MONEY MARKET.
STOCK EXCHANGE, FRIDAY AFTERNOON.
The English Market opened on Monday with great firmness ; and with the exception of an occasional slight reaction, has throughout maintained its buoyancy. The first price in Consols was sat for Money, and 941 1 for the June Account. The fineness of the weather, increased ease in the discountMarket, daily purchases of 30,000/. Exchequer Bills by the Government Broker, flatness in the silver-market, and a very general expectation that the Bank Directors will shortly be induced to lower the present rate of interest to 6 per cent, have tended to give a much better tone to the markets all round. More legitimate business has been effected this week than for a considerable time past. Consols have been as high as 94 9-16ths, buyers. Today, however, money has been very tight ; 7, 8, and even 10 per cent has been given for accommodation : this, coupled with a rather heavy sale by an eminent firm, caused Consols to recede 3-16. The opening price this morning was nalI and the market closes this afternoon with a heavy appearance 911 1. Reduced 921 4. Exchequer Bills (June) par 2s. premium; Ditto (March) 2s. Si. premium. There has been a good business passing in Foreign Stocks; and, after daily fluctuations of and per cent, the Market closes with little variation in prices from the last of Saturday. Turkish Six per Cent only have advanced: the last quotation is 951 1—about 1 per cent improvement upon last week : the New Four per Cents, 101 1. Brazilian, 99 101. Russian Four-and-a-half, 9698. Portuguese Three per Cents, 456. Spanish Three per Cents, 41 42; Ditto Deferred, 261 1. The Railway Market, in sympathy. with Consols, has been well supported all the week. At the half-monthly settling for yesterday, Contangee were at an average rate. Prices have varied about 20s. per share, but close rather higher than those of last Saturday. Caledonian, and Manchester, Sheffield, and Lincoln, have been higher, but close fiat—Midland, 831 841; Great 'Western, 67 1 ; London and North-Western, 106 ; Lan cashire and Yorkshire, 102 1 ; Caledonian, 361 7; Aberdeen, 51 6; Man chester, Sheffield, and Lincoln, 421 ; Brighton, Ill 112; hover, 224 j. Foreign Railways have been firm : but business has been of slight importance, the fluctuations of the week not exceeding 108, per share. • The following are some of the latest quotations—Central of France, 331 4; Northern of France, 381 ; Paris and Lyons, 841; Sambre and Meuse, al ; Luxembourg, 7 4; Namur and Liege, 8 1. There is a general dulneas prevailing all round at the close this afternoon.
SATURDAY, TWELVE O'CLOCK.
In consequence of more unfavourable exchanges from India and Chum, the English Market has opened heavily this morning at a decline of 3-16 —Consols 94/ 1. Reduced 921 1. Some few speculators for the rise have realized upon their stock, an additional cause of this decline. Foreign Stacks and Railway Shares are equally depressed ; there is a moderate business doing. SATURDAY, ONE O'CLOCK.
Business has fallen off since the morning; there is no change whatever to be noticed in prices. The Markets are all steady ; the following are the last official transactions in Railway and other Stocks—Caledonian, 721; Eastern Counties, ilk; Edinburgh and Glasgow, 614; Edinburgh, Perth, and Dundee, 334; Great Southern and Western, (Ireland,) 67; Lancashire and Yorkshire, 101k; London, Brighton, and South Coast, 111/ ; London and North-Western, 1054; Manchester, Sheffield, and Lincolnshire, 421 ; hampton 31 ; South-Eastern, 751; East Indian, 1081 ; Grand Trunk of Midland, 83; North-Eastern—York, 684; Oxford, Worcester, and Wolverhampton, ,A Issue, 67; Great Western of Canada Shares 234; Madras Guaranteed 41 per Cent, 211; Paris and Lyons, 54. Joint-Stock Banks— Oriental Bank Corporation, 41; Ottoman Bank, 141; Union of London, 25/. Miscellaneous—Australian Agricultural, 191; Crystal Palace, 24; London General Omnibus Company, 4; Scottish Australasian Investment, 351.
3 per Cent Comets
Ditto for Account ,S11 Dutch : tto421■LI:eL eCnetnsts 641 51 90 98 3 per Cent Reduced 92 Mexican 3 per Cents 221 3/ New 3 per Cents 92 Peruvian 41 per Cents 76 70 Long Annuities 2 7-1. Ditto 3 per Cents 53 55
Bank Stock 212 1 Portuguese 3 per Cents 1853. 451 61 Exchequer Bills 2 die. 2 pm. Russian 5 per Cents 104 6
India Stock 220 Ut Ditto 41 per Cents 96 98
B 411 Brazilian 5 per Cents 99 101 Ditto Deterred 25 .1 1 Austrian 5 per Cents 89 92 Spanish 3 per Cents
Belgian 41 per Cents 96 98 Sardinian 5 per Cents 90 9 Belgian 41 per Cents 96 98 Sardinian 5 per Cents 90 9
Chilian 6 per Cents 101 103 Swedish 4 per Cents 85 8 Danish 3 per Cents 100 102 Turkish 6 per Cents 941 1 Danish 3 per Cents , 84 86 Ditto 4 per Cents Guaranteed 1001 101
The first meeting of the Unity Banking Company was held on Monday. The proceedings presented several points of considerable interest. The accounts to the 30th April showed that the amount duo to customers was 176,0131.; the gross profit was 15,334/. The amount put down for "preliminary expenses" is startling—no less than 28,882/. Of this, 42761. was spent in advertising and newspapers ; 1870/. for commission on shame and draughts ; 1077/. for Directors' fees ; " opening dinner at the London Tavern," 5911.; stationery and printing, "including the pamphlet," 33421.; gratuity to Mr. Lake, lute secretary, 500!.; to Mr. T. H. Baylis, for " copynght," 6000/. Among the assets are investment in bank premises, freehold at Brighton, &c., 25,515/. The current expenses for the chief office and seven branches were 12,9191., reducing the net profit to 24151, The report stated that the Directors had determined to close the branches at Watford, St. Albans, Ware, and Pimlico, at Midsummer, and they have resolved not to open three new branches in London and one at Exeter for which preparations had been made : they intend to carry on those branches only that pay. The Auditors stated in their report that they had thoroughly overhauled the accounts, and they pronounced them to be in a satisfactory state. The whole 160,000/. of capital was paid into the London and Westminster Bank. They found that advances are made to directors ; but they are "moderate" in amount, and are granted on the same principle as to ordinary customers. The Auditors proposed in future to examine the books once a month, as their labour had been very severe in going through so great a mass of accounts on the present occasion. Mr. Sheriff Mechi, the Governor, gave some explanations to the meeting. The bank had to struggle with great difficulties. The failure of the British Bank caused a diminution of 100,000/. in the deposits of the Unity ; the shares were rapidly, failing; and had not Mr. Mechi and the Directors come forward and bought the shares largely, the whole concern must have come to an end. The deposits now show a slight increase. Great economy will be exercised in future. The meeting expressed dissatisfaction at the amount of the preliminary expenses : the Chairman said they had been excessive, but the concern had been in course of organization some months before himself, several of the Directors, and the present Manager, joined it. It was resolved that interest at the rate of 3 per cent be paid to the shareholders ; and votes of thanks were passed to the Governor, Directors, and Manager.
At a meeting of the proprietors of the National Provincial Bank of England, on Thursday, a dividend at the rate of 8 per cent per annum and a bonus of 10 per cent were declared. The report on the position of the bank was of a very favourable character.
Mr. Tito MP. has been appointed Chairman, and Mr. Philip Anstruther Deputy-Chairman of the Bank of Egypt.
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