The Express.
London, England, 1857-10-23 00:00:00

4 iits

MONEY MARKET.-THIB DAY.

Two o'Ctoow.

The funds to-day have been rather flatter. The
late advance has led to some sales, and
money is in more demand in the Stock
Exchange this morning. At one period
of the day a decline of /to per cent was shown,
but present quotations are scarcely per cent, below
the 4 o'clock prices of yesterday.
Consols were first marked 89 for the 10th of
November, receded 88; to /, and are now quoted
88/, " buyers." For money, the present price is 88&
tot. The Three per Cents. Reduced have been dealt in
at 88, 87/, es k and 87i ; the New Three per Cents. at
881, 88, and 881; Exchequer Bi hs, at 18s. to 10s.
I di..., sod Exchequer Bonds, 1889, at 971 to t. Bank
Stock has fallen to 207 to 210. .

Turkish Six per Cents, are fairly supported, at
871 to 1. Other foreign stocks are very quiet. The
sales are limited to Dutch Four per Cents., at 971.
French Three per Cent. Rentes, at 67f. (exch.
251. 26c.) ; Mexican Bonds for account at 191, and
191; Peruvian Four-and-a-Half per Cent. for ac-
count, at 77 ; and Turkish Guaranteed Four per
Cent., at 97g.
At the Bank yesterday the demand for money
was very moderate. In the discount market
there was also an entire absence of pressure,
but only first-class short paper is negotiated
at the Bank minimum, and the supply of money,
though adequate, was not large yesterday. The
disposition to contract business as much as pos-
sible, which is induced by the high value of money,
will result eventually in a diminished demand, but
it would appear that for the partial alleviation of the
pressure in the money market we are in no small
degree indebted to the investments of the public in
government and other securities. The recent heavy
fall, as we have almost daily had occasion to point
out, has prompted a large bond fuls absorption
of stock, and the process haa been assisted
by the re-investments of trustees and other
parties who have just received the divi-
dends. As money has thus flowed into the Stock
Exchange, bankers and capitalists have watched
their opportunity, and borrowed largely in that esta-
blishment, depositing as security • portion of the
reserves of stock which they usually hold, and em-
ploying the money in the discount of bills and in
other ways. By this means, the supply of money
in the open market has been latterly increased, and
the Bank of England has obtained some respite, after
the recent heavy demands upon it. The process now
witnessed is remarkable in many respects, especially
as indicating that the immense hoards of money
existing in this country are ever ready to come forth
upon an eligible opportunity, and to minister to the
relief of a stringent money market. Yesterday farther
loans to some amount were taken from the Stock
Exchange, on deposit of government stock, yet
money continues in full supply in that establishment,
and commands only about 5 per cent.
Some considerable amounts of sovereigns are
understood to be in course of withdrawal from the
Bank for remittance to Ireland. Some amount was
&betaken from the Bank yesterday for transmission to
New York per the steamer Canada, which will leave
Liverpool to-morrow, and will probably take a
considerable sum. We know of one parcel of 16,0001.
being withdrawn for this 'purpose yesterday. No
bar gold was taken from the Bank for exportation
to the Continent, but there is a good demand for that
quarter in payment for silver, of which, as we have
before stated, a large amount has already been sold
for the Eastern packet of the 4th of November.
On Wednesday about 80,0001. in silver reached the
Thames from Boulogne and Ostend, per the
steamers Rhine and Holland. There is at pre-
sent no gold on sale in the open market,
and as these supplies of silver must of course be paid
for, the necessity may shortly arise of taking gold
from the Bank, unless a supply comes in from Aus-
tralia. The only important amount of Australian
gold actually known to be approaching oar coast is
208,0001., on board the ship Avon. The fact that
the vessels last in from Australia made unusually
quick passages does not encourage the expectation
of any considerable immediate arrivals of the precious
metal, and whilst the prospect of immediate supplies
is thus poor, the Bank of France is understood to be
losing gold at a rate which may impose upon it the
necessity of increasing its foreign purchases.
_ . . _ _ _

At Amsterdam it is stated that the Dutch Budget
, just submitted indicates a very satisfactory financial
position, and 'that an estimated surplus will pro-
bably be applied to the reduction of the National
Debt.

_
At Vienna the exchange on London is creeping
up, and has now reached 10.14. This is a symptom
of financial uneasiness.

At Hamburg the rate of discount on Wednesday
was somewhat easier at 9 per cent.
The 16,000 Australian sovereigns brought from
Sydney by the California hare been sent to the
Continent.

The steamer Ripon has brought 28,8501, in specie
from Alexandria.

The market for nearly every description of colo-
nial produce was yesterday very dull, and in most
cases, including sugar, tea, rice, and saltpetre, the
tendency of prices is still downwards. This is a
natural consequence of the high rate of interest.
Coffee sustained a further fall of 2s. per cwt. yesterday.
Heavy losses will probably be sustained by specula-
tive holders of produce, but against this considera-
tion must be set the advantage that will accrue to
the community at large.
Letters from Hall refer to an impression that the
dividend on the estate of Mears. Harrison, Watson,
and Co., the bankers, is more likely to bo 7s. 4.1 the
pound than 103., as previously stated.
_ .

The directors of the &fade Railway Company
have just made a call of 61. per 201. share, payable
on the 27th November. Upon the amount paid,
whether on account of this call, or in anticipation of
future calls, 6 per cent. interest accrues from the
date of its being deposited in the East India Com-
pany's treasury. Inasmuch, however, as a large
proportion of the company's stock has already been
paid upon in anticipation, it is estimated that the
total amount payable under the present call of 51.
will be under 50,0001.

