The Express.
London, England, 1848-02-18 00:00:00

THE EXPRESS, FRIDAY EVENING, FEBRUARY 18, 1848.

MONEY MARKET.

TRIM/MAT Evzxixo.
The tenor of the intelligence this morning from
Park did not seem calculated to relieve the funds
from the depression in which they were left by the
after-hone business of the day before. Consols
opened and remained for some time fixed at 89} to
for both money and account. Late in the day, how-
ever, they took an unexpected start, and ascended
rapidly to 894, at which, momentarily, buyers the
more settled quotations however being ttg! to z. Con-
siderable purchases were made at the intermediate or
fractional stages of this improvement in pricee, which
had the usual effect of inducing dealers who had been
buyers at the lower quotations to realise at once the
profits offered so promptly by the rise. A partial
reaction was the consequence, but at the close of busi-
ness Comb; were still marked 894 to for money
and time. Reduced Threes, 894 to Three-and-a-
Quarter per Cents., 901 to 1. Long Annuities, 9
to 1-18, March Exchequer Bills 17s. to 215.; the
June bills, 245. to 275. premium. India Bonds,
10s. to 13s. premium. Bank Stock, 200 to 202.
India Stock, 243 to 3. A parcel of South Sea Stock
AU done at 964.
The sudden advance of prices referred to does not
appear to have originated in any new er peculiarly
favourable phase either of political or money and
financial affairs. It was accounted for in some
quarters by the again repeated assurances
that the Treasury neither contemplated a fund-
ing of Exchequer Bills, nor would be under
any necessity for contracting a loan. Thaw us-
entrances are reiterated with more confidence as the
time draws nearer when the financial statement of
the session is to be made, which shall disclose the
mode in which the government propose to deal with
the engagements or exigencies of the year. As re-
marked on a former occasion, the sum of past or
actual deficiency, for which the income of the country
may be in arrear of its outgoings, is not so large as
to present an insuperable difficulty to oarrying on the
public service with regularity, without involving
the necessity of recourse to extraordinary means
forthwith for covering a deficit gradually accumu-
latedouid which may be, there is reason to hope will be,
more or less gradually dispersed by the improving
receipts of the exchequer during the present year. It
may be assumed in any case that the revenue of the
year will be found to suffice for meeting the current
expenditure, even if past arrears have to be left as so
much floating debt, to be absorbed in more favour-
able conjunctures of fiscal progress. A loan for so
small a sum as two or three millions sterling would
scarcely be deemed a creditable expedient for dealing
with what may chance to be a temporary difficulty

only.
The rise of stocks is, however, otherwise accounted
for in some quarters by the state of the account,
now within a week of maturity. It is pretended
that speculators for the fall have considerably
oversold themselves and, as in such case
they will be compelled to purchase proportionately
in ceder to effect their deliveries of stock oversold, it
is inferred that they must necessarily submit to the
law of the strongest, and pay the higher prices
which may be imposed by. those who happen tar hold
the commodity, and are disposed to part with it on
suitable conditions. This view supposes, however, a
scarcity of money stock at market, and a greater
difficulty in money accommodation than now ap-
pears ; a state of affairs not exactly made out.
The market for foreign securities underwent no
material alteration. The business actually done was
of very slight account. A bargain in French
Five per Cents. was made at 116 f. 50c. ; at exchange,
25L 60c. Spanish Fives were flat at 21 to j; the
Threes, 31f to 21 • Portuguese, 28 to 7 ; Dutch Two-
and-a-Half per Cents., 54 to ; the Fours, 851 to I ;
Mexican, 181 to 191 ; Brazilian, 85 to 7.
At a meeting of the proprietary of the State Bank
at Berlin, on the 10th inst., a balance-sheet of account
was exhibited, which allowed of the declaration of a
dividend at the rate of 51 per cent. for the year 1847,
and the appropriation of a sum of 100,000 thalen to
be carried to the reserve fund.

T---- -__ ___ _ _
SNOW= FUND&
Bank WO India Bonds, Sli.ooo, 13
3 per oe. Reduced Anne. 1 t 81: Ditto under Z:1000. 10 6
5 per Ot. Cool. Ansel 6 South Bee Moak.
New Sipes Ct. Anne, 8 Consols foe hent,lll., .8 I
IQ
L°9 1
-16 - "P' "'• • 9'. il Ba'. tr lag" 27 7
Ilitte. 30 re" em. 10th Oat, Ditto. 8600, Jane, V. Itarelt.ll
1858, 81318 8 Ditto. email. Jape, 23. March. LI
Ditto, sth Jan., 1810,811-16 •
VOZZION MAD&
Iper Ct. Brazilian Ikle„ m 861 per all, 3 Ct. granlat Bae— 22 2
1 per Ct. Ectashor Ada 31 5 per Ct. French Unto% 116 f. 600.
8 per Ct. Metlatn, 1846, i 2 19 Et. 2.5 f. 800.
8 per Ct. Fertilise Bds„ 246 r Ct. Dutch Rxoh. 12 OdL.
6 par Ct. Spanish Bds„ Dlv. from
Nor., 1840. 208 4 4 per CO. Ditto Certlileste. 811

The Sara of Caen announces the failure of M. David, a
eorn-dealer, for a sum said to be 2,000,000 f. (80,0001.), the
&meta being from 300,000 f. to 350,000 f. The Bank of France,
it is said, holds bills to the amount of 603,000 f. (24,1001.)

RAILWAY NEIVS.
Our market showed some improvement yesterday,
but without any particular effect on prices. Business
was more easy to be done, and buyers more ready to
deal, at rates before not so currently accepted.
RAILWAY BILLS IN PARLIAMENT.
BIISMIRSS DISPOSED OF BY SEAMINESS TSSTIRDAT.
Before Kr. Smith.
DORM and Perth Railway KU (a postponed ease) : standing
wawa eauplisid with.
MRETINOS.—LONDON AND SOUTH WEST'S/IN.—Fit
"ark MAI* Landon, Feb. 17.-51 r. W. J. Chien; 11. P., In
cfsair.,--The dissierw repor let, reed by the secretary, invited the
to al Ihe pairdelmes the receipts and extrare of the hall-
peee Imam m llet a
yew andltd an lait Datonher
The ounted to 4247,623 7 4
no ran espesilbere— includindg 12,2007. Ss. Td. in
tided herreteed aphid, ane 5,674/. Toted at
Ust haliquarly rosettes to ththe hoidera at old
464-oherse. 143,145 16

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