The Express.
London, England, 1857-10-12 00:00:00

MONEY MARKET.—THIS DAY. I The half-yearly meeting of the West Middlesex
Waterworks Company is (idled for the 3rd of
November.

FURTHER RISE 111 THE BANK RATE OF

DISCOUNT.

Two o'CLoti.
At eleven o'clock this morning it ;wen officially
announced that the directors of the Bank of England
have raised the minimum rate of discount from 6
per cent., at which it was fixed on Thursday
last, to 7 per cent. The announcement has produced
great excitement in the Stock Exchange, as many
persons had hoped that the advance would be
limited to # per cent., instead of 1 per cent. The
funds have fallen no lees than 11 per cent.,
and a species of panic prevails, except as regards
English railway shares, which, though lower, retain
much comparative steadiness.
Consols have ranged during the greater part of the
day between 881 to t, and 881 to 1, and have since
fallen to 87} to for money and Wednesday, and 871
to for the 10th Nov. The Three per Cents. Re-
, daoed are marked 871 to ex div. ;
the New Three per Cents., at 871 to 1 ax div. ;
Bank Stock, 2111 to 2131 ex div.; India Stock, 211;
Exchequer Bills, es. die.; and Exchequer Bonds,
_

1859, 981 and 98.
In the market for Turkish Six per Cents., a com-
plete panic prevails. Transactions are reported from
89/ to 871 ex div. ; and the present price,
is only 861 to 86 ex div. The Guaranteed Four per
Cents. have fallen to 97 to 98. Other foreign stocks
are generally lower. Bales are recorded as
follows :—Brazilian Five per Cents., 1829
and 1839, at 991 and 99 ex div. Danish Five per
Cents. at 101 to 1; Dutch Two-and-a-Half per
Cents., at mt ; ditto Four per Cent. Certifs., at 971
ex div. ; Peruvian Four-and-a-Half per Cents.,
for account, at 77 and 76; Portuguese Three
1 per Cents., 1853, for account, at 44 ; Sardinian
Five per Cents. at 901 and 891; and Spanish Old
Three per Cents. at 401, 401 and 40}.
QVAIATER PAST Two.

