The Express.
London, England, 1850-12-19 00:00:00

MONEY MARKET.

WZDNZODAT ETIMTNO.
The more the question of the rise in silver quota-
tions is considered and discussed, so much the nearer
to unatimity are the opinions of all competent parties
Is efluibeellsissay at reason oa the part of those
who suggest Catiforataa gold sr plies as this promi-
nent agent. Indeed, this suggestion seems to be now
abandoned even by its promoters, nor has a better
fate even attended their proposition fer the abandon-
ment of a gold standard. Even abroad, where new
suggestion on subject, which are unfamiliar are readily
taken up, the plague of a superabundant supply of gold
seems to create CO terror. France, Spain, and Bel-
gium are content to keep their gold coinage, and not
to incur permanent difficulties in the attempt to over-
come a temporal), inconvenience. The greatest effects
which can occult only require a nominal alteration in
the calculation of the par of exchange, such as is
always being made in one form or another. The sim-
ple par at present is seldom taken alone as the stan-
dard for drawing a comparison, but the price of gold
or of silver, or the depreciation of paper, is likewise
considered, and a like process will attecd the calcula-
tion of the future exchanges, which, as in all other
cues, will adjust themselves to the condition of com-
mercial transactions, on which they depend, and
which they can never permanently govern. Te
Journal des Debats contains some very apt remarks
on the attempt to innoculate France with the obryso-
phobia, or gold fever. It says :
For 20 years commercial circoinstances base kept gold
away from Franca ; at present everything tends to bring it
in, and plus a convenient kind of money within the sirup
cf eeee y . no. The countries of the north went silver, which
we supply them with in return f..r gold at par. What evil
is there that the Sink of Frazee should see iblVita into its
coffers a species of money so easy toe wry, and !I conve-
nient t For that, all that is nectuary is to give pieces of
five francs, which, perbaps will be sent buck to us at,er-
wards, end which will always bo ezctaent for trade. inas-
much as it is the witty of Europe, and of tho whole world,
which, by its intrinsic value, is nearest to its nominal value.
Deprivud as we have hitherto ban of gold, we have less than
any une to fear its abundance.
Messrs. John Railton and Sons continue their cal-
culation of the effect of a supposed railway invest-
ment, and it presents s4me very curious results.
. .

A, the close of the last week, ending with the 10th loot.
inclusive, the state of the ungnaranteed capital connected
with twenty-three of the moot pnpulsr lines cad ortit.racing
a capital of 95,937,7171., stood as tolliws:—There usa a gain
of 291. 61. en eighteen swi a lou of 21 2s. 61.7,0 n fire
lines,—being •galn of 31. 13s. lld, per cent. on the previous
week'. Unmet aons, and an addition of 2071. 17s. to the sum
of 7331.165. 3d.--•he total talus of cue sh.re each in the 23
lines above referred to on the 26th of April, or
281. €4.13 d. per cent, between that time and the 10th of
December instant. It would be very assisting to ti's
in estimating from, time to time between the kalf.yearly
general statement of accounts toe prospects of the net'
dividend, if each and every railway company vr, re to rive
the working expenses weekly, along with the traffic r:ctipte
The expenses of a railway naturely inerease or diminish
according to the number of muse run.
The concluding suggestion is one which well de.
serves attention. There is no reel difficulty in it, as
it only involves the division of the later correspond-
ing half veers' working expenses by 26, and the ave-
rage so obtained can be printed on the traffic return
form, no that it will entail no additional labour on the
clerks in the audit offices.
The subjoined calculations show the rate per cent.
per annum yielded by the various securities cited at
the average of the prices which ruled this day.
Where the asterisk (5) la placed it is to be under-
stood that the share rate of dividend is lees the in-
come tax. It will be seen that in every case we tako
the rate of dividend last declared as the basis of our
calculation :

