The Express.
London, England, 1857-11-17 00:00:00

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MONEY MARKET.-THIS DAY.

Two o'CLoot.
The funds to-day are rather fiat, but the further
reduction in prices amounts to scarcely 1 'per
cent. The other departments of the Stock Exchange
are rather weaker. Sovereigns are returning to
London from Scotland, bat uneasiness is still excited
by the continued flow of coin to Ireland.
A painful impression has been produced
by news of the stoppage of the Wolverhamp-
ton and Staffordshire Banking Company. This is a
bank of issue. Its authorised note issue is 35,3781.,
and its actual circulation appears to have averaged
of late about 32,0001.
Consols for the 7th December have been dealt
in from 891 to 891, and are now quoted 891 to t.
For money the present quotation is 891
to 1. The Three per Cents. Reduced are
marked 881, 88, and 881; the New Three per
Cents., 88 to 881; Bank Stock, 2111 to 214; Ex-
chequer Bills, 18s. to 13s. dis.,l Exchequer Bonds,
1869, 971; and India Bonds, 30s. die.
Turkish Six per Cents. have declined to 871 to f.
Spanish Bonds are also weaker, and other foreign
descriptions dull. Sales are recorded as follows :
Brazilian Five per Cents., 1829 and 1839, at 961 ;
Mexioan Bonds, at 18 to 181 ; Peruvian Four-
and-a-Half per Cents., at 741 ; Spanish Old
Three per Cents, for account (30th Nov.), at 401 ;
ditto New Deferred Three per Cents., for account,
at 241 and 241; Turkish Six per Cents., at 88;
ditto for account, at 871; ditto Guaranteed Four
per Cents., at 961 to 97.
TEN MINUTES rABT Two.
Consols are flatter, at 891 to 1 for the account.
Discussions are beginning to be heard as to
the prospect of a rise in the rate of discount
beyond 10 per cent., in the event of the demand
continuing active, and causing the metallic stock of
the Bank to be trenched upon to any further impor-
tant extent. It is pointed out that the Government
Letter merely expresses the opinion of ministers
that " the Bank's terms of discount should not be
reduced below their present rate," so long as the
extra issue of notes continues afloat, and that the
maximum rate is left to the discretion of the Bank.
As impartial recorders we are bound to report these
views, but must express a hope that the directors
will not, unless upon very strong grounds, adopt a
step so calculated to revive the feeling of uncertainty
in the money market as a further rise in the rate of
discount. Meanwhile the knowledge that, owing to
the suspension of the Act, there is a perfectly unli-
mited supply of money forthcoming on " approved
securities " ought to suffice to calm the public mind.
It would appear that the demand for money wit-
nessed yesterday is ins great measure due to the desire
of Irish and country bankers to place themselves in
a strong position. It is alleged that further quan-
tities of sovereigns are being despatched to Ireland,
but merely u a measure of precaution. On the
other hand, we know of instances in which country
banker' are sending sovereigns back to London.
Amongst the ;satisfactory features of the day are
a further considerable fall in corn, the continued
improvement in monetary and commercial affairs in
America, the important check to the silver drain, and
the knowledge that a million in Australian gold is
now approaching our oust, in addition to 200,0001.
actually to hand.
We understand that a portion of the stock sold by
the Bank of England for immediate delivery is re-
bought by them for the account. Practically, there-
fore, upon a portion of the stock sold the Bank
merely borrow money untiltheDecember settlement
As a result of these operations, the rate in the Stock
Exchange for loans on government securities up to
the 7th December was yesterday 9 per cent., but for
short periods the terms were considerably lower.
At Hamburg the rate of discount has further re-
ceded from 91 to 01 per cent
The Bank of Leipzic has raised its rate of discount
to 8 per cent.
The continental advice. report a further decline
in Austrian stock, owing to the gloom which con-
tinues to prevail in financial circles in Vienna, where
the rate of exchange on London has risen to 10.28.
About 16,0001. in gold arrived from St. Peters-
burg yesterday.

