The Express.
London, England, 1851-03-19 00:00:00

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LONDON, WEDNESDAY EVENING, MARCII 19, 1851.

MONEY MARKET.

THIS DAY.

Tao o'CLocit.
The Consol market remains eery dull. Very few
operators hare prsented themselves for ,ome time
past, and prices have been mainly preserved at their
present high range by the operation on actiunt of the
Sicking Fund, so often noticed he us. A further mall
purchase has been made on this account to-day,
but from the want of other business, and the pre-

judicial influence exerted 1 the uneartain posiiion
of the ministry, and other unfavourable eirtuutstances
to which attention is now rather anxiously directed,
the market has undergone a further decline. The

excitement which ehnracterises the dealings in
shares still forms the :aost interestim: jeature in

the Stock Exchange, and the heavineeks in that de-
partment appears to have commimicated itself in
some degree to the other markets.
Consols opened 941' to S for money, and 961 to
for the account, and they have since.dcelined to their
present quotation, which is 961 to 1 for (-ash. and
more for the 10th of ApriL Other stocks are with-

out business.
Exchequer Bills meet with a I.tetttly demand. at
3s. to 3435. prem., for all sizes, being yesterday's
rates. India Bonds are 'cry quiet.
The foreign stock market is rather more active
today, but the change i prices is limited to a slight
decline in Mexican Rands, and an improvement
Spanish, the Active portion of which debt is firm at 1
the higher figure of 21 t, whilst the Passive Bands
have risen to 31. 'Venezuela Bands support the recent
advance. The official business list is: Prazilian (lid

Five rer Cent. Bonds. )3. Chilian Six. per Cents.,
loal, Itlt3. Two-and-a-lilf rer Cents. Dutch, 584.
Equador Bonds, 31. Grenada Jk•li•:hn'.l.
Mexican Bonds, for the accuunt of the .28th, 331,

Peruvian Pour-and-a-llulf per Cents., Isl 9, 65.
_Assiut' Four-and-a-1.r..t1f per Cents., 91 ; do. small,
K!.. Spanish Active Five per Cents., or account,
21 21, .1; ditto Passive, 1. i Vmezucla Two-
and-a-Quarter per Cents., 32i, 33.
The business in Bonk shares this week has been
limited. It ha:lucks transactions in: lleitish North
American (.iOl. paid), nt 13 to 421; London Joint-
Stock (10/. Raid), ITj to ; London and Westmin-
ster (20/. paid), 271 • Union of Australia (23/. paid),
334 to I; Union of London (10/. paid), 12. i.

Dock shares are not attracting init,:t attention.
The last prices reported are: Contaterc:al Dock, s l ;
East and West India, 14:1; London, 110 to 1141;
St. Katharine, .1 ; Southampton ow. paid), 14,
The session of Congress of the United States has
closed. Our menantile interest will pereeive with
satisfaction that the mitt' has nut been increased,
and cannot lie disturbed for some time. A very ha-
portant measure in the competition tinder the new
navigation laws is, however, a bill for limiting the
liabilities of Ameriam shipowners, which we under-
stand has passed. A law uf limited liability, in the
nature of the cocce to onowyme or ea emnutooddr, is
r„splized to enable us to ce:apete with the Americans
in many branches of enterpree, but in shipping non- ,
petition any arrangement which enables the Ame-
rican to obtain capital more easily will be a serious
advantage over our shipowners. E!.glisli merchants
will be enabled to lend money with limited liability
fiir American shipping enterprise, N.hith they cannot
do in their own country.
The downward tendency in the foreign exclumges

