The Express.
London, England, 1848-12-05 00:00:00

MONEY MARKET.

MC/IMA! EVINING.
The foods have been almost without movema

today, both sato prices and actual business. Consols
opened rather buyers at 87;, were done for a moment
I. lower, and left off 871 buyers both for money and
rims. But although few transactions in the regular
order cl purchase and sale took place, extensive bar-
gains in options were concluded. One party alone

on behalf of speculators out of doors's' nadeutoud,
gave # per cent. for the " put" of stock for the
next (not the running) account at 871 to the
extent of about 300,0001., as commonly reported.
Supposing such transactions to be unconnected with
other speculative combinations, and left simply to
stand their own chance, the " puts" can only come
into play, so as to clear premium and charger, by
Consols declining about 1 per cent. within the period
assigned. The same parties had previously given for
the "put " lent week for about 200,0001., so that they
now remain with options open for half a million for
the next account. It is not easy, however, to
define the objects precisely contemplated by
this sort of busioe•s, but the opinion mast
current wu that, as the speculators cencerntd in it
had been operating largely fora fall in prices for some
time past, and have been punished proportionally on
buying in their " bears" or sales, es they are believed
to have now done, they have resolved upon a change
of tactics, and propose to go for a rise in prices, but,
with a prudent determination to provide against ad-
verse circumstances, and circumscribe possible loss
within a certain positive limit, have paid the large
premiums stated for the right of " putting"
so much stock at option upon the taken
of the premium ; that is, in other words, the
sellers of the option contract, for the consideration, to
take so much stock at the 'ate and the price agreed,
should the purchasers of the options so elect ; which
would follow, of course, if Console were to fall to Mir
or below. Supposing the possessors of the options to
buy against them to the whole extent of the half mil-
lion, on the speculation of a rise in prices, they would
thus be secured against any loss beyond the premium
of insurance paid, with the additional charges for
brokerage. It has been surmised, however, in
some quarters that possibly the broker ens-
ployed might feel some uneasiness about con-
tinuing such large reel transactions for his
principale, as for some time past they have en.
gaged in, upon a guarantee deposit not altogether
equal perhaps to the risk incurred in times of such
extraordinary changes as the present, and ro may
have advised this prudential recourse to options as
e4lln9ou equally
:ei;11 enomidere,Ta means
3ht csirft,slf Cents,:t.e (.2cll3:7u:ilifitu6iostol.yrff9pf.tomßoBr_6.iii*l'llil.mßthla4nL°llllkB7l'SgTtdtoochhAt Stock, 188 clients,l° I:4;

-
It may be observed that to-day there was a change
in Console stock as for money and time. Instead of
a " baekwardation," showing Consols for money to
have been worth more than for time, and therefore
scarce, there was a contango at one time of „, showing
money stock to be more easy, and the rupply at mar-
ket better. This might result either from more
money stock h' ving latterly, and to-day, been
brought to market, or from the larger speculators
for the fall having bought in their accountr, under
the apprehension of prices running against them
more unfavourably still before the settlement.
There was 1 tile activity in the foreign market.
Peruvian were in demand, and bought up to 37, with
quotations at 351 to 71. The improvement probably
resulted from the advices of a favourable market at
Amsterdam, where Peruvian and Brazilian Bonds
were both inquired for, and freely dealt in, at a slight
advance in prices. Brazilian remain at 73 to
.6.
Chilian, 83 to 6. Mexican, 211 to 1. Ecuador, 21
to 1. Buenos Ayres, 19 to 22. New Granada, 12 to
13. Dutch Two-and-a-Half per Cents., 471 to 8i
the Fours, 721 to 3. Belgian, 70 to 2. Russian,
99 to 101. Spanish Fives, 111 to 121 ; the Threes,
241 to ; Passive, 3to 1. Portuguese, 241 to e.
me advice& from Valparaiso, received by the Clyde
steamer, via the Isthmus, of the beginning M October,
represent commercial affairs to be rather dull. Money
was scarce and in demand, commanding readily 11
per cent. per month.

3pa et Zed. Alum. 8 i
NOtOaaAna.,Billl
ew 6Eper CL Aune..1.611
India stock, 239
'mita Ikude, £l.OOO,
In BOWL., uu.l..r $.1.690. 38
SlO2,
6 per Ct. Basilian Bde., 7
26 per Ct. 11quador Ed.ll
per Ct. Meihrtn, 124., 21 1
Ditto, Aoronot, Dee. 15, 214
6 per Ct. Peruvian 11&., 3.1 6 7
4 per CL Pt:lnoculate 13oude. 241
61rer CL Swaim 1414., Mr. from
Nov., 1242,111

/lINDB.
Routh Sea New Annuities, 844
Comolo for Account.
P3mMoquer
Dana, 41 4 ; hL, June, 33 mai
Ditto. Rmall. Man* 414;
Id.. June, 41 311 few
PUMP.
3 per Ct. thrash Boat, 244
24 per et Veocseula ems.
(erred, 4
24 per Ct. Dutch Eutaw, n
mt.. tit
Ditto. Acct., Dee. 15.41

EXCHANGES V
MADRID, Nor. 27. 7Lr® par
9.16 cub. Vire per Carta 1/6 p
34 paper; after Bobo, 34 946 es
kerdanatid, 44 ca,h, 46 piper. I

STOCKS ABROAD.
eats., 191 paper ; atter Botta, S
y; after tiol‘a, fet drab. Papaw.
Orepea , St web. Bak of Ble
amp ca Loodon, 90 days, YU.