The Express.
London, England, 1853-09-22 00:00:00

MONEY MARKET.

WEDNESDAY EVENING.
The funds have experienced a fall of per cent.
to-day, the aspect of politics being very unfavourably
regarded, irrespective of the other adverse influences
at present in operation on the money and stock mar-
kets. The positive statements received by telegraph
from the continent, of the proposed withdrawal of
Austria from the united policy of the western powers
on the Itu-so.Tinkish question, produced a feeling. of
grave anxiety, which was subsequently increased by
the publication of the manifesto of the Porte, and of
another official despatch from Count Nesselrode, each
of which documents asserts, in terms, the impossi-
bility of either party giving way, and a determination
to maintain tLe present armed and hostile attitude.
Had it not been for intelligence that the Paris
Bourse of to-day maintained a steady appearance,
prices would prthably have gone lower.
_

Consols opened 931 to 1 for money, and 951 to
/ for the account, but soon declined, on some consi-
derable sales, to 93 to k for time. A purchase of
money stock for Tuesday subsequently gave more
firmness to the market, and at the official close the
price was 95 to I- for cash, and 931 to 1 for the 13th
October. Towards four o'clock, -however, renewed
weakness was apparent, and the final quotation was
95 to for time. The tone may be said to have been
heavy throughout the day. Money was in rather
more demand in the Consol market, and worth 3 per
cent. The official business list is as follows :—Three
per Cent. Consols, for money, 95, !, 941,, 95, ; ditto
for account, 13th October, 931, 1,95,1. India Stock,
251. South Sea Stock, 1141.
Exchequer Bills closed is. to 3s. dis., but some
sellers could only realise Si. dis. India Bonds were
quoted par to 3s. prem.
The foreign stock market was heavy in character,
especially in the afternoon, and generally closed
lower. Russian, Spanish, Mexican, Sardinian, and
Peruvian were all offered. At 4 o'clock Mexican
Bonds were quoted 241 to 25,1 ; Spanish Deferred,
22; to 1 ; the Committee's Certificates, 51 to /
per cent.; Peruvian Four-and-a-Half per Cents.,
74 to 76. Bargains are thus recorded :—Buenos
Ayres Six per Cent. Bonds, 631. Dutch Two-and-
a-Half per Cents., tit; ditto Four per Cent. Certifi-
cates, 971, 1. Granada Deterred Bonds, 9. Mexi-
can Three per Ceuta., 25.1, 244, 25. Peruvian
Four-and-a-Half per Cent. Bonds, 78, 74. Portu-
guese Four per Cents., 44. Russian Four-and-a-
Half per Cents., 100, 991. Sardinian Five per
Cents., 931, 93, 94, 92% Spanish Old Three per
Cents., for account, 39th September, 46/, 1,1; ditto
New Deferred Three per Cents., for account, 221,
1; the Committee's Certificates, 51 per cunt.
The money market presented no new feature of
importance to-day. Considerable sums of money
have been placed for employment in the hands of the
discount houses at the higher rates now allow ed "ou
call," but there is no disposition to discount below the
Bank of England minimnm, the demand continuing
active. Many parties still look with apprehension
to the movements of the Bank of England. We
understand that largo numbers of bills of particular
classes have been sent for discount to Amsterdam and
Paris, where the rates rule lower than in this market.

The sale has been effected, at the prices last re-
ported, of further amounts of the silver now awaiting
disposal in this market. Large amounts of this
metal, however, still remain unsold. The demand is
still for India and China. In the last-named country
the price of dollars, as advised by the Overland Mail,
has risen to an extraordinary height, in consequence
of the demand for coin caused by the rebellion; and
a large profit is shown on the transmission of that
coin from this side.

