MONEY MARKET.
STOCK EXCHANGE, FRIDAY AMINOON.
The Funds and all other classes of securities have been in good demand the whole week, and a considerable advance has been established. This is owing to the approaching meeting of Congress having for the time caused political apprehensions to subside with respect to Italy, while there is every reason to believe that the relations between England and France are satis- factory. The Money Market has been abundantly supplied and the terms are easy, not exceeding 21 per cent upon the best bills. This is another favourable element which is still in operation, .notwithstanding this is a period of the year when some tightness is ordinarily experienced. Consols last Friday left off at 96a a, from which they gradually improved until yesterday they closed at 97a to 1. The Transfer Books are now shut, consequently they. are quoted ex div., that is 11 per cent lower. They opened this morning at 95a to 96 ex div., and closed at 951 to 96 ex div. Including the dividend, this quotation is equal to 97a , so that the actual advance established since last Friday is fully per cent. Railway Shares have been in brisk demand. They have improved from to 1 per cent generally, and in some instances more' since our last. The only exceptions have been South-Eastern and East Kent Stocks, which have receded because they have not been able to arrange the terms of amal- gamation or agreement. The closing tprices today were—Great Western, 67' I; London and North-Western, 98 ; London and South-Western, 971 98; Lancashire and Yorkshire, 991 ; Midland, 108 1 ; Caledonian, 92 ; Berwick, 941 95; Brighton, 114 115; Dover, 81 1 ; Manchester and Sheffield, 371; Great Northern, 1051 1061. There haa been rather more business in the Foreign Market this week, and Stocks have mostly been in demand ; there are, however, some ex- ceptions; still the appearance of the Market is good, and there is every reason to believe that if continental politics remain quiet, we may look for increased business and higher quotations. The principal feature in the Market has been in Turkish Stock. It may be in the recollection of our readers that the time had arrived when the Turkish Government were permitted, according to the terms of their contract, to place upon the Market the unalloted balance of the 5,000,000/. last created-620,0001. It is supposed the operation took place through the agency of the Ottoman Bank : the announcement to allot the same was made late last Saturday afternoon, and almost within an hour the whole had been taken. As soon as this was known on Monday, the Turkish Six per Cent New underwent great fluctuation, establishing a premium of nearly 3 per cent. Turkish Stock has for some considerable time past been depressed, though the public have made continual investments, and the reason is in a measure accounted for now that this new issue has taken place. The Market continues firm and good at the price ; and though the premium has natu- rally brought in sellers, still it is to be hoped, for the credit of the Turkish Government, that the price will equalize itself to the value of other foreign securities.
There has been some serious depreciation in the value of Buenos Ayres Six per Cents. The arrival of the mail brought intelligence of a general engagement almost at the doors of the city, and the total route of the Buenos Ayres army ; what may be the result of this no one can tell ; still it cannot fail but to have a most injurious effect upon the trade and pros- perity of the country, and consequently the Stock has fallen nearly 6 per cent. The price was last week 82 84' it is now only 76 78, with a most limited market. Russian Stock of all kinds is in good demand, and is extremely scarce ; Mexican remains dull, and the price is 4 per cent lower. Though the news from Equador remains confirmed as regards the suspen- sion of payment to the English creditors, the Stock has been depreciated but 1 per cent. The principal feature in Mining Shares has been a further advance of 2/. in St. John del Rey Shares. Banking Shares are all very firm, and a good business has been done in them. Most of the half-yearly meetings are already fixed for January, and average dividends will be expected. The bullion in the Bank of France the return of which was published this morning, shows an increase of 248:0001. Fully 200,000/. have been re- covered from the wreck of the Royal Charter, and deposited ill the Bank of England. The gold arrivals of the week are rather under 310,000/.
Previous page
