MONEY MARKET.

STOCK EXCHANGE, FRIDAY AFTERNOON.

There has been a greater demand for money than ordinary during the last few days, and this circumstance, in conjunction with the rumoured illness of the King of the French and the disturbed state of Ireland, has occasioned a slight degree of pressure in the Money-market. A decline in prices has been the consequence, and the quotations of Three per Cent Stock today are about per cent and those of Three-and-a-half per Cent Stock about ft per cent lower than the highest prices of the week. With the exception of an exten- sive sale of Reduced Three per Cents, said to be on account of the East India Company, the business transacted has not been important. There is not, we believe, any ground for immediate alarm in the state of the health of Lours FinLIPPE, and we are not inclined to attribute the decline in the Funds to that cause; there is quite enough in the state of Ireland and our own manu- facturing districts to account for the depression. It has been for some time reported, though not believed, that on the payment of the Dividends in July next, a half-year's Income-tax would be deducted from the warrants: there is now, however, no doubt of the existence of the intention ; at least the warrants now in preparation are understood to bear such a reduction on their faces. The new Exchequer Bills bearing interest at only 2d a day have been issued, and are'current at a premium of about 5s. lower than those at 24d; the former being today 45s. to 47s., and the latter 40s. to 42s. The 2gd. Bills have in the course of the week been at 50s. premium.

It is understood that the Commissioners of Exchequer Bill Inquiry have made great progress, and that their report may be soon expected. Several im- portant witnesses have been under examination during the last few days, and two of the brokers employed by RAPALLO to raise money on the spurious bills were yesterday examined. Nothing has transpired as to the tendency of the evidence or the probable nature of the report ; the strictest secrecy being ob- served by everybody connected with the inquiry. We have to notice the failure of a broker in the Foreign Market, who has been largely employed by houses engaged in Exchange and Stock operations between this country and Holland : his liabilities are not extensive, and are in the course of arrangement. There have not been any extensive operations in any of the Foreign Funds, but the Mexican and South American are generally lower, in consequence of the decline of the English Funds. There has been a little business and consequently some fluctuation in the Spanish Three per Cent Stock. The vexed question affecting this security is the payment or non-payment of the dividend due on the 1st July next. The prevailing belief was that the dividend would not be paid when due ; but as most of the large purchases during the last few days have been by one broker, who is understood to be employed by the agents of the Spanish Government, an opinion more favourable to the payment of the dividend has lately arisen, and hence the Stock has improved about ft per cent. The Active (or old Five per Cent Stock) has not shared in these fluctuations.

Our notice of the proceedings of the Railway Share-market may be summed up in the brief expression of universal depression, almost every variety being lower than our last quotations : there are no instances of remarkable decline. These securities seem generally suffering under the pressure of the time, which, by curtailing the receipts of railways now in operation, render speculators un- willing to adventure in the purchase of those in progress and unfinished. The transactions in the Dividend-paying European Stocks have been very trifling. The loan of 50,000,000 roubles recently contracted by the Russian Government for the completion of its railways, being in ten series of 5,000,000 roubles each, is not likely to produce much effect upon the value of Russian Bonds in the European markets, nor is the remittance of the money so raised ikely to have much effect upon the exchanges.

SATURDAY, TWELVE O'CLOCK.

Scarcely any business has occurred this morning, and the prices of hoth the English and Foreign Funds are the same as yesterday.

SATURDAY, FOUR o'CLocir- The afternoon has passed as inactively as the morning, and without any variation in the prices of the English or Foreign Funds, which all close at our morning's quotations. The following transactions have occurred in the Rail- way Shares: Eastern Counties, Debentures, 10/. I Is. 8d.; Edinburgh and Glas- gow, 48if ; Ditto New, 3i; Great Western, Fifths, 9g ; South-western, 61i; Glas- gow, and Birmingham, 25i; Midland Counties, 70 ; Thames Haven, Registered, 5.4 ft.

3 per Cent. Consols

Ditto for Account

shut

911 4

Columbian 6 per Cents

Danish 3 per Cents ......

251 6 Sot 14

3 per Cent Reduced 914 Dutch 21 per Cents 524 3 34 per Cent Ditto 1001 Mexican 5 per Cents Coned . S6 4 New at per Cents shut Portuguese Regency 5 perCts. 271 Bank Stuck 167 2 Ditto New 5 per Cents 1891. 314 t Exchequer Bills 45 47 pm. Ditto 3 per Cents

24 I

India Stock shut Russian 5 per Cents 112 114 Brazilian 5 per Ceuta

6ft 7 Spanish (Active) 5 per Cents

214 21 Belgian 5 per Cents 102 3 Ditto 3 per Cents 1842 ZS i