MONEY MARKET.

STOCK EXCHANGE. FRIDAY AFTERNOON.

The option of changing Exchequer Bills for Bonds expired on Wednesday last; and the result can easily be imagined upon reference to the returns stated below, although it is said sonic of the frith banks have effected an exchange to a rather large extent. The appreciation of these Bonds has also recently been tested by the offer of 10001. for sale on the market at 94; but no transaction was arranged, 93 being the highest bid. The Bonds at the price of 94 would pay 21. 18s. 6d. per cent for the first eleven years, and 21. 13s. 2d. subsequently. One reason assigned for an indisposition to pur- chase; and of the public to convert, is the probability that with the small amount hitherto taken there would be no market; and unless any consider- able amount of Bonds be accepted, all transactions in them would belong to the class called in the Stock Exchange " fancy bargains," with a wide mar- gin between the buying and selling prices. Exchequer Bills have been heavy throughout the week, partly affected by the decline in other securi- ties: the June descriptions have fallen to 3 discount par, and the March to 2 discount 1 premium. The conversion of the Three per Cent Stocks has proceeded slowly till :yesterday, when the amounts were much larger than on any.previous.occasion;. the:Two-and-a-half per Cents continuing to take precedence in degree of favour.-..The amounts of New Stocks accepted, ac- cording to thellank-of England and South Sea House returns at the close of

the last and.dnring the present wcek, have been the following. •

Two-and-a-half per Cents. Exchequer Bonds.

3 .... £14,290 0 0 .... Nil.

0 .... 15,699 12 10 ....

7 5,362 9 10 Nil.

24,538 17 11 .... Nil.

0 86,932 17 3

Nil.

7,657 12 3 . Nil.

0 .... 19,813 14 2 .... Nil.

0 .... 109,516,8 4 „ - NIL

. 88,010 10 5 Nil.

Some are of opinion that the public are Waiting till the latest period al- lowed for the conversion before coming forward freely to 'act, and mean- -while to be guided by political events and their influence on the money- market. • • . • •

It may be useful to repeat, as the rules of the exchange are, but imper- fectly understood in many. quarters, that the conversion is compulsory re- specting South Sea Stock and:Annuities, and 'optional in Consols, Reduced,

and Exchequer Bills.' • Assedts for South Sea must be made before Ant' 34; for. Seeth• See".Stbek before July let ; for Consols and Reduced untiltictober 10th: -: Only..thirty. millions of Two-and-a-half per Cents will bitissiied ; afterwards the applications must be for Three-and-a-half per Cents or Exchequer Bonds.' , A longer time for assent is given to parties residing abroad. Proprietors of South Sea and Bank Annuities not wishing to convert will not receive payment from the Government until the 5th January and 5th April 1854. The proprietors of the South Sea Company had a meeting' yesterday on matters connected with their affairs ; and a reso- liition was passed, "that the South Sea Company do not accept of either of the alternatives proposed in respect to the Three per Cent South Sea An- nuities referred to in the act of Parliament, but that it remain passive." -

BANK OF ENGL,ARD. Three-inid4-half per amts.

• Saturday' E20,356 a 6 a. Afiandar i 7,920 -` 5 Tuesday ' 1,074 1

Wednesday, • Nil. Thdirsday 800 0

• • " SOUTH SEA Horse.

Saturday Nil. Monday 1,000 0 Tuesday 6,235 0 'Wednesday NiL Thursday Nil. ....

The English Funds have been tolerably firm during the week, consider- ing that the Turkish question is becoming daily more complicated. Con- sols for Money, which closed on Saturday, at 1001 f, rallied f on Wednesday: Yesterday, owing to a fall of 1 per cent in French Stocks, they declined: ; which was only partly recovered. Today the Ftinds have been heavy, and Console during the morning were loot f, closing at 100/ for Money and Account. Exchequer Bills 3 discount par. India Stock has improved 1. The rate of Money upon Government Securities during the week has been 2f per

cent. - - - The Foreign Market has been heavy, and several sales have taken place in Peruvian : the Deferred haii fallen 2, and the Scrip l4; Spanish Three per Cents and Deferred, /; Mexican and Spanish Certificates, I. - Dutch Four per Cents have improved f...• Notice has been issued by the agents of the Swedish Loan, that the dividend due on the 1st June will be paid by Messrs. Palmer, Mackillop, Dent, and Co.; the fourth instalment of 30 per cent is alidpayable at that date.

Railways have been languid during the week ; a tendency to depression which was more fully developed yesterday : London and North-western and Great Weaferd declined 58., and Midland 108. At the close of the market, the difference in some of the leading lines compared with Saturday last was to the following extent. Decrease—York, Newcastle, and Berivick, 11. 10s.; Great Northern, and York and North Midland, 11.; Caledonian,- Midland, and,Seuth-eastern, 15s.; Aberdeen, Lancashire and Yorkshire, London and North-weitern, London and South-western, North British,' and Oxford, Wor- cester, andWolverhampton, 108. ; Great Western, 5s. East Lancashire and Edinburgh,andl-Glasgow.have improved 108.. The decline in Foreign Shares his been-4(14s 'and Orleans; 34.; • Pails and Lyons, 1/. 108. ; Paris and qtraihnniy;-.1/..78: 6d.; -.NOrthern of France, Paris-and Rouen, and liken and Havre, 11.; Grand Junction of France, Southern of France; and Western of France,158. Today the English and Foreign lines are without alteration.

SATURDAY: TWELVE O'CLOCK.

In the English Market the Funds have not altered : Consols for Money and the Account are 1001 I, and Exchequer,.Bills 3 _discount par. The amounts of Now Stocks accepted yesterday were as follow—

Bank of .England. - „ - . South Sea House. Three-and-a-half per Cents Nil. , • E4560 16 9 • T.wo-aqd-a-half per Cents £2150 106,723 10 11

Exchequer Bonds ' ' ' " Nil Nil. • The total amount accepted is now 2,214,615/. 3s. 8d.-1,613,144/. 138. lid. at the Bank of England, and 601,4701. 9s. M. at the South Sea House. In Foieigti Stocks there is no movement at present. Peruvian Deferred is dull at 62 4, and Buenos Ayres at 66 9. Railways are neglected; the only bud- ness.baing that connected with the arrangement of the account on Monday. A bargain has taken place in Lancashire and Yorkshire at sq.

3 per Cent Consols

100 A

Danish 3 per Cents 84 6

Ditto for Account 100 a

Dutch 24 per Cents

'3 per Cent Reduced 891 i

Ditto 4 per Cents 651 64

96 7 3,1 per Cents 1021 1

Mexican 3 per Cents 26 Long Annuities 51 15-16 Peruvian Scrip 14 2

Li

Bank Stock 229 30 Portuguese 4 per Cents 394 Exchequer Bills 3 die. par Russian 5 per Cents 119 21 India Stock 262 4 Ditto 44 per Cents 104 5 Brazilian 5 per Cents 100 2 Spanish per Cents

.3

484 9 Belgian 44 per Cents 97 9 Ditto Deferred 234 / Chilian 6 per Cents 102 4 Sardinian 5 per Cents 98 9 Danish 5 per Cents 105 7 Austrian 5 per, Cents 100 2