The Express.
London, England, 1853-02-07 00:00:00

LOCAL SHARE MARKETS.

lawinzooL, Fns. s.—The market to-day has been heavy
and languid, and quotations have been again reduced, and
rule as follows:—Aberdeen, 131—Chester and Birkenhead,
211 Caledonian, 301—Dublin and Belfast Junction, 1 .I.
Great Western, 861—Lancashire and Yorkshire, 761 i 1-
-Lancaster and Preston (fourth shares. issued at 41. 14s. d),
26—London and North 'Western, 1171 18 I f 18—Man-
chester, Sheffield, and Lincoln, 29—Midland, 761 6—South
Eastern and Dover, 231 I—York and North Midland, 261.
MANCHESTER. FEB. s.—Prices are rather firmer, with •
quiet market:—Blackburn, 71—East Lancsahire, 181—
I Lancashire and Yorkshire, 751 6 f —Lancashire and York-
shire 161. shares F, p.—Manchester and Birmingham C
Quarters, 1 7-16 1 v.—South Eastern and Dover, 23 3-16 1.
BIRIUNOMAN, FEB. s.—This market was a shade firmer
to-day, with an improvement on Friday's prices :—London
and North West( rns closed 118 19.
LEEDS, Fri. s.—There has been an improvement in
Midlands and Lancashire and Yorkshires, which closed at
their highest quotation, Midlands at 761, and Laaquhires
at 76 ; Leeds Northern have been done at 15i.

From this statement it is obvious that the position
of the Bank of France has undergone serious altera- '
tion within the last few months, and that the future
returns of this establishment must be watched with
increased attention. The total advances on securi-
ties and commercial bills since the 9th September
have risen by 206,673,726 f., or eight and a quarter
millions sterling, whilst the stock of bullion has
decreased by 126,673,495 f , or upwards of five
millions sterling. Tho circulation of notes in the same
period has increased by 70,432,725 f., or more than two
and three quarters millions sterling. The Bank of Eng-
land has simultaneously suffered a diminution of re-
sources, but in a far smaller proportion, and chiefly for
the legitimate purposes of commerce. The principal'
variations in this establishment consist in an increase
of private securities of 3,040,7051., with an increase
of circulation to the extent of 1,574,9051.• whilst
the bullion has at the same time experienced a dimi-
nution of 2,745,1371. in the face of large arrivals from
Australia. The metallic reserves of both establish-
ments are nearly equal, the Bank of England's stock
amounting to 19,148,5071., and that of the Bank of
France to 19,297,2301.
The Committee of Turkish Bondholders have just
received from Messrs. C. Devaux and Co. a copy of
the memorial addressed by that firm to Colonel Rose,
the British chary' d'afaires at Constantinople, toge-
ther with the colonel's answer. The memorial in
question is dated so far back as the 19th October
last (being written from Paris), and the answer of
Colonel Bose is dated Constantinople, the 4th Nov.
In justice to the Messrs. Devaux it is necessary to
state that the apparent delay in placing this corre-
spondence before the public arises from a rather sin-
gular accident, the signature of the British chargé
affaires, as we understand, having been through
some oversight omitted, a circumstance which ren-
dered it necessary that tho document should be
referred back to Constantinople for confirmation.
In their communication Messrs. Devaux and Co.
entered into a detailed statement of the mode in
which the loan was raised, and enclosed copies of
the documents, which were signed by all the con-
tractors of the loan on the one side, and by the agent
of the Bank of Constantinople and his Excellency
Prince Callimaki, on the other bide. The attention
of the British Charge is also called to the fact that
the transaction, as proved by the documents for-
warded for his inspection, was definitive and bona-
fide on both sides, and cannot in equity or good faith

