The Express.
London, England, 1853-08-06 00:00:00

MONEY MARKET.

The funds continue to fall, and the decline to-day
was f, per cent. Confidence has evidently become
more shaken by the continued warlike preparations
of Russia, combined with uneasiness as to the money
istrket and the crops. There have been some influ-
ential sales of stock to-day, partly, as it is under-
stood, to close outstanding " ball" accounts; and the
market closed at its lowest point, injurious rumour,
being circulated, in which the position of Denmark
was referred to in connexion with the reported ac-
tivity of the Russian fleet in the Baltic. It is noticed
that the chief decline in the Stock Exchange, so fur,
is in the funds and in such floating investments as
gold mining and land shares, which latter securities
being to a considerable extent speculatively held, have
rapidly fallen from the extravagant premiums attained
a short time ago, and have thus borne out our
frequently expressed anticipation. In the other de-
partments of the house, including the English and
French railway markets, prices as yet have not
given way materially, being supported by the exis-
tence of a large " bear " account, and by the generally
oversold position of the dealers. General flatness,
however, prevails; and, looking at the depressing
influence exercised on English railway stocks by un-
favourable dividend reports and the upward tendency
of money, and bearing in mind the frail basis on
which the Paris market stands, there is strong reason
for the apprehension that a prolongation of the pre-
sent political suspense will drive down prices.
Consols opened rather more steadiiy than yester-
day, and were for a short time as good as 971 to 4,
but the prevalent quotation of the forenoon was 971
to 'l, for money and next Thursday. In the after-
noon, however, a decline to 971 to 1, and subse-
quently to 961 to 97 took place, and at 4 o'clock
(when the house closed) the price was 97 exactly, the
market leaving off fiat. The other classes of the
home funds, of course, shared in the depression. The
Three-and-a-Quarter per Cents. have fallen to 1001,
which is equivalent, making allowance for the pro-
portion of dividend now due, to only a fraction more
than 991 (four months' dividend, or more than one
per cent. having accrued since the sth April.) Some
interest attaches to this comparison, owing
to this being the stock which Mr. Gladstone
offers certain classes of South Sea stockholders, in
c..”•:..a.t.;0n of his unfortunate commutation project.
V.'e !la% here an apt illustration of the extent to
which thu Chancellor of the Exchequer's plans are
interti ed with by the adverse position of the
~.o ley mar', .t. Should the fall in prices continue,
it s ill be much more advantageous for all classes of
tier*' week holders to steed out for their money, in
pn ter, :ice to accepting stock ; unless, indeed, Mr.
Gladstone makes up his mind to a heavy loss
on his operation by giving them stack at
rates upproximating to the current market
price. the official business report includes:
Three per Cent. Consols, for money, 971, 4;
ditto, for account, 11th August, 97, 1, 1. Three
per Cent. Reduced, 981, 98. Three-and-a-Quarter
per Cents., 1001, ib -1, 3. Long Annuities, 1860,
51, 5 15-16. India Stock, 258. Bank Stock, 2281 2271.
Exchequer Bills closed at yesterday's rate of 3s.
die. to par, but some sellers could only realise Is. die.
Foreign stocks were generally fiat. In Russian
there were numerous transactions, sales still pre-
ponderating. Spanish securities, including the Com-
mittec's Certificates, also showed a downward ten-
: dency. In other stocks there was no marked
alteration, owing to the paucity of bargains.
At 4 o'clock, Mexican Bonds were quoted 251 to 261;
Peruvian Deferred, 57 to 39 ; Grenade Active, 21 to
22 ; ditto, Deferred, 81 to 9 ; Spanish Deferred
Threes, 221 to /. The Committee's Certificates, 6
to 61 per cent. Sales are thus recorded:—Brazilian
Old Five per Cent. Bonds, 1011; ditto, Small, 1011.
Dutch Two-and-a-Half per Cents., 64, 1, 1 ; ditto,
Four per Cent. Certifs., 97t, 97, f. Mexican Three
per Cents., 26. Russian Five per Cents., 1171, 117;
ditto Four-and-a-Half per Cents., 100, 1, 991, 1001,
100; ditto, Small, 1005, 1011. The Spanish Com-
mittee's Certificates, 61. 61, 61, 6 per cent.
In the market for foreign exchanges this afternoon
there was no essential alteration from the rates of
last post-day ; but bills on Paris were in more re-
quest, and paid with 24.95 to 971, for short. For
paper on Hamburg there was money at 13.7, but
Vienna and Trieste were rather higher, and there were
few buyers of bills on these places. The rate on
St. Petersburg ruled at 371 to 38. Business was but
limited.

Thelarge quantities of Australian gold received
this week are being rapidly despatched to the conti-
nent. The whole of the precious freight of the
Queen of England and Beulah (both which vessels
arrived in the early part of the week) amounting in
the aggregate to upwards of 50,000 ounces, has been
despatched across the Channel. So far, the drain
appears unabated, the bullion brokers continuing to
collect all available supplies of gold for remittance.
The further decline to-day in the rate of exchange
on Paris is calculated to promote this movement.
In Mark•lane to-day the demand for corn on the
spot, under the influence of more propitious harvest
weather and liberal foreign arrivals, ruled dull, and
prices were the turn in favour of buyers. Floating
cargoes, however, were held with great firmness,
aed several sales of wheat were reported at rather
higher rates than were obtainable last Monday.
fhe half-yearly general meeting of the East India
Railway Company is to be held on the 16th inst.,
and will afterwards be made special with a view to
ratify the contract with the East India Company for
the extension of the line to Delhi, and the amalga-
mation with the Upper India Railway Company.
The directors of the London and County Joint-
stock Bank have declared a dividend for the past halt-
year, on the capital stock, at the rate of six per cent.
per annum, free from income tax, and payable on
Monday, the 15th inst. The balance-sheet of the
Bank for the half- year ending the 30'h June, shows
the following resells, viz. :—Net profit for the half-
year, 19,696/. ; half-year's dividend, 11,1754 ; balance
carried to profit and loss new account, 8,5204; re-
served fund, 44,9901.; capital, 379,7251.; customers'
balances, 3,366,3354 ; cash and securities, 3,780,7911.;
bank premises, &c., 29,9524
At the first annual general meeting of the Nether-
lands Land Enclosure Company, held at Rotterdam,
on the 9th July, the report was adopted, and autho-
rity given to the directors to raise a sum not exceed-
ing 250,0001., on debentures. A second meeting of
the shareholders is to be called to ratify the proposed
modifications of the statutes.

Australian Land shares, of all descriptions, were
heavy, and lower. Australian Agricultural were
quoted, at four o'clock, 30 to 32. British American
Land shares do not move, being called 64 to 66.
Beath Australian Land fell 2!. Crystal Palace share;
have again receded to 11 to lr prem. Bank shares
punt, ipated.in the prevalent flu tnesa, and were gene-
rally eXeaper. ictoria Dock stock (6/. paid),
marks 24 prem. Netherlands Land shares were
flatter. bbares of the Melbourne and Colonial
House Investment Company were nominally quoted