The Express.
London, England, 1848-02-29 00:00:00

MONEY MARKET.

MONDAY EYINING.
This has again been a day of extraordinary agita-
tion
in the City and the stock market Four editions
of the Daily News before three o'clock to-day, have
administered to the utmost extent possible to the
public anxiety for the latest and the fullest informa-
tion from Paris and France. A variety of all sorts
of reports of an improbable or unauthenticated descrip-
tion have likewise been in circulation, or promulgated
by the press. The Tinges, in a third edition, pub-
lished the extraordinary news, as ie crived by express
from Portsmouth, where Laid to he received by " a
telegraphic despatch (which) came down this morn-
ing " (from London of course), that " France had
declared war with Austria, and sent off 80,000 sol-
diers." The news created some sensation at first, as
passing from hand to hand, but by those by whom it
came to be read the misapprehension of the first im-
pression, arising from the confusion of terms and
place, was readily corrected.
In the early part of the morning a perfect anarchy
reigned on the Stock Exchange, and the prices of
public securities were called so much at random that
scarcely any two persons agreed in the same quota-
tions. Consols, however, may be said to have ranged,
between the commencement and the close of business,
from 814 to 83, and were marked on leaving off at the
usual hour at 81 to 1 fur money, and 811 to 11 for ac-
count. After the regular hour prices went still lower,
and Consols were done at 80, and called sellers at
that rate. Reduced Threes, at the official closing
time were marked 81 to 1. Three-and-a-Quarter per
Cents., 82 to I. The further fall of Consols after
business hours would of course reduce the values of
the Three and Three-and-a-Quarter per Cents. Ex-
chequer Bills, advertised for Nlarch were quoted from
ss. to 10s. premium ; the June, 10s. to 15s. Bank
Stock, 191 to 3. India Stock, 230 to 5.
Some few bargains were effected in foreign securi-
ties at considerably reduced rates. I)utch Two-and-
a-Half per Cents. descended to, and were widely
quoted at, 45 to 9 ; the Fours, 73 to 6. Spanish
Fives were called 15 to 17 ; the Threes, 27 to 9.
Portuguese, 18 to 20. In Russian a forced sale was I
made at 100. Brazilian, 75 to 7. Mexican,lB to 18.
A report of the directors of the Exchange Bank of
Scotland, embracing a review of its operations for the
last year, appears to present a favourable state of
affairs. Upon a paid up capital of 350,0001. the
profits of the year are stated at 32,1141.; out of
which, after setting aside 10,000!. in a "suspense ac-
count "—meaning, as may be supposed, the reserve
fund—a dividend was declared at the rate of 6 p. r
cent per annum, free of income tax, which absorbed
the remainder of the amount, less a small balance of
4691., carried also to the reserved fund.
Credit is taken, and, as it would seem not without
some reason, for such satisfactory results of the busi-
pees of a year which, as truly observed, was one of
" extraordinary difficulty," and "derangement of the
monetary affairs of the country." The advances made
by the bank on railway shares chiefly, and other secu-
rities to a smaller sum, had amounted during the year
to nearly three quarters of a million sterling. Yet
after, as may be inferred, and is indeed so said in
terms, a fair valuation of the securities on
hand, with a due allowance for casualties
and contingencies, the directors assure the pro-
prietary that "there is not the slightest probabi-
Btylif any ultimate loss being sustained by the
Bank on more than four or five of the loans," and that
even should a "considerable loss ultimately arise,"
it would bo "amply provided for by the 10,0001.
already mentioned." As a general rule, advances
had been invariably declined on the scrip of new
lines, and rarely on any stocks but those of companies
incorporated by act of par liament, whilst lower rates!
of interest had been charged, in consideration of the
borrowers acceding to a larger margin on the market I
value of the securities to be loaned upon, by which so
much greater safety was assured in the operations.
As the securities declined in value, or calls had to be I
paid, or loans to be renewed, so, also, the margin was
rateably made up by the borrowers on each occasion.
The credit obtained by the bank had told adran-
tegeously in the increase of deposits by the public
for which 5 per cent. was allowed the depositors.
The amount of deposits which, on the 31st of Dec.,
1846, stood at 127,040/., had gradually advanced,
until, on the Ist of this present month, they had
attained to 381,2851. The accession of these deposits
opened a larger field for the transactions of the bank.
Its aggregate loans during the period of its existence,
say two years and a quarter, appear to have amounted
, to about two millions sterling. Its securities and
other assets on hand on the 31st of December last
are stated at 745,694/. The bank, it may be men-
tioned as a commendable feature of management, is
neither a holder of, nor does it lend upon, its own
stork.
It may be observed that the class of operations
embraced' by such joint-stock companies as this
Exchange Bank has not been looked favourably upon
in some quarters as Found or proper banking busi-
ness. These details, however, are simply presented
for public information, and do not require the ex-
pression of any opinion on our part.
The shares of nearly all the Scotch exchange and
other banking companies have been materially
affected within the compass of a year. The fall on
100/. value in shares of the exchange bank between
the 25th of January, 1847, and the same date in
1848, was 151. 155., say from 1151. 15s. to par. The
average fall upon the same amount of paid-rip
capital in all other banks and exchange companies
was 221. 18e. per cent.