The Express.
London, England, 1858-05-22 00:00:00

THE EXPRESS, SATURDAY EVENING, MAY 22, 1858•

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MONEY MAREE7-THIS DAY.

Two o'CLooL

The result of the proceedings in the House ebf
Commons last night has led to a rise of Ito 1 per
cent. in the funds. Very little Nuances has been
done, but the tendency is evidently favourable.
The improvement, how ever, does not extend to the
other departments of the Stook Exchange.
Consols for the 3rd June were first marked 971,
then 981, and are now quoted 98 1-18th to 1•
For money the present quotation is 98 t.) 1. The
Three per Cents. Reduced have been dealt in at 981 to
; the New Three per Cents., at 98+ to 1; the New
Two-and-a-Half per Cents., at 81 ; Bank Stock at
221 to 222 ; the New Indian Loan Scrip, at 1001
(the nominal quotation being 1001 to 1) ; and India
Bonds at 211. prem.

The Jane Exchequer Bills have again fallen, being
marked Ms. to 30s. prem. The March Bills are
steady, at 41s. to 445. pram.
. .

Turkish Six per Cents. are slightly better, at 97
to 3. Venezuelan Bonds are also in demand
at an improvement. Most other foreign stocks
are firm, with a fair amount of business. Sales
are recorded u follows :—Brazilian Old Five
per ; Cents., 102 to 101! ; ditto, Five per Cents., 1829
and 1839, 102 ; Buenos Ayres Deferred Bonds, 19 ;
Equador New Consoli dated Bonds, 141 ; Dutch Two-
and-a-Half per Cents., 883 (exchange 12 ft.) ; French
Four-and-a-Half per Cent, Rentes, 92 fr. 26c,
(exch. 95 fr.) ; New Grenada Two-and-a-Quarter per
Cent. Active Bonds, 203 to 20f; Peruvian Four-
and-a-Half per Cents., for account, 871; ditto
Three per Cents. for account,43B3; Portuguese Three
per Centa., 1863, for amount, 48; Russian Four-
and-a-Half par Cents., 1011; Sardinian Five per
Cents., for acct., 923 to #; Spanish Three per Cents.
for acct., 443 ; ditto New Deferred Three per Cents.,
for account, 273, 273 ; Turkish Six per Cents., 973;
ditto Guaranteed Four per Cents., for account
(May 31), 1043 ; Venezuela Four-and-Three-Quarter
per Cents., for account, 38, 383, 38 ; ditto, Deferred
Two per Cents., 163, 16!.
_ _ _

There was yesterday a fair demand for money, and
the applications at the Bank, though still very mo-
derate, were rather more numerous than of late. In
the open market, however, first class bills are still
discounted at 21 per cent. In the Stook Exchange
the rate for loans on Government Securities was
rather higher, a better demand being experienced.
The amount of gold sent into the Bank yesterday
was about 61,0001., mak in g a total of 90,0001. since the
date of the Bank return (given below). The 160,9001.
in Australian gold, by the Red Jacket, wu delivered
yesterday, and about 70,0001. was bought for trans-
mission to the Continent. The 23,000 sovereigns, it is
stated, have been sent into the Branch of the Bank
of England at Liverpool.
The official announcement that the rate of intents
offered for the renewal of the Exchequer Bills fall-
ing due in June is only lad. per cent, per day, or
21. 6s. 7d. per cent, per annum, has caused some
disappointment amongst the holders, an impression
having been entertained that these bills would be
renewed upon the same terms as the March issue,
viz., 2d. per day, or 31. Os. 10d. per cent. per annum.
The consequence has been an increased inquiry for the
March bills. So long as a large premium is main-
tained, there will of course be no fear of
the Treasury arrangements being thrown out of
joint by the refusal of holders of the June bills to
renew them. It is the province of the Chancellor
of the Exchequer, too, to secure in all oases the best
possible bargain for the State. But it is also an
essential point to maintain the popularity of the un-
funded debt ; and, should the price descend to a
discount at any period between the present date and
June, 1839, it will be only prudent for government
to at once raise the rate of discount. In view of the
important saving now effected, they would be the
better able to afford a concession of this kind. For
the credit of the State, Exchequer Bills ought not to
be suffered to stand at a discount during any pro-
longed period ; and the soreness with which
many bankers even now look back to the illiberality
of some of Mr. Diaraeli's predecessor, in office, in
their dealings with this branch of the national
finances, suggests the advisability of carefully avoid.
ing a similar error. In connexion with yesterday's
announcement we may point out that anything which
tends to unsettle, or render less eligible, banking in-
vestments in Exchequer Bills, is favourable to the
funds.