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The operations of the dealers in silver, which
during a long period were characterised by so much
activity, are brought almost to a standstill by the
state of the moneymarket. Some large parcela,which
had been sold for transmission to the East by the
Colombo on the 20th inst., have been entirely with-
drawn. It is at present computed that the total
remittances by that vessel will not exceed 400,0001.,
inclusive of a quarter of a million in silver des-
patched by the East India Company.
The steamer Alhambra, which will leave South-
ampton to-daz for the Peninsula, is known to
have 10,0001. in bar gold on board. A farther sum
may be shipped.
The shipments of specie by the steamer La Plata,
for the West Indies, amount to 18,0001., principally
silver. •
A failure was announced in the Stock Exchange
yesterday, in connexion with the settlement in shares,
lint the amount was so small as to be unworthy of
notice.
Mesers. Bardgett and Picard have stopped pay-
ment. The liabilities are estimated at about
120,0001. They have been engaged in the corn and
flour trade, and large sums are due from America.
Messrs. Turquand, Youngs, and Co., of Old Jewry-
chambers, have been requested to prepare the state-
ment of accounts.

The suspension of Mean. Wm. Taylor and Sons,
a manufacturing finn, of Redbrook Works, Barnsley,
is also announced.
The Europa arrived yesterday at Liverpool, with
advice* from New York extending (by telegraph to
Halifax) to the bth Met. The exchange on London
was quoted as good m 107 to 108 for bankers'
bills; the money market at the latest date
is reported " decidedly easier ;" and the stock
market was better. It appears that about
300,0001. in gold had reached Havannah on route
to New York from California, in addition, an-

fi4

cording to one account, to 100,0001. in Californian
OXFORD, WORCESTER, AND Wot.vnaamdrrog gold on British account. It is mentioned that the
Ractwar.—The receipts of this company, Winding the Canada had just arrived out. This Teasel sailed from
Mousbridgs Eateries Cone], for the fortnight soiling No- Liverpool on the 24th ult. with 241,0001. in gold on
car aramaited to 8,4171. 12e. Bd., sad
yeB
lava hue °GU' 9e. Bd'' whilg the. ter . freight, and with news that the Bank of England
tlas raspeediag peciod et a
also hichdim that of ehe &cartridge bad on the 19th raised its:tams:sum rate of discount
3,9911.4.. 7d.;beirie at the rate of 4218 per from seven to eight per cent.
coat, WbOR those for the earaniPeadbig Period of 1866 We subjoin our usual statement of the latest quo-
summated to 2.77111. 3a.
M 1.. C. a& the Me of 44.82 par mat.
The nun of 78,1811. . 3d., befog reeeines for the drat eight en
tations of exchange London in the Eastern ports.
fortghts of the half-yea; odds,' co the 9024 ea gd. m At Calcutta the rate is rather more favourable, and
shore. makes a teed receipt of 87,2161. 13s, I Id., as sgatant at Bombay rather worse. The improvement in the
76,7371. lle. id. far the mirespendiag fight fortaights of the Chinese exchanges continues:
previous year • and the ems ef 34,0121. 16.., biew expenses Present mail. Previous mail.
for' the first isetnights of the half-year, Wad to the
3,8911. se, 41,• es atom mum a toolape- Al. 2s. 20. to 2e, 3d. .... 2a. NA
dams of 37,9111. Os. old., being at the rate of "'''""'""Z •• • • 2.. ltd•
43.46 per cat a. againar 38,7034 d. ire At Hong ong . 4s. ltd. to Hid. .... 4s. lad. toss,
the comagoadiag eight &remake. of th. mom yaw. oz At Shanghai .. 6s. 7d. to Bd. .... 6s. I .to 7s.
at thereto:Q(6o.4i per set—(Note—Ths weds et entapillag The corn market yesterday was very heavy, owing
wcgunt• drone from that, it operation„l4ll yen Foe to the state of the money market, to the failure above
,n_tParPoosa eerrorPiantai fortnight of noticed, and to the idea that shipments of grain and
mos is dealt with eceording to the p'o'et rotten.) flour will now be made to this country from France.
The Winter Amines for 1857 have been fixed by
the Secretary of Stets to be held st the following places . English wheat sold slowly at a reduction of 3s. to
1 1, for Lormachire, Mr. Jae. wigwam.. york, 45., and in some cases da. per quarter from the pre-
64:717kshirs, Mr. hullos Williams. Chester, Stafford, vious Monday's rates. All the country markets are
Derby, Mr. Justine Crompton. Het, Hants, Bnearred, reported ls. to 2s. per quarter lower. In France, on
Dl',Mr.JusticeWillem. Warwf* Wmmter, Olmeas- the other hand, a rise of Is. to 3a. has taken place,
tar, Olismaresa. Mr. Berea Martin. Northampton, Not• •
eiagbare. L wrdreberhimi, Iffi-Barts owing to the removal of the prohibition to the ex-
gueeell. The Jape mai d lbs tin,, for ogemag portation of grain. The number of floating cargoes
Commladoit ths several tow's appointed. It wiU range of grain arrived at ports of call since last Friday
between the Tam acid ohs Christmas holidays. is 10.
The mails for Bombay, Madras, and Calcutta, In explanation of the renewed flatness of London
which Wen
dig"itald inM
the °eherti Peg-efike an North Western Railway stock, a rumour is cu,'
night to to east nth Nerstilies are be conveyed from the --
Weer lbw to Malta ths Baropesa and Australian Com. ciliated in the Stock Exchange that a serious com-
esay's dome* Vanguard, frees Malta to Altaandria in the petition is about to be entered into between this
Royal Mall Sys @evader? These, and from ewer to company and the Great Northern.
Bawkey fa the Nwlw. sad Oriental Company's steamer
Harm The wane ...view 6, reach Bombay about a,. The half-yearly meeting of proprietors of the Rank
Id& of ant made. of Australasia is called for the 14th of December.

