The Express.
London, England, 1857-08-08 00:00:00

MONEY MARKET.-THIS DAY.

Two o'CLock.
The funds arc rather flatter to-day, at a decline of
per cent., owing, chiefly to the unfavourable Bank
return. The chid feature of the Stock Exchange,

however, is a panic in Great Western Stock.
Consols are quiet, at 90; to fur money, and 901
to fur the Lth of September. The Three per
Cent.. Reduced are marked 90? to 901;
the \eu• Three per Cents. 90? to 91; Bank
Stork, 211•3; Exchequer Bills, is. dis. to par; and
Exchequer Bonds, 981 to 1.
Turkish Six per Cents. are flat, and other foreign
c,rriptions quiet. The sales are limited to
Gl'llllll4 Active Bonds at 22; ditto, Deferred,
at L 3; Turkish Six per Cents., for ac-
taunt, at 931; ditto Guaranteed Four per Cents.,
at 99!, to to 991 cx div.; ditto for account, at 991 to
ex div.; Venezuela Active Bond., at 324; ditto
Deferrtd, at 121.
Yesterday was " pay-day " in the Consol
minket, when the heavy "differences" wising out of
the last monthly account were liquidated. At a

mode rate compu tat ion, between 100,000/. and
200,01101. in cash is estimated to have changed hands
amongst the members of the Stock Exchange yes-
terday, and it is highly creditable to this body
that an little embarrassment has been ex.

ptrienetd. Yesterday one failure was announetd,
but it was of no importance. The antici-
pation of an unfavourable Bank return tended to
restrain the market, but support was derived
from some further investments on the part of the
public. The chick which has been given to the
downward movement of the Continental exchanges
was also regarded with satisfaction. The diplomatic
complication at Constantinople excited some di►cus-
sion, but there was an indisposition to attach serious
importance to it.
In the discount market the demand for money is
steady, but the supply has become more liberal. In
the Stuck Exchange the rate for short loans on

government securities was about 5; per cent.
Of the gold cx the Arago that reached London,
the whole has been token for exportation to the Con-
tinent, in payment fur silver. Of the 342,0001. in
Australian gold cx the Swiftsure, which reached
London yesterday, a portion has been sold for the
Continent. Some amount will probably be sent into
the Bank to-day.
The remittance of specie destined for }farm, and
brought by the Arugo, amounted to 32,2u0 t, being
considerably less than the amount before stated.
The arrival is announced to-day of the Queen
Victoria, from Melbourne; the St. Michael, from
Adelaide; and the Aurora Australis, from Hobart
Town • but neither of these vowels is known to have
any god on freight, and the dates are old.
The bar silver brought by the steamer Parana, from
the West Indies and Mexico, was sold yesterday for
the East at ss. 2d. per ox. standard. This price is it.
higher than that realised for the supply by the pre-
vious packet, but in the interim fully 59.2 d. has been
paid. The dollars by the l'arana remain on sale.
The steamer Rhine, which arrived in the Thames
at the middle of the week from Boulogne, has
brought .52 eases of silver on freight, worth about
50,000 f.
The foreign exchanges yesterday afternoon were
firmer. The rates for bills on Holland, Belgium, and
Paris, were quoted rather more favourably for this
country. Paper on Frankfort was in demand. As
regards Sicily therates were higher. The current
quotations are shown below, viz.:
Amsterdam, throe month., 11.19: to I • ditto abort,
11.1 G to 17; Rotterdam, three months, 11.'191 to ; ; Ant-
werp and Brussels, three months, 26.:2; to 7l ; hamburg,
three months, 13.b1 to 4; Paris, three months, 25.57; to
621 ; ditto, short, 25.20 to 5; Maneillea, three months,
25.60 to 24; Frankfort-on-the-Maine, than months, 1191
to Petersburg, three months, 364 to i; Vienna, three
mouths, 10.29 to 31 ; ?Heel*, them month', 10.30 to 2;
Naples, throe menthe, 424 to l• Genoa, three months, 25.76
wSO Lechorn, three months: 29.90 to 5,• Palermo, three
months, 127 to ; Hessian, three months, 1271 to B 1 ;
Nedrid, three utontha, 4$ to i; Cadiz, three months, 4
to 4; Oporto, three maths, 624 to i; Lisbon, three
mow he, 621 to j. _ _

