MONEY MARKET.

STOCK EXIMANGI, FRIDAY AFTERNOON.

The publication of the monthly average of the general circulation of the king- dom, given in our last Postscript, in winch we noticed an increase in that of the Bank of England alone of 2,465,000E, while the total increase was upwards of 2,400,0004 will account for the great change that has recently taken place in the value of money, and the low rate of interest at which it has lately been current. There is always a large increase in the circulation at the period of the payment of the January and July Dividends ; but the increase at present under consideration is more than double that of January last, and infinitely beyond that of any other period. Until yesterday, the continued effect of Itto purchases for Money upon the prices of the Public Securities had produced an Improvement of 4 per cent upon the closing prices of last week. The intelli- gence of the disturbances in the manufactunng districts, then received, has, however, completely changed the appearance of the market. There have been some extensive sales of stock yesterday and today, both for Money and Account; the closing prices of this afternoon being per cent below the highest of the week. Both India and Bank Stock have supported their quotations ; the former having been done today at 2504, and the latter being quoted both yester- day and today at 1704. The premium upon Exchequer Bills has fallen is.— those of the 2d. issue being 48s. to 50a., and those of the 24d. being 50s. to 52s. premium. The Report of the Exchequer Bill Commission has been published, and is generally [considered an able and impartial production : the general result appears to be that the country will have to provide for the payment of front 305,000/. to 320,000/. of the bills denominated spurious, and that either 57,0001. or 72,000/. out of the whole amount of 377,000/. will be repudiated as being held by persons who have received them direct from RAPALLO without giving value for them. The charge made against those who had lent money upon these bills, of having done so at exorbitant interest, is completely disproved. The only shadow of an imputation against some of the holders arises from the frequency and extent of their dealings with the agents of Raratt.o ; whence an inference is attempted, that as there was a continued loss upon the trans- actions by the excess of interest paid for the loans made upon the Exchequer Bills over the amount afforded by the securities themselves, the fact of the long continuance of such a practice by the holders of the bills should have awakened suspicion as to the validity : had the bills been genuine, (it is con- tended,) the 'holders would naturally have sold them to raise the money they required, instead of borrowing at a rate of interest considerably higher than what they were receiving upon them, and thus incurring a loss during the latter period of the transaction equivalent to about 2 per cent per annum. This charge is, however, refuted by the production of the books of the lend- ers in question, which show that they had long been in the custom of making similar advances to parties of the first respectability, and that there was really nothing in this circumstance to awaken suspicion. Considerable disappoint- ment is expressed by the parties interested, that they are left in uncertainty as to the course that will be adopted by the Government with reference to this question ; but, from the tenour of the Report, we have scarcely any doubt that all but those bills forming part of the 57,000/. or 72,000/. above referred to will eventually be paid.

It appears that the Income-tax is held only to affect those Foreign Bonds upon which the Dividends are solely payable in London, and that the great majority of United States Stocks will be excluded from its operation. Those Bonds which fall within its provisions are the Brazilian, Belgian, Danish, Chi- lian, Anglo-Greek, Mexican, Spanish Three per Cents, Prussian Four per Cents, and Venezuela Five per Cents. Should, however, the payment of the Dividends upon the following be resumed during the continuance of the act, they will be Included, viz. the Spanish Active, Buenos Ayres, Peruvian, the New Grenadian and Equatorial portions of the Debt of Columbia. The only Bonds of the United States affected by it will be those of Alabama, Georgia, Indiana, and Louisiana ; which are issued in pounds sterling, and are so pay- able in London.

The transactions of the Foreign Market have not been more extensive than usual, and we have little to notice under this head. The Northern European Bonds and Dutch Securities improved with the English Funds, and are today heavy in consequence of their decline. The demand for small Bonds of Spanish Active for Holland still continues; but the price has not improved in conse- quence; both this Stock and the New Three per Cents having fluctuated the whole week within per cent of the dosing price of Saturday. There has also been a slight demand for the New Portuguese Five per Cent Stock, which has given a trifling impulse to the Regency Five per Cents, the price of which has improved about 4 per cent in the face of some more than usually extensive sales. The South American Bonds are without material variation, and Meal- can are about 4 per cent lower.

The increase of the dividend upon London and Birmingham Shares for the last half-year, from 41. 15s. to 51. per Share, together with the fact that the Directors have been able to reduce the expenditure from 38 to 34 per cent, has caused an improvement of 41. in the Shares of the undertaking, which had fallen to 1781. and are today 1821. It has also given a better tone to this de- scription of security generally, and in the course of this afternoon Shares were in demand at prices at which they had been previously offered.

SATURDAY, TWELVE O'CLOOIL.

But little business tuts occurred this morning ; the only transaction of im- portance having been an exchange of Three per Cent Consols for Three per Cent Reduced, by the Bank-broker, which has not produced any effect upon the market, prices being the same as yesterday. The premium upon Ex- chequer Bills has advanced la The transactions in the Foreign have been as unimportant as in the English Funds; the quotations are also as unvaried. The Share business has been confined to a bargain in London and Birming- ham Railway, (Quarter-shares,) at 474; one in Manchester and Leeds, (Quarter-shares,) at 44; and another in British and North American Bank, at 34.

SATI7RDAY, F0171 0° CLOCIL.

The closing prices of the Foreign and English Funds are the same as in the morning ; no business of importance having occurred. During the afternoon, the following transactions have occurred in Shares: Railways—Great Western, 89; Brighton, 334; South-eastern and Dover, 214; New Ditto, 64; York and North Midland, 896. Banks—London and Westminster, 226.

3 per Cent. Consols Ditto for Account

914 1 91f 1

Columbian 6 per Ceuta

Danish 3 per Cents 204 1

82 3 3 per Cent Reduced

924 1 Dutch 24 per Cents 511 2 34 per Cent Ditto

1001 If Mexican 5 per Cent., Consd . 35 i New 34 per Cents

1004 a Portuguese Regency 5 perCts. 23k 1 Bank Stock

1701 Ditto New 5 per Cents 1841. 271 8* Exchequer Bills. 20. prem. 51 53 Ditto 3 per Cents 194 20 Ditto 24 do. 49 51 Russian 5 per Cents

1141 1154

India Stuck

250 1 Spanish (Active) 5 per Cents 204 5 Brazilian 5 per Ceuta

65 6 Ditto 3 per Cents 180

191 i

Belgian 5 per Cents

102 3