The Express.
London, England, 1849-02-16 00:00:00

prudent, before any farther expense should be incurred, that
ireful estimates should be made, in order that any impru-
dent rap, uses nalplit be avoided. The estimate for *aft
had been mule by Mr. Fisher. a gentleman of very
Reese experisse-, and he had stated that the company might
reasonably expect 72,0001. per annum when the line should
be somPlolda. D/Iludlise 60 per amt. boa this amount for
expellees, a balance of 116,0001. a year would be left for the
shareholders. For his own part he most say that he consi-
dered the estimate a Sir one and not exaggerated in any
particular. (Hear.)
After some farther conversation the report was adopted,
and 1,100 'amid shares were declared forfeited. Meters. J.
Hansard, W. H. La Sarre, end John Lawrie were then
elected Useless, and Mr. J. Q. Turnbull, auditor foe the
present year.

MONEY MARKET.
TIORIDAY ZIIIIIIIIO.
The Bank directors had again a long sitting on this
the regular board day, but it is scarcely probable that
the time wu occupied in any considerable degree with
the question of the minimum rate of discount, which,
however, it was resolved should remain without alter-
ation, for it was generally understood that various
matters connected with the internal economy of the
Bank, and its administration, engaged to-day the de-
liberations of the Board as on several recent occuions.
The decline in the funds of about 1 below the open-
ing quotations, pending the sitting of the Bank Board,
had prepared the dealers and speculators in and out
of the Stock Exchange for this solution of the discount
(petition, and in some quarters was treated as its legi-
timate consequence. Such a conclusion would en-
tirely overlook the presence of other circumstances af-
fecting the value of securities, for the moment at
least. For, early in the day, it became known that
sales of Consols and other stocks, to a considerable
amount, had been made yesterday, and were conti-
nued this mornioroon account of some of the railway
companies, but thote notably of the London and
North Western, for the realisation of funds wherewith
to meet the parnent of forthcoming dividends on shares.
Again : parties usually in the habit of acting
for the Irish banks were found to be @ellers for heavy
quantities of stock ; and in this, am in the other case,
for money. The fall in Consols, from 941 to 94/, be!
fore the Bank Board had broken up, is sufficiently ex-
plained without attempting to connect the former
with some anticipated determination on the part of
the latter ; and so also the further fall in Consols to
931 1 subsequently was attributable to caves and ope-
rations of the same nature quite independent of the
announcement that no alteration would be
made in the official minimum rate of dis-

