The Express.
London, England, 1847-04-12 00:00:00

THE EXPRESS, MONDAY EVENING, APRIL 12, 1847.

tonic operations, adverted to and explained on a former occa-
sion. The effect of that proscription may be, and will be,
to make the acquisition of gold more costly for exportation
to those concerned, by the higher rates of discount which
may be charged in other quarters on bills ; but with such •
broad margin of profit es was presented by the last quotations
of exchange on England, which came from New York at 104,
and from New Orleans at 1021 or 103. the difference of i or
1 per ornt. per annum more for discounts can interpose but
an indifferent obstacle to • continued drain of the metallic
treasury.
it seems rather out of rule to find the Bank increasing its
" other" securities, consisting of bills under discount and
short loans upon bills or other securities, at the same time
that the public deposits were so freely drawn upon and re-
duced, for the quarterly payments of public officers, and for
Ireland. At 18,627,0001. those securities have scarcely ever
been at so high a figure since the month of December of the
American inflation year of 1838, when they nee to 191 mil-
lions. As a further decrease of public deposits in the pay-
ment of dividends this week was at hand, although probably
some proportion of the amount may re-enter the Bank as
private deposits, it would appear desirable rather to have
exercised a more restrictive action en the " other" secu-
rities If they ass to be kept up to the present amount
it may become necessary to p eosed with sales of some large
quantities of government securities in order to draw in, or
impede the expansion of the active circulation, and rein-
force the reserve fund. It is probable, however, that in the
course of the week now closed some considerable amount
of the short loans would become repayable, as well as of
discounted bills matured.

The reduction of specie and bullion was of • more for-
midable amount than was anticipated, and, as scarcely more
than one-half of it can be accounted for by shipments to the
United States during the week, assuming that a portion was
despatched at the latest moment by the Cambria, which left
, Liverpool en the Sunday, and including the whole carried
out by the Sarah Sands on Tuesday, it is quite possible that
some heavy remittances of specie must hare been made to
Ireland on government account.
The Bank appears to be now in that position which must
render • continued course of repressive action upon the
circulation inevitable. Under the old system it would be
in the position contemplated by Mr. Tooke, who was of
opinion that with fifteen millions of coin and bullion there
was no necessity Co take any active steps to stop a drain
until the amount should be reduced to ten millions when
below that sum, then the Bank should proceed to reduce its
securities.

INGLIIIN
Bank Sleek, 134
3 pee OL Rees tease, el I
70r CL Cone. Anse, 343 61
New SI pee cc /MM. 46 31 03
/4. 34.034. lea. 3, 1003..1
133.43 ire, esp. Oel. 10, 16/3, N 1
/f3l/41110
_ _ _ .

' ilii:ii;:e.. coo. 101.
Rooth Pea Stock, 0311
Camels for Atet., &Si I ill 3$ I
la. Lille. 1.004.. IL, 3 d., ear
Ditto, 3003, per,
Dr... Small, I du., I A.
PUNDS.
$ per Cl Preside Ilde., Deferred, 10
II per Ct. Opottiek /loads, Acct.,
April 13.34 $
SI perOnn. Veeesoela MY , 3111
De. Deterred, 11$ 13
13 per Orm. Demi, lookorgo, It
Qua. II 7310
$ per CT. Ditto Cert., SP, SO

3 per Ct. Versatile. Deede. 4;
D. New Deeds, len wed 71,334 1 3
• per Ct. Weaken, 1111.11
4 per Cr. Portage/ow 114, tteteaat,
144 41
1 per Cl. Reertea Dee, '413. Sgt. DO
& der_.4,1171.. 114•4. Aett.,
De. r ao leads. I