The Express.
London, England, 1860-04-19 00:00:00

MONEY MARKET.-THIS DAY.

Cortes arc the following : 1. The concession
granted for ninety nine year; 2. Tart& similar
to those of the French railways ; 3. Subvention
granted by the Portuguese government, amounting
on an average to 123,6531. per kilometre (equal
7,9581. per English as), Other conditions are
thus stated : " Monsieur jowl de Salamanca un-
dertakes to work, on his own account, at his
risk and peril, such portions of the line which
may be opened before the whole of the works are
comPleted, in consideration of which he undertakes
to pay to the company 2 per cent. per annum
upon the calla received on the shares until the lines
are completed. hi J 04145 de Salamanca undertakes to
l within two years and a half, and the line
t within three years." Until the comple-
tion of the lines, the shareholders are
deliver,
Oportov
sne r, completely finished, the line to the Spanish
frontier
opening
to receive interest at the rata of 8 per cent. per
annum on the calls Paid up, inclusive of the 2 per
cent. receivable from M. de Salamanca, as above
stated. The list is to be closed on the 23rd inst.

Two o'Ci.occ.
The funds opened this morning with a continued
tendency to improvement, and soon rose 4 pp.'
cent. A relapse has since occurred, and prices are
now quoted the same as at four o'clock yesterday.
The general tone of the market is less strong than
at an earlier period of the morning. British rail-
way stocks, after showing steadiness, have given
way, and are now quoted 4 to 4 per cent. lower
than yesterday afternoon.
At Paris this morning, seoordinito Mr. Reutees
telegram, the Three per Cent. Rental opened at
69fr. 95c., showing no change since yesterday. I.
The New Victoria Six per Cent. Debentures are
firm, at 1054 to I.
The Indian Five per Cent. stock of 1859 conti-
nues in demand, and has again improved. The
Indian rupee paper is also rather dearer, and busi-
ness in it has increased. India Bonds remain
heavy. Exchequer Bills have recovered Is.
Consols are officially marked 944 and
116 for money, and 95 and 954 for the
aeortuit. The present quotations are 944,
"sellers," for cash, and 95, " sellers," for
the 9th of May. The Three per Cents. Reduced
have been dealt in at 934, 4 ; the
New Three per Cents., at sq, 4, ; India
Stock, at 221 ; the Indian Five per Cent. stock,
1859, at 1064, 1064, 1064, 4 ; ditto, for account, at
1064, 4 ; the Five per Cent. enlaced rupee paper,
at 984, 4 ; ditto Five-sad-a-Half per Cent., at
1034, 104; the Indian Four per Cent. Debentures,
of 1868, at 974, 964 ; ditto, 1859, at 964 ; India
Bonds, at 84., 10a., 3s. dis. ; and Exchequer
Bills, at Bs., lla., 12a prem.
The foreign stock market is quiet, but firm. An
improvement of 4 per cent has taken place in
Turkish. The loan of 1864 is now quoted
764 to 774, ex div., and that of 1858, at 614 to 62.
Other descriptions are scarcely altered in price.
Bales are recorded as follows : Brazilian

The London and North Western Railway traffic
return shows this week an increase of 7,6161. ; and
the Great Northern, an increase of 1,5451.

•
Subjoined are the latest quotations of insurance,
canal, and miAcellaneous snares, 88 given in the
last Stock Exchange list :
Insurance.—Alliance Marine, 67f, 66,•Fagle, Webs
100 ; Indemnity Marine, 1621; Law Fire, 4 ; sou
General Life, 6 ; Liverpool and London Fire and Life, 9',
1; London Provincial Law, 3+; Ocean Marine, 71;
Phoenix, 174 ; Rock Life, 81, ex div. ; Universal Life, ;
Universal Marine, 21.
Gas.—Great Central, 10; Imperial, New, 30} ; Westmin-
ster Chartered, 591 ; Western, 121.
Waterworks. —Eaat London, 1251, ; West Middlesex,
106.

