The Express.
London, England, 1857-11-13 00:00:00

became excessive. Amidst the general excite-
ment, however, reflecting persons saw clearly
that the crisis had at length come, and
that the provisions of the act of 1844 most be brokers
through. It was soon announced that a deputation
from the Bank were about to have an interview with
ministers ; and from that moment, despite several ,
agitating rumours that assistance bid been refused
by government, the public feeling became calmer.
About half-past three o'clock, amidst extraordinary
excitement, the Bank broker announced in the
Stock Exchange that government had authorised
the Bank of England to hone notes to any amount
that may be required, " on approved securities," at a
rate of discount of not less than ten per cent. per
annum. The intelligence spread like wildfire through
the City, and was received in every circle with a
feeling of relief proportionate to the anxiety pre-
vioualy entertained. The effect of the intelligence
in the discount market was very satisfactory. In
every quarter a more confident feeling was engen-
dered, the bar to the circulation of capital being re-
moved. Yesterday afternoon the principal discount
establishments afforded accommodation freely to their

regular customers, although of course charging an
advance upon the Bank rate. At the Bank itself the
general demand yesterday was to an extent never
before witnessed, and the directors acted with most
commendable liberality. Now that the feeling of
alarm, excited by a consideration of the rapidly
diminishing resources of the Bank, is allayed, there
is strong ground to hope that the recent tuipreoe-
dentedly severe demand will subside. It is certain
from the drain lately witnessed that the next return
will show the Bank to be in a much worse position
than even in the memorable October of 1847 ; bet,
as matters now stand, this need excite no uneasi-
ness. The state of the banking reserve is immaterial,
now that we know that this no longer forms the
limit of the Bank's resourees. As regards the bul-
lion, it must be remembered that the 1,100,0001. in
coin which was withdrawn within two days was
taken almost solely by the Scotch and other banks,
and that the return of this amount at a future date
may be relied upon almost with certainty. In the
immediate aspect of the foreign bullion drain there
is nothing to excite anxiety. Two handfed thousand
pounds' worth of Australian gold reached our coast
yesterday, and upwards of half a million ex the
steamer Emeu is expected to arrive a week hence,
being now on the way across the Isthmus of Suez.
Some further but moderate amounts of sovereigns
were taken from the Bank yesterday for transmission
to Scotland, as a measure of precaution.
The accounts received from Scotland yesterday were
of a more reassuring character. A very tranquil-
lising effect has been produced at Glasgow by the
arrival of such enormous amounts of specie, and
there is reason to believe that the run for gold will
soon =bride. It is even alleged that there is a pro-
ispect of the City of Glasgow Bank being enabled to
ire-open its doors.

The Bank of Holland has raised the rate of dis-
count to seven per cent.
The 12,0001. in Russian gold received on Thursday
was yesterday sent into the Bank, there being no de-
mand on continental account. Altogether the Bank
bought about 16,000!. in gold.
The arrivals of silver from the Continent continue
on a surprisingly large scale. The steamer Rhine,
which arrived in the Thames on Thursday, brought a
total of fully 116,0001. in silver, from Boulogne.
The telegraphic intelligence received from Bombay
is understood to report a slight unfavourable move-
' meat in the exchange on London.
It is expected that the Bombay and Australian
mails will reach London on Saturday.
I The weekly traffic return of the LancashiTe and
Yorkshire Railway Company presents a decrease of
1,6981., compared with that for the corresponding
week of last year. This is caused by the check
which has been given to trade in the manufacturing
districts.

In the produce markets yesterday business was ai-
riest suspended, and prices were merely nominal,
owing to the state of the money market. Linseed oil
Impressed for sale at • further fall. In tallow
considerable transactions took place as low as 475. to
471.6 d., but at a let, hour there was a rebound of
about 21. net. ton.

The co,ontal wool sales commenced last evening.
There was a very large attendance of buyers, but
prices show an average decline of 2d. to 20. per
MT:compared with those current at the last sales.
parcels were withdrawn.
The Emigration Commissioners have engaged the
ship Empress Eugenie for the conveyance of paesen-
gen from Liverpool for Melbourne, at the rate of
141. 19s. sd. per head.

THURSDAY Evixtse.

The stock markets to-day were greatly agitated,
yet throughout the day great support was afforded
to the funds by the operations of speculators, in an-
ticipation of the relaxation of the Bank Act. Recent
operators for the fall evinced especial anxiety to buy
back. It thus happened that, whilst the Bank of
England broker was pressing sales of stock for
money at 881 to 881, purchases were at the
same time freely made for the mount
at prices t and I per cent above these
quotations. The extraordinarily disorganised state
of the market may be understood from the fact
that twelve per cent was freely offered by the lead-
ing dealers for loans on Consols renewable from day
to day, and that at one period Exchequer Bills were
of at forty shillings discount, without finding
buyers. The sales of stock effected to-day by the'