The Express.
London, England, 1851-10-20 00:00:00

MONEY MARKET.

TIIIS DAY.

Two o'Ctocx.
The unfavourable tenor of the intelligence from
the Cape relative to the Kaffir war exercised a de-
pressing influence on the English stock market at the
commencement of business this morning, at
which period Consols ruled at a reduction of 1 on the
final rate of Saturday, the opening quotation being
97 to 4. Buyers continuing to offer, however, prices
rallied and Consols arc now called 97k to 1, both
for money and the 12th of November. The business
offering is not extensive, but has been sufficient
to preserve the equilibrium of the market, as the
demand for investment continues to absorb a good
deal of stock. The offizial business report is as fol-
lows :—Three per Cent. Consols Annuities, 97, 971;
ditto for account, 97.1, 97, 971 ; Three per Cent. Re-
duced Annuities, 96!, ; New Three-and-a-Quarter
per Cent. Annuities, 971, 98; Annuities expiring
1839, 61 ; Bank Stock, 213. India Stock, 261.
Exchequer Bills remain firm at 51s. to &Is. prem.,
and India Bonds at 565. to 595. prem., being the full
rates of last week. _

In'tho foreign stocks there is not much movement,
and scarcely any change in prices. Dutch bonds are
slightly lower. Mexican rule at 264 to The ac-
counts from Republic eontinae extremely unfa-
vourable. With reference to the insurrection
in the northern provinces, the insurgents arc
represented as having achieved some important suc-
cesses, imparting a much more formidable appear-
ance to the movement. Buenos Ayres Bonds are
dill looking down. The bargains reported to-day
are as follows :—Brazilian Old Five per Cents.,
Buenos Ayres Six per Cents., 43. Dutch Two-and-
a-Half per Cents., SS, 4 ; ditto Pm per Cents., Cer-
tificates, 84 Mexican, 2i'Q, ; ditto for account,.
31st October, 261. Portuguese Five per Cents.,l
(Brazil Guarantee), b..); ditto Four per Cents., 32.
Spanish Active Five per Cents., 20,1, Veneruchi
'fwo•and-a-Quarter per Cents., 311; ditto De-
ferred, 11.
The commercial intelligence from the United
States, by the Afeeea, must, on the whole, be re-
garded as encouraging, as strung hopes were enter-
tained that the money crisis had passed over, and al-
ready symptoms of returning confidence were observ-
able. Considering the great pressure for money, it
is noticed that the failures have been neither numerous
norimportant. Thechief suspensions that hadoecurred
at New York were those of Messrs. Suter, Syming-
ton, and Robinson ; John E. Earle and Co., Seaman
and Muir, and Wm. Burger and Co. ; and at Boston
those of Messrs. Dexter, Harrington, and Co., I'. It.
Southwick and Co., J. S. Gould, and John Earle,
Jun., and Co.; but in no instance was any consider-
able or permanent embarrassment expected to en-
sue. As rewards the failure of several small banks
of issue in various parts of the state of New York,
it must not be forgotten by readers on this side, that,
owing to their circulation being secured by a deposit
with the comptroller, as required by law, of stock of
the United States and New York state loans, at the
rate of par for a six per cent. stock, and bonds and
mortgages of property at half its value, no loss
or inconvenience will be entailed upon any
class of the community - beyond the short
delay required for the ratification of these securities.
This explanation may be necessary to prevent such
suspensions from affecting in any degree the confidence
abroad in the soundness and stability of the regular
banks of the States, which aro represented as having
been placed in an unusually strong position by the ex-
tensive contraction of the last two months.
The Africa brings specie to the amount of
of 102,4'27/. We are this morning advised, however,
of the departure of the I'ottinger far Alexandria
with 123,300/., of which 11,100/. is in gold, and
112,100/. in silver, the latter chiefly for Bombay and
Calcutta.

SATURDAY EVE:VINO.

In the money market there is at the present time
a strong expectation of a temporary reduction of
rates, and a disposition in some quarters to submit
to lower terms for money on call and for discount.
Money has been invested in Exchequer Bills, in-
stead of being offered to the brokers, but still there is
a greater abundance of money than of good bills.
The demands upon the money market arc not
large. Railway calls are very moderate, and the
demands for the gold companies arc not calculated to
exceed two or three hundred thousand punt's, most
of which will be invested and it may be said contri-
buted in machinery. Steam navigation companies
ask for money for the extension of their operations,
but the calls in the aggregate do not constitute a
large amount.
Messrs. Ilambro and Son have issued notice that
they have received from Turin bonds of the Sardi-
nian Five per Cent. Loan for 1,0001., 500/., 1001.,
and 40/. respectively, and that they are prepared to
issue the same in exchan,me for provisional certifi-
cates, and to the Itolders of scrip receipts
who may wish to pay up the existing instal-
ments in full. With the large surplus of floating
capital at present available, it is not improbable that
payments in anticipation of the instalments may in
many cases be made, us far sighted holders will be
desirous of the facilities now offered by the easy
state of the money market, in preference to deferring
their payments till the end of the year, when the
rates of accommodation may possibly have become

