The Express.
London, England, 1867-08-05 00:00:00

i 21

porters—the effects of the pani•.: of ia.t year, and hence the
utter .learth of speculators, the scat cit) of credit in the
market awl the caution of hankers—all these have an-
fa•ourably intluenced the market. The new maws ia
India, whereby it i= feared thit the hanks will have mere
control of the cotton than the real importers, ingrains
the depression, becr...e bankers axe known to be free
sellers, especially when the acceptors of the drafts can pay
the lose. In regard to toe pre,eht price of cotton the grid
question that occur, to us is whether the price of lOid.
per lb. for middling Orleans is too high or too low, se
exactly justified by the cost of production, and the pressed
and prospective supply and demand. This is a problem
of such difficulty, that ye can only attempt to give •
partial solution, ly putting the following question sad
stating the facts as to supply from all sources so fez
as known. If with four millions of slaves, America
could ship cotton from her ports at sd. per lb., which kit •
fair profit to the plar.ter. at what price is it probable she
can do it now., four ye de' war, the eiosnch ation of
the :aforesaid alas", to; .1 disurgahisation of labour and
niachinery, arid the ...Treat increase in the cost of all pro-
visions, to say uothini of cue temporary scarcity of grain ?
There are those who attempt to prove that with the
United States intern,' tax. there is no profit iu selling
cotton at the ports at per 10.. and there ore others
who argue that as ',laurels are selling " middling " et 10d.
or under, they cab aiford to do FO. It is probable the
attempted proof is as wile of the truth as the ridicules,
argument just stated. but one thing is evident, that
whatever may be the cost of production, the quantity.
cannot neat *caw!: coa.e near the out-turn before the war.

&YUMA! BVSSEML

Consuls, which closed yesterie-ii454 toT7oth
for money and nest Thursday's settlement, opened
this morning at 94 to !, and closed at 941 to A.
The official business report is as follows :—Three
per Cent. Consols, for money, 94, 4; ditto, fur
account, 94, f ; Three per Cents. Reduced, 93,i, ;
New Three per Cents., 934, ; India Stock,
222, 29 ; ditto Five per Cent., 111 i, 12A ; ditto
Four per Cent!, 995, ; ditto Five per Cent.
Debentures, 1872, 101 ; ditto, 1877, 10IA ; ditto,
1882, lel a ; ditto Bonds, 65a., prem.
There was a further improvement in the India
Five per Cent. Stock, which was last marked 112 A.
Foreign stocks were dull. Russian were heavy,
upon the announcement of the now loan ; a re-
duction of i per cent. was quoted in the Five per
Cents. of 1t%2 and and in the scrip of the
Orel Vitebsk Railway Loan. There was also a de-
cline of A in It- 'an of Dell, Turkish Five per
Cents, of 181)5, and Spanish l'assive. There were
sumo inquiries f..r Oreek coupons, which were
quoted to 1 per cent. better than yesterday. The
measure of the faith reposed in the capabilities or
good faith of Greece is indicated, however, by the
fact that these, her overdue-interest warrants, are
quoted in the market at only 5/. to 61. per cent.
The new stock of the Brighton Railway Company
was quoted 21, to 3 prem.
The transacti,ns in bank shares were very few,
and there was no eiange in prices worth mention-
ing. Consolidate) Bank were dealt in at par.
Berlin Waterworks shares were inquired for,
while South Australian Land and Rio Improve-
ments declined.

Queensland and South Australian Government
Debentures were inquired for, and improved to
1 per cent , while New Zealand Six per Cents. of
1891 were quoted 1 per cent. lower.

MINES.-(TBM DAY.)

ONE o'Otocs,

There is little Lnsiness in the mining market
to-day, but Prince of Wales, and North Crotty
shares are inquired for, at 50s. to 588., and 311 to
respectively. Chiverton Moor are quoted .tub
Clifford, 6 to d ; North Treskerby, 1 to i ; Marko
Valley, 4,1 to a ; and Wheal Seton, 104.1 to 112).
In the market fur foreign and colonial mining
shares the chief feature is a fall of Ns. in Don
Pedro, viz. to 1.1 to 1% prem. St. John del Rey
are quoted 55 to 5; ; Anglo-Brazilian, par toj
preen.
; Roan Grande, gto ; Pestarena, Ito
prem. ; Cliontalez, ls prem. ; Frontino
Ilolivia gto i ; Port Phillip, Ito ; and United
Mexican, 11 to 2.
The directors the Slt. John del Rey Alining
Company (Limited), have received per Oneida
the following report, dated Morro Velho, June
:—Produce second division of June, 10 days,
13,868 oitavas ; yield, 7.745 oitavas per ton.
Creditors of the West Trelawney Mining Com-
pany (Limited) are required to send the particulars
of their claims to Mr. Charles Warwick, in Bucklers-
bury, the liquidator, by the 31st inst., the Ist
November haviii been appointed for adjudicating
upon them.