The Express.
London, England, 1862-04-14 00:00:00

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EVFYING, APRIL 14, 1862.

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MONEY MARKET-(THIS DAL)

Two o'CLocx. •
The stock markets to-day are generally stronger.
The funds have risen f pee vent., and all the prin.
cipal railways, 4to f per cent. This is settling day I
in shares and foreign stocks.
The scrip of the new Turkish Loan is firm
ale to 21 prem., and that of the Egyptian Loan
litsto j to 1f prem.
ls are officially marked 94, 934, and 4;
for money, and 94 for the account. The
present , quotations are 931 to 94 for cash,
and 96 to I for the Bth of May.
The official business report is as follows :—Thres
per Cents. Reduced, 924 ; New Three per Cents.,
921, ; India Stock, 227 f, 2284, 227 ;
ditto Five per Cent. Stock, 1081, j ; ditto
Four per Cent. Debentures, 1863, 100 f ; ditto
1864 or 1866, 1001 ; Five per Cent. " enfiseed "
rupee poles, 1034 ; ditto Five-and-a-Half per
Cent., 1064, 4 ; Exchequer Bills, 18s, prem.
Turkish stocks have improved about 4 per cent,
the lost of 1854 being now quoted 804 to 84 ex
div. ; and that of 1858, 704 to 71. Mexican and
Italian Five per Cents. are steady, and Vene-
zuela dulL Last week's rise in the Spanish
Certificates is not fully supported. Sales are re-
corded as follows :—ltalian Five per Cents., 061,
(exchange, 25fr.) ; Mexican Three per Cents.,
331, 331 ; ditto for account, 331 ; Moorish
Scrip, 914; New Grandly ex overdue Coupons
and Hectares, 101; ditto Two per Cants, 251 ;
Portuguese Three per Cents., 1956, 1857,
1859, and 1860, 454 ; Russian Four-and-a-Half per
nog ditto Three . 1859,

Cents., 921; _ per Cents., J,
821, 82 ; Spanish Three per Cents., for ac-
count, 154 ; ditto New Deferred Three per
Dente., 434 ; ditto for account, ; ditto
Passive, 191 ; the Committee's Certificates, 8, I,

8 ; Turkish Six per Cents., 1851, for account,
81; ditto Six per Omni., 1858, 70}, ; ditto for
account, 7oi, 71; Venezuela Three per Ceuta., 23.
The Metropolitan mad Provincial Bank opened
business to-day in Cornhill, being the first Joint
Stook Bank which has commenced business under
the Limited Liability Act in Loudon.
At Paris this morning, according to Mr. Reuter's
shram, the Three per Oent. Barites were quoted
70tr. 10c., showing no change.

Fova o'Ciocz.
Consols ars without change, at 94 to 94 for
money, and 94 to for the account.
The new Egyptian Loan was remarkably well
supported throughout last week, in face of the
realisations which must always attend the
allotment of so large a loan, the fact being
that the supply thrown on the market by
speculative allottees, desirous only of netting a
premium, has been taken off by investors.
Numerous bond fide pnrchassa continuo to
be made every day, and many of them
'are on provincial account. Theis will
evidently, from the numerous inquiries made,
be a large demand to pay np the bonds in full on the
30th. It is satisfactory to learn that arrangements

have been made for having at least 3,000,0001. of
the loan in Bonds of 1001. each—the denomination
especially suited to small investors. Many persons
will be willing to take a moderate amount of
Turkish stock who would be indisposed to embark
largely in it. The defiteeeoy in the number of
Bonds of 1001. each has always operated against
the loan of 1858. In conseqlenoe the " small!'

