The Express.
London, England, 1853-04-12 00:00:00

MONEY MARKET.

MONDAY MYININO.
The stock markets are in a state of suspense,
pending the debates on the financial plan of the
Chancellor of the Exchequer, respecting which no-
thing new has yet transpired. It is possible that
very important modifications of the project may yet
be made, and thus operations in the funds are at
present conducted upon something of a hap-hazard'
basis. It is the general impression, however, that
the plan will be finally carried, after being subjected
to more or less amending. Every credit is given to
Mr. Gladstone for a sincere desire to deal with this

great question in a spirit of justice as between the
nation and its creditors; but whilst favourable refe-
rence is made to the alacrity with which tke right
honourable gentleman has hastened to modify
his proposals, so soon as the breath of pub-
lie criticism had been felt, his plan is yet
thought to be susceptible of further and considerable
improvement; and, in view of the extensive support
which, the project in its main features is sure to com-
mand, hopes are expressed that the Chancellor will
not, by a prejudiced adherence to particular points,
leopardes it altogether. Now that the whole bear-
ing of the question has been so fully discussed, the
main objection to the measure still centres, as we an-
ticipated, in the nominal increase of tke capital of the
debt involved in the issuing of the Two-and-a-Half
per Cent. stock at 1101. per cent. In most City
circles the viciousness of this prineiple is clearly re-
cognised, and an earnest hope is expressed that Mr.
Gladstone will be guided by general opinion, and
strike out this part of his selteme. It is also thought
that the proposed creation of Two-and Three-
Quarter and Two-and-a-Half per Cent. Bonds—in
reality the most promising part of the pro-
ject —is not thought sufficiently well of by
the government. City men argue that these bonds
will have a most extensive circulation both at home
and abroad, and they consequently express a decided
opinion that government ought to do nothing tend-
ing to restrict the conversion of our present Three
per Cent. stocks into this class of security. The re-
striction of the total amount of these bonds to
30,000,0001. appears to be mainly prompted by the
fear on the part of gevernmeet that the proposition
to give holders the option of demanding to be paid
off forty years hence might, under circumstances
very easy to conceive, be productive of the most seri-
ous embarrassment to the Treasury. By effecting a
comparatively unimportant modification of his origi-
nal plan—by issuing the bonds in question irre-
desniabk at the option of the holder—Mr. Gladstone,
it is pointed out, might extend to the greateat pos-
sible extent this excellent feature of his scheme,
to the great and immediate advantage of the na-
tion ; and it is universally believed that the
alteration in question would have no tendency what-
ever to militate against the successful reception of
the bonds in the market. Under the circumstances
the progress of the discussions in parliament will be
watched with the liveliest interest.
Consols have ranged between 1001 and 1003, and
finally closed 1001 to 3 for money and Wednesday.
or 1 worse than yesterday. The Thtee-and-a-Qesse
ter per Cent. stock shows firmness at 103: to 3, after
being even purchased as high as 1031 to-day. The
proposed restriction to 30,000,0001. of the issue of the
New Two-and-a-Half per Cent. stock to be converted
at the rate of 1101. per cent., is in favour of the
Three-and-a-Quarter per Cents. If this part of Mr
Gladstone's plan were to be thrown overboard
altogether, the change would be greatly in favour
of the Three-and-a-Quarter per Cents. The
" contango" on Consols and the Three-and-a-
Quarter per Cents. for May ruled at 1 to
3-16. The official business report is as follows :
Three per Cent. Consols, for money, 1003, I, 4,3;
ditto, for account, 1001, 3. Three per Cent. Re-
duced, 993, 100, 991. Three-and-a-Quarter per
Cents., 1031, 1, a, 1. Long Anne., 1860, 6 1-16.
India Stock, 261, 260. Bank Stock, 2251, 2241,
2231. South Sea Stock, 1121; ditto, Old Annui-
ties, 983.
