The Express.
London, England, 1853-04-11 00:00:00

absence of any rally in the exchanges still causes
small parcels of gold to be despatched to the Con-
tinent. _ _ .

MONEY MARKET.

SATVRDAT Evzicio.

As some degree of uncertainty still attaches to the
details of the sovernment financial measure, the
funds opened this morning with a slightly Hatter
appearance. A purchase of 100,0001. Consols at
1001 for May subsequently strengthened the market,
but the effect of this operation was to soma extent
counteracted by sales of money stock for Tuesday.
On the whole, the tone of the market is good, the
general tendency of the government measure being I
calculated to have a very favourable effect upon
prices. It does not appear, however, that the hos-
tility expressed to some particular points of Mr.l
Gladstone 'a scheme is at all modified by the ex-
planations and concessions whieh he has al-
ready made. By withdrawing from his first
proposition, and limiting to 30 millions the!
amount of the new Two-and-a-Half per Cent. Stock
to be issued at 1101. per cent., the Chancellor has
virtually acknowledged the inexpediency and impro-
vidence of this portion of his plan, and it is asked in
City circles, why should an objectionable principle be
applied to a small sum any more than to a large
one? There is an impression that Mr. Gladstone is
not conscious of the great power which he wields in
the present position of the market. He will find
that, he can readily float a Two-and-e-Half per amt.
security guaranteed for a period of 40 years without
incurring the slightest risk, and leaving stockholders
the fall enjoyment of the voluntary principle. By
affording the option of three new classes of securities,
one of which—i.e., the Two and-a-Half per Cent.,
Stock, issued at 1101.—is intrinsically more valuable
than the others, the Chancellor incurs the serious
danger of causing his other new securities to be
neglected, as of course parties who decide to convert
will accept this the most favourable proposition, and
the one which, consequently, holds out least benefit
to the nation.
Consols ranged between 1001 and 1001, and finally
closed 1001 to 4, both for money and the 13th. The
official business list includes :—Three per Cent. Goo-
gols, for money, 1001,4, 1, ; ditto for account,lool,
4. Three per Cent. Reduce, 991, 4 100. Three-
and-a-Quarter per Cents., 1031 t /. Long Annuities,
6
1860, 6; ditto 30 years, 1860, 3-16. Bank Stock,
225.
It will be noticed that the advance in the Three-
and-a-Quarter per Cents. is well maintained, the
closing price to-day being 1031 to 3. This stock is
relatively dearer than Consols, but as the issue of
the new Two-and-a-Half per Cent. Stock is to be
limited to thirty millions, the Three-and-a-Quarter
per Cents. are likely to remain a favourite investment ,
for trust accounts. Subjoined is one of the calcula-
tions current in the market as to the relative value
of the Three-and-a-Quarter per Cents. and Consols,
the latter converted into the new Two-and-a-Half
per Cent, stock:
Present price of Consols lOOl
111 NewThree-and-a-Quarter per Cents lO3l
The produce of 1001. Consols would therefore purchase
97/.101.61. New Three•end-a-Querters.
This amount of stock, at 3 per cent., its
rate after Oct., 1854, yields . £2 18 6 per anr
1001. Consols, converted to 1101. Two-
antl-a-liali pet Cent., yields
In favour of New Thres-anA--

0 3 6 per an

In addition there are still three half-yearly divi-
dends payable on new Three-and-a-Quarters,
equal together to is. 6d. more than the correspond-
ing dividends of a Three per Cent. stock :
3s. 61. per annum re-invested at 21 per cent
fur 21 pars £4 15 1
74. Gil. (the excess of interest above) re-invested
in October, 1E154, at 21 per cent. 0 12 3

£6 7 4

Si. 6d. per annum re-Invested at 3 per cent
for 21 year{ £5 0 4
7s. 6a. is before

