The Express.
London, England, 1847-10-29 00:00:00

MONEY MARKET.

THURSDAY ETINIMEI.
The fluctuations in the funds have been rather
strong to-day, but with a manifest tendency down-
wards. Consols opened at 83} for time, and 821 for
money, but left off 821 to for account, and 82 to for
money. When it is considered that since last Battu-

day there has been actually a rise in the funds from
79 to 81, the present re•action of prices should create
no surprise. The wition upward was excessive, and
immature, because the restoration of credit could not
be the work of a day ; the re-action consequent is
the natural result of exaggerated expectations disap-
pointed. The failure of the Salisbury bank of Messrs.
Brodie and Co., with branches in Shaftesbury and
elsewhere, was made much of by the speculators
for the fall, but in truth the whole is the
affair of a bank of small issue, and contracted
business. It is understood that the assets are suffi-
cient to satisfy all the liabilities. As Salisbury is the
centre of an agricultural district, the failure will to
the extent create an inconvenience and discredit. It
is understood that the firm had become gradually
under advance to their London correspondents upon
sfeuritics, who stopped the accommodation naturally
when no longer covered.
The failure of the house of Risa and Co., at St.
Petersburg, was reported in private advices this
morning, and it may be reasonably presumed to be a
bad affair, after the notice of the St. Petersburg Bank
of the readiness to assist every house in difficulties
through failures here who could show adequate secu-
rities. We have other failures reported in foreign
parts, as might naturally be expected as the result of
the extraordinary casualties here. Of these mis-
haps abroad, more may be yet expected, as
the inevitable consequence of unfortunate affairs
here, and of the enormous variations in the
prices of produce, and of values generally.
But, in the midst of these disagreeable cir-
cumstances at home and abroad, it is incontestable
that confidence is reviving, and will increase still
more as parties injured in credit, or, before, insolvent
in reality, shall disappear from the scene. The Bank
of England is discounting freely; but, what is of more
consequence still, all other banks are now discounting
freely also. This was net the case until the govern-
meat broke the Bank Act on Saturday, as more pub-
Hely made known on Monday. The effect is only
now becoming felt in country parts, and the
reaction of more confidence in dealings and money
has yet to be experienced in London. In the mean-
time the funds are depressed, yet still, higher by
some 3 per cent. than on Saturday last, which is no
small rise. As neither in periods of much depression
or much excitation prices continue without much
fluctuation, :it may be assumed that they are now
gradually approximating to their proper value, as com-
pared with other values bearing interest, and that
hereafter they will advance or recede according to the
changing complexion of other values of the day.
Consols may no longer be expected to arrive at 93,
or at par, perhaps, for years to come, but they must
still appear to be cheap on a comparison of values at
or below 83. This sort of calculation belongs, how-
ever, more exclusively to dealers in stocks and money
values. In the meantime the government may be
said to have acted wisely in enfranchising the Bank.
The real capital of the Bank, taking the issue and bank-
ing department together, was all lent to, or borrowed
by, the government. All that was allowed to the
industrial public in return was the permission to
the Bank to afford accommodation according
to the amount of coin and bullion in hand.
The public were told, in so many words, that bank
notes might be had for so many sovereigns placed in
the Bank. Private credit went for nothing, goes fur
nothing, by • the Bank Charter Act ; whereas the
government takes credit for fourteen millions of issue
in its debt, whilst for " dead weight " and other
securities in support of government credit, the re-
sources of the Bank are crippled by seven or eight
million, besides. How, therefore, in such circum-
stances can the Bank of England be the national
bank, and really serve the public
The closing quotations of Reduced Threes were 811
to Three-and-a-Quarter per Cents., 82. to 4.
Exchequer Bills, 18s. to 16s. dicount. Long Annui-
ties, 8 7-16 to y. Bank Stock, 183 to 6. India Stock,
225 to 8. India Bonds, 30s. to 20s. discount.

We are in the same passive state in foreign stocks.
The dealings have been few. Brazilian were called
75 to 7, Mexican lower at 161 to 17, Spanish Fives
17 to 3, the Threes 273 to 8, Portuguese 21 to a,
Dutch Two-and-a-Half per Cents. Ma to 3, the Fours
813 to 2, French Five per Cent. Rentes 114 f. 50e.,
Exchange 25f. 83e., Belgian Bonds, at exchange of
2M., 88, quoted 87 to 9. Some of the holders of
French Rentes have lately been selling, under appre-
hensions of a great fall in prices from the forthcoming
French loan.

The meeting of the creditors of Messrs. Fry, Grif-
fiths, and Co., was held to-day, at the offices of Messrs.
Quilter, Ball, Jay, and Croebie, in Coleman-street.
Some angry. remarks passed among the creditors,
more especially about certain securities passed to
Overend, Gurney, and Co., on the eve of the failure
of the insolvents. It transpired, however, that the
securities which were the ground of animadversion
were given in exchange for others only. As the affair
is likely to come before the courts for adjudication,
there is no occasion to enter into its merits. Messrs.
Overend, Gurney, and Co., were reported to be credi-
tors to the extent of 72,0001. in round figures, but
covered by securities fur 65,000/.
Mr. Simpson, the solicitor of Moorgate-street, was
appointed to investigate the accounts and report at a
meeting to be held on the 11th proximo.
The estate, as will be seen by the statement, is
about the worst affair yet submitted to public inspec-
tion.

RP. FRY, GRIFFITHS
1.441.

.t;

C.,309 13 3

IMMO 3
43.461 IC

12.U1 '7 2