The Express.
London, England, 1859-02-15 00:00:00

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MONEY HABMBT-TEAR DAY.

Two olhoolt.
A favourable impression has been created in the
Stock Exchange by the announcement that the
coming Indian loan will be limited to seven millions
sterling. The funds have advanced to 3-16 per
Gent. ; and English, French, and Midland railway
shares are generally rather firmer. Very little bala-
nces is going forward in any department.
The scr:p of the Nor Austrian Loon has been
offered at die., and is now quoted to dis.
Consols are firm at 954 to 4 for money, and
96} " sellers " for the 9th of March.
'Phe Three per Cents. Reduced have been dealt in
at 96 to 4; the New Three per Cents., at 96 to ;
thelndian Four per Cent. Debentures, at 98}, showing
a further decline, owing to the approaching mew
supply of these securities; Indian Bonds, at 16s.
prem. ; and Exchequer Bills, at 33e. to 36e. prem.
Foreign stocks are steady. The New Turkish
Loan retains a tendency to improvement, the first
series being quoted 79/ to 80, and the second
64 to 64 dia. The Six per Conte. of 1864
have advanced to 90/ to 91; Venezuelan
Bonds continue in demand, and Mexican
have met with more inquiry. Sales are re-
corded u follows : Austrian Five per Cents.,
Metallic*, 76 (exchange 106.) ; Brazilian Old
Five per Cents.,lo2 ;ditto, Five per Cents., 1829 and
1839, 1014; Buenos Ayres Deferred Bomb, 184;
Mexican Three per Cents. for account, 204 to 201 ;
Peruvian Four-and.a-Hallper Cents. ,94 ; ditto for act.,
934; Sardinian Five per Carts., 804; ditto Small
Brads, 81}; Spanish New Deferred Three per Cents.,
for account, 304, 304. Turkish Six per Cents., 1858,
first serial, 794; ditto for 'owing, 794; ditto second
series for account, 64 to 6 dis.; V la Five per
Cents., for account, 444 ; ditto, Deferred Two per
Cents., 17f, 174, 17/4
The specie arrivals just announced represent a
total of 361,4001. The steamer La Plata, from the
West Indies, hes brought 178,8001. the Europa,
from New York, 114,5001.; and the Avon, from
Brazil, 68,1001.

Late yesterday afternoon, although business re-
mained dull, a favourable impression was
created by the publication, in the Szpress,
of the Navy Estimates for the ensuing year,
which show an extent of only 981,8101. over
the previous year, notwithstanding an "extraordi-
nary" charge of 985,7071. for the " reconstruction
of the navy." It is inferred that Ministers have
abandoned the more comprehensive schemes recently
disowned.

In the discount market yesterday the demand was
quiet. First-class bill were taken at 21 to 21 per
cent, and even u low as 2 per cent. Very little
business was, consequently, done at the Bank.

The letters of allotment of the Austrian Loan
were Lined yesterday, and it is found that, as
was to be expected from the obvious in.
adequacy of the applications, the subscribers
generally have received the entire amount written
for. Endeavours are of course made to conceal
the failure of the loan, bat it is generally be-
lieved that of the six millions of stock offered not
more than a sixth part has been taken up in this
country. It is known that subscription lift were
likewise opened at Amsterdam and Berlin, as well es
by the corresponding members of the great family of
the Rothschild' at Paris, Frankfort, and Vienna;
and the amount placed in those markets will probably
not be permitted to transpire. The principal re.
hence, however, was evidently placed upon the Lon-
don market, and the continental subscriptions will
not affect the general result, which is—signal
failure.

The Venezuelan Ambassador will, this afternoon,
place in the hands of the committee of Spanish-
American Bondholders a proposition for the settle-
ment of the debt. It is said that the terms to be
offered are 3 per cent, per annum upon a capital of
1331. (the 331. representing arrears of interest capi-
talised), and 1 per cent. per annum upon the de-
ferred, the dividends to commence from April next.
There is a general complaint of the difficulty of
obtaining information from the office of the com-
mittee.

TM 162,6001. by the Norfolk was delivered
yesterday, but none was disposed of, apart from
the 80,0001. mentioned a day or two ago.
There is still no alteration of importance in the
corn market. .

It is a disgraceful fact that, although we have
reached the middle of February, the Board of Trade
returns for the month of December have not yet
made their appearance.
It is understood that the Stock Exchange commit-
tee are investigating a charge made against the
Ottoman (Smyrna to Aidin) Railway Company,
which imputes that the company's subscription list,
upon the strength of which the shares ware placed
on the official list, was not of a bona fide character.
Monday next has been appointed special settling
day in the Stock Exchange for the shares of the
Madras Irrigation Company, which are to be marked
in the official list. We are informed that on the
3rd inst. the Directors of this Company wrote to
Lord Stanley, stating that they bad elected as their
chief engineer in the Madras presidency Major Hugh
Calverley Cotton, formerly of the Madras engineers
(brother of Colonel Arthur Cotton, so well known as
the promoter of Indian irrigation and public works),
whale practical skill and high professional ability in
the construction of works of this nature recommend
him as the most competent person to fill the post.
They requested his lordship's sanction to the ap-
pointment, and that he would authorise the board
to instruct Major Cotton to proceed forthwith to
Madras, and on his arrival there to place himself in
communication with the local government, and
adopt, in concert with them, all necessary measures
for the investigation and survey of the work pro-
posed for the Bret operations of the company
—viz., for providing irrigation and water com-
munication, by means of the rivers Toombudra
and Pennair, to the cotton fields of Bellary,
Kurnool, Cuddapah, Nellore, and the Raichoor.
On the 3:h inst. the directors likewise applied for
permission that inch of the shareholders as may be
dedroos of paying up in full may receive interest at
the guaranteed rate.
The Brighton Railway traffic return shows this
week an increase of 9881.
The annual meeting of proprietors of the Bank of
Australasia is called for the 14th March.

MONDAY ETINISO.
Pending the announcement of the Indian Loan (u
regards which a number of rumours were circulated
which we refrain from reproducing) great inactivity
prevailed to-day throughout the Stock Exchange'
Prices, however, were well supported. The funds
closed the same u on Saturday, having scarcely
varied a fraction throughout the day. English,
French, and Lombardo-Venetian Railway shares left
off, in many instances, a trifle dearer.
Consols, which closed on Saturday at 931, "buyers,"
for the 9th March, opened and closed to- day at 931
to f. For money the last price wee 951" 5e11..."
The official business report is as follows:—Threel
per Cent. Consols, for money, 951, 1,1, 1,1; dttto,
for account (9th March), 931,1; Three per Cents.
Reduced, 9&j, 951; hew Three per Cents., 95j,
951; Thirty Years Annuities, exptring in April,
1885, 181; Bank Stock, 229; India Stock, 221;
Indian Four per Cent. Debentures, 981, 981; Three-
and-a-Half per Cent. Exchequer Bonds, falling pay-
able in May next, 100.
Exchequer Bills remain quoted 33.. to 38.. prem.
India Roods were dealt in at lbs. to 20s. prem.; and
the Indian Four per Cent. Debettures, at 981 to 1.
Turkish secunties have improved, owing partly
to the more favourable financial advice. from
Constantinople, as referred to below. The new loan
rue about 1 per cent., the lost series closing at 6 to
61 dis., and the 2nd at 61 to 6 dis. On the let
Marsh the first dividend of 3 per cent. falls due on
this loan, which, consequently, now stands in reality