarians, the Lord
Tallest de Malahide read a paper upon the fliut weapoes of
the early Irish people. I
The annual celebration of the Canynges Society took'
place at St. Mary lir &lilt church, ut twoVelock. A sermon
was preached on this occasion by the Very Rev. the Dean
of Bristol. Immediately after the fa-Trice, the striking
architectural features of the structures, and the progress of
the restorations were pointed out by George Godwin, Esq.,
F.R.S.. who accompanied the visitors in au exareivatieu of
the vat ious parts of the fabric.
In the evening, a banquet was given at the 'Victoria-
rooms, at which were present a large number of belies and
gentlemen, but as the usual courtesy to the press was re-
fused by the secretaries, our reporter, of course, did not
attend.

THIS DAY.

ITN TR.
per ,:t. stodem, 301 14
41. Peru% am, 6,1 IA)
Ikrfrred. C 4
5 mt. Ct. INrtol,u...^, 8.1
toper CL 143
por CL knot 1
our CL Sp:Lid-Ik. A 4.14
3 per CL Soudoh. ai j O. 'I/
D. P.a., ti
24 per et. Vetumoula. 3u
1.30. Deferml. 3.13

RAILWAYS.

THIS DAY.

Two o'CLocx.

Some descriptions of railway stocks hare again been
largely sold to-day, imparting a general feeling of
attnem to the market, so that prices are now in most
instances rather below the final quotations of yester-
day. In Lancashire and Yorkshires and llialands,
especially the latter, there has been a great amount
of movement, and considerable fluctuation has oc-
eurreiL The announcement that the London and
South Western directors have decided upon reeom-
mending a dividend for the half-year at the rate of
31 per cent. per annum, has not improved the value
of these shares, some holders professing to look for a
higher rate. It is probable that this market may
experience a good deal of fluctuation, as prior to tho
meetings various rumours relative to the dividends,
&c., arc put into circulation. last Anglians and
Caledonians are better to-day.
The following are this day's sales:
• oaniNAltT SHAKES.

STEAM COMMUNICATION WITH
AUSTILALIA.

The second and final report of the select committee
of the House Commons has just been presented, from which
we give the following extracts:
" Your committee having investigated the urgent claims
of the colonies of Australia to a participation iu the advan-
trrws of steam communication, which have been so benefi-
cially extended to most other British settlements, and
having laid before the house a spe ial report upon the sub-
ject, have since carefully considered the improvements of
which the steam communie aim with India is suseeptilde.
"The them• heads under which this subject may be most
clearly considered, seemed to be the following:
"1. The arrangement tinder which the service is at pre-
sent conducted. .

..... _ .....
Caledonian, 11 IN; Chester and llolyhead, 161 1; East
Anglian 251., (L. and E. and L. and D.), 3 1 • Eastern
as Counties, 61; East Lanchire, 141; Great Northern, 171;
ditto Ilalers, A, Deferred, .51 ; Great Southern and West-
ern (Ireland), 381 1 • Great Western, 811 51 ; ditto 171.,
11,; Lancashire and 'Yorkslitto,4Bl 91; London and Black-
wall, 61; London, Brighton, and South Coast, 91 31 • Lon-
don and North Western, 1:24; 3! 4 ; London nod 'South
Western, 83 4 ; Manchester, Sheffield, and Lincolnshire,
2$ ; Midland, 42A 11 21 11; ditto 50/. shares, 1 I.i -
Newport, Abcrgacenny, and llereford, 1 ; North British,
61; North Staffordshire,7l ex int.; South Devon, I. I ; South
Eastern, 22.1 1; South Wales, 2:1 71; Turk, Newcastle, and
Berwick, itt ; ditto Extension, 131 • ditto G. N. E. l'ur-
claw, 6; York and North Midland, 'lBl 1.
LINES LEASEII AT FIXED ILENTALS.

Lowestoft Guaranteed, t per Cent., II ; Wear Talky
Guar. 6 per Cent., 2. I.
ItEFEILENCE KIIMIES!

Eastern Counties, New 6 per Cent., 10! ; Great Northern,
per Cent., 131 ; Lon., Brighton, and S. Coast, Guaranteed,
134 ex dir. ; York, Newcastle, and Berwick, Great N. of E.
Cur., 16.

