The Express.
London, England, 1866-08-27 00:00:00

MONEY MARKET.-{THIS DAY.)

On o'Orouot.
The stock markets are firm t3-day, it being
generally anticipated that at least half a mil.
lion sterling in gold will be sent into
the Bank during the next few days,
and that the official minimum, will be re-
duced to 6 per cent. on Thursday next. The
funds continue in good demand, and have ex-
perienced a fresh rise of } per cent. Some of the
English railways, foreign securities, and banking
shares have also improved, but financial are
neglected. Lombardo-Venetian Railway shares
exhibit a somewhat important advance.
The applicationsfor discount to-day are extremely
moderate, while the supply of money seeking em-
ployment is superabundant. The rate for good
bills is 6 per cent., with exceptional transactions
at Q. The charge in the Stock Exchange for
short loans on English government securities is
4 to 4i per cent.

Comola are now quoted 8S to 89 for money,
and 89 to * for the amount (September 6).

In the foreign stock market there is a demand
for Italian Bonds of 1861, which have advanced
per cent. Brazilian scrip has also improved 1,
but the other speculative descriptions are
unchanged. Turkish Bonds of 1862 are
quoted 50 to 51 ; ditto of 1865, 241 to 25 ; Greek,
12/ to 1 ; Spanish Passive, 20 to ; ditto Certi-
ficates, 14} to ; Italian of 1861, 531 to 54 ;
Brazilian scrip, 21 to 11 dis. ; and Mexican,
151 to 16.
United States 5-20 Bonds have advanced 11 per
cent., viz., to 711 to 72. Erie Railway shares are
likewise 2 per cent. better, at 45} to 46, while Illi-
nois Central are unchanged, at 77i to 78i.
Anglo-American Telegraph shares are quoted 101
to 4, being ss. lower, and Atlantic Telegraph, 34 to
1, showing no change.
International Financial shares are quoted 14 to
1/ dia. ; London Financial, 13} to 13 din. ;
'leneral Credit, 21 to 14 dis. ; Credit Foncier,
3/ to 31 dis. ; and National Discount, 8k to
prem.

Assuming that the Bank rate of discount will be
reduced to 6 per cent. next Thursday, of which
there seems little doubt, a single fortnight will
have witnessed a reaction of 4 per cent. from the
highest point touched during the crisis. Precisely
the same interval occurred in 1857. On the 24th
December in that year the rate was reduced from 16
to 8 per cent., and on the 7th Jan., 1858, to 6. In
1847 a decline occurred on the 27th Nov. from 8
per cent. —the extreme charge then attained—to 7,
and on the 2nd Dec. to 6. It was not, however,
till the 27th Jan., 1848, that the rate fell to 4 per
cent., a reduction corresponding to that which is
now taking place.
The apologists of the Act of 1844 seem determined
to tind merits in their favourite measure which
either never existed, or have proved to be entirely
fallacious. It is difficult to know for what sub-
stantial reason the Act is defended, since the
ground is being constantly shifted. According to
Sir Robert Peel " the object of the measure is to
prevent (so far as legislation can prevent) the re-
currence of those evils from which we suffered in
1825,1834 i, and 1839. It is better to prevent the
paroxysm than to excite it, and trust to desperate
remedies for the means of recovery." In other
words the Act of 1844 was expressly designed by its
origirator to render commercial panics almost
impossible. The answer is, that since then
we have had three panics, in 1847, 1857,
and 1866. So far fro-ii the Act having
prevented these crises, its abrogation has ef-
fectually stopped them. So much for the original
intention. But, on tho other hand, it is urged
that at all events the Act of 1844 has secured the
convertibility of the Bank note. From 1819 to
1844 there was no Bank Charter Act, and at what
time during that period was the convertibility of
the note in danger I When was the currency de-
preciated I As far as convertibility is concerned,
which is the safer, a Bank of England or a Bank of
France note I And yet the latter institution en-
joys perfect freedom in its issues. Until these
questions are answered, the supporters of the pre-
sent system had better leave argument alone.

Abt;ut 66,0001. in bar gold- was sent into the
Bank on Saturday, in addition to 60,000 sovereigns
from abroad.

The steamer Nyanza has arrived from Alexan-
dria with G 07,0001. in gold, and the Delta with
140,0001., making a total of 747,0001., a large por-
tion of hich will be sent into the bullion depart-
ment of the Bank to-day. The China, from Bos-
ton, has brought 5,0001.
The out-going steamer with the mail for Bombay.
which will leave Southampton to-day, will take
no specie.
Telegraphic communication was re-opened on
Saturday between London and Frankfort-on-the-
Maine. Great inconvenience has recently been
caused to bankers and merchants by the interrup-
tion in the working of this line.
The liquidators of the Imperial Mercantile
Credit Association have issued a notice that at
12 o'clock on the 31st inst., at the London Tavern,
they will make a call on the contributories of 51.
per share. All persons interested are entitled to
attend, to offer objections to such call.

The mercantile advicea from the Danubian
Principalities mention that in consequence of the
deficient harvest the government have prohibited
the export of all kinds of corn, except wheat.

The following remarks on the use of the Atlantic
Telegraph are from the Iron Trade Circular of
Messrs. George Ryland and Co. :

The advantage or the mischief which may accrue to
commercial interests on either side from the completion
of the Atlantic cable will, to a very great extent, be go-
verned by the manner in which the transmission of news
by itis regulated. It will not do to rely upon the information
of the newspapers only—supplied as its from one source,
the " Associated Press "—a body not entirely free from
suspicion of intermeddling with news for stock exchange
purposes ; neither is it desirable that private messages (of
public importance, be it understood) should forestall or
supplement these despatches. What is required, and
what must be obtained, is the publication of as many de-
spatches as possible, from numerous and various quarters.
Cannot a kind of " Telegraph Lloyds" be instituted by a
subscription of some five hundred merchants, who, from
their own correspondents, can make sure of plain, clear.
and complete intelligence of all matters, general or other-
wise, affecting commercial interests, and few occurrences
indeed are there by which commercial interests are net influ-
enced! Divide the expense amongst so many firms, more or
lees, and it will not be felt. One house could only afford three
words on corn, but three or four hundred could telegraph
a full column of markets. Thus should we have the
Press Association telegrams checked, just as the Times
and other papers found it necessary to check the Reuter
intelligence under the old system. lt is a childish mis-
take," says the Nem York Commercial Chronicle. "to sup-
pose
that the multiplication of telegrams diminishes the
demand for any one telegram out of the number. On the
contrary, such is the nature of this species of news, that
of all possible news it most demands verification. The
man who has received a telegram of importance is not the
leas, but the more anxious on that account, to see all other
telegrams which may have been received in reference to
the same subject. And every central and responsible pub-
lication of telegrams from Europe will tend at once to in-
crease the importance and the accuracy of all other similar '!
publications.'

SATURDAY ETZNING.
Consols, which closed yesterday at 88i to ; for
the 6th of September, opened this morning at the
same quotation, and left off at 88; to 89. For
money the last price was 883 to 4. The official
business report is as follows :—Three pee Cent.
Consols, far money, 883, 3, ; ditto, for account,
89 ; Three per Centa. Reduced, 88, 873; New
Three per Cents., 88, 873 ; New Two-and-a-Half
per Cents., 70} ; India Five per Cent. Stock,
1033, 3 ; ditto Five per Cent.' " enlaced" rupee
paper, 993, 1001.
The Indian Five per Cent. stock was again in
demand, and further improved per cent.—viz.,
to 1033 to 104. The March Exchequer Bills closed
at sa. dia. to par, and the June at 2s. dbl. to 3s.
prem.