The Express.
London, England, 1847-04-02 00:00:00

rous parties who had been anxiously waiting for some time
to learn the result, that the state quo was not to be
dts-
turbed. A change in the upward direction had been antici-
pated with some confidence in various quarters, more espe-
cially such as were interested in speculations for the fall
in funded values; bat the abstinence from preseut
action on the part of the Bank was founded, doubtless,
on &judicious appreciation of actual cheumetances, and a
commendable disinclination to any movement which might
have the appearance, or possibly entail the consequences, of
precipitation.
The cannel market opened at 884 to 1, the rates to which
they declined yesterday in the unexpected Hush of specula-
tion after the regular hour of business. So the quo,ations
remained until the report gained ground that no alte-
ration was intended by the bank in the rate cf ireerest.
The prices then improved for a time to 881 to I. But the
market was heavy, and though little disposition west evinced
for active operations consols went beck to 881 to 1, and so
left off. A Nirgain was done in Reduced Threes at 871 for
account, ex-dividend. Cossets scrip wee 1 to 1 discount.
Exchequer bills, Is. discount to 2s. premium. Bank stock,
2041 to 51. India stock, 248 to 9.
Foreign stocks still meet with little attention among
dealers and speculators, and prices underwent few variations.
Chilian were quoted 92 ex-div, Brazilian,-84 to 0; the New
83 to 5, both ex-div. Danish, 864 to 71, ex div. Dutch
Two-and-a-Half per Cents., 584 to 9,• the Fours, 901 to 1,
ex-div. Spanish Fives, 221 to 1 ; the Threes, 331 to 41.
Portuguese, 33 to 5. Mexican, 214 to 2. Venezuela, 38 to
40, ex-div.
A somewhat remarkable improvement occurred in foreign
exchange. On Amsterdam the rates advanced to 12.3 to 4;
on Rotterdam to 12.34 to f ; on Antwerp, without altera-
tion, 25.771 to 80; on Hamburg. to 13.91 to 10; on Frank-
fort to 1204 to 1 ; on Paris, to 2.5.75 to 80 ; on Vienna, 10.04
to 1 ; on Leghorn, 30.25 to 30 ' • on Naples, 401 ; on Madrid,
361—a1l at three months. On Lisboa, at 60 days, 53/.
It transpired to-day, in the course of the discussions in the
money market about the probable action in the Bank par.
lour in the matter of raising the interest, that yesterday
the disct.unt houses were formally notified that for the pre-
sent they would not be admitted to discounts at the Bank.
They were advised further that loans upon admissible bills,
or other approved securities, would bo continued, hut
fir no longer term than the 17th current, when they
most be redeemed and withdrawn. At the lime time
it was distinctly intimated, as we are told, to parties more
immediately interested, that accommodation would be
granted on the usual liberal scale to the commercial and
banking interests. The policy of this course may seem liable
to harsh construction in reference to the parties who must
be prejudiced by it in some degree, and we are not prepared
to say that it has not the appearance of hasty and therefore
the more injurious action. It is, however, fair to add, that
the discount houses were carrying on a very prosperous busi-
ness to some if not to a great extent at the expense of the
Beak. For whilst they were charging and obtaining from
their clients from 6to 61 per cent. on bills discounted by
them, they were carrying the same bills to the Bank, and
undoubted bills of course, where they were readily melted,
with merely the name of the discounting firm attached, at
4 per cent. Thu constituted a business of extraordinary
profit, for at the beak, or other banks, the same bills might
bare been admissible at 41 and 5 per cent., or more, by
which a so much greater share of banking profit could have
been secured. As the case now stands the discount houses
will still be enabled to afford all usual facilities to their
customer", but in aid of their own resources they will be
thrown more for money supplies upon the general banking
interest. As in their origin, and long after, the discount
houses acted only as intermediate agents between the banks
and the public tor money accommodation, although they
have since Hecate • higher status, and almost to the under-
taking of the functions of bankers themselves, the result of
this decision pro tempore of the bank will create no greater
inconvenience than the necessity of a return of more Inti-
macy with and dependence upon old connexions.

3 per Ct. Red. Azar., Al —.....-‘.- ;Zs- -117ock for Acct., 244
3 44/ C/. 0.. A...., el I i 1 eemeols scrip. I 141..
Lees Ana. JO yra,Jan 6, 1060,44 Re. 0.00, 1.0001.. Pi- rpm,' dter 1 pin
tettie 14.44 seder MOM, 6 ea. Ditto, GOO, par. Spa.
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i.e.* I* Met, Nei 1
POl.OlO 71IND11.
6 re, Cr. OMAN 104011. 411 ex Cr. 1 per et. 0p64140 11•044. INT. frau
1 p." et. Oresale N 0044 Vet, 3f Nov. 1440, 121
6 ~,,, Cl. Mraletta, 1614, 111 • 3 per et. Spsoleh Dots6o, 344 4
4 .., et. Yors*guese boa* for * per Orzt. Data Esebasse, lf '
Ace.. 331 4 Orall., lief •
24 par Ct. Yeanuala 80010.40 ex ET 4 pee Cost DIM 03/4,114101 ef Mr