The Express.
London, England, 1847-08-28 00:00:00

MONEY MARKET.

FRIDAY ERNING.
The straitness of money experienced yesterday on
the Stock Exchange was partially relieved to-day.
The announcement in a morning paper, moreover,
that the directors of the Bank of England were about
to relax the rigidity of present action so far as to
make advances on loans and mercantile paper at the
rate of 3 per cent., came to encourage a market other-
wise without any particular feature indicating recovery,
to any extent, from previods depression. It may, how-
ever, be doubted, as it is in banking circles, whether
any present intention exists in the Bank parlour in
the sense of the relaxation intimated. The advent to
office of a new governor, and the net unaccountable
desire of popularising the event, in view of a recent
unfortunate casualty. may still not improbadly induce
to such a course. But, in such a case, the retention of
the 51 per cent. as the minimum rate of discount
would be not only an absurdity, but a manifest in-
justice to commerce, which public opinion could
not tolerate. That opinion is, almost one and uni-
versally, that the rigour of Bank action has
already been carried too far, and that if, as it has
been, the leading motive was to impede the egress of
bullion or gold coin, it has failed in its intent, peeing
that metallic values have gone,vrill perhaps still further
go, and must go sooner or later, in despite of all
strained and artificial impediments, whenever the real
balance of trade has set in, and continues, against this
country. Exchanges may come better from New
York, and even gold may for the time come back,
but as neither one nor the other could be the natural
result of commercial relations and balances, but would
arise solely almost from the bankrupt or otherwise dis-
credited bills gone back from hence to the United
States, the current of gold outwards could only be
temporarily arrested ; it would be returned to meet
American engagements here and in other quarters of
Europe, and would again be called back after serving
the actual exigency. A rather material improvement
in the funds may be noticed u the consequence of
what has been referred to, and should the Bank adopt
the course which is reported, and carry it to the extent
which should legitimately follow, a very great effect
far beyond the mere measurement of the rate of in-
terest reduced, would follow in the restoration of
confidence, now nearly paralysed, in commerce. It
cannot be too earnestly impressed upon the Bank
committee of management, and upon the new governor,
that the screw must be loosened ; that victims enough,
and innocent victims too, have already paid the
penalty of Peel's absurd attempt to control credit, and
therefore the proper operations of commerce. One
other victim, and certainly one most honourable and in-
offensive, is ;worded below. Consols, upon the surmises
thrown out, discredited as they were, advanced about
per cent. They were quoted at the close of business
at 87} to z for money, and 872 to I for the account
now opened for the 14th of October. The contango
is a fraction lees than it was in the early part of the
day, and so far is demonstrative of greater confidence
in the dealers, and of a more easy state of money.
Reduced Threes, 87Z toy • Three-and-a-Quarter per
Cents, 89 to „ ; Long Annuities, 9to 1-16. Exche-
quer Bills, par to 3s. prem. India Bonds, 3s. to 2s.
dia. Bank Stock, 195 to 7.

The attention of dealers was rather more directed
to-day to foreign securities. Dutch were done at
better prices, and the Two-and-a-Half per Cents.
may be quoted 56 to 1 ; the Fours, 89 to 1. Spanish
Fives were undisturbed at 191 to 20 ; the Threes at
291 to 30. Portuguese, 25 to 7. Mexican had a
start to 19 to 1, upon the calculation that the reported
negotiations for peace between the United States and
Mexico might make the bonds better momentarily, if
they led to no other result. Belgian Bonds were done
at 921: quoted 92 to 4.
Foreign exchange was with trivial variation, to-
day ; on the principal places the rates were almost as
before, bat with little business. On Amsterdam, the
negotiations were 12.41 to 5 ; on Rotterdam, 12.5
to 1 : on Antwerp, 25.80 to 83 ; on Hamburg,l3.l2:
to 131 ; on Frankfort, 122 to 1 ; on Paris, 25.70 to
77; ; on Vienna, 10.5 to 7 ; on Leghorn, 30.671 to
721 • on Naples, 401 to a •, on Madrid, 47i to I—all
at three months. On Lisbon, at 60 days, 53 to 1. The
quotations, it will be observed, continue wide.
Another casualty was reported at the Corn Ex-
change to-day, in the failure of Messrs. Woodley.
None of the recent unfortunate occurrences of the sort
have excited more sympathy than this. It is known
that this was a prudent house of business. Last year
only the leading partner issued a circular announcing
hisintended retirement from buainess in favour of his
nephew. It is stated, on sufficient authority, that
if he had then carried his intentions into
effect he would have lett with a solid capi-
tal of 75,0001. Unfortunately, as reported, by
friends, ho was persuaded, after much reluctance,
by a Norfolk relation, himself bringing into the pro-
d 14,0001., to continue, and join in
large corn-purchasing operations in the United States,
which the relation in question went himself to con-
duct. The result is of course evident. Bat it is men-
tioned
by parties acquainted with the circumstances,
that, supposing the stock of corn on hand, and to
come, could be sold at prices realising 20 per oent.
lons on their prime cost, the head of the firm would
still be able to retire with a fortune in remainder of
30,0001. Stich is one among the many frightful re-
sults ofPeel's currency crotchets.
This Bank of England averages for the week end-
ing the flat instant give, as compared with those
of the the following remits :
614,940
1801618.--.164148 ..-.. 18,118,910
MY doodle ...- 6.810,836
01130831118011,a; 6,911,036
Oararmset
brikbe apeftent.. 11,638,30
Other ..... 16,118,143
MIR ani YAM
Sevaskyeaddher bills 816,130 Inertias 10,3,14
The BM 3,734,337