MONEY MARKET.

STOCK EXCHANGE. FRIDAY AFTENOON.

The great pressure for money, to which we alluded in our last report, has been entirely mitigated; and it is now easily attainable at from 2 to 3 per cent. upon the security of English Stock. There has been a fair demand for every description of Stock; and though the books of Console and New Three-and-a- half per Cents. have been dosed for some days, money transactions have been -of almost daily occurrence in both; and today Consols for Money have been quoted as high as 89a, and New Three-and-a-half per Cents. as 995. During the week, the price of Consols for Account has been as high as 88.1 ex div., equivalent to a quotation with dividend of 904; thus marking an advance of * per cent. upon the price of last Saturday ; a decline of * per cent. has since -occurred; and for the last few days the market has been steady at 88* a, which was the price at the close of business. Bank Stock has improved slightly ; has been several times done at 165*, and is today 165 to *. We have had no trans- actions in India Stock ; but have to notice a bargain in New Five per Cents., at 117. It will be remembered that at the last reduction of the Four per Cents., in 1830, the public bad the option of being paid off at par, or taking for every 1001. Four per Cents. 102L Three-and-a-half per Cent. Stock irredeemable for ten years, or 701. Five per Cents. irredeemable for seventy years. The quantity of Five per Cent. Stock thus created is about 600,0001.; and is known in the market as the New Five per Cents. From its limited amount, bargains are of very rare occurrence; and we believe that the present is the lowest price at which it has ever been quoted—the price has been as high as 135.

An extensive fraud has been perpetrated upon a bullion-dealer in Leadenhall Street, by the negotiation with him of forged Belgian bank-notes, to the extent of 35,000 francs, or about 1,4001. The money was paid about ten days ago; and the forged bank-notes, after being passed to two other dealers in such se- curities, were only discovered to be forgeries upon presentation for payment at Brussels. Some time of course elapsed before the fact of the forgery became known here ; and we fear that the delinquent has had time to escape. The state of commercial credit at present is very bad ; and reports of mer- cantile failures have been prevalent both today and yesterday. The only actual stoppage that has occurred is that of an extensive solicitor's house in the City.

The last arrival from the United States has brought very unfavourable intel- ligence for the holders of the Bonds of the various States. It appears certain the dividends which become due in January, upon the Mississippi and Indiana Bonds, will not be paid; and there is considerable doubt as to the dividends upon the Bonds of the Illinois and several other of the minor States.

The packet-service of the West Indies will in future be performed by steam- vessels instead of sailing-packets. Fourteen vessels of from 1,200 to 1,400 tons burden are in course of preparation : one has already sailed for the West Indies,

and four are to sail on Wednesday from Southampton for the same destination. It is expected that the time of communication will be abridged by nearly one half, and that the return of the West Indian packet will in future be timed at six weeks, instead of twelve weeks as at present. The success of this under- taking will establish a communication between England and the various Islands in the West Indies, of from eighteen to twenty days from thence ; with the town of Chagres on the Atlantic side of the Isthmus of Darien of four or five days; while a land-journey of from two to three days will place the traveller at Panama on the Pacific Ocean : thus connecting the rich districts of Peru and Chili with Europe, through the instrumentality of the line of steamers now running in the Pacific, and reducing the voyage from between four and six to between two and three months.

In the Foreign Market we have to notice an improvement of nearly 5 per cent. in Brazilian Bonds; which have been today done at 64*. The stock had lately fallen to 50, in consequence of the delay in the advertisement of the Dividends; but has been gradually advancing in price ever since, the market having been completely cleared of stock by the purchases made for investment. The intelligence of the pacification of Mexico brought by the last arrival from New York has produced a favourable effect upon the price of the stock ; which was on Wednesday as high as 26*, but has since fallen to 255. Columbian, and the other South American, are without material variation.

The reports of the capitalization of the Belgian portion of the Dutch Debt would appear to be without foundation ; for, it true, the inevitable effect of the

proposed operation would be to augment the value of the Dutch Stock, and

depress that of the Belgian : but the Belgian has remained stationary, and the Dutch slightly declined. Spanish Active Stock has been tolerably steady; has fluctuated from a per cent. below to a per cent. above 24; and closes this afternoon at 235 24. Portuguese Bonds are about 1 per cent. lower; and the transactions in them have been on the usually limited scale. The Brighton Railway Shares have given way, in consequence of the defal- cation of the Secretary of the Company, who had speculated largely in its

Shares, and b' whose insolvency a large number were thrown upon the market. The price, which had been as high as 365 per Share, has since fallen about 11.; but has rallied again, and may be quoted at 36 to 4.

