The Express.
London, England, 1853-06-11 00:00:00

MONEY MARKET.

Faust Willman.
The funds opened this =rain with a compara-
tively steady appearance, but were kept in cheek by
some sales of money stock, and in the afternoon great
depression prevailed, which extended to every de-
partment of the Stock Exchange. The chief depres-
sant influence appears to have been exercised by in-
telligence of a further serious fall on the Paris bourse
of this day, coupled with statements that the minis-
terial explanations on the Turkish question, pro-
mised for to-night, are postponed, whilst confidence
was further shaken by various alarming political
rumours which, as usual at periods of agitation like
this, were freely circulated. The announcement
in the Noniteur that the English and French
fleets have definitively received orders to make
the beet of their way to the Dardanelles, although
little more than confirmation of the impression pre-
viously current, has assisted to draw serious atten-
tion to the grave character of this political difficulty.
In touching on this subject it may be mentioned that
a feeling of dissatisfaction is expressed at the close
reserve maintained by government, it being felt as a
hardship that our great commercial community
should be debarred from all knowledge of the move-
ments of the British fleet except through the French
official paper. At the final close the depression in
the market was unmitigated, and the tone very weak.
The selling of stock to-day was of an important cha-
racter, and the speculative operations fur a fall were
especially extensive. In the Stock Exchange,
however, money may be said to be almost
a drug. The prevalent distrust, it would
appear, tends to induce a disposition on the part of
the dealers to get their funds in hand as much as
possible, in preference to holding stock or share
securities of any description. There can be no doubt
that the " house," as a body, is a heavy " bear" of
almost every thing, so that, in the event of a satis-
factory solution of the political difficulty which now
excites such grave anxiety, the upward movement of
all prices would probably be extremely rapid.
A main feature of the day, and one which exercised
sympathetically a very unfavourable i n fl uen ce through-
out the Stock Exchange, was the heavy fall in French
shares, consequent upun the intelligence of a panic
on to-day's Paris bourse, and upon a very heavy
pressure, of sales here on account of first-rate houses,
the influential character of the selling causing this
market to close at its worst point. Subse-
quent to 2 o'clock this afternoon, the sales on account
of French houses and others were very heavy. Up
to the present time it is the impression that the buy-
ing of French shares on the late fall has been chiefly
on English account, and to-day it is stated that
large amounts of these securities are being sent over
to the London market. At periods like the present
the alarm in this branch of the market is further
aggravated by apprehensions arising out of the
wholesale credit system in vogue in Paris, which has
led to such an absorption of stock by new-fangled
credit banks, whose basis is regarded with well-
deserved distrust. The main feature in favour of
French securities is the continuance of a very easy
state of the money market in Paris, but this is a state
of things which might be quickly reversed. Specu-
lators feel that there is no department of the market
which requires such unremitting watching as this,
the fluctuations being so frequent and heavy. The
fall has been rapid, and, it may be, almost ruinous
to many operators, but good news might carry
prices up two or three pounds per share in almost as
many hours, such is the feverish spirit of gambling
on the Paris bourse, with which our market natu-
rally sympathises to a considerable extent.
Console opened at yesterday's closing price of 981
tot ex div. for the 19th July, and improved at one
time to 981, just buyers, but a marked reaction took
place in the afternoon on heavy sales, and, after
standing at 98 to 1 at the official close, the final
"after-hours" quotation was 971 to 98 only, with a
flat market. The government broker was again a
buyer of Reduced Threes. Tho official business re-
port includes:—Three per Cent. Consols, for the
opening, 19th July, 981, 98, 1' 98, 3. Three per
Cent. Reduced, 993, 981. Three-and-a-Quarter per
Cents., 101 J, 3, .„1. India Stock, 261. South Sea
Old Annuities, 1001. Bank Stock, 229.
Exchequer Bills remain fairly supported at the
late improvement, closing Os. to Bs. prem. India'
Bonds were purchased at 325. prem.
The foreign stock market was also depressed, but
apparently more in tone than. price. Spanish, Peru-
vian, Swedish, Dutch, Sardinian, and Austrian were
all sold at lower rates. Russian stocks have again
declined, but it is referred to as a reassuring feature
that influential bona fide purchases of this stock
have continued on the fall. Mexican Bonds, after
receding to 271, closed 271 to 3, and thus may be
said to maintain comparative firmness. At four
o'clock Spanish Deferred Threes were quoted 221 to
231; the Certifs., 5,1 to 6 per cent.; Granada
Active, 22 to 23 ; ditto Deferred, 911 to 10.
The list of actual sales is annexed :—Aus-
trian Five per Cent. Bonds, 1852, 991, 981.
Brazilian Four-and-a-Half per Cents., 1852, 981, 1
ez div.; ditto Five per Cents., 1829 and '39, 101.
Dutch Two-and-a-Half per Cents., 641, 1 ; ditto
Four per Cent. Certificates, 96, 93. Granada One-
and-a-Half per Cents., ex Dec., 1819, coupon, 22 ;
ditto Deferred, 91. Mexican Three per Cents., for
account 15th June, 271, Peruvian Four-and-a-
-' Half per Cent. Bonds, 851. Portuguese Four per
Cents., 39, 3. Russian Five per Cents., 118, 117,
1 ; ditto Four-and-a-Half per Cents., 1023,103,. 1021.
Srdinian Five per Cents, 931 923 ex dm. Spanish
Old Three per Cents., 481,
, 3,3; ditto New Deferred
Three per Cents., 231, 3, 23. Swedish Four per
Cent. Provincial Mortgage Loan, 11, 2, 11' 21 dis.
Out of doors money continues easy. In Lombard-
street the recognised rate for the discount of first-
class paper is 31 per cent., but, owing to the abun-
dance of money, there are many parties willing to
discount short-dated paper considerably below this
rate.