Throe per That.Ckenols (shut)
Three per Cent. Reduced ',crane price 94 yhddpe OS/43 1 8
Three.entt-e-Quarter per Cents. 99 st 3 6 7
Rank Stock (dlr. 7 per oent per ann.) 618 se 8 6 84
India Stock (dlr. 104 ref sent. per an.) (shut)
Ilashequer Bth, (int led. pie day) 62s. pas. . 1 4 11
Eastern Counties Shares alkali-yearly
dlr. U. pet .h. of 604 equal to 1 per
cent. pee ans.)
Onat Western. £lOO sh. (die. et the
rate of 4 per oent per ann.) .
Lancashire and Ycskshin £lOO
StorAe, idle. Mike rat, of 2 pee met.
per ann.)
Lank. llt loads Wears* Stock (die
at the rate of 3 pee cant. per ann ) 78 • 3 16 11
Loathe end North Wears! Stock (Re
at the calmed 5 pee cent per ann ) 127 . 318 11
Ilidland• Stock (dlr. at the rate of
If. 12a. per ..t. par ann.) 4B so 3 6 8
'oath Pastern* Stock (die. at tbe tate
of 3 per cent. per ann.) ....... l3 • 3 16 3

THIS DAY.
Two o'CLoax.

The stock markets are characterised by more firm-
nese to-day, notwithetardiag the unfavourable sate
of the weather, which Undo to restrict operations.
Consols opened at an improvement of 4, being first
called 981 to 1; they have since marked 97, and are
now quoted steady at 961 to 97 ex div. for the 18.1
January.
The Reduced Three per Cents. mark 971 and 1 ;
the New Three-and-a-Quarter per Cents., 981 and 99};
Long Annuities, 1880, 71 and 13-16. Bank Stock
eonttnnes firm, and has been transacted at 2134 and
214.
In the unfunded securities very little has been done.
Exchequer Bills, 1,0001., mark 67a prem. India
Bonds, small, 84s. and 87s. prem.
The foreign securities have attracted rather more
attention today, but the change in prices is onim-
wtant. Mexican Bonds have rallied from 361 to
38; but Peruvian are flatter, the Active Bonds
having receded from 821 to 811. The official report
of business is as follows : —Chilian Six per Cents.,
104. Belgian Four-and-a-Half per Ceuta, 891.
Two-and-a-Half per Cents., Dutch, 684,1, 69. Gre-
nada One-and-a-Half per Cents., 184, 1, 1. Mexican
Bonds, 351 ; ditto for the 31st inst., 361, 4, 38. Peru-
vian Four-and-a-Half per Cents., 1849, for acoount,
821, 811; ditto Deferred, 361; Portuguese Four
per Cents., 361, 341; ditto, for account, 35 ;
Russian F.ve per Cents., 1094 to 4 ; ditto Four-and-
a-Half per Cents., 971 to 1. Spanish Active Five
per Cents., 19; ditto for account, 181; the Three per
C,ents., 404.
MILS= TUNDL—Tatte
Root Stat. nai 131 pee 04065. Am., 9114 I
3 oar Ct. Bad. smog.. 971 IPR Cts.
3 pos et.o6o.Atuts., shut rachopour make& to Cfs.
IrOSZION FUND&
6 per 06. Austrian Boole,— 1 pet Ct. Omni SU. 173 191
41P14 01. Das. Bona, M 99 Gram* Dotorrtd Pio. .4
1,49 6 pis
truOitlkool ra Bda.. 87 9 apt_ll. i'4"04.4L4.61611.1
6 rialami..l49o4 46411.441 4 rnritoo. ilo 1619
'ealrlirigßiloti4 IC. A
.m. it V .11. II 3
car CIL Dot* 0u64.991 99 i VMI Hoot% 11
TALLOW MARHET.—THIS DAY.
The market Is mash the sane se yeetwellay, Rriois too-
tinatoo depressed, at the =Waisted vistalessTal-
low, 361. at.; Pstaisbarg T.C. Ike WI, 360. 9d. to M.:
ell the year, 16s. 841. ; Jas., Yob., and
Nu*, 860. 6J. to
9tl-; last three mouths 011861, 894. to 384.66.

Boer= WAL2II Itanway.—Traille for t). w..k oudiss
Dec.l6, 1850 : Parisames, &MAU Bd. • pangs, 271.1101 d ;
Pods, 1111. do. 9d. ; dzikatve of 6811.19.. 9d.