MONEY MARKET.

STOCK EXCHANGE, FRIDAT AFTERNOON.

The subscriptions sent to Messrs. Rothschild for the new Loan were ex- tremely large, amounting, it is believed, to 30,000,0001.; and since the re- turn of the surplus deposits, the Money-market has been considerably re- lieved, and short advances on Government Securities have been obtained at 4 per cent. This, combined with the commencement of the Peace confer- ences and conclusion of an armistice until the 31st of March, caused great ac- tivity M the English Funds during the early portion of the week; and on Tues- day Consols for Money reached 921: a reaction of 1 per, cent has taken place sin ,ce and has been partly caused through a decline of in French Rental, to which the more importance is naturally attached during the sittings. of the Conference. The fact, however, of money being very scarce in Pans, and the settlement likely to be heavy, are among the reasons assigned for the flatness. Yesterday, Consols, after being at 911, left off at 91 I. Today they opened better ; but a sudden fall of 1 per cent afterwards occurred, on a rumour that differences had arisen in the Peace Congress : Consols de- clined to 90k; they have since rallied, and close at 911 1, and 911 for Ac- count. Tndia Stock is 1 higher. Preparations are making for an instal- ment of 101. per cent on the New loan due on Monday next. Notwith- standing the impression that the terms obtained by the Government were too high, and that Messrs. Rothschild had made a fair offer, Consol Scrip has reached 2-1 premium, and Exchequer Scrip l pre- mium; today they have been done as low as 1 and premium respectively.

Tffe Core-market has been heavy. The French rate of exchange is very firm, and a small,packet of gold arrived on Monday from Paris. The bul- lion in the Bank of France is believed to he increasing.

There is a prospect of a renewal of specie remittances from New York to England, as the exchange has reached a point that would suggest the trans- mission of considerable sums. The average amount of bullion in both de- partments of the Bank of England for the month ending the 19th January was 10,549,8291. ; a decrease of 598,863/. compared with the preceding month, and a decrease of 2,501,0831.-in comparison with the same time last year.

In Foreign Securities, the transactions have been unimportant. Dutch Two-and-a-half and Four per Cents have fallen 1, and Turkish Four per Cents_f. The Six per Cents are f better.

In Railways, there was only a moderate improvement at the commence- ment of the week, notwithstanding the advance in the Funds; and there has since been a slight reaction. The settlement of the Account was arranged yesterday. Great Western then closed at 60 f i Lancashire and Yorkshire, 82 f ; London and North-Western, 102 k; Midland, 71 f. Today there is no alteration. French Shares have exhibited very little difference. SATURDAY, TwaLvs O'CLOCK. The English Funds have been 6 lower this morning, but have recovered. Consols for Money have been done at 91, and are now 91k1, and for Ac- count 91f 1. Exchequer Bills 4 discount 1 premium. There is to be no advance ni the rate of interest on Exchequer Bills when those due this month are sent in for payment or renewal. The bullion return by the Bank of England exhibits a small increase-42,898l. There is no difference in Foreign -Stocks. The Railway Market is quiet-London and North- Western, 994 ex div.; Midland, 691 ex div., South-Eastem' 654.

siiintesv, oes o'cLocs.

There has been scarcely any business transacted in the English Funds since the morning, and they leave off l lower. Console for Money are 914, and for Account 91i f . Exchequer Itil ls 2 discount 1 premium. Consol Scrip has been done at 14 premium, and Exchequer Scrip I premium. Exchequer Bonds 1858, 98f. In Foreign Stocks no activity has been displayed, and there is no change worth recording. Railways continue at about previous rates, and little disposition has been shown for speculation-Bristol and Exeter, 87 ex div. ; Caledonian, 574 ; Eastern Counties, 94; Great Northern, 931 ex div.; Great Southern and Western (Ireland), 1041 ; Great Western, 591 ex. div. ; Lancashire and Yorkshire, 821; London and Blackwell, 74; London and North-Western, 100 ea div... -London and South-Western, 931 ; Midland, 694 ex div. - North British, 301; North-Eastern-Berwick, 761 ex div. ; Ditto York 514; North Staffordshire, 11; South-Eastern, 651 ex div. ; East Indian, 211; Great Western of Canada, 254; Sambre and Meuse, 91; Scinde Guaranteed 5 per Cent, 61. - Mine-British Iron, 31. Joint Stock banks-A-ufftralasia, 94, English, Scottish, and Australian Chartered, 161. Miscellaneous-Austrahan Agricultural, 2 51 ; Canada Government 13 per Cent January and July, 109; Crystal Palace, 24; Peninsular and Oriental Steam, 63; Royal Mail Steam, 78f ; Scottish. Australasian Investment, 11.

