The Express.
London, England, 1851-02-06 00:00:00

RAILWAYS.
THIS DAY.

Two o'CLoci,

The share market has recovered much of the
buoyancy which it lost yesterday and the day pre-
vious, under the influence of the operations of parties
realising profits. The business going forward is to a
fair extent, and prices of nearly all lines are better.
The rise is most remarkable in Great Westerns,
which rapidly advanced to 911, the price last marked
being 901. London and South Westerns are also good,
with business marked as high as 88f. Eastern
Counties were last done at 71; North Western stock,
at 1301; North Stalfords, at 101.

Lk*Leg prices
yesterday.

MONEY MARKET.

THIS DAY.

Two o'CLocx„

Purchases of Consols on account of the Commis-
sioners for the Reduction of the National Debt,
though not to any great extent, have imparted a
rather steadier feeling to the market for the home
funds. As the private operations for investment, how-
ever,
are small, and as speculative movement is
' checked by. the approach of the settling day, prices I
have experienced uo change.
Consols have been quiet all morning at the rate i
which ruledduring nearly the whole course of Tester-
day'a market, viz., 965 to a both for money and ',ob. 12. '
Business is officially reported at the undermentioned ;
rates: Three per Cent. Consols, 961, 5; ditto for
account, 965, t • Reduced Three per Cents., 971, 5;
New 'Three-and-a-Quarter per Cents., 981, 99, 98?-, ;
Long Annuities, exp. 1860, 7,1. India Stock, 265.1
Bank Stock, 215.
The fact of a temporary increase in the demand feel
money is proved by the circumstance that the market
for Exchequer bills is unsteady, many sellers press-
ing forward, and the price has experienced a
decided decline. The 1,0001. bills have been
transacted at 375., 595., and 545. prem.; ditto small,
at 585.; India Bonds, under 1,0001., at 68s. and 655.
premium.
The market for the foreign stocks is firm, though'
vdthont any extensive range of operations. The chief
movement is in Mexican. These bonds opened
flatly, but a demand quickly showed itself, based
upon the advises received from Mexico by
the mail steamer Thames, just arrived, and
the operations resulting therefrom soon carried
the price to 34, at which it was last marked for the
account ot' the 14th inst. Sales arc reported in the
list us follows :—Danish Five per Cents., 103. Two-
and-a-Half per Cent. Dutch, 585 ; ditto Four
per Cent. Certificates, 915, 4, . Mexican Bonds, 335;
ditto for account, 33-!, 33, 34. Peruvian Deferred
Bonds, 364, 3. Portuguese Four per Cents., 331, 1
ex div. Russian Five per Cents., 1131; ditto Four-
and-a-Half per Cents., 975, 5. Spanish Three per
Cents., 38

. .
There was a memorial introduced on 'Change yester-
day which virtually applies for rescinding the late
regulations Mr limiting the exchange hours. As
yet this counter-movement has met with very little
success. We think nevertheless that, with the view
of admitting parties having pressing business, a re-
laxation might be permitted, and terms like the con-
tinental arrangements, so that between a quarter to
four, and four, merchants may be admitted on pay-,
ment of one shilling, and after fuur on payment of
half-a-crown.

A spceial general meeting of the proprietors of
shares in the Railway Passengers Assurance Com-
pany was held yesterday, at the offices in Old Broad-
street, for the purpose of giving the sanction of the
shareholders to the extension of the company's busi-
ness to the insumneo of all classes of railway
pulp/nye*, the travelling railway servants and officials
having hitherto been the only classes insured. By
this means the benefits of insurance may be enjoyed
by all persons engaged in the service of railway com-
p.anies, whose duties frequently expose them to equal
risks with those who travel.

The exchange on London at Turin on the 25th
was 25 lire 08 c. at 3 mouths. The Five per Cents.
arc quoted 881.
We have received the following correspondence,
which will be found of interest by the Peruvian
bondholders.
13, Angel Court, Throgntorton-street,
London, February 4, 1851.
DEAR Stit,—l have much pleasure in forwarding to you
the annexed copy of the sales of the guano on account ofl
the contract between Peru and the holders of Peruvian
stork. The total quantity of guano imported in the year
1810 from Peru is rather more than 100,000 tons. About
70,000 tons farmed the concluding portion of the contract
prior to the arrangement with the bondholders, and as it
arrived itt the spring was the first sold ; while the remain-
der in which the bondholders were interested arrived at the
latter end of the year, and only one-fourth of it was sold.
If this 30,000 tons had been sold prior to December 31,
60,0001. would have been realised, and thus have left 20,0001.
for the immediate use of the sinking fund, after deducting
the Oct. dividend: it will now form part of the sinking fund of
1851. According to the estimate I have been able to firm, I
more than 150,000 tons will arrive this year, principally in
the spring, and, judging by the ratio of increase of former
years, the supply will not be too much for the demand.
Should 150,000 tons be sold, then I calculate that there will
be on the 31st of December this year a surplus of 180,00 W.
over the sum required to pay the interest, which surplus,
according to the terms of the bond, is to be applied three-
fourths in the amortization of the Active, and one-fourth in
the amortization of the Deferred; in other words, the sink-
ing fund will purchase one-thirteenth of the debt. The Pe-
ruvian nation has shown much anxiety to keep faith with
its bondholders. The first two dividends (amounting to
72,0001.) which fell due on the bonds, by the tenor of the
agreement were to have been paid out of the proceeds of the
guano sent on account of the bondholders, but the govern-
ment directed this money should be charged to its own ac-
count. Since the commencement of this year, more than

13,000 tons have arrived, showing a large increase over
former years.—l remain, yours moat obediently, Lewis li.
HASLEWOOD.

