13 MAY 1843, Page 11

MONEY MARKET.

STOCK EXCMINOE, FRIDAY AIPTERWOON.

The financial statement of the Chancellor of the Exchequer appears to have disappointed everybody, except the holders of Three-and-a-halfper Cent Stock ; who of course rejoice that the reduction of their securities is postponed for another year at least. It will be seen by reference to the proceedings in the House of Commons, on Monday evening, that there was no foundation for the re-

port which we noticed on Friday and Saturday, of the reduction of the Three- and-a-half per Cent Stocks. The speculation which was entered into in anti- cipation of this event has also been unsuccessful, and the operators have to sit down with a loss instead of a profit. The contents of the Budget were generally anticipated by public rumour, on Monday afternoon; and the price of Consols fell about f per cent ; while both the Three-and-a-half per Cent Stocks rose in the same proportion. Since that, the price of Console has experienced a further decline of I per cent; while the Three-and-a-half per Cents have risen in equal degree; thus mark- ing a decline of j per cent in the one description of Stock, and an improvement to the same extent in the other.

Rumours are also prevalent of the intended despatch -of troops, arms, and cannon to Ireland, and of the immediate introduction into Parliament of some coercive measures to check the agitation of the Repeal question in that noun-4, try. These circumstances combined have cast a gloom over the market,- the' appearance of which has completely changed since our last report. Some paw sons affirm that the reduction of the Three-and-a-half per Cents will still be carried into effect during the course of this year ; but the more general opinion: appears to be, that the measure is for the present abandoned. Money still con» tinues as abundant as ever; and we cannot notice any increase in the current- rate of interest.

In the Foreign Market, a slight improvement has occurred in Dutch TRIY and-a-balf per Cent Bonds, in consequence of renewed proposals on the paw

of the Government to reduce the Five per Cents : the Two-and-a-half per Cent Stock has risen to 57i; but the Five per Cents have remained sta-

tionary. The present plan under the consideration of the States-General, or- about to be submitted to them, is to give every holder of 100 Five per Cent Stock. 141 Three per Cent Stock. The arrival of 80,000 dollars to the consignment of- Messrs. LIZARD' and Co., (the agents of the Mexican Government,) whereof nearly 60,000 is for the dividends on Mexican Stock, caused an improvement in the price of that -security of rather more than 1 per cent ; and after being at 30 a, the closing quotation of. this afternoon is 30 to Much dissatisfac-

tion is expressed that this remittance is only applicable to the payment of the October dividend, and not to that of the 461 dividend last, now over-due.

It appears that the Government consider they have provided for the April dividend by their-proposition to pay one-third in Money and the remainderby the issue of Stock at par. The bondholders have, however, universally-refused to accede to this proposition, but have expressed their willingness to receive the third part on Account, and allow the fact of its payment to appear on the face of the overdue coupon by its being marked or stamped, and to receive the. balance as soon as it is remitted. The agents have, however, no authority to agree to such an arrangement, and the April coupon still remains unpaid. The conduct of the Government is considered very unfair, and it is accused of! attempting to force a sale of Stock at par when the price in the market. in only 30. The business in Portuguese Bonds has been quite unim- portant. The fluctuations of Spanish Stock have been very trifling; the market has, however, been well supported notwithstanding the unfavourable character of the news which has been daily received from Madrid ; for the speculators for the fall have oversold themselves, and there is but little floating Stock at market. Those gentlemen confidently predict the dissolution. of the Cortes.* The transactions in Railway Shares have been unimportant. The general tendency of this description of security appears to be downwards; although in some individual instances an improvement has occurred.

SATUEDAI, TWILVZ CeCLOCII.

The intelligence from Inland has produced an unfavourable effect upon the English Funds. Consols, have been done foe Money at 96* ; while &single bargain for Account has occurred at 96,. A slight improvement has since taken place, and the price, both for Money and Account, is now 9611. Ex- chequer Bills and the heavy Stocks are the same.

The only variation in the Foreign Funds has occurred in Spanish Stock, which is depressed ; the Three per Cents being 31i 2, and the Five per Cents 21The1 h. transactions in Railway Shares have been as yet confined to the follow- ing—Birmingham and Derby, 411; Great Western, 91 ; South-western, 651. Our quotation of Birmingham and Derby marks an improvement of more than I/. since yesterday ; these Shares being in demand from the circumstance of a negotiation being in progress forthe junction of the three opposing companies— namely, North Midland, Midland Counties, and Birmingham and Derby. We have also to notice a bargain in General Steam Navigation Shares at 27j.

SAMOHDAT, FOUR O'CLOCK,

The English Funds still continue depressed ; during the afternoon 25,000/. Consols were sold for the Account at 96k. The heavy Stocks are also a shade lower; the closing price of Consols for Money and Account may be quoted at 96b h. Exchequer Bills are lower ; those bearing an interest of 2d. per day have been done at 59s., and those at 11d. at 61s. We have no quotation of Bank or India Stock today. The circumstance worthy of notice in the Foreign Market, has been an ad- vance of nearly h per cent in Spanish Stock, entirely arising from the scarcity of Stock in the market.

We have to notice the following transactions in Shares in addition to those quoted in the morning. United Mexican Mining Scrip, 31. Railways—Bir- mingham and Gloucester, 56 1; Cheltenham and Great Western, 28k; Eastern Counties, 91; Ditto, Scrip, 111 ; Ditto, New Shares, Registered, 11 ; Birming- ham, 212; Manchester and Leeds, 82i 3; South-eastern and Dover, 2470 1. Banks—Provincial of Ireland, 451 ; Union of Australia, (21. 10s. paid,) 51.

3per Cent Consols Ditto for Account 3 per Cent Reduced 3} per Cent Ditto.'

261 I 961 4 251 4 1014 2 Chilton Deferred

Colombian 6 per Cents,1824

Dan:sli 3 per Cents Dutch 2} per Cents 30 32 244 fit 85 6 57+ I New 31 per Cents...

102} I Ditto 5 per Cents ...... .... 1001 1 Bank Stock for Account

Mexican 5 per Cents Cousd . 30 4 Exchequer Bills prem 59 63 Portuguese New 5 p. Cts. D341 40 } 2 India Stock

265 7

Russian 5 per Cents 113} 14} Brazilian 5 per Cents

74 5 Spanish (Active)5 per Cents.

32+ f

Belgian 5 per Cents

1034 41

Ditto 3 per Cents 1842 =I I

Chalon 6 per Cents . .

92 94

The return of the average circulation of the United Kingdom for the four weeks ending 29th April, exhibits as compared with the last, a net increase in the gross circulation of 1,361,629/. under the following heads :

ENGLAND, Bank of England £790,000

Private Banks 273,500 Joint Stock ditto 248,462

SCOTLAND—Chartered Private and Joint Stock Banks 29,707

1RELAND—Bank of Ireland 67,950 Making the total increase 1,409,619 From this must be deducted the decrease in the circula- lation of Private and Joint Stock Banks in Ireland, amounting to 47,990 Leaving the net increase £1,361,629

During the same period the amount of the bullion in the Bank of England has been diminished by 104,0001., the present return giving an amount of 11,316,000/. against a previous one of 11,420,0001.; as compared with the return of 4th February in this year, there is a diminution of 982,163/. in the circu- lation, and an increase of 333,000/. in that of the bullion. If comparison be carried back to 30th April 1842, we find an increase of 1,193,114/. in the amount of the circulation, and of 4,234,0001. in that of the bullion in the Bank -of England.