The Express.
London, England, 1847-10-09 00:00:00

MONEY MARKET.

FRIDAY ETINING.
The Hamburg steamer to-day brings advice of
failures in that city and other parts of Germany.
With one exception they are of inferior consideration,
and that exception is the house of Wittenstein, of
Barmen, extensive cotton spinners, whose liabilities
are reported at 100,0001. According to report this
casualty trims out of the inability of !Messrs.
Cockenll and Co., the East India House of this city,
to meet their engagements. Messrs. Wittenstein, it
is stated, were extensively engaged in the dying and
preparation of Turkey red yarn, of which Meisrs.
Cockerill were either large buyers or consignees
against acceptances for their dependent houses or cor-
respondents in India. It is somewhat remarkable that
a German cotton spinnery should be able to compete
in the Indian market with yarns of the same descrip-
tion from Lancashire. The only Hamburg failure
reported of the least importance is that of a firm
named Muller and Co., for about 300,000 mares benco,
or say some 30,000/. This is doubtless the concern
referred to yesterday, the liabilities of which were
mistakenly reported at 300,0001.
From the manufacturing districts the reports come
unfavourable, but assnredlynot to the extent to which
they have been exaggerated in some quarters.
A gloom hung over the stock market to-day, the
particular causes of which could not be exactly de-
termined, and were variously interpreted. The un-
favourable returns of the forthcoming quarterly ac-
count of revenue were the topic of alarm in some
circles; in others the discouraging state of affairs in
the manufacturing districts ; whilst it was elsewhere
urged, with some assurance of foreknowledge, that
gold was still flowing out of the Bank. As will be
seen hereafter the latter fortuitous assumption, or
foreknown conclusion, was substantially correct. Con-
sols opened at 84". for money and 841 for the account,
but they had gradually drooped to, and left off at, 831,
to 41 for money, and for account to 84 to 1, at the
close of business. Subsequently at extra business
time they were called 831 to for account. For the!
November account the quotations were higher.
Some large sale operations by brokers, supposed to act
for parties of standing out of doors, made a discour-
aging impression on the market. Exchequer Bills,
strangely enough, in the face of this depression in
funded values, advanced to 10s. to cis. discount, which
may be attributed to the carrying over a large pro-
portion of loans upon them, now due, to the 14th, by
the Bank. India Bonds; were 20s. to his. discount.
Altogether, without any positive or apparent cause,
the stock market presented a far more desponding.
appearance than would seem to be justified, even on
the assumption that all the grounds of discouragement
assigned were substantially founded in fact, and of
the importance in some respects too lightly assumed.
A failing one quarter's revenue, supposing such toresult,
could be of no serious import, for the default, which
happens occasionally, could not fail to be made up in
another quarter by calling up arrears. The slightest
renovation of confidence might, and ton great extent
would, restore a more healthy state of affairs in the
country. The continued egress of gold from the Bank
would be a matter of no consequence but for the mis-
chievous restrictions of the Bank Charter Act. As it
is, this is and must be always the really disturbing
cause and confusion of all values. For upon this
point hinges that banking reserve upon the amount of
which the industrial interests have to depend fur
assistance, the currency for due amplification, and the
Bank itself for safety.
Some speculation ensued in Mexican Bonds upon
the receipt of intelligence from Mexico, by the
'reviot steam-packet, of a remittance for the dividends,
to the astonishment of all parties. The particulars of
the matter will best be understood from the following
circular of the Spanish American committee, which
they have been kind enough to pass to ua:—
The committee of Spanish Ansencan bondholders have received the
following from their agents In aft also, under date 29th Au tat t—
" with reference to our respects of :AA p 10.4 we have the honour
to inform you that we hareremitted to Mews. John Schneider and
Co., as agents for the Mexican bondholders, 5C,9301. 2a. 6d., to be ap-
propriated to the payment of the dividends, of winch be pleases' to
take note. As regards the permits for the importath nof raw cotton,
which we mentioned in our Lost, we now hew leave to inform you that
we tam received such permits, for the Introduction of 110,726 quintals
of cotton, representing, at the rate of 6 dol. 8 c. per quota', a capital
•f 679,911 duds. In duties. We shall be happy to TOXIC° your instrue-
uons regarding disposal of these licenses, though we should consider
It the interest of the bondholders to sell any part of them for which
we might meet with purchasers at the price at which they have
been granted by the government. The proceeds dale aforewild per-
mit. will be applicable to the reimbursement of certain sums, the
property of the bondholders, and mirth had been abstracted from the
custom
rll-houses of Cruz and Tampico, by order of the Mexican
wathn.•_

Upon the knowledge of this document Mexican
bonds advanced to 191, and left off at 181 to 19(.
Brazilian were 75 to 7. Spanish Fivee were called
18 to 18; the Threes, 27 to 8, the latter having
declined, whilst the former were better, on the un-
expected intelligence of Narvaez having been ap-
pointed Prime Minister of Spain. Portuguese were
21 to 3. Russian, 104 to O. Dutch Two-and-a-Half