MONEY MARKET.
STUCK EZMIANOS, FRIDAY AFTERNOON, El The closing price of Consols is higher this afternoon than it has been all the week ; viz. 90i 7. Money has also become more abundant; and with this um- state of things, all the fears about the contraction-of t' e circulation have -vanished. The King's Speech at the prorogation of Parliament was known in the City before the close of business; but it did not produce any effect upon the Funds.
The business in the Foreign Market has been almost entirely confined to Spanish Securities ; the neliket for which has been, as usual, considerably agitated, the highest price of the week has been 4$, though variations have gent] ally ranged between 4q and 471. A considerable decline took place yesterday afternoon from the latter price, the sale of 30,000/. Stock by an influential broker having produced a momentary panic., during which the Bonds fell to 45 ; but recovered almost immediately, and closed at 46!,i On inquiry, it was discovered that an express had been received from Madrid, bringing the long-expected plan for the conversion of the Cortes Debt ; and as the proposed terms were less favourable than had been expected, several specu- Lam were induced to sell their Stock. The market has been firmer to-day; and it is the prevailing, though certainly not the general opinion, that the value of the Cortes Stock is rather increased by the terms offered. The opening price was •I61, from whence the Bonds rose to 47k; between which and 47 they fluctuated till the afternoon ; just previous to the close of business the market was again depressed, and after four o'clock a bargain was effected at 441. The terms on which it is proposed to recognize the Cortes Debts are as fol- lows. To convert 50 per cent, of the capital into a 5 per Cent. Stock, which is to bear interest immediately, and the tal per cent, of remaining capital and 55 per cent, of overdue Dividends into a deferred Stock, which is to bear in- terest in proportion as a sinking fund of per cent., to be forthwith esta- blished, shall operate upon the redemption of that portion of the active debt, upon which interest will become immediately payable. The amount of such debt, which shall be annually cancelled, to be replaced by an equal amount of deferred Stock, upon which the interest is then immediately to commence. It is calculated that, according to these tenets, it will be nearly seventy years before the whole of the deferred Stock thus created will be called into existence as an interest-bearing Stock. As the proposed conversion is to be extended not only to the Cortes debt, but to all the Foreign debts of Spain, the amount of deferred Stock thus created will be 'nearly one hundred millions. It is, how- ever, intended to propose the sale of the property belonging to the Inquisition, and to receive the deferred Stock in payment at a fixed rate. It is therefore quite impossible to determine its value other than by stating that several purchases have occurred in it to-day, at 13. By very many holders of Spanish Stock, who have purchased recently at low rates, the present terms will be con- sidered favourable ; but all of the original holders, who purchased their Stork between 60 and 70, consider the terms proposed as totally inadequate; and
we doubt not, do their utmost to resist their adoption.
SATURDAY, TWELVE O'CLOCK.
The uncertainty in which the conversion of Cortes debt is still involved, has operated unfavourably on the price of Stock ; the price of which has been as low as 451, and is now 45a Z. Portuguese Bonds have also been flat, anJ after being at 143% are now at tell 84. By the advices received this morning from Paris, we learn that the promulgation of the Ministerial plan, which took place on Thursday, had caused a terrible panic among the holders of several descrip- tions of Spanish Stock current in that city, with the exception of the Bente Perpetuelle and Cortes. The fall in all of them had been considerable ; that in the price of the Royal Spanish or Guebhards Loan had been nearly 19 per cent. The closing price on Wednesday was 66. The Markot opened Thursday at 58, and closed at 47i. Tbe opening price of the 3 per Cents. was 30, anti the last quotation 27i. We have not had any bargains in Deferred Spanish Stock this morning.
Ditto for Account 901 French 3 per Cents
New 34 per Cent. Annuities 984 Greek, 1833, 5 per Cents
Belgian 5 per Cents 981. 9 Prussian. ISIS, 5 per Cent...
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