The Express.
London, England, 1847-01-27 00:00:00

MONTI' MARKET.

TUISDAY EVENINO.
The Stock Exchange and Money Market were
somewhat taken by surprise this morning on finding that
the minister did not contemplate the necessity of either
loan or issue of Exchequer Bills to cover the present exi-
gencies of the country, or rather of Ireland, or to provide
for the future, although he was properly careful to pledge
nothing In the latter respect. When the case becomes
imperative, as it promisee to be in due sea.ou,
the question may perhaps be better determined when
the extent of the evil. and of the pecuniary re.
quirements which may rani', shall be more precisely mea-
sured, so that the credit to he asked for may be calculated
accordingly. It is not improbable, however, that the pre-
sent ssusitive condition of the stock-market may hare had
something to do with the shape in which the financial part
of the ministerial programme now appears; may, indeed,
have sugzested the inexpediency of an essential deviation
from previous resolves. For with a sort of panic in the stock
market, the treasury must have proposed for a loan under
very disadvantageous eireams.ances, and even a fund ing of Ex •
chequer-bills, with a new creation to the extent of the
vacuum so wade, must have entailed larger sacrifices of
interest in the one instance, and of stock values on exchange
iu the other, than, with any reasonable prospect of more
economical arrangements at the time of unavoidable pressure
hereafter, it would be pre dent to encounter. It to quite
clear from the whole tenour of the ministerial statement that
the nelv.int of such prcssu c is c mtemplated, met that the
call far the provision of exit ;ordinary money resources is a
question of time and expedi. ncy only. Whatever the present
state ofthe consolidated fund, and the prospects of the public
Income as at present constituted, it is impossible to believe in
asurplus at the year's end, which should cover an expenditure
running a-bead already at the rate of some 10 or 12 millions
stet lice per annum, from one special cause alone. The Bank
of England, it is clear, can only be looked to and relied upon,
for assistance from quarter o quarter, as it may chance to
have to attend epos its own exigencies, and the calls of the
mere important branch of its own banking business and
duties in respect of the commercial world.
The funds improved materially upon the reading of the
minister's speech this morning. Console advanced to 911
buyers. But the market did not long preserve its firmer
appearisnce, and consols gradually declined to 91 to l fir
money, and 911 to I for account, which ore precisely the
but quotations of yesterday. Reduced Threes, 911 to 4.
Three-ands-Quarter per Cents., 921 to 3. Long An-
nuities, 9 9-16 to 11-16. Exchequer-bills, 4.. to Bs. prem.
India Bonds, ss. to 10s. prem. Bank Stock, 204 to 5,
India Stock, 249 to WO.
The transactions in fortirn securities have been entirely
unimportant, and prices with little variation. Dutch Two-
and-a-Half per Cents. were rather better at 571 to 8; the
Fon-a, 911 to 5. Spanish Fives 231 to 4; the Three*, 31
to 1. Portuguese, 33 to 6. Mexican, 211 to 21. Brazilian,
84 to 6. Belgian Four-soil-a-Half per Cents., 931 to 4.
Foreign exchange recovered somewhat to-day, the rates
on 'lambing more particularly perhaps. The change was
iolluenacd in that respect, it is understood, by the despatch
of a quantity of bullion, a steamer being now laid on, or
about to be, for that port. This dispatch of bullion is for
the purpose of being drawn against, an operation by which
the exchange is improved. On Amsterdam the negotiations
were 12.14 to 2; on Rotterdam 12.2 to 1; on Antwerp
25.60 to 65; on Hamburg 13.7 to 4; on Frankfort 120 to I ;
on Paris 25.524 to 60; on Vienna 10 to 4; on Leghorn
:10.274 to 324 ; on Naples 401 to 1; on Madrid 351 to I—all
at 3 months date. Ou Lisbon, at 60 days date, 531 to 4.
From Hamburg, dated the 22nd, the exchange on London
comes a 4 schelling lower.
The price of bar gold in Paris, Jan. 23, was 10 per mille
premium on the <mien tariff rate of fn. 3,434.44 per kilo-
gramme, giving, with the Bank of England selling price of
31. 17.. 104 d. per oz., an arbitrated par of fr.. 25.39,7 per
£ sterling ; and the rate of exchange for bills on London
war, short, frs. 25.25 per £, making a difference of 0.57 per
sent. in favour of the exportation of gold to France.
The price of bar gold in Hamburg, Jan. 19, was 4324
mks. ho. per mark weight. tine, giving with the above
London selling price an arbitrated par of mks. bo.
13.8.73 per £ ; and the rate of exchange, for short bills on
London, was ink. 13.44 per Al, making a difference of
2.11 per cent. in favour of the exportation of gold to
Ham Mag.

193110131119 mew.
Baal Steen, 2843 9 Indio %met, 215
per et Hal. Auen,lll9 333 3 Do. Ronde, under LOOP., 3
3 per Clt C0...l Lowe., 913 1 9011 flouth flea Old num/lON, 911
New 33 pee Ct. kart 33343 91 De. New Annuities '1.4
Idule Aare., et p. N 1 Jaw, Lat. Cowls for wet., 914 1
1111-18 9 1911111 Exchequer MIL, I,ooe , list, 4 8
Do. 3.1 pane, exp. 1911 014., 1139, Do. DOW., 4 8
11 714 9 De. Small, 4
De. 30 pan, exp. Ilth 1an.,13,81,91

MID&
3 par Ct. Owlet lepY Acet,isa.
21 . Alt i
Do. Plosive WAN, di
3 wog. spa. 113*. Apt, 332
2 per Ct Veneseett Dada De!, Ili
If per Ct. Isrlataa Ads, ez. 232., 334
32
44 71 ` per Ct. Dutch itteltsege, If Oud.,
i
4 per Ct. do. Certificate., 11l
AND orrocxs ABROAD.

per C. BeelL. Roach, is- -
De Neer, 1311.. len, Mil
29 per a. Me.. Nee., 31
3 per C. Itlesina, AM.. J.I. 29,11
MY Cle R.... Art.
Jf. 19, SI
4 per C 4. Poet... Wade, 311
I per C 4. Rendes Des&e, 1931, L IL,
1101 1