continued yestenlay. although not to a -.cry great ex-
tent- Short Paris was done at 971,c. to 25f. ;
Hamburg, 13.7; ; Amsterdam, 11.17 to 1. BilLs on
Naples were utle:ed at 41-4 ; FreidaOrt at 119.
Waits on Austria were not negotiable, and the quo-
tations are nominal. 'lhe cause of the fall on Paris •
is said to be the large amount required to remit Cor
French railway shares purchased at Paris for En-
glish account.
Very large purchases had previously been met
thuln sale ill the Paris market of 'rench stock
and railway shares held by the English abroad,
but the investments have now inereused to that ex-
tent to require direct remittances. .1 very large and
profitable business has from time to time been car-
ried on by the English in these investments, begin-
ning with the Pans and ltoucn, the shares bring
afterwards sold to the French at higher prices. En-
terprise being less advanced in price it is difficult to
place shares during the period of railway colls:t act ion,
and the French pnblie do not take them until t lines
are opened, and yielding a good dividend. The Imn-
don and Liverpool capitalists have therefore had the
opportunity of engaging largely in the supply of
capital for French railway construction, for which
purpose capital is remitted to Paris, and in time
drawn back with a considerable profit beyond the
current interest. The present tune is very favour-
able fur this operation, as many French lines require
large resources for their completion, and in conse-
quence many capitalists have made large purchases
of shares. It is very possible that the Paris ex-
change may be disturbed for some time by these ope-
rations, as, besides the remittances for the original
purchase, others niust be made for the calls. It is,
however, to be observed that the bullion and money
market of Paris is labouring under a plethora, and
many circumstances may arise there to raise the
value of gold and the exchanges, and likewise to
raise the price of French shares and bring in the
French public as investera.
At present a decided change has taken place in
modes of investment here. The consol market kept
up by the purchases of the govennnent broker, is
too high fur the public, and a large amount of savings
out of dividends m the January quarter was carried
into the English share market. Had not a new
opening presented itself in French shares, it is very
likely prices of English shares would have risen much
more rapidly, as holders would have been indisposed
to sell. Inverters are now going into French and
Belgian shares; the latter, we fear, will be a bad
operation.
In the next quarter neirly seven millions will be
paid as dividends on stock, besides what is paid on
railways ; some portion of savings will come out of
these payments for investment, and a portiou of sur-
plus income is likely to be appropriated by the Chan-
cellor of the Exchequer in the ensuing quarter,
which will keep up the price of stocks. What the
course of investment will be it is impossible to de-
termine.
The following arc the last quotations of exchange
on London :

---- .
Precious Latest
Quotations. Quotatians.
Bologna 474
Catania 56 tari 56 tari
Horenee (three mouths) 291. 87 291. 92
Genoa (3 months)
Ilavannah (GO 1.1,y.)
Aldan 291.08 291. 12
New York lO9l 10 100110
New Orleans
Odessa
Palermo (three months) 55 3-5 54 55.14
Paris (short) 2.5f. 25f.
Philadelphia
Savannah lO9 1091
Trii.-ste
Venice

INOLIZEI PONDS.—Tan Tax.
Was Peel, shut I 3 per C. Von. Ae.l.. 166 e 4
•
3 per Ct. hod. etas.. shut St ts., l'h.. shut
8 irst C L Um. Loos.. tota i kach6v,s,..r Mai., bis. to 566.
PORNION FUNDS.
6 per Ct. AueLto Bosh., i 4 pot Ct. %/Mush Be. 13 Id 4
46 pot Ct. We. Noels. tl 3 Wass Is buturrssl 158 s .4 4
24 y•i Coat.. 5 per Ct Met. ILIt., 131 4
4 por Ct. Itrasilie Edo.. V.l 4 Penman UP. 644 54
lOtto Noe.:, 1 3 Someone Coast:MA 334 44
4 pet et. 11ustms Ages. I 4 8 S W U. I : us.. 111,111 11
6 pia Ct. Lattlhat Iskls., 1. 5 T Ditta Ornolk Ittls., 21: 6
Ditto Colteb. Isar Wis.. 3 par Ct. Stoutish WU.. :id 4
OwleabLe howler ke. 34 4 W. Ireland Ad...
3 :5..1 CI. Paste Ids, 74 81.1 Ditto Nen Mb., 5 4
St tow Ct. Lute Ws.. 63 4 7 eit tit. Venue 16e,.. 36 4
4 pin Cl. Data Ore. 914 1 treatise Dined BOW* 124 134