Docks. —East and West India, 119 ; Victoria, 100.
Canak—Grand Junction Guaranteed Biz per Cent., 12.1.
--- •

Vice-Chancellor Wood proposes, on the 28th
inst., to appoint an official manager of the Phcenis
Life Assurance Company. Creditors are required
to prove their claims.
With reference to the market for American
securities, Mr. E. F. Satterthwaite reports as
follows :

We have had a fair demand for American securities in
London during the past week ; United States 5 per cent.
Bonds, 1874, have brought 92, and all offering at that price
taken off the market. Illinois Central shares have been
pressed for sale, at about 43 discount. Free Land Bonds
are much wanted to pay up shares in full ; as high an 92
has been paid. There u • good inquiry for Construction
Bonds; at 80, they pay the buyer 73 per cent., or within
per cent. of the 8 per cent. bonds the company are propos.
mg to issue in lieu of the Free Land still out. Seeing the
I Construction Bonds are the first and only mortgage on the
warped and its branches, and in addition have the security
I of two millions acres of land, we conceive they are a mach
better investment than the proposed new issue based only on
the general credit of the concern. Erie Olives and bonds
of all kinds are more wanted, and buyers have to pay en-
hanced rates.

Old Ave per Cents., 99, ex die. ; ditto Five per
Cents., 1843, 100 ; ditto Four-and-a-Half per
Cents., 1858, 91 ; ditto Four-and-a-Half per Cents., '
1880 (scrip), par ; Mexican Three per Ceuta., 21* ;1
Peruvian Uribarren Four-and-a-Half perrCenta. , 83 ;'
Russian Three per Cents., 1859, 641 ; Sardinian
Five per Cents., for account, 831; Spanish Passive,
16 ; Turkish Six per Cents., 1854, for account,
761, 77k, ex div. ; ditto Six per Comte., 1858, for
account, 61f, 811.
The revival of anxiety with regard to foreign
politics is for the present prevented by the
statement that the French Emperor continues to
avow his willingness to refer to a conference of the
Great Powers the question of the guarantees which
are to be given to Switzerland in respect of the neu-
tralised districts of Chablais and Faucigny.
In accordance with the anticipation expressed
OD Tuesday, the whole of the million and a half of
notes which were lately withdrawn from the Bank
of England and locked up by the discount firms,
were yesterday restored to that establishment. The
withdrawal, which seems to have been effected under
the influence of a not unnatural feeling of pique on
the part of the money dealers at the exclusive'
policy adopted towards them by the Bank, was ge-
nerally felt to be a mistake, calculated to embitter,
the feud in the money market. Advantage was
immediately taken of the error to depict the firms
in question as conspirators against the common-
wealth. On their behalf it may be pointed out
that they have a perfect right to do what they please
with their own money, and that, if they choose to
lock up in their safe a mass of notes which would
otherwise have lain in the Bank, the step inflicts no
loom upon them, for the Bank allow no' in-
terest upon deposits. In now replacing this
large fund at the disposal of the Bank, their
great antagonist, the capitalists in question
give a proof of moderation and of deference to
public opinion for which they deserve credit. They
are probably not sorry to have given the Bank a
proof of their power, and to have demonstrated
practically that they do pay some attention to keep-
ing a good reserve. The measure now adopted will
of course have an important effect upon the amount
of the Bank's reserve, to be shown in the next re-
turn. Practically, however, its influence upon the
policy of the Bank directors may not be of much
importance ; for, although the money dealers say
" Here is a million and a half of money, which we
place again at your disposal," the Bank are not
likely henceforward to rely implicitly upon a sum
which might possibly, under renewed provocation,
be again draughted away from them, almost at an
hour's notice. The public, who are not disposed to
view with the slightest favour the disturbing effect
