The Express.
London, England, 1853-03-01 00:00:00

MONEY MARKET.

MONDAY BVIIIIIIIO.
The English stock market opened with a heavy
appearance to-day, but the lowering aspect of the
Austrian and Turkish question was, in a measure,
counterbalanced by the satisfactory character of the
Australian accounts, and the arrivals of gold, and
the decline is prices was but slight. Quickly afterwards
there were large purchases on account of some of the
most influential members of the Hebrew party, and
the rumour was simultaneously spread that arrange-
ments have been made in the direction of an amicable
settlement of the political difficulty in question. The
market consequently left off a shade better than on
Saturday. Money was in increased demand to-day
in -the Consols market, commanding 3 per cent.
" Out of doors " the demand for general mer-
cantile purposes is active, and the rates show a stiffen-
ing tendency. Notwithstanding the large arrivals
of gold—which of themselves, it must be remem-
bered, have a tendency to provoke speculation, and
in this way to increase the demand- on the money
market—there are still persons who look with appre-
hension to the chance of the Bank of England
making a further advance in the rate of discount, it
appearing to be the impression that the repression
of speculation is just now an especial point with the
ildireecaibiThe rampant spirit undoubtedly preva-
keit fn check, but the tightness of the
money market so far appears to have taken little
effect upon the public, who are remarkably sanguine
and are standing out for very high prices for all
descriptions of securities.
In the railway market, also, an improved feeling
was perceptible during the greeter part of the day,
as, although the transactions were of limited amount,
the dealers are oversold, and the prices of those
stocks which are scarce in the market are conse-
quently the more easily raised. London and North
Western and Great Western stocks were both
wanted, but Lancashire aid Yorkshire, Midland and
Dovers were more abundant. There were tsedny
some speculative operations for a rise in this market.
A feature of the day was a sudden rise in French
shares, consequent upon large purchases, understved
to be connected with a leading Hebrew firm, the
rest of the Jew party following the move-
ment. As a market rumour, it may at
the same time be mentioned that reports
were current of the reduction of the French Four-
and-a-Half per Cent. Rentes into a Three per Cent.
stock having been finally decided upon. In the
English railway market there was no pressure for
money, owing to the dealers being "bears."
Consols opened with an unsteady appearance at
993 to 3, and after being actually sold at 3, rallied
to 993, finally closing 993 sellers for money and
buyers for the 10th March. The official business
report is as follows :—Three per Cent. Consols, for
money, 993, 3,3, 3, 4 ; ditto for account, 993, 3, 1.
Three per Cents. Reduced, 1001, 1. Three-and-a-
Quarter per Cents.. 1033, 3,3, Aaasities, of 30
years, 1859, 61. India Stock, 2673. Bank Stock,
2261.
The dealings in the June Exchequer Bills were at
17... 125., Bs., and I Is. prem., the closing price being
12s. to 17s. prem. In the advertised issue there was
no feature, nor is any price officially marked. The
current quotation was Bs. to lls. prem.
In the foreign stock market there were few trans-
actions, the settlement of the account engaging atten-
tion. Turkish scrip continues its rally, closing to-
night also on Hebrew buying 11 prem., buyers.
Mexican Bonds are good at 241 to 1. Peruvian
stocks maintain their improvement, although no
business is marked in them to-day. Swedish scrip
remains fiat. The list of sales is annexed :—Belgian
Four-and-a-Half per Cents., 99 (exchange, 25E).
Brazilian Four-and-a-Half per Cents., 1852, 973, 98.
Milian Three per Cents., 78. Dutch Two-and-a-
Half per Cents., 661; ditto Four per Cent. Certifi-
cates, 993, 99. Granada One-and-a-Half per Cents.,
es. Dec. 1849 Coupon, 21 ; ditto Deferred, 11, 1.
Mexican Three per Cents., 241-, 3. Portuguese Four
per Cents., 39. Russian Four-and-a-Half per Cents.,
104. Sardinian Five per Cents., 95. Spanish Old
Three per Cents., 48 ; ditto New Deferred Three per
Cents., 231; the Spanish Committee's Certificates,
61 per cent. Swedish Provincial Mortgage Loan,
2 dui. Turkish Six per Cent. Scrip, 11 prem. Ve-
nezuela Three-and-a-Half per Cents., 38.
The new Peruvian Four-and-a-Half per Cent, loan
opened 4 to 5, and closed 3 to 4 prem.
The Roxburgh Castle has arrived in the Downs,
from Melbourne, with 168,000 ounces of gold ; and
the Chowringhee, with 63,713 ounces, from the same
port; making a total of 231,713 ounces, worth, at 4L
per ounce, 926,8001. The William Gladstone has
also arrived, but, owing to her having sailed from
Newcastle, New South Wales, she brings no gold.
In the Express of last week we noticed the
arrival of a further sum of 120,935 ounces,
worth 483,6001., by the Three Bells and Alert,
so that there is now in the river and in the
docks Australian gold to the value of 1,410,000 L,
none of which, however, can be offered to the Bank
for purchase before next week, owing to the delay
caused by melting and assaying. The advice. al-
ready to hand mention the despatch of the under-
mentioned sums, all of which have yet to come in,
viz. :

Date of Gold on
Where from. sailing. board.
Ounces.
Oriental
boebnagar .... Port Phillip
Meteor . ditto Nov 26 .... 44,704
Frances Heat;. ditto

