The Express.
London, England, 1851-04-28 00:00:00

MONEY MARKET.

THIS DAY.

Two o'CLocx.
There has been a rather extended range of trans-
actions in the English stock market to-day, but
they consist almost entirely of money business,
the speculative bargains being limited. Gene-
rally, to-day's market presents little change
from that of Saturday, prices being quoted with only
a trifling alteration. It may, however, be noticed
that the tone has been steadier, and an improvement
of was for a time established, though it has since
been scarcely maintained.
Consols have touched 97 for cash, but nro now
quoted 93! to for money, and 961 to 97 for
the 13th of May. The official statement of business
is: Three per tent. Consols, 961, 97, 96;; ditto for
account, 97, 961 ; Three per Cent. Reduced, 964,
Three-and-a-Quarter per Cents., 97a,
Long Annuities, 1860, 7 5-16, ; ditto 30 years,
1860, Bank Stock. 211.
Exchequer Rills continue quoted at the full decline
of Saturday. Bills of all denominations mark 51s.
and 31s. prem. India Bonds, under 1,000/.,;335. and

.5811.
In the foreign stock market, the settlement of the
fortnight's account begins to occupy some share of
attention. The new account is fixed for the 16th of
May. The market is extremely quiet, and as the
few operations offering arc of a very ordinary cha-
racter, prices remain stationary. The business list is
as follows :—Bruzilian Old hive per Cents., small
bonds, 90. Danish Three per Cents., 1525, 77.
Dutch Two-and-a-Half per Cents., 59 ; ditto
Four per Cent. Certificates, 911, 4. Mex-
ican Bonds, 351; ditto for the account of the
16th of May, 354. Portuguese Four per Cents., 33,1.
ltussian Five per Cents„ ; ditto Four-and-a-Half
pct. CentA.,99-4. Spanish Active Five per Centa.,l9L ;
ditto Passive Bonds, 51.
From the committee of Spanish bondholders we
have received the following communication, in ex-
planation of a misstatement which has gained cur-