£6 13 10

So that in 1874 the holder of new Three-and-a- ;
Quarters would have at least 1051. 7s. 4d. of a Three I ;
• -
per Cent, *tack, subject to ireniedeq9 ieaemption,
while the holder of Consols (taking the Two-and-a- 4
Half per Cent. in exchange) would have 1101. of a ,
Two-and-a-Half per Cent. stock with a guarantee for
20 years further. Parties looking to an immediate
investment, without reference to the contingency of 4
a further reduction of the Three-and-a-Quarter per 1
Cents. in 1874, would of course prefer to invest in
the lest-named stock.
The market for Exchequer Bills was very un-
favourably affected this morning. The March bills 1
were offered at par, and the June were quoted as.
die. to ss. prem. ; but a purchase on bankers' account
of 50,0001. of the latter issue at ss. prem. gave sup-
port to the -market, which remained better to the
close, and left off par to Bs. prem. The March bills,
however, remain fiat, being quite without demand.
In fact, this last-named issue is virtually only nego-
tiable et a discount, but is kept up from the idea of
government investing at a discount. India Bonds
were done at 415., 475., and 488. prem.
In the foreign bond market business was very re-
stricted, and the change in prices small. Turkish
scrip was again better, closing sk to 31 prem.
Mexican closed firm at 271 to 28. Spanish Deferred
Threes closed 241 to 26 ; Grenadian Active, 23/ to
24; and Peruvian Four-and-a-Half per Cent. scrip,
4to 41 prem. The list of sales is annexed t—Bel-
gian Four-and-a-Half per Cent. Bonds, 100 (Ex-
chang, 250. Brazilian Five per Cent. Bonds (Rothe-
child's), 1001; ditto Five per Cent., 1829 and 1839,
1021. Buenos Ayres Six per Cents., 60. Danish
Five per Cents., 106. Dutch Two-and.a-Half per
Cents., 66 ; ditto, Four per Cents. Certifs., 97 ex
div. Mexican Three per Cents., 28 ; ditto, for account,
15th April, 28, 271. Peruvian Deferred Three per
Cents., • 64. Portuguese Four per Cents., .41, 401.
Russian Five per Cents., 118/. The Spanish Com-
mittee's Certificates, 8:, 8/ per cent. Swedish Loan,
11 dis. Turkish Six per (yenta. Scrip, 21, 311 prem.
An important official advertisement relative to the
repayment of the Turkish Loan will be found in
another page.
The imports of the precious metals this week in-
clude the undermentioned sums, viz., by the Great
Britain, from Australia, 135,000 ounces of gold on
freight, besides a further sum, estimated at 50,0001.,
in the hands of passengers ; by the Indus, Penin-
sular and Oriental steamer, 3 boxes gold dust, and
by the Blackfriar, which is this afternoon reported as
having come in from Sydney, with dates of the Bth
December, 35,244 ounces of gold. The Hermann has
also arrived at Cowes from New York, with 17,000

das.,.."l;iiithiTintm is for Havre. The total imiorts
of the week may be stated at 732,0001.

The Customhouse statement of tho shipments of
the precious metals direct from London during the
week ending Thursday last, is as follows :—Gold
coin : For Sydney, 20,0001.; for Belgium, 6,300 oz.:
for Hamburg, 1,000 oz. Gold bars: For Boulogne,
15,000 oz. Silver coin: For Boulogne, 960 oz.
Silver bars: For Boulogno, 1,040 oz.; for Dunkirk,
8,000 oz. This gives a total of 22,300 oz. and
20,0001. in gold, and 10,000 oz. of silver, representing
an aggregate value of about 108,000/.
We also hear of the

shipments,

viz. :—By the Clontarf, 141,0001., sad by the Plan-
tagenet 98,0001., both for Sydney; by the Helen
Lindsay, 16,000/., and by the Undaunted 11,0101.,
both for Port Phillip; by the W. Stuart, for Ade-
laide, 10,0001.; by the Druid, for Hobart Town,
21,250/. : making a total of 297,2601. in coin for
Australia alone. By the Orinoco, for the West
Indies, 9,9651. ; and by the Tagus, 18,4601.,
of which 13,4601. was for Lisbon, and the rest for
Gibraltar. The total shipments from the kingdom
for the week are thus raised, according to our state-
ment, to nearly 434,0001., and the balance in favour
of imports would consequently appear to be about
300,0001. For almost the entire of our supplies of
gold we are now dependent on Australis, which is
deeply in our debt, and can only pay in the precious
metal. From the United States wo have received
none of the Californian gold for a considerable period.
On the other hand, the shipments of coin to Aus-
tralia appear to have been actively resumed, and the

--Weunderstand the promoters of the projected ship
canal across the Isthmus of Darien aro greatly en-
couraged by the success of their embassy to France.
Not only will the official support of the French go-
vernment be freely accorded to the project, but we
believe the Emperor has also given the positive as-
surance of more material aid.