Console are a little firmer, at 87i for money and
Wednesday.
Apprehensions are still general that a further
advance in the rate of discount will be decided
upon by the Bank Directors next week.
Some parties are even of opinion that the
measure will not be delayed until the usual
weekly court on Thursday. It is certain that
during the whole of last week the demand for money
at the Bank has been extremely great, and on
Saturday the applications there were excessively
heavy. The public are hastening to provide them-
selves with funds from a fear that next week higher
terms will be exacted. It is scarcely necessary to
point out that, by thus excessively swelling the
general demand for accommodation, they may preci-
pitate the very event which they fear. That the
reduced means now at the command of the Bank,
as shown in tho return just published, are not
adequate to meet a prolonged demand of this pressing
character is clear. Moreover, the foreign drain of
gold from the Bank appears to have set in again.
On Saturday 60,0001. in bar gold was withdrawn
from the institution. Its destination, we believe, is
the Continent, whence about 132,000/. in silver is
known to have reached the Thames during the
present week, inclusive of 62,0001. brought by the
steamer Albion, from Boulogne. This is irre-
spective of the quantities of silver which
reach London rid the Kentish ports and the
railway. But, in addition to the remittances
to the Continent, in payment for silver, the appre-
hended shipments of gold to the United States have
commenced. From Liverpool we are informed
that the Europa has sailed with about 63,0001.
in specie ; and, as further orders are understood to be
in hand, it is feared that the steamer Baltic, which
will leave Liverpool next Wednesday morning, will
take a considerable sum. Nor does there seem any
reasonable prospect of any important arrivals of
gold to meet the foreign demand. It is of course
expected that the next telegraphic news from
Australia, via Egypt, will mention the de-
spatch of a large sum to this side, but of the
shipments 'reported in the last advices nearly the
whole has come to band, the only important excep-
tion being 264,0001. on board the Red Jacket, which
has now been 84 days at res. It is certain that if
the drain of gold from the Bank continue next week,
the directors will not hesitate to raise the rate of
discount.
The dividends will be payable to the public on
Wednesday, but owing to the magnitude of the re-
payments which will then be due to the Bank, no
relief is anticipated from this source.
On the Continent there is no sign of a diminution
111 of the pressure for money. At Hamburg the rate of
discount, last reported at 71, has now reached 71
per cent.
From most of the Continental stock markets
lower prices are reported. At Amsterdam, however,
Dutch stocks have, so far, shown much steadiness.
The imports of the precious metals last week
were to only a moderate extent. Our list in-
cludes 385,3621. in Australian gold, by the Indus,
from Alexandria; 11,000/. in gold by the Candace,
from Africa ; and 1,9431. by the Tagus, from the
Peninsula.
The totalvalue of these arrivals is nearly 400.0001.
The imports of silver from the Continent are known
to have reached 132,0001. (as above stated).
The Custom-houseweekly statement of the exports
of the precious metals direct from London includes
39,170 ounces of gold and 5,200 ounces of silver,
representing a total value of about 153,000/. These
supplies were despatched almost exclusively to Boo-
lore. The particulars are as follows, viz.:—cold
coin : to Belgium, 1,060 oz. • to Boulogne, 14,130
cm. • to Hamburg, 30 oz. Gold bars : to Boulogne,
23,930 oz. Silver: to Hambng, 1,200 oz. Silver
coin: to Belgiuso, 400 0z.,. to Boulogne, 2,200 oz. ;
to Hamburg, 800 oz. Silver bars :to Boulogne,
600 OZ.
The shipments from the outports have comprised
17,6501., of which about half was gold, by the Tyne,
for the Brazils ; 37,0001., nearly all geld, by the
Granada, for the Peninsula; and about 63,000/. in
gold by the Europa, for New York.
The ascertained shipments of the week, as officially
reported, are thus raised to 270,0001., but the private
remittances of gold to the Continent have comprised,
in addition, the bulk of the supply ex the India,
together with some considerable amounts drawn from
the Bank.
On the Continent the exchanges on London re-
main depressed, with little sign of recovery, except
at Paris, where the rate is a trifle more favourable.
We understand that the purchases of stock by the
Great Northern Railway Company have terminated.
The weekly traffic returns of the French railway?,
just announced, show an increase on all the leading
lines, as compared with last year with the excep-
tion of two companies—viz., the Mediterranean and
Lyons. In the latter case the falling off is unim-
portant. The chief increase is on the Eastern Rail-
way, owing to the movements in connexion with the
camp at Chalons.
Mesas. Baring, Brothers and Co. give notice
that the scrip maned in London by the Grand
Russian Railroad Company can be exchanged for
definitive shares to bearer from the 13th instant.
Attached to this notification is a reminder to the
shareholders that they may pay their shares up in
fall, if they feel disposed to do so.
Amongst the " partnerships dissolved," men-
tioned in the Gazette of Friday evening, is that of
Messrs. S. E. Baltazzi and L. D. Baltazzi, "cf
London and elsewhere ;" also that of Messrs. Morley,
the warehousemen, in so fax as regards Mr. J. H.
Morley.
The half-yearly guaranteed interest is advertised
on the shares and bonds of the Royal Danish Rail-
way Company.

SATULDLY E.,Mf IN°

The funds opened with increased heaviness this
morning, owing chiefly to the unfavourable nature
of the intelligence brought from New York by the
Persia. At one period Consols presented a fresh fall
of to 1 per cent. ; and, although rather more stea-
diness was shown in the afternoon, the closing
quotations were tto per cent. below those of
yesterday. The market still suffers from the
superabundant supply of stock, large amounts
of which ore known to be held on bor.
rowed money. If the progress of the monetary
pressure oblige bankers to call in loans of this des-
cription, the stock must be thrown upon the market.
The same remark applies of course to these classes
of railway shares which are held in pawn by bankers
and others. _ _

Consols, which closed yesterday at 891 for money
and Wednesday next, were first marked this morn-
ing 891 and 891, fell to 89, " sellers," and closed at
89 to 1. For the 10th November the last price was
89/ to 1. The official business report is as fol-
lows :—Three per Cent. Consols, for money, 89/,
891, 89, 891 ; ditto, for account (14th October),
891, 89},89; Bank Stock, for account, 219, 217 ;
Three-and-a-Half per Cent. Exchequer Bonds, fall-
'in payable in 1859, 981 ; India Bonds, 23e. dis.
Exchequer Bills have not yet been affected by the
unfavourable appearance of the money market. The
quotation remains at 8s to 45. die.
In the foreign stock market the chief depression is
still in Turkish Six per Cents. Speculators who
bought in anticipation of the dividend, which is now
deducted from the price, find difficulty in selling,
unless at a considerable sacrifice. The closing price
of the stock this afternoon was 891 to 901 ex div.,
showing a fresh fall of per cent. since yesterday.
The Guaranteed Four per Cents. fell per cent.,
closing at 981 to t. Mexican Bonds have also given
wa,y. Other foreign securities meet with little in-
quu7 in the present state of the money market.