.3 per Cent Consols 91 i

Dutch 21 per Cents 635 Ditto for Account

91 i

Ditto 4 per Cents 94 6 3 per Cent Reduced 91 4 921 4 Mexican 3 per Cents

Peruvian 44 per Cents

NI I New 3 per Cents

78 80ex d.

Long Annuities 34 Ditto 3 per Cents 55 7 Bank Stock 213 15 Portuguese 4 per Cents 47 9 Exchequer Bills 2 die. 1 pm TIUSSilia 5 per Cents 101 Sex d.

India Sleek

222 5

Ditto 44 per Cents 92 4 Austrian 5 per Cents 87 90 Spanish 3 per Cents 424 3 Brazilian 5 per Cents B 44 per Cents 101 8 95 7 Ditto Deferred Sardinian 5 per Cents :349g 8 Chiliax, 6 per Cents .... ...... 102 4

Swedish 4 per Cents

87 90 Danish 5 per Cents 102 2 ex div. Turkish 6 per Cents 941 51 Danish 3 per Cents 825 Ditto 4 per Cents Guamnteed

991 1001

RAILWAY ARRANGEMENTS.

The receipts of the South-Eastern Company for the half-year ending 31st January amounted to 585,6121.-en increase of 90,669/. over the cone- Spending period of last rear; there was an increase of 40,5841. in the work- ing expenses. The awn of 171,074/. is available for dividend; which is to be 13e. 3d. per share or at the rate of 4/. Sr. 4d. per cent per annum.

At the hall-yearly meeting of the Great Northern Company, Mr. E. Denison M.P. presided. He announced that the dispute between the Lon- don and North-Western, Midland, and Manchester and Sheffield Companies, and Great Northern, concerning the redistribution of traffic, lhad terminated : their opponents had proposal-to the Great Northern the acceptance of that which they had previously refused. The working expenses of the Great Northern do not amount to 44 per cent of the receipts. The dividend pro- posed by the Directors was deckred.

The report of the Directors of tie Eastern Counties Company states the receipts for the half-year to have been 679,3691.; the ordinary expenses 292,968 1.; ; extraordinary expenditure, 30,5671.; sum reserved to meet dis- puted claims, 17,3471.; tot4 340,882/. In addition, there are payments to the Norfolk, Eastern Union, East Anglian Great Northern, and Black- well Railway Companies; interest on the Newmarket and Bury capita; Newmarket line purchase, Harwich lease, and new works under agreements, amounting to 129,0941.; payments for preferential and mortgage interest ; leaving 69,751 as balance of the half-year : adding the balance of the pre- ceding half-year, there is 71,4961. applicable to dividend ; which it is pro- posed shall be 4.. 6d. per share, leaving 58681. The neat revenue of the 'Oxford, Worcester, andWolverhampton Company PR the last half-year was 48,7631., an increase over that of the same period of 1854 of 3761/. The:balance is 23,959€.; which would pay to the holders of the first Preference Stook a dividend at the rate of 54 per cent per annum. This the Directors proposed to declare, but to defer payment until they could do it without detriment to the interests of the Company. The shareholders igreed to this at the meeting ; they also passed a resolution appointing a Committee of Shareholders to investigate the affairs of the company, the re- lations with other companies, and to consider the best course of raising money,-the result to be stated at an adjourned meeting on the 8th of April; and to suspend the farther consideration of the report until them.. The gross traffic receipts of the Bristol and Exeter Company for the half- year amount to 173,481/.-8598/. more thanin the corresponding half of the year 1854. The dividend is 44 per cent- per annum on the Consolidated ;Stock.

The half-yearly statement of accounts of the South Wales Company shows that there ie a disposable balance of 57,061/. ; the dividend is at the rate of 3 par cent per annum on the ordinary rhares.

The accounts of the Lancashire and Yorkshire Company show an increase in the receipts of 29,895/., and in the expenses of only 72.51/. The balance applicable to the payment of interest, dividend, and other fixed charges, is 326,449€.; and a dividend is proposed at the rate of 41. 5..-per cent per annum.

