MONEY MARKET.

STOCK EXCHANGE. FRIPAT AFT ERNCATN.

The market was heavy at the commencement of the week, in conse- quence of the decline of the French Funds and the reported misunderstanding between the Great Powers upon the Servian question. Under the operation of this cause, the price of Consols for Money declined to 961; hut the depression Was not of long duration ; for it was known on Wednesday, that all alarm on that score had subsided, and the price of the Funds improved to the closing quotations of the last week. A further advance occurred yesterday afternoon, when the favourable character of the Indian intelligence became known ; the closing price being 1 per cent shove the lowest quotation. The simultaneous occurrence of several small sales of stock occasioned the market to decline in the course of this morning to within h per cent of the lowest quotation : it however speedily rallied under the effect of an extensive and influential purchase, and hence higher quotations have been reached today than soy recently recorded; Consols for Money having been done at 96/, and for Ac- count at 97; the closing price may be quoted as 961 / for Money, and 96/ 97 for the Account. It is believed, from the character of the operations of today, that the financial statement to be made by the Chancellor of the Exchequer on Monday next will be a favourable one; and it is inferred from the cir- cumstance of the purchases being entirely confined to Consols that the Government plan will include the reduction of the Three-and-a-half per Cents. There are, however, no reports current upon the subject; but as the prevailing opinion in the market is that the large purchase of this morning was made in anticipation of the effect to be produced by the Budget, it is naturally surmised that the reduction of the Three-and-a-half per Cent Stocks is resolved on, that being the only- financial measure by which any relief can be afforded to the country. The premium of Exchequer Bills has declined 58., an opinion being prevalent that the bills which arrive at maturity in June will be exchanged for others bearing an interest of only lid, per diem : those bills hearing an interest of 2d. have been as low as 61s., while the others bearing interest at the rate of lid, have not fallen lower than 63s.; the former close at 618. to 638., and the latter at 63s. to 668. premium. Bank Stock has risen 3 per cent during the last few days, viz. from 175 to 1811, at which price one broker bought 20,000/. this afternoon. India Stock has ales improved, and from 265 is quoted today at 2671. The purchase of Bank Stock is believed to have been made for the same party as the large purchase of Consols already alluded to, although a different broker was employed. An arrangement is in contemplation, by which it is proposed to close the Stock-offices of the Bank of England and the Stock Exchange at two o'clock every Saturday ; and it is understood that if the opinion of the majority of the members of the Stock Exchange be in favour of the arangement, the Bank Directors will accede to it. . Our contemporary the Times is in error in stating, that "the public convenience requires that no alteration should take place, as many brokers receive letters by the second country delivery ": those letters are not, however, delivered at the Stock Exchange till after three o'clock ; when it is impossible, under the regulations now existing, that any transfer or stock business can be transacted at the Bank, the Power-of-At- torney and Stock Offices being actually closed before that hour. These offices might, therefore, as far as the afternoon correspondence is concerned, be closed, with as little inconvenience to the public, at two o'clock as at the present hour of three.

• The business of the Foreign Market has been, as usual, almost entirely con- fined to Spanish Stock; in which the speculations are as extensive as ever; the price has frequently fluctuated more than 1 per cent in the same day. There are a class of speculators acting who are evidently in concert with influential persons at Madrid, and who frame their speculations with a fore knowledge of the political moves of the Spanish legislative body ; as is evident from the fact that any large purchase by these parties is always followed in a day or two by the promulgation of some decree or the occurrence of some debate in the Cortes, which produces a favourable effect upon prices ; while on the con- trary, any large sale is sure to he followed by the arrival of intelligence of an unsatisfactory nature. From the recent proceedings of the party it is inferred

that some unfavourable news will be received from Spain in a day or two. These depressing operations have not produced any very great effect,

as they have been counteracted by the continued purchases of that In-

fluential body known in the language of the market as the Jewish party, who have bought very extensively and thus kept the market steady. The closing quotations of this afternoon are, Three per Cents, 31/ 32; Five t■er

