The Express.
London, England, 1849-01-12 00:00:00

MONEY MARKET.

TRITISDAT EVINT/10.
The weekly meeting in the Bark parlour to-day
broke up unusually early, say before one o'clock, and,
as needs scarcely be said, without disturbing the
minimum rate of discount as then and still establ'sh.d.
It is stated, in quarters likely to be well informed,
that the question was not even mooted on this occa-
sion, or, it may be doubted, previously. Nev. Mulct's
a rather confident expectation prevailed in the morn-
ing among a certain class of speculators, until even
the result became of public notoriety, that action
would assuredly be taken in the direclon of a lower
rate, notwithstanding the palpable evidence of the
unadvisableneas and uncalled for requirements of
such action, under actual circumstances, afforded this
morning under this head. It may be doubted in-
deed whether, should trade and indurry continue in
their present progressively prospering course, the
first movement of the Bank to come in the shepe of
alteret'on may not be to raise rather than lower the
minimum rate.

Consols in the morning were done as hi
,th as 891
upon the faith of the expected change at the Bank,
with a more active speculative market than yesterday.
Towards the close of business, however, and after
Bank inaction became generally known, prices
drooped, and eventually lef-. off 89,1 to ex dividend,
both for money and the opening. Ite:duced Threes,
891 to 2. Three-and-a-Quarter per Cents., 891 to
90. Idac g Annuities, 8 11.16 to 1. Exchequer
Bills, 435. to 46e. prem. India Bonds, 444. to 465.
prem. Bank Stock, 189 to 191.
The Peruvian affair remains in state pun. The
chairman and deputy of the Spanish American Com-
mittee inculpated by grave charges in the letters of
the Peruvian envoy and the consul-general, have not
yet deemed it necessary to offer their defence, or
enter their counter pleas, at least publicly. With re-
spect to the chairman, the chairman also of Lloyd's, a
gentleman of high standing and of character, always
respected and reputed quite as high, it may be at
once admitted that he has little to explain, or explain
away, since personally he held no communication
with the Peruvian Envoy, bat left his deputy to act
according to his discretion. A certain responsibility
must, however, still attach to him, since the envoy
was instructed by him that he might communicate in
the most perfect confidence with that deputy as with
himself, which was quite natural considering
the official position of the later, and
their relations of office with each other.
But as the chairman in such circumstances could only
hear and know through his subordinate, it is evident
that any inaccuracies or misrepresentations, such as
those complained of, must really stand to the account
of the latter. It remains therefore for him to come
forward more especially with his own explanations,
for although the public may not recognise in him ex-
actly that high position of his principal which entitles
them to exact an account at hie bands, yet he will
doubtless understand that every man mixing in busi-
ness of a public character should be prepared to ren-
der faithful accounts of his charge when called upon.
Blame is cast, we shall not yet say whether deservedly
or not, upon the Spanish-American committee about the
nefarious Peruvian speculation, and the holding beck
information, to which the bondholders were molded ;
it remains for them to clear themselves, to cast the
burden upon the right shoulders in or out of their
bo=y, or to accept the shame and responsibility of the
dirty business themselves. We are assured by one
of the members that the committee, during the whole
progress of the affair with Senor Osma, never had the
slightest communication made to them, and were
kept in as much ignorance as the public at large. It
true, acd it is positively asserted, so mach the more I
determinedly should that committee proceed to ac' ion,
and to a purgation of their body. The excuse put
forth in certain quarters is, that some Liverpool
houses were the great actors in the Peruvian at ecula-
tion. We certainly have heard of one Liverpool
house so concerned, and, if we have the free consent
of all the members of the committee, we shall have no
difficulty in naming that house at once. We may
just add that, u understood, active endeavours are
making to soften the wrath of Senor Oama, and come
to an understanding with him.
The singular feature of the day in the fort ign mar-
ket has been the re-apparition of Guatemala Bonds,
quoted as hi.rh as 29, having so been pushed up from
yesterday from 25, when indeed first named for years.
No one before would have bought the bonds at 10 per
100. The Guatemala Loan, if we recollect aright,
was contracted about the year 1825 with Messrs. J.
1). Poe les and Co., the head of the house being now
deputy-chairman of the Spanish-American Committee.
Tue loan was originally fur 1,400,0001. ; but coming
too late in the field in that eventful year it did not. take.
As bonds for 167,0001. on'y could be disposed of it
was abandoned. The present rise therefore has all
the app, &ranee of a " rig," in Stock Fxchange par-
lance ; that is, an attempt to make money by
"catching bears," b..cause there is no stock. No ex-
planation has been given from any quarter, official or
otherwise, of the cause of this sudden rise, which some
day, however, cannot fail to ooze out. Peruvian were
called 48 to '
50. Mexican, 25 to Buenos Ayres,
24 to 6. Venezaels, 19 to 21. New Granada, 151
to 181. Brazilian, 75 to 7. Chilian, 87 to 9.
Spanish Fives, 14 to 4 ; the Threes, 27 to 1. Portu-
guese, 231 to 61. Dutch Two-and-a-Half per Cents.,
4sl to 9 ; the Fours, 76 to 7. Belgian, 77 to 8.
Although insertion is given to the following let'er,
it will be distinctly understood that no opinion is in-
tended to be expressed on the matter in question
ute.er this head, and that we are not at all concluded
by, or responsible for, that of the writer. He is evi-
dently iteerested in the railway referred to, aed not
at all satisfied about its position in the Official list, the
.nly prop. r if not real exponent of its value after all
in public acceptation. The letter is inserted at his
anxious desire, and because he gives unquestionable
references as to his own respectability. Residing in
a distant part of the country, he is probably unaware
of the strict regulations which govern the publication
of the offitial list which he appears to deprecate.
THIS NORTH STAFFORD/MRS RAILWAY.-8,r,—1 feel
enured th it you will corer a favour on a great nufohir of
7nur r. ad rs by giving publicity in the columns of tour
to the fol.owieg rAtemonts regarding the Noah
Staffer whirr Railway. If tie shareholder. in this cnropiny
wish to ap,,roaimate to the value fth it property, they will
do well to consider the following f c.s, and not consult
the shore list. Unlike alms at every other rompeny,
the directors of this undert thing have sot paid interest
calls;en they have not had recourse to the nearly
*mistral system of creating new stock fir the
p spas of raising additional capital bearing a high rate of
interest and taking priority over the first shares, 'heir ori-
ginal sub cubed capital being quite adequate to complete the
line, ihe borrowed money will therefore go to the aid of calls,
and in all probability no further call will b.- require& The
*anal has an annual revenue of from eights to ninety thou-
sand pounds, which leaves a large surplus to the credit of
the company after paying the interest on the purchase. The
whole line is to be complete by Mioeummer, and will be 128
miles long, at an average cost per mile of little
more than 26,0001., and is capal:le of being worked
as cheaply as it will be constructed. According to
the report adopted at the laet general meeting held
at Stoke in July last, 101 miles bud then been opened
for traffic two months, during which period, and on so short
a length, a net profit of 1,6681. had been earned. A further
length cut 60 miles has slice been added, making 61 miles of
railway at cork, from which circumstance 'a calculation as
to the ultimate value of the -hap s may be ascertained, when
the directors give their n. at statement, which will be at the
general meeting, w be held in the courseof the present mouth
think persona holding this stock would therefore do well
to wait the necessary information, and save themselves the
bitter disappointment of having disposed of their property
for far below its value.—l am the shareholders' obedient
servant, J. 8. T.—Jan. 9, 1849.

