The Express.
London, England, 1857-11-07 00:00:00

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Nor. 1.1857.

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FRIDAY Zywrms.

The funds to-day experienced some very severe
fluctuations. At an early period of the morning,
prices exhibited a reduction of about I per cent., and
although the increased investments of the public in-
duced a partial rally, the market was held in check
during the greater part of the day by a supply of
stock on banking account. The Bank of England
are understood to have been compelled by the paucity
of their resources to sell, as well as to raise loans
upon, government stock. Owing to the supply of
stock from various serum, the rates charged
for carrying over the accounts of speculative
holders of Consols to the Bth of Decem-
ber have advanced to 81 to 91 per cent
per annum. In the afternoon, however, owing
to an unfounded rumour that the Directors of
the Bank of England had applied to government
for power to extend their issues of notes beyond the
legal limit, the funds evinced considerable buoyancy,
the closing quotations of yesterday being even reco-
vered. Sales being again pressed on this rise, the
market finally left off 1 per cent. worse than yester-
day. These latter operations were based upon the
knowledge that the forthcoming return will show
the Bank to be in the most straitened position that
has been known since 1847. Despite the state of the
money market, however, the belief that a con-
tinuance of the pressure will induce a relaxation of
the Bank Act tends powerfully to avert panic, and
to support the fund,.
Carman for money and next Tuesday, which
closed yesterday at 881 to 1, were quoted before 11
o'clock this morning 87f, varied for a short time
between 88 to 4 and 871 to 88, and then reached 884
to I. After a fresh fall to 87/ to 88, a rebound to
881 to 1 took place, and at 4 o'clock the quotation
was 881 to 1. For the Bth of December the
price opened at 884 to 1, and closed at 88/
to 89. The " continuation" has risen to 9-16
to 1 per cent., or equal to 8/ to 94 per
cent. per annum. The official business report is as
follows:—Three per Cent. Consols, for money, 87/,
88/, 88, 881; ditto, for account (10th Neireirect
87/, 88/, 884, 88, 881. Three per Cents.
87, 861, 871, 864, 871, 871. New Three per Cents.,
871, 4, a, 4, A, t• Long Annuities, expiring in Jan.,
1860, 1 15-16. Three-and-a-Half per Cent. Exchequer
Bonds, falling payable in 1858, 981; ditto, 1859,
974, 97.
Exchequer Bills have sustained an important fall,
owing to some large sales, attributed to banking
account. The closing quotation was nominally 25e.
to 15e. discount, showing a fall of ss. to 10s. since
yesterday. The market was unsteady and irregular.
India Bonds were also more offered, and were sold
at 40s. discount. Some parcels of Exchequer Bonds
were likewise thrown upon the market, at depre-
ciated rates.
Turkish Six per Cents were flatter to-day, but
the reduction finally established did not exceed
per cent., the closing quotation being 861 to 87.
The Guaranteed Four per Cents. fell 1 to 1 per
cent., closing at 961 to 4. Mexican, Spanish, and
some other descriptions were more offered, and this
department of the Stock Exchange was generally
rather flat.
American railway securities to-day were dull.
Those of the Illinois Central and New York Central
companies were more offered, and weaker.
Bank shares to-day were flat, and in a number of
cases prices were quoted lower. Crystal Palace
Preference and Peel River shares were also flat.
London General Omnibus closed at 3 to 31 per 41.
share. London Dock stock was marked 99.
Canadian Government Six per Cents declined
per cent. to-day.