. -
The corn market yesterday was flat. New English
wheat could have been bought at a slight reduction
from last Ntondny's rates.
The General Wyndham has arrived from Shanghai
with 616,30011 m. of tea and 693 bales of silk on

freight.
The moot important movement that occurred in
the Stock Exchange yesterday was in Greet Western
Railway stock, which sustained a fresh fall of fully
11 per cent., sales being pressed throughout the day.
The depreciation since last Saturday afternoon
amounts to no less than 41 to 5 per cent. Simul-
taneously with this severe fall it has trans-
pired that the forthcoming dividend has been
decided upon by the directors, and that a
distribution at the rate of only 1 per cent.
per annum will be recommended. At the cor-
responding period of 1n36, the dividend de-
clared vas at the rate of 2; per cent. per annum,
and for the same period of 1n35, 2 per cent. per
annum. It is reported that the auditors have even
recommended that on the present occasion no divi-
dend whatever should be paid. It is understood
that the serious diminution of profits mainly arises
from the sacrifices to which the company have been
compelled to submit in raising money, and renewing
loans on mortgage during the last six months.
The report of the directors of the London and
North Western Railway Company (published in the
Erprean yesterday) exercised little effect upon
the price of the stock. The dividend recommended—
vie., at the rate of 5 per cent. per annum—is the
same as that declared for the corresponding period
of last year, but the balance remaining to be carried
forward is only 7,7761.
The following half-yearly railway meetings are
newly announced, viz.: Norfolk Railway Company
for the 25th instant, when it will be proposed to
raise additional capital, by the creation of new
shares; West End of London and Crystal Palace
Railway Company for the 21st inst.
The half-yecrly meeting of the East Indian Iron
Company i. called for the 19th inst.
Upon the announcement that Mr. Charles La Fon-
taine, the comptroller of the Ottoman Bank at
Smyrna, has been removed to Constantinople, 74 of
the leading firms of the former city, comprising men
of nearly ull the races engaged in eastern commerce,
joined in the following complimentary address. The
incident is of interest, an showing how strong a
footing the new institution has acquired in a locality
in which, although full of promise, the practice of
European banking has hitherto been unknown :
Smyrna, July 2, 1857.
Monsieur to President,—A resolution of the court of
dire tors having recalled to Constantinople Mr. Chan. L.
Fontaine, who filled the office of comptroller of the Otto-
man Bank at Smyrna, the undersigned, who have been in a
position to approoste the high qualities by which that gentk-
man iv so eminently dietinguishod, have learned this de-
cision with profound regret ; but, on the other hand, they
take the liberty of it:pestling to you, sir, their satisfaction in
seeing that hels replaced in hm office by Mr. F. LaFontaine,
his brother, idiom amenity sad probity have been for many
years appreciated by the seerchsnts of this city.
This substitution proves to as, Monsieur le President, the
lively interest taken by you la the port of Smyrna, end we
beg to ider you the a:premien of our profound gratitude for
it.—Accept, Ac. (74 Signatures.)
The Emigration Commissioners will receive ten-
ders on the 13th instant for the hire of a ship,
which must be ready to receive passengers, for con-
veyance to Melbourne, between the 23rd and 30th
of September.
The Nile is to be surveyed for the conveyance of
simmistia passengers, and stores from England to
Ihreneutle.
The Admiralty will receive tenders on the 11th
instant for the conveyance of 360 tons of biscuits, in
casks, from Plymouth to Simons Town, Cape of
Good Hope.
The following weekly summary of the produce
markets, dated yesterday evenmg, is from Messrs.
W. J. and H. Thompson :
mot .4 of the Colonial markets,
aid ter some kinds 01111061011 lower prices see current. The
demend for sew condom on a mall see* end the sales ,
=An shoe • &dine of 1a to b. per cwt., asiesptla# for due
=tunore.. Conn has a downward teadimey. The plea-
d Ceylon ekl ellseft on lower terns. The
Debit Tredlei Compaq hen Wiee4 ask evjggai sales