The Express.
London, England, 1867-05-31 00:00:00

MONEY MARKET.-(THIS DAY.)

oxs o'OLoaz.

The highly satisfactory character of the Bank of
England return, the fall in the value of money, and
the favourable weather for the harvest, after the
recent rain, caused the stock markets to open
this morning with extreme buoyancy. Con-
sols were in very active request, and were
officially marked as high as 9511, with dividend,
for money, and 94i, ex div., for the account. The
rise was greatly assisted by the announcement of
the failure of three members of the Stock Exchange,
who have been speculating for a fall in Consols.
it being consequently necessary to buy a consider-
able amount of stock to close their accounts. A
partial reaction has since taken place, upon sales
to realise profits, which in many cases must
be large, owing to the extent of the
late advances, but the present quotations
show an improvement of i per cent, compared with
those last current yesterday. Most of the other
securities have also partiallyrelapsed from the morn-
ing's rise, in sympathy, yet are generally much better
than yesterday. The rise in foreign stocks and British
railways amounts to i to 1 per cent. Much excite-
ment is apparent, and the amount of business ge-
nerally is very large, including many purchases for
investment. The fortnightly settlement will be
concluded this afternoon.

The discount market is rather active to-day,
owing to the extent to which bills had been kept
back in anticipation of a reduction in the Bank
rate yesterday, the Stock Exchange settlement,
and the arrival at maturity of a somewhat large
amount of Indian paper. The general rate of dis-
count, however, is still i to I per cent. below the
Bank minimum.

At Paris this morning the Three per Cent.
Rentes opened at 70fr.10c., being nearly I per cent.
higher than on Wednesday.
Consols are now quoted 95 to }, with div.,
for money, and 93,1 to 3, ea div., for the ac-
count (Juno 6), and the Three per Cents. Reduced
and New Three per Cents., 93 to I.

It is understood that the rate of interest on Ex-
chequer Bills will at once be reduced to 2} per cent.
The government brokerhas bought to-day 13,0001.
New Three per Cents. for the sinking fund, at 931.
The foreign stock market is extremely firm.
Turkish Bonds of 1862 have improved 1 per cent.;
Turkish of 1862 and Greek, ; Italian of 1861, 1 ;
Mexican, 1, &c. Spanish Passive, however, have
declined I. Turkish Bonds of 1862 are quoted
58 to 59 ; ditto Five per Cents. of 1866, 331 to 34 ;
Greek, 14i to 15 ; Spanish Passive, 241 to 1; ditto
Certificates, 15} to 1 ; Italian of 1861, 54 to 63} ;
Mexican, 171 to it.

London and Westminster Bank shares have ex-
perienced a fresh rise of 2/. 10s., viz, to 110 to 115.
Other descriptions are inquired for and firm.
Financial and miscellaneous shares participate
in the upward movement. International Financial
are quoted 2to 1/ dis. ; General Credit, 12 to I}
die. ; Credit Fonder, 5 to by dis. ; London
Financial, 22 to 21 die. ; Hudson's Bay, 164 to 1 ;
and National Discount, 711 to j prem.
American securities are steady. The 5-20 bonds
are quoted 72i to ; Erie Railway shares, 394 to
40 ; and Illinois Central, 70} to 77.
Anglo-American Telegraph shares are in demand,
and have risen 7s. 6d., viz., to 181 to Atlantic
Telegraph 8 per cent. preference are 2s. 6d. higher,
at 4ti to }.
A petition for the winding up of the Cache:
Company (Limited) is to be heard before the Master
of the Rolls on the Bth of June.
HALF-PAST THREE OCLOCK.

The English funds exhibit a fresh rise of & to i
per cent., the present quotations being 951 to ii,
with div., for money, and 93& to 94, ex div., for
the account. Most other securities are also very
firm.

About 69,0001. in gold has been sent into the
Bank.

Two-and-a-half per Cent., which is now the
minimum rate of discount, is the lowest rate
known since the 24th of July, 1862, when
2 per cent. was touched, yet the week's Bank
return, given below, viewed in conjunction
with the continued decline in the rates in
the general market, shows that the directors had
really no alternative but to take the step now an-
nounced. The accumulation of coin and bullion is
especially remarkable, the amount now held-
-20,417,2831.—being the highest known for fourteen
years, i.e., since the lit January, 1853, when
20,528,0001. was reached, the rate of discount
being then reduced, as now, to 2h per cent. The
highest stock of the precious metals lever held by
the Bank was 22,232,0001. on the 10th July, 1852,
when the rate of discount was 2 per cent. 15aless
the harvest should disappoint expectations and
necessitate an export of gold, there seems no reason
to believe that even the present low value of
money will cause the surplus to be readily worked
off, for trade shows no signs of revival ; foreign
loans will probably meet with only a moderate de-
gree of encouragement ; and any investments
which the public may be tempted to make, in
impatience of the low rates allowed for deposits by
the banks, can have no effect, as what one banker
parts with soother obtains. At the same time it
is worthy of remark that the stagnation of business
is general throughout Europe, and that the position
of the Banks of France and Holland is unprece-
dentedly strong.

The joint-stock banks now allow lf per cent, per
annum for money on deposit, instead of 2, except
that the London and Westminster give only 1 per
cent. on sums below 600/. The discount establish-
ments have reduced their rates for money at call
from 2 to If per cent. ; at seven days' notice, from
2} to 11 ; and at fourteen days notice, from 21
to 1..
Messrs. Baring Brothers and Co., have just
published, in the form of a pamphlet (printed by
Darling and Son, Eastcheap), sonic further corres-
pondence which they have had with Senor" Nunez
respecting the distribution of the funds in the
Bank of England applicable to the payment of the
Mexican dividend, due Ist July, 1866, and also
their correspondence on the same subject with
General Almonte, Mexican minister in London.
The result is that the money has been handed
over to Messrs. Barings by General Almonte, and
will be paid very soon—as quickly, in fact, as the
arrangements can be completed.
Advices from Madrid give a cheering view of the
effect expected to be produced by the measures in
hand by the Finance Minister, a confident feeling
prevailing that they will be of a character to re-
establish the credit of Spain throughout Europe.
It is expected that the present week will not pass
without the minister making known the details of
his plans, and it is to be hoped that they will prove'
such as will realise the expectations entertained of
them by the parties interested.
About 201,000/. in bar gold was sent into the
Bank yesterday.
The steamer Union, from New York, has brought
11,0001. in specie, while the Allemania has taken
20,0001. from England for that port.
As one cause of the large remittances of gold
lately made from the United States to this country,
it is stated that persons desirous of remitting have
been deterred from buying bills in the usual course