The Chili= dollars brought by the Parana have
been sold at 4s. Hid. per ounce, showing a rise
of Id.
On 'Chan geyesterday afternoon bills on Holland and
Hamburg were quoted rather higher, and on Frank-
fort and Vienna a trifle lower. As regards Paris,
the rates were fully as high as on Tuesday, the ex-
change being strengthened by the large remittances
of gold from this aide. The current quotations are
shown below :

Arestardain, three months, 11.174 to 4 ; do., short,
11.144 to 164 ; Rotterdam, three months, 11.174 so
natter'', thine months, 26.30 to 24 ; Hamburg, mrim
beam, three wanks, 18.64 to 7 ; Pens, three days
36.6 to 10; ditto, three months, 26.30 so 24;
cm-the-Maine, three months, 1184 to 4 ; Petersburg, par
ruble, three months, 344 to 364; Vienna, elf. no., three months,
10.28 to 31 ; Trieste, do., three months, 10.29 to 33 ;
Madder months, 484 to 49 ; Cadiz, three months, 491
le 4 ; horn, three months, 29.624 to 74 ; Genoa, three
teendis, .46 to 60 ; Naples, three month', 411 to ;
Mao, three months, 1.26 to 4 ; llasta, three months,
1254 to 4; Lisbon, 90 days, 614 to 1; Oporto, 90 days,
611 According
1.
to advice' from Constantinople, the
Turkish government has obtained from the bankers
of Constantinople a loan of sixty millions of piastres.
The sum sounds large, bat is etrivalent to less than
400,0001. sterling. The operation is said, too, to
include the renewal of a former loan of twenty-five
millions of piastres now falling due, which this im-
provident government finds it inconvenient to pay
loff. The sum now obtained will probably suffice
Ifor no more than a stop-gap. The latest letters
from Constantinople report the exchange on London
as high as 168 piastres per £.
The Great Southern of India Railway Company
have just issued a circular notifying that " a
guarantee of a minimum dividend of 6 per cent. ]W
been onceded by the Hon. Court of Directors at the
East India Company to this railway on a capital se
one million sterling, being the amount subscribed
for." The announcement is chiefly of interest es

marking another addition to the list of railway un-
dertakings definitively sanctioned by the govern-
ment of India. It is said that no call will be made
upon the Southern of India Railway shares for some
time to come. Judging from the prices of other
guaranteed Indian undertakings, several of which,
though possessing a 5 per cent. guarantee, are barely
maintained at par, it would seem to be time to check
these new issues. If due regard be paid to the capa-
bilities of the market, even the millions of new stook
which it is contemplated to raise may be gradually
absorbed; whereas if an unduly large diversion of
money into this description of enterprise be at-
tempted, the enormous capital already embarked in
Indian railways must be subjeeted to needless de-
preciation, and the money market may even, at some
future period, be seriously disturbed. The remit-
tance to India of a large portion of the capital of the
railway companies of course readers the exchanges
less favourable, and encourages the efflux of silver.
The value of an article is regulated by the quantity
in the market. Indian Five per Cent. Railway
Guarantees are plentiful, and therefore cheap.
The Equatorian Commission of Agency request •
meeting of the holders of the land warrants tor the
27th inst., when the report of Mr. Pritchett will be
submitted.
The subjoined communication has been addressed
to the secretary of Lloyd's by the Russian Consul-
General:
82, Great Winchaaar-street, Landon, May 18, 1888.

Sirv-1 have it in command to Inform rut that the sea-
tory mulattoes established for vessels oakegtag the staff
ports of du Baltic, widen of which woes kgsgmflied to pot
by this Coagulate. Ottani an the dad sad 10th Ks, of
last per, will remain Ia faro dadag eke navigation of the
pigment year.-1 have the honour, &c.,
(3idava) Ct. Bantam