The Express.
London, England, 1857-10-09 00:00:00

In 11$
NI 1414

10 1110
111 Ili
116
N

Y N 1

.WATIL
I di
r r"

4
.1 idi
WI It/
it 1:111
el

$1 4p.
N ii

Y 7 ft
•
U
K 11.
• le
13 1
$4 $7
If Has

IT

i'l le
. (ht
41 A

NONBY M4l ICis7:-I'.el.S DAY.

Two oTtoce.

Fears of a further rise in the value of money arc
still weighing upon the stock markets, which have
also been prejudiced by the unfavourable nature of
the return of the Bank of France. Consols ex-
hibit a fresh fall ofd per cent., compared with
the prices current at four o'clock yesterday.
Consols have been dealt in between 89/ and 891,
and are now quoted 89/ to for money, and
the 14th inst. Exchequer Bills are marked 8.. to
ba. die. ; and Exchequer Bonds, 1839, 992 ; and
India Bonds, 201. die.

Turkish Six per Cents. are very heavy and have
fallen to 931 to 1. Other foreign stocks
are dull, with little inquiry. The sales include
Chili= Six per Cents. at 102 ; Dutch Four per
Cent. Certificate', at 98 ex. div.; Mexican for
account, at 201; Peruvian Four-and-a-Half per
Cents., for account, at 77; Russian Four-and-a-Half
per Cent. at 98 ; Sardinian Five per Cents., for
account, at 191 ; Spanish Deferred Three per
Cents., at 261 and 261 ; ditto for account, at 231;
the Committee's Certificates, at 8 per Cent. ; and
Venezuela Active Bonds for account, at 27.

The rise in the Bank rate of discount was
generally anticipated, and the next return of the
Bank will doubtless show that, in face of the extra-
ordinarily severe drain to which the institution was
subjected last week, the directors had no alternative.
Indeed, the fact that the announcement was publicly
made by 12 o'clock in the morning proves that the
propriety of the measure was acquiesced in almost
without debate in the Bank parlour. In consequence
of the decidedly adverse tendency of the money market
throughout the Continent and in the United States,
a rise here was inevitable. In addition to the move-
ments already recorded in our columns, the Bank of
Amsterdam on Wednesday raised its rate of discount
from 5 per cent. (to which it was advanced on the
16th ult.) to 51 per cent. At liamburg on Wednesday
the current rate was as high as 71 per cent. Some-
what singularly, the Paris market is the slowest to
respond to the upward movement, but is now be-
coming influenced. A few weeks ago bills could be
discounted in Paris at 4f to 5 per cent., but no buai-
nem is now done under the minimum rate of the
Bank of France—viz., 6t per cent. It is broadly
stated that the French government have recently
urged upon the Bank Council the adoption of mea-
sures of relaxation, and to their interference is
ascribed the reduction of the margin for loans on
stocks and shares. Its very probable that the
speculators will not long enjoy these more extended
facilities.

The question of immediate interest is, will the rise
in the value of money in the London market make
further progress P Upon this point no one can speak
positively i but in many well informed quarters we
find an impression pining ground that still higher
rates will prevail this autumn. In every quarter yes-
terday, including the Bank itaelf, there was a very
heavy demand for accommodation at the advanced
rates. In Lombard•street yesterday afternoon only

the beet bills could be discounted at 6 per cent. It ie.
satisfactory to remark that no more gold was yester-
day withdrawn from the Bank for exportation; but
this may be partly owing to the arrival of a
large supply of the precious metal rid Egypt.
In many quarters fears are expressed that
remittances of gold to the United States may take
place, and we have reason to know that some of the
provincial bankers, perhaps out of excessive caution,
have already withdrawn some amounts of sovereigns
from the Bank. The resources of that establishment
have been so reduced in the course of the last ten
days that any exceptionally heavy demands upon
them would probably be met by a further rise in
the rate of discount. From one or two facts
which have transpired it is inferred that the
Bank will refuse to renew loans on government
securities after the re-opening of the transfer-books.
From the points at which we have thus briefly
glanced it will be seen that there is need of great
caution on the part of the commercial community.
Notwithstanding the extent of the crash on the other
side of the Atlantic, it is hoped that confidence will be
maintained in the general stability of oar mercantile
position ; and, seaming this, there is nothing necea
sarily suggestive of alarm in high rates of discount,
as the experience of the last two or three years
abundantly demonstrates.
Following the movement at the Bank, the Lom-
bard•street discount houses have raised the rate
allowed for deposits per cent. The rates aro fixed
until further notice at 31 per cent. " at call," and 6i
per cent. at seven days notice. A similar step has
been adopted by the discount companies. The joint-
stock banks have also increased the allowance on
deposits from 4i to 5 per cent.

Of the 385,382.1. in gold ex the steamer Indus,
about 80,000/. is known to consist of English so-
vereigns, which have been sent into the Bank. The
whole of the gold-dust will be sent to the Continent.
The steamer Tyne, for the Brazils, will take out
17,8301. in specie, of which 8,0001. is gold, and the
rest silver.