Cents Active, 21/ 221. The other Foreign Bonds have but slightly varied from our last quotations. The holders of Mexican Stock do not seem at all inclined to adopt the plan proposed by Messrs. LIZARD! and Co. for the liqui- dation of the overdue dividend. The price of the Bonds seems gradually de- clining., in the absence of any large operations The only circumstance in the Share Market, is an imp4Venseit of 5/. in Birmingham Railway Shares, which are by so much last week. The settlement of the Account in the Paris an Shares was fixed for today ; but as the Scrip certificates bear a notificalldna "That the certificate will be void unless the party to whom it has been issued shall produce it at the London Office of the Company, and be registered in respect of the Shares it represents within such period, of not less than two nor more than four calendar months after the passing the law as the Directors shall appoint," it has been impossible to arrange the account ; for no delivery of the Shares can actually occur until the period at which the deed shall have been signed and in the event of the French Chamber not agreeing to the bill, no Shares can be in existence.

S AMWAY. Trver.vz o'cr.ocx.

The prevailing opinion appears to be, that the reduction of the New Three- and-a-half per Cents will be effected upon the terms of reducing the interest to 31 per cent for seven or ten years; when it is to he be further reduced to 3 per cent. This will leave the value of the two Stocks nearly as at present, viz. Value of the Stock when reduced or changed into Three per Cent....£100 0 0 Add present value of an annuity of 5/. for seven years, reckoning

interest at the rate of 3 per cent per annum 1 11 0 Making the value of every 100/. Stock £101 11 0 To this must be added the accruing dividend, which is 5s. 10d. per cent upon Reduced Three-and-a-half per Cents; and U. 3s. 4d. per cent upon the New Three-and-a-half per Cents; the value of the former Stock is, therefore, under these circumstances IOU. 16s. 4d., and of the latter 102/. 16s. 4d.

Consols forAccount were at one moment offered at 96/ ; but the market has since improved, and the price is now the same es yesterday, viz. 96i 7. Bank Stock has improved,and is quoted at 182. Exchequer Bills are unchanged.

The only change in the Foreign Funds is in Spanish Stock, which is heavy; the Three per Cents being 31/ 1, and the Active 211 1.

The transactions in Railway Shares have been confined to the following. Eastern Counties Debentures, 101; Great Western, 92i; Ditto, New, 671.

SATURDAY, FoUR O'CLOCK.

The English Funds close firmly at thi morning's prices, nothing of im- portance having occurred during the afternoon. The transactions in the Foreign Funds have been as unimportant. Spanish Stock is rather firmer ; the price of the Three per Cents being 311 4, and that of the Five per Cents Active 211 1. Colombian have experienced a trifling advance ; so have Mexican ; the others are unchanged.

The Share transactions have been rather extensive. Del Rey Mining Shares are quoted at 61, and Colombian at 1. The Shares of the National Provincial Bank of England are also marked 351. We have to notice the following bargains in Railway Shares in addition to those given in the morning—Birm- ingham and Derby, 40; Ditto, Eighth- shares, 21; Eastern Counties, Scrip, 111 ; Brighton, Loan-notes, 101; Birmingham, 213 212; Greenwich, Privilege, 171 ; South-western, 65; Manchester and Leeds, 84; Ditto, New, 361 ; Northern and Eastern, 33; Ditto,, Quarter-shares, 31; North Midland, 671 8; Ditto, Quarter-shares, 33; Paris and Rouen, 271 1; South-eastern and Dover, 251.

3per Cent Consols 061 i Chinon Deferred L'O 32

Ditto for Account 961 7 Colombian 6 per Cents, 1814 241 be 3 per Cent Reduced 96 it Danish 3 per Cents ...... ... 85 6

30 per Cent Ditto. 1014 g Dutch 24 per Cents 56147 New 31 per Cents 1024 i Ditto 5 per Cents 100 1 Bank Stock for Account- 1St 2 Mexican 5 per Cents Cousd . 99 4 Exchequer Bills prom 61 5 Portuguese New 5 p. Cts. 1841 40 i

India Stock 266 7 Russian 5 per Cents 1134 144 Brazilian 5 per Cents 75 6 Spanish (Active) 5 per Cents. 210 I Belgians per Cents 1024 31 Ditto 3 per Cents 1842 214 1 Chili= 6 per Cents 89 91