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

FRESH ADVANCE IN THE BANK RATE

OF DISCOUNT.
Two o'CLocx.
The Directors of the Bank of England, at their
weekly court this day, have adopted the
step which was apprehended yesterday :
they have raised the minimum rate of
discount from 31 per cent., at which it was fixed on
Thursday last, to 41 (four-and-a-half) per cent.,
making a total rise of 2 per cent. within a fort-
night.

This measure, having been anticipated in many
quarters, has not been attended with any farther
prejudicial effect on the hinds. Consols are
now quoted the same an at the close of
the Stock Exchange yesterday, so that
the further fall of / per cent:, which occurred
after the recognised hours yesterday afternoon,
has been recovered. In the other department,
of the Stook Exchange, however, general heaviness
prevails. English railway stock, and foreign
government securities exhibit chief depression.
This is settling day in Consols. The arrange-
ments thus far have progressed very satisfactorily.
Advioes from Vienna announce the failure of the
eminent financial firm of Arnstein and Fakeles.
The liabilities are enormous, and are estimated at
about five millions sterling.
The Three per Cent. Rentes were dealt in at
Paris this morning before the official opening of the
Bourse, according to Mr. Renter's telegram, at
61fr. 10c. for the account, showing a rise of 6c. com-
pared with the last price of yesterday.
Consols for the 7th of June have been dealt in at
891 to 90, and for money at 891 to 901. The present
quotation is 891 to 90 both for money and the 7th June.
Bank Stock has also been dealt in at 215 to 219;
the Three per Cants. Reduced, at 881 to 891 ;
the New Three per tents., at 881 to 891 ; the
Indian Four per Cent. Debentures of last year, at
921; the scrip of the New Indian Loan, at 911; ,
India Bonds, at 16s. to 30s. &B."; and Exchequer
Bills, at 16s. to 225. prem.
In the foreign stock market the prinoipel
transactions have been in Turkish securities,
which exhibit a fresh fall of about 2
per cent., the Old Six per Cents. being
now quoted 68 to 81, and the New, 48
to 61. Mexican, Spanish, Sardinian, Russian,
and most other foreign descriptions are very heavy.
Sales are recorded as follows : Brazilian Four-and-
a-Half per Cents., 1862, 90; Buenos Ayres De
ferred Bonds, 16 ; Dutch Four per Cent. Certificatea"
92 ; Equador New Consolidated Bonds, 121 ;
Mexican Three per Cents., for account, 17, 181 ;
Portuguese Three per; Cents., 1863, for account, 40 ;
Russian Fourlind-a-Half per Cents., 911; Sardinian
Five per Cents. 674 ; ditto for account, 671, 67, 681 ;
Spanish Three per Cents, 39; ditto New Deferred
Three per Cents., zst ; Turkish Six per Cents., 1864,
61; ditto for account, 60, 69, 62 ; ditto Six per Cents.,
1868,60, 48, 61, 49, 52, 50 ; ditto for account, 48 ;
ditto Guaranteed Four per Cents., 994; Venezuela
Deferred Two per Cents., 141.
The manifesto of the Emperor of the French
attracts great attention. His Majesty's disclaimer
of any designs tending to personal or national ag-
grandisement in a territorial sense excites a faint
feeling of satisfaction, but the implied threat that
Lombardy shall be torn from Austria is regarded as
the herald of a severe struggle.
Yesterday, being the 4th of the month, the demand
for money in most quarters was urgent. At the
Bank the applications were very heavy. The pressure
both in the money and stock markets, is promoted
by the reprehensible conduct of certain bank., which
after evincing, during many months, extreme eager-
ness to place loans, now turn suddenly round and
throw their customers overboard. Loans are called
in in baste, sales of securities forced, and the general
anxiety materially stimulated. At a period like the
present, the resolution of the Bank not to re-dis-
count bills for the discount establishments renders
the latter very cautions, especially with regard to
bills having even a moderate period to run. The
rush to the Bank of England is thus accelerated.
Only the best and very short-dated paper could be
negotiated yesterday at 31 per cent. In many quarters
4 to 41 per cent. were the terms for bills having not
longer than two months to run.
The amount of gold withdrawn from the Bank yes-
terday for exportation was 88,0001. The 92,0001. in
gold by the Champion of the Seam, from Melbourne,
and the 67,4001. by the Atrato, from the West
Indies, have also been taken for transmission
abroad.
At Amsterdam on Tuesday the Austrian funds sus-
tained a fresh fall of about 2 per cent.
We regret to announce that Messrs. Lloyd,
Beilby, and Co., a highly respectable house in the
Australian trade, have been compelled to suspend
payment under pressure of the tunes, as explained
In a letter to the creditor,. The career of the head
partner in Australia was marked a few years since
by a voluntary act of commercial integrity, which
wiU enlist for him at this juncture a large amount of
personal sympathy. The uncovered liabilities are
estimated at about 100,0001. The result of the
liquidation, though dependent upon the realisation
of stock and of the private estate of the head
partner in New South Wales, will, it is hoped, not
be unsatisfactory.
The specie by the City of Baltimore, from New
York, is 78,800/. The Vimeira has arrived from
Sydney, but has brought only 1,1401. in gold.
The demand for silver for the Continent having
subsided, the market is weaker.
The wheat market yesterday was firm, at the late
advance.
A rather considerable redaction took place yester-
day in tallow. The closing prices are given in
another column.
The National Bank of Piedmont, like that of
Austria, has suspended specie payments, and it is
authorised to ;nue paper for the service of the state.
The Spanish Cartes has distinguished itself by
solemnly placing on record another decision violating
the principles of justice. The following memorandum
is from the Committee of Certifioate-holders
The Committee of Spanish Certieors-holders have this
day received advice from Madrid that Meteorite hove rejected
the petition which had been presented to that body by the
chairman for the adjustment of the claim for the unpaid por-
tion of the interest represented by the certificate,.
The London and North Western Railway traffic
return shows this week an increase of 2,6641. ; the
Great Northern, a decrease of 2,7621.; the Great
Western, an increase of 2,0071. • and the London and
South Western an increase of 8481.
The position of the market for American railway
securities is thus noticed by Mr. E. F. Satter-
thwaite
The market In London for American securities has been,
se might be expected, prejudicially affected by the present
crisis in again. During the early pert of last week prior
were well sustained, but during the last few days stook end
bonds have bum more premed for sale, end those coming at
a time when theta are but few order for parches*, quota-
tions have given way. The important atriums in wheat
byre will undoubtedly tend v enrich the western diettiets of
America, and isereare the railroad reeeipts; and although
fora time priees of the etczks may be low, we lo,k for an
increase of set profit i on ell American mikado.
The New York advice, mention that the following
railway dividends have been declared for the last six
months, viz.: Baltimore and Ohio, S per cent, pay-
able 18th May ; Baltimore, Washington branch, 44
per cent, payable 26th April ; Pennsylvania Central,
3 per cent., payable 16th May.
The first direct cargo of vegetable wax from Japan,
consisting of 3,000 caste, was offered in public sale
yesterday and, being held at a price above the
views of buyer', was bought in at 70r. per cwt. A
few lots were subsequently sold at that price.
The cargo of the Vimeira, from Sydney, include •