more stringent. Should this even iartially be the
case, the market for this loan will be rendered mach
more steady.
A failure is reported in the woollen trade, Kith
liabilities to the extent of 20,000!.

An important meeting of Manchester warehouse-
men was held to-day, Mr. Samuel Morley in the
chair, to promote the establishment of 'fribunals of
Commerce, and to confer with the central committee.
A special committee has been formed to promote the
object among the members of the trade, and to
obtain their views on the organisation and jurisdic-
tion of the tribunals. AVe may observe, by the bye,
that in the last official report of the workings of the
Belgian Tribunals of Commerce, of 7,200 causes
entered, only 1,200 were litigated, tho plaintiffs in
five cases out of six obtaining a rapid and cheap
decision in the preliminary processes.
A call has just been advertised of 2/.los. per shore
on the shares of the North and South Western Junc-
tion Railway Company, due on or before the 10th
November.

On Tuesday an instalment of 10 per cent. will be-
come due on the Sardinian loan, which will require
a BUM of 380,000/., chiefly from this market. This
is exclusive of payments in advance spoken of above.
From Paris we learn of a slight rise in the ex-
change on London at short.
The supply of silver from this market during the
week ending Thursday last, and exported direct
from the port of London, was 321,295 ounces ; of
which 68,320 oz. bar and 262,975 oz. coin, chiefly
foreign coin. The particulars are as follows:—'lo
Boulogne, 2,825 oz. coin, and 7,320 oz. bar ; to Rot-
terdam, 170,150 oz. coin, and 29,000 oz. bar; to
Dunkirk, 36,000 oz. coin; to Belgium, 50,000 oz.
coin ; to Havre, 4,000 oz. coin; to Hamburg, 32,000
bar. The whole value of the shipments is 82,8001.
Mr. Mihill Slaughter, the secretary of the railway
department of the Stock Exchange, has published
the statistics of the railway traffic 'in connexion
with the Exhibition, and for which he has undertaken
considerable labour. From the materials so pro-
vided for ns,wo have made the following deduc-
tions :—The whole amount of traffic from the Ist of
May to the 11th instant, on the metropolitan lines,
was 3,886,1311., as against 3,036,516/. in 1850, but
this total is liable to reduction for local shore traffic
on the Blackwell, South Eastern, Greenwich and
North Kent, Eastern Counties, and Brighton. To
it, however, has to be added the increase on the
Midland, Bristol and Exeter, and secondary commu-
nicating lines, allowing for which, as against the de-
ductions, the aggregate given by Mr. Slaughter may
safely be taken as a minimum basis of calculation.
As it has been a matter of controversy how much
of the increase of traffic is due to the Exhibition, sic

consider that a fair indiction may be obtained from
the goods traffic. There is no reason to believe that
the Exhibition has increased the goods traffic, al-
though it did influence it preliminary to the opening
of the Exhibition, when the materials for the build-
ing, and the goods to be shown, required conveyance.
As the goods traffic in 1851, nevertheless, shows an
increase, that rate of increase may fairly be assumed
to represent the amount due to the increased pros-
perity of the country.
The total of the goods traffic on the respective
lines in 1850 was 831,869/., and in 1851 933,3291.,
and the net total of increase was 98,1601., or 11.8 per
cent. The total of the passenger traffic in 1850 was
2,201,6471., and in 1851 2,952,802/., showing a net
increase of 751,155/., or 34 per cent. Deducting 11.8
per cent. from the increase of 751,155/. as owing to
the general progress of the country-, we have a
balance of 491,3641., or say half a million as tho
bonus derived by railway companies from the Exhi-
bition, besides an increase of 358,2411., of a perma-
nent character front the progress of the passenger-
and goods traffic.
Au analysis of the railway traffic returns of the-
United ICingdom for the list week, published by
Ilerapalles Journal, shows the total receipts on
6,462 miles to be 346M33/., equal to 331. 15s. per miler
per week. FO:' the corresponding week of 1850,
the return vis 273,6261. on 6,178 =ilea, or 411.
per mile pet. week. There is thus an increase of
73,307/., or: 26.78 per cent. in the grow receipts, an
increase of 284 or 4.39 per cent., in the
mileage., and an increase of 9/. 103. in the amount
reeeiwrd per mile per week, being the largest increase
that has yet appealed.
The Railway Times estimates the total receipts
sitee the Ist July at 4,939,9691., which, on 6,260
stiles, gives an average of 7921. 6s. 6:,d. per mile ;
4md as for the corresponding week of last year, tho
receiptswere4,l3s,olB/.on 5,954mi1e5,0r697/.175.0;d.
per mile, the difference is shown to be in favour of'
the present year to the extent of 91/. 9s. sd. per
mile.
The following is the usual return of the Irish
banks for the four weeks ending Saturday, October 4 :

