The Express.
London, England, 1860-04-13 00:00:00

MONEY MAREEI.-THIS RAY.

Two 9Ctocc.
The funds are rather firmer to-day, and an
improvement of I per cent. has taken place.
Little business is going forward, the Stock
Exchange wearing a dull appearance. Atten-
tion is chiefly directed to preparations for Monday's
settlement in shares and foreign stocks, this being
" continuation day." British railway stocks re-
main very steady.
At Paris this morning, according to Mr. Reuter's
telegram, the Three per Cent. Routes opened at
70fr. 20c., being sc. lower than they closed
yesterday.

The New Victoria Debentures are quoted
106 to Indian government securities are steady,
with only limited tranaaetions.

Consols are officially marked 941 and 1 for money,
and94l and for the account. The present quotations
are 94} to }for cash, and 941 to for the 9th of May.
Bank Stock has been dealt in at 224 and 226 ; the
Three per Cents. Reduoed at 921, 4, and 93 ; the
New Three per Cents., at 994, 4, and
93 ; the New Two-and-a-Half per Cents.,
at 78 ; the Indian Five per Cent. stock of 1869, at
10.11 ; the Five per Cent. enfaced rupee paper,
at 981 and 98 ; ditto Five-and-a-Half per Cents.,
at nal ; the Indian Four per Cent. Debentures of
1869, at 96; and 1 ; India Bonds, at ss. die. ; and
Exchequer Bills at Be.. 94., and 12s. prem.
Business in the foreign stook market has
been only moderate in amount, and prices
exhibit little alteration. The Turkish Loan
of 1854 is quoted 76 to ex div., and that
of 1858, 61 to 4. The advance which took place
yesterday in Mexican Bonds is not fully supported,
transactions being recorded from ni to 21g. The
scrip of the new Brazilian loan is quoted die. to
par. Sales are recorded as follows :—Brs.zilian
Old Five per Cents., 100, ex div. ; Dutch
Two-and-a-Half per Cents, 661 (exchange
129.) ; ditto Four per Cent. Certificates,
100, 1091, ex div. ; Mexican Three per Cents., 214,
214, 214 ; Peruvian Uribarren Four-and-a-Half
per Cents., 82 ; ditto Three per Cents., 691, ex div.;
Russian Five per Cents., 108 ; Spanish Three per
Cents., 461 ; Turkish Six per Cents., 1854, 76,
761 ; ditto Six per Cents., 1858, 611 ; ditto, Gua-
ranteed Four per Cents., 1011.

The pressure for discounts at the Bank had
quite prepared the public for the step taken
yesterday. Nevertheless, in the complete ab-
sence of any drain of bullion or other
foreign cause of disturbance, the value of
money has now, with sufficient suddenness, reached
a point at which traders seem inclined to pause
and discuss the prospects of the market more nar-
rowly. It is generally recognised that the dis-
turbance now experienced results in no small
degree from a fault in the working of our monetary
machinery. The Bank of England refuse to afford
any facilities whatever to the other money-dealers,
who, in their own defence, restrict their transac-
tions, and refuse accommodation to any but their
regular customers. They do little business except
at an advance upon the Bank rates, and charge an
unusually high price on long paper. The
banks, to a certain extent, are influenced
by similar considerations. An extremely heavy
demand is thus concentrated upon the Bank
of England, whose " other" securities have now
risen to a great height. Where is this movement—
this antagonism—to end 1 The commercial public
are heavily mulcted by it, and its cessation would
therefore be a public advantage. The bank have
a perfect right to restrict their accommodation to
the other money-dealers, but present experience
proves that the system of absolute exclusion is
attended with vast and general inconvenience. Now
that the Bank rate has been raised to 5 per
cent., the condition of the general money
market is quite ise unsettled an it wan
before. Only the choicest short paper was
negotiable yesterday at 5 per cent., the terms de-
manded in other instances being 5 to 6, and
upwards. At the Bank of England the demand
yesterday showed a decided diminution, many of the
unusually numerous applications on Wednesday
having been in anticipation of a rise in the rate.
In the Stock Exchange a large supply of money
is offered on government securities by firms which
are unwilling in the present uncertain state of the
money market to lock up their funds for any
lengthened period in mercantile acceptances. The
rate for short loans on Consols yesterday did not
exceed 3 per cent.

In consequence of the alteration at the Bank,
the discount establishments have announced a rise
of per cent. in the rates allowed for loans. They
now give 4 per cent. for money "at call," and
per cent. subject to seven days' notice of with-
drawal. A similar movement has been notified by
the joint stock banks, which now give for deposits
4 per cent., or 1 per cent. below the Bank mini-
mum rate of discount. The London and West-
minster Bank, however, allow only 3 per cent. on
sums below 5001.
There is very little inquiry for gold for the
Continent. The steamer Tasmanian has arrived
from the West Indies with about 65,0001. in
specie ; and the Teuton* from New York, with
42,0001. for England.
Of the 768,000/ in Australian gold, known to be
on the way to England, 306,0001. is now due by the
Copenhagen, Suffolk, and Greyhound—these vessels
having been at sea 108, 98 and 86 days respec-
tively. The Monarch, Norwood, and Ocean Chief
have been at sea 79 days, with 285,000/. ; the Mont-
morency, 75 days, with 36,000/ ; the Lightning, 64
days, with 54,0001. ; and the Lincolnshire, 63 days,
with 87,0001.
An instalment of 8 per cent., making 34 per cent.
paid, falls due on the Canadian Five per Cent. Loan
of 2,800,0001. on Tuesday next, the 17th.
The rates of discount in the principal continental
cities are as follows :—Paris 3 per cent. ((Bank,
3k) ; Berlin, ; Vienna,ls; Amsterdam, 3 ;
fort, 2 (Bank, 3) ; and Hamburg, 2 per cent.
It appears from the advices from Vienna that the
demoralising expedient of a grand national lottery
loan, resorted to by the Austrian government, has
proved a miserable failure. Although every per-
son upon whom official influence could be brought
to bear has been coerced into taking some part in
the transaction, the total subscriptions have reached
(nominally 3,20q,001x., but
only 32,000,000 florins
really much lees), being less than one-sixth of the
amount-200,000,000 florins—which the govern-
ment had hoped to sweep into their coffers. The
term originally fixed for receiving subscriptions has
expired, but, with a view to afford scope for in-
creased official pressure, the period has been ex-
tended until the 14th inst.
. . . .