The Express.
London, England, 1853-05-07 00:00:00

MONEY MARKET.

FRIDAY EVIRINO.
The market for the home funds to-day. preilented
features similar to thereof yesterday. A pressure of
money stock has again led to • considerable demand
Tor money in the Stock Exchange at four per cent.
and upwards, but we have to repeat that the " time"
'market in Console is extremely, and, under the eir-
sszastances, surprisingly firm. " Out of doors" the
demand for money has been again active, and, if
osything, the rates have ruled rather more stringent
than yesterday. The Lombardstreet houses have
been charging fully three per cent, for discount, and
tit is reported that the applications to the Bank of
England have been numerous. Anxious inquiries
are heard as to the causes of this sudden
tightening of the market, which has takes
many people by surprise. The primary canes
appears to have been the payment to
Messrs. Glyn's, the day before yesterday, of upwards
of 700,0001. deposit on the shares and bonds of the
Grand Trunk Railway of Canada, this heavy call
coming at a time when the activity of trade is draw-
ing all our available capital into employment. It is
further stated that the payments on revenue account
of late have been very heavy, and sufficient of them-
selves to exercise some influence upon the money
market, the resources of which have been much
drawn upon by the vast number of foreign, colonial,
and miscellaneous undertakings that have been
ushered into life during the last twelve months. It
is further suspected that the late embarrassments in
the iron trade have not been without their effect upon
the 'market, as, although there is not much
fear of turther cases of difficulty, it is well
known that the speculation has caught parties who
are habitual operators to an immense extent in every
department of the markets, whether for produce or
securities, In connexion with this heavy payment
on account of the Great Canadian Railway, we have
an illustration of a process, which, in the present
company-forming mania, is constantly in operation,
and that is, a gradual change of investment. To
make payments on new schemes, it is clear that secu-
rities previously held must be parted with; and thus
Consols, and other money stocks, are thrown upon
the market. We have in this comparatively trifling
check evidence of the mischief which must inevitably
be induced by an extravagant multiplication of new
msets, each of which, in addition to the
Posit on starting, forms a drain upon
the market for a series of months or years, until the
whole of the calls shall have been paid up. There
is a general impression, however, that the present
pressure for money is merely temporary, and that
there is nothing in present circumstances to warrant
anxiety. Vessels are now beginning to drop in more
freely from Australia, and as each of them brings in
a greeter or less quantity of gold, it is evident that
the Bank's stock must be supported at a high figure,
and that in proportion as the precious metal comes
in, the symp.oms of stringency in the money market
must be relieved. At present it is noticed that busi-
ness in the several departments of the Stock Ex-
change is very dull, unusually so for this
period of the year. As one explanation of
this, it may be mentioned that merchants and
manufacturers are now kept so fully engaged in their
ordinary trading pursuits that they have neither
capital nor leisure to engage in stock and share
speculation. The dealers and habitual operators
thus have the market pretty much to themselves.
Whilst, however, our home funded securities are
supported with remarkable firmness, yet, in view
of the government measure sow about to become
law, tending to reduce the rate of interest yielded by
the funds, there is more disposition to sell Console at
good prices than to :part with railway and other
stocks, which are considered to possess a prospect of
an increasing, rather than a diminishing, return.
Sales were again made this morning of Consols
for money at 1001, but the prevalent quotation was
100/ to for cash and the 12th, and at this range
the market left off. The government broker took
another parcel of Reduced Threes at par. The list
of actual business is welted :—Three per Cent.
Consols, for money, 100 ,a, • ditto, for account,
1001. Three per Cent. aced, 1001, 9n. Three.
and-a-Quarter per Cents., 1031, 1. India Stock,
202, 261. South Sea Stock, 1161; ditto Old An-
nuities, 1001; ditto New Annuities, 1001. Bank
Stock, 228.