count. In the present easy state of money
affairs, with discount accommodation readily
obtainable in the open market on good paper at rates
so moderately ranging from 11 to 21 per cent., it is
neteibing a very undue importance to Bank action
to suppose that it should occasior, in a time of com-
parative calm, a fall in the market values of public
securities of shoat one per cent. in one day. As-
suming so simple a movement of the Bank to
exercise so much influence upon the funds,
how shall it be reconciled with the fact that Con-
sols not only actually advanced whilst the
Bank board were sitting this day week, when the
rumours of a movement in the shape of a reduced
minimum were quite as strong at the least, but
maintained their advance after the movement was
known to be negatived, and subsequently continued
their upward course, until, from 921, buyers then,
they reached 941, or say the extraordinary rise of 21
per 1001. nominal within the short space of four or
five days? Bank action being negative last week, as
well as to-day, the results should be uniform, sup-
posing the regulation of stock values se absolutely
dependent upon it.
Consols recovered slightly from their lowest point
of depression, and left off 934 to 1 both for money
and account Reduced Threes, 94 to 1. Three-and-
s-Quarter per Cents., 941 to 64. Long Annuities,
9 1-16 to March Exchequer Bills, 41s. to 435.
Fem.; the June Bills, 465. to 495. India Bonds, 61s.
to 535. prem. Bank Stock, 195 to 7.
The half-monthly settlement of account was the
leading business of the day in the foreign market, and
many of the transactions recorded grew out of it.
Prices generally were fairly supported, with an im-
provement in some instances. Dutch Fours were
better at 791 to 801. The Two-and-a-Half per Cents.
50 to 1, as before. Belgian were quoted higher, at
81 to 3. Russian 108 to 110. Spanish Fives left
off 171 to 181 ; the Threes 291 to 30 ; Passives, 4 tot.
Portuguese, 25 to 6. Mexican were 251 to 4. Peru-
vian, 48 to 50. New Granada in advance at 151
to 16. Brazilian higher, at 81 to 3. Chilian Threes
were done at 55 ; the Six per Cent Bonds, 93 to 6.
Front the Spanish American Committee we are
favoured with copies of the following documents of
interest to those concerned
13, Austin-friars, Feb. 12.—Gentlemen,—The committee
of Spanish American bondholders have been expecting on
the arrival of each mail from New Granada to tied that you
would be enabled by the receipt of funds from the govern-
ment of that state to announce the payment of the dividends
in arrear on the New Grenadian Bonds ; but this expecta-
tion has not been hitherto realised, to the great disappoint-
ment of the bondholders. The committee will be greatly
obliud by any information which you, aa the agents of the
government of New Granada, can give them on this subject.
—I remain, &c. (Signed), G. R. ROBINSON.—Messrs. Baring
Brothers, and Co.
Bishopagate-street, Feb. 13.—Sir,--We have the honour
to acknowledge the receipt of your letter of yesterday, in
which you ask for information as to the prospects of an early
payment of the dividends due on the debt of New Granada,
and we buten to furnish to yen, as we are always ready to
give to any parties interested in these securities, all the
knowledge which we ourselves possum. The sum necessary
to pay • half-yearly dividend on the New Granada Bonds,
is, as you are probably aware, 16,7301. 10s. 6d. Not having
in hand a suffici, nt amount for account of the government
on lit Juno, 1847, we advanced 3,4201., and there being
again a deficiency on lat December, 1847, we advanced
about 5,00 W. to complete the dividend, but at the same
time informed the government that such • course
was so mach in contradiction to our arrangements with Mr.
Magner', and to the system of regularity which it was
necessary to pursue, that we should decline repeating such
advances. On the Ist June, 1848, the sum in our hands for
account of the government, after the reimbursement of our
advance, was only 5,9521.155. lid. ; and on Ist December last,
when two dividends were due, we held 11,1781. 161. Id.
We have now for aocount of the dividends 13,3851. Direct
remittances from the government to us have ceased for about
two years, and the sums which we have received for account
of the dividends have been paid to us by other parties= this
city. We have of course not failed to bring the matter before
the attention of Mr. Moequera, the new Granada minister in
Burope,who has always expressed his anxiety tosee regularity
re-established in the payment of the dividends, and we have
constantly, and at the risk of the displeasure of the govern.
men.. of New Granada, in the strongest manner urged upon
it the necessity, for the credit of the republic, and for the
sake °quake towards its creditors, to take immediate and
energetic measures to provide the requisite funds for the
interest on its debt. The government has stated to us that
the expense of internal improvement, and the decrease of the
custom-house receipts, temporarily produced by the reduc-
tion of its import duties, attended, as that has been, by the
political events in Europe, which generally affected trade,
have diminished its available revenues, but that it con-
fidently expects an increase of the custom-house re-
ceipts, and that it has for some time directed
that* sputter of the duties taken at Santa Martha should be
remitted to England, towards the payment of the dividends.
By the last despatch dated Bogota, Dee. 13, 1848, the
minister informs us that the government had directed
500,000 fr. to be remitted here for the dividend of December,
as he considered that previous remittances had already pro-
vided for the dividend of June last. We have the honour,
&c., (Signed) BARING BROTHERS, and Co.—G.ll. Robin-
son, Esq. Chairman of thermittee of Spenish-American
Bondholders.
A correspondent draws attention to an error under
this head, in respect of the new 3 per cent stock,
which we leave him to correct in his own words, as no
doubt substantially right.
Sir,—ln your City 'Wide of this day I observe a slight
inaccuracy, which, in justice to Porisi and Mr. Thornton,
is as well corrected. Of the dividend us for the first half-
year of 1847, thresfourtlis &repaid "in cash," and the re-
mainder in active, not deferred stock. To the credit also of
Portugal, the dividend is payable on this new stock from the
day the coupons were due. Thus a dividend will be paid at
once. It is no great affair certainly, but I cannot help con-
trasting this honourable :conduct with the ruinous delay
practised by her neighbour Spain. Not a penny paid on
active Spanish for eight years. Portugal bas allowed
a lapse of two years only. Observe how Spain
benefits by her own wrong. Suppose the coupons
even funded into three per cents. en the earlier coupons,
due, 8 years of interest would:bave accrued. Thus, suppose
a person held 8,000 active 5 per cent., his first half-year's
coupon of 1840 would be 200, on which 61. would have been
annually due, amounting to 481. and upwards ; or say 24 per
cent. ! I venture to point out these facts, hoping Mews.
Capel, Tacker, and Stokes, and others on the ed interim
committee, will not fail to bear them in mind, when any
Ilnunt is effected, especially 111 PriarlPsi of the
8 debt is already cut down by 33 per cent. under the
wino scheme.—A Bowan or Srufiew urn Portittornea
Bowne.—City, Feb 14.
Private letters from Cork brim gloomy latellisenee.
The failure of one kaolin balm its that aitY, or uP-
wards of 60,0001, bee owed some smosation through-
out the coautyeas the nentalmeser the firm and their
family cooneidoes *ere eappesed to be beyond the
reach of the dun: It k said that the Bank of Ire-
land has loot 140004 and the National Bank 9,0001.
by dab anima The banks in Cork have
reedit mos book aseoule i and wean tiers