MONEY MARKET.

STUCK EXCHANOS, FRIDAY AFTF.RIVOONt.

The adoption by the Chamber of Deputies of the proposition of M. Gouzw for the reduction of the French Five per Cents. has led to the breaking up of the Ministry of the Due DE BROGLIE. All the Ministers resigned on Satur- day last, and their successors had not been appointed when the last intelli• geuce from Paris left that capital. It is gratifying, amidst the strife of poli- tical chicanery, to find the involuntary homage thus rendered to common sense and common honesty. This event, however, occasioned a temporary depres- sion of the French Funds, and a decline of f per cent. in the price of Consols ; but the French Stock has since rallied, and our Consol Market has improved f per cent. The rise in our market has been chiefly caused by the great abun- dance of money, which has led to extensive investments, and the consequent absorption of nearly all the floating Stock ; so that the dealers have experienced some difficulty in meeting the demand thus created for Stock for immediate delivery. The purchases on behalf of the West Indian Indemnity Fund have been continued, but on a much smaller scale than usual. We have not yet heard any gentleman named to fill the vacancy occasioned by the retirement of Mr. WARD from the Bank Direction. The business of the Foreign Market has been on an unusually limited scale. Spanish Stuck has been heavy, but has not declined much ; probably from the almost total absence of any business of importance. The recent accounts from the Peninsula are generally favourable ; but the unaccountable conduct of CORDOVA in leaving the English auxiliaries without instructions, and exposed for two days to an attack from the whole of the Carlist force, has considerably shaken the expectation of a speedy termination of that harassing contest. The European Continental Stocks have continued without any variations of. importance; but are generally firmer, in consequence of the improvement which has occurred in Consols.

Those Railway Shares which have passed the ordeal of the Houses of Par- liament, have been generally in demand ; but the undertakings of the last year have been depressed. A new Brighton Railway has just made its appearance,. and has caused a decline in the price of Stephenson's Brighton Shares of about 2/. By the Sheldrake packet, recently arrived from Mexico, 1309 dollars have been received on account of the dividends due on the Bonds of the Republic ;. but the contemptible nature of the remittance has prevented any effect upon the price of the Stock. By the same conveyance, 60,000 dollars have been. received on behalf of the Bolanos Mining Company ; but as this remittance. has been expected for some time, its arrival has not produced any improvement in the price of the Shares. It has, however, tended to direct attention to the- Mining Shares, many of which had been for some time completely neglected F. and has caused inquiry after some of them which have long lain dormant.

SATUSDAT, TWELVE O'CLOSK.

The transactions in the English Funds have been very few, and many of the- prices quoted are merely nominal. The Spanish Securities have improved; about a per cent., but without any business of importance having occurred. The Railway Share Market has been in a state of activity, but the improvement is entirely confined to the heavier description of Shares. Blackwell 24 ; Brighton tSrteplienson's) 81, 94 ; ditto (Rennie's If ; Gravesend ; Greenwich fie 94; 'eat Western 164 174; North Midland 3e 41; Southampton 24 3; York and North Midland 24 prem.

SATURDAY. FOUR O'CLOCE.

Tlas bevines• of the afternoon has been chiefly confined to trinsectiens in the New Brighton Shares (Rennie's); which close at a premium of 2i ; the Shares of Stephenson's Company have not been affected by this imptovement, and close at 8 9 prem. The other varieties of Railway Shares are at the morning's prices.

3 rer Cent. Consols—. ..... 914 Dutch 21 per Cents ..

551 4

IND.. for %emend

914 1

French 3 tier Cents

-

New 34 per Cent. Annuities 991 100

Mexican 6 per Cents.

364 37 India Stock — Portuguese 3 per Cents 534 Bank Stock —

Do. Regency 5 per Ceut ....

834 Exchequer Bills . 18 20pr. Russian, 1822,5 per Cent... 1094 110 Belgian 5 per Cents .., 1024 3 Spanish, 1834, 5 per Cent .. 471 48 Brazilian 3 per Cents. 83t G Ditto, Deferred 234 4 Danish 3 per Cents. 761 7 Ditto, Passive 151 4

A letter has appeared from an influential member of the Committee of the -Stock Exchange, who was prevented by circumstances from participating iu the recent discussion of the question raised by the insolvency of the two Brokers who are the victims of LAK EM AN'S fraud, and to which we alluded last Satur- day. The principal points insisted upon are sitniltx to those urged by us last week ; but, besides asserting that the late decision is in accordance with the principles of law and equity, the writer claims for the Committee of the Stock Exchange the power of making regulations for the government of that body which may he in direct contradiction of the law, and quotes more than one in- stance in which such regulations have been made and acquiesced in. We have not room for the whole letter, but cannot refrain from quoting the conclusion ; as the principles apply with great force to the present mode adopted by the Bankers iu administering the funds of insolvents in cases similar to the one in

question. .

" if the decision of the Committee be rescinded, a door u ill be opened to fraudulent preference on the part of the insolvent, it he should be dishonest. He may instruct his bankers to pay some cheeks and reuse others ; one member of the house may be paid in full and another retIncedio beggary. Is this even-banded justice ? Then, sup- posing the insolvent to be honest, the victim of circumstances. like the unfortunate gen- tlemen who have been ruined by LAICF SIAN—I■ere the banker will he left to his own discretion ; and. I presume, it may lie taken for granted that he will not return such checks as are drawn in favour of his own customer. Thus one man may be protected and another ruined, by the mere accidental circumstance of 'tanking with A or H. Or it reay bappen, that no other member of the Stock Exchange shall bank at the same house, or. doing so, shall have no cheeks from the insolvent on that day—in that case, unless the banker be instructed by the insolvent, chance-medley will fix upon the happy men who are to be paid in full, and the fortunes of our members be decided by lottery."