2,171 bales of wool, 18 tons of pearl shell, 867 bap
of gum, and 2 cases of jewellery,
The Testimonial has arrived from China with
382,0001 be. of tea.
The steamer Pers, with mails for Calcutta and
Chins, reached Malta from Southampton on the 29th
of April, and left on the same day for Alexandria.
The war has already, occasioned extraordinary
activity in the leather trade. The monthly Cirealar
of WIMP. T. J. and T. Powell has the following:

It is seldom that the leather trade has exhibited a girl.- star
change in so abort a period so that whioh has taken pleas
towards the close of the past month. Daring the earlier parkel
April themes limited demand existed which we described am
having prevailed in the previous month ; and although the
dlralsW supplies of raw geode, the increased exportation of
leather, the slight additions only which ware made to the
stocks during the two months of dull trade, aided by the
prospect of • good bome consumption, all pointed to higher
prices, there woe still a considerable degree of hesitancy 011
tho part of buyers : this, however, the greater certainty of war
on the continent has diasipited, and the transactions of the
past week have been almost unpreeedentedly hrge. Former
prices, or at least priers at which goods were previously
offering without obtaining buyers, have generally been cur-
rent, but with the continuance of a large consumption, both
for ordinary and government requirements, and with the pre-
sent extremely reduced stocks, higher rates no doubt will be
readily obtained. In taw goods the mount of business ham
been restacted, in consequemea of the watt of supplies.
Prices hey, been firm, but the alterations la valuate a4ht.
We can only express our hope that the increased activity in
leather will lot over stimulate the market for the raw
material.

WEDNESDAT Ifvzinre.

Como* which closed yeatiiiiiatikfii;llor
money and the 6th of May, opened this morning at
the same quotation, and alter touching 90* to f, had
receded at the close of the Stock Exchange to 891
to 90. At a still later period a fall to 891 to 1 took
place. The price is now quoted the same for money,
for to-morrow's settlement, and for the 7th of June.
The official business report is as follows :—Three per
Cent. Console, for money, 904, f, 4, I t ditto, for
account (6th May), 90, 901, 901, 901, 904; Three
per Cents. Reduced, 891, 1, /, 1,1; New Three per
Cents-, 894, 4,4, f, I, f, t; Len Annuities, ex-
piring in Jan., 1880, 4; 30 Years Annuities, April,
1885,171 ; Bank Stock, 219, 218; India Stock,
215 ; Indian Four per Cent. Debentures, issued in
1868, 93; ditto, Scrip of the new Loan, 92, 911, 911,
92, 91f, 91f.
The New Two-and-a-Half per Cents. were also
officially marked 751.
Owing to continued investments, the scrip of the
New Indian Loan was supported at the late im-
provement, closing at 911 to 92, or say 31 to 3 dia.
The Indian Four per Cent. Debentures issued lut
year were quoted 93.
Exchequer Bills was quoted ltle. te 265. prem.,
and India Bonds 20s. to 16s. die.
Foreign stocks, especially the speculative descrip-
tions, remain heavy.