The half-yearly meeting of the African Steamship
Company is called for the lot of December.
A general meeting of the Nassau, Rhine, and
Latin Railway Company is called for the 16th of
December, at Wiesbaden. It appear that proposals
are to be made for increasing the company's capital.
A second call of 21., making 61. paid, is to be paid
on the shares of the New Brunswick and Canada
Railway and Land Company by the 7th of Dec.
The half-yearly interest is advertised on the Sar-
dinian Five per Cent. Loan of 1851.
The Portuguese financial agent publishes a further
statement of the progress of the conversion of the
debt. The total amount converted up to the present
date is 9,487,1951.
Subjoined is an extract of a letter dated Lisbon,
the 2nd November:
The continuance of the fever at Lisboa, and the fact of its
rosiest virulence having been smeatheted In the bantam
pert of the city, have calmed a total paralysis of trade—a
awal consequence of which Is a great scarcity of money.
A great number of bills have been protested the majority, or
nearly all of them, not on account of the insolvency of the
drawers, but in consequent* of their having left their
conning-houses, and being determined to remain in the
country during the prevalence of the epidemic. Altogether,
It is thought that If say buthaptoiss matt from the present
anomalous state of affairs they will be few sad unimportant.
Intelligence has been received of the arrival at the
Cape of Good Hope of the screw steamer Robert
Lowe, with 400 troops on board. This vessel sailed
from Kingstown on the 29th of Jul , for Ceylon.
The ship Hotspur, from Portmmwth for Calcutta,
with troops, had also arrived at the Cape.

MONDAY EVIOMff.

