The Express.
London, England, 1847-01-01 00:00:00

MONEY MARKET.

THU VADAT ilvmaro.
There has been little doing in the funds, 8050 at this
particular season there is rarely any. activity in speculative
business. The partial decline of prices is, therefore, not
unaccountable, in the absence of any exciting events which
should render them more firm, or impart an upward impulse
to them. Under the circumstances of the new year now
commencing, the speculators seem rather inclined to doubt
whether present prices will be maintained ; their abstinence
from action, therefore, may be attributable to the lassitude
usually observable at this time, and to the absence of any
leading cause which should influence prices. Consols were
lower than yesterday, but, with scarcely a variation, left off
931 to 1 for the opening. Reduced Threes, 931 to 4. Three-
and-a-Quarter per Cents., 951 to 1. Exchequer bills declined
to 71. to 9s. premium. India Bonds, 16s. to 20s. premium.
In foreign securities there were scarcely any bargains;
seldom have fewer been reported. The quotations nominally
for Mexican were 214 to I; Portuguese. 37 to 9; Spanish
Fives, 261 to 1; the Threes, 371 to 84. Granada Bonds, 19
to 20; Dutch Two-and-a-Half per Cents., 601 to II; the
Fours, 921 to 31. It was the settlemeut of account in the
foreign house, but there was no particularity attending it.
The steamer Caledonia, with dates from New York to the
16th inst., brings the rates of exchange at 106 to 1. They
had been done as low as 1051. Large remittances of gold
coin were expected there from this country, which tended
doubtless to sustain the rates of exchange rather higher. If
the papers by this arrival state correctly, there is likely to be
a double drain of metallic values, for the Secretary of the Trea-
sury, it is said, intends to purchase exchange on this country, or
to draw in order to realise hard money funds in Mexico, wy
the expenses of the war. The effect ol such operations will be
to stay silver in Mexico, and some gold, which else would
come for purchase, deposit, or transit into the Bank of Eng-
land. Under present circumstances, such operations would
be inconvenient—for the exchanges betwixt this country
and the continent are chiefly carried on by silver, and if the
import of silver b stopped, or impoverished in amount. it
will follow that gold will rise in prioe, although it is not the
standard of any country but this. Besides the drain for
gold, therefore, consequent on the large imports of provi-
sions from the United States, we may come to have a stop-
page of silver supplies, equal in its effects to a drain of gold
additional, through these financial combinations of the
United States' treasury. The dollars for the payment of the
army in the Peninsular campaigns of the Duke of Welling-
ton were procured upon a similar plan, but cost very dear
then and thereafter to the country.
Cotton had steadily advanced after the last dates received
there from England to the 19th November, whilst the prices
of bread stuffs had declined but the demand was still con-
siderable, and shipments were made and making for Europe.
Money was in demand, but not scarce. The banks were
lading cautiously, in view of the forthcoming operation of the
new treasury law for exacting coin in payment of duties on
imports. Exchange on England was ranging from 6to 61,
but there had been transactions at 51.
The cotton crop, it is observed in the New York Courier,
it was generally conceded, would not exceed 2,000,000 bales,
and mercantile operations were based on that estimate. New
Orleans were quoted 81 cents fur inferior, 91 ordinary, 101
middling, 104 lair, 111 good fair.
The correspondent of the Express at Rome, in allud-
ing to the improvement in the prices of the public debt of
the Popedom, suggsts, that if the It 'wish debt were intro-
duced on this stock exchange, it might rise still higher, even
to the prices of French Five per Cents. The French Beaks
are, however, little dealt in in this market, and not held in
large amounts in any quarter. It is sery possible, however,
that Roman stock might fare better, if once a market could
be established for it. The nobility and gentry of the Roman
communion in this country are known to be wealthy, and
they are numerous also. They might readily be disposed to
become holders of Roman bonds. There are, besides, a large
number of institutions and monastic establishments in the

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possession of very considerable hinds. It is well known that
the late Mr. Rothschild, in the loans of millions which he
contracted to supply to fcreign powers, reckoned eery greatly
for funds to assist in the fulfilment of his obligations upon
the Roman Catholic interest.

Money is becoming of rather more worth in the city. We
learn from a banker that he obtained as much as 5 per cent.
upon a loan. of 20,0001. for time, say •everal months forward.
There is bide question that money or accommodation will
shortly become more difficult.

ENGLISH FUND&
3 per Q. It'd. Arms., 931 4 1 Consols for amount, 931 1
Net, 31 per Q. Anna, 951 I Ex. 5i1t.,1,0001., lid., 8 10 7 9
Long Arms., 30 Yrs., Esp. 10th Ditto, 5001., 10 711
00t.1359, 9 11-16 I Ditto, tirosll, 11 9 3
India Bonds, tusder 10001., 20 le

FOREIGN FUNDS.
I per Cent. Grenada Bowls, 20 4 per Ct. Fortug. Ede. Met, S
Weer Ct- Mexican, 1446, 24 5 per Cent. Spank!. ',mire
Ditto Account, Jan. 14, 24 Donde, 511
4 per Ct. Fortuguene Bonds, 44 24 per et. Dutch Exc.l2ouil. 60i I

EXCHANGES AND STOCKS ABROAD.
13aessaL4, Dec. 30.—Loan of 1842, 101, money; ditto 1844, 961,
money; ditto, 1838, 951, bill.; ditto, 1838, 721, ; City loan, ISIS,
96, bills; Spanish Five per CenL liquidated, 20/, bills; Beak, 942;
ditto, Mete of 1941, 109, money. Eachange on London at eight,
23.424, bill..
New Yonn.—ln foreign hills of exchange the transactions have been
very limited, and in ooneequence of the full supply the ralseetill continue
low. Them has been antinely
106 ; Par,,anisvariation einee the Ist inn. We
.note bills on London, 106 to sf. 424 e. to sf. 411 e. ; Am.
g00d..,, 39.1 to 39 ; Himoburgh, to 351; Bremen, 771 to 79.