" 2. Who cost at which it is carried on, and the propor-
tion which this bears to the speed obtained and the facilities
afforded. . • . .

FORRION SHARES.

" 3. The improvements required in future arrangements,
and the best mode of securing them to the public."

. ...
Boulogne and Amiens, 101; Orleans mid Bordeaux, t ;
l'aris and Rouen, ; remit and Stras:rourg, 111 ex int.;
Tours and Nantes, 61; West Flanders, 10.

The report then gives an outline of the prcsent arrange-
ment,, and the cost at which it is carried on, from which it
appears "that the sum paid from the revenues of England
for the mail service performed by the East India Cumpany
between Suez and Bombay, amounts to 40,0001. annually.
There is also the co•t of communication between Alexandria
and the Post-office in London, the amount of which your
committee have out the means of estimatinz. It is right
to add that the expense of the transit of all the mails from
Suez to Alexandria is borne exclusively by this Lad India
Company.
.• The Peninsular and Oriental Steam Company receive
for the mail service between England and Alexandria,
23,000/. ; for that between Suez and Calcutta, 115,0001. ; and
fur that between Ceylon and Hong-Kong, 45,0001. ; and of
the amount paid for the two latter services, the East ludia
Company contribute seven. sixteenths, viz., 70,000/.
" the improvements required in future arrangements,
and the best mode of securing the advantage to the
public.

COMMERCIAL AND MARKETS.

WEEKLY SUMMARY OF TILE PRODUCE
MARKETS.

MINCING-LANE, SVITILDAY MORNINO.

" Your committee is of opinion that in all future tenders
a considerably greater speed should be
.insisted upon than
that required by the present contract.
" In regard to the extension of the main lino to any other
points than those with which communication at pr ent
exists, it does not appear to your cinitinittee that, with the
exception of a line front Hong Kong to Shanghai, any
further extension is required to which u government would
be justified in contributing, in the shape of a separate con-
' tract for postal service intermedite lines, such as those
lately opened Itetweim Bombay and Point de Halle, Mid
Calcutta and Hong Kong, by the Peninsular and Oriental
Steam Company, unless facilitating any general arrange-
ments,
should be left to private enterprtse fur thew
development.
" The evidence before your committee shows strongly
that a full communication every fortnight is required be-
tween England and the different presidencies in India, and
that such communication, with a moderate assistance for
postal service, would be remunerative. Similar evidence
has been given with regard le China, but nut to the same
extent." .

After commenting upon the evidence given, the report
states that—" Upon a lull consideration of the question,
your committee recommend Mat a communication twice iu
the month between Enghuid and the different prt...sideucies
in India should be established, and that such communica-
tion should be Ilk paruted into two distinct service., and put
out to separate tender."
The committee, iu closing tFcir report, state their convic-
tion, " that any arrangement which might tend to promote
an exclusive traffic on the Indian lines in the heeds of one
company, is open to serious objection; and in the recom-
mendations which they have suggested for the considera-
tion of the government, they wish to lay down the prin-
ciple, that the only security to the public for the fu'l ad-
vantage of these communications must consist in open and

fair competition.
" On the government must rest the responsibility of car-
rying out the principle with honesty and fairness to the
public, and it can only be effected by ample notice and full
particulars of the terms and col.ditions required btiug
given, so as to enable all parties to enter the field who may
be desirous of tendering fur the service."

LATEST FOREIGN EXCHANGES.

There is very little alteration to not iee in the prices
of colonial produce, some desrriptions however have been
in better demand. The sales of Sugar have gone ott heavily,
and prices have been rather in favour of the buyers. For
Coffee then• has been guest inquiry ; Costa Rica has sold
• with much spirit at full rates for shipping sorts, while fur
I the tine qualities mixed fur Lome trade purposes, extreme
prices have been paid ; native Ceylon has been sold at
375. lid. to l'is. per cwt. Saltpetre has also experienced
some inquiry, and rather le•tter rates have been obtained.
The quarterly Cinnamon sales heist en Monday, went utf
very irregularly ; upon some ►out a decline of Id. to hi. per
lb. was submitted to, while generally the reduction is
compared with the rates ruling in April, was front 3sl. to
Ca per lb. The Tea market is without material alteration.