MONEY MARKET.
STOCK EXCHANGE, FRIDAY Arrnuroow.
With the commencement of the week there were indications among the lead- ing capitalists of a disposition to sell Stock ; and some extensive sales were made by more than one broker having the credit of acting for extensive and in- fluential speculators. The decline thus produced was rendered more rapid by a sale of 30,0001. Consols for Money, on Wednesday morning, by the Bank- broker ; when, as it was then reported that this operation was the precursor of many others of a similar kind, the price again gave way ; Consols for Money and Account being both quoted as low as 94i, thus marking a depression of per cent from the highest recent quotation, The operation above alluded to by the Bank-broker, produced a more than usual effect upon the market, from the circumstance of a sale from that quarter being quite unexpected ; the flank, or at least its broker, having been for some time continually
buying. It is reported that the Bank of England have agreed to lend 00,0001. to the London and Birmingham Railway, at 4 per cent, to with- draw a similar amount of Debentures issued by the latter Company bearing in- terest at 5 per cent, and of which the maturity will arrive in April next. The belief that the Bank of England would, in order to prevent an undue augmenta- tion of the amount of bank-notes now in circulation, sell Consols to the whole extent of the 400,000/., caused the depression of Wednesday last ; but as no further sales have occurred, the price has revived, and the reported sale of Stock is disbelieved. It is hardly probable, in the present relative position of the cir- culation and bullion, that the Directors of the Bank of England would hesitate to increase their circulation to an extent of 400,0001., or even in a much greater degree. By the last return the circulation of the Bank, for the four weeks ending 7th January, was £18,283,000 If to this we add the increase consequent upon the payment of the Dividends due on the 5th January, which may be estimated at 1,500,000 we shall find the present circulation amount to £19,783,000 in round numbers, 20,000,000/. By the same return, we find the amount of bullion in store to be 11,054,0001., or rather more than one-half the amount of the circulation; whereas there have been many periods during the last three years when the stock of bullion has only amounted to one-sixth and once only to one-seventh of the circulation. The affairs of the Bank may therefore be considered as at present on the most solid footing; and so far from the Direc- tors experiencing any disinclination to augment the amount of bank-notes in circulation, we should imagine that they would gladly avail themselves of every occasion to do so. It may reasonably be doubted whether loans of this nature, which partake essentially of the character of an advance of money upon mortgage, fall within the scope of a regular banking business ; for though when money is plentiful they do not subject the lenders to any inconvenience, when adverse circumstances arise they have often been sources of much em- barrassment, as was found to be the case with the mortgages advanced by the Bank in 1824, and which, by rendering unavailable a large amount of capital, were one of the main causes of the difficulties of that establishment during the disastrous year 1825.
The Three-and-a-half per Cent Stocks have not fluctuated to any extent : but large purchases have occurred in them—one today in the Reduced Three- and-half per Cents of 80,0001., and another of 50,000/. in the New Three-and- a-half per Cents. It is impossible, however, while reduction is impending over these heavy Stocks, that any great improvement can occur in them. Money is still very abundant, and the rate of commercial discount for first-class bills may be quoted at from 11 to 2 per cent. The premium of Exchequer Bills has not fluctuated.
In the Foreign Market, we have to notice an improvement of nearly 1 per cent in Dutch Stock ; but this rise has not occasioned any extensive trans- actions. The other European Continental Bonds are also generally at ad- vanced prices; but the business occurring has not been extensive. A depres- sion of about per cent occurred in Mexican Bonds upon the arrival of the West India packet without remittances or any intelligence from Mexico: the market, however, has since recovered, and the whole quotation has been rea- tablished. Columbian, which had advanced slightly, have again given way to the prices of last week. There has been a steady market for Converted Portu- guese Five per Cent Stock, without the occurrence of any large operations. Spanish Stock of both descriptions has improved from a to per cent upon the quotations at the beginning of the week ; the Three per Cents closing at 23a 4, and the Five per Cents at 18* 9. The general business of the Foreign Mar- ket has, however, been unimportant.
Some of the higher descriptions of Railway Shares are not quite so firm as last week ; but the prices generally have been well supported, without the oc- currence of any remarkable operations.
SATURDAY, FOUR O'CLOCK.
A fair quantity of business has occurred during the afternoon; but it has not occasioned any alteration in the prices, which close as: in the morning. The only alteration in the Foreign Market has been in Dutch Two-and-a-half per Cents, which dome rather more firmly ; the closing quotation being 521 4. The others are without change.
It will be seen by the following enumeration of bargains transacted, that the business in Railway Shares has been various and extensive; many of our quotations being improvements on those of the morning : Bristol and Exeter, 501 51; Cheltenham and Great Western, 291; Eastern Counties, New, 10.1 ; Edinburgh and Glasgow, 47/ ; Great Western, 911 ; ditto, New, 656 61 ; Brighton, 37* +; Birmingham, 209; Greenwich, Preference, 16/ ; South- weetern, 631 a; Midland Counties, 641 4; Newcastle and Darlington Junction, 8; Paris and -RouEn, 251; South-eastern and Dover, 22/. We have also to notice a bargain in the shares of the Colonial Bank, at 161.
3 per Cent Consols 941 1 Colombian 6 per Cents 231 4 Ditto for Account 941 4 Danish 3 per Cents 83 6 3 per Cent Reduced 954 1 Dutch 2} per Cents 524 1 34 per Cent Ditto 1011 2 Mexican 5 per Cents Coned . 311 24 New 34 per Cents .. 102 4 Portuguese Regency 5 per Cts — Bank Stock 173 Ditto New 5 per Cents 1841. 36 4 Exchequer Bills 21(1. ....prem 63 5 Ditto 3 per Cent a
Ditto 24 prem 635 Russian 5 per Cents 114 115 India Stock 272 3 Spanish (Active) 5 per Cents. 181 19 Brazilian 5 per Cents 74 5 Ditto 3 per Cents 1842 231 4 Belgian 5 per Cents 102 3
SATURDAY, TWELVE O'CLOCK.
Scarcely any business of importance has occurred this morning, and the prices both of English and Foreign Funds are the same as yesterday. The fol- lowing transactions have occurred in Shares : Banks—London Union, 9/ : Railways—Birmingham and Gloucester, 49; Great Western, 90i; Ditto, New, 65k; Ditto, Fifths, 17; Brighton, 37; Ditto, Loan Notes, 101; South-western, 63k; Midland Counties, Quarter-shares, 16; Northern and Eastern, Scrip, 101.
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