of the recent promptings of pique, will be
pleased at the present more satisfactory phase
of the matter, seeing that an attempted intimida-
tion is the weapon least likely of any to induce the
Bank of England to reconsider their obnoxious
rule. The affair is also interesting in another
aspect : it is rarely that the public have had so
good an opportunity of remarking the peculiar
working of the Bank Charter Act at a time of
pressure. If the money dealers could easily,
collect and sit upon • million and a half of Bank
notes, they could, with • little longer notice, and
with an effort, sit upon double the amount ; and as
the total Bank reserve has upon many occasions
been as low as from four to five millions, the effect
of such a step would be rather startling. In a
commercial crisis, the power of forcing the Bank to
violate the Act of 1844 may almost be said to rest
in the hands of a few establishments, supposing
them to be sufficiently ill-disposed to exercise it.
The supply of money yesterday was more liberal.
The best abort paper was discounted at 4 to 5 per
oent., but in other cases 5 per cent. upwards
must still be quoted. At the Bank the demand
was moderate.
The improvement in the exchanges having caused
a cessation of the demand for gold for the Con-
tinent, 95,0001. of the 129,0001. by the Suffolk
was yeaterilay sent into the Bank. Any further
supply will probably be similarly dealt with.
The amount of specie engaged for the East by the
steamer Ceylon, which will sail to-morrow, is as
much as 526,34/., of which 62,9371. is gold and the
residue silver. Of the gold, government remit
50,0001. to Malta, besides 21,0001 in dollars to
Hong Kong. The particulars are as follows :
For Malta, gold, 50,000/. ; Madras, gold, 12,937/.,
and silver, 30,151!. • Calcutta, silver, 165,800/. ;
Singapore, silver, 2147001. ; Hong Kong, silver,l
169,069!. ; Foo-choo-foo, silver, 3,6101. ; and for
ROYAL oouroz or SUROZONe.—The following
of eotlemea, having undergone the neeevary examinations
PShangaranahaepi,acedslivaetr,
th762,disreal2Bl. !she arrival
sofbnothel
, for the diploma, were admitted member. of the college at •
magnitude of the present remittance.
.supply of dollars, and this partly accounts for the
meeting of the Court of Examiner• on the 17th iast,
The prospectus of "The Portuguese Railways F„,,,!!!,•t5. Oliver !;alleylloMatenhaiimar, itx'rmigh' Wiltshire ;
RoyalCompany"isissuel simultaneously in Londe , I nu,
.hmes
Ducewe Harry
Pans, Lisbon, and Madrid. This is • project Meade, Bradford,
Norman Evans, Hampstead • Bear;
of oonaiderable importance, the capital being Grant Sutton, Manatee, Somerset; Edward Appelbee, Crop-
-35,000,0001., or 1,400,0001. sterling. The names I thorne, Worcestershire; John Woodman, Exeter, Devon ;
are of the most James Keith Jeanneret I:agent-street ; Octavio,
Mancheitjar ; William Henry Dawson, Exeter ;
Uttoxeter, Staffo
Influential
withcharsat the undertaking
rdshire ; James
Madrid, and Mr. Char Bayeux, in London. doe, Cornwall irxilii. gds.
of
ki h Port • tdhao mo of he
Salamanca,u inl
mrCennriuk.jt,
GrzhEgiorn,...
M. Frederick John Rogers, Hal-
, Barnstaple, Devon :Robert
The railways to be constructed by the cons-, Cooke, Swansea. 9Linsoeganthire ; James Stedman, Down-
pony are :—bit. A line from Lisbon to the , ham-road, Warm ; Henry Boothby Daw, Pembnclgo
Thames ton, spading, tmcdnslure ; ivinuan
Spanish frontier near Badajoz. 2nd. The line
.Ba Bayswater tOw4lf• Spalding, :Parker,. Heals -on-
Lisbon to Oporto. The total length of these Travers,'P le, Desist ; George Overeml Drewry, Fitzroy-
:ines is about 480 kilometre or 298 miles. Amongst square ; and Henry, Russel Symots Ridsdale, Torquay,
the conditions of the concession ratified by the Devoe,

We are requested to state that Messrs. Simpson.
and Sons, lately of St. Swithin's-lane, are in no
way connected with Messrs. Simpson and Co., of
St. Swithin's-lane, and of LiverpooL
Mr. W. H. Eldred has been appointed agent fur
Lloyd's at Sydney N.S.W. ; Mr. H. C. Godfray,
agent at Jersey ; Mr. H. Coulton, agent at Rhyl ;
and Mr. D. Erskine, agent at Stockholm.

