MONEY MARKET.

STOCK EXCHANGE, FRIDAY AFTERNOON.

A decline of about 1 per cent has occurred in the prices of the English Funds, without any large sales or business of importance. The downward movement commenced on Monday, and in the course of that and the following day the price of Consols for Account, which had been 865, fell to 855. A better lone was ob- servable in the market when the return of the Quarter's Revenue was made pub- lic; and up to yesterday afternoon the price had improved 5 per cent, the closing quotations then being 854 5. When the intelligence from Vienna became known this morning, the decline recommenced; the market has continued heavy, and after some fluctuation the last price of Consols both for Money and Account is 854, the lowest of the day. The books of the various Stocks the dividends upon which became due on the 10th instant, opened for private transfer on Wednesday, and the dividends are in course of payment today. Money is consequently abun- dant; the rate of discouut and of loans for short periods upon the best security ranging from 2 to 25 per cent. The Foreign Market hag been in a quiet state—the only Stock of which the price has been supported is Mexican, which are today 19 to 195. There has been a disposition to sell the Northern European Bonds, which have been current at from 5 to I per cent below previous prices. The news from Vienna today increased for a moment the downward tendency; but prices were a little firmer towards the close of business. Both Spanish and Portuguese Bonds are heavy, in the almost total absence of any transactions of importance. An ocean of figures has deluged the columns of the Times upon the prospective condition of three of the principal railways—the North-western, Great Western, and South-western. The end of all this calculation appears to be, that if when all the branch lines either in construction or contemplation by the *event companies are completed, the tolls do not increase proportionally to the extension of the several lines, the present rate of dividend now paid upon each of these description of Shares cannot possibly ne continued. This we should have thought a self-evident proposition. The effect of these elaborate statements upon the Share-market has been disastrous: and we notice them more with a view to the effect thus produced by them than on account of the importance of the statements themselves; which though correct are only of value as stating the probable liabilities of each company, and do not in any case represent their actual liabilities and positive income. Such of our readers as may be at the trouble to refer to the Spectator in September 1845, will find there a statement of the pro- bable extent of capital required for the construction of the Railways then in pro- gress. That capital was roughly stated at 200,000,0001.; end it was shown, that to produce a return of rather more than 5 per cent upon that guar, it would be necesssary that the people of the United Kingdom should expend annually about 16,000,0001. in Railway-travelling: an amount which it was considered impossible could ever be so expended, and hence it was inferred that a productive return could never be found for much of capital which at that time was about to be expended upon railway adventure. This statement, which has been painfully realized, was at the time entirely disregarded, and plentifully sneered at by many of the jour- nals then thriving upon railway advertisements: now, however, EO changed is the public feeling upon the subject, that every dainnatory statement is welcomed and eagerly adopted, while not a whisper of Lope or expectation is heard. A statement to the same purport as that in the Times appeared in Herepath's Journal of last week; from which, after a large array of figures, the deduction was made, that, taking the whole capital expended in railways, and com- paring it with the tolls actually received, the nett return of income upon the capital so employed would not exceed 2 per cent. This statement caused a large decline in prices. It is quite obvious, that the 2 per cent could not be considered as applied to the more important lines; while the sellers of the minor class of shares appeared entirely to have forgotten that, even supposing the above state- ment to be true, most of the inferior varieties of Shares have already fallen to such prices that a dividend of 2 per cent upon the original amount of the share will be equal to one of from 4 to 5 per cent upon the present cost. For example—

Amount paid Present Per centnge which a

value. cliv. of 2 per cent per share

per share.

will pay on present cost.

Caledonian £50 418 5i per cent.

Eastern Counties 20 12 31 ir

5

Brighton 0 26 31 North British 25 15 3 „ It will be inferred from the preceding remarks that the Share Market has not been in a very lively condition. The depression which commenced at the end of last week continued on Monday and Tuesday. A reaction occurred on Wednes- day. The market, however, gave way again yesterday; and though as regards the North-western Company the statement has been contradicted in general terms, and will be so more in detail in a few days, the downaard movement has at best only been checked, and there is scarcely any appearance of reaction in the transactions recorded today.

SATURDAY, TWELVE O'CLOCK.

The English Stock Market is without change or animation. The Foreign Stocks are all heavy, in most cases at quotations at or below those of yesterday. The Railway Share Market is rather firmer, and some of the minor and guaran- teed Shares of the MOTO important lines are in demand at the highest quotations of yesterday. The following are the only bargains as yet recorded; Eastern Counties, 12 114; Great Northern, 35; Great Western, 73; Ditto, Quarter-shares, 144; Ditto, Fifth-shares, 154; North-western, New, Quarter-shares, 45; South- western, 36; Great North of England, Preference, 45 5.

8 per Cent Consols

Ditto for Account

3 per Cent Reduced 31. per Cents Long Annuities

854 854 831 4 841 1

Danish 3 per Cents

Dutch 24 per Cents

Ditto 4 per Cents

Mexican 5 per Cents 1846 New Grenada 65 8 44 5 674 84 181 121 11 12

Bank Stock

2864 81

Portuguese N.4 per Cents 1842

2324 Exchequer Bills 30 36 pm.

Portuguese Old 1824

669 India Stock 237 Russian 5 per Cents 98 100 Brazilian 5 per Cents

71 3

Spanish (Active) 5 per Cents II

Belgian 44 per Cents

68 71 Ditto 3 per Cents 1842 22131 Buenos Ayres 20 22 Venezuela 14 16 ChM= 6 per Cents 82 6