The Express.
London, England, 1859-04-28 00:00:00

ADVANCE IN THE BANE RATE OF

DISCOUNT.
Two o'Ctoc►
The Bank of England have this day raised their
minimum rate of discount from Si to 3} (three and

a half) per cent.
The panic in the Stock Exchange to-day is more
intense than ever. Violent fluctuations have taken
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place in the English funds. After sustaining an
extreme fall of about 21 per cent., Consols are now
quoted 11 per cent. worse than at the close of the

Back Eicbange yesterday.
The value of most other cloaca of securities is
little more than comical, the dealers in many
instances refusing to do business unless at the
widest possible " margins." The failure of fourteen
or fifteen more members of the Stook Exchange
in addition to the seven mentioned yesterday, has
rendered the confusion more complete than ever.

The quotation for the Three per Cent. Rentes at
the official opening of the Faris Bourse this day,
according to Mr. Reuter's telegram, was 62.75 for
the account, and soon afterwards 82.60, showing a
rally of per cent. compared with the closing price
of yesterday.
Consols were first quoted this morning at 891 to
90 for money and the 6th of May, have been
marked sa low u 881, were subsequently dealt
in as high as 90, and are now quoted 89 to 1.
Bank Stock has been dealt in at 218 to 220; the
Three per Cents. Reduced, at 87t0881; the New
Three per Cents., at 871 to 89; the New Two-
and-a-Ralf per Cents., at 77 ; the Indian Four
per Cent. Debentures of lest year, at 92 ; the scrip
of the New Indian Loan, at 90 to 91 ; and Exche-
quer Bills, at 10s. to 28s. prem.
Foreign stocks still stand at merely nominal
prices, but in all instances a further great reduction
would have to be conceded were sales to be
effected. Margins of sto 8 per cent. are currently
quoted by the dealers. The ad Turkish Six per
Cents. are quoted 67 to 62, and the new
loan about 10 per cent. below this price.
Sardinian Bonds are last marked 66. For
further information, reference must be
made to the annexed official list of sales :
Brazilian Four-ands-Half per Cents., 1868, 90;
Buenos Ayres Six per Cents., 75 ; Dutch Two-and-
s-Half per Cants., 36, 68 (exchange 1284 ; ditto
Four per Cent. Certificates 86 ; Sardinian Five
per Cents., 88, 83; Spanish New Defined Three
per Cents., 26, 27; Turkish Six per Cents., 1864,
67, 81, 691, ex div. ; ditto for account, 69, 60, ex
div.; ditto Six per Cents., 1858, 47, 62; ditto, for
account, 60, 62.

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CITY, Fors o'CLocs.
A better feeling prevails, and Consols have im-
proved to 891 to for money and the sth of May.
The positive statement that an offensive and
defensive alliance has been concluded between
Russia and France, and that the farmer power is
making the military dispositions requisite to over-
awe Germany, afforded at once full scope for alarm
respecting the presumed conspiracy fora reconstrue-
tion of the map of Europe. A coalition of this
kind is regarded in many quarters as not merely
sounding the knell of the Anglo-French alliance, but
se pregnant with direct menace to England. Many
persons jumped at once to the conclusion that the
execution of the long-meditated designs of Russia
against Turkey is now approaching—perhaps in
virtue of the Rturso•French compact—and a fall of 18
pse cent. in one day (yesterday) in Turkish stocks,
though precipitated by the absolute refusal of the
&alas and of money-lenders to continue outstanding
tesnmetione;may be accepted as a proof of the effect
that may be produced by an alarming view of foreign
polities, operating upon an unhinged condition of the
public mind. The idea that a combination of France,
Russia, and Sardinia against Austria may tend to
shorten the duration of the coming war met with
little countenance Many quarter. Throughout yester-
day the urgent necessity of correspondingand costly
armaments on the part of this country was painfully
impressed, and deepened the feeling of gloom that
universally prevailed.
Yesterday, the first day of the fortnightly settle.
meat in shares and foreign nooks, neer seven mem-
bers of the Stock Exchange were declared unable to
meet their engagements. A defiugt of so whole-
sale a character woe regarded with a species of ear-
-1 sternation. Several of the embarrassed parties are
said to be solvent, bat to have been brought down
through sheer inability to get their accounts closed.
Bach a scene of confusion as that presented in con-
nexion with the settlement has scarcely ever been
witnessed. The dealers in many instances absolutely
refused to continue speculative transactions upon
any terms, however extravagant. The fact that
several of the defaulters were largely interested in
Turkish stocks helps to account for the utter collapse
of the market for those bonds.
It may be remarked that the allegation of an
offensive and detainee alliance between Russia and
France is received with great reserve in circles
connected with the Ragan trade, although a belief
is generally expressed that some engagement has
been really concluded between those powers.
The public mind has become inoculated with a
keling of anxiety as to the prospects of the money
market. Many of the banks and other establish-
ments are stimulating a pressure by hastily calling
in their loans, the result being the diversion of the
great bulk of the current business to the Bank of
England. The demand at that establishment yes-
terday was general, and heavier than on any day
sines 1867.
The amount of gold withdrawn from the Bank yes-
terday for exportation was 30,0001., making an ascer-
tained total of 370,0001. sine* the date of the last
return. 16,0001. in newly imported American gold
was also taken for the Continent.
To-morrow week, the Bth of May, the first in-
stalment of the New Indian Loan must be
completed, and will amount, in the majority
of instances, to about 18 per cent. The de-
posit having been injudiciously limited to 2 per
cent., there is an impression that a number of an-
scrupulous subscribers may prefer to forfeit it with a
view to evading the obligation of further payment'.
Their moral obligation, however, is clear. They
would have derived considerable benefit from a
pacific solution of the political crisis, and
must submit to the sacrifice entailed by
the adverse result. It is scarcely to be imagined,
therefore, that any persons of respectability will
resort to so unworthy a device ; and the fact that the
signatures attached to the tenders for the more im-
portant amounts are highly influential, furnesishes an
additional guarantee "gnat sharp practic. Mare-
over, setting considerations of morality on one side,
the obligation of the subscribers is susceptible of I
ldweesgiouirllidbebelne'rq7Vitmeereejlinstibtwifieeedresaintsbup:h.unbtillesiachouirirlegdinriPolbaet: theyml
the names of the defaulters.
The Ist of May falling on Sunday, the transfer
offices at the Bank will be closed on -Monday next.
It is probable, however, that the practice of closing
the Stock Exchange on that day will upon the pre-
sent occasion be departed from, in consequence of
the alarming state of political affairs.
Great excitement prevailed yesterday in the tallow
market, owing to the continental intelligence, cou-
pled with news of an advance of 6 ro. at St. Peters-
burg, whence the price comes quoted 193) ro. for
delivery in August. The advance established here
yesterday amounted to 11.13 d. to 2a. per cwt. A fresh
rise of about 21. per cwt. has also taken place in
saltpetre.