The Express.
London, England, 1860-11-22 00:00:00

MONEY MARKET-(TILIS DA I'.)

Two o'Ctocs.
There is no new financial fact of importance to-
day. The weekly court at the Bank of England
has broken up without altering the rate of dis-
count.
The funds are steady, at yesterday's advance.
&mimes is limited. In the share markets firm-
ness prevails, and the tendency is rather to im-
provement. The only movement of importance,
however, is a sudden rase of nearly 1 per cent. in
Midland Railway stock.
At Paris this morning, according to Mr. Reuter's
telegram, the Three per Cent. Rentes opened
at 701 r. 2hc., being I per cent. better than yes-
terday.

Consols Are officially marked 93i, I, and for
money, and 933 and 3 for the account. The
present quotations are 96; to 1 for money,
and 933 to 3 for the 6th of December.
The official business report is as follows :--Bank
Stock, 233, 232 ; Three per Cents. Reduced, 91k,
92 ; New Three per Cents., 913, 92 ; India Stock,
2241, 222} ; ditto Five per Cent. stock, 1859,
1033, ; ditto for account, 1034 ; ditto Bonds, lla
dia. ; Four per Cent. " enfaced " rupee paper,
96, 1; ditto Five per Cent" 95 ; ditto Five-and-a-
ils/I' per Cent., 101, 1003 ; Exchequer Billa, 3e.,
2s. dia.

The foreign stock market is steady. There have
been inquiries for Mexican, Spanish, and Sardinian
Bonds. Turkish are quoted the same as at
4 o'clock yesterday—the Loan of 1854 at 721
to 73f, and that of 1858, at 58 to f, after being
marked 582. Sales are reoorded as follows
Dutch Four per Cent. Certificates, 100; Mexican
Three per Cents., for account, 22, Ili ; Rweian
Four-and-a-Half per Cents., 94f ; ditto Three
per Cents., 1859, 62g ex div. ; Sardinian
Five per Cents., for amount, 87} ; Spanish Three
per Cents., 49k ; ditto New Deferred Three
per Cents., for account, 41} ; the Committee's
Certificates, 51, 6 ; Turkish Six per Cents.,
1854, for account, 732 ; ditto Six per Cents., 1858,
for amount, 58f, 2, I ; ditto Guaranteed Four per
Centa., 1012.
_ _ _

Opinion generally is favourable to the measure
just taken by the directors of the Bank of
England, since it will obviate for the time
the necessity of a continuance of the forced
purchases of gold by the Bank of France,
by which our market has been so much dis-
turbed. As we have before stated, the amount
of gold comprised in the 16,000,0001. of bullion in
the Bank of France is only about 4,000,0001. Gold
is the metal that is immediately required for the
foreign drain, and the Bank of France have done
well to provide themselves with a supply in a quar-
ter so readily sooessible. At the same time the
Bank of England do not abandon any point of
their recognised policy. There will be no distal-1)-
Lnc° of the operations of the Issue Department of
the Bank--no contraction of the currency. The
only alteration will be that 2.000,0001. of the notes
issued will be against silver, instead of against
gold, as heretofore. The Bank of England have
for some years peat held no silver bullion whatever
in the Issue Department, and their Charter
merely provides that the proportion of silver to
gold shall never exceed one-fourth. Subjoined
is the clause bearing upon the point :
"And whereas it is necessary to limit the amount
of silver bullion on which it shall be lawful for the
Issue Department of the Bank of England to issue
Bank of England notes : Be it, therefore, enacted
that it shall not be lawful for the Bank of England
to retain in the Issue Department of the said Bank
at any one time an amount of silver bullion exceed-
ing one fourth part of the gold coin and bullion at
such time held by the Bank of England in the
Issue Department."

These are the immediate advantages of the trans-
action. It may be regarded as a palliative, which
may, perhaps, mitigate the disturbance in the
money market, and allow time for the influx of
gold from Australia and elsewhere. But reflect-
ing persons will not be disposed to run
away with notions of too sanguine a kind. There is a
foreign drain going on, both upon France and Eng-
land, particularly upon the former country, caused
partly by importations of grain and partly by other
foreign expenditure. The exchange of bullion now
decided upon between the two Banks does not add
one single ounce to their aggregate stock ; and, the
drain being common to both, neither can go far out
of its way to help the other. The flow of bullion
both from England and France is caused by an
adverse balance of trade ; that balance cannot pos
sibly be redressed by the arrangement just come to.
There is the fear, too, that the palliative may en-
courage the government, the Bank, and the
financial classes in France to proceed in a
course of improvidence instead of taking
timely measures for a real and permanent remedy.
In this case it is pone& that immediate relief may
be purolunied at the eost of even increased future
I difficulty. These considerations, however, point
to the future.

In the discount market a tendency to ease oon-
tiuues to be observable. Business at the Bank yes-
terday was upon a quiet scale, and in the general
market good bills were taken at a reduction from
the Bank rate.

There were no withdrawals of bullion from the
Bank yesterday. The 249,000 i. by the Sussex was
delivered yesterday, and is in coarse of transmis-
sion to the Bank of France.

The dividends are announced in due course upon
the Spanish Three per Cent. Consolidated and De-
ferred debts, due the Slat December.
The Anglesey, from Melbourne, with 230,000/.
in gold, has now been at sea 70 days, and the Suf-
folk, with 293,5001., about 55 days.
Owing principally to the rise in the value of
money there is very little demand for silver for the
Rest, and the price therefore continues to decline.
The bar silver by the West India packet was sold yes-
terday at fe. lad. per ounce, showing a fall of id.
compared with the price obtained for the previous
supply. In the interval the nominal quotation has
been ss. 44
The Liverpool cotton market remains inactive.
The sales yesterday were limited to 4,000 bales.
The Loudon and North Western Railway traffic
return shows this week an increase of 5791.
_ . .

The following memorandum is from the Oriental
Inland Steam Company :
Advice, fiat received from Kansans state that the last
freight yarned by the Oriental Inland Steam Company on
the ludas from Kunming+ to Moulton hae been very coon.
derably im advance 4 ell freights previously conveyed. It
also apple:s that the government are retiring from the river
trade, and that MUM of their best steamers, as also the 140
Of their wharfs, do., are being banded over to the Oriente'
Wand Steam Company, who have a number of bargee now
ready to start.
Notice Is given that applications are about to be
made to the committee of the Stock Exchange to
appoint settling days in the shares of the following
companies, viz. :—Anglo-Spanish Smelting and
Silver Mining, Algerian Railways, and 'United
Kingdom Electric Telegraph. It is understood that
in the Stet-men►tioned case the appointment of a
settling day will be opposed by a number of the
members.
• -

Subjoined are the latest quotations of insurance,
pa, canal, and other shares, as given in the last
Stock Fachange list :
Imputation—Alliance, Etritish and Foreign. 16, ; ditto
Marine, 60; Onanty, 84; Oro's, 25 ; Globe, 09,1 ; lerial