In Mark-lane to-day the supply of English corn
was small, and that of foreign moderate. The trade
ruled quiet, but very firm, at Monday's rates. Se-
veral sales of floating cargoes were reported, includ-
ing Taganrog wheat at 595. ; Marianople, 625.;
Ismael Indian corn, 375. • all on passage, and freight
and insurance included. The leading provincial
markets held yesterday report a further advance in
wheat ; at Liverpool, of 6d. per 701ba. ; at Hull and
Leeds, 3s. to 4s. per qr. ; and at Ipswich, is. Ac-
cording to the latest accounts from France, wheat
has again advanced in most markets 3s. to 4s. per
qr.; and flour at Paris has risen to 90 fr. per 157
beet., equal to 68s. 6d. per 2801bs.
Tallow again rose Is. per cwt. to day, on the un-
favourable news respecting the Russo-Turkish ques-
tion. The closing price of Russian was 55a. for au-
tumn, and 565. for spring delivery.
An analysis of the half-yearly accounts recently
issued by the Eastern Counties Railway Company
shows some interesting results. The statement of
revenue received during the half-year ending the 4th
July, 1853, is as follows, viz.:—From the Eastern
Counties line proper : passengers, parcels, mails, &c.
181,2731., against 169,243/. in the corresponding half
of 1852 ; goods and catt1e,167,906 P., against 154,8001. ;
sundries, 8,8021., against 10,1381. The revenue from
the Norfolk Railway Company was :—For passen-
gers, parcels, mails, &c., 28,2041., against 25,1911. in
the same half of 1852 ; goods and cattle, 31,633/.,
against 27,3801.; sundries, 4,7711., against 4,1231.
This makes the tot•il revenue of the half year (includ-
ing the Norfolk line), 425,3961., against 391,1731. in
. _

the hall'-year ending the 4th July, 1852. The dis-
bursements of the half-year were :—For loco-
motive expenses, 61,8451., against 62,4604 last year;
maintenance of way, 19,1331., against 17,9221. ;
other working expenses, 80,3631. against 81,9321.;
taxation, 19.1871. against 15,331/., As regards the
actual working expenses, wo have here a total of
180,332/., against 17,,6161. last year. The New-
market charges have also been 2,5004, against the
same last year; the Shepreth line, 8,1001., against
4,200!. ; and other Preference charges, 151,7691.
against 153,5971. The total disbursements ate thus
343,2211. against 337,943/. in 18,52 ; and the nett
profit earned fur dividend is consequently 82,3751.
against 33,2321. in the corresponding half of 1832.
Adding the surplus from previous accounts, the sum
applicable to dividend becomes 86,7501., against
73,007/. last year. The dividend of as. per 20/.
share in 1853 ab.orbs 83,4111., whilst that of 4s. in
1832 took 68,2701. The surplus standing to credit
of the I:ompany on the 4th July, 1833, after payment
of the dividend, is thus 1,3391., against 4,7371. of
surplus on the 4th July, 1832.
A sumteary of the above figures shows the follow-
ing sums in farour of 1833, as compared with 1832,
viz.:—lncrease in passenger receipts of the Eastern
Counties, 13,030/.; increase in ditto of the Norfolk,
3,0131. ; increase in goods receipts of the Eastern
Counties, 13,106/.; increase in ditto of the Norfolk,
4,253/. ; increase iu sundry receipts of the Norfolk,
3181. ; decrease in locomotive expenses, 6154 ; de-
crease in sundry corking expenses, 1,5(;71.; de-
crease in sundry preferential charges, 1,4081. On
the other hand, the sums sgainst 1853, as con-
trasted with 1832, may be thus stated :
Decrease in sundry receipts of the &stern
Countie., 1,32 .; increase in maintenance of way,
1,_'131. ; leer se in taxation, 3.850/. ; increase
in payment to Shepreth line, 4,2001. The actual