Australian Agricultural shares were very heavy
to-day, closing 95 to 98. British American Land left
off 71 to 73 ; South Australian Land, 51 to ; and

Van Dieman'a Land, 211 t 022. Australl'an Bank'siiares

wens generally flat, especially Union and South
Australian. Oriental Bank were also weaker.

Shares of the Bank of British North America have
been done at 60 ; Commercial Bank of London, 32,

; Crystal Palace (51. paid), 61; General Screw
Steam Shipping (121. paid), 11, 111; Royal Mail
Steam, ifq. The shares of the Grand Central of
France Railway have been done at 3 prem. Berlin
Water Works are quoted ; to 1 prem.
Annexed are the latest quotations of foreign
stocks, as received by Mr. Reuter's telegraphic ex-
press :—Amsterdam, Friday : I)utch Four per Cents.,
961 • ditto Two-and-a-Half per Cents., 65. Spanish
Deferred Three per Cents., 241; ditto Three per
Cent. foreign, 471; the Coupons, 81. Granada De-
ferred, 11a. Mexican New, 271. Portuguese New,
391. Austrian Five per Cent. Metallics, 81 13-16.
Madrid, Tuesday : Spanish Home Three per Cents.
43 a ; ditto Deferred, 24 9-16 ; ditto Passive, 51;
the Coupons, 41. Vienna, Saturday (this day): Five
per Cent. Afetallics, 94 5-16; and Exchange on)Lon-
don, 10.50.
The total receipts of railway traffic on all the lines
in the kingdom for the last week are thus stated by
Herapatlt's Journal:
Total No. of Average receipt
receipts. miles open. per mile.
1853.... .£290,936 6,663 £43 13 0
1832.... 258,465 6,385 40 9 0
1851.... 246,373.. 6,347 39 0 0

