The Express.
London, England, 1851-09-02 00:00:00

MONEY MARKET.

THIS DAY.

Two o'CLocc.

Under the influence of the customary renewal of
investments by the government broker, this being
the first public transfer day of the week, and with a
decided disposition to purchase among the dealers,
the home funds have worn a very firm ap-
pearance to-day, and prices are now quoted at an
advance of per cent. With the return of confidence
to mercantile circles, after the immoderate degree of
apprehension so freely expressed, this result is but
natural.

Consols opened 1 higher than yesterday at 961 to
1„ and they are now quoted 961 to '. The day's
business figures are thus given in the official list :
Three per Cent. Consols, 961, 96,96 f •, ditto for ac-
count, 961, ;1, 1. Three per Cent. Reduced, 96.1,
97,1. New Three-and-a-Quarter per Cents., 98a, 1, I.
Long Annuities, 1860, 7 7-16; ditto 30 years, 1859,
7,1; ditto 30 years, 1860, 71, 3-16. `ank Stock,
2152, 1.
Tate unfunded securities are flat,and sales of Exche-
quer Bills have been effected at a decline of ls., all
classes of bills being marked 455., 475. and 445. prem.
India Bonds, 1,0001., have been sold at 48s. prem.
Foreign stocks are quite neglected to-day. No
disposition to take up n decided line of speculation in
any description is evinced, and even the customary
operations in the stocks held for investment arc to-
day absent from the market, so that, with a limited
attendance of dealers, business in this de-
partmen is almost at a stand-still. Sar-
dinian Scrip remains week, and has to-day
been transacted at a further fractional decline,
though the present price of the bonds, in view of the
tangible and improving character of the security
given by the hypothecation of the railways of the
state, is considered by ninny as offering a
great temptation to investment, as compared
with the relatively higher rates of other fo-
reign bonds, a rally in price being in eonsequcnce
looked for. Still the contingencies of civil com-
motion in Italy, in many states of which the
policy now pursued appears extremely likely
to precipitate a crisis, form a consideration
to which a due amount of attention must always be
directed. Bargains are reported to-day in the fol-
lowing stocks only, viz.:—Dutch Four per Cent.
Certificates, 921• Mexican Bonds, for account, 16th
Sept., 281. Sardinian Scrip, 11 die. Spanish Active
Five per Cents., for account, 20.4„1.
From the Committee of Spanish Bondholders we
have received the following extract front a letter of
Mr. Wcissweiler :

I have since seen the Minister of Finance, and some of
the members of the commission for the public debt, and I
am glad to be able to inform you that the government
agree to have the coupons of the new bonds payable in Lon-
don and in Paris in sterling money and in francs, as hereto-
fore. The measures for the conversion will be taken as soon
as possible, and it is to take place in London, I'aris, and
Amsterdam. For this purpose, Senor Borrego, who is actu-
ally here, is to return to Paris and London in the course of
Lae present month, in order to come to an understanding
with the committees and the financial agents abroad for a
reciprocal satisfactory arrangement of the whole concern.
This is very satisfactory, but we expect still more
from the action of the committee, always supposing
the committee is maintained. It may be thought by
some that now the law for the settlement of the debt
is passed it is not worth while spending a few
hundreds a year to keep up a committee, and as
many of the present holders will get rid of their
bonds forthwith, they may support such a determi-
nation. It is, however, the duty of the committee
appointed originally to protect the rights of the
bondholders, to take care that proper measures arc
adopted for carrying out the financial scheme ac-
cepted by them. After late experience it would be
utterly insane to leave the bondholders without the
protection of a permanent committee. There arc
still many details to be arranged as to the mode
of payment, and there are many occasions which
will present themselves for corresponding with the
Spanish government. On the one hand the
finances of Spain may improve, and the proper time
arrive for obtaining better terms on account of the
coupons, or an advance in the deferred dividends, and
on the other hand the Spanish government may get
into difficulties which may threaten the safety of the
dividend. If, as there is every appearance, Cuba
makes good her independence, Spain will lose a very
great financial resource, the surplus of the Cuban
revenues constituting in fact a large part of the sum
necessary to pay the agreed dividends on the foreign
debt. If only as a means of watching the Spanish
government, it is essential to keep up the committee,
and the knowledge that there is such a constituted
body will act very salutarily in preventing the go-
vernment from taking up measures of repudiation.
Our Sardinian papers bring us the official publi-
cation of the decree confirming the Hamburg loan;
and we have likewise received a circular of Mr.
Lewis H. Haslewood, on the subject of the scrip and
of the resources of Sardinia. We find by the decree
that the loan dividends and sinking fund are reck-
oned in English money, and payable, at the
option of the holder, m London, Genoa, or
Turin, and within Sardinia, exempt from all
taxes and sequestration, conditions essential after
the conduct of the Portuguese government.
Not only are the railways already constructed and
yielding revenue made over as primary security to
the bondholders, but they have the right, if they wish
it, in case of the concession of the railways by the
government, to exchange their bonds for shares at
par. Thus they are guaranteed by the government
5 per cent. and the half-yearly redemption of the
bonds; but if the railways shall pay more than 5 per
cent., they have the option of taking the more lucra-
tive stock. We observe that the bonds are of various
amounts, some of them being as low as 401. each.
This is a good measure, as it will allow of the nego-
tiation of the bonds in Genoa, Turin, and other con-
tinental markets. By the general financial returns,
we notice that the income of the railways already
open, which was in the month of July, 1850, 5,907 f.,
in the same month of 1851 reached 8,3221., or at the
rate of about 100,0001. a year. Within two years,
these railways will be completed, and they will open
the shortest route for the foreign trade of Switzer-
land, which is increasing, and now goes by the longer
and not shorter route of the valley of the line. There
will likewise be through the Sardinian territory tho
shortest route from the Milanese to the sea. Genoa
already carries on a large trade with the East Indies and
South America, having hardy seamen and enterprising
merchants, and the weekly returns of the National
Bank, published by us this morning, show the ex-
tent of discounts, and thereby in some degree offer a
means of judging of the trade of Sardinia. We
therefore look upon the Sardinian railway system as
one certain to obtain a large amount of traffic, being
the natural outlet for industrious populations of nine
millions, and having no rival water navigation, and
communication with a port which saves the difficult
voyage of the Gulf of Venice. It is more than pos-
sible the shares when conceded may be a valuable
property, but at any rate the railways offer ample
security to the bondholders, and place the stock in a
favoured condition.

The Netherlands Trading Company have fixed the
following sales of Java coffee :—Sept. 4, 203,598
bales, at Rotterdam ; Sept. 8, 245,410 bales, at Am-
sterdam; Sept. 11, 20,220 bales, at Middelburg.
The subjoined calculations show the rate per cent.
per annum yielded by the various securities cited at
the average of the pricea which ruled yesterday.
Where the asterisk (*) is prefixed it is to be under-
stood that the share rate of interest is less the in-
come tax. It will be seen that in every ease we take
the rate of interest last declared as the basis of our
calculation. To render the calculation strictly aceti-
' rate, the
.proportion of interest which may have
accrued since last dividend period should, ui each
case, be taken into account:
arse per Omar. Moroi, Wee 96 YiadPor"a":
•
arse par Cm. Realoced
New Thr....d.s4Surter per Pats— • 3_ !I
Ban 4 stock (die. ertsL pa'
=B"knWlinPtist ;:tar '4.92 ;
yr .(siolu. (41v..1 th•
amt ma. a a
nes et 4 Per MI" Per Mi