The Express.
London, England, 1853-06-13 00:00:00

SATURDAY ETINING.
This morning the funds experienced a further de
dine, the tone of the market being very unfavoura-
bly affected by sundry sales of money stock, as well
as by continued operations for the fall. Towards
three o'clock, however, (two o'clock being the official
closing hour on a Saturday) a change for the better
took place, which acquired considerable strength in
the course of the afternoon, prices closing at a reac-
tion of I per cent. from the lowest point. On the
whole the market has been characterised by much
less agitation to-day than yesterday.
Various re-assuring rumours of a political nature
were in circulation, and are referred to as having
encouraged the rally in the funds, but it does not
appear that any substantial fact transpired beyond
the important one of a considerable rally on the
Paris bonnie of to-day. Prices in that market opened
at a further fall, especially for railway shares, but
subsequently recovered materially, the ltentes show-
ing un improvement at the clime of the bourse of
between 1 and 11 per cent., as reported by telegraph,
whilst in the leading railway lines the recovery was
also important. For instance the final quotation of
Northern came reported from the bourse at 840 f.,
after the price had fallen to 810 f. at the opening.
The closing price of Strasbourgs came also reported
st 840 f., and that of Lyons at 833 f. It
would appear that some buying of these securities
has been provoked at Paris to-day by the late fall,
and the Consol mai k'rit, "'Bich IV Amen itself esr-,
tremely sensitive in the present aspect of politics, to
the fluctuations of the runs bonrae, has been sym-
pathetically affected in a favourable sense, the move-
ment being further assisted by the disposition of,
some of the " bears," as frequently happens at the
end of the week, to close their account. It is pointed
out that the panic in Paris of the last two days
affords a very instructive illustration of the evils of
the credit system which has latterly been carried
there to such a pernicious extent, and which in
moments of crisis quite paralyses, and indeed almost
destroys the market. It is reliably stated that yes-
terday at Paris railway shares were all but impos-
sible of sale, except at ruinous prizes, and as
a consequence, large orders were received here
for realisation. The large amount of this
property held in pawn by the mistrusted credit
banks and by the Bank of France, naturally tends to
destroy all disposition to purchase in times of emer-
gency like the last two days. We have often drawn
attention to this fact, and refer to it now because an
idea is afforded by the late ruinous panic of the evils
of the present rotten system. The contrast between
the market for English and that for French shares
this week. in face of an alarming political difficulty,
is certainly striking. Whilst the former have been,
it may almost be said, comparatively free from se-
rious fluctuation, the latter have been almost unsale-
able. A reaction from the late severe fall was to be
expected almost as a matter of course, and dues not
remove the impression that the Paris credit system
is unsound, and totally subversive of confidence in
times of distrust like the present.
Consols opened at yesterday's closing rate of 971
to 98 ex die. for the 19th July, but a sale of some
30,0001. stock for realisation, combined with specu-
lative selling, drove the price down to 971. At the
official close the quotation was 97f to but the rise
in Paris was then telegraphed, and the latest "after-
hours " price was 98 to , and comparatively firm.
As an illustration of the prevalent impression that
the present long Consol account will witness unusual
fluctuation in priors, it may be mentioned that for the
" put and call" the extraordinary high rate of 11 to
11 per cent. is given. The official business report is
as follows :—Three per Cent. Console, for the opening,
19th July, 98, 97f, 1,1, ex div. Three per Cent.
Reduced, 981. Three-and-a-Quarter per Cents., 1011,
1,1, 101, 1. Long Annuities, 1860, 51. Bunk
Stock, 2281. The Three-and-a-Quarter per Cents.
appear to suffer considerably in price.
Exchequer Bills remain quoted ss. to Bs. prem.
India Bonds were purchased at 335. prem.
Foreign stocks were generally heavy, and showed
little recovery at the close. Russian stocks continue
to recede. After the official close, Mexican Bonds
were quoted 27i to ; Spanish Deferred, 221 to 23;
the Certifs., to „ per cent.; Peruvian De-
ferred, 60 to 62; ditto, Four-an-a-Half per Cent.
Scrip, par to 1 prem.; Granada Active, 211 to 221;
ditto Deferred, 91 to 10. The list of actual
sales is annexed :—Buenos Ayres Six per Cents.,
6,3. Danish Five per Cents., 1051. Dutch Two-
and-a-Half per Cents., 65. Equador Bonds, 51.
Granada One-and-a-Half per Cents., ex Dec., 1819,
coupon, 211; ditto Deferred, 91. Mexican Three per
Cents., 271, 1. Portuguese Fonr per Cents., 39.
' Russian Five per Cents., 116; ditto Four-and-a-
Half per Cents., 1021, 1011. Sardinian Five per
Cents., 93, 1, 921 ex div. Spanish New Deferred
Three per Cents, fur account, 15th June, 221, 1.
Swedish Four per Cent. Provincial Mortgage Loan,
21, 11 dis. Venezuela Three-and-a-Half per Cents.,
381 ; ditto, Deferred One per Cent., 16.
At the Bank of England to-day there were no
acceptances of new stock by the holders of Consols or
Reduced Threes.

The Bank of France returns for the month ending
last Thursday show, in round numbers, the following
changes—viz. :

Coin and bullion—inerease £909,360
Bills discounted—decrease 148,840
Advance on French government mould's—
decrease 51,120
Ditto on railway alarm—lading,
1,636,720
• 573,680
1 2,022,929