MONEY MARKET.

STOCK EXCHANGE, FRIDAY AFTERNOON.

The intelligence from Tahiti, received on Monday, caused a slight depression in the prices of the Government Securities, and Consols for Money were at one period i per cent below our last prices. The market has since recovered, and closes this afternoon at the same price as last week. All the various Stocks, the Dividends upon which became due yesterday, are now open for pri- vate transfer, and business has been resumed in them after an interval of nearly Six weeks. The Three-and-a-quarter per Cent Stock is current in the market at about 3 per cent above the price of Reduced Three per Cents; and as both these Stocks have the same amount of dividend due upon them, they afford a good criterion for estimating the value attached by the public to the guarantee against some ulterior reduction of the Three-and-a-quarter per Cent Stock. It is hardly necessary to repeat, that the Three-and-a-quarter per Cent Stock will bear that rate of interest for ten years, and after that period the in- terest will be reduced to 3 per cent, with a guarantee against any further re- duction for thirty years. The value of the new Stock is, therefore, com- pounded of three items,-first, the value of Three per Cent Stock ; next, that of the annuity of 5s. per cent for ten years ; and thirdly, that of the guarantee against reduction for thirty years. On a comparative estimate of the new Stock with Three per Cent Reduced, we find that guarantee is worth about 178. 8d. per cent ; as will be seen by the following statement. At the market- price of the day, Reduced Three per Cents may be sold at 995, and Three- and-a-quarter per Cents at 10'4.

1001. Three-and-a-quarter per Cents, there- fore - This 100/. Stock is composed of 1001. Re-

duced Three per Cents - £99 17 6 An Annuity of 5s. per cent for ten years 2 2 4 Leaving as the value in the public mind of the guarantee against reduction below 3 per cent for ten years 0 17 8

£102 17 6

The issue of the Revenue-accounts did not produce any effect upon the Public Securities, as it had been long known that the returns would be of a very favourable character. Bank Stock has been steady between 209 and 210i, andis quoted today at 205& and 206.5- ex dividend-equivalent to a quo- tation with dividend of 209 to 210. India Stock has advanced ; being quoted today at 289 and 288. The Dividends upon the Reduced Three per Cents, Three-and-a-quarter per Cents, and Long Annuities, will be paid to the public on Monday next, the 13th instant. The principal Stock business in the Foreign Markets has been in Portuguese Securities ; which have experienced a very considerable improvement, having been at one time fully 3 per cent, and closing this afternoon more than 2 per cent in advance of our last prices. This improvement has been chiefly effected by the continued purchases of two or three influential brokers, who have freely taken all the Stock brought to market at the advanced rates just noticed. The sales have been of a very general character ; and but for the determined and continued purchases above-mentioned, we should doubtless have had to record a decline instead of an improvement. Spanish Stock has declined nearly 1 per cent, chiefly on account of a depression of the local Stock and sinister political reports from the North of Spain. The market is rather firmer since yesterday afternoon, but does not evince much activity. No material change has oc- curred in the other Foreign Bonds.

The business of the Share-market has been of a very extensive character; but the operations have, with few exceptions, been unfavourable to the newer description of shares. Some of the larger and more important varieties, as £102 17 6 the Birmingham and Great Western, are heavy, and less in demand than usual.

Unusual interest was excited in the market yesterday by the proceedings in Paris on Wednesday, determining the result of the competition for the Or- leans, Tours, and Bourdeaux Railway. The practice of the French Govern- ment with respect to the construction of lines of railway, is to construct all the earth-work at the public cost, and to lease each individual railway for a term of years to a public company with a certain fore-determined amount of capital ; who, in consideration of the lease, are to be at the expense of laying down the rails and providing locomotive engines and carriages. The lease granted by the Government to the Companies who have formed most of the existing railways varies from ninety to one hun- dred years ; but finding, from the prices of the shares in these undertakings, most of which are at a very great premium, that the Government bad been too liberal in the terms of its lease, the .Ministry resolved to fix upon forty-one years as a maximum for the term of the lease of many future railways, and of the one now under consideration. The competition among the three Com- panies, viz. those of Messrs. ROTHSCHILD, Messrs. GOWERS, and Messrs. PATERSON and MACKENZIE, who bid for the lease, was therefore confined to determining which would take it for the shortest number of years; and as the latter Company offered to take a term of twenty-eight years less seventeen days, Messrs. ROTHSCHILD one of thirty-one years and nine days, and Messrs. GOWERS, through their agent M. DROUILLARD, one of thirty-six years and one day, the lease was adjudged to Messrs. PATERSON and MACKENZIE. The result was known in London shortly after eleven o'clock yesterday, but not generally till nearly an hour later; and during the uncertainty many bargains were made in Messrs. ROTHSCHILD'S Shares at 1i to ij premium, in Messrs. COWERS at 14- premium, and in Messrs. PATERSON and MACKENZIE'S at about 1 premium : in the end, the other two lines fell to par, and were of course ne- glected, while MACKENZIE closed at 2 premium, and are today at 3 premium.

SATURDAY, TWELVE O'CLOCK.

There is no material change either in the English or Foreign Bonds, and prices are the same as yesterday. The business in Railway Shares has been on the usual extensive scale, though it will be seen from the following list of bar- gains occurring this morning, that no variation of importance has occurred : Bristol and Gloucester, 454 5; Caledonian, 4a ; Chester and Holyhead, 7* ; Eastern Counties, 14i; Great Western, Fifths, 26; Birmingham, Quarter- shares, 25; Midland, 110i 9i 10i; Derby and Birmingham, 80i; Newcastle and Darlington Junction, 48 ; Trent Valley, 8i ; York, North Midland, and Scarborough, ; Ditto and Selby, Scrip, 42i; Churnet Valley, 4i; Paris and Orleans, 39i ; Orleans, Tours, and Bourdeaux, 34; Paris and Lyons, ; Central of France, 3i; Boulogne and Amiens, 4i.

3 per Cent Consols 100* g

Danish 3 per Cents

NI 74

Ditto for Account 1008 1 Dutch 24 per Cents 624 3 per Cent Reduced 994 100 Ditto 5 per Cents.... ex div. 984

31 per Cents. ....

1021 3 Mexican 5 per Cents

341

Bank Stock

Ditto Deferred 151 Exchequer Bills prem.

75 7 6

Portuguese New 5 p.Cts.1841. 50* 1*

India Stock 288 9

Russian 5 per Cents... ex d. 118 19 Brazilian 5 per Cents 85* 64 Spanish (Active) 5 per Cents 234 Belgian 5 per Cents 1034 44 Ditto 3 per Cents 1942 344 Chilian 6 per Cents.— ex div. 101 3

Venezuela Active ....ex div.

39 41 Colombian ex Venezuela 144 *