The Express.
London, England, 1853-01-07 00:00:00

151 153
ILL 1$

1 iEa

alb 324
1054 1004

1(9 111
106 106
19 20
II de IFa

8 EI
Ina
I 341
i
I I pm
I IS li pm
1$ 181

2 3j
127 129

112 114
Of
pea
1094 11110 a
pal Ipm
16a 156

3 4 pm
3 Bi
13 14

lei lli
i I PM

1 1 i
ISO 111 pm

2si
sa
6
2 411
lOU 102
24 261

fj pa
It Ily

17 171
li pa
171
Par i Pal

SO MI
19 SO
i &Ls par

IC3 lts
sk iii
I i Da

,WATE.

14 IS

li 1 C
6 I pa
3 2 .
pa I Oa
I 14 pia

7 T
6 6i
i 1
1 If

II pia

152 se;

DT 12 pm
21 21 pa

TuI:MAY EVENING.
The apprehensions that were entertained of a
movement on the part of the Bank of England
proved
)o to-day well founded. At the meeting of the
this morning it was quickly decided to raise
the minimum rate of discount from 2 to 23 per cent.
This movement of the Bank is generally believed to
result chiefly from the continued unfavourable state'
of the exchanges, after an uninterrupted efflux
of bullion to the extent of 1,200,0001. Coupled with
this, the demand for accommodation may be fairly
said to have increased of late ; further sup-
plies of the precious metals are known to
be on the eve of despatch to Russia ;
and there is a prospect of a large importation of
grain during the spring. In these circumstances we
have probably a full explanation of the motives that
have actuated the Bank;directors, and it must be said
they are quite inadequate to justify the board in the
blow which it aims at the general confidence of the
mercantile community. The bullion in the Bank is
vastly too high for useful purposes ; there is a cer-
tainty of immediate supplies from Australia, and an
unparalleled sum coining forward in a few months
from the same quarter ; trade is extremely sound
and healthy, and speculation by no means rife ; the
revenue returns are of the mostencouraginFctaracter,
and in almost every circumstance affecting monied
and commercial interests we have full evidence of
the brilliant prospects with which the new year has
commenced. Yet this is the very moment alien the
Bank directors, acting apparently under a vague ap-
prehension of evils that may never come, or, at least,
may be greatly modified by circumstances, have se-
lected for a direct interference midi the money
market. In general commercial circles the intelli-
gence was received with a strong feeling of un-
pleasant surprise; but in the stock markets the effect
was not by any means so considerable as would
have been observed had there been any undue
inflation calling for a real exercise of the
cautionary powers undoubtedly possessed by the
Bank as at present constituted. It is, indeed, easily
perceived that the attempt of the Bank, in the inte-
rest of its proprietary as against that of the public,
to give an artificial value to money, must ho unsuc-
cessful. In many quarters it is thought the directors
could not have adopted a step more prejudicial to the
interests of their constituents, as by their present
mem= they have greatlyi extended the margin
within which the discount houses and others are in
the habit of underbidding the Bank of England.
Under present circumstances there is every proba-
bility of a large portion of the business of the
institution finding its way into Lombard-street, as
the great houses in that locality will be enabled to
do business at a considerable reduction from the
Bank's minimum. In corroboration of this, we may
mention that discounts were actually effected to-day
OR first-class bills at 11 and 13 per cent. Even as
regards the regulation of the exchanges, or the re-
pressioa of speculation, it is not probable the Bank
movement will be operative. When the institution
reduced its rate to 2 per cent., we expressed a
decided opinion that the change was inju-
dicious, and now that the natural result
has followed, and speculation is beginning
to rear its head to sonic little extent, the
directors at once rush in to again interfere with. the
even tenor of mercantile affairs. The effects of such
a policy cannot fail to be highly prejudicial, and aro
certainly not calculated to raise the general opinion
of the capacities of Bauk of England directors.
Consols opened 1003 to 4, cx die., for the 18th,
and, upon intelligence of the movement made by the
Bank, receded to 1003. The after-hours quotation,
however, was a shade better, at 1001, scarcely
sellers. The market, under the circumstances, may
be said to have shown great steadiness. There
was a suspeasion to-day of the investments
of the government broker in Reduced Threes,
