MONEY MARKET.
STOCK EXCHANGE, FRIDAY APTERNOON; The expectation of a large importation of foreign corn during the approach- ing autumn is becoming more general, The foreign exchanges gave way to some extent on Tuesday, and again today, in consequence of the demand for bills to enable the agents of corn-speculators abroad to conduct their operations.. This fall in the exchanges has only brought them to the point from Which they rose about three weeks or a month ago : the decline will probably continue,, but it will be long before it can have any effect upon the proceedings of the Bank Directors, or induce them to contract their circulation ; for the rates wet higher now than they have been since the panic in 1825, and nearly 5 per cent above the point at which the drain of bullion would commence.
The operations of the Stock Market have been of nearly the same character as those of the last few weeks. A large sale of Stock occurred on Tuesday by the Bank-broker, which was said to be on account of one of the Scotch Banks the price consequently declined, and was at one period 4 per cent below the highest quotation of the week. No large sale has occurred for the last three days, and the market has acquired firmness ; the whole of the Stock recently thrown upon it having been absorbed by the investments of the public. The price of Consols this afternoon is 94 ; which is the average of the week, be- ing * per cent above the lowest and 5 per cent below the highest quotations. Exchequer Bills lower. Bank Stock and India Stock without material varia- ation.
The arrival of intelligence from Mexico of the conclusion of an armistice with Texas has given an impulse to the speculation in Mexican Bonds; which are nearly 2 per cent above our last quotations. Columbian have also advanced 1 per cent, and Peruvian in about the same proportion. Brazilian Bonds are also 1 per cent higher than last week. The Financial Agency of the Portu- guese Government have given notice of their readiness to exchange the Bonds of the Portuguese Loan of 1836, known in the market as Goldsmid'e Portu- guese. Every 1001. bond of the latter stock is entitled to 104/. is. 54. New Bra- zilian Stock, and to 301. 4s. 64. Portuguese Annuities. These latter are payable half-yearly, and will be totally extinguished in twelve years, or twenty-four half-yearly payments. No bargains have yet occurred in either of the New. Stocks; but it is assumed that the value of Brazilian Bonds will range with that of the latter issues of this stock, which at present are quoted at from 6S to 70; and that the Portuguese Annuities will vary from 61. to 8/. for every 1/. annuity. Spanish Stock has not thictuated materially, notwithstanding the disastrous nature of the intelligence from the Peninsula. The market has been kept up by the scarcity of Stock : the speculators sold long ago in antici- pation of the downfall of ESPAUTERO, and they now find great difficulty in obtaining stock for immediate delivery. At one period today the market showed symptoms of weakness; one broker having delivered nearly 80,0001- stock, which had been sold during the account for today. The publication, however, of the intelligence contained in the second edition of the Times,, of ORTEG A'S repulse from Saragossa, gave a trifling impulse to the market; which closes at an advance of per cent upon the lowest quotation of the day, and 4 per cent below the highest recent price.
By the last arrivals from Sydney, intelligence was received that one of the local banks, the Bank of Australia, was in a state of considerable difficulty, and had been compelled to seek assistance of the agency of the London Bank of Australasia. It appears that the direction of the Sydney Bank had become almost entirely vested in the hands of a few, who have been playing on a small scale the same game that was played by the Bank of the United States,—that is, the Directors had lent the fends of the Bank to themselves and friends, upon insufficient security. It was at first supposed that the Bank in question was a branch of one of the London establishments; but that error was soon dissipated. This intelligence produced quite an alarm among the shareholders of the Australian Banks and there was a general disposition to sell. The shares consequently fell about 2/. ; but as the holders do not seem inclined to make any sacrifices and sell below that reduction, the market is firmer today,, and the price rather improving.
The accounts by the Great Western show no decline of prices in the money- market of New York ; but it should be known that many of the quotations are calculated to mislead the public in this country. The rules of the New York Board of Brokers do not seem to be so stringent as those of the London Stock Exchange, and" bids " are often made proj:orma, which in the prices current as- sume all the appearance of regular transactions ; while in fact they proceed fro= parties who, so far from having any intention of buying, are merely desirous to create an opinion in favour of that which they already hold and would gladly dispose of. These bids are made when the market happens to be clear of stock, and are withdrawn immediately upon the appearance of a seller.
SATURDAY, T WELVE The English Funds are at yesterday's prices, with but few transactions. Int the Foreign Market, Mexican Bonds continue in demand, and have been done at 33. The South American Stocks are also generally quoted higher; but we cannot learn that any business has occurred in them. ,Spanish Stock is with- out variation or any business, as are the rest of the Foreign Bonds. SATURDAY, Two O'CLOCK.
The English Funds close at the morning's prices. In the Foreign Market Mexican Bonds continue to improve, and after being done at 335, close at 335 1. Columbian have also advanced and have been quoted at 25. Spanish Stock has experienced a slight improvement ; the Three per Cents closing at 255 and the Five per Cents at l8 19. The other koreign Funds are without variation.
The following transactions have occurred in Shares. London Joint Stock Bank, 12 ex div. Railways—Brighton, 325 a; Birmingham, 218 165; Green- wich, n ; Midland Counties, 66; Newcastle and Darlington Junction, 134; Northern and Eastern, Quarter-shares, 2; ; Paris and Rouen, 265; South- eastern and Dover, 24 i; Ditto Scrip 24i I. Spec Cent. Consols
Ditto for Account 6 per Cent Reduced
34 per Cent Ditto
Na 31 Per ceats Bank Stock Exchequer Bills India Stock Brazilian 5 per Cents Belgian Spec Ceuta Chilian 6 per Cents 938 1 931 1 941 i 104 2 101 } 180 1 prem. 53 7 262 3 74 75 103} 4} 96 98 Chilton Deferred Columbian 6 pe. Coots 1824 Danish 3 per Coots Dutch 24 per Gents Ditto 5 per Cents
Mexican 5 per Cents...
Portuguese-New 5 p Cts.1841
Russian 5 per Cents Spauish (Active) 5 per Cents Ditto 3 per Cents 1842
36 8 244 5 85 6 53 } 100} 1 334 1 394 114 115 254 1 181 9
Previous page
