The Express.
London, England, 1847-07-15 00:00:00

MONEY MARKET.

WEDNESDAY EVENING.
The opinion confidently expressed for some time by
well-informed merchants, that the rates of exchange
would come better from New York by the Cambria,
has been verified by her arrival. The rates on London
for bills by the steamer are 106,, to si ; those received
by last arrival were rather widely stated at 1031 to
61. The improvement may be taken therefore as
equal to more than per cent. Commercial letters
indicate the impression that the rates would rise
somewhat higher still. Any demand for specie for
that quarter would seem therefore to be out of the
question, at least to any extent worth naming. The
merchants having the most intimate relations with
the United States never calculated indeed, that, with
all the excitement of the high prices of bread stuffs
here, carried out by the Hibernia, and the shipments
consequently pressed from the other side to take
advantage of them, above a quarter of a million
in specie would be wanted to meet commercial
balances, if so much. It may be stated also, that no
apprehension has existed, or does exist, at the Bank
of England of any call for specie from the United
States, although doubtless the declining state of con-
tinental exchanges would appear likely to lead to an
exportation of the precious metals to some quarters of
Europe. To such exportation less importance would,

I however, attach, as silver would no doubt be the
I value most required.
In the early part of the morning sales of Consols
to some amount, by a respectable broker firm,
created a slight depression in prices, or rather pre-
vented their advance; bat, in the absence of any more
especial cause of distrust than what was before
known, save a revived report in some quarters of the
illness of Louis Philippe, the general aspect of the
intelligence brought by the Cambria had a favour-
able effect on the funds. Consols, from 883 to I,
improved to 88; to for money, and the 16th, with a
tolerably firm market. This, and the recent reaction
in prices from the extreme point of depression, is at-
tributed variously, also, to the quiet buying in of some
extensive bear accounts. The opinion lately preva-
lent that the settlement on the 16th would be a" bull"
account would seem to be gainsaid by the present ap-
pearance of prices. But, as said on a former occasion,
it is probable that, as it has so often happened before,
when the day of settlement arrives there will be few
accounts outstanding to balance, and the business will
resolve itself into the simple operations of making
transfers, and passing cheques. Reduced Threes
881; to 9. Three-and-a-Quarter per Cents., 90; to z •
Long Annuities, 9 1-16 to Exchequer Bills, 108.
to Ids. prem. India Bonds, Ss. to 10s. prem. Bank
Stock,
.193 to 7.
.. _

The half monthly account came on for settlement
to-day in the foreign market The transactions were,
however, rather more active than usual, without any
particular variation in prices. Buenos Ayres were
quoted 361 to 81. Mexican, 19 to 1. Spanish Fives
declined to 22 to ; the Threes, 31 to 2 ; Passive,
4 to 5. Portuguese, 30 to I. Dutch Two-and-a-
Half per Cents., 571 to 8; the Fours, 90 to 1.
The propositions for the recomposition of the
Spanish debt are of course the topic of discussion in
the foreign market among those interested, pre-
paratory to the public meeting to be held to-norrow
for coming to a decision upon them. Doubts are now
openly expressed whether Salamanca has really and
directly agreed to pledge the government of Spain
to the terms set forth, objectionable and inadmis-
sible as those terms in their present shape, and
in the total absence of guarantees besides, must be
deemed. For, if reports may be trusted, the project
came before Mr. Henderson, the agent of the bond-
holders' committee, in a suggestive shape, from a
friend of Salamanca's, a Senor °liven, if we recollect
the name aright, with the view that he should lay it
(before the bondholders, and ascertain whether it
would receive their approbation. If this be a proper
explanation of the case, it would result that neither is
Salamanca nor the Spanish government concluded
by anything that has passed. Supposing the
arrangement to be approved here, it may be
disavowed, and Senor Olivan also, in Maclrid.l
Personally, Salamanca would not be compro-
mined to anything, although in a position to take
advantage of what might appear to be the dis-
position of the bondholders. The first question,
therefore, which, it is suggested, should be asked to-
morrow, after the presentment of the project, ought
to be, whether and how far the Spanish Minister
of Finance is himself a direct party to the proposi-
tions, and where his express authority in that sense
may be lodged.
Compared with the conditions or instructions of
the committee carried out by Mr. Henderson, the
proposals now announced as from the Spanish
minister have something, it must be allowed,
of the magnificent about them. The committee
intimated that they would be content, as a beginning,
we suppose, not having the document before us, with
a 1 or 2 per cent. interest or instalment interest upon
the debt. Mr. Henderson, per procuration as inferred
of Salamanca, with comparative prodigality offers 3
per cent. upon bonds, coupons in arrcar, deferred,
passive, and all other the forms of foreign debt. This
excessive liberality create° suspicion of the bona fides,
so far, at: least, as the power or the intention of faithfully
fulfilling the stipulations, whatever those may be, fur
the punctual payment of the rate of dividends proposed
to be allowed hereafter. Spain is paying 3 per cent.
upon en internal debt of, we believe, about forty mil-
lions sterling; iniquitously paying it, whilst paying
only some 200,0001. annually upon a small portion of
a foreign debt double the amount, or more, which
ought to have priority.
The more thinking part of the bondholders appear
to be quite indisposed to commit themselves to the
propositions, especially 'in, their present vague and
seemingly unauthorised form. Above all, what-
ever arrangements may be agreed upon, supposing
good faith on the side of the Spanish government,
there can, and there ought to be, no occasion for a
conversion operation, that is, an exchange of the pre-
sent bonds or securities for others of a less denomina-
tion in point of interest. If a lees rate of interest has
to be submitted to for a time, it may be as readily ex-
pressed or received upon the present as through a
new creation ef bonds, the effect of which is•only to put I
some two or three hundred thousand pounds into the
pockets of capitalist agents, and finance ministers.
As to that section of the project which proposes a dis-
count of 131. from the 135/. due to the bondholders,
making a capital of eight millions sterling in the
whole, in behalf and for the sole use of the Spanish
government, that of course can hardly fail to be nega-
tived at once by the bondholders. The effect of it
would be to throw so much stock into the market at
once, in order to raise funds for the necessities of the
Spanish finance ministers.

