MONEY MARKET.

STOCK Exenanaz„ FRIDAY AYTER1/001Y.

neither has the business transacted in them been of sufficient importance to No material change has occurred in the value of the Government Stocks ;

call for lengthened remark. Money has become scarcer than last week, and the rate of discount for first-rate commercial bills is from 23 to 3 per cent. The premium of Exchequer Bills continues to fall : the quotation of today is 568. to 58s., thus marking a decline of more than 20s. from the highest recent price. Nothing can be more conclusive as to the increased value of money than this decline : had it been occasioned solely by a momentary pressure of hills upon the market, it would long since have passed away; but the price has continued to fall for nearly three weeks, and is today at the lowest, with a heavy market : there can be little doubt that capitalists generally are finding more advantageous investments and quitting Exchequer Bills. It has been stated that the pressure for money is chiefly occasioned by the operation of' the new Bank Charter Act. At this season of the year agriculturists have been accustomed to lean upon the Country Banks for accommodation ; but now those banks are contracting their issues, to bring them within the prescribed average; and consequently. instead of granting fresh loans, are calling in the old ones. There is a remedy in the Bank of England, whose circulation is still about 6,000,000/. below the legal maximum : but Country Banks are adverse to the circulation of any but their own paper. We are informed that in many parts of the country attempts have been made to substitute notes of hand, or bills of exchange made payable to order, which circulate about the country like bank- notes.

The long-expected " ordonnance " regulating the mode to be observed in the contract of the new French Loan has at length made its appearance. The amount is one-third less than was expected; the Finance Minister, although authorized by the Legislature to contract for 300,000,000 francs, only availing ' himself of his power to the extent of 200,000,000. The biddings will be re- ceived by sealed tenders on the 9th December next. The contractors to pay an immediate deposit of 10,000,000, being 5 per cent upon the whole ; and to agree to the payment of a like monthly deposit until the whole loan is paid up, which will not be till August 1846. The new loan is likely to be a favourite subject for speculation : for the holder will only have to pay the deposit in the first instance, and will thus for a month have all the advantage of any improve- ment in the price upon the whole nominal amount by only paying 5 percent; after the second month he will only have to pay 10 per cent, after the third 15 per cent, and so on ; and in case of any great fall in the Funds, he cannot sustain loss beyond the amount of the instalments paid upon the Scrip. All sorts of rumours are afloat as to coalitions of contractors, Sze. ; but, as they must be premature, we do not repeat them. One thing only is certain, that whoever may be the successful contractor, he will have to pay a good price. The transactions in the Foreign Market have been of a more varied charac- ter than usual. The Scrip of the New Belgian Loan had been depressed, and was done at 3 prem.: but a purchase of 20,000 has occurred today at 3 prem., and the market is consequently firmer. No material change has occurred in the Dutch or in the Northern European Securities. Some considerable busi- ness has been transacted in the Peninsular Bonds, though with different re- cults. The operations in Portuguese Bonds have been unfavourable to the price ; and the quotation of today is 23 per cent below that of last week. No political circumstances have arisen to cause this decline ; it is solely the result of a preponderance of sales by real holders, anxious to take advantage of the present very high quotations. Spanish Stock has been depressed, but has ral- lied again, and is now nearly at our last quotations. Rumours of political plots and assassinations still continue to be blown hither by every wind from Spain : but the Government continues installed at Madrid, and has provided for the January dividend upon the Three per Cents; consequently the Bondholders are satisfied. Mexican Bonds have maintained the advance noticed in our last report : they had been as high as 36, but have fallen back again about 3 per cent. The Railway Shares are not in any materially altered condition since last week. Some of the more important lines, as the Birmingham and Great West- ern, have made a trifling advance; but generally prices are lower, and the market dull. This is generally the case where a new enterprise threatens the profits of existing lines either actually constructed or only projected. Some of the newer undertakings are wofully depressed ; and the "premium-hunters" have been signally unsuccessful of late. SATURDAY, TWELVE O'CLOCK.

The Government Securities are at yesterday's prices, with but few transac- tions. The Foreign Market is also in a quiescent state. A trifling demand for Mexican Deferred Stock has caused an improvement in its quotation ; the others are unmoved.

The Railway Shares are more in demand, and the better class are in many cases at improved prices. We have to notice the following bargains : Bir- mingham and Gloucester, 97; Bristol and Exeter, 703 70; Ditto and Glouces- ter, 353 64; Eastern Counties, 133 ; Great Western, Half-shares, 863; 'Birmingham, 218 20; Brighton, 464; Greenwich, 93; Croydon, 1634; New- castle and Darlington Junction, 49; Norwich and Brandon, 10; Dull and -Selby, Scrip, 693 ex dividend ; London and York, 33 23; Paris and Orleans, 39 3; Paris and Rouen, 386 ; Orleans and Bourdeaux, 33; Paris and Lyons, .33; Orleans and Vierzon, 9. SATURDAY, Two o'cLocx.

The English Funds are unchanged. The Foreign Stocks are generally without much variation. Portuguese Bonds, however, still continue to decline ; end after being at 523, are last quoted at 523 33. Spanish Three per Cents .are also lower; closing at 34 The following transactions have occurred in Railway Shares, in addition to those given in the morning. It will thence be seen that some of the more important lines continue to improve. Great Southern and Western, (Ireland,) 83 9 ; Great Western, 139; Birmingham, New Quarter-shares, 263 53; Brighton, 47; South-western, 75; Midland, 1074; Newcastle and Darlington Junction, 493; Northern and Eastern, 57; South-eastern and Dover, 373; Paris and Orleans, 39; Paris and Rouen, ex dividend, 383 ; Orleans, Tours, and Bourdeaux, 4; Boulogne and Amiens, 4.

3 per Cent Consols... Ditto for Account 3 per Cent Reduced 34 per Cents Long Annuities Sauk Stock Exchequer Bills India Stock Brazilian 5 per Cents Belgian 41 per Cents ....

Chili= 6 per Cents 1001 1 ION 4 991 4 1021 2120415-16

prem 56 8 — .. 874 Si ..... 1011 21

101 3

Colombian ex Venezuela ...

Danish 3 per Cents Dutch 21 per Cents Ditto 5 per Cents Ditto 4 per Cents Mexican 5 per Cents Count

Ditto Deferred Poruguese New 5 p. Cts. 189 l

Russian 5 per Cents Spanish (Active) 5 per Cents Ditto 3 per Cents 1812 131 194 89 90 624 4 991

961 7 351 6 151 16 52t 31 1181 194 241

354 4