WWW.SDAY EVINING.
Consols, which closed yesterday at 94k to 1 for the
9th of May, opened this morning at 941 to /, re-
ceded to 94f to 2, and closed at 941 to 96. For
money the last price was 941 to The official
business report is as follows :—Three per Cent.
Console, for money, 94!i,..*, I. f, I ditto
for account (9th May) wat, ; Three per Cents.
Rednoed, 9n ' 93, ; New Three per Cents., 03,
• Bank Stock, 224, 223}, 225 ; India Stock, 220,
21'9 ; the Indian Five per Cent. Stock, 1869, 106 i,
; the Five per Cent. " =faced" rupee paper,
971 98f ; ditto Five-and-a-Half per Cent., 1031,
1,86 k; the Indian Four per Cent. Debentures,
1 961 ; India Bonds, Bs. dis.

The Indian Five per Cent. Stock of 1859 was
in good demand for investment, and rose about
per cent., closing at 1051 to 106 for money, and
106 to 1 for the account. The Indian rupee paper
was sympathetically affected, meeting with nume-
rous inquiries. The Five per Cent. was last quoted
98 to t, and the Five-and-s-Half per Cent, 1031
to j.
Exchequer Bills remain quoted 7a to Us. wern.
Spanish Passive bonds were again in demand to-
day, and were dealt in as high as 161. Turkish
bonds were unaltered, the Loan of 1854 closing at
76i to 77 ex div., and that of 1868 at 61i to I.
Mexican bonds were dull, at 211 to j. The scrip
of the new Brazilian Loan was quoted dia. to par.
The shares of the London Chartered Bank of
Australia were again inquired for to-day. There is
also a quiet but sustained demand for Ottoman
Bank, which have improved to 171 to 18. Provin-
cial Bank of Ireland were marked 824 and 83. In
the miscellaneous share market the only alteration
was an improvement in Anglo-Mexican Mint.
Commercial Dock stock was dealt in at 103 to 104,
and London Dock at 69 to 69i.

MINES-711M DAY

Two o'CLocK.

Bu-iness in the mining market to-day is only
moderate in amount. In the Stock Exchange East
Basset shares are marked 91 ; East Wheal Russell,
111 ; and South Frances, 147. Shares in Trelow-
eth, Wheal Unity, West Basset, East Caradon,
and Pendeen Consols have also been dealt in.

Foreign and colonial mining shares remain very
quiet. ii.apuuda Mining have been dealt in at
prem.

COMMERCIAL AND MARKETS.

MINCING-LANK—(THIS DAY.)
SUGAR—The market is dull, at yeas nlay's prices. Re-
fined without alteration.
Corns.—The public sales are progressing steadily.
TEA.—The public sales are going off without spirit.
PEPPER. —Aleppi sold at.tid. to 41d. ; white, GOL to 60.
Nrearro sold at 30. to 30., which wa.s shade lower.
Nunacs have further declined Id. per lb.
In other articles no material alteration.

TALLOW MARKET.—(THIS DAY.)
The market is dandy. Town tallow u quoted bk. 6d.
net cash ; Petersburg Y.C., on the spot, 56e. 6.1.;
665. 6d.; Nay and June, 555. ; Oct. to Dee., 51e.

METROPOLITAN CATTLE MARKET.
(THIS DAY.)
We have a short supply of haute, and consequently trade
is active at fully late rates. There are a few more sheep and
lambs, and trade is slow. Prices are on the average rather
lower. Calves and lambs are not so much in demand, and
are sold at rather lower rates. From Germany and Holland
there were 20 beasts, 280 sheep, and 140 calves. Mdch cows,
120.
Per stone of Ms. s. d. a. d. Per atone of ttlba a. 4. a. rt.
Best Scots, tiered/. 4 10 6 0 Beat Das& Htbdedb 6• 6 a
Best Short-horns 4 8 4 10 Best Loug.th nob.— 6 4 6 8
Second qual. beasts 84 4 4 Do. do. Morn .... 4 8 6 0
Calves
Pup
Beit Inuit Illf.breds 6 8 8 0 Lambs
Beasts at market, 810; bbeep and lambs, 6,410: Calm. 240
Pip, 140.

SMITHFIELD HAY MARKET.—(THIS DAY.)
kerma Davis and Company report trade brisk. A
demand for good hays and cloven. Prime
meadow hay, ON. to 167 superior ditto, 925. to 100 a.;
inferior do., tiOs. to 70s. ; rowan, 705. to 75a.; clover, old,
lON. to 115 a.; second cut, no. to 945.; straw, 275. to 321.