increase in profit earned by the working of the line
is thus 31,534/., and the increase in profit applicable
for dividend is 29,142/., after making allowance for
the increase in preferential charges. This increased
net profit of 29,142/. is thus disposed of, viz., the ad-
ditional dividend of Is. per 201. paid, 17,1411.; leas
taken from the reserve fund than last year, 12,001/.;
total, 29,142/. It will be observed that, although an
increased dividend of Is. only is declared, the actual
increase of profit applicable to dividend is equal to
an increased dividend of nearly 16.9 d. per 20/. share.
A dividend of Is. 9d. would absorb 29,893/.
To make our conclusions more clear, we proceed to
the following recapitulation, viz., let, an increase
in gross revenue during the half-year end-
ing the 4th of July, 1853, over that of
1832, of 34,4211., of which increase 26,807/., was
earned by the Eastern Counties proper, and the rest
by the Norfolk Company; 2ndly, an increase in the
working expenses of 2,8861., or equal to only 8.40 per
cent. of the increased receipt; 3rdly, an increase in
prcfit earned of 31,a33/., or no less than 91.60 per
cent, of the increased receipt; 4thly, an increased
preferential charge of 2,393 z.; 3thly, an additional
dirisilde profit of 29,142/., equal to a dividend of
Is. 9d. per 201. share. Thus of the increased revenue
receipt the proportion of net profit is larger than in
any other instance among the half yearly railway
accounts we have recently reviewed. It will be re-
collected that the next line in the order of favourable
mention is the Lancashire and Yorkshire. and, after
that, the London and South Western. In all other
cases the increased traffic reecipt las been warty
absorbed in additional expenses.
The number of miles worked by the Eastern
Counties Company this year is 434 b and in 1832,
3411 ; showing an increase of 89; miles. The num-
ber of train miles run was 1,623,271, and in 1832,
1,473,110; showing an increase of 152,164 train
miles. Cousiderhig these two facts, the large addi-
tional profit becomes very remarkable. The capital
expended in the half-year was 68,891/., of which
23,1311. was applied to the formation of new lines,
and 19,4591. to the purchase of new rolling stock.
The remainder, or 24,2821., was expended iu land,
new stations, sidings, &e. These items therefore
also contrast very favourably with the half-year's
capital charges in the accounts of other railway
companies. The increase in the debenture debt
during the half-year was 118,4821. This, and the
further requirements of capital wherewith
to complete new lines, argue strongly in
favour of an augmented preferential charge
for the future. It may also be observed that, from
the report of the locomotive superintendent, it would
appear that no further saving may be expected in
that department. These two last-mentioned facts
run counter to the favourable impression otherwise
produced by the accounts of this company, and must
he borne in mind in calculating its future dividends.
Annexed arc the latest reports from continental
bourses, as received by Mr. Neuter's express
Amsterdam, Tuesday, closing prices :—Dutch Four
per Cents., 94 7-16; ditto Two-and-a-Half per Cents.,
62;; Spanish Defer. ed Three per Cents., 22 7-16.
the Coupons, Cu;,l Austrian Five per Cent. Meta.
lies, 81 3-16; Mexican New, 24 11-16; Granada
Deferred, 9 7-16 ; Portuguese New, 394; Granada
Active, 211; Peruvian New, 77; Greek (blue), 6;
Equador, 4L. Paris : Closing prices this day : Three
per Cent. "itentcs, 77 ; ditto Four-and-a-Half per
Cents., 102 ; Bank Shares, 2,813.

THIS DAY.—Two
The Sock Exchange is heavy throughout, on the
threatening aspeot of politics. Although, however,
the funds are very flat, the further decline in prices
is not considerable. Consols opened 94.1 for time,
and, after being sold at 944 for cash, are now quoted
941 to for money, and 94'4 to 95 for the 13th Oct.
Exchequer Bills mark Bs. to 3s. die., and India
Bonds, 2e. dis. to as. prem.
Foreign stocks generally show a downward ten-
dency, but sales are not pressed, and business alto-
gether is extremely restricted. The sales are limited
to Mexican at 21 ; Spanish Deferred, 221 ; Sardinian,
921; Equador, 41 to ; and Brazilian Four-and-a-
Half per Cents., at 971 to 98.

COMMERCIAL AND MARKETS.

MINCING-LANE.—TIIIS DAY.
St'OAlL.—The public salve of 630 hhds. Cuba and 500
hhds. Porto Rico went off heavily ; about half sold at yes-
terday's prices. The refined market dull ; grocery lumps,
455. 6d. to 475. Gd.

Correa.—The small public sales of Jamaica and planta-
tion Ceylon went off without spirit; the greater part
bought in.
TEA.—A large amnunt of business was done yesterday,
chiefly in middling to fine congou. To-day the market
is firm at yesterday's prices.
Snots remain steady. No public sales to-dsy.
COTTON continues out of demand.
In other articles no material alteration.

TALLOW MARKET.-THIS DAY.
The market is still excited by the pulttical news from the
east of Europe, and prices aro rapidly advancing. Town
tallow is now quoted etc nett cash; Petersburg Y.C. on the
spot, 565.; Oct. to Dec., 555. 6d.; Jan. to March, 565. 51.

SMITHFIELD HAY MARKET.—THIS DAY.
Mr. E. J. Davis reports a dull trade. Prime meadow
hay, 90s. to 1051. ; interior, 30s. to 80s. ; Rowen, 40s. to
555. ; clever, SOs. to 12^s. ; second cut, 755. to 110 s. ;
str►w, 325. to 361.

BY ELECTRIC TELEGRAPH.
LIVERPOOL, THVIISDAT, 10-30 A.Y.
Wind W.S.W., moderate, and dull.
Arrived.—Liberia, from St. John's, New Bruns-
wick.