Cieulatien total Total
authorised Average Average
Name and 1 Ale. by amount
LAMB:ate. Lon. of Coln.
The Bank of Ireland
The Provincial hank of Ireland h27,. 67 393.613 236,31.01
The Belfast banking Comp: al
The Northern IlaokinE Company 241,42, 1'4,04 79,4:0
The titer Ilan:rine Company 311,0741 236,J43 47,497
The Nat lrul LI Ink or lrehml
The Carriek-on-Sair Nalismal
Bank of Inland
The llonmel 164w021 Bank of
Inland 66,42/1 79,646 P,799
Total 4.331,494 4,213,905 1,074,744

fL331,4911 I 4,213,905
From these figures it appears that the current has
at length changed in favour of the circulation, the
long serious monthly decreases being interrupted
this month by the very considerable increase of
213,6-18/. The diminution still continues, however,
under the head of coin held. The decrease this month
is 85,910/.

I.NOLIBII 111 a Ink—Tull DAY.
Rank Rock. :II 13 4.134 Auunint..
3 ter CL Itedaml. 5L,e4,2‘.1 3
3 I.' I 4.1 W 101...11:!..

pvr CL C0u.16. 97i a
Vow*ls for Actc.. V 74 I
T06&141.

ihiig7.1;:t;(7."E1;74:7

43/4 per ('t. Boletus, 93 5
64cr Ct. Crorilk.o, 667
6k. New. 64
.1 per Ct. WM.. Arm, 43 7
t, per Cr Mows, 4 4
34 pep:Ce:Cbl:l.ciat:tottlartitt,o33/410.
3 per Itradlrb, To d
, par Ct. Dutch.
too
4
Kous.lor, 3
1 pa (3. Grooodi, 131 143/4

FUNDS.
8 1... e Ct. lestvin.2l:: ;
4. per Ct. Perutteu, ell e 2
Attu i/eUAre.l. II 2
8 vet CL Pot:W.ou 4. 86 8
S t...n. 1. t. I:ll.4esi, 111 Ii)
4i !Wet. Ilue.Aan, WI: 2
6 vet Ct. Si"-ml.O. Aun‘u. 201 i
3 pre CL equiztet .78 i
1,0. 10, 5.
21er Ci. Venezuela :1 21
1,.... lkfuen..l. 111:: -
Cenc.:l 21 (11,

COMMERCIAL AND MARKETS.

MINCING LANE.-THIS DAY.

Tim private contract markets are inactive to-day, attri-
butable to the large and various public sake declared for
the week. To-morrow they will consist of—Sager: 5,000
alauriiiu,, 5,000 bags Benftal, 4,000 bags Madras, and 150
Mids. Barbudoes. Coffee: 259 casks and OW bags Ceylon,
80 casks and 300 bags Jamaica. Itice: 3,500 bags.
The sale of Indigo is progressing, without showing any
material alteration in prices.
OILS.—Seal, pale, 32/. to 33/. ; straw, 311. to 311. 108. ;
brown, 301 to3o/. 10s.; Sperm, &W. to 871.; headnuitter,9sl.;
Cod, 341. Se. to 351.; South Sc,a to 30/. 10s. to 321.;
Olive Galipoli, 41/. 10s. to 42/. ; Spanish and Sicily, 411.;
Palm. 27/. 101. to 281. ; Cocoa-nut, 321. to 36/. ; Seed, rape,
pale, 321: ; Linseed, 301.
111grats.—Iron : Welsh bars remain steady at .1/. 10s. to
11. 15s. ; Scotch pig without alteration. Copper firm, at
the lute advance of id. per lb. Spelter in limited demand
at 111. East India Tin: About 1,200 slabs have been sold
at 79e. cash for Banca, and 78s. fur Straits.