The Express.
London, England, 1853-11-28 00:00:00

MONEY MARKET.

SATURDAY EVENING.

This has been a diy of some excitement in the
Stock Exchange. The favourable Bank return, and
the absence of any fresh political news of an adverse
nature, led to further speculative buying at the open-
ing of the market, and the fonds maintained a further
advance of j per cent.—Consols touching 2
p.m. About this hour, however (which on Saturday
is the official closing hour) the funds fell suddenly
per cent. on extensive sales by some influential par-
ties, and finally closed per cent. lower than yester-
day, and 4 per cent. below the prices of the morning.
It was reported that a very heavy sale was effected
on acoount of the Bank of England, and it was also no-
ticed that the sales were chiefly for money,and by influ-
ential parties, who are usually peculiarly well in-
formed. A great variety of unfavourable rumours
were at the same time circulated, the most important
of which were to the effect that the Russians had
crossed the Danube, that parliament is to be imme-
diately summoned, and that a Russian loan is in
course of negotiation in this market. It is scarcely
necessary to remark that all these rumours must be
received with extreme caution, as reports of this
nature are invariably engendered on any violent
movement of the market. The report of the crossing
of the Danube by the Russians did not obtain credit
in quarters usually well informed. As we have
before pointed out, the market has one great
element of strength removed in the very
general closing of accounts by the late numerous
speculators for the fall, who have hitherto invariably
come in as buyers on any decline. At present it is
evident that this outstanding speculation for lower
prices is greatly diminished. Only a few weeks
back Consols were driven down, mainly by specula-
tive sales, to 90; ; the public, however, investing
largely on the fall, and stock being rendered very
scarce, the purchases of these speculators to cover
their accounts have exercised a marked effect, and
have carried the price up very steadily to 96. At
this range, in accordance with certain and easily ex-
plained laws, real stock has come more freely to
market ; and now, the outstanding speculation being I
placed more en an equilibrium, the market will pro-
bably be more sensitive to any adverse influence. On
the whole there was considerable excitement in the
market in the afternoon, and the tone at the close