In these returns allowance must be made for the
Faster traffic. Easter fell more than a fortnight
later last year.
The prospectus was to-day issued of the North
of Spain Railway, which is to run from Madrid to
Bayonne, connecting immediately.L'Escurial, Avila,
Valladolid, Palencia, Burgos, Briviesca, Miranda, Vi-
toria, Bilbos, Tolosa, St. Sebastian, and bun, besides
Joining on with several other lines of railway of high
importance. The capital consists of 29,925,000
piastres, divided into 315,000 shares of 95 piastres
or 201. each, of which one-fifth has been subscribed
in Spain, two-fifths in France, and two-fifths remain
for appropriation in England. On a maximum capital
of 30 millions of piastres the Spanish government
guarantees to the company a minimum interest of 6
per cent, besides 1 per cent. as a sinking fund. The
responsibility of this guarantee is shared with the
government by the provinces and communes tra-
versed by and in the vicinity of the line. The con-
cession of the Spanish portion of the line, 406 miles
in length, has already been obtained, for a
term of 99 years, and the caution money, amounting
Ito 157,0001., has been paid in. For the section from
Bayonne to the Spanish frontier, a distance of 21
miles, the company is in treaty with the government
of France. Contracts have already been entered into,
and security takes, for the construction of the entire
line, and for rolling stock, plant, &c., at a price
within the guaranteed capital, the contractor further
undertaking to pay 5 per centinterestduring construe-
tion. Thepromotersdrawattention to the success which
has attended the operations of other Spanish rail-
ways, and put forward very favourable statements of
the probable revenue of the line, irrespective of the
brassard traffic naturally to be looked for, when the
ressurese of the rich northern provinces of Spain
Isbell have become developed. The board of manage-
ment is to consist of seven Spanish, four French,
and three English directors, the whole presided
over by the Duke de Rianattres,
band of Queen Christina. In drawing atten-
tion to this great undertaking, it may be useful
to mention that its success, so far as this market is
concerned, must be dependent on the Spanish go-
vernment's making some satisfactory provision for
the holders of the half of the overdue coupons left un-
funded at the last conversion. As shown in the case
of the Ebro Canal Company, the committee of the
Stock Exchange have refused to allow the official
quotation of the stock of any undertaking enjoying a
guarantee from Spain unless that government meets
in a spirit of justice the demands previously preferred
by its foreign creditors; and there is no reason to
suppose that the committee will swerve from their
straightforward course.
The Arica and Tacna Railway is also on the
market, proposing to raise a capital of 500,0001. in
201. shams, of which one-half are already appropri-
ated. The line in question, which will be forty miles
in length, will connect the port of Arica with the
city of Tacna, and is authorised by a special decree of
the government of Peru. the concession extending
over a term of 99 years. The government guarantees
a net divisible sum of 130,000 dole. per annum
(equal to rather more than 5; per cent. per annum
upon the stipulated outlay of 450,0001.) for 25 years
from the opening of the line—such guarantee, how-
ever, to cease whenever the dividend earned by the
line and paid to the shareholders shall exceed that
rate. A contract has been made, with satisfactory
guarantees, for the completion of the line within the
last-named sum, including interest at the rate of five
per cent. on all calls until it shall be opened. The
engineer is Mr. W. W. Evans, who has lately com-
pleted the railway from Caldera to Co-
piapo, in Chili—a line stated to be now
earning above fifteen per cent. per annum. The line
is exempted from all taxes or contributions. His
Excellency General Mendiburu, Minister of Finance
in Peru, and plenipotentiary from that republic to
Great Britain, is honorary director of the company.
Another new undertaking is the Oriental Gas
Company, with a capital of 50,0001. only, in shares of
11. each. The object of this association is the intro-
dnction of gas into India, and our other eastern de-
pendencies, commencing with Calcutta, Madras, and
Bombay. The estimates of the projectors show a
very considerable rato of profit, more especially at
Calcutta, where an act has recently been passed
obliging every house valued at a monthly rental of
seventy rupees to maintain a light during
the whole night. The estimates on which
the profit is calculated are made on the working of
coal imported from England, but the company fur-
ther propose to avail themselves of the coal mines of
pßardwan, through which the East Indian railway
will pass. I I Boards of Management are to be
formed at each presidency, and application is to be
made to the Indian government for a local charter of
incorporation. In the event of adequate support not
being obtained, the capital is to be returned, less the
preliminary expenses, which the directors pledge
themselves shall not under any circumstances exceed
half-a-crown per share.

THIS DAY.—Two o'CLocK.

The English stock market opened at Saturday's
rates, but has since become a shade flatter, except for
the Three-and-a-Quarter per Cents., which are rather
better. Consols have ruled during the greater part
of the morning at 100: to 1 for money and Wednes-
day, but are now quoted 1001 to 5 for cash, and 1001
for the account. The Three per Cent. Reduced mark
991 to 100; the Three-and-a-Quarter per Cents.,
1031 to 4 ; Long Annuities, 1860, 61; Bank Stock,
2241 to 2251; South Sea Stock, 1121: ditto Old
Annuities, 981; Exchequer Bills, June, 2s. to 7s.
prem.; ditto March, par to 53. prem.
The foreign stock market exhibits little movemeat
except in Spanish Bonds, which have receded con-
siderablT. The Certificates, especially, have suffered,
transactions being last marked at 61 and 7 per cent.
The Old Threes mark 48: ; ditto Deferred, 243 to Z ;
Swedish Loan, dia. ; Turkish scrip, 34 prem.;
Portuguese Fours, 401; ditto Fives, 421 to 43; Peru-
vian Four-and-a-Half per Cent. Bonds, 881 to 89 ;
ditto Scrip, 4 to 41 prem.; Equador, 6; Danish
Fives, 103.