A call of 21. lbs. sterling has been made upon all
the shares of the Buffalo and Lake Huron Railway
Company, payable on the 20th of November.
The ordinary general meeting of the Western Gas
Company is called for the sth November, when a
dividend is to be declared.

—..____
The directors of the Ely Valley Railway incite
tenders for the construction of the railway.
The Great Northern Railway Company invite ten-
ders for the supply of a quantity of railway
materials.

I[ is suggested that the falling•of of 2,646Lshown
in the weekly traffic return just, published by the
Great Northern Railway Company, is caused by the
Fast day. It will be remembered that the returns
of this company arc always a week older in date
than those of nearly all the other railway companies
—an arrangement, by-the-by, for which we hare
serer heard a satisfactory reason assigned.

The Fast India Company will receive tenders on
the 28th inst., for the following services, viz., for
the hire of a clipper sailing-ship of not less than
1,000 tonsregister,to convey from the Thames toed-
cone about 450 troops, who are to embark on the
4th of November ; for the conveyance from England
to Calcutta of 200 recruits of the company's service,
who are to embark between the 10th and 18th
November; and for the freight of 250 tons of tele-
graph wire, and 300 tone of dead weight from Eng-
land to Madras, and of a small quantity of stores
from England to Bombay.
I The Emigration

bare engaged the

ship Coldstream to convey pa gingers from Ply-
mouth to Melbourne at 161. Be. 6d. per head, and
the Joshua, from Southampton to Sydney, at
161. 19m. 6d.
The undermentioned vessels are to be surveyed,
previous to being taken up by the East India (.oin-
wwy for the transport service, viz. :—The steamer
Indomitable, to convey troops to Madras; Koh-i-
-near, stores to Madras; John Temperley, coals to
Bombay ; Maria Some', stores to Calcutta; and the
Perekop, to convey telegraphic cable to Bombay.
With reference to the market for American
securities, Messrs. I). Bell, Son, and Co. report as
follows :

During the peat week there hen been much setivity in the
market for American securities. There has been a very
general inquiry for State stocks, but as the amount for eels
is not large, and ea prices have not yielded to thaw of New
York, Dome considerable orders to purchase are suspended
with the expectation of fresh supplies from thence. Them
him been less hominess doing in railroad bonds, with a great
Increase in the demand for the shares of the leading com-
panies.
Relative to the Silk Sales, Messrs. Durant and
Co. remark, under date last evening:
The pablic sales commenced yesterday, and are concluded.
The quantity offered was 1,200 bales Bengal silk, and 7,500
bales Chian silk, including 270 bales Canton, and 200 belie
Chinese thrown silk. At our sale of yesterday literally no-
thing was done. The whole being allowed to par without
single bidding—all the Bengal, and about 1,000 bales China,
being withdrawn. Some little was done afterwards by prt-
vale contract, but nothing of consequence. The sale of to-
day shared aimed the same fate. The Bengal silk was
withdrawn, and the China silk, with some small exceptions,
was all bought in. Bayne, however, showed some disposi-
tion to take anything that was offered decidedly under market
rates.

nit/WAY EVENING.

The tendency of the funds is still upwards. Se-
veral slight fluctuations took place to-day, but the
quotations current at 4 o'clock were to 1 per cent.
above those of yesterday. The market still derives
chief support from the investments of the public,
although these are not upon so important a scale as
a few days ego. Considering the check which is
involved in the supply of stock lent in the market
by bankers and others, the funds exhibit surprising
strength. Throughout the Stock Exchange, how-
ever, business seems to be relapsing into quietude.
This is partly occasioned by the anxiety for further
advice, from America.

Consols, which were quoted at 4 o'clock yesterday
881 to $ for the 10th November, opened this morning
at the same quotation, and gradually imßrove4
standing at 4 o clock at exactly 89. The price for
money was at the same hour mi. At a quarter-put
4, the market was a shade flatter, at 89, " sellers,"
for the account. The official business report is u
follows:—Three r Cent. Consols, for money, 88
88$, 881, 881, 88$; ditto, for account (10th Nov.),
88/, 881, 881, 88 881; Three per Cent. Reduced,
87$, 88, 871, 871, 88; New Three per Cents., 87/,
88; Long Annuities, expiring in Jan., 1880,
116-18, 2; Thirty Years Annuities, April, 1886,
171; Bank Stock, 212 ; ditto, for account, 213 ;
India Stock, 210$; Three-and-a-Half per Cent. Ex-
chequer Bonds, falling payable in 1869, 975, 974.

Exchequer Bills showed renewed heat iness, and
fell Is. to 2a., closing at 14s. to 10s. discount. Lat-
terly the market has been supported by .the pur-
chases of the government broker, but these have
ceased for some days past. India Bonds are also
decidedly heavy, at 355. to 28s. discount. Exchequer
Bills have fallen, being marked 97} and 97k.
_ _

Foreign stocks were firm. Turkish Six per Cents.
show a further improvement of per cent., closing
at 871 to 88. The accounts of the speculative holders
of this stock, which were previously heavy, have
been materially reduced daring the last fortnight,
and the market is consequently steadier in
character. Turkish Guaranteed Four per Cents.
were quoted 97} to 98. Spanish Bonds were in
request.