The Express.
London, England, 1858-11-18 00:00:00

MONEY MAREE7—THIS iidr.

Two o'CLoos.

The funds to-day show an improving tendency.
A fresh advance of j. per cent. has taken place. In
the other departments of the Stock Exchange prices
present a sensible improvement. English and
French railway shares are in demand at enhanced
prices•

Consols are firm at 981 " sellers," for money, asd
961 " sellers" for the 7th December. The Three
per Cents. Reduced have been dealt in at 961
to 1; the New Three per Cents., at 961
to 97 ; the Indian Four per Cent.
Debentures of the first issue at 991; ditto of the
second issue, at 991; India Bonds, at its. to 14s.
; the March Exchequer Bills, at 33.. to 35e,
prem. ; ditto Jane, at 28s. to 31s. prem. ; and Ex-'
chequer Bonds, falling payable in May next, at
A fair amount of business hes been done in foreign
docks, and where any attention is observable in
prices, it is in a favourable scale. Turkish securi-
ties are rather dearer, the scrip of the first series of
the New Loan being quoted par to 1 prem.; the
second series, 1 to 11 prem. ; and the
Six per Cents., of 1854, 921 to 93. /Laotian,
Sardinian, Buenos Ayres, and Peruvian Uribarren 'I
Bonde, are all in demand, and less easy to buy. I
Sales are recorded u follows :—Braziliart Old Five'
per Cents., 103 ; Buenos Ayres Six per Cuts., 88,
85 ; ditto, for account, 841 ; ditto Deferred Bonds,
19 ; Chilian Six per Cents., 106 ; Danish
Five per Cents., 104 ; Dutch Two-and-a-
Half per Cents., 681 (exch., 129.) ; ditto Four per
Cent. Certificates, 1011; Equsdor New Consolidated
Bonds, 161, 151; Mexican Three per Cents., 201,
201 ; Peruvian Four-and-a-Half per Cents. for ao-
count, 82, 921; ditto Uribarren Four-and-a-Half per
Ceuta., 88 ; ditto Four-and-a-Half per Cent.

Dollar • Bonds, 821, 83/ (exchange, 44.) ;
Russian Four-and-a-Ralf per Cents., 104,
1031 ; Sardinian Five per Cents., 941, 96 ;
ditto for account, 93 ; Swedish Four per Cents., 88;
Turkish Six per Cents., 1868 (scrip of the first
series), for 'account, 1. prem., par; ditto second
series, for account, 1 prem.; ditto Guaranteed Four
per Cents., 1061.
At Paris yesterday (Wednesday) the Three per
Cent. Renter closed at 74fr. 90c. for money, and
76fr. 16e. for the account, showing a fresh rise of 1
per cent., compared with the closing quotations of
Tuesday.

All classes of stocks on which the divi-
dends become either due or payable six or seven
weeks hence, i.e., in January, including Consols, all
the Indian guaranteed railway shares, u well as a
large number of foreign loans and other guaranteed
securities, are already strengthened by the anticipa-
tion of the reinvestments usually witnessed at that
period. It is not overlooked that English railway
stocks likewise carry now a considerable amount of
accrued dividend. The unwillingness of berselfide
holders to sell securities upon which dividends will
shortly be payable is well known.
The disoount market yesterday was rather quiet;
but few bills, however good, were negotiated below 2*
per cent. At the Bank there were few applications.
In the Stock Exchange loans on English govern-
ment securities were obtainable at 2 to 2* per cent.
A rumour prevails on the Paris bourse that
the government contemplates a conversion of the
' Four-and-a-Half per Cent. Rentee into others of a
lower denomination. The Minister of Finance is
also expected almost immediately to issue his annual
statement, which, like all French financial docu-
ments, will, of course, be of a highly favourable cha-
racter. _ _

According to farther private telegrams the move-
ment of the exchange at Bombay is adverse, not
favourable, to this country.
The Ariel has brought from New York about
100,0001. in gold, all for France.
The steamer Indian Empire sailed from New York
for Galway on the 23rd of October, and has conse-
quently been at sea no lees than 25 days. The
Edinburgh, for Glasgow ; the Saxonia, for South-
ampton; aad the Pacific, for Galway, all from New
York, have been out 18, 16, and 15 days respectively.
No particular anxiety, however, is felt for the
safety of any of these steamers, their long passages
being explained by the prevalent). of contrary
winds.
The Bombay mail will be delivered in London to-
morrow morning.
We believe we may congratulate the railway inte-
rest upon some tangible evidences of a desire on the
part of the directors of the London and North
Western and Greet Northern Railway Companies to
terminate the competition which, during a prolonged
period, has not only seriously diminished the profits
of their respective proprietaries, but has undoubtedly
prejudiced railway property generally in the esti-
mation of the pub ic. It is understood that some
oonferences have already taken place with the object
of bringing about an agreement, and that another
meeting of the representatives of the two com-
panies will take place today. It is said that
the negotiations have already reached a stage,
and are marked by a degree of moderation, which
encourage &strong hope of a successful issue. Little
doubt can be entertained that the struggle will ulti-
mately terminate in some arrangement involving a
division of the disputed traffic, and the definitive
establishment of a remunerative scale of fares. The
question is, will the respective boards have a suffi-
ciently deep moral sense to control their spirit of
pugnacity, or is it to be understood that nothing but
the complete exhaustion of one or both of the belli-
gerents is to stop the fray!' Surely the directors
will have some regard for the duties of their trustee-
ship, and bear in mind that the withholding of the
funds which they now waste in rivalry involves
almost absolute privation to some of their consti-
tuents. So long as two of the greatest railway
companies in the kingdom present so Mien-
sate a spectacle a standing discouragement
is given to railway reform, and a serious de-
gree of discredit must attach to railway property of
all kinds. Were it possible to ascertain how much
money has been diverted from investment in these
channels during the last few months, solely in con-
sequence of the distrust excited by the great railway
war, we are convinced that the public would be as-
tonished at the result. In the interest of the share-
holders in the warring companies whose income is
being moat foolishly frittered away, of railway
proprietors in general, who all sustain mere or lees
detriment from the pernicious example now set, and
of the public at large, who cannot possibly derive
aught but disadvantage from the continuance of this
deplorable state of things, we urge upon the gentle-
men who are now engaged in the task of pacification
the absolute duty of leaving no stone unturned to
bring about the object desired.
We understand that an agreement has been en-
tered into between the Midland Railway Company
and the company known u the little North Western,
by which the former guarantees to the latter a rate
of interest fixed at 11 per cent. for the first year,
and gradually ascending to a maximum of 31 per
cent. at the end of five years. The smaller company
will be entitled, in addition, to one moiety of any
profits that may be realised in excess of the gua-
rantee. The aim of the Midland Company is app•-
rently to attract over this short connecting line, in
conjunction with the Lancaster and Carlisle ail-
way, a portion of the northern traffic which has
hitherto followed a different route, bat which may
now be carried over the Midland andOreatNorthern
Railways to London. The shares of the " little" North
Western Company were dealt in to-day at 121. 55.,
the amount paid being 201. per share. Only a few
months ago the quotation was 61. to 71.
The London and North-Western Railway traffic
return presents this week a decrease of 1,4621., show-
ing a steady improvement. The Great Northern
return exhibits an increase of 3,9611; the Great
Western an Mgrease of 6251. ; and the London and
IlowlMs4mmiameimdWU