The precise amount of specie taken out by the
steamer Granada to the Peninsula is 37,0001., nearly
all in gold.
The steamer Seine has brought about 30,0001. in
silver from Boulogne.
At Paris on Wednesday there was a further un-
favourable movement in the exchange on London, the
rate having fallen to 23.15 to 171 for short, and
24.771 to 80 for three months' bills. At Hamburg
also a decline has taken place.
The produce markets yesterdaywere generally dull,
owing to the unfavourable appearance of monetary
affairs. Saltpetre has fallen fully ss. per cwt. At
the public sales of coffee nearly the whole had to be
bought in or withdrawn. Tallow, however, was
dearer.

The Queen of May has arrived from Foo-chow-
foo with 303,4001b5. of tea on freight.
A feature of the share market yesterday was a fall
of 21 per cent. in Great Northern Railway stock. This
company's securities have of late been exceptionally
supported by theinvcstmcnts effected by the com-
pany to redeem the stock fraudulently created by
Redpath. Some sales were induced yesterday, but
as they were apparently insufficient to account for
so heavy a fall, it is inferred that the decrease of
2,800/. shown in the traffic return just published
had some influence.

The Emigration Commireioners have engaged the
ship Bea Park for the conveyance of passengers for
Melbourne. at 161.161. per head, and the Sir Thomas
Gresham, for Adelaide, at 161. 7.. 6d. Both these
vessels sail from Picmouth.

The report of Mr. E. F. Satterthwaite is sub-
joined :
The market for Amerierin aecurities in London has during
the past week been eery active, the dilmeition being eemeg
rot only to cuter into financially sound undertakings, such so
New York Central and Pennsylvania Central. but also to
take mire doubtful securities at the reduced prirvm, Detroit
and Milwaukee laude are in demand, but few nffininft. The
inquiry for Illinois bonds sad shares ream. daily to increnee,
and many parties who recently were sense have appeared as
buyer,.
The silk market continues dull and depressed.
The following is from the monthly circular of
Mesas. Durant and Co.:

Another month is gone, end still en busineaa in a ilk. enc.
*amen reattieting their purchases within the minim limits
of their daily wants., end this only when of the most prep-
ping character, all striving to do the Mwst pewit'''. With
this feeling, confirmed es it hes been by ninnemua failum
end osemionsl forced sale" on foreign account, although in
the very smallest parcel., it ie not surprising that prievii have
fallen conelderubly. Thew failures nave not been of any
great importance indivOunlty, nor even in the aver. epee, but
they have had a moat deprwaing rfkct. It to ty now. how-
ever. be hoped we have men the last, and that the trade will
Factually resume its natural coune, relieved by the cessation

of the pressure canned by tLc etraggle of throe men to fight
off their stoppage. In China silk transact:ens have btu
confined almost excluively to Taysaam of common to medians
cass, with now and then a very mull parcel of Tulles;
and so week has been the market, that any prier, however
made by any forced sate but been immediatel♦ looked
upon so the price of ell silk of ion claw Chinese thrown silk
barn been eape,ially deprraed. Bengal milk has participated
to tile full extent in the general quiet, bet et present no
ferecel sale. have been made. In Italian silk nothing hn-
p..rtera are eager sellers, tut their views aa to prioe, although
o•utenally muddled, are atilt such u to preclude all chance of
taciness. In Braila and Pervitut silk nothing.

TITUILSTAT EVZNING.

The effect of the Bank movement on
was a fall of to I per cent., but after official hours
• further decline of was establi.hed. All other
descriptions of securities participated in the down-
ward movement, including English, Ftench, and
Canadian railway slums, and tho markets cleated
heavily.
The advice. from nearly all the other Continental
stock markets announce a fell in the prices cf public
securities. Austrian and Russian stocks are chiefly
affected.

Consols, which closed on Tuesday at 90 for next
Wednesday's settlement, opened this morning at 89
to 90, improved to 891 to 90, and closed heavily at 4
o'clock at 891, " buyers," both for money and
Wednesday. The price for the 10th Nov. was at
the same time 90 to I. After the regular blurs the
market showed increased dulness, and the price re-
ceded to 891 to 1 for the approaching settlement,
and 894 to 90 for November. The " conti-
nuation" ruled at f per cent. The official
business report is as follows :—Three per Cent.
Consols, for motley, 90, 891, 891; ditto, for account
(14th October), 891, 891; the Three•and-a-Hal per
Cent. Exchequer Monde, falling payable in 1838,
981 ; ditto, 18.59, 981,
Exchequer Bills remain quoted Bs. to 4s. dia.
India Bonds were dealt in at 235. to 193. dos.
Turkish Six per Ceuta. sustained a fall of 11, per
cent. to-day, closing at 94 to 1. The Guaranteed
Four per Cents. were last quoted 98f to 99, showing
a reduction of per cent. since Tuesday afternoon.
Spanish securities retain considerable steadiness, but
many descriptions of foreign stocks were somewhat
flatter to-day, in sympathy with the general heavi-
ness of the btock Exchange. Peruvian Four-and-a-
Half per Cents., which were more offered, closed at
78 to ,9.