The market for Exchequer Bills was rather better
than on Saturday. The March issue is quoted par
to ss. prem., and the Jane, 2s. to Bs. prem. India
Bonds were done at 435. prem.
In the foreign stock market, the chief feature was
a decided fall in Spanish, especially in the Commit-
tee's Certificates, consequent upon the receipt of
lower prices from Madrid, and the intelligence of
the organisation of a powerful opposition to the pro-
posed now loan in the Cortes. Doubts are now ex-
pressed as to the ability of the ministry to
carry the measure to a successful issue. The
Certificates, the value of which is chiefly in-
volved in the new financial measure, and
the proposed recognition of which is understood
to be the chief objection of the opposition party, fell
about tamper cent., declining from Saturday's me-
dium prWof 81 to 63 per cent. this morning. Sales
were even made at 61, but some influential purchases
subsequently caused a rally to 7 to 71 per cent. The
Deferred Threes were not so much affected, bat yet
fell to 24. If the Cortes, however, refuse to allow
of the contraction of fresh liabilities on the part of
the government, it is difficult to see how this could
directly be regarded as unfavourable to the existing
stocks of Spain. Turkish scrip stood at 31 to 31
prem. Our statements relative to the imme-
diate paying off of this stock were con-
firmed by the appearance this morning of
an official notification. The advertised in-
demnity amounts to 31. Bs. per cent. It is under-
stood, however, there is a prospect of something fur-
ther coming to the scripholders, as we learn that the
contractors for the loan have consented to forego
three-fourths of their commission (only one-fourth of
the loan having been paid up), this concession being
accompanied by the condition that the three-fourths
of the commission thus yielded up are to be appro-
priated as a further indemnity to the scripholders.
A meeting of the committee is called for to-merrow,
to consider of the offer of the agents of the Turkish
government. It is believed the committee will advise
their constituents to accept of the terms offered, the
recovery of the first instalment being, under the cir-
cumstances, a groat object ; but it is considered that
in any new loan arrangement the scripholders ought
to have a prior claim, as some further compensation
for the loss they have sustained. Mexican Bonds
remain firm at 271 to 28. Greek Bonds
stand at 9. Peruvian Four-and-a-Half per
Cent. Scrip was weaker, closing 33 to 41
prem. Other securities remain steady, without
distinctive feature. The list of sales is as follows :
Austrian Five per Cent. Bonds, 1852, 893. Brazi-
lian Four-and-a-Half per Cents., 1852, 99, 1. Bel-
gian Four-and-a-Half per Cent.: 1001, f (Ex-
change, 25f.) Danish Three per Cent., 1825, 85 ex.
div. ; ditto Five per Cents., 105. French Four-
and a-Half per Cent. ltentes, 104 f. (Exchange, 25f.
10c.) Blunder Bonds, 6. Granada Deferred, 113.
Mexican 'three per Cents., '271, 1. Peruvian Four-
and-a-Half per Cents., 89, 881, 3; ditto, Scrip, 41
4 prem. Portuguese Five per Cents., Converted,
1841, 421,43 ; ditto, Four per Cents. 403. Rus-
sian Four-and-a-Half per Cents., 1041. Spanish
Old Three per Cents., 483, 48 ; ditto New Deferred
Three per Cents. 243, 1, 24 ; ditto, Passive (Con-
verted), 51, ; the Committee's Certificates, 71, 61,
7, 61, 7, 71 per cent. Swedish Loan, 11 die. Tur-
kish Six per Cents. Scrip, 3: prem.
A good deal of attention has been excited by the
appearance on the market of the North of Spain
Railway. A disposition was shown to receive the
project with favour, but dealings are checked by the
conviction that the Stock Exchange Committee,
under present circumstances, will not deviate from
the very proper course of refusing to allow of the
official marking of any stock that enjoys a guarantee
from Spain. A settling day, however, will doubtless
be granted, as in the case of the Ebro Canal
Company: As a test of the credit of Splin, the re-
ception given to this railway is regarded with a good
dial of interest. It is very justly argued that if
capitalists are disposed to consider the projected
Spanish loan a "good thing," the railway ought to