The Express.
London, England, 1853-05-12 00:00:00

applied for. The Bank of England directors acting
merely as agents in the transaction of this govern-
ment business, are, of course, unable to publish any
such statement without instructions previously re-
ceived, but in view of the high importance that
attaches to this great national operation, it is to be
hoped government will at once decide upon letting
the public be duly and fully informed as to the pro-
gress of the conversion. The applications for the
new stocks up to yesterday afternoon, we believe we
may state, amounted to 400,0001., but no reliable in-
formation is afforded either as to the amount applied
for to-day, or the proportion of each of the new stocks
for which subscribers have given in their names. It
is believed, however, that so far there has not been
any general eagerness shown to subscribe. It is
possible that this is in a great measure owing to the
inadequacy of the means adopted by government to
ensure publicity for their new arrangements. In-
stead of having a reliable official notice advertised in
all the journals and places of public resort, stiffing in
precise terms the nature of the option, the period
within which t he option is to be exercised, and the other
particulars of the operation, the sole public informa-
tion afforded is that which may be gathered by the
public press. The consequence is, that many parties
who might probably be induced to move in the
matter, provided they saw some definite government
announcement, remain quiescent. In the case of
the Exchequer Bonds (to bear, it is presumed, firstly
2} per cent., and subsequently 24 per cent. interest),
the exact terms of issue hare not yet been finally
made known by the government.
In connexion with the interesting experiment
now in course of trial, it must be stated that the
increased stringency of the money market is
calculated to tell materially against its suc-
cess. Instead of money being a complete drug
as it was a few months ago, when leas vigorous
financiers occupied Mr. Gladstone's present post, we
have now a market sensibly straitened by the influx
of new schemes and the unparalleled activity of
trade. This is a consideration of the utmost import-
ance; for it will at once be conceded that the success
of a great financial operation of this kind, tending so
sensibly to the alleviation of the national burdens, is
solely contingent upon an easy state of the money
market. At present, with money in brisk demand,
there is great probability of many parties preferring
delay, whilst waverere, previously undecided how to
act, will probably be led to the determination of
holding on to their stock.
It is considered that the difficulty of carrying the
measure to a successful issue is further increased by
the position of the Exchequer Bill market in con-
nexion with the approaching renewal or repayment
et the June issue. Indications of the Chancellor's
coarse in this matter are anxiously looked for, as
there is a general impression that this issue cannot
be renewed on the same terms as the March bills, '
which yield an annual interest of 1 f per cent. only,
and parties express curiosity to know how Mr.
Gladstone can proceed without deviating ins marked
manner from the policy lately inaugurated by him.
Many parties are confirmed in their impression that
the step of reducing the interest on Exchequer Bills
was a false one, in view of the financial measures
then in the contemplation of government, which, it
is presumed, must now be much hampered by the
difficulty as to their renewal. In the event of any
considerable number of holders of South Sea Stock
(or the other annuities to be compulsorily commuted)
demanding to be paid in cash, it is pointed out that
the government embarrassment would be further
aggravated, as the government surplus of revenue,
although comparatively large, would thus be soon
swallowed up. This contingency, however, is
scarcely probable. As regards the amount of
these stocks connected with Chancery proceedings,
we have already published the order of court, invit-
ing parties interested to apply for their conversion
into the new stocks, and authorising the Accountant-
General, in the event of such parties not coming
forward, to effect the commutation himself. Whilst
drawing attention to the objections to the govern-
ment plen, which are in many quarters urged, as at
present existing, we should mention, however, that
the general favourable verdict pronounced when its
nature first became known has not been modified,
although it is apprehended that the aspect of the
money market is less propitious. In the Stock
Exchange to-day influential brokers freely gave
three per cent on Consols, and in the general money
market the previous demand for accommodation con-
tinued. Discount of first-class paper ruled at 2i to
3 per cent., business being in many quarters re-
fused except at the higher rate.
In the foreign stock market considerable dulness
continues to prevail. Notwithstanding sales on
French account, Spanish stocks were rather better,
the telegraphic advices from Madrid of the 7th,
showing a marked upward movement in prices. Pe-
ruvian Bonds were not so good, but showed more
firmness at the close. The Deferred Threes, after
receding to 651, closed at 67i to 684 ; the Four-and-
a-Half per Cent. scrip leaving off 3 t to 3; prem.
Mexican Bonds were unchanged, and Grenadian ra-
ther flatter. At four o'clock Spanish Deferred Threes
were quoted 241 to :1; the Certifs. 6 to 6,i per cent. ;
Mexican, 271 toy; Granada Active, 221 to 231; ditto
Deferred, 11 to t. liihe list of actual sales is annexed :
Brazilian Old Five pra. Cents., 1004; ditto, New
Four-and-a-Half per C.-ents., 1852, 101. 1001. Danish
Five per Cents., 1051, 1. Dutch Four per Cent.
Certifs., 961. French Three per Cent. itentes, 82f. 25e.