bonds have generally iy:mimanded 2 or 3 per vent.
more in the market than the larger.
The Alfred has arrived from Port Phillip with
10;5001.. in gold.
The annual meeting of the proprietors of the Agra
and United Service Bank took place on Saturday.
The divisible surplus, including the unappropriated
balance of the preceding year, was announced to be
130,4301., out of which a dividend has been declared
at the rate of 10 per cent, per annum, with a bonus
of 11. per share, being together equal to 12 per
cent., free of income tax. There then remains a
surplus of 10,4301. to be carried forward to profit
and loss account of the current year. The general'
manager, Mr. Mackintosh Balfour, has returned to
this country, having completed the inspection of
Ilevery branch of the bank, both in India and China,
to the entire satisfaction of the directors, and re-
ports the whole to be in a sound condition. The
report was unanimously adopted.
A special meriting of the Brighton Railway Com-
pony is called for the 29th inst, toapprove delvers!
bills now Wore parliament.
A petition for the winding up of the London and
Provincial Discount Company (Limited) is expected
to be heard in the Bankruptcy Court on the 3rd of
May.
A meeting of the creditors of the Herald Life
Assurance Society is called by the Master of the
Rolls for Wednesday next.
The half-yearly interest is announced on the
shame of the Riga and Dunaburg Rail way Company.
The manner in which the proceeds of the new
Turkish Loan are to be applied is described as
follows in the Money Market.Revicie:
Oa, or two points of great importable im emmexiee with
the Turkish loan, and with the proposed ras{wisatisa of
the Turkish banner, an evidently very tmr
stood. Recent dimension in parliament ahem that oar
legWatere ere red too well informed ea the yoked. It is
objected that the proresde of the Terkhe Ina et 8,000,0001.,
at 68 par sank, webfoot to the &denies of eosaminisee,
will be quite inadequate in =oast to redeem the Heiman
and the floating debts of the state, sad it is thence inferred
that the work of re-orpniestioe cannot possibly be com-
pleted, that the preeminent will be only partitßy relieved
from its difficulties, and that it will re appear as i borrower
in the Western money markets at erne early moportunity.
Those who argue thus have not examined closed the well-
considered plans for the restoration of the Turkish lizanoes,
of which the new loan forms only a part. It may be useful
to explain that the Kelvin,* are to be redeemed oa the
principle of giving the holders 26 per cent of the
amount In specie, and of fending the rest in a home so-
cerement intereethearing stock, to be created for
the purpose. It is an important tenure of the scheme that
the whole of the Kaimes and all the floating debts et the
lovernment, are to be paid at par. The ie simply whet
mime demands, and justice will be meted out to the
Was. The fact that many of these claims have stood at
an enormous depreciation In the Constantinople mosey
market readers it certain that large sums will be netted by
the speculators in such commodities, but this is a very
minor consideration. The grand object of the government
and of its financial advisers is to liquidate or fund the whole
of then engagements, the floating and uncertain nature of
which has caused them to stand permanently at • point in
the market seriously detrimental to its credit. By this
mean the dead weight on the Turkish finances will be
effectually removed ; the credit of the empire will be raised;
and a great check will be given to those violent fillettagollll
in the exchan which, more than anything eh*, have
tended to impede the foreign trade of Turkey.
With regard to the general condition of trade,
and the prospects of consumption, the circular of
Messrs. Joseph Travers end Sous remarks as
under:

- -
Although greet clubman has pervaded the country der-
leg the past few weeks, and the periodical returns of rail-
way traffic continue to present very unsatisfactory *cask
it is impossible not to recognise that we are passing ll=
the height of the cotton difficulty with a degree of
mess beyood anything that could hero been originally hoped.
In the general mote of the term, there is no " starvation"
is Lancashire, or elsewhere, and the Baud of Trade retinas
show that the only effect thus far produced on the coosump
tion et imported articles his been, not to dimioish the erffl-
airy amount, bat simply to check the buoyant increase A-
mend in the prosperity of previous years. The time fee
piloNag cotton in the Confederate States basis' now pissed
it is certain that, whatever may be the turn of eyelike, but
little ma be kid trim that country for the out year or
two, cad this coaviction is producing a good effect, Ant,
by giving stability to current prices in Liverpool and Kan-
Anger, and eurambig manufeetumrs to feel cooldeace in
working up rook other sapphire as are available • secondly,
by stimulating a resort to those cheap substitute; which are
said to be far morn miner os than the public suppose, but
which will not be fairly triad and adopted by ramagae-
turas except tinder the prewar* at amenity ; and, thirdly,
by causing all parties to resolve upon every meant of
tuning East India cotton trate beet account, with a view
et its permanently supplanting that of America. Within
the last few weeks, it is aid, the orders sent to Bombay
have been of larger and bolder character that at any