At the half-yearly meeting of the South Devon, at Plymouth, a dividend of 68. 6d. per 501, share was declared. The report of the Directors of the Edinburgh, Perth, and Dundee, shows there is a balance, after meeting all preferential charges, of 12,086/. Out -of this a dividend is proposed of 2s. 6d. per 2.51. share, clear of income-tax, on the ordinary stock. The frauds of Saclleir, great as they were, seem to have been exaggerated by public alarm, and people thought they were more widespread than they will probably turn out to be. The Times, in the City article of Wednesday, endea- voured-to calm the excitement by stating the facts really known. Sadleir was chiefly connected with the Royal Swedish Railway, the East Kent Railway, the London and County Bank, and the Tipperary Bank. With regard to the first,,he seems to have raised money largely by an over-issue of shares and obligations-that is, by issuing more than were authorized, yet with trite signatures to them ; the nominal amount was large, but most likely he only got advances of one-third or one-fourth of the nominal value. It is stated that he was merely in arrear with calls of the East Kent Railway, but that he had also induced the Company to deposit 80001. in the Tipperary Bank, 4000/. of which they have not recovered. With respect to the London and County Bank, many reports have been afloat, and shareholders have pressed their shares on the market., causing a considerable depreciation in the value ; but the Directors declared that advances made to Sadleir had been covered by securities whose validity had been tested by registration. However, on Tuesday, at the instance of the three new Directors, an examination of deeds by an independent solicitor was ordered. The Tipperary Bank seems to have been conducted in an extraordinary manner-it made no returns of partners, nominal capital, or paid-up capital. Some persona who hold shares have ample means, but most of the shareholders are in limited cir- cumstances. Sadleir was agent for many landed estates, and was a trustee for much property : it is supposed that he has pledged many of the deeds, and probably defrauded people byi raising money on forged documents.Only two cases are known in connexion with the Encumbered Estates Court

-one was so clumsy, that an Irish lawyer would have detected it im- mediately. Advertisements from the Directors of the Royal Swedish Railway Com- pany appeared on Monday, notifying that they have no reason to believe that any forged shares or obligations are in existence,"-an ambiguous statement, as every one believed that a fraudulent over-issue of the Com- nany's securities had been made. On Monday, the Committee of the Stock Exchange declared a postponement of any settlement for shares and obliga- tions of this railway, and that no new transactions in them would be retae nized.

The shareholders held a meeting yesterday, received a report from a Corn.- mittee of Investigation, and appointed a new Committee. The project of the railway itself appears to be sound. Mr. Sadleir was allowed by the Directora- te do everything he pleased : at present an exact account cannot be arrived at ; Sadleir seems' at any rate, to have issued shares for 81,4551. and obliga- tions for 75,128/. beyond the amount authorized-probably his misdeeds- were on a more extensive scale. The documents issued were in regular form; and the Times intimates that the Company should not incur the " disgrace " of even " contemplating" to repudiate them, unless some- thing more should transpire of a different character from what is now known. The Company appears to be of the same mind. The different establishments of the Tipperary Bank in Ireland -stopped payment last week. The manager of the Carlow branch continued to pay as long as his cash lasted.

At the half-yearly meeting of the proprietors of the English, Scottish,. and Australian Chartered Bank, on Wednesday, it was stated that the amount of profit was larger than in the previous half-year,. spite of the commercial difficulties hi Australia ; but 4600/. had been written off the reserve-fund to clear away bad debts. After applying 9401. for payment of bank premises, 500/. for preliminary expenses, and 1761/. to the reserve- fund, there is 10,0001. for dividend, or at the rate of 4 per cent per annum. A ballot is to' take place for the election of a number of Directors.

The General Steam Navigation Company have declared a dividend at the rate of 10 per cent-per annumovith a bonus of 2e. 6d. per share (141. paid).

At the half-yearly meeting of the Victoria Dock Company, on Thursday, it was stated that the amount of business since the opening has been satis- factory. The arrangements between Messrs. Peto and Co., who proposed to take a lease of the docks, and the Company, are rather unsettled.

The matters in dispute between the -Great Northern itud other railways are to be referred to the arbitration of Mr. Gladstone. It is mentioned that for two weeks the Great Northern took more money at Doncaster for pas- sengers to London at the low price than it usually receives at the customary fares. The cheap fares ceased yesterday.

More new Joint-Stook Banks for London. The West Metropolitan Bank proposes, with the ordinary functions of a joint-stock bank, performed on the usual terms, "to combine the business of army and navy agency as a. distinct department." It will also, "as opportunities offer, take up the business of such of the private banks as may desire to merge their inte- rests." Capital, 300,0001., with power to increase to a million. The chair- man is Viscount Torrington.

An "Eastern Bank of London" is projected ; but the prospectus is not yet issued.

A "Provisional Manager," dating from "City," intimates the projection of a "Central and Suburban Metropolitan Bank"-capital, 800,0001.

The prospectus of a "North-West Bank of London" will be issued on Monday next.

As might have been expected, the sale of London omnibuses to a French company has been soon followed by the announcement of a new London Omnibus Company. Capital, 100,0001., in 10/. shares. Mr. Bradfield, formerly secretary to the association of coach-proprietors, is managing director. The trustees are Sir John Shelley, General Wyndham, and Sir Henry Muggeridge.

A Patent Wool Manure Company (Limited)-capital 35,0001.-ie pro- jected, to prepare manure from all kinds of woollen refuse, and also to ma- nufacture other fertilisers of a mineral kind.

A Patent Medicine Compounding Company (Limited) is formed ; it will have a capital of 20,0001.