13 MAY 1848, Page 9



The scarcity of Stock upon the settlement of the Consol Account, on Tuesday last, was such that the price of Consols for Money was from * to * per cent higher than for the June Account; the premium paid by the speculators to borrow Stock from one account to the other ranging between the limits already given. This difference has since diminished, and in the course of yesterday it had completely disappeared. Under these circumstances, the prices of the Government Funds experienced considerable improvement ; Consols for Money having yesterday reached 8411,--an advance of 1 per cent upon the closing prices of Saturday last, This improvement was not long supported; for the Market gave way yesterday. and has since continued heavy, and, after being at 83*, the last price this after-

noon is 834 i. This change is ascribed to something less pacific in the supposed tendencies of French politics—the decline of Lamartine's ascendancy in the Go- vernment, the rumoured fortification of Boulogue, and the like. Some pretty large amounts of Stock were today brought to market for Money: the speculators for the fall have gained courage, and by their operations at one period today de- pressed the market to the whole extent of the recent rise. Money is as abundant as ever; the rate of interest on loans for short periods being from 2 to 3 per cent. In the Foreign Market, there is a decline in Russian Bonds; which are heavy at about 2 per cent below the recent quotations. The decree of the Government at Madrid for putting into circulation a large amount of Treasury bills has caused a decline in Spanish Stock; Active Bonds having fallen about 1, and the Three per Cents between 2 and 3 per cent. The latter are the most affected; as, from the great variation that has recently occurred in the exchange in Madrid, it is feared that the dividends due upon this Stock in July next will not be paid in London, but only in Madrid; the Government in that case copying the example of Aus- tria, and refusing to remit funds to London at the present ruinous exchange. The other European Stocks are all lower today. Mexican Bonds are without ma- terial variation. Peruvian have advanced considerably, and are nominally quoted at 37 to 40. This improvement is the consequence of the Peruvian Government having given indications of an intention to attend to the interest of its foreign cre- ditors.

The Share Market has been in a state of great activity, and some very con- siderable bargains have been effected at the advanced rates. Up to yesterday, while the English Funds were improving, the advance upon almost every descrip- tion of Shares as compared with our last prices was from 1/. to 51. Today the markets are not quite b0 buoyant, and the upward tendency is reversed. There is no material change in the French Shares.

The accounts of the Bank of England, for the week ending the 6th May, exhibit when compared with those of the preceding week the following results-


Best Public Deposits Other Deposits Seven-day and other Bills Government Securities, including Dead-weight Other Securities Notes unissued Actual Circulation


Notes Issued Bullion Total Bullion in both Departments Actual Circulation Increase.

£27,566 153,390 — 18,735 — This week.

12,826,108 18,621,800 Decrease.

798,946 3,210 320,398 129,519 104,305 — 85.570 52,558 Last week. 12,878,666 18,603,065


A fall of 2 per cent in the French Funds yesterday caused the English Stock Market to open heavily; Consols were done at 834, and afterwards at 83i; the present price being 83,1 i. All the Foreign Bonds are nominally quoted lower than yesterday, though as yet but little business has occurred in them. There is an evident disposition to sell Spanish Stock, occasioned by the intelligence from Madrid; the prices of both varieties are as yet only nominal, the Active being Hi to 12i., and the Three per Cents 20b to 24. The Railway Market is heavy; the few bargains recorded indicating a decline: North-western, Fifths, Si; Midland, 1041; North Staffordshire, 106; South-eastern and Dover, 29i; York and North Midland, 59fj.

3 per Cent Consols

sat Danish 3 per Cents

5 — Ditto for Account

834 f

Dutch 24 per Cents 41 3 3 per Cent Reduced 824 Ditto 4 per Cents. 61 3

at per Cents

834 Mexican 5 per Cents 1846. • • 154 16 Long Annuities


Now Grenada

14 15

Bank Stock 189 191 Portuguese N.4 per Cents 1842 17 18 Exchequer Bills

38 44 prem.

Portuguese Old 1824 67 71 India Stock

Russian 5 per Cents 84 6 Brazilian 5 per Cents 68 70 Spanish (Active) 5 per Cents 114 124 Belgian 44 per Cents 58 63 Ditto 3 per Cents 1842 204 If Buenos Ayres 20 3 Venezuela 18 22

ChIllan 6 per Cents

82 5