Bank R tort, 195
per Ct. Wed. Way., 921 f II 9
3 p. ct. C0156011l And , hBX
New 3* per Ct. Anow, 901
Gr AIN.. exp. :as 9, 1990. I •14
Do. 39 rears, 3th Ju., 1900, al 13.16
lahla Boucle, eater 1.1,000,10 5

6 per Ct. Buenos AE4o4 Roods 364 I
Do. Ae0r..J..14 31,174
I per 04essda Ilds.. Doferred 34
UletrotV:e,'JiTo 0%1" "
4 per CL PortErsosolids.,4o4
EXCHANGES AND

i07.7e7k. Stock. E.
Unto, New keeeith.., egi
Camels few Amt, xll 6 I
11116,[1,000.1d 31 10 II IS 10
Mum, 4.500, 15 II IS pm.
Ditto, Small, le 15 pm.

310;at7Ppaolsti Atm./61y 31. 521
3 per Ct. Spanish Bow* 1647, IP
IS.. Pamir, Bond*, 6
3 per Ct. Span Bonds, Ilj
51 per Ct. Dutch Zs., IS gall.. SI 1I
4 per Ct. Ditto Certitleatee, 90j
STOCKS ABROAD.
Per Arawarat

pARIII, to 13. Nety. II -cii.., , r - -,----- Lowest I Caw.
3 per C.U.e . ~ 77 60 1 77 40 77 70 77 le 77 To
3 D.. . . lll 43 1 11$ ZS Ile 66 I Ile LI 11$ 1111
41 Do. . . . IP I SO : Do.IS
1000004. ow T.oweee (70 tare,, al U cf mei'
limey.
Beets 6,1640 . . .1 me* riles Motu . . .111$11
Do. 6.1441 . . . 100* 1 aura Loss . . . lee
Do. it . . . „ I.
Trasery area • • w
Do. 21 . . . .. , Beak Urns . .
11,hrste, Jr cr 11.—Terce pir Cuts.. 26_1 I; flu Pot Orals.. 171 4 . P./1-
5t...31 1 . Coupons, 11. Dank <4 et. Plw.tlesiad, 116 111. Desk of et.
halells, 111. Eseesee es L7044e, 41160.104).

am Jot, 12 —Dutch Let. DNt. Twa-aad-a-Flnlf per Cents., 11
money. SO bill.. Thme per Guts, 70 matey, 70 bills Four per Ceuta.,
PO esemey. NO WIN. Amort dyed, Time sad a•Nalf per Cents .ney *easy,
044 011ie , Comes Comp.. 1740 money. 17141u115. Noel ladle Loam. Sof
004. Spanish New Flee per Cents, 17 money. 171 DW. , Three per Ceuta,
271 mosey. 104 bile. Embalm.. on Leedom, 11.03: two nenths, 11.01
n. If unbars, 33.61: two =oaths, 33.24 ; obi PAM., 14.117 ; two mamas.
14.37.

ism", Jrtt 4 Five per Orate., 1061 ; Poe, per 0.64.,
Tpppp per Cent.. 60k. Terevasil..ll4U pet Cane., Ni , Leap, 101,
101 l ,DC 1631.1191 Feet Slum, 1,168.