The Express.
London, England, 1851-02-17 00:00:00

EAST INDIAN RAILWAY.

The report to be submitted to the meeting on the
10th inst. states that, " Since the last half-yearly meeting
of the company, the first section of the company's proposed
line of railway from Calcutta to the north-west provinces of
India has been determined upon. The nuthorities have
sanctioned the construction of a line of railroad from
Howrah, opposite Calcutta, to Pundoah, with a branch line
into the Itanegunge Collieries. The total length will be
from 120 to 130 miles, and will, in the first instance, be laid
with a single line of rail. Contracts for the construc-
tion of the first 40 miles, to Pundoah, have been let
in India, and the works commenced. The board of dime-
tors ripest to beat by an early mail that the remaining dis-
tance is also uncle contract. These contracts, which have
been taken by highly respectable parties, embrace the
maintenance of the line at the expense. of the contractors,
for three years after construction ; and are let upon terms
which have received the sanction of the government of
India, and the company's agent and engineer. The board
of directors bare declared forfeited 1,1.51 shares, held in
India, for non-pavment of calls ; and in accordance with
the provisions of the company's act of incorporation, submit
such forfeiture fur the confirmation of this meeting."

WINDING UP OF JOINT-STOCK COMPANIES.

THE ROYAL BANK OF AUSTRALIA.
On Saturday, the inquiry before hig Honour,
Master Richard•, into the claim against this estate of
27,0001., by the North British liburance Company, was
closed; and after considerable discussion his Honour inti-
mated that he would defer giving his judgment.
TILE lIEMP AND FLAX .!4'..5.-CFACTURING COM-

MONEY MARKET.

THIS DAT.

Twe oTtoeic..

The market for the home funds has been steady
to-day, but the business presents no feature of no-
velty, and prices arc now quoted the same as at the
close of Saturday's market. Quietude is the chief
feature, but the tone is at present a shade less firm
than at the opening.
Consols touched 961 for cash in the early part of
the day, but they arc now quoted, as they left off on
Saturday. 961 for money, and 961 to for the
11th of March. The prices officially reported are:
Three per Cent. Consols, 96h ; do. for aceount,96l,
1; Reduced Three per Cents.. 97k, 97; New Three
and-a-Quarter per Cents.,99 981. South Sea Stock,
107!. Bank Stock is firm, and marks 213, and 1.

