The Express.
London, England, 1853-05-16 00:00:00

SATURDAY EVRNINO.
The English stock market experienced a decline
to-day, and left off without any signs of a rally. The
government notice giving holders of Exchequer Bills
of either issue the option, up to the 25th inst., of
converting their bills into Exchequer Bonds ia viewed
in the market as inconsistent with the Chancellor of
the Exchequer's policy of reduction, and as affording
direct evidence that the tightness of the money mar-
ket is interfering with the government conversion
scheme altogether. It is manifestly anomalous that
the Chancellor should first reduce the interest on the
March Exchequer Bills to Id. per day, or la per
cent. per annum, and then, within three months
afterwards, permit the holders of this la per
cent. security to convert it into Two-and-
Three-Quarter per Cent. Bonds. Upon Exche.
quer Bills tho effect of the announcement
has naturally been favourable, although the
rally is but trifling. The improvement appears
to rest partly on the impression that it may yet be
found requisite to renew the June issue at an ad-
vance upon the rate of Id. per day, borne by the
March bills. Among the banking interest there is
an impression that the new Exchequer Bonds, which
are practically irredeemable, and consequently open
to depreciation corresponding to any fall in the
funds, cannot in all points supply the place of Ex-
chequer Bills, which under ordinary circumstances
are invested with the valuable privilege of being rea-
dily convertible without loss, and always redeem-
able at the expiration of twelve months at par, al-
though the bonds may have a large circulation on the
continent and elsewhere, so soon as the requisite ar-
rangements shall have been perfected and a market
made for them. The Bank of England return has
also assisted to flatten the market, as the changes ex-
hibited are calculated to strengthen the impression
that the present tendency of the money market is
towards higher rates.
Consols opened 1001 to 3 for account, and left off
only 100; to a for cash, and 1001 to 3 for the Ist
June. The 31 per cents. were also very flat, reced-
ing to 1021. The official business report includes :
Three per Console, for money, 1001, 7: • ditto for
Account, 100 f, -2, a; Three per Cents. Reduced, 991,
1; Three-and-a-Quarter per Cents.,lo23, 3; Long
Annuities, 1860. ; South Sea Old Annuities, 991,
; ditto New Annuities, 1003; Bank Stock, 2281.
Exchequer Bills were dealt in at 2e. to 6s. prem.,
the closing quotation being 3s. to 6s. prem. India
Bonds mark 30s. prem.
The foreign stock market was devoid of any fea-
ture of novelty, the tone being generally rather flat.
Buenos Ayrean Bonds were firm, and Greek a shade
better. Peruvian Deferred Bonds do not rally,
being unfavourably affected by the smallness of the
amount set apart as a sinking fund. At four o'clock
Mexican bonds were quoted 261 to /; Granada
Active, 22 to 23 ; ditto Deferred, 101 to 11; Pe-
ruvian Deferred, 64 to 66; the Four-and-a-Half
per Cent., 3 to 31 prem.; Spanish Deferred. 231
to 24; the Certifs., 61- to / per cent. The list of
actual sales is annexed :—Brazilian Old Five per
Cents. Small Bonds, 100gditto New Four-and-a-Half
per Cents., 1832, 100/ ; Buenos Ayres Six per
Cents., 721. Dutch Two-and-a-Half per Cents., 66.
French Four-and-a-Half per Cent. Rentee, 104 f. 30e.
(exchange, 25f. 10e.) Granada, One-and-a-Half
per Cent., ex Dec.,1849, Coupon, 22; ditto
Deferred 103, reek Bonds (Red), 91; ditto
(Blue), 9a. Mexican Three per Cents., 262 ; ditto
for account, 31st May, 263. Peruvian Deferred
Three per Cents., 651, 643. Sardinian Five per
Cents., 983, 2,1, a. Spanish Old Three per Cents.,
48; ; ditto, New Deferred 233 ; the Passive Bonds,
31. Venezuela Three-and-Half per Cents., 37.

_ .
The return issued this afternoon by the Bank o
England relative to the conversion is as follows :

Bank of England, May 14, 1863.
Amounts of New Stccks accepted this day.
£3 10s. per Cents
1:2 10s. per Cents £56,100 16 6
Exehequer Bonds Nil.
The total amount accepted up to the present time
is stated below :

£3 10s. per Cents £47,074 8 6
£2 10s. per Cents. £1,193,456 16 6
Exchequer Bonds £3,500 0 0

Total EI 244 031 5 0

The return of the Bank of France fOr the month
ending Thursday last (published in our impression of
this morning) shows an increase of 561,6404 in the
stock of the precious metals; a decrease of 581,6801.
in the discounts ; an increase of 4,8801. in the circu-
lation ; an increase of 176,6801. in the advances on
railway securities; and an increase of 69,2801. in
the Treasury deposits. The private deposits are sta-
tionary. The chief features in this return are the
decrease in the discounts, and the increase in the
coin and bullion, both tending to show a stagnant
state of trade, notwithstanding the artificial stimulus

imparted by government: The railway share
speculation which has now reached such a height in
Paris is shown to be still bolstered up by the Bank.
The tendency of the operations of the other banks
lately established is also in the same direction.
The imports of the precious metals this week have
been very small. Our list includes only 127,000 dole.
by the America, and .51,876 dole. by the Arctic, both
from New York; 7,000 dole. by the City of Man-
chester from Philadelphia, and 3,0001. in gold by the
European from Africa. The total value of these
arrivals does not exceed 37,G001.

The Custom-house statement of the shipments of
the precious metals direct from London during the
week ending Thursday last is as follows :—Gold coin:
to Hamburg, 570 oz.; to Belgium, 500 oz.; to the
Mauritius, 768 oz. Gold hers : to Boulogne, 21,747
oz. ; to Belgium, 1,200 oz. Silver coin : to Belgium,
3,500 oz.; to Boulogne, 550 oz. ; to the Mauritius,
5,0001. Silver bars: to Boulogne, 2,660 oz.; to Cal-
cutta, 27,0001. This gives a total of 24,783 ounces of
gold, and 6,710 ounces and 32,0001. in silver, re-
presenting an aggregate value of about 130,0001.
We also hear of the undermentioned shipments—
viz.: By the Calphurnia, 15,000!. in silver, for Port
Philip and Sydney ; by the Roxburgh Castle,
10,0001., and by the Mercia, 2,5001. in silver, both
for Port Philip; by the Walter flood, 20,0001. in
coin, for Sydney ; by the Admiral Grentell, 5001.,
for New 'Zealand; by the Calcutta, for Calcutta,
19,500/., of which 11,0007. was in silver; and by the
Tay, 6001. in specie for the Brazils. The total
shipments from the kingdom for the week arc thus
raised to rather morn than 200,000/., and conse-
quently show an execs% over imports of between
160,0001. and 170,000!. It may be reasonably