MONEY MARKET.

STOCK EXCHANGE, FRIDAY AFTERNOON..

The rumours noticed in part of our last impression as to the decline of the revenue during the quarter just ended, were proved to be without foundation, when the publication of the usual return on Tuesday morning indicated a Bur- ping both on the quarter and the year. When these facts became known, the prices of the English Funds, which had improved during Monday, advanced still further; and on Tuesday the price of Consols had risen nearly per cent front the lowest quotation of the previous Saturday. The upward movement was not, however, sestained; for in the course of that clay (Tuesday) it became known Wit the Bank Directors had refused all sort of discount, and several sales of Steak were made- under the pressure of which the market gave way. The down- ward movement llas since continued- being accelerated by the increase of gie pite

of discount yesterday to 5 per cent,—an inevitable consequence of the previous proceedings of the Directors. The price of Consols has fallen 2 per cent since Monday, viz. from 881 to 861. A trifling reaction has occurred during the day; and, after being at 864, the closing price is 861 1. The second instalment upon the New Scrip became due today: the amount to be paid was unimportant, being ander 1,000,0001.; it did not therefore increase the demand for money. The sectuity itself is very heavy, being quoted as low as 24 discount. The books of the Stocks recently shat for the dividends are open again for private transfer; and the prices of all of them are proportionally lower. The most remarkable de- cline has been in Bank Stock; which, allowing for the dividend, has fallen be- tween 6 and 7 per cent; the price for money having been as low as 195.

The rationale of the recent proceedings of the Bank Directors is to be found in the advances made to the Government, to the extent of nearly 3,500,0001.; as appears from the amount of Deficiency Bills to be provided for, in the Revenue- amounts. Recent arrivals from the United States have brought intelligence of continued activity in the shipment of food to this country; which will occasion a large demand for bullion for exportation. Policies for the insurance of such shipments, extending to the middle of June, have been opened at Lloyd's toa very large amount.

The usual notice from the Commissioners of the Sinking-fund has been pub- lished, stating the sum available for the reduction of the Debt during the current quarter at 711,576/. 19s. 9d.; whereof 700,000/. is to be applied to the liquidation of Deficiency Bills, and the balance to the purchase of Stock. We believe the latter purpose has been accomplished; the Government-broker having purchased for the Sinking-fund both yesterday and today.

More business than usual has occurred in the Foreign Funds. Dutch Two- and-a-Half per Cents have fallen about 4 per cent; but the market is firm at the low quotations, being supported by purchases on Dutch account, and the favour- able aspect of the markets in Holland. Spanish Stock of both varieties has risen between 1 and 2 per cent in consequence of the change of Ministry, and is firm notwithstanding the heaviness of the English Funds. The belief that our Go- vernment will interfere to put an end to the civil war in Portugal has given an impulse to the Portuguese Stock; the few transactions in which indicate an ad- vance of rather more than 1 per cent.

Railway Shares of all descriptions are lower: those of the most important lines may now be bought to pay 6 per cent, and in some instances nearly 7 per cent, upon the investment.

The French Shares are rather firmer, in consequence of an improved market in Paris. Nothing has transpired with respect to the intentions of the French Government as to the Paris and Lyons line; the shares of which had improved about les., Lai :1;7".: *gein receded.

SATURDAY, Two o'CLoca.

The English Fonds have experienced a sudden rally; Consols for Account having run up from 851 to 864, and after sonic fluctuation closing at 851 4 for Money, and 854 86 for May. This firmness has arisen from the closing of the large speculative account of an extensive operator for the fall, who has pur- chased about 300,000i. Stock. Bank Stock has fallen to 194. The premium of Exchequer Bills remains the same. The business in the Foreign Funds has been unimportant. Dutch Bonds have fallen a little: the Two-and-a-half per Cents have been at 574, and the Four per Cents at 904 Spanish Stock is rather lower- the Five per Cents having been done at 241 and the Three per Cents at 351. Ai: improvement has in some cases occured in the Railway Shares; but these Securities have given way again with the downward reaction of the English Funds. The following are the principal bargains: Aberdeen, 27; Caledonian, 24; Ditto, Half- shares, .14 4; Eastern Counties 18 174 181 174 184; Ditto, York Extension, 41 34 4; Great Southern and Western, (Ireland,) 24; Great Western, 114; Ditto Quarter-shares, 164; Ditto, Fifths, 261; Lancaster and Carlisle, 62; London and North-western, 173 41 31; London and Brighton, 504 50; London and South- western, 624 14 3; Midland, 1121; Ditto, New, 384; South-eastern and Dover, 844 45 44; DIM, New, No. 1, 204; Ditto, New, No. 2, 124; Ditto, New, No. 8, 15; Ditto, New, No. 4, 134 ti; Boulogne and Ainiens, 161; Great Northern of France. Constituted, 12; Orleans and Bordeaux, 54 6; Paris and Lyons, Consti- tuted, 44.

3 per cent Consols

851 4 Danish 3 per Cents 861 7 Ditto for Account 851 4 Dutch 21 per Cents 57f 84 3 per Cent Reduced 844 4 Ditto 4 per Cents-

901 li

34 per Cents 86 Mexican 5 per Cents 1846... 21 4 Long Annuities

al 9

New Grenada 19 20 Bank Stock 194 Portuguese New 5p. Cts. 1841 34 5

Exchequer Bills

3 die. par. Peruvian 38 40 India Stock — lilISSUM 5 per Cents 109 111 Brazilian 5 per Cents 82 4 Spanish (Active) 5 per Cents 244 5 Belgian 41 per Cents 94 6 Ditto 3 per Cents 1842 351 6 Buenos Ayres 6 per Cent.— 39 41 Venezuela 39 41

Chilain 6 per cents 902

SATURDAY, TWELVE O'CLOCK.

Consols, which after the close of business yesterday had fallen to 851, were this morning done at 854. The Market has since given way again, and the price is 8514 for Money, and 85 44 for the May Account. The Scrip of the New Loan is 34 discount. Exchequer Bills 3 discount to par. It will be found that the English Funds are now 1 per cent below the price at the ordinary period for the cessation of business yesterday, and nearly 3 per cent below the highest price of the week. This decline is entirely owing to the unsatisfactory state of the Bank Accounts pub- lished this morning. The bullion has been diminished by about 700,0001., and the circulation has nearly reached the maximum to which it can be carried under the new bill; it is therefore anticipated that the Directors must take more stringent measures than any yet adopted, and that the extreme of monetary pressure has not yet been reached. The Foreign Funds are without material Change, if we except a trifling demand for Portuguese Stock, occasioned by the briskness of the market for this security in Holland. The Railway Shares are all considerably lower; the following being the only bargains as yet occurring: Belfast and County Down, 13; Birmingham and Oxford Junction 104; Caledonian, Half-shares, 14; Eastern Counties, 18 174; Great North of England, 231 ; Newcastle and Ber- wick (New), 7 i; North British, Quarter-shares, 81; North Staffordshire, 7; South-eastern and Dover, New, No. 4, 34; York and Neweastle,331; Ditto, New, 134; Ditto, Preference, 7 64.