Exchequer Bills, owing to the tightness of money
in the Stuck Exchange, were sold as low as 2s. dis-
count, but on purchases at 2s. prem. to the extent of
between 100,0001. and 150,0001. by the broker who
usually acts for the government and the Bank of
England, and who took a previous amount of
50,0901. yesterday afternoon, a better feeling became
apparent. The closing price, however, was only par
to 4s. prem. Rightly or wrongly, it is believed that
these operations are directed to the support of the
market, but whether they emanate from the govern.
ment or not is unknown. India Bonds mark 275.
to 31s. prem.
The foreign stock market was vnry inanimate, and
scarcely presented any feature. Mexican, Peruvian,
and Spanish all ruled at about yesterday's rates, but,
in the total absence of active business, the tendency
of prices was rather unfavourable than otherwise.
At tour o'clock Mexican Bonds were quoted 274 to
; Granada Active, 23; to 24 ; ditto Deferred, 11 to
1 ; Peruvian Deferred, 68 to 69 ; ditto Four-and-a-
Half per Cent. Scrip, 31 to 41 prem. ; Spanish De-
ferred, 24 to 1 ; the Certificates, 61 to 61 per
cent. The list of actual sales is thus rendered :
Brazilian Old Five per Cents., 1001, 1,1; ditto
Four-and-a-Half per Cents., 101, 1004; ditto New
Five per Cents., 1829 and 1839, 103. Buenos Ayres
Six per Cents., 67. Dutch Two-and-a-Half per
Cents. 661, 1, 651, 661; ditto Four per Cent. Certifs.,
964, ;, 96. Granada Deferred Bonds, 111. Mexican
Three per Cents., 271. Peruvian Four-and-a-Halt'
per Cent. Bends, 881. Portuguese Four per Cents.,
40, 4. Russian Five per Cents., 1194; ditto Four-
and•a-Hulf per Cents., 1044; ditto for account, 17th
May, 1044. Sardinian Five per Cents., 98. Spa-
rash Old Three per Cents., for account, 484 ; ditto
Deferred Three per Cents., 24 ; ditto Passive, 54.
Swedish Four per Cent. Provincial Mortgage Loan,
14, 2 din. Venezuela Three-and-a-Half per Cents.,
30.

The amount of specie shipped on board the General
Screw Steam Shipping Company's steamer Argo for
Australiu is little more than 20,000/. She also takes
out 70 passengers. We yesterday drew attention to
the fulling off in the shipments of coin by sailing
resale to Australia, and as tho steamer takes so

little we arrive at the important fact, that the efflux
of coin to those colonies has this week received a
decided check.

We understand the manager of the Oriental Oa'

Ver Mom.
PAU'S, Ilse 6. F" I
Minty. Ass I Lower. a 0•104..
' - ----- -
spar Cents. ! 81 5 it 10 if 23 81 01-
as so
q per Cen•s., 1823_ • 100 . . 1
_.. i ,
It per Cents.. :831 P. 3 05 . 10{. 0 , 103. 33 : 104 . 0 104..10
4 ..er Cents. . . ... , 98 • j ... I
.. i
3 pet Cents. New Loaul ... I

- •
Exchange on London: MAO; 25 5; 90 03)1', 24 573.
BAglan, •perCt.lB4o atone, Naples Rents — Amery.
80. 41 ....... .... Esteem 3 per Cents —.—
Do. 21
Piedmont d p.Ct... . 93 25 : Treasury Won:. ... ...
Do. 5,1853 ... 6.1 , Bank Shores
PAWS. MAT G.—St. Germain, 1,900 ; Versailles (right
bank), • ditto (left bask). • Pens and Orleans, 1,125;
Pans esti Rouen, 1,190; Moan 'end Mere, 56250; Mniwilles
and asiarion (Converted), ; btritsboore and Bale, 390;
bortbers,9l4 75 ; Pane and •Oracboure. 915 ex die.; Pori and Lyons.
975; Lyons and Mediterranean. b6B; Mao, IPS ; Paris and
Cberbou.s, 652 50; Dijon and Besancon, 597 50 : Midi. GS: SO; Mon-
tereau and Troyes, 431 50; Graireeloac end Deniers, —; Dieppe
and PcoAmp. 371 25; Paris and Mesas, 567 10 : Bindle and R.
Maim to Gral• 572 SO: Bordeaux and lade, 311 SU ; Central &BM,
487 50; Mullio;tas to Thann, -.