was unsettled.
As regards the rumour of a Russian loan for
5,000,0001. sterling, a variety of statements were in
circulation, many parties of standing attaching im-
plicit credence to the report. So far, however, as the
London market is concerned, as the result of inqui-
ries in the best informed quarters, we believe there is
no foundation for the statement. That the pecuniary
resources of Russia are inadequate to the present
enormous calls upon them, and that the Czar is
greatly in want of money to meet his vast war ex-
penditure, is fully believed, and is in a measure
indicated by the withdrawal from the Bank of Eng-
land of the large sums hitherto standing in that
institution to credit of the Russian government. On
this subject we entered into some particulars in ourim-
pression of this morning, the whole of which we are
enabled to confirm.• Since the failure of the former
agent of the Russian government in London, the
funds of the Emperor have lain in the Bank of Rag-
land, subject to numerous periodical deductions to
meet the financial and other official expenditure of
the Czar in the various states of western Europe.
During the week now closing about 550,000/. to
600,000/. worth of gold has been withdrawn from
the Beak on Russian government account, and sent
abroad ; and the balance, which will raise the aggre-
gate sum to about 500,000/. sterling, will be des-
patched forthwith. It is somewhat remarkable that
this gold, instead of going to St. Petersburg by the
ordinary route tits Hamburg, is sent to Rotterdam,
These shipments seem to have encouraged the idea
of a loan being about to be raised in the London
market; but our explanation will show that the
operation in question merely comprises the with-
drawal of Russian funds previously lying here. Ia
the existing indisposition of English houses of emi-
nence to arrange a loan for Russia at the present
juncture, it is yet possible that some such financial
arrangement might be carried out through Messrs.
Hope of Amsterdam, in conjunction with the great
Russian court bankers, Messrs. Stieglitz and Co., of
St. Petersburg, with the hope of drawing a portion
of the subscriptions from the London market.
Consols opened firmly at 931 to 96, both for money
and the 6th December, which was ale, the quotation
current at the official close. Immediately afterwards
there was a sudden fall to 93 to 1, and at 3 o'clock
the price stood at 951 to Z. The latest quotation
was worse, there being sellers at 9.3. The official
business report includes :—Three per 4Cent. Consols,
for money, 96, 951; ditto, for account, 6th Dee.,
954, 96, 951. Three per Cent. Reduced, 941. Three-
and-a-Quarter per Cents., 961, South Sea New
Annuities, 1001. Bank Stock, 218.
Exchequer Bills remain quoted ss. to Bs. pm.,
and India Bonds ls. to 4s. prem.
The foreign stock market was very devoid of busi-
ness. Mexican was a shade better at one time, but
did not maintain the improvement. Buenos Ayrean
Bonds remain very firm. In Russian no business is
recorded, and the price doss not seem to have been
affected by the rumours of a loan for that state.
At 3 o'clock Mexican Bonds were quoted 25 to
ex div. Peruvian Four-and-a-Half per Cents., 71 to
73 ; ditto Three per Cent., 49 to 51; Granada De-
ferred, 7; to 8i; ditto, Active, 19 to 21. Sardi-
nian, 91 to 93. Spanish Deferred, 22 to 1 ; the Cer-
tificates, 51 to 51 per cent. Russian Five per Cents.,
111 to 113; ditto Four-and-a-Half per Cents., 97 to
99. Sales are marked as follows :—Belgian Four-
and-a-Half per Cents., 954 ex div. (exchange, 25f.)
Brazilian Four-and-a-Half per Cent., 1832, 961.
Buenos Ayres Six per Cents., 66. Chilian Six per
Cents., 102. Dani-h Three per Cents., 1825, 821.
Dutch Four per Cent. Certificates, 951. Granada
Deferred Bones, 8, 84. Mexican Three per Cents.,
25, 254 ex div. Peruvian Four-and-a-Half per
Cents., 714. Sardinian Five per Cent., 921.
Our record of the movement of the precious metals
this week embraces some very considerable sums,
and is invested with considerable interest at the pre-
sent juncture. The imports have not been large, as,
although specie continues to Row freely to this coun-
try from the United States, there aro still no large
supplies of Australian gold. Our list of arrivals in-
cludes the following sums, viz.:-471,097 dols. in
gold and 24,000 dols. is silver (besides 198,241 dols.
for Havre), by the Humboldt, 104,000 dols. by the
Niagara, and 401,358 dols. by the Arctic, all from
New York; 130,000 doffs. by the City of Manchester,
from Philadelphia; 6,:;20 ounces of gold by the
Surge, and 2,335 ounces by the Childe Harold,
both from Sydney ; 10,10 S ounces of gold
by the Port Wallace, from Geelong; 2001.
in specie by the City of London, from Gibral-
tar; and 44 casks of saver coin, valued at about
50,0001., by the Scandinavian, arrived at Hull from
Gothenburg. The total value of these imports may
be stated at about 35,0001. sterling, of which about
226,0001. was from the United States, and 75,1100/.
from Australia. The Rattler has also brought in one
box of bullion from Oporto; the Diana 9 boxes of
silver coin, from Amsterdam ; and the Jupiter 13
kegs of bullion, probably silver, from Gothenburg.
The value of these arrivals is not stated : they in-
dicate, however, that silver is still being collected in
various parts of the continent, and sent to this
country to meet the demand for silver for India and
China. Whether the demand for the cast will con-
tinue remains to be seen.
On the other hand, the exports of the precious
metals have been extraordinarily heavy. The Cus-
tom-house statement of the shipments of the precious
metals direct from London during the week end-
ing Thursday last, includes no less than 116,909
ounces and 3,9001. in gold, and 61,226 ounces of sil-
ver, representing an aggregate value of about
473,0001. sterling. The account in detail is as fol-