INCILDIH MID&
Bank Stock, 191 90 691 Lout Annultko, 30 Years, exp. Rh
3 per Ot. hot Awn., -9) f Jan 184).1. 6 7-1
3 per Ct. Oita. ARM, Eel 111 India Bomb, £l.OOO. 46 4
No* 36 por 't. AMR.. klii t 1.) muds for Acct., al 3 1 1 i
Long Annuities, exp. Jac. 6,1860, Bleriequer ia11a,6.1...- 41 ,Marek
911.16 I 43 6 ; 21.. June, 46 3 pin.
Ditto, 30 Yra, exp. Oct. 10,1839, 8 Ditto, .6,300, 2d. June, 463 pm.
9-10 f Ditto, Small, IL, June. 43 6 pm.
FOR
6 per CL Buenos Ayres BondEIGN s, 2.3 i 1 4.,
VU,DN.
6 Ct. Spanish Deterred Bonds,
7e per Ct. Equader Bonds, 3 1
f 3 3 per Ct. Spanish Bonds, Acct.,
1 par at. Grenada Bonds. 161 f Jau.l6, 27g es dlv .
Pim, Dere Ted, 3 0 f 84 Pa Ct. Villeglie.a Roods, 10
11 pa Ct. Ouatomala Bonds, 21 Gf 9 41ps Ct. Bel tan Bends. ex 28
6 trl:eint. Mellow Aoct.,J 16. Yana,2o Mwb Nick., 12 owl..
6 per tt. Peruvian Bda., 46160 an
6 per CL npoulsh ltd.., Acct., Jan. 4 per Cent, Dutch Certificate% 76
16, 14i