MONEY MARKET.
STOCK EXCHANGE, FRIDAY AFTERNOON.
The business of the week in the English Funds has been principally con- fined to Money transactions ; of which more than the usual amount seems to have occurred. Till today, however, the speculative bargains have been quite unimportant ; and on two or three days no bargain for the Account has been recorded in the Official List till late in the day. The fluctuation of Consols for Money has been between 89 and 891 ; while for the Account the price has varied from 89h to 89h. There were buyers at one period at 89h, but the price did not reach 89h. The market has been principally affected by the operations of the broker usually employed for the Scotch Banks, who has on one occasion sold and the other bought extensively : the previous operation drove the price of Consols for Money down from 891 to 89, and the latter caused an im- provement to 89k. The price was steady during this morning at 89h * for Money, and 891 1 for Account ; but in the course of the afternoon, a sudden decline took place; and the price for Money has fallen to 89, while for Account it has been as low as 89k: the market closed heavily at 89, sellers, for Money, and 89h * for Account. This fall has been ascribed to a rumour of the intention of the Government to impose an income-tax, which we noticed some time ago. Bank Stock has improved to 168h, being an advance of h per cent upon our last week's quotation. India Stock has risen to 248*, a like improvement. The premium upon Exchequer Bills has remained steady at 17s. to 19s. A bargain occurred on Wednesday in Indiana Sterling Bonds, at 21.
For some time curiosity has been excited as to the destination of the build- ing now in the course of erection upon the site of the French Protestant Church in Threadneedle Street. It is now stated by its proprietor, Mr. MOX- HAY, that it is intended to be opened as a Stock-Market; to which the public are to be indiscriminately admitted at the charge of sixpence per day, as was the case with the original Stock Exchange, before the erection of the present building in Capel Court. We believe Mr. MOXHAY has been induced to de- vote his building to its intended purpose for the accommodation of Liverpool and Manchester Share-dealers, who complain of the want of such a place of meeting.
A mail has this morning been received from Mexico, by H. M. B. Delight: bet dates are Tampico, December 9th, Vera Cruz, 19th, and Havannab, De- cember 28th. She brings 16,000 dollars on account of the Dividends. The only intelligence of importance is the determination of the Government to
call in the depreciated coin now in circulation, and replace it with a new currency. This measure is unpopular with the mercantile interest, who are gainers by the fluctuations of the a(„io between the present currency and pure silver, and who fear that during the process of its purification the lessened circulation may affect them prejudicially. In a portion of our last impression, we gave the return of the Circulation of the Bank of England, and Private and Joint Stock Banks, for the four weeks ending the 8th instant. As compared with the last statement, the total de- crease in,„the circulation was 958,688, or nearly 3 per cent upon the gross amount. As compared with the return for November, however, the circulation appears to have been diminished to the extent of 2,487,5701.; of which 772,000/. is the decrease of the circulation of the Bank of England ; 810,534 that of Private Banks; and 378,398/. that of Joint Stock Banks, while the decrease in the Scotch circulation is 302,961/., in that of the Bank of Ireland 127,5001” and in that of the Irish Private and Joint Stock Banks 95,637/. The decrease in the gross circulation of the United Kingdom, from the 13th November 1841 to the 8th January 1842, is rather more than 6i per cent. This reduction must in some degree be attributed to the exertions made by the Bank Directors to decrease the amount of their circulation at this period of the year, in order to prevent the injurious effects that would otherwise be produced by the issue of the Dividends ; but it is in a great degree owing to the stagnation of every sort of manufacturing and commercial enterprise, and consequent want of employ. ment for capital. Not the least remarkable feature in the financial state of the country is, that during the period of this extraordinary reduction in the circu- lation the price of the Funds has continued to rise; the improvement in Con- sols during the period referred to having been 14 per cent. The price for Money on the 13th November WRS 89 to 6; while that on the 8th January was 891 1 ex dividend-equal to a quotation with a dividend of 904 ; thus marking an improvement to the extent above stated. All the Foreign Funds, both those upon which the Dividends are paid and the Non-Dividend Securities, have advanced in a greater degree ; and this anomaly can only be accounted for by the supposition that the difficulty of finding productive employment for ca- pital in ordinary commercial transactions has forced a large amount from these its usual channels into safer though less productive investment in the Govern- ment or other funds. The amount of bullion in the Bank of England has in- creased during the period to which these remarks refer, in a degree almost as re- markable as the decline of the circulation- The amount, which in November was 4,218,0004 was in December 5,031,000/., and on the 8th instant 5,629,0001.; thus marking an increase in the short space of two months of 1,411,000/. The amount at present in store is greater than at any period since April 1839, when it was 6,023,000/. It has since been as low as 2,545,000-viz. in December 1839. We should add, that the monthly returns of the circulation of the United Kingdom afford a much safer criterion of the amount of bullion ac- tually in the Bank of England than the quarterly returns of that establish- ment; as the former give the average for four weeks only, and the latter that for thirteen.