Subjoined is the answer of Colonel Rose. It con-
firms the intelligence of the absolute refusal of the
Sultan, up to that date, to recognise the loan, the
only consolatory feature for the disappointed bond-
holders consisting in the assurance, conveyed through
her Britannic Majesty's representative, that the
Porte will meet any demand that may in "law or
equity "be made upon it in respect of the loan. The
representations of the Ottoman government to Colonel
Rose have in one point, however, not been borne out,
u up to this time nothing has been heard of the re-
imbursement of the first instalment. If the discre-
ditable rejection of the loan be persisted in, the scrip-
holders have at least in this document evidence of an
admission on the part of the Porte that some com-
pensation is due to them for the breach of contract.
Constantinople, 4th Nov. 18.52.
Ontruastaar,—l have the hosour to acknowledge the
receipt of your letter of the 19th ult., and with reference to
it, to say that the Sultan, in the first instance, gave an order
for a loan for four years, with gu.rantees. Being informed
that a loan for so short a time mold not be raised, his Ma-
jesty, with reluctance, gave an order for a loan of forty
millions of francs with a guarantee. The Sultan has an
unconquerable aversion to • loan for illy millions of francs,
without a guarantee, and for so long a period as twenty-
three plan. His Majesty considers such • loan disadvan-
tageous, and totally different from the sea years' loan. The
Porte has informed me that for these reasons his Majesty
refused is ratify the loan for twenty-three years. The
Turkish Government have remitted funds to the agents of ,
the Constantinople Bank is London, for the repayment of
the Stet instalment of the loan in qnestion. They have as-
maul me that the Porte will do laesear to say other de-
mands connected with the loan which either in law or equity
she ought to pay.
I have the honour to be
Your most obedient servant,
(Signed) Herrn Ross.
Mewls. C. Devi.: and Co., London.
Our returns of the movement of the precious
metals this week again show a considerable excess
of shipments over receipts. The imports of the week
are limited to 1,060,000 dole. by La Plata from the
West Indies, and 4,2771. bythe Madrid, from Gibraltar
and Portugal. The total value of these arrivals is
about 216,0001. sterling.
The Custom-house statement of the quantities of
precious metals exported direct from London during
the week ending Thursday is as follows :—Gold
bars, to Boulogne, 2,0001. and 16,000 oz.; to Belgium,
1,500 oz. ;to Calais, 16,500 oz. Gold coin :to
Belgium, 7,900 oz. ; to Hamburg, 31,500 oz. ; to
Boulogoe, 2,000 oz. ; to Calais, 12,000 oz.; to Bom-
bay, 256 oz. Gold dust : to Calais, 800 oz.
Silver bars : to Hamburg, 15,900 oz. • to
Boulogne, 500 07. Silver coin : to Boulogne,
500 or.; to Bombay, 1,000 oz. Gold and silver
mixed : to Hamburg, 57 oz. We have here a total
of 87,456 ounces and 2,0001. in gold (of which
31,500 ounces went to Hamburg, and 46,800 ounces
to France); 17,900 ounces of silver, and 57 ounces
not specified. The total value of these shipments
may be stated at about 365,0001.
There have also been shipped from Southampton
299,6001. by the Ripon for Alexandria anti the eastern
markets; 23,2571. by. the Parana for the West
Indies • and 15,0001. in coin by the Minerva for
Port Phillip. The total shipments from the kingdom
for the week are thus raised to full 700,0001., and
there is consequently a balance of some 484,0001.
against imports. As it is the movement of gold that
chiefly attracts attention at present, it may be useful
to notice that, of the largest arrival—viz., that by
La Plata—only 65,6001. was in gold; bat, on the
other hand, the shipments by the Ripon were almost
entirely in silver, only 16,7001. being in gold, for
Alexandria. The shipments to the Continent afford
chief evidence of the drain, being almost all in gold,
and the greater proportion drown direct from the
Bank of England.
In connexion with this subject it is to be men-
tioned that the exchange comes reported from St.
Petersburg to-day at 381 to 39 1-16 d., a rate at which
no further remittance of goldcoin can be made. This
decline is doubtless mainly caused by the receipt at
that port of the bulk of the treasure lately despatched
from this side. Since the drain commenced,
it is computed that between a million and
a half and a million and three quarters
sterling has been sent to Russia from this side, in bar
gold and half-imperials, a sum which cannot fail to
have a very important effect on the exchanges and
mercantile transactions. Yesterday (Friday) after-
noon, there was, however, a further shipment of gold
to the same quarter, the particulars of which will not
reach us till next week. It is probable that within
the next few weeks we shall have some further con-
siderable supplies of the precious metals from Aus-
tralia, as several richly-freighted vessels must now be
very near home, but are probably kept out by the
contrary winds.' It is imagined by some that the
Sydney steamer will arrive this month, but in view
of the uncertainty attendant on this very
long voyage under present circumstances, it is
doubtful if she can be fairly expected before March.
We may take it for granted that in any case the
Bank's stock of bullion will be further diminished, as
it will be some time before any new supplies could be
melted. An interesting feature of the returns above
given consists in the fact that the exports of coin to
Australia have this week slackened.
Securities connected with Australia were all firmer
to-day; and tke inquiry for Australian Bank shares
showed some revival.
From Herapalles Journal we extract the following
analysis of the railway traffic returns for the week
on all the lines in the kingdom :
Aggregate amount No. of Avenge receipt
received. miles open. per mile.
1853.... £272,503 6,60 £4O 18 0
1852.... 241,667 6,341 38 2 0
1851.... 228,184 6,269 36 10 Q
The Railway Times estimates the gross traffic
receipts for the whole kingdom since the let Jan.
as follows :