The Express.
London, England, 1847-06-07 00:00:00

rates of discount, or being converted into stock with
a large bonus of additional capital at the expense of
the treasury and the public.
The Exchequer-bill settlement had a favourable
influence on the prices of stocks in the fore part of
the day. The first quotations of console were at the
improved rates of 881 to „ for money, and SBl to
for time. They became subsequently better still at
881 buyers for account. Bat these prices were not
maintained. At the close of the market, Consols had
receded to 881 to for money, and for July to 88;1 to
Reduced Threes were 871 to 1. Three-and-a-
.-
Quarter per Cents, 881 to 9. India Bonds, par to 2a.
premium. Exchequer bills, 3s. to 6s. premium.
Foreign stocks may be said to have almost been
out of the market to-day, as officially testified by the
fact that not so many as half-a-dozen bargains were
reported. Spanish Bonds are progressing into worse
repute, and business is done in them with difficulty.
The Fives were called as low as 211 to 221 ; the
Threes, 331 to 1 ; Deferred, 141 to 15. Portuguese,
32 to 3. Dutch Two-and-a-Half per Cents, 584 to 1
the Fours, 894 to 9. Belgian Four-and-a-Half per
Cents, 911 to 31. Mexican, 20k to 1.
Apprehensions are expressed in quarters where not
likely to be hazarded on light grounds, that the quar-
ter's revenue is not progressing so satisfactorily as
should be desired, and that a considerable deficit,,
comparatively, may be looked for upon the return of
the quarter ending July. Although the currency of
such opinions need not, and should not, be disre-
garded, it mast be evident that, in the in-
termediate stages of a quarter, admitting even that
the half-quarterly collections and receipts into
Bank were known to have fallen off, all the proper
elements could not be in possession out of the Treasury
itself, for arriving at any fair and justifiable conclu-
sion in the case. It is known that of late years the
custom has gained with collectors, and of course under
superior orders, to deal as leniently as possible with
tax-payers, more especially in respect of the income-
tax, than which none was ever less oppressively
exacted, or payment made more considerately
to wait upon the convenience of those to be
levied upon. Such leniency. has been more
especially required, and there is reason to believe
has been more extensively exercised, under the extra-
ordinary and exceptional circumstances which have
unfortunately signalised the present year. Large
arrears may, therefore, have not improbably accu-
mulated, which must, however, be in process of clear-
ing off, and before the end of the quarter will,
doubtless, be liquidated more fully. Any present
estimate of the quarterly product of revenue must,
therefore, be founded on uncertain data, and may
prove to be entirely fallacious.
The failure of a respectable house in the sugar
trade was mentioned in the course of the day ; but
although involving a sum of considerable amount, the
assets ere' understood to be nearly large enough to
cover the liabilities, and the conduct of the party in
making known his situation to his chief creditors at
the earliest moment that he could be aware of it
himself, is spoken of in terms which must be a con-
solation even under misfortune.

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