The Express.
London, England, 1860-11-15 00:00:00

MONak MARKET-O'Hi& DAY.).

FRESH RISE IN THE RANK RATE
OF DISCOUNT.
Two o'Coxx.

The • directors of the Bank of England, at
their weekly court, this day, have adopted
a very important step—they have again
raised the rate of discount 1 per cent.
The minimum, which was fixed at 5 per
oent. as recently as Tuesday evening last, is now
advanced to 6 pea oent. This step has naturally
excited considerable sensation, but has not pro-
iduoed any bad effect.
The stock markets exhibit remarkable steadiness
in face of this movement The strong action by
the Bank tends to stimulate confidence. Consols are
quoted about 1-16 per cent. higher than they
closed yesterday. The reduction in British railway
stocks varies from I to f per cent., but the
market is steady in character. Foreign bonds,
and Indian and Canadian railway shares are very
well supported. The ally fall of real importance
is in Lombardo-Venetian Railway shares.
At Paris this morning, according to Mr. Renter's
telegram, the Three per Cent. Renter were
quoted 69fr. 75c., showing a fresh reduction of *
per cent, since yesterday.

Consols are officially marked 93, 92k, and
94 for money, and 93 and 94 for the ac-
count. The present quotations are 9n to 93
for cash, and 94 or 931-16 to 3-16 for the 6th
of December. The official buidneas import is as fol-
lows :—Bank Stock, 233 ; Three per Centslßeduoed,
911, f ; New Three per Cents., 911, f, ; New
Two-and-a-Half per Cents, 771; India Stock,
224, 222 ; ditto Five per Cent. Stock,
1869, 1031, 3 ; ditto, for account, 1031 ; ditto Four
per Cent. Debentures, 1868, 961, ; Exchequer
Bills, 48., 35., ss. dis.

Foos o'CLocK.

No bullion having been taken from the Bankto-
day, Consols have improved about I per cent. since
2 o'clock, being now quoted 93 to it for money,
and 931 to I for the account. It is considered that
the rise in the rate of discount to-day has checked
the exportation of gold to the Continent.
The foreign stock market is quiet, but there is
little or no reduction in prices, which are gene-
'rally quoted the same as yesterday afternoon.
The Turkish loan of 1864 is quoted 71 to it,
and that of 1858, 54 to 57. Aa regards these
stocks, as well as Spanish, Sardinian, and
Mexican, the market may be considered
rather firmer than it was yesterday.
Sales are recorded as follows : Brazilian
Four-and-a-Half per Gupta., 1852, 881 ; Buenos
Ayres Deferred, 30, 29/ ; Belgian Four-and-
a-Half per Ceuta., 56/ (exchange 251 r.) ;
Dutch Four per Cent. Certificates, 99/ ; Mexican
Three per Cents., for account, 211 ; Peruvian
Gni:emu Four-and-a-Half per Cents, 83/ ;
Russian Four-and-a-Half per Cents., 06/ ;
Sardinian Five per Cents., 87 ; Spanish Three
per Cents., 49/ ; ditto New Deferred Three per
Cents., 401, 41 ; Turkish Six per Cents., 1854,
71/ ; ditto Six per Cents., 1858, 57.
The amount of bar gold taken from the Bank of
England yesterday, for exportation to France, was
335,0001. ; making 635,0001. in two days, and a
total of 713,0001, since the date of the last return,
when the aggregato held was 13,897,0851. We have
reason to believe that the contracts held here by
the agents of the Bank of France provide for the
immediate transmission of 1,000,0001., of which
the 835,0001, taken on Tuesday and yesterday forma
part. It Is, consequently, inferred that a further
sum of 365,0001. will be withdrawn from the Bank
of England within the next day or two, no matter
what steps may be adopted by that establishment.
The simple fact is that the Bank of France wants
this supply to replenish its bullion reserve,
and must have it. Any small immediate loss that
may be occasioned by the operation is a matter of
minor importance.
In the discount market yesterday exceptional
transactions occurred in the best short bills at 4/ per
cent., but in most quarters the terms were from 5
to 5/ per cent. For any bills having more them
two months to run much higher rates were
required.

The rates allowed for deposits by the various
financial adablishments have been raised it per
cent., in consequence of the movement at the
Bank. All the joint-stock banks now allow 4 per
cent. (except that the London and Westminster
gives only 3 for sums below 5001.). The Lombard-
street discount houses and the National Discount
Company give 4 per cent.ifor money "at tall,"
and 41 " at notice."

The disturbance in the money market has had
some effect upon the price of cotton. The telegrams
from Liverpool yesterday report sales to the extent
of only 3,000 bales. Prices were considered about
lower, although the transactions were scarcely of
sufficient importance to afford a criterion.
The government of Victoria has acceded to the
representations made to it on behalf of the Geelong
and Melbourne Railway Company. The committee
of the six associated Australian banks announce
that on the lit Dec. by authority of the colonial
government, they will be prepared to pay in cash
the capital of the railway, with all arrears of inte-
rest. The company's debentures, due the lit
January, will also be paid off, together with all the
overdue coupons.

The report of the directors of the Madras Rail-
way Company, issued yesterday, describes the pro-
gress of the operations, which have been vigorously
pursued on the several lines now under construc-
tion. The progress of the traffic on the open por-
tion of the south-west section is likewise satisfac-
tory. The directors congratulate the share-
holders on the very near approach to com-
pletion of this important line, which comprises
upwards of 400 miles, extending from the one coast
of the peninsula to th. other. The sum received
up to this time on account of the company's Five
per Cent. Debenture Loan is 793,7001., the amount
authorised being 1,000,0001.
With reference to the market for American se-
amities, Mr. E. F. jsatterthwaite reports as fol-
lows :

We have to report a very active business during the past
week in London in American securities, particularly in the
shares of the Illinois Central and Ene Railroads. The
favourable character of the actual doings of these and many
other American raihoods are such as tend to inspire great
confidence in their future improved values, hence buyers
take them freely OD the falL Railroad Bonds are rather
more offered, and easier to buy. United States Five per
Omit. base brought INg and 94i.
Messrs. James Andrews and Co. were yesterday
appointed agents for Lloyd's for Caliout and Bey-
pore, and Mr. P. 0. Sullivan agent for Casteltown
and Seamus.

WILDNIESDAT
Consols, which closed yesterday at 931 for the
6th Deoember, opened this morning at 93 to f,
which was also the closing price. There was
scarcely any intermediate variation. For money
the last prise was 92f to 93. The official business
report is as follows :—Three per Cent. Consols, for
money 93, 92f, 93, 92f ; ditto for account (Dec. 6),
931, 93 ; Three per Cents. Reduced, 910, ; New
Three per Cents., 91g, 1; Thirty Years Annuities,
expiring in April, 1885, 161-16 ; Bank Stock, 232,
234 ; India Stock, 222 ; ditto Five per Cent. stock,
18158,1034, 1, 1 ; ditto for amount, 103} ; ditto Four
per Cent. Debentures, 1858, 961 ; ditto 1859, 96} ;
ditto Beads, 4s. dis.
Indian government securities were quiet. Although