this being the first day of the new finan-
cial quarter. This was the first transfer day in
Consols since the shutting, and transactions for
money were resumed. The official business report is as
follows :—Three per Cent. Consols, for money, fool,
1,3, ex. die.; ditto, for the opening, 100,', 3. Three
per Cent. Reduced, 101, 3. Three-and-a-Quarter per
Cents., 1011, 1, 3,1, 3, 3. Long Annuities, 1800,
63; ditto, 30 years, 1859, 63; ditto, 1860, 61, ex div.
South Sea New Annuities, 991. Bank Stock, 2243,
2231. The price of this last named stock appears to
be rather favourably affected than otherwise by the
Bank measure, apparently on the idea that an in-
creased rate of discount must necessarily lead to an
augmentation of the profits of the Bauk, but it is
very probable the result may prove otherwise.
Exchequer Bills slightly improved, realising 70s.
to 735. prem. India Bonds remain steady, at 80s. to
83s. prem.
Foreign stocks were fiat in sympathy with the
English funds, the Leduc being Chiefly observable
in Spanish, Mexican, Brazilian lour-and-a-Half per
Cents., Granada Deferred, and Portuguese, but in no
case was it serious. The prices of the day's business
are annexed, viz. :—Austrian Old Five per Cent.
Bonds, es (exchange fixed at 10 11. per £) ; Belgian
Foui-and-a-Half per Cents., 981,, 993 (exchange 23f.).
Brazilian Four-and-a-Half per Cents., 1852, 99,
983, f. Dutch Two-and-a-Half per Cents., 661,
ex div. ; do. Four per Cent. Certificates, 99,3. French
Three per Cent. Rentes, 81f. 23c. (exchange
23f.). Granada Deferred, 12,4,1. Mexican Three
per Cents., 234, 1, 23; ditto for account, 14th his.,
23;,';. Peruvian Six per Cents., 1043 ; ditto
Deferred 'firee per Cents., 64. Peetagseee Five
per Cents., 1841, 41 ; ditto Four per Cents., 403 ;
ditto for account, 303. Russian Five per Cents.,
1211, ; ditto Four-and-a-Half per Cents., 104 cx
div. Sardinian Five per Cants., 931. Spanish Old
Three per Cents., 49a, 1. ex die.; ditto, Now
Deferred Three per Cents., 231, :e ex div. ;
ditto Passive, 51 ; the Committee's Certifs., 43 per
cent. Turkish Scrip, 3 prem.
Australian Agricultural shares experienced a fur-
ther slight depression to-day, closing at 270/. to
290/. The other Australian Land Companies shares,
as well as Bank and tuicellaueous stocks, participated
in the depression, but in those descriptions that are
more firmly held the reaction was more trifling.
A considerable business was done tu-day in the
shares of the North British Australian Company at
21. to 3/. for each share of 11. paid. In another
column will bo found a notice of the meeting of this
association, just hold at Aberdeen.
Stares of the Oriental Bank Corporation were
dealt in to-day at 43 and 403; Crystal Palace, 5;
Peninsular and Oriental Steam, ; ditto (251. paid),
55 ; Royal Mail Steam, 813; London Joint Stock
Bank, 213; Provincial Bank of Ireland, 49 ; General
Screw Steam Shipping, 503, 513; Beziers and Grids-
sessac Railway shares closed 3 to 1 prem. ; Bank of
Asia, par to 3 prem.; Royal Swedish Railway,l to
3 dis. ; Magdalena Steam, .1 dis. to 4 prem. ; Chiriqui
Rond,l to 1. prem.; Ebro Canal, 2 to 21, prem.; tele
of Wight Railway, dis. to 3 prem.; French South
Eastern Railway, 3 to 3 prem. ; Zealand Railway,
to re, prem. ; Orleans amt Epernay Railway, par to
prem.; London Bank of Australia and India, 3 to
prem.; Great. Western and City Junction Rail-
way, par to 3 prem.
The market for all American State stocks this week
has been very active, and the best railroad bonds are
also mach inquired for. There is an especial demand

The home funds and every other department of
the Stock Exchange continue flat, the tendency of
prices being rather downwards, yet without any ma-
terial decline. Consols are quoted to-day 104 to 1
ex div. money and the opening, and would probably
have gone a shade lower, but for the resumption of
purchases by the government broker. The Three
per Cents. Reduced mark 1004 to 101; the Three-
and-a-Quarter per Cents., 1011 to 1014; Bank Stock,
2241; Exchequer Bills, G9s. to 725. prem.; India
Bonds, 82s. prem.
There is very little business in the foreign house,
but the speculative stocks arc generally flat, espe-
cially Spanish. Peruvian Actives mark 1044 ;
Portuguese Fours, 40; Sardinian, 93 to I; Swish
Old Threes, 49 cx div.; ditto New Deferred, 231
to ex div. ; the Cummittee's Certificates, 41 per
cent. ; Turkish Scrip, 4 to i prem. ; Danish Fives,
101. Austrian Old Bonds have risen to 91, owing
to the fall in the exchange.