MONEY MARKET.
STOCK EXCHANGE, FRIDAY AFTERNOON.
The English Funds have improved in firmness. The superincumbent weight of Stock which has been so long pressing upon the market has been nearly all absorbed by purchasers, and an advance of price has ensued; the closing quota- tion this afternoon being 9244 for Money and 928 for Account. The transac- tions of the week, however, have been unimportant. Money continues, as plentiful as ever; the rate for first class discount being from to 24 per cent.
In the Foreign Market, the transactions in the Northern Bonds have been con- fined to an extensive sale of Danish Stock; which was readily taken by the dealers at the current quotation. Some trifling demand appears to have arisen for Portuguese Bonds; which are rather firmer, with a small increase of business. Mexican Bonds have experienced a decline. The last arrival from the United States brought adviecs ot large intended shipments of dollars from Mexico; but no mention was made of any portion being on amount of the Mexican Dividends; and as it was generally expected that such would be made, the disappointment has produced an unfavourable effect upon the Stock: the price has been as low as 27—a decline of nearly 1 per cent; but it closes this afternoon at 274 8. The South American Stocks are without any material change. Every week increases the gloom of the Railway Market. All the principal Shares have declined 4/. or 51. per share, and there seems no limit to the depres- sion. Considerable sensation was occasioned yesterday by the publication of the accounts of the Caledonian Railway, which were submitted to the proprietors in anticipation of the half-yearly meeting. After providing for interest upon loans, &c., the nett profit of the half-year is little more than 14,0001. Under these cir- cumstances, no dividend can be paid upon the original Shares; and it is uncer- tain whether the Preferential Stock will receive more than a portion of the divi- dend due upon it. It is needless to say that the price of the Shares declined con- siderably—namely, from 17 to 144; while the Preference Shares fell to 4 discount, or 94 per share. The special meeting of the proprietors of the Great Western produced a disastrous decline in the Shares of the company, which from 60 have today been at 544. The question now debated among railway proprietors is that of the cost of working the various lines; and there is a feeling generally pre- valent among them, that hitherto much of the expense under this head that should have been charged to revenue has been placed to the account of capital. The only details of an authoritative character on this sub- ject are those of the Brighton line ; and these are made the test by which all other lines are to be tried. It will appear, however, on reflection, that no general rule can be applied to all railways, as the wear and tear and expenses of renewing worn.out stock can hardly in any two instances be exactly the same. Thus, a certain portion of the Brighton expenses are estimated at 2s. 3d. per train per mile; while in one of the Lancashire Railways the same expenses are only esti- mated at ls. 5d. per train per mile; and discredit is thrown upon the accounts of the latter railway, because this item of charge when tested by the Brighton gauge is too low. But the difference is partly accounted for by the fact, that the coke, which costs the Brighton Railway 1/. 2s. 6d. per ton, can be purchased by the Lancashire Railway at 12s. 6d. per ton. It is important that in considering the subject of wear and tear,—the one question upon which the future productive- ness of Railway property depends,—full and ample data should be obtained; and such data can only be acquired by time and experience.
SATURDAY, TWELVE O'CLOCK.
The English Funds are the same as yesterday ; Consols for Money 924 4, and for Account 928 In the Foreign Market there is no bueiness doing.
3 per Cent Consols 924 4 Danish 3 per Cents 754 64 Ditto for Account 924 4 Dutch 24 per Cents 544 3 per Cent Reduced shut Ditto 4 per Cents 804 34 per Cents shut Mexican 5 per Cents 1846.... 274 Long Annuities shut Peruvian 6 per Cents 564 Bank Stock shut Portuguese 4 per Cents 1842.. 294 Exchequer Bills 36 39 pm Portuguese 5 per Cents 1824.. 804 /4 India Stock 252 254 Russian Spec Cents 107 8 Brazilian 5 per Cents 864 Spanish (Active) 5 per Cents. 174 Belgian 44 per Cents Ditto 3 per Cents 1842 344 ChIllan 6 per Cents ...... 96 8 Venezuela Danish 5 per Ceuta 1004
exhibit, when comp trod with those of the preceding week, the following results- The accounts of the Bank of England for the week ending the 15th September Other Deposits Government Securities, including Dead-weight — Actual Circulation — Pnblie Deposits
Other Securities 276,832 -- Slobs unIssual 404,420 Rest Seven-day and other Bills 6,757 BAIMIN.3 DEPARTMENT. Increase. Decrease.
757,010 £2,700
£30,400 394,893 Notes issued 2,670 Bullion. This week.
Total Bullion in both Departments 14,860,473 Actual Circulation 18,701,158
ISEUE DEPARTMENT.
Last week.
14,802,988 19,096,051
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