The Express.
London, England, 1848-07-03 00:00:00

was then said, " a kind of superstition, or tradition-
ary impression, which exercises an influence even is
stockjobbing." The dealers are so habituated to the
notion of a rise in prices, previous to the payment of
the July dividends in especial, from the certainty of a
demand after the payment for the re-investment of
some large portion of the moneys roe aid out among
the public, that it is regularly pecu and
acted upon. Nor, in this respect, are steps
taken without experience to justify them. A veteran
jobber is understood to have stated that, in thirty
years' experience, he has never known but one instance
in which Consols have failed to regain, after the shut-
ting of the transfer books, and previous to the re-
opening, the whole, or a great part, of the 11 per
cent. for the half-year's dividend by which the quota-
tions ex dividend were of course reduced. In the
present case Consols have not only regained their
value as quoted with the dividend on at the shutting,
say 841, but from 83 ex dividend, as then quoted,
have advanced to 85, say a positive rise of 2 per cent.,
or 1 per cent. beyond the dividend to be received.
Reduced Threes were 851 to 1. Three-and- a-Quarter
per Cents., 854 to 3. Exchequer Bills, 375. to 40s.
premium. India Bonds, 17s. to 20s. premium.
The foreign market was more firm generally, with-
out any material improvement in prices except in
some instances. Dutch Two-and-a-Half per Cents.
were quoted ex dividend 42 to 3; the Fours were
better at 65/ to 6433. Russian advanced to 91 to 3.
II Danish were something better at 63/ to 71. Spanish
111 to 12 ; the Threes, 21 to ex dividend;
Passive, 21 to 3/. Portuguese, 161 to 171. Mexican,
161 to 171. New Granada, 12 to 13. Venezuela, 14
to 17 ; the Deferred, 4 to 1. Brazilian, 64 to 6.
Milian, 79 to 81.
Commercial letters from Hamburg mention that,
according to accounts received, the Russian govern-
ment was despatching. 70 poods of gold to England,
or say, in avoirdupoise measure, 2,520 lbs. A por-
tion of this despatch has no doubt been already re-
ceived at the Bank.
According to the accounts from Berlin, the stock
and share market had been extremely disturbed by
the dislocation of the Camphausen ministry. The
Bank shares had fallen also considerably. The ad-
vent of the newly appointed ministry had, however,
somewhat restored confidence, but public values were
not much improved.
According to accounts from Batavia, the territorial
duty on the export of pepper was fixed at one-sixth
of the market price when below 16 florins the picul
for white and 10 florins for black pepper; when the
price shall attain or surpass these rates the duty to be
one-fifth. These advices state that the affairs
of the house of Daendels and Co., whose
failure was declared some time since, were
in progress of arrangement. The liquidation
was to be confided to two
.partners of the house,
Nimes. Stuk and Plate, assisted by some creditors.
It wag believed that the creditors would receive 100
per cent., that is, payment in full, saving interest.
lier ,Majesty's ship Wllingwood from the I'acific is
hourly expected with two millions of dollars on Ward
in gold and silver.
The state of monetary affairs in Vienna is exciting
attention, and, among those more immediately inte-
rested, much anxiety. The notes of the state bank,
no longer redeemable as before on demand, are at
about 15 per cent. discount. It is evident that if the
state is no longer maintained as such, the state bank
must go to the wall. The prohibition of the export of
specie, with the order rendering bank notes now de-
mandable in specie, cannot conduce to the mainten-
ance of the values of public securities when public
confidence is wanting. The coin and bullion will go,
however stringent the laws against, when and where-
ever a large profit tempts to the exportation, as in the
adjustment of trade and financial balances must often
be the case.
'the promising appearance of the harvests here, and
in all other parts abroad no less, is creating appre-
hensions of very low prices for corn. The country
bankers are more eive to the probability than the
farmers themselves, who have been realising very
large profits with the high prices of the last two
years. We learn from two counties, Oxfordshire
and Lincolnshire, that the bankeis, in conse-
quence of dubious anticipations, are disposed to
draw in thi it credits, the effect of which must inevi-
tably be to depress prices of corn and other agricul-
tural produce still more, becauae it will force farmers to
carry their produce to market at an early and incon-
venient period, by which they will be compelled to
submit to lower prices. It is surprising that the
farmers, who are not wanting in intelligence, should
not be better aware of the new position in which they
are placed by the abolition of the corn laws. Since
that abolition they have had the great and singular
advantage, so far as corn, of fair average crops and
Ihigh prices, with inferior supplies from abroad
generally, where, except in the United States and
Russia, there was an actual scarcity for the home con-
sumption. With the extraordinary profits so derived
farmers should now, if prudently forecasting, be
in ample funds for two or three years of adverse
fortunes. It may be hoped they are so prepared, but
from what we learn it may be feared they are not.
iiNCILISII FUNDS.
3 per Cc. Red. Amu., 841 5 roods fur 0715. T.. 8;111 15
New, 3t per Ardlo., 851} &chequer KW* FINJ. 25d.. 37
India Bomb, Do. June. Yd., 3134

ller 12 151..—Spaolah &Lt. Act., July
11
Ditto. Paralve 31 3
3 per Ct. erantalt 211 j 1, ex
Se par Ct. Venezuela 131+..14 i
Ditto Deferred. 4
24 per Ct. Dutch Ex.. 12 gull.. 424
2, es dlr.
4 per Ct. Put& Certificates, 661
11 0(,43 ABROAD.