MONEY MARKET.

STOCK EXCHANGE, FRIDAY AFTERNOON.

The usual effect of the issue of money consequent upon the payment of the Dividends is to produce a rise in the price of the Public Securities; and our quotations today are A per cent above those of the middle of last week, and per cent above those of last Saturday. The improvement would doubtless have been greater, but for the heaviness of the French Funds, which are kept down by the continuance of the war in Morocco, and the fear that some unpleasant circumstances may arise out of it to lessen the good understanding between our own and the French Government. Money is of course more abundant than ever ; and nothing but a disturbance of the peace of Europe can (while the present low rate of intereat continues) prevent a continued advance in the Government and better class of Foreign Securities. Bank Stock continues to improve, and has been quoted as high as 200. India Stock has advanced to 285, ex dividend. Exchequer Bills are likewise slowly creeping up; and the premium of these securities is today 76s. to 78s. The business of the week has been confined to purchases by the public for the investment of their divi- dends, which have been general, and in the aggregate extensive. The Bank- broker has on two occasions been a large buyer of Stock and Terminable An- nuities; but no other transactions of importance have occurred. The usual notice has appeared from the National Debt Office, stating the surplus of revenue over expenditure for the year ending 5th April 1844, as 2,095,4271. 9s. 7d.; of this one-fourth, or 523,8561. 7s. 4d., becomes applicable to the purposes of the Sinking-fund during the current quarter. Nearly the whole will be applied to the payment of the advances made by the Bank to Government in order to meet its current expenditure, and consequently in the redemption of what are termed Deficiency-bills. Only the odd 23,8561.7s. 4d., augmented by the interest of Stock given as donations and bequests, amount- ing to 3,546/. 65. 10d.—making in all 27,4021. 14s. 2d.—will be applied to the purchase of Stock. The effect of this continued absorption of Deficiency-bills will be to place the Government in a position of total independence as regards the Bank ; and that establishment will no longer be called upon for advances. The necessity for this assistance is not likely again to occur so frequently as it has done ; as, from the change to take place in the mode of paying the Divi- dends, by making those of the whole of the Three-and-a-half per Cents (when converted into Three-and-a-quarter per Cents) fall due in April and October, the payments under this head will thus be nearly equalized, and Government will not, as heretofore, be driven to borrow the means of making large pay- ments to the public in January and July upon the hypothecation of the sur- plus revenue of the April and October quarters. In the Foreign Market, an advance has occurred in Dutch, Belgian, and Russian Stock, occasioned by the firmness of the English Funds. The former have advanced per cent. Belgian Bonds have been done as high as 104; which is a trifling advance upon recent prices, and a high value for the stock, when it is considered that in October next the interest will be reduced to 4A per cent. Russian Bonds have been at 119*, the highest quotation they have ever yet reached. It has been determined by the Committee of the Stock Exchange, that all dealings in Belgian Scrip shall be regulated at the fixed ex- change of 25 francs per pound sterling; thus obviating in future all questions as to the rate of exchange, and leaving the fluctuations occurring therein to be compensated by those in the price of the stock. The silence of the Mexican agents as to their intended appropriation of the sum they have at present in hand, has produced an unfavourable effect upon Mexican Stock ; which declined in the course of the week 1 per cent below our last prices, and closes this after- noon A per cent above the lowest recent price. It is believed that the agents have in hand nearly sufficient for one dividend ; and as the whole of that due in April is still unpaid, the Bondholders contend that the agents should pub- lish some statement of the funds already accumulated, and also their intentions as to their appropriation. Spanish Stock has not been the subject of much fluctuation : the market had shown symptoms of advance, but it has given way, and is today nearly 1 per cent below the highest point of advance. This decline is referable to the depreciation of the stock in the home markets.

The business in Railway Shares has been unimportant, and the fluctuations trifling. There is an indisposition to purchase, particularly in the new enter- prises. It appears certain from the debate of last night, that the Railways Bill will pass in nearly its present shape. It would be useless here to urge over again objections that have been more ably stated elsewhere : we hope, however, that the clause allowing the purchase by Government of existing and future Railways upon certain terms will be struck out of the bill.

SATURDAY, Two O'CLOCK.

The English Funds close firmly at the morning's quotation. Reduced Three per Cent Stock is scarce, and has consequently advanced A per cent, while the others remain stationary. The usual difference between the Stock and Consols is i per cent, that being the difference in the amount of dividend due upon one stock as compared with the other. Thus, the half-year's dividend upon Reduced Three per Cents will become due in October next, while that upon Consols has just been paid ; there is consequently three months dividend or one-fourth of 3 per cent, viz. * per cent, due upon the one Stock more than upon the other. The highest price of Consols during the day has been 99*, which is equivalent to a quotation of Reduced Three per Cents at 100 and as the latter have been done at 100k, this Stock is h per cent dearer than Consols. The Foreign Funds are unchanged. The following bargains have occurred in Railway Shares, in addition to those given in the morning : Birmingham and Gloucester, 99; Chester and Holy- head, 4; Dublin and Cashel, 5 4,1; Eastern Counties 12i i; Ditto, New, Registered, 13i 14; Great Western, 126; Ditto, Half-Shares, 79; South-

SATURDAY, TWELVE O'CLOCK.

There is scarcely any business occurring this morning. The English Funds were for a moment depressed, but have recovered again to yesterday's quotations. No change of importance has occurred in the Foreign Funds ; and with the exception of Spanish Bonds, which are heavy, the prices of yesterday are sup- ported.

The following bargains have occurred in Railway Shares : Birmingham and Gloucester, 99* 9 98A; Eastern Counties, 12k; Great Western, 125; Birming- ham, 224; South-western, 828 ; Manchester and Leeds, 104 ; Midland Counties, 97A ; South-eastern and Dover, 36A A ; York and North Midland, Half-Shares, 51.

western, 84; Trent French Shares, not a

3 per Cent Connote

Ditto for Account 3 per Cent Reduced 35 per Cent Ditto New 31 per Cents Bank Stock Exchequer Bills India Stock Brazilian 5 per Cents Belgian 5 per Cents Chilian 6 per Cents

Valley, 9i. We single bargain in them

. 991 * 991 4 100 5 1024 1011 4 1991 prem. 76 8 285 824 31 1034 44 104 6

have only nominal quotations being marked.

Colombian ex Venezuela....

Danish 3 per Cents Dutch 24 per Cents Ditto 5 per Cents Mexican 5 per Cents Ditto Deferred Portuguese New 5 p.Cts.1841 Russian 5 per Cents Spanish (Active) 5 per Cents Ditto 3 per Cents 1942 Venezuela Active .

of the

131 I 88 9 614 4 101 4 351 61 154 4 45 6 118 19 225 + 33t I 40