In the Foreign Market, Dutch Two-and-a-half per Cents have improved per cent, and have been quoted at 51*. Russian Bonds are slightly lower, having been marked at 1154. The other Dividend-paying Stocks are without material variation. Brazilian are not so firm ; Columbian are also at a slight depression. The intelligence received today from Mexico did not produce any effect upon the price of Stock. Portuguese Bonds are nearly 1 per cent lower than our last quotations; the purchases that we have before mentioned not having been continued to the extent expected. Upon the arrival of the Lisbon mail on Monday, a decline to the extent alluded to occurred. The market was firm at the depression, till this afternoon, when, as the English Market gave way in common with all the speculative descriptions, it is nominally 4 per cent lower. Spanish Active improved from 25 to 254, but has since declined to 25, and was steady at that price till this afternoon, when it fell to 24h ; at which price there were sellers at the close of the business. The decline to 25 is attri- butable to a delay in the proceedings of the Commissioner for the Conversion of the Over-due Dividends, recently arrived ; occasioned by the difficulty of discounting the bills remitted for the purpose of providing for the payment of the Dividend upon the New Stock into which the Coupons are to be converted. The decline of this afternoon may be referred to the depression of Console. There has not been any material variation in Railway Shares ; which till this afternoon were generally within a little of our last quotations. In com- mon, however, with every other security, they have participated in the decline of the English Funds, and close heavily. Brighton have fallen in the course of the afternoon 1/.
SAITTRD(V, TWELVE O'CLOCK.
At the commencement of business, there was a disposition to purchase Stock. Consols for Money were consequently done at 89h, while for Account there were buyers at 894. Some sales have, however, since taken place, principally of New Three-and-a-half per Cents; and the prices of all descriptions of Stock fell * per cent, to improve again to previous prices. Consols have been done at 88* for Money, and are now 89 to ; while the price marked for Account has been 4, at which there are now buyers. New Three-and-a-half per Cents
opened at 984, have since been and are now 98h h.
In the Foreign Market, the business has been chiefly confined to Spaniel]. Active ; which has been at 25, since that at 244, and there are now sellers at the latter price. The others are nominally from 4 to 4 per cent below yes- terday's prices, with little doing. We have to notice the following transactions in Railway Shares-Great Western, 84; Ditto (Fifths) 594; Brighton, 36h 36 364; Birmingham, 169h ; Northern and Eastern, 354 6. Colonial Bank 26h. It will he seen that these prices are all lower than yesterday. There is, however, an exception in the case of Manchester and Leeds, which are Si. to 81. premium ; noting an im- provement of 4/. or 5/. in the last few days, and of between 20/. and 30/. in the last three or four months, as these shares were at 20 die. SATURDAY. Foes o'CLoce.
The English Funds gave way again in the course of the afternoon, and were at one time very heavy. There have been sellers of Consols for Account at 89h ; but the market improved again slightly, and there were buyers at that price at its close : the quotation for Motley was 831 9, but the stock has never been done lower than 89. Exchequer Bills are the same. Almost all the Foreign Funds close at the morning's prices. The business of the afternoon has not been important, and almost entirely confined to regulating accounts with a view to the settling-day on Monday. We understand that the diffi- culty attending the proposed conversion of Spanish Active Stock does not arise from the reluctance of our capitalists to discount the bills brought over by the Commissioner, but from the refusal to accept of one of the houses upon whom the hills have been drawn. There has been an improvement of 1/. per Share in Great Western Shares ; which are quoted at 85. The other Railway Shares are the same. In addition to our morning quotations, we have to notice business in South-eastern at 26h and 26; and in Unregistered Real Del Monte at 34. 3 per Cent. Consols 891 4 44' ,lumlrian 6 per Cents 214 2 Ditto for Account ..... -buyers 891 4 Datlibli 6 per Cents 80 1
3 per Cent. Reduced S9 I Dutch 24 per Cents. 511 1
34 per Cent. Ditto. 994 Mexican 6 per Cents. Coned . 29 New 31 per Cents. 994 I Portuguese Regency 5 per Cts. 331 1
Bank Stock MTh Ditto New 5 per Cools. 1841 . 28 Exchequer Bills 17 19 pm. Ditto 3 per Cents 191 204 India Stuck 2474 SI Russian 5 per Cola 1154 164 Brazilian 5 per Cents 644 54 Spanish (Active) g. 241
Belgian 5 per Cents 102 3
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