rClley :
TO rut saffron or TILE DAILY I'4 EWA.
Si —ln the official part of the Madrid Gazette, 11th
inst., it is stated is a report signed by Senor Berttan de
Lis and others, that the chairman of the committee of
Spanish bondholders had, at a public meeting held in Lon-
don un the 29th of .August, 1830, acquiesced iu the terms
proposed by the Spanish government, and the foundation
oil which this statement is based appears to be a report in
one of the morning papers of the 30th of August, 18,0, and
which must have arisen wholly from misconeeption,as there
never ha. been a shadow of ground for such a statement,
the committee having never authorised any departure from
the terms proposed by them ; and further, that on the re-
ceipt of the official terms proposed by the Cartes, at another
public meeting held on the 12th of Februaty,lB3l, the bond-
holder, came to a deter' ii itt atiou to accept of the terms for
the settlement of capital of the Active and Passive debts,
and to instruct their agent at 'Madrid to press for the cou-
pons hying 'woefl:it tor in like manner, and to be placed
upon an equality with the capital of the Active Debt, in
fact to call twin the Spanish government to fulfil the settle-
ment of the debt as proposed by the bondholders at the
public meeting on the 29th August, 1830.
be oblboal by your inserting this in your paper,
thus 'rising another to the many proofs you have Mb red of
y nor iLsire to help the hiders, not only of Spanish Bonds,
but of all defaulting states.
I have the honour to be, sir, your most obedient servant,
JAMES CAPE!., Chairman.
3, Clement's•lane, Lombard-street, April 26, 1831.
The condition of the money market has attracted
very serious attention during the latter part of the
week, and the prospect of obtaining advanced rates
fur money has been much canvassed. Although there
is more paper afloat, particularly American, as is
naturally to be expected at this season, there is
nothing, so far as capital is concerned, to hold out
any immediate prospect of high terms. The peculiar
position of the Bank of England may induce its
directors to take measures for consulting its own
interests, but these considerations arc apart from the
general condition of the market. Although there
has been a tendency to ask 3 per cent. for bills where
21 would have been taken in the beginning of the
week, it is undeniable that capital is in superabund-
ance here and abroad. The state of the exchanges
and the movement of bullion attbrd no real argument
fur interference with the rates for floating capital,
nor is there anything in the commercial or political
world suggestive of pressing difficulty. The prospect
with the advancing season of very active movement
in trade certainly affords the hope of a
greater application of capital; and there are many
who wish to profit by the opportunity for
getting a better return. All this is very remote
from considerations of panic and pressure, but it
still remains to be seen whether the rates of discount
will advance or recede with the increased activity of
commerce. That they will advance on the confluent
seems almost certain, for such terms as 11 and 11
per cent. have reached the lowest limit ; but here,
where the amount of capital in excess is so much
more considerable, it cannot be predicted that higher
prices will prevail. It should not be forgotten that
all extension of commerce is attended with increased
activity in the individual operations, so that the
same amount of floating capital will work a much
greater number of operations. Thus it may happen
that capital now in excess may become still more in
excess with increased commercial operations ; and
then the rate of discount would fall lower. This in'
effect tookt place here in the beginning of 1830,
when, notwithstanding the very great extension of
our home and foreign trade as compared with 1848
and iBl9, the rates of discount diminished. It is
only when the total of commercial operations be-
comes in excess of the capital available, notwith-
standing the greater activity of its application, that
the rates of discount can rise, and during such a period
we have seen five per cent. remain as a ruling cute
for some time.
Foreign rates of discount stay be quoted as
follows: Adelaide, 20 to 30 per cent.; Amsterdam,
2 per cent.; Antwerp, 2to 4 per cent.; Bourbon,
6 per cent.; Bordeaux, 4 per cent.; Brussels, 4 per
cent.; Calcutta, 11 per cent.; Ceylon, 9 to 10 per
cent.; Copenhagen, 3'per cent.; Frankfurt, per
cent.; Hamburg, 11 per cent._; Havre, 4 per cent.;
Havaunah, Bto 9 per cent. ; Madrid, 6 per cent.;
Marseilles, 4 per cent.; New York, 6 to 7 per cent.;
Paris, 4 per cent.; Peru, 24 per cent.; Philadelphia,
6 per cent.; Rotterdam, 21 per cent. ; Rio Janeiro,
7 per cent.; Trieste, 41 to 4f per cent.; San Fran-
cisco, 6to 8 per cent. per month; St. Petersburg,
.5 to 61 per cent.; Valparaiso, 12 per cent.; Vienna,
5 per cent.
The Bank of England returns given by us yester-
day exhibit the alterations consequent on the pay-
ment of the large mass of dividends, and likewise
considerable reduction in bullion, attributable to the
demand for exportation.
The accounts of the Bank of France for the week
ending Thursday last, the 24th inst., show the fol-
lowing results (23 francs for IL):
Bullion £21,912,412 Increase £164,509
Bullion on deposit 100,427 Increase 3,175
Circulation
Public deposits
Private deposits 4,232,429 Decrease 3,019
Bills discounted 4,73.3,910 Decrease 15,695
Government securities 7,023,317 Decrease 4,384
This return shows a continuous increase in the
stock of bullion, which now amounts to nearly
twenty-two millions.
The bullion market remains at the former rates.
Next week, large transactions will take place in the
Sale of the bullion by the Thames.
The last prices of fine gold are: London, U. 170.9 d.
per oz. ; Amsterdam, 101 to lit per cent. •, Bombay,
161 rupees per tole ; Buenos Ayres, 3 per cent.
prem. ; Canton, 13 dole. per oz. ; Frankfort, 3788.
per mark ; Hamburg, 426 marks per mare ; Jamaica,
2 per cent. prem. ; Lisbon, 0.4 per cent. dis. ; New
York, 6 per cent. prem.; Paris, 0.2 to 0.223 per cent.
dis. ; Rio Janeiro, 158 per cent. prem. (paper), 68
per cent. prem. (silver) ; Trieste, 291 per cent. prem.;
Shanghai, 206 dots. ; Vienna, 371 to 38 per cent
prem.
The last prices of sovereigns are Amsterdam,
11 fl. 73 to 83; Bombay, 101 rupees; Batavia,
13 IL 73; Bourbon, 5 per cent. prem.; Colombo, Ito
If per cent. prem. •, Calcutta, 10 rupees .4 to 5 ; Frank-
fort, 118. 62 to 63; Lisbon, 4.470 rem; Madras, 10