Total sales of guano, to the present date, on account of
the contra& de consignacion made on the 31st January,
1849 : 3,' 742 effective tons, of which account sales have been
rendered, together net proceeds 15,7331. 19s. 4d. ; 3,689
effective tons, sold in London, Liverpool, and Briaol, of
which account sales cannot be rendered owing to none of
the cargoes having been cleared ; 1,764 register tons, sold
for arrival, and now in course of discharge at outports ;
2,670 register tons, sold for arrival and now proceeding from
Cork to their destinat;on ; 7,768 register tons, cargoes sold
afloat and yet to arrive.—E. E., London,. Dec. 31, 1850.
iSiored) ANTHONY GIBNB and Soot.—To Messrs. IMAM
o ivero, C. and P. Marrietta.
• In considering the future production of silver,
which has been anticipated from the discovery of
rich ores in California and in the old silver countries,
one of the first questions is, after all, the supply of
quicksilver. The discovery and extraction of ore is
not enough, as from peculiar circumstances the yield
of silver is greatly dependent on the application of
quicksilver. There can be very little question that
great as was the effect of the introduction of steam
power under the auspices of Trevithick in working
the Spanish-American mines--extraordinary as was
the restoration of prosperity to a branch of industry
where mechanical power had become insufficient to
remove the water from the deep workings—the full
result of this revolution has been greatly checked by
the insufficiency or dearness of quicksilver. Indeed,
it is notorious that mining enterprise has, in many
districts, been more than once stopped by the high
prices demanded by the quicksilver monopolists of
Almaden.

What, therefore, is to be looked for to increase the
production of silver, so as to keep up its value rela-
tively to gold, is not the production of more ore, but
the supply of more quicksilver. This the New Al-
maden mines of California promise to supply, and
already the price of quicksilver has fallen in antici-
pation in Pasco and other South American mining
districts, and a floating policy has been opened in
London for shipments on the Pacific of 300,000 lbs.
of quicksilver for account of California. The ques-
tion, therefore, becomes, what quantity of quicksilver
is required to produce a pound of silver, and what
quantity of silver will a given supply of Californian
quicksilver produce.
It is to be observed that in the amalgamation pro-
cess the largest consumption of quicksilver takes
place, and although some of the quicksilver is used
over again, yet there are instances in Mexico of as
much as 35 ounces of quicksilver being used to pro-
duce 16 ounces of silver. On the other hand, the
necessary quantity is much less, and great fluctuations
are to be observed in the consumption according to'
the skill or care of the operators. The German, or
barrel, process uses up a much smaller proportion of
quicksilver, but it is found more costly in the mining
districts, because it involves the expenditure of
large amounts of fuel, and persons acquainted with
those countries know well that it is easier and
cheaper to transport a bottle of quicksilver by the
ordinary routes, than to convey a bulky material,
such as auy kind of fuel, a short distance. The
consequence is, that the barrel process is very
little used, and for all practical purpoies we must
limit our inquiries to the resulta of the amalgama-
tion process to determine the consumption of quick-

silver. The day may, perhaps, come when silver
ores, like copper ores, lead ores, and haematite iron .
ores, may be taken to the smelter, who has fuel wt
command, but the machinery of transport has to ho
provided in countries new, thinly peopled, and almost
deserted.

In 1841 the silver coined in all Mexico amounted to
11,621,480 dols.; in 1844, to 13,027,879 (lois.; and
1 the estimate for the coinage for 1819, is 20,000,000
dollars, of which 9,000,000 dollars are from Guana-
! junto. The proportion from Guanajuato is large, and
• it is there the uinalgamation process is best conducted.
There the consumption of quicksilver cannot be taken
higher than 14 oz. to the mare or 28 oz. to the lb. of
silver; but to be safe 12 oz. may be taken to tho
; mare, 24 to the lb. or 1 # lb. of quicksilver to 1 lb. of
silver.