The funds opened firmly this morning, but soon
became weaker, owing to large sales for account of
various banking establishments. Amongst others,

the Bank of England sold, for delivery a day or two
hence, an amount of Consols which is computed by
some of the best informed persons at not less than
half a million. Considering the magnitude of these
realisations, the market may be said to have evinced
great comparative firmness, which is chiefly owing
to the investments of the public; yet In the after-
noon the tone was flat, and the closing quotations
were to per cent. below those of Saturday. It
appears that, owir.g to the extent to which the drain
upon the Bank's resources was permitted to proceed
before the authorities could be induced to sus-
pend the Bank Charter Act, that sot is now
really infringed. On Thursday, when the govern-
ment letter was issued, the Bank reserve is said to
have fallen to half a million, owing to the enormous
extent of the applications which were induced by
the prevailing distrust. On Friday, it appears, the
Act was first infringed, the amount of notes boned
in excess of the legal limit being, however, unim-
portant. On Saturday and this day the demand at
the Bank, though much lees than that previously
witnessed, was still very active, and, as the repay-
ment at the establishment to-day are believed to
have been inconsiderable, there is every probability
that the excess in the issue of notes is now more con-
siderable. To keep the fresh issue within moderate
limits, the Bank adopt the natural step of realising
a portion of their government securities.
Consols, which closed on Saturday at 90 to 1 for
the 7th December, opened this morning at 90 to 1,
and, after standing at 901 to 1, receded to 891, which
was the quotation at 4 o'clock. The price for money
was at the same hour 891 to 1. At half past 4 the
quotation for the account was 891, " buyers," but at
a still later hour stock was offered at that
fignie. The official business report is as follows:
—Three per Cent Consols, for money, 891, 1,
f, f, ; ditto, for aooount (7th Dec.), 90, 901,
891, 891, 891; Three per Cents. Reduced, 881, 1,1;
New Three per Cents., 881,1, 1. Bank Stock, 211;
India Stack, 214. Three-and-a-Half per Cent Ex-
chequer Bonds, falling payable in 1868, 98, 981 ;
ditto, 1869, 97, 97g.
The New Two-and-a-Half per Cents. were also
officially marked 741.
Exchequer Bills have experienced a decided im-
provement, owing chiefly to rumours that govern-
ment entertain the idea of funding a portion of the
amount now afloat. The closing quotation on Satur-
day was 235. to 16a. dia., and to-day 18e. to 13s. die.
India Bonds were dealt in at 40s. to 30s. die.
Turkish Six per Cents. were fairly supported
to-day, and were quoted at four o'clock 871 to 88
for the 30th inst. The Guaranteed Four per Cents.
closed at 961 to 971. In other foreign securities
no striking alteration occurred.
The shares of some of the London joint-stock
banks are still offered and fiat Those of the English,
Scottish, and Australian Chartered Bank were
firmer. National Discount were also inquired for.
Canada Land have declined, whilst Peninsular and
Oriental Steam advanced 11.

MINER-THIS DAY.

Two o'CLocK.

The market for home mining stocks remains
extremely dull, with few inquiries and little busi-
ness. Alfred Consols and Wheal Edward shares
may be particularised u lower. The former are
marked in the Stock Exchange Pit, and the
bitter et.
Cobre Copper shares are still offered, and havebeen
dealt in at 381. Other foreign, as well as colonial
descriptions, are inanimate.
Annexed is the official list of prices in the
Mining Exchange yesterday :
Alfred Consols, 181 ; East Emig, 92, 924; Lady Botha,
18s., 18s. 6d., 17e, 6d., 18e., 18s. 6d.; fiostridgs Canals.
2 1-16. 9-16; West Orserville, 7s. Bd., 6s. Bd., 64. 9s. ed.,
71. ; Wheal Edward, 7, 71, 64, 4.
News was received from Cornwall on Saturday
of a further fall in the standard for copper ore. This
circumstance has brought forward sellers of some
copper mine shares. Amongst others, Cobre Copper
were offered, and have receded to 38 to 40.

Official contradiction has been given to a report
that Wheal Kitty Mine has taken away ore to a
large extent from Wheal Margaret.

The second ordinary !central meeting of the Bart
India Coal Company (limited) is called for the 7th
of December.

MONDAY EVENINO.

This has been a doll day in the home mining
stock market, the tendency of which is downwards.
In many cues prioes are merely nominal. East
Basset shares were firmer,whilst Great South Tolgus
exhibit a decline.

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