The unfunded securities ore still depressed,-and
looking down. Exchequer Bills, 1,000!., have been
sold at 525. to 555. and (At prem.; ditto 500/. and
small at 50e. India Bonds, large, at 64s.prem. ; ditto
under 1,0001., at 60s. prem.
The business in the foreign stock market is moderate,
and the various securities remain steady at former
prices; but there has been some demand for Buenos
Ayres Bonds, and the price has gone up to 55, being
a rise of nearly 2 per Cent. The market for this
stock is at all times very narrow, only a small
quantity being generally obtainable, and prices
are consequently affected to a considerable ex-
tent by operations of only a moderate character.
The demand alluded to is understood to be based
upon a more favourable interpretation of the intelli-
gence relative to the financial condition of the Ar-
gentine republic, as advised by the recent arrival.
There appears to be also a cessation of the war-
like rumours before reported. The sales of the
morning, which include operations in Greek Bonds,
comprise :—Brazilian Old Five per Cent. Bonds, 92.
Buenos Ayres Six per Cents., 531, 65. Chilian
Three per Cents., 65. Dutch Two-and-a-Half per
Cents., 58L Greek Bonds, 1824 and 1823, cx over-
due coupons, 5;. Mexican Bonds, for the account of
the 28th inst., 331. Peruvian Deferred Bonds, 361.
Portuguese Five per Cents., Russian Four-
and-a-ilalf per Cents., 971 1. Spanish Active Five
per Cents., 20 ; ditto for the account, 19; ; ditto
Passive Bonds, 4'.L. 5.
The temporary pressure for money to which we
referred last week has so increased that the nuu•ket
rates arc equal to those of the Bank, and even first-
class bills cannot be discounted under 3 per cent.
We still entertain the opinion that, with the super-
abundance of capital throughout Europe, the rate of
3 per cent. cannot be kept up. The demand we con-
sider as simply temporary, and unless trade becomes
more active and a brisk business demand arises, a
continuous high rate cannot be supported. The Ex-
chequer Bill market has been during the week dis-
turbed by the demand for money, but in the bullion
market and exchanges there are symptoms that the
continental speculations in coin have abated, and
that a more regular course of trade will prevail in
central Europe. Partly in consequence of large ex-
change operations and the earlier remittance of bills
here there is a glut of money in Hamburg and
Frankfort ; and while we consider that discounts
will fall here, we think they will, on the equilibrium
being restored, rise in the two markets named,
though not to any considerable extent.
Foreign rates of discount muy be quoted as fol-
lows :—Adelaide, 25 per cent.; Amsterdam. 2 per
cent.; Antwerp, 2 to 4 per cent.; Bourbon, 6 per
cent.; Bordeaux, 4 per cent. ; Brussels, 4 per cent.;
Copenhagen, 5 per cent.; Frankfort, 11 per cent.;
Hamburg, 11 per cent.; Havre, 4 per cent.; Ha-
vannah, 8 to 9 per cent.; Madrid, 6 per cent. ; Mar-
seilles, 4 per cent.; New York, 6 to 7 per cent.;
Paris 31 to 4 per cent.; Peru, 24 per cent.; Phila-
delphia, 5 to 6 per cent.; Rotterdam, 21 per cent.;
Rio Janeiro, 7 per cent.; Trieste, 41 to 41 per cent.;
Vienna, 3 per cent.; 'Valparaiso, 12 per cent.
The following is the state of the flank of Vienna
to the 28th January:
Bunion and coin £3,333,092
Discounts
Bank notes 2.5,624,440
The returns of the Bank of Cadiz for the month
of January, 1851, show that the discounts area
63.0981., •, circulation, 108,4801.; cash, 133,075/.
'The bullion market, beyond the fact mentioned by
us yesterday of the considerable reduction in the
price of dollars, presents no ground for comment.
The foreign markets at last advises were steady at
the reduced quotations for silver, but the next
week's reports will most probably inform us of the
action resulting from the decline niece.
The imports of bullion this week have been limited
to 54,500'., by the Asia, from the United States.
The amount of the precious metals exported from
the port of London during the week ending Thurs-
day last, we learn from official sources, was 10,000/.,
and 5,000 ounces of gold. and 34,328 ounces of silver,
shipped as follows :—Gold coin : to the Cape of
Good Hope, 10,000/. Gold bars : to Dunkirk,
5,000 oz. Silver coin : to Madras, 20,000 oz.; to
Belgium, 14,528 or. The total value of these ex-
ports is about 38,000/. Other exports have been
by the Tay, Brazil steamer, 128,0001.
As regards the approaching dividends, Herapath
hears, " from good authority," that the Lancashire
and Yorkshire directors have decided upon recom-
mending a dividend of 24 per cent. The same
authority understands that the dividend on the Am-
ber,gate shares will be at the rate of Is. 6d. per
share, though the line has only been open six
months, and that the earnings amount to more. It
has, however, been stated, that the dividend will not
exceed In., the acceptance of which or otherwise will
be left to the shareholders to decide. The York and
North Midland dividend, it has already been
announced in the Express, will be only Ms. per
share. As regards the Eastern Counties, Ilerapath
observes " The accounts are not yet made up, but
we fear the dividend will be of the microscopic kind.
Their receipts have been less, and, we hear, their ex-
penses greater. There was a talk of a shilling a
share, but, if what we hear be true, the shareholders
may think themselves fortunate if they get more
than a fraction of a shilling."
From an analysis of the railway traffic returns of
the United Kingdom for the past week (which were
published in the Express of last Saturday), given
by Herapath's Journal, it appears that 224;7441. was
received on 6,255 miles, being at the rate of 361. per !
mile per week. For the corresponding period of
1850, 203,019/. was received on 5,570 miles, or at the
rate of 361. los. per mile per week. There is thus
an increase in the amount received of 21,7261., or
10.7 per cent.; an increase in the mileage of 683
miles, or 12.29 per cent.; and a decrease of 10s. in
the amount received per mile per week. The gross
amount received since the commencement of the year
is 1,354,7091. against 1,171,064/. in the correspond-
ing period of last year, showing an increase of
183,6431.
INGLIBII
Rout Rot*. 2149 14
3 par Ct. Sod. Aut.. 1,7
3yr Cc Con. Aunt, 664 !foam;
par Ct trlaz. Roo I
4$ per Ct. Au. ll* d..
. Mond.. Si 3
5
.44 par Cent.
per CY. Krall!lAn Mi., 92
Ditto Ntv, 91 3
4 ter ca, liu,uo. ATlti. 33
4 per Ct. Maim 1(.I 6
Unto Colungt bet
s,luraLlaa &valor 3,1
net. Ct. Vantsh 3 50
24 pt. t Ducat 8d,..234 9
4 yes Ct. Down Cu..er 91* 2
LATEST FOREIi

LiNTlA.—Tais DAY.
sj3 tor Ct.t.oo. Ace. 1161
16•14442er bti v. 612. to 66.
1UN1.0.1.
174 It. Orooada Ws.. IT 111
timed& Doferrod Wk. 3j 41
6 per Ct Mos. 114..,334 j
4 I't Pent•Nr. Nil 'A 1
Yorinruare CAtTorted 23 4
6 tor Ct. Itu.o. lIT 14
Ditto 1114411.tt 108 e.. lifj 33
1 twA CL Nooholi 47.
110. Putort4
PaocTe Ma.. 4i 6
'or Vezezwia bor.. 32 2
I Vmatuela Pe/err, Volpts. 11 13
lON EXCHANGES.