The produce of Mexico being 20,000,000 dollars,
2,000,000 dollars may be deducted as obtained by the
amalgamation process, and this leaves 18,000,00(1
dollars to be got by the amalgamation process.
About 17 and l-sth dollars make a Spanish pound;
this will make 14,500 quintals of silver, which, at
12 ounces to the mare, will require 21,750 quintals
of quicksilver.
'the chief source of supply at present is Almaden.
in Spain, where the quicksilver is a government
monopoly,held on a short lease by Messrs. Rothschild.
Other sources of supply are Idris, Huaneavelica,
China, and some other very small mines. The greater
port of the Almaden produce goes to Mexico, though
some is used in the Spanish silver mince, and somo
for purposes of medicine and commerce in Europe.
The cost of raising quicksilver at Alnuuleti is about
18 Spanish dols. per quintal, and it is supplied to the
Spanish mines at 45 dots. per quintal. In London
the selling price now is 3s. Bd. or 3s. 9d. per lb., but
it has been as high as 4s. 6d., and in 1849 was as low
as 2s. 10d. The price in Guanajuato is about 112
dols. per quintal, but there are different prices for
cash and credit, the latter running up as high as 128
dots. In 1849 the cash price was 118 dols. In
August the price of Peruvian quicksilver at Pasco
was, for Talvahunno, 100 dole. to 1(14 dols., and amnia,
100 dols. per quintal. Advises in November report
a heavy decline.
The floating policy taken out here is for 300,00011 m.
of quicksilver, or say, 3,000 quintals. Granted that
this quantity can be shipped from California about
every two months, and we may assume a production of
21,000 quintals, which would give as much silver are
Mexico. or say 18,000,000 dollars, equivalent to
4,000,000/. To produce any amount of silver corres-
pondingto the amount of gold now poured in front
California, we must therefore have an unheard-of
production of quicksilver. Indeed, California, must rs
much surpass all previous experience with regard to
quicksilver as it has already with regard to gold.
It; however, we have a large supply of quicksilver
from California, we do not expect that it will imme-
diately stimulate silver mining to the extent that
some believe. A quintal of silver is worth 1,700 dols.,
and the expense of quicksilver for its amalgamation
is 160 dots. la Mexico, or in Peru 1.50 dots. Evon it
there were a very considerable reduction in the price
of quicksilver, it would not leave a very large margin
for the working of ores of low Icy. It will neverthe-
less encourage the working of an inferior class of
mines, and by stimulating them to go on with their
operations the proprietors may be encouraged by
coming upon " bonansas," which after all are the
chief rewards of silver mining.
One of the most important results which will flow
from an increased supply of quicksilver is a reduction
in the price of silver, which may materially ailed
the silver market. If quicksilver could he got at 30
dols. per quintal, then silver, now producing a profit
. at 1,700 dole. per quintal selling here al 4s. 11:,..I.
per ounce, might still yield a profit, and being earned
lat 100 dole. per quintal, the dollars might be sold :.t.
4s. 8;d.
--....- ----..- ..

INGLIOR FUNDS.—Tots Dor.
tPudt Nt..otr. 134 If 13 pirr 04.• ot, A. Oti i
3 per Ct. Rod. sj per etr.
3... r et. lAna. Anna.. 16i 1144404tr0r tk0..566. to sk).

IWkrlo
per Ct. Atudr:an
4# per et. Bele. Hopi. DG
29 43111 Cwt..
5 CL.,../ires!ljan 114•.,9,1 91

NI /PIMA.
1 par i'L iirenada 13 14., 1? 14
:1ren6.14 14.1. r 4.1 1100.. 31 46
6 per Ot.Mea. ~ 6
4 per Pe 13•1* SO 1
l'or upa..., Converted 33 4
Bt. ItUar. B 1..112 14
1,1444 AB., 166
I ter Ct. 41.4t0mh 1144.. 31 6
ho. iod fs.v4e.l
1.4146 Pte1•11 K_ 31 j
Voatusuela 14t14. 21 2
11110111MMA l4t•rreq 113013,4. It 12

1 )19n.. r,9 3
ip:r C.. Clillint. ~1111
onto Colmmly. 1,01.
9:0291.... Ws.. *39
I 144„ 99 9
2I or!. t. Dumb 119
I twr Ct. Duty* WS.. 91

COMMERCIAL AND MARKETS.

MINCING-LANE.-THIS DAY.

6rnAlt.—The market has a quiet appearance ; yet prices
arc unaltered. public sales of tOreign were chiefly
bought in to-day, for want of buyers at full prices. The
large arrivals of Dutch refined have caused a flatness in our
market ; but grocery lumps arc still Ruoted •Ws. Gd. to
Ms. 6d., with but few buyers at those prices.
COFFEI.—A small public sale of plantation Ceylon, 70
casks, was withdrawn at full prices. Good ordinary native
Ceylon is quoted 431., but the demand is very limited.
TEA.-1 he public sales are going off heavily, a lair
portion being bought in.
Itice.-6,500 bags of Madras were offered, and nenily al
bought in at full pric:", 7s. Gd. to 9s. ; 1,000 hags of white
Bengal were also bonzlit in at 10s. to 10s. 6d.
Itusr.—The market is inactive.
Sriens.—Nutmegs sold at previous rates, ?s. Bd. to C. ;
Mace sold at full prices, 2s. 3d. to 21. 5d.; Tapioca sold at
nd. to 4d.
In other articles no material alteration; markets gere-
rally wear a dull appearance.