Total ounces
The value of this is 480,0001. The Frances Henty
was spoken off Ascension on the 4th February, and
the Lochnagar had arrived at the Cape. The Sydney
steamer was to leave for London on the let Decem-
ber, just three months ago. Her detention is pro-
bably owing to her having to call at several of the
Australian ports, thus risking the loss of her crew,
but her arrival may be daily expected. The Great
Britain was to leave for England on the Ist Jan.
A remarkable feature of the day's business was the
increased demand for Australian securities of all de-
scriptions with the single exception of Australian
Agricultural shares, which are merely, steady at 250 to
255, the near approach of the settling day having some
influence on this stock. Ex. the Peel Ricer shares the
price is 112 to 117. The shares of the other Australian
land companies were in strong demand, North British
Australasian leaving off 2; to a prem., and Scottish
Australian Investment 21 to 2; prem. South Aus-
tralian Land were also higher. All Australian Bank
shares were in great request, and those of the Scot-
tish Australian Company rose 11., leaving off 3 to 3/
prem. Bank of Australasia shares, which a few
months ago were under 40, closed to-night 90 to 91,
and are scarcely obtainable. London Bank of Aus-
tralia and India left off par to 1 prem.; and Bank of
Asia, buyers, at 1 prem. Oriental Bank shares also
experienced a deeided advance, leaving off 521 to
531. There were also dealings in the shares of the
Crystal Palace Company (51. paid), at 51, ; General
Screw ,Steam Shipping (121. paid), 121; Irish Beet-
root Sugar (21. 10s. paid), 21; Peninsular and
Oriental Steam, 86. Ebro Canal shares are quoted
11 to 1; prem.; Chiriqui Road, par to 1 prem. ; Al-
bert Docks, k to Z di& ; Balers and Graissessae Rail-
way, 1 to ; prem.
The half-vcarly aceounts of the Lancashire and
Yorkshire Railway Company, just issued, show a
dividend at the rate of 3 per cent. per annum, with
a surplus of 1,6921. carried forward to the present
six months. The important feature noticeable in
the majority of the railway statements recently cir-
culated recurs in these accounts. An increase cf traffic
of 20,0001. over the corresponding six months of the
previous year is accompanied by extra working ex-
penditure, amounting, in this instance, to 17,0001., or
at the rate of 85 per cent. on the additional receipts.
The high price of all materials used by rail-
way companies, and the enhanced coat of labour,
will doubtless explain in a great measure the
loss encouraging reports from this and others
of our leading railway undertakings. There
is one item in the Lancashire and Yorkshire accounts,

[THREEPENCE.

however, which demands es ' not ice, and which
we hope will not be passed over without some dis-
cussion at the half-yearly 'meeting of the company
to be held on Wednesday next. A nominal surplus
of 8,8071., brought forward from June :.uth, 1552,
has disappeared all but 3881. The following is the
explanation given by the directors in their report re-
-lat re to the reduction of this asset:

The surplus of net revenue brought forward from the
half-year ending 30th June last (tee account No. 4) bu
been charged specially with an amount of 3,2181. Mx 9d.
for wage plaid and Mores supplied during the fortnight
ending lst July last. This charge is duo to the exceptional
circumstance of the half-year in question, according to the
manner in which the wages and stores accounts have been
kept, having embraced fourteen fortnights, has one day,
and the last day of the closing fortnight having fallen upon
the first day of the subsequent half-year.
Common justice to investors in railway property
requires that a fuller and more satisfactory explana-
tion of this very dangerous precedent should be
afforded by the Board. The accounts of this company
are not, we believe, finally made up until about
six weeks after the expiration of each half year, a
sufficient interval to allow of the exact amount due
for such items of expenditure as " wages and stores"
being correctly ascertained. In fact, it is difficult to
understand how a fortnight's " wages," paid to the
first of July, could be omitted in an account prepared
several weeks later. The plain inference is, that a
bare 3 per cent. was divisible, and the revenue account
consequently was not fully charged with the expen-
diture incurred in carrying this rate. We repeat
that the precedent is a highly dangerous one, and we
hope that the circumstance will provoke some in-
quuy.
. .

- - .
Notice given that application has been made for
a charter of incorporation for a company to be called
the " Farmers' Flax Company," for the purpose of
enabling the Company to " purchase flax straw from
the farmers, converting it into a marketable article
and disposing thereof, and also to purchase flax-seed
and to dispose thereof, and for converting it into a
marketable article and to dispose of the same."

THIS DAY.—Two o'CLoor.
The English funds are generally steady, and at the
present hour the market is maintained at the full
rally of yesterday. Consols have ranged between
991 and 99:, and the present quotation is 991 to
for money, and 994 for the 10th March. Ilhe
Three per Cents. Reduced mark 1001 to 1 ; the
Three-end-a-Quarter per Cents. 103/ to 1; Bank
Stock, 227 to ; South Sea Stock, 110 ; India Bonds,
40s. prem.; Exchequer Bills, June, 175., 18e., 14s.
prem.; ditto, advertised, 6s. and ss. prem.
Foreign stocks are well maintained, and tkere has
been a further considerable rise in the price of the
Spanish Committee's Certificates, which have reached
71 per cent. Mexican Bonds mark 241; Sardinian,
951; Dutch Fours, 99 to 1 ; Venezuela Deferred,
161 ; Russian Fives, 118 ; Danish Fives, 1041 ex div.
The New Peruvian Loan is quiet at 4 to 5 prem.