The Express.
London, England, 1859-05-02 00:00:00

MONEY MARKET.-THIS DAY.

Two 0'0•001E,
The funds to-day have again shown a tendency
to improvement. Minded by a number of bona
fide purchases, an advance of about 11 per
cent. was temporarily attained. A rather de-
cided reaction has since taken pleas, but Consols are
still quoted 1 to : per cent. better than they closed
on Saturday.
In the other departments of the Stock Exchange
an unsettled feeling continues to prevail. Prices
are irregular, and present no improvement.
Consols were first marked 89/ for the sth of May,
and have since been deal in as high as 91 for
money. The present quotation is 891 to 90 both
for money and the sth of May. Bank
Stock has been dealt in at 220 ; the
Three per Cents. Reduced, at 881 to
89 ; the New Three per Cents., at 881 to
891; the Indian Four per Cent. Debentures of last
year, at 911; the scrip of the New Indian Lou, at'
90t0904; India Bonds, at 10a. to 20e. prem.; and
Exchequer Bills, it 18s. to 251. prem.
One hour before the official opening of the Paris
Bourse this day, according to Mr. Renter's telegram,
the Three per Cent. Rental were dealt in at 61.10
for the account, showing a fresh fall of 1 per cent.
compared with the last price of Saturday. The
telegram remarks that there is " little doing."
The foreign stock market remains very dull, there
being little demand. Turkish stocks are quoted
about 1 per cent. worse than on Saturday, the Old
Six per Cents. being called 62 to 67, and the New 62 to
67. In all Game wide prices are still quoted, the
market remaining unsettled. Russian Four-and-a-
Half per Cents., however, are firmer, being marked
90. Sales are recorded as follows :—Brazilian
Four-and-e-Half per Cents., 1856, 91; Mexican
Three per Cents., 161, 17; ditto, for account,
171, 17, 173; Russian Four-and-a-Half par
Cents., 90; Sardinian Five per Cents., 663;
ditto, for amount, 69; Spanish Three per Crete., for
aooount, $9; Turkish Six per Cents., 1864, 641, 63;
ditto for account (May 17), 66, 63; ditto Six per
Cents., 1858, 55.
The Atrato has arrived from the West Indio with
105,0001. in specie ; the Ileatherbell, from Mel-
bourne, with 84,4001. ; and the New York, from
New York, with 16,0001. The Avon has also
reached Lisbon, from Brazil, with 68,0001.
Two more failures were announced in the Stock
Exchange on Saturday It is satisfactory to
remark, however, that many of the firma
which failed last week, through absolute in-
ability either to close their accounts or to realise
securities, are expected to pay in full. Even in the
lees favourable instances the dividends will probably
be large. This week one of the large speculative
Mimes which fell first will, it is stated, be in a posi-
tion to pay 30,0001., with a prospect of ultimately
distributing Itie. in the pound.
Private letters from Paris express an anticipation
that the new French loan of twenty millions sterling
will be offered in a 3 per cent. stock, at 61, being
about 4 per cent. below the lowest price fixed in the
loans for the Randall war.
At the touch of war the bubble of Austrian finance
bar burst. The Vienna official journal publishes a
series sidemen, dictated by the desperate penury of
the exchequer. A loan of two hundred millions of
florins (at the present rate of exchange about
16,000,0001. sterling) 11 ordered ; but, "as the con-
tract is for the present impossible," the National
Bank will advance two-thirds of the nominal value
of the loan in new notes—until such time as the re-
maining third shall be needed. As a necessary result
of this remarkably simple arrangement, by which
the Austrian national debt will be increased as
rapidly as the printing-machine can work, another
decree formally releases the National Bank " for the
present" from the obligation to pay their notes in
specie. Thus, only a few month. after the semen-
ful termination of Baron Bruck's enlightened efforts
for a resumption of specie payments, the entire
fabric, the work of many years, is dashed rudely to
the pound. No other result was possible, in the
event of war. But, though the Austrian Govern.
meat will doubtless force its wretchedly depreciated
paper down the throats of its luckless home credi-
tors, in payment for munitions of war, &c., &c., it
knows better than to take it back in payment of
taxes. By another decree, duties are to be paid in
silver. Finally, an income tax is apparently to be
deducted from the dividends claimable by fund.
holders. The period is probably by no means di*,
tent when the precious metals will almost disappear,
and when the government paper will not be forced
into circulation by any means, even at the point of
the sword. The government will even then, how-
ever, have another device to fall back upon. A
national " voluntary " loan—or, in other words, •
general and forced war contribution—will probably
be resorted to. Such are the successive stages in
Austrian bankruptcy.
The panic in Austrian securities continues. At
Vienna on Friday the fall amounted to n to 31 per
cent., and at Amsterdam to 21 per cent. The total
failure of the Austrian loan of 6,000,0001., the
launching of which at the price of 80 was attempted
in February last, is
,now, more than ever, matter for
congratulation.
The demand for money at the Bank on Saturday was
active, but not pruning. in Lombard-street first-
class short bills are talon at 3i per cent., but for
longer terms higher rates are required.
About 42,0001. in gold was on Saturday withdrawn
from the Bank for exportation to the Continent,
making a total of about 80,0001. since the date of
the return just published.
The shipments of silver for Calcutta and China by
the steamer Indus, on the 4th will be under
300,0001, nearly all on government account. The
demand for silver for the Continent conti
nuee.
last week
The imports of the prcious metals
were to a fair extent, comprising a total of about
413,0001., including 361,4001. by the Persia, Kan-
gkaroo, and Alps, from New York, and 61,4001. by
ts Austral, from Geelong. The whole of the gold
by the American vessels has been sent away, in
addition to the sums taken from the Bank.
From St. Petersburg the exchange on London
*ernes quoted 340.
At the meeting of the Northern of France Mal-
awi aviT d eCA'n du a Porn the held
year altB3PBariswasonn
itehde
a2tB6thl
fArapriltics,
per
share. As 23 trance have already been paid on
The &rinds Railway Company paid on Saturday to
ago::
frti, ate::
141
038 f
.7:n4n:seer: share will be par
the credit of the Secretary of State for India in Council
65,4001, on aooount of capital of the Scinde Railway
from Kurreohee to Kotree. We understand that
about one-half of this sum consists of the proem da
of the final mil of 5/. due yesterday upon the &rinde
old share., whilst the other half is paid in anticipa-
tion of calla by holders of Scinde new shares.
The sum of 44,2801. has just been paid bite
the Indian Treasury to the credit of the Madras Irri-
gation Company, making, with the other payments
of a like nature effected since the 27th February last,
the sum of 227,4011. already paid in advance of calls,
and, with the 47,0001. deposits reel ived in England,
a total of 274,4011. received by the Secretary of State
for India in Council from this company on account of
its capital.
An extraordinary general meeting of the West-
end of London and Crystal Palace Railway Com-
pany is called for the 16th'of May, to sanction the
sale or lease of the company's main line and Nor-
wood branch to the Brighton Railway Company.