The Express.
London, England, 1847-06-28 00:00:00

MONEY MARKET.

SATURDAY ETININO.
The favourable position of the Bank of England, as
oddbited on the face of the returns for the last week
et publication which appeared this morning, served
to confirm, and indeed to give ea additional impulse
to, the upward tendencies of stock values. It led
she, in some degree, to the revival of the report, with
11 rater confidence, that the Bank directors would be
induced by it at their next board day to re-
duce their minimum rate of interest. That
such a curse will, however, be adopted, is by no
means so clear ; and the report at least can
rent on no other foundation in actual circum-
stances than the improving condition of the Bank's
affairs. It ought not to escape reflection that it is yet
a few weeks ago only since a reaction in favour of
the Bank commenced, after a struggle, as if for
existence, imposed upon it by a ca us banking
law, by which a money crisis,.unparalleled for its sud-
denness and intensity warn exalted, to the manifest

sacrifice of all other industrial interests u well as of
its own, at a time when absolutely neither the one
nor the other were or could be threatened with any
serious danger save from the operation of the new
law itself.

1-11;;Iank therefore can only be properly
as in the ineipient though advancing and
stages of recovery from previous damage and discre-
dit, and it will not be without due caution, and on
grounds to ell calculation apparently secure, that any
changes in its present course of acfion will be under-
taken. The direetare have still to look to the
eventualities, which well be readily coin
Wore the harvest suing, and especially to
of the realities as well as the of the Lana
to come, before any vary disd movement in a for-
, ward encouraging direction should be taken into
consideration.
Money is comparatively easy, without any material
variation in the terms, either in the general
and discount market, or at the Bank of El=
whether for loans or discounts. But money is easy
only for paper and parties of certain select classes ;
for more general accommodation, it is still difficult
and restricted. Credit is yet far from being re-esta-
blished. The policy of the Bank should primarily
be, therefore, rather to extend the sphere of accom-
modation in thepublic interest and its own, than to
restrain it within present limits, whilst in behalf of
the select circles now alone entitled reducing the scale
of its charges. The forthcoming payment of divi-
dends, by which some few millions will be re-
leased to the public over and above what
may have been temporarily employed by the
Bank in short loans and discounts, will make
money more abundant still, and should banks and
discount firms then be induced to afford accommoda-
tion on lower terms, it may be naturally conceived
that the Bank, in the absence of any cogent or con-
trolling motives to the contrary, will adapt itself to
circumstances for the preservation of its banking
business, and lower its rates besides extending the
range of its accommodation.
Consols opened this morning at 881 for the opening,
as they closed yesterday. Bat they shortly afterwards
advanced to,and were done at 884, from whence upon
some rather considerable sales they receded to 88a.
The firmness of the market was shown, however, sot
only by their almost immediate recovery. to 88/
buyers, at which they left off for the opening, but
by the small reduction in the rates previously effected
by the sales. Reduced Threes were 88; to e. Three.'
and-a-quarter per Cents., 901 to I. Consols Scrip, ,1
1 to 6 premium. Exchequer Bills, Gs. to 10s. premium.
India Bonds, 3s. to Bs. premium.
The improvement of the funds had little or no effect
upon prices or business in the foreign market. Bra-
zilian Old Bonds were done at 84, but can only be
quoted 83 to 5. Chilian, 92 to 3. Mexican, 20 to 1.
Dutch Two-and-a-Half per Cents., 581 to ; the
Fours, 891 to 90. Spanish Fives 22 to ; the
Threes, 34) to t. Portuguese, 32 to 3. A bargain
was done in French Threes at 77 87f. Exchange,
2530.

-
INGLISH TNIDII.
Bank !tact, 194 6 3 per Ct. Noe* Party, i p
a pa Ct. lOC Lana., 111/ 9 23. Bac SIAM. IC, 7 9 10 /
New at par Ct. Vu ,11/1 I Ditto L9OO, 12 if 9
Istll9 10011 s. aader Ll,OOO, 9p. Ditto. Hull, 17 le 12 17 p.
Covoia Apet., 941/ i

I pit Ct. Brl.ll/3,3 SU, 1111 w........." IlerZ76psoltlit D..% Dlr. tn.
Ditto B=4l. 11l Nor., 1640, it
6 per Ct. Coition Belt ,614 Do. Patti,. 33.63.4*
4 per Ct. Panama* Da, POP Aect.Sl Do. Deemed. 14/
Ditto Iltatil, 321 3 w
UP. .
Ct. T.ta..l Resta, 777. 6711
3 per Co. Bpaabb 311636, ill I
EXCHANGER AND ItIVCILIt ABROLD.

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IN gawp. IaNN an Lffelea,4o 0481/.
Asesam. lg. SII...0.11" Mi. DAN Tweaaara.l•ll re 01.22. 171.
s; Tree per Came., M. Teikir pa Cleols., oft mi. am.. a.p...
ifiavasil..lll,2M r. Oinis.. IN ; as bias Lae. Pew P. °Ma;
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119, 012/12, Two-2242.112L1 per 08•22, 65, Las of 1231.114; De.
UN. 1191 ; Beak Nuns, 1620.
Damao. /elm 111.-1•82, 1610. 100. Do. 1612. 1a: Do. 1244, 144,
Do. 1636,681 Dt. of r. Oty, 1812, VS , Do. 1811, 961 Baek of Delshas,
115 s..p 29 Look& 26 661
Atarorzar, 4,.. 81.--112826 age co Lasko, 3101.