The Express.
London, England, 1851-01-02 00:00:00

RAILWAYS.

THIS DAY.

Two o'CLocc.

Although the operations in shares are on a scale by
no means extensire, they are chiefly in an upward
sense, and the general feeling of the market is de-
cidedly b. tter. Prices in owe. cases are higher than
yesterday. Great Westerns are buoyant, and
1 nave reached 781; whilst Larcashire and York-
shires hare been uealt in as high es 58; ; London
and North Western Stock, at 124; ; South Western..
at 74; ; South Eastern., at 231; and York and North
Midlands. at 22g.

Clo Avg prior
Yeircrlay.

[THREEPENCE.

MONEY MARKAT.

THIS DAY.

Two o'CLocz.

The English stock market shows a slight increese
of movement to-day, ecaompanied by a feeling of
more firmn:ss, and prices are now quoted at an ad-
vance of k. Consols were first called, as thee left cif
yesterday, 964 to a, afterwards improved t, 96f. and
are cow quoted 96Z to j ex die. for Jan. 16, at which
rase the market appears steady.
The Redact d Three per Cen's.have b: en transacted
at 974 and 4 ; and the New Three-and-a-Quarter per
Cente. at 984, 4, and Bank S:ock marks 2131.
India Stock, 2674.
Exchequer Bills remain at yesterday'. prices, but
tho market fur this would y and also fur India ionds
is accordingly firmer. Tt a large Ills have met with
business at 60e. prem. ; Jiro small, nt 37.. and 60s. ;
India Bonds, under 1,0001.. at 76e. prem.
The foreign stock market is still &most entirely
deserted, and the business is limited to the execution
of a few chance orders. Pik...l show very little
change. The rates realised to-day, according to the
official list, are as follows :—Du:ch Two and-a-Half
per Cents., SS, 514 ex div.•, ditto Four per Cent.
Certificates, 91, 904. Grenada One-and-a-Half par
Cent. Bonds, 31. Mexican Bonds, for the account
of the 15th January. 35Z, 4. Soanish Three per
Cents., 381, ex div. Vent zu,la Twr-and-a Quarter
per Cents, 311; ditto Deferrel, I.
The Banker's Magazine for this month pursues the
subject of the issue of 11. Book of Euelard notes,
and their effect in referenco to tie question which has
been raised by the Ecomanist tee to small notes re-
taining their par value when inc ,nvt rtihle. The
latter has adduced the case of the Ink of France
4!. notes (100 f.), and the hander's Migraine is re-
examining the evidence afforded by the Bank of
England issues. The question is one of great im-
portance, and the new form the discussion has taken
excites much interest.

The establishment of a sugar refinery at Southamp-
ton for refining tot eign sugars in bond for reshipment
' to the Mediterranean and other pats im another proof
of the extension of enterprise in that town. The re-
finery is established on the Dockland, and wharf, so
uto rmive cargo from the ships, be ref ,aded, and
save cartage. Active oper..tions began 4.4 week.
This proceeding will be viewed with interest, as the
arrangements will be followed in ether ports.
The adoption of p •stage 'damps in Spain has had
the best results, and it is gratiiyit g to see that the
monthly receipts continue to increase. Those for
January were 2,117!.; and those for October, 5,1581.
About half the correspondence is now stamped.
Messrs. Itailton's special el: cuter c :mem with inte-
rest at the present moment. They give a continua-
tion to the 26th 1) eember, of the statement of that
portion of the unguaranteed cipital connected with
twenty-three lines, etubracirg r. p.id-op capital ot
95,937,717/. The total out liy for oi.e ♦hare each in
the twenty-three lines amounted, on the 26• h of April
last, to 733/. 16s. 3d.; and at the close of the week
ending with the 24th ult. inclusive, stood as follows:
a gain of 18/. ss. on fifteen lines. a loss of 41. 2e. 6d.
on five lines, and without any variation on three lines,
being a gain of 11. 17e. 10d. la•r cent, on the previous
week's transactions, and en addition of 2571. ss. 3d. to
the sum of 7331. 16s. 3d. above referred to.

The subjoined calculaTtion;;ll;etheTate per cent.
per annum yielded by the various securities cited at
the average of the prices which ruled this day.
Where the asterisk (•) is plite.d it is to be under-
stood that the share rate of dividend is less the in-
come tax. It will be seen that in etc, ry cane we take
the rate of dividend last declared as the basis of our
calculation :

Three per Cent. Console average price *I0( yield per cent. .13 2 0
Three per Cent. Reduced 97) .1, 3I RI
Three-and-a-Quieter per Ceara 3Ol e 3 3 9
Bank stock (die. 7 per cent. per ans ) 213 so 3 5 K
India Stock (ille. 101 per cent per an ) 267 f 11 S IS 5
Exchequer Rills (int. 1)d. per day) Cho. pot. .. 2 4 3)
Eastern Counties Shares *(heir-yearly
die. 2a per oh. of 301., equal to 1 per
cent. per ans.l
Om! Western* £lOO oh. (dl.. at the
rate ot 4 pee cent. per ann.) .
i ancoaltirn and. 1 orkahira £lOll

Moth* (dlr. it the rate oft per sent.
per ann.)
London as South Western* Stock (di%
at the rate of 3 per asst per ass.) 72
London and North Waters* Stock (dlr.
at the rate of 2 per cent.' per ann.) 121
Midland* Stock (dlr. at the rate of
it. 12a. per et. per ann.) 47
South kestern• Stock (div. et the r to
at 3 per rent. per ann.)
The directors of the National Brazthan Mining
Association have to-day i-sut d a report to their shore-
holders, in which is fully d the actual position
of their affairs at the mines. It appears that while
the different works had been advancing, with the
view of enabling the miners to sink to any depth that
may be required for the putpose of produce or dis-
covery, they have acted with a twolold disastrous
effect on the present funds of the atemciation ; and
with an increased expense, and diminution of pro-
duce, further means are required to carry on the
mining operations for a full di velopment of the mines.
Otherwise, the directors state that they will be com-
pelled very reluctantly to adopt the painful alterna-
tive of bringing the affairs of the association to an
abrupt termination. Ucder these circumstances,
they have determined on issuing 3,300 Pre-
ference Shares, at 31. per share. The first
instalment to be paid on or before the Bth
January inst. The second instalment to be paid on
or before the 10th February nest; end the third in-
stalment to be paid on or belOre the 10:h April next.
These shares to be considered in al. respects the same
as the others, with this advantage, that in case the
association shall be wound up, or measures taken for
its being wound up, within two years of this date,
say the Ist January, 1853, the whole 'f the 31. per
share, with an interest at the rate of 51. per cent. per
annum, shall be repaid in full out of the sales of the
property belonging to the association; and in case of
a larger surplus than 31. per share being divisible
upon the other :shares, these preference shares shall
be entitled to participate in an equal ratio.

“ 310 2

3

n 4 0 71

3 9 I