SATURDAY, TWELVE O'CLOCK.

Prices have advanced generally * per cent, without any transaction of im- portance having occurred. Consols for Account have been done at 88a, and Reduced Three per Cents, for Money, at 88*; while Reduced Three-and-a-half per Cents. have reached 98*.

The French mail of Friday has not yet arrived; retarded, we suppose, by the state of the roads between Paris and the coast. Our Spanish operators are, therefore, deprived of one incentive to speculation, and that market is conse- quently in an quiescent state; the decline in Madrid has, however, caused a depression of per cent. as compared with yesterday's prices. Active Stock opened at 23* Land is now 23a a. With this exception, all the Foreign Stocks are unchanged. The only transactions in Railway Shares have been in South Western, at 561; South Eastern, at 17*; and York and North Midland (New Shares), at 304 i; Brighton are rather firmer, viz. 364 *; and the others without variation.

SATURDAY. FOUR O'CLOCIE.

The English Funds, and Exchequer Bills, close at the morning's quotations. In the Foreign Market, the business has been almost entirely confined to Spanish Active Stock; which has risen * per cent., and closes at 23* 24. This improvement is the result of two or three purchases, which occurring at a time when the business has not been extensive, have produced a greater effect than could be anticipated from their trifling amount. Among the Railway Shares, we have to note in the course of the afternoon the following transactions : in East County Debentures, at 91. 16s. 8d. ; Great Western, 19* prem.; Brighton, 36* *; New Blackwell, 1* prem.; South-western, 565; South-easternand Dover, 17*; York and North Midland, 89 9.

3 per Cent. Consols shut Columbian 6 per Cents ..... 201 * Ditto for Account 3 per Cent. Reduced 891 881 Danish 3 per Cents Dutch 24 per Cents

784 91 51I 21 34 per Cent. Ditto

981 Mexican 5 per Cents. Count.

251 64

New 31 per Cents shut Portuguese Regency 5 per Cis. 33 Bank Stock 165 Ditto New 5 per Cents. 1841. 28 Exchequer Bills 10 12 pm. Ditto 3 per Cents 191 20 India Stock shut Russian 5 per Cents..... 113 15 Brazilian 5 per Cents 63 5 Spanish (Active) 234 4

Belgian 5 per Cents

1001 14

The usual return of the liabilities and assets of the Bank of England has made its appearance. As compared with the last, the Circulation has decreased 300,0001., the Deposits 16,000/, the Securities 359,0001., and the Bullion 5,0001. Compared with other years, the state of the Bullion is very remarkable; for we have hitherto had almost invariably to notice a considerable diminution under this head iu the month of December. This will be the last return pub- lished in the year 1841: we therefore subjoin a tabulated statement of the re- turns of the Circulation and Bullion for every month of the past and present years. It will be seen, that the average Circulation of 1840 was 16,823,7701., and the average amount of Bullion 4,160,7701.; whereas during the present year, the average Circulation has been 16,803,930/, and the Bullion 4,568,153/. The fluctuation in the Circulation, however, has been greater during this than the last year; the lowest amount, in January 1841, being 16,112,0001., and the highest, in October, 17,592,000 ; showing a difference between the two of 1,480,000/. The lowest amount in 1840 was in January—viz. 16,366,008, and the highest in September-17,263,000 ; being a difference of only 896,992, or little more than half the preceding one.

Quarterly Average of the Weekly Liabilities and Assets of the Bash of England, for the three months ending

Circulation. Bullion.

1840. 1841. 1890. 1841.

January 16,366,008 16,112,000 3,95 l,000 3,557,000 February 16,511,000 16,230,000 3,964,000 3,816,000 March 3d 16,678,000 16,372.100 4.271,000 4.076,000 March 31st 16.818,000 16,537,000 4,336,000 9,339,000 April 16,831,000 16.587,000 4,318.000 4,638,000 May 16,817,000 16,615,000 4,386,000 4,921,000 June 16,871,000 16,632,000 4,439,000 5.098.000 July 16,951,000 16.821.000 4,529,000 5,170,000 August . ...... 17,128.000 17,228.000 4.560,000 5,106,000 September 17,263,000 17,481.000 4,453,000 4,975,000 October 17.231000 17,592,000 4,145,000 4.713.000 November 16,798000 17,272,000 3,729,000 4,491.000 December 16,446,000 16,972,000 3,511,000 4.486,000

Average 16,823,770

16,803,930 4,160,770 4,568,153