The Express.
London, England, 1860-04-10 00:00:00

MONEY MARKET.-THIS DAY.
Two o'Cioci.

The funds remain dull. Consols are now quoted
barely as good as at the close of business yesterday.
The monthly settlement continues to absorb
attention. The " continuation" on Consolfi ore-
mains at I per oent. In face of the drooping
tendency of the funds, British railway stocks nre
still rising. The share markets generally are firm.
Business is languid. _ _ .

Indian government gecurities exhibit no altera-
tion.

At Paris this morning, according to Mr. Reuter's
telegram, the Three per Cent. Rented opened at
69fr. 95c., being sc. better than the last price of
yesterday. . .

Consols are officially marked 94j, },l, and 1 for
money, and 941 and * for to-morrow's settlement.
The present quotations are 94 3-16 to 5-16 for cash
and to-morrow, and 94* to for the 9th of
May. Bank Stock has been dealt in at 226 ;
the Three per Cents. Reduced, at 921,
98, and 921 ; the New Three per Cents., at
921, 93, and 922 ; tho New Two-and-a-Half per
Cents., at 79 and 78* ; the Indian Five per
Cent. stook of 1869, at 106 and 1041 ; the
Five per Cent. enlaced rupee paper, at
981 and ; ditto Five-and-a-Half per Cent.,
at 104 ; the Indian Four per Cent. Deben-
' turee of 1858, at 97 ; India Bonds, at se. dis. ;
and Exchequer Bills at 12a., Ba, and 12s. prem.
Little business has been done in foreign
stocks. The Turkish loan of 1854 is
4..ted 751 61 70, ea LLo (U. idcud due
this day, showing no variation from yesterday's
price. The loan of 1854 has declined per
cent., being quoted 611 to I. Mexican Bonds
have not recovered from yesterday's fall.
Sales are recorded as follows :—Brazilian Old Five
per Cents., for account, 98*, ex div. ; Chian
Four-and-a-Half per Cents., 861 ; Mexican
Three per Cents., for account, 211, 211 ;
Portuguese Three per Ceuta, 1859, 42; Rus-
sian Three per Cents., 1859, 64.1 ; Sardinian
Five per Cents., for account, 831 ; Spanish
Three per Cents., 461 ; ditto New Deferred Three
per Cents., for account, 36, 341 ; Turkish Six per
Cents., 1854, for account, 751, 76, ex div.
The scrip of the New Brazilian Loan is quoted I
dis. to par.
The payment of the dividends commenced yes-
terday. The demand at the discount office at the
Bank was to a fair extent, but decidedly less active
than last week. Some considerable advances made
by the Bank during the shutting of the transfer
books were repaid yesterday. These repayments will
continue until to-morrow, when the bulk will have
been liquidated. In Lombard-street there is still
little relaxation in the rates, 41 to 5 percent. being
asked upon very good bills. For four months
paper the terms demanded are 5* per cent., and
for six months, 6 per cent.

In the Stock Exchange the supply of money wax
quite equal to the demand. The rate for abort
loans on Consols was 4 to 4 per cent.

Two o'clock to-morrow is the latest hour
allowed for sending in tenders for the Victoria Six
per Cent. Loan of 2X50,000/. If the reserved price
is fixed above 106 per cent., it is doubted if the entire
amount will be taken up. It may be useful to recall
to mind that upon the last occasion, viz., the 24th
October, 1869, when the amount offered was only
423,6001., the tenders reached an aggregate of
1,860,000/ Of this 723,000!. was above the re-
served price, which was fixed at 108. Tenders at
1 108 or less received none ; those at 1081 under-
went a small pro raid reduction ; whilst those above
108* obtained an allotment in full. The deben-
tures quickly ruse to 2 per cent. premium. The
Bank rate of discount was then 24 per cent., and
the price of Consols 98, or nearly 11 per cent.
higher than now. The new debentures were,
however, subjected to the competition of the New
Indian Five per Cent. retook, which was being
eagerly sought after and paid upon by investors.
The alteration which has since occurred in the state
of the money market, and the magnitude of the
amount now offered, render it certain that the ne-
gotiators of the loan must accept a lower price.
10,0001. in gold was withdrawn from the Bank
yesterday for exportation. The 537,0001. in specie
by the West India packet will be delivered to-day ;
the 48,0001. in gold will be taken for the Continent.
The Oneida sailed yesterday forßrazil with 60,0001.,
principally sovereigns, drawn from the Bank.
The obscurity of the phraseology of the new
Stamp Act, now in operation; is much complained of.
This is especially the case with regard to the provi-
sions affecting foreign bills of exchange. Had
some of our legislators introduced • clause
specifying what they mean by a " foreign"
bill of exchange they would have done good ser-
vice. Amongst other points • good deal of discus-
sion has arisen with regard to the sometimes prac-
tically retrospective operation of the provision that
" the stamp duties on foreign bills of exchange by
this act granted shall be payable on all such bills
as shall, after the passing of this act, be first nego-
tiated, or, if not negotiated, paid in the United
Kingdom." It is asked, does this apply to foreign
bills which had been negotiated in this country
prior to the passing of the act 1 Notwithstanding
the array of legal talent on both aides
of the House of Commons, it is probably too
much to expeet that a commercial act shall be
oouched in language sufficiently clear to obviate
the necessity of endless references to learned coun-
sel and to the executive by persons who, whilst
anxious to observe the law, areunable to interpret it.
At Constantinople, on Saturday, the exchange
on London was quoted 120 p. The previous quota-
tion was 12.4.
The Brighton Railway traffic return shows this
week an increase of 5,5411., and the South Eastern
an increase of 4,479/ The increase in the latter is
understood to arise principally from the through
traffic from Dover and France._ _ . .

The weekly traffic return of the Great Western
Railway of Canada, just received, presents an in-
crease of 111451. sterling ; and that of the Grand
Trunk Railway an increase of 4,7971.
The second call of V. 10s. is to be paid on the
shares in the London and Mediterranean Steam
Navigation Company (limited), by the 9th of June.
A correspondent sends us the following :
Several new lines of railway are already projected in con-
nexion with the Crystal Palace, which is to be erected at
Muswelbhill. It is reported that the Great Northern Rail-
way Company will lay down the broad gauge from King's-
MN to the Wood-green Station, which will enable the
Great Western trains to run into the palace over the
Metropolitan Railway. The North Loudon and Blackwell
Railway Companies are promoting a line fm Kingaland to
H A company is being formed fort be construction
of the rt branch from Tottenham to MusweLbhill, which
acoommodate all the visitors from Cambridgeshire,
Norfolk, and Suffolk, by the Eastern Counties ; and
another line is projected from the Muswell-hill Station to
the Hampstead Junction Railway. The Metropolitan Rail-
way contemplate an extension of their line from Farringdon-
street to f‘boreditch, ma well as to Finsburytircus and the
Bank of England.
The Herculean and Naomi have arrived from
China with 1,466,7001b'. of tea.

MOIDAT Emma.
Console, which closed on Saturday at 941 to 1
for money and nest Wednesday's settlement,
opened this morning at 941 to },_and closed at 941,
" buyers." For the 9th of ay the last price
was 941, " buyers." The official business report is
as follows :—Three per Cent. Console, for money,
944, I, I ; ditto for amount (11th April), DO, 1,
; Tliree per Cent. Reduoed, 93, 921 ex div. ; New
Three ner Cents., 92/, 93, 921 ex div. ; Bank
Stock, 225 ; the Indian Five per Cent. Stock, 1859,
106, 1041, 106 ; the Indian Four per Cent. Deben-