MONEY MARKET.
STOCK EXCHANGE, FRIDAY AFTERNOON.
The monied public have largely availed themselves of the accommodation offered by the Bank Directors, and great sums have daily been borrowed at 21 per cent upon stock and bills. These loans are never made for less than ten days, but may be continued at the option of the borrower till the 17th January. On Tuesday last, upwards of 300,000/. was thus borrowed by the members of the Stock Exchange, and the daily transactions of a similar character have since been very extensive. The effect of these proceedings has been to cause a con- siderable improvement in the price of the Government Securities ; and Con- sols for Account have reached 100 ex dividend, equivalent to a quotation with dividend of 1011. The Three-and-a-quarter per Cent Stock is more in demand; the Bank-broker having sold a large amount of Consols, and bought Three- and-a- quarter per Cent Stock, and thus cleared the market. Bank Stock con- tinues to improve steadily and gradually, and is quoted today at 2081. Exche- quer Bills are depressed, and have again fallen to 53 : an evidence of a general demand for money. When the rate of discount was under 2 per cent, the pre- mium upon:these securities was 75s.; and as that rate rose this premium declined. Discount may now he quoted from 21 to 31 per cent, and the premium of Ex- chequer Bills is 53s. to 55s. An extraordinary rise has taken place in the French Funds, the price of the Three per Cents having advanced to 841. When the new loan was announced, many of the speculators sold extensively, in an- ticipation of a decline; but as, contrary to all expectation, the Funds have improved instead of declining, the speculators have been entirely disappointed; and the rise in Paris on Wednesday was occasioned by the necessity of closing these speculations, which have become hopeless in consequence of the buoyancy of the English Funds and general advance of all sorts of securities.
in the Foreign Market, the business has been more various than usual. Mex- ican Bonds continue firm at the last quotations : the price has been higher, but has receded, and is now nearly as in our last report. A purchase of about 100,000 Columbian ex Venezuela has given an impulse of nearly 1 per cent to this stock. There is a general disposition to speculation in the:Non-Dividend Stocks. The great improvement in French Funds has caused an advance in Belgian Four-and-a.balf per Cent Stock, which has risen to 1024; while the Scrip of the New Two-and-a-half per Cent Loan is from 1 to premium. Portu- guese Securities coutinue to advance; the Converted Stock being 54. The intelligence from Spain leaves little doubt of the complete failure of the late in- surrection : the price of Spanish Stock has consequently risen, the Three per Cents having been as high as 37, and the Five per Cents at 251 : the quota- tions of both, after having fallen back about 1 per cent, close as follows—the Three per Cents at 364 4, and the Five per Cents at 2115.
The Railway Shares have improved both generally and extensively : the older lines have made great strides in advance; and almost all, with the exception of the Birmingham, have risen to the quotations from which the recent decline commenced. The Birmingham is not much affected, and has advanced but slowly ; the highest recent quotation being 221. Some of the smaller and newer enterprises are also getting into favour ; and though we cannot quote any great improvement in prices, there is now a market at some price or other for many Shares that a few days ago were quite unsaleable. The older French lines have been steady without any extensive transactions; but there has been much business in the Orleans, Tours and Bourdeaux, and Orleans and Vierzon lines. Immense applications for subscriptions in the Central Railway of France have been made to the London agents of the Paris Company, in an- ticipation that the Chambers will at their next meeting rescind the vote of last session confiding the construction of this railway to the Government and lease the line to a company : an opinion which appears to be general in Paris, and the prevalence of which may, it is said, account in some degree for the im- provement of the French Funds; as in such an event the Government would avoid an outlay of about seven millions sterling.
SATURDAY, TWELVE O'CLOCK.
Rather a large purchase of Consols for Account has occurred this morning, and the market is consequently at h per cent advance upon yesterday's prices; the other English Funds have participated in the movement. In the Foreign Market the only variation we can notice is a trifling improve- ment in Spaniel, Stock, which opened at a depression of 1 per cent upon yes- terday's quotations, but has since recovered its lost ground. The business in Railway Shares has been general, without leading to any ma- terial change bathe quotations which are nearly as yesterday. We have to notice the following bargains: Birmingham and Gloucester, New, 24; Bristol and. Exeter, 701; Bristol and Gloucester, 37; Edinburgh and Glasgow, 61 ; Great
Western, Fifths, 27a; Lancaster and Carlisle, ; South-weatern,.82 ; Maw*
cheater and Birmingham, 53k; Newcastle and Darlington, 59 60; South- eastern and Dover, 34 ; York and North Midland, 103 2; Lynn and Ely, 21; London and York, n; Orleans and Bourdeaux, 7; Orleans and vierzon, mi. hut 3 per Cent Consols— s Colombian ex Venezuela 141 I
Ditto for Account 100 1 Danish 3 per Cents 89 90 3 per Cent Reduced 1001 1 Dutch 24 per Cents] 631 t 3* per Cents 1021 Ditto Spec Cents .... ...... 99 * Long Annuities 12 1-16 Ditto 4 per Cents 971 1
Bank Stock 207 13 Mexican 5 per Cents Cousd . 361 1.
Exchequer Bills prem 53 5 Ditto Deferred IN * India Stock shot Portuguese New 5p. Cts.1841 551 61 Brazilian 5 per Cents.. ..... 881 91 Russian 5 per Cents 1188 19 Belgian 41 per ('cuts .... ..... 1011 21 Spanish (Active) Spec Cents 241 5
Chilian 6 per Cents 100 2 Ditto 3 per Cents 1842 361 I
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