THE MONEY MARKET.
'STOCK EXCHANGE, FRIDAY EVENING.—In our report of last week ,we expressed- our hopes- tharthe mending point as at. hand; and 801 or 81 for Consols would probably have Proved to be that point, had it not been for the sad affair about the King's visit to the . City. When it was known here On Monday morning -that the visit was put off, the alarm was beyond any thing we have witnessed for a long time I and Coilsofs; which had closed of 801.On S.aturday, opened at 791, and speedily fell to 771, carrying with them every description of secnrity„funded and floating, foreign, and dente-sac. -Not that the.inere chance of a tumult in the City-could have pre- kneed Baty each effect, but that It was univeriallystipposed that Ministers had acttd , upon „inforinatiim-of dangers Of a Very different-magnitude. By degree*, andas.con- Irdenctlia.tlinoteptratiorts)ussinst danger.increased (for nobody as. yet doubted. of the danger), the price of Consols recovered, and ultimately closed for the day at 781. Next morning brought with it the explanations of Ministers, and a further rise of prices to 80 f but the Market again gave way to 734, closing however at 794. On Wednesday came the true and decided reaction; and such a reaction, so sud- den, so violent, and so much greater in extent than all anticipation, has not been witnessed for many years; for the price has risen steadily and rapidly full 8 per Cent, from that of Monday morning. It even touched 854 to-day; and then were to be seen the lengthened faces of the defeated Bears, in striking contrast to the smiling Bulls, who now began to talk again of 90. In short, every apprehension for the future had disappeared; and the affairs of the Continent were all settled like magic, or concluded to be so, in the imaginations of the same sanguine persons. Jesting apart, however, it was evident to the cool observer, that this rise was as extravagant in its progress as the previous fall had been excessive ; and, accord- ingly, as the day wore, the Market began to droop, and has at last closed at 844. Indeed, much remains to be settled, both abroad and at home, before the stock bolder's fears can be wholly dissipated ; and 84 is still a high price.
As for the King's visit, it will be long before the City people will forgive the dis- appointment of their hopes of seeing, dining, and lighting up when the lamps were ready; to say nothing of loss or consideration of money laid out-in vain, and money hoped to be touched for seat-hire, &c. The Duke, in fact, had better have lost the battle of Waterloo than advised such a disappointment.
During the panic on Monday, the New 34 per Cents., which were on Saturday at 90, fell to 834; to-day they were done at 95. Exchequer Bills, on Saturday at 24s. fell to 3s.; they were to-day done at 42s. Money is now easy enough ; but the great difficulty is the want of stock for present transfer, which is actually dearer for cash than for credit.
In the Foreign Market, every thing partook o' the fate of Consols. Brazil, for ex- ample, fell to 54, and is now 62. Russian fell to 89, and is now 98. The South American Bonds were as unsaleable as can well be imagined; and even Spanish, which ought to rise with the growth of insurrection, fell to 15; they are now about 17. In short, every description of Bond has thriven under the beams of a rising Consol Market.
What the Great Man is about all this time, we do not hear. It is probable that he obliged the gaping Bulls with some Stock to-day, at and above 85.
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