The Express.
London, England, 1861-01-08 00:00:00

RISE IN THE RATE OF DISCOUNT OF

THE BANK OF FRANCE.
Two o'CLoct.

The Bank of France have this day raiae.l their
rate of discount to 7 per cent., being the same as
that fixed yesterday by the Bank of England.
The announcement baa contributed to precipi-
tate the fall in the funds. A fresh reduction of
jj per cent. has taken place. There is, however, no
sign of panic. All other classes of secu-
rities exhibit a reduction to a greater
or leas extent. Lombardo-Venetian and Grand
Trunk of Canada railway stocks have especially
suffered. The decline in 'most of the principal
British railway stocks does not exceed Ito per
cent.

At Paris this morning, acconling to Mr. Reuter's
telegram, the Three per Cent. Rentea were quoted
66fr. 90c., showing a frrsh reduction of fto per
cent. since yesterday.

Consols are officially marked 914, 11, and 4, ex
div., for money, and 91} and g for the account.
The present quotation is 114 to g, ex div.
for the 10th inst. Tie official business report
is as follows : Thrae.,,per Cents. Reduced,
91g, 4, ; New Thu' o—e per Cents., 91g, 4,
I, g ; India Five per Cant. Stock, for account, 101,
1004, ex div. ; ditto Bonds, 7a. dia. ; Exchequer
Bills, 2s. prem., 2a. dia.

_ .
The transactions in the foreign stock market have
been more numerous than of late, but in nearly every
instance at lower prices. The Turkish Loan of 1858
has fallen about per cent, being quoted 55 to },
whilst that of 1854 is comparatively steady at 69/1 to
70. Sales are recorded as follows :—Brazilian
Four-and-a-Half per Cents., 1852, 851 ; ditto Four-
and-a-Half par Ceuta., 1860, 83# ; Buenos Ayres
Six per Cents., for account, 961 ; Mexican
Three per Cents., for account, 21, 20/ ; Peruvian
Four-and-a-Half per Cents., 96 ; Portuguese Three
per Cents., 1856, 1857, and 1859, for account, 44,
}, ex div. ; Russian Three per Cents., 1859,
601, 1 ; Sardinian Five per Cents., for account, 82;
Spanish Three per Cents., 41•1; ditto New Deferred
Three per Cents., for account, 401, # ex div. ; the
Committee's Certifs. ,51 ;Turkish Six per Cents. ,1854,
for account, 691 ; ditto Six per Cents., 1858, for
account, 56, 551; ditto 1001. Bonds, 57; ditto
Guaranteed Four per Cents., 102/.

TEN MINC110; PARE Two.
Consols are now rather firmer, at 911 to 1, ex
div., for the 10th inst.

In most departments of business a feeling
of discouragement and uneasiness is becoming

more plainly observable. Considerable appre-
hension is felt as to the effect which may be
produced, even in the present sound condition of
trade, by the severe measures of restriction upon
which the Bank of England have now fairly
entered. It is seen that there is once more a
struggle for bullion between the three greatest
money markets in the world—those of England,
France, and America ; and in face of the exorbi-
tant rates now current in the latter country, and
of the undoubted necessities of the Bank of France,
it is feared that further strong action will be re-
quired here before the end desired can be achieved.
People look timidly forward, too, to the prospect
of the pressure which usually arises in unsettled
times under the stringent operation of the Bank
Charter Act.

The news from America is supposed to have had
chief influence in the Bank parlour yesterday. The
apprehended secession of South Carolina is now a
fact. Should blood be spilt the strife may reach
a degree of bitterness which may fling all
calculations to the winds. This, however,
is the worst possible view. The immediate finan-
cial feature of the American Rayless is, that the
exchange at New York, which had risen to 106
under the effect of the receipt of the 620,0001. in
specie by the Persia, had relapsed to 104 at the
date of the latest accounts. There seems to be no
prospect of any slackening of the drain from this
side until accounts of a decidedly more favourable
character come forward. The force of these ad-
verse considerations is but little mitigated by the
circumstance that, owing to the slowness with
which the process of re-coining goes on at the
American Mints, the full effect of the English sup-
ply of gold upon the American circulation had
not been felt. The prices of stocks and
shares at New York have advanced, but the
rise may be rather due to the large English orders
to buy than to any real improvement in public
opinion. Moreover, the several steamers which
have just reached this country have brought a con-
siderable supply of American securities for sale
here. Yesterday afternoon, iu consequence, these se-
curities experienced a falL It is of no avail for us to
decline to recognise the fact that, as long as the
value of money at New York remains at 12 per
cent., and the exchange decidedly against us—as
lung, in fact, as America can afford to bid much
higher for capital than we can—it will continue to
flow out in the form moat useful for her to receive
and least convenient for us to part with. The
commercial public, therefore, will do well to receive
with calmness any action which the Bank of Eng-
land may consider requisite as a corrective.
In the discount market yesterday there was an
absence
msofiressure. The rates in the afternoon
were 7to 7 per cent. for good bills. At the Bank
the d was moderate.
In the Stock Exchange the rate for short loans
on English government securities was 5 to 6 per
cent.
At Vienna, on Saturday, there was a recovery of
1 per cent. in the Austrian funds, and the ex-
change on London, which had reached 149, relapsed
to 147.75.
Yesterday was the first day for private transfers of
Consols and the other government securities upon
which the dividends are falling due. The regular
re-opening of the books for Consols will take place
on Friday, the 18th inst., and those for the T
and-a-Half per Cents., Two-and-a-Half per Cents.,
New Five per Cent. nnuities, expiring in Jan.,
1880, India Stock, and the India Five per Cent.
Stock (1859), on Thursday, the 17th.
The rise in the value of money here will of
course give an impulseto the continental exchanges.
The Paris exchange has already responded, coming
quoted yesterday afternoon 25.20 to 22i, or about
3.16 per cent. higher than before our Bank moved.
The Teuton* which sailed from Southampton
yesterday for New York, took 70,000 i. in specie,
making an aggregate of 2,243,000 f. since the 28th
Nov. A further considerable amount will doubt-
less be taken by the steamers this week. These
are the following, viz. :—The Marathon, to sail
Jan. 8 ; City of Washington, Jan. 9 ; North
Briton, Jan. 10 ; and the Niagara, Jan. 12.
The remittances of specie by the Bombay packet
of the 12th inst. are expected to present a consider-
able increase. It is said that 200,0001. of the
silver bullion lately sent into the Bank of England
has been sold for that quarter.
The bar silver by the Mexican packet was sold
yesterday for India at ss. 10. per ounce, showing
a fall of id. compared with the price obtained for
the previous supply.
The Liverpool cotton market yesterday opened
with an extensive demand, which was subse-
quently checked by the news of the rise in the Bank
rate of discount. The sales of the day amounted to
10,000 bales.
The South Eastern Railway traffic return shows
this week an increase of 1141.