The Express.
London, England, 1851-10-22 00:00:00

RAILWAYS.

THIS DAY.

Two o•CLocz.

Business in the share market to-day is extremely
quiet, and the alteration in prices is by no means
general, yesterday's prices ruling for most descrip-
tions. Great Westerns, London and North-Westerns,
and Midlands, however, are marked rather lower,
whilst Caledonians and York and North Midlands
are better.
=ARES AND STOCIUI lINGIJARANITED.

Calm prices
Yesterday.

co to-day up
to 1 pm.

W 8j

MONEY MARKET.

THIS DAY.

Two o'CLocs.
The operations in the English stock market to-day
have been scarcely so considerable as of late, but still,
combined with the government purchases, they have
been sufficient to maintain the market at the full ad-
vance recently established, with the exception of a
temporary depression in Consols, from which prices
speedily recovered.
Some discussion has taken place within the last
few days relative to the question of a reduction in
the Bank of England rate of discount. Whilst
such a step is regarded as by no means im-
possible, seeing that business is done in
the diseount market at one-half per cent. below
the minimum rate of the establishment, it is still
not considered as at all likely that a wish to in-
crease their business, and consequent profits, will
lead the directors to overlook other considerations
just at present in operation. which would render the
measure in the opinion of most persons unadvisable.
The result of the weekly meeting of the Bank board
to-morrow, however, will be looked to with some
little interest.

Except for a moment, when a few cash sales car-
ried the price down to 971, Consols have been steady
all morning, at the final ituotatlon of yesterday's mar-
ket, viz., 97; to both for money and the 12th Nov.
The official list of to-day's business is as follows :
Three per Cent. Consols, 971., ; ditto for Account,
97!, 1. Three per Cent. Reduced, 961, New
Three-and-a-Quarter per Cents., 971, 981, 971. Long
Annuities, 1660, 6 13.16, 7 ; South Sea Old Annui-
ties, 951.
There is a little movement springing up in Bank
Stock, which is very firmly held, and purchases have
been effected to-day at 2131 and 214, being a rise of
U. on the figure last noted.
The Exchequer Bill market is well supported, with
the quotation ruling at 61s. to 513. prem., but India
Bonds are rather more offered. Business has been
concluded in the 1,0001. Bonds at (,9s. and Gls. prem.,
and in the smaller sizes at 58s. and 61s.

Speculation is completely at a stand-still in the
foreign bond market, and business altogether is on
the most limited scale. The subjoined figures, which
represent the entire transactions of the morning,
exhibit scarcely the least change—viz., Belgian Four-
and-a-half per Cents., 921. Dutch Two-and-a-Half
per Cent., 584 • ditto Fur per Cent. Certificates,
89?,. French :Mice per Cent, Itentes, .50fr. ; ex-
change, 2.3 fr. 20e. Peruvian Five per Cents., 1849,
881. Spanish Active Five per Cents., 201 ; ditto
Three per Cents., 38, 1.
We arc glad to learn that the Banking Institute
has made such progress among parties interested that
the meeting for its definitive constitution will be
held at the London Tavern this evening, W. G. l'res-
cott, Esq., in the chair. The Institute is likely to do
the more good by promoting the scientific study of
banking principles, and thereby giving higher views
to the younger professional members.
In the market for foreign exchange yesterday bills
were rather plentiful, with the exception of Holland,
which was in great demand, with a limited supply.
I'aris maintained the previous quotations of 25.2:i to
271 for short, and 2.5.43 to 471 tar 3 mos. Numerous
buyers came forward for drafts on Amsterdam,
which was negotiated at 11.191 to 1; Itotterdum
being done at 11.191 to 12, and short at 11.18 to 12.
The exchange on Hamburg fluctuated in some de-
gree, money being offered at 13.10 at the beginning
of 'Change, but sellers offering more freely to draw
it closed at 13.101 to f. Frankfort was also done
higher, being 1201 to 1, the exchange on London
coming higher from the other side. hills on Italy
experienecsl no alteration, but Sicily was a little
in favour of sellers. The contrary. is to be
remarked with regard to bills on Spain and Por-
tugal, both being extremely dull and very difficult
of sale. Negotiations were effected considerably in
favour of buyers, Madrid being as low as 49.4, and
Portugal 321. St Petersburg was in demand, at
301 to but very little paper could be found.
Several drafts on Berlin were offered at rates at
which no business could be done. It Is remarkable
that on so important a place as the capital of Prussia
no regular quotation should exist, in consequence of
which drafts on that place can only be negotiated at
rather unfavourable rates. With respect to Aus-
tria, a perfect panic appeared to prevail, several
merchants being anxious to get rid of their
bills at any price; the natural consequence
was that buyers were less eager to purchase,
unless at very bad terms, which they readily
obtained. Vienna was done at 12.32 to 36, and
Trieste at 12.35 to 40. The quotation from Vienna
being 12.14, a larger margin is given than has been
awarded for some time.

With the departure of the Alexandria steamer
there is very little doing in the bullion market, and
the prices of all articles remain as last reported.
A return which was published at the cud of last
session gives some particulars of considerable interest
on a subject rather neglected by the public, and that
is railway debentures. The aggregate amount of
debenture debt is nearly sixty millions, being re-
turned at .7:.),507,064., but no transactions take place
in the market in railway debentures, which,
wo believe, is more the fault of the com-
panies than of other parties. They are first-
rate securities, few of which arc under 4
per cent., which are to a certain extent unmarket-
able, and at any rate are never quoted. The great
difficulty which prevents small capitalists from in-
vesting in these securities is that they are unmar-
ketable, and a man is afraid that though he can put
his money in, he cannot get it out on an emergency,
but must wait until the period of expiration of the
debentures. Formerly there was an obstacle to the
circulation of debentures on account of the high
rate of stamp duty, but since the equalisation of the
stamp duties, the charge for transfer is not so heavy,
and therefore if the companies afforded facilities by
the issue of small debentures, the public would be
willing to operate. Some of the companies have
taken the first step by issuing debentures for small
sums, but unless they take measures for getting them
negotiated, only half the object will be obtained.
The scope is sufficient, and we are sure it would an-
swer the purpose of members of the Stock Exchange to
invest a capital in particular debentures, and become
jobbers. If Exchequer Bills bearing 21 per cent. in-
terest can command a premium of 2/. 145., it is
possible to negotiate railway debentures with a stamp
duty. One advantage possessed by railway deben-
tures is that there are enough of them in their seve-
ral classes to afford dealings for a market, and to give
a fair field for the operations of the jobber or middle-
man, but it is essential the prices should be quoted.
The debentures of the London and North \Western
are as follows, and although largely held by assur-
ance companies, many of them would be brought
forward for dealing:
Five per Cent. Bonds £4,356,596
Four-and-a-Half per Cent. Bonds 310,900
Four per Cent. Bonds 3,463,110
Three-and-Three-Quarter per Cent
Bonds 2,000
Three-and-a-Half per Cent. Bonds
Three per Cent. Bonds
Those of the Great Western are as under :
Five per Cent. Bonds ;.£2,377,028
Four-and-a-Half per Cent. Bonds
Four per Cent. Bonds — 2,081,462