MONEY MARKET.
STOCK EXCHANGE, FRIDAY AFTERNOON.
Busumss remains at a complete stand in the City, and the demand for money for commercial purposes has consequently been very light. There was even some expectation of a reduction in the Bank rate of discount yesterday, but no surprise was expressed when the Court of Directors broke up without announcing any change. In the open market bills are taken at 94 per cent. or less, and on the Stock Ex- change loans can be obtained at 2f to 3 per cent. Owing to the ease in the Money Market, and the generally favour- able weather, Consols have advanced, the movement being also assisted by withdrawals of stock on banking account. Yesterday there was a partial check on the non-reduction of the Bank rate but to-day re-
• newed firmness was shown. The closing quotation for money this afternoon was Olt and for the account 91:1, 8, being a rise in the week of more than 1 per cent.
Indian scrip continues in demand, and has improved to 103k, 103k. Most other Indian securities, such as Rupee paper, Indian railway shares and bonds, are also higher. In Foreign Stocks a rise has takenplace in Ecuador, on the an- nouncement of a dividend. Mexican is flat, whilst Turkish Six per Cents. of 1858 have shown rather more buoyancy. The Railway Market has participated in the improvement in the other departments of the Stock Exchange, especially as regards Cale- donian and South-Eastern. The dividend just announced by the Di- rectors of the latter Company is considered favourable. London and North-Western is exceptionally dull. In Colonial Stocks Grand Trunk of Canada has advanced, and in Foreign shares Great Luxem- bourg improved. The shares of the New Commercial Union Fire Insurance Company, and of the Mercantile Fire, are quoted to pm. The arrivals of specie this week comprise, several Australian gold ships, and are from a total of about 290,0001. The departures include about 60,000/ to Canada, 5000/. to New York, and about 65,000/., chiefly silver, to the East.
Previous page
