The Express.
London, England, 1847-06-30 00:00:00

MONEY MARKET.

TUESDAY EVENING.
The debate on the appropriation for Irish railways,
in the Commons, last evening, and the news brought
by the Hibernia steam-ship from New York, have
operated quite a re-action in the stock-market to-day.
The ascending position of the funds was quite re-
versed, and instead of Consols at 894 to 4, in rapid
progress to 90 before the account day, they retro-
graded this morning to 894, and after inconsiderable
fluctuations of 4 one way and the other, left off at 89
to 4 for the opening. The speculators for the fall
took courage from the depressed appearance
of affairs, and sold considerably. Yesterday,
with prices 4 higher, and therefore so far better
to sell upon, so strong appeared the market,
that scarcely a speculative seller was hardy enough
to operate. To-day one party alone, who within a
short period had bought in a large bear account as
prices were going so much against him, sold to the
extent of 120,000!. The effect after all was only to
make the market sellers instead of buyers at 894.
It is not to be denied, however, that the decided
manner in which Lord John Russell declared last
evening that, short as was the quantity of potatoes
planted in Ireland, there was "reason to fear that
a great part of this crop may perish," took the
City rather by surprise and excited serious mis-
givings even among the more sanguine of those
who were looking forward with entire confidence
to the return of funded values to something like
their former standard of a more or less approxima-
tion to par values of the three per cents., and other
stocks in proportion. The Premier, with the caution
habitual with him, is not the man to hazard assertions
lightly, and, it is felt, must be in possession of infor-
mation which could leave no doubt upon the fact
adverted to. The numerous extra stair of officials
rendered necessary all over Ireland, for the superin-
tendence of the distribution of relief, and for the
employment of the people, in the late, as yet, eventful
times, afford the very best facilities for obtaining
returns approaching to accuracy as to the state and
prospects of agriculture, and the means of subsistence
likely to become available from the crops of the pre-
sent year; therefore, the declaration of the minister
was considered to be entitled to the more weight.
It was stated days since, indeed, by parties whose
means of information are not to be doubted, that each
was the tenor of the accredited advices from Ireland
in possession of the government.
The other cause of uneasiness affecting the stock
market was the downward tendency of exchange on
England in New York. The rate had been reduced
as low es 51 nominal premium, which re-ascended to
61 on the morning of the sailing of the Hibernia.
The prices of flour and other breedatuffs still ruled
high there, as the result of the excited prices carried
out from hence by that vessel, and therefore every
exertion would be made to despatch with the
greatest promptitude all the supplies on the
spot, or which should arrive daily from the
westward. However momentarily markets may be
affected by the pressure of large quantities at once,
not immediately saleable, because in present excess,
it would seem* but too probable that eventually all
will be wanted that can be procured, or shall be
brought here. Some further effect upon the rate of
exchange must therefore be looked for, and may pro-
bably arrive in the shape of orders for the remittance
of gold, or of a premium attendant which may induce
merchants or exchange dealers here to make such
remittances. As, however, shipments of manufac-
tured and other wares have been going forward to the
United States regularly for some time past, which
are not unlikely to become more active for some
weeks to come for the fall trade in the union, it is not
improbable that the demand for gold, should it arse,
will be on a moderate scale only, and such as, in the
absence of pressure from any other quarter, should
readily be met without creating any particular incon-
venience or disturbance in the course of money
dealings here.
Other public securities declined in something like a
corresponding ratio with Consols. Reduced Threes
were 894 to 1. Three and-a-quarter per Cents., 91
to 4. Long Annuities, 9 1-16 to !. Exchequer bills
better supported, were 9s. to lls. premium. India
Bonds, is. to 10s. premium. In Consols scrip no
transactions took place.
The dealings in foreign stocks were extremely
limited, and the market heavy, with priceg lower in
some instances. Spanish Fives were quoted at only
211 to 21 ; the Threes, 34; to 1. Portuguese, 31 to
2. Dutch Two-and-a-Half per Cents., 381 to ; the
Fours, 89i to 90. Mexican, 19 to 20. Ecuador
Bonds, 2; to 3. A bargain in French Five per Cents.
Rentes was done at 1171 f., exchange 25f. 60c.
Foreign exchange was rather in decline to-day out
Amsterdam, Paris, and Vienna ; on other places, save
Antwerp, the same as last post day. On Amsterdam
the negotiations were 12.41 to 4; on Rotterdam,
12.4; to; ; on Antwerp, higher, at 25.90 to 924;
on
i; on Paris, 2&80 to 8
Hamburg,l3.ll4 to 125 ; on Vienna, ;on Frankfort,
0. 1121 ti
to
2 ; on Naples, 40; to • on Leghorn, 30.40 ; on
Madrid, 471—a1l at th;e'e months; on Lisbon, at
60 days, 531.
INGLIS!
Ronk Stock, 151/ 5
per Or. Re 4. 1105
New 5/ per (a. Aene.,9l{
I.ooo.exp. Jam 3.1460. Si 1-U
latEo Bonds, under £1,000,1 10

lac Acct, she It 9
■9. 11119. £L9I9. SI., 11 9 1 911
111193 £490, 16 11
• lksll, 19 10