The voluntary conversion at the Bank of England,
after being suspended for three days, was resumed
to-day to a limited extent. The statement is an-
nexed:

DANN OP ENGLAND, I I:NE 10, 1853.
Amount of New Stocks Total amount
accepted this day. accepted.
£3 10s. per Cents. .. Nil. .£138.082 0 3
£2 10s. per Cents.., £17,769 13 5 1,562,845 9 3
Exchequer Bonds .. Nil. 4,200 0 0

Total
It appears that the Wellington, from Hobart
Town, has brought in nine boxes of gold. The
number of ounces is not known, but one firm has
10,000/. worth consigned to it.
St. Petersburg letters mention the death of M. P.
Ponomaroff, one of the most eminent merchants of
Russia, and well known here to parties connected
with that trade. The deceased was of an advanced
age, and is reported to have left a large fortune.
The directors of the Lancashire and Yorkshire
Railway have made a call of 10s. per share, payable
by the Ist July, on the half shares "A " (121. 10s.
each), of the Preston and Wyre Railway, Harbour,
and Duck Company. Holders of scrip certificates of
the preference shares of the Cork and Bandon Rail-
way Company are required to pay the fifth and final
instalment of 11. per share by to-morrow.
Monday next, the 13th June, will be " making-
up " day in the share market.
The Land Companies' shares were not much
affected today. Australian Agriculturals were
about 21 higher, closing 62 to 61 British American
Land left off 67 to 70. In Australian Bank shares
the operations were not so numerous, and several
descriptions showed a little flatness. Shares of the
Bank of British North America have been done at
62 t; General Steam Navigation, 31; Peninsular and
Onental Steam, 74 iei div. Shares of the Grand
Central Railway of France, closed lower at to
prem.; Grand lrunk of Canada, 1 to 0; die. ; Berlin
Waterworks, ! to „/ die., being a further fall ; Aus-
tralian Building Company, Ito prem. ; Melbourne
and Colonial House Investment, par to ; prem.
Crystal Palace shares receded to 2 13.16 to 2 15-16
prem. There have lately been several dealings in