MONEY MARKET.

STOCK EXCRANOZ, FRIDAY AFTRRNOON.

There has not been much fluctuation in the Public Funds since our last re- port, and the business transacted has not been important. The market was

firm at the beginning of the week, but has since given way about * per cent. from the highest quotations. This depression has been partly occasioned by the Bank-broker having borrowed money upon Consols at 5 per cent., and thus thrown a quantity of Stock upon the market, and partly by the facility which. the resumption of business in Exchequer Bills has afforded to the payment in full of the Scrip of the late funding, by which the demand previously existing for Stock has been completely supplied. The decline has also been in some degree produced by a report that, among other remedies for the existing dis- tress, the Government have determined upon raising a large sum of money by way of loan to be applied to the purposes of emigration. The highest price of Consols for Money has been 89k, and for Account 891: the price has since fallen to 89 for Money and 891 for Account, and has during yesterday and to- day alternated from buyers to sellers at both prices. Bank Stock has been at 165/, and is today at 164i; while India Stock has fallen from 247 to 245i.

Business in Exchequer Bills was resumed on Monday, after a long interval.

The resumption was in some degree forced upon the monied interest by the occurrence of the second instalment upon the Scrip of the last funding, which became due on that day, and for which a large number of Exchequer Bills were required. So great, however, was the indisposition of some of our capi- talists to meddle with these tainted securities, that they preferred making their payment in cash instead of bills, although the bills might have been liarchased. at 10s. premium, and 12s. per cent. was charged upon all paymi.nta in cash ; thus submitting to a loss of 2s. per cent. It will be seen by the following letter, received this morning from Lord Moyrzenze, that the examination and stamping of the outstanding Exchequer Bills is nearly completed.

"To the Committee ofice Stoat Exchange.

.• Exchequer, 11th November 1891.

" Gentlemen—I think it right to int.rm yon, that I have already received, stamped.

and reissued to the holders 25.7..9 Exchequer Bills, representing a value of 15 865,d00/. If to these be added 2,297 bilis, representing a further value of 2,131,3001., in the bands of the paymasters on account of the funding, these sums, deducted from the number of Supply Exchequer Bills outstanding on the 23d October, leave a balance of bills, in value 1,992.5501. still outstanding and unstamped.

" It is of the greatest importance to the holders and the public, that these bills

should be stamped without delay. Till this is effected, the circulation of nnstamped bills which are authentic may arord facilities for negotiating forged bills. It will also lead to confusion in the Money-market, and to possible delay and uncertainty at the annual exchange. " 1 have therefore to request your cooperation and assistance, in order to induce the owners of the unstamped bills to bring iu their securities with the greatest despatch-

£19,489,150

The price of Exchequer Bills was on Monday 108. premium, it afterwards was 13s., and has today fallen to 10s. Nearly the whole amount of Exchequer Bills that will be received in payment upon the Scrip have already been paid in, viz. 2,131,300/. out of 2,500,000/. ; and it would appear from this circum- stance, that nearly the whole of the Scrip has been paid up. The business in the Foreign Market has not been extensive, though prices are generally rather firmer than hat week. Chilian Bonds still continue iu demand, and have been quoted at 71. Brazilian are 57 to 58. The other South American, and also Mexican, in slight demand. A notice has been issued by the POrtugnese Financial Agency, giving the particulars of the Stock converted between the 17th July and 31st October, by which it appears that the work of conversion goes on but slowly. Within the period named there have been converted the following parcels of stock— Six per Cents. £2,100 0 0

Five per Ceuts. Regency 135,700 0 0 Five per Cents. 18J7 20.300 0 0

Three per Cents , 89:600 0 0

Debentures 533 0 0 Overdue Coupons

39,467 2 6

If to this be added the Stock converted previously, amounting by the return published iu July to 4,114,956 0 0 We shall find the whole amount of Portuguese Bonds that

have been converted 4 402,656 2 6 Against which have been issued 3,358,950/. New Five per Cent. Stuck, and Provi- sional Certificates amounting to 21.5971. 19s. 5d. The whole amount of the Portuguese Debt at this date is therefore as under.

Five per Cent. Regency. Outstanding. la& and 1833. Original amount £4,600,000 Redeemed previous to 1837 £626.900 Converted in 1841 965.400 Five per Cents. (Goldsmid's). Original amount Three per Cents. 1835. Original amount Redeemed 117.400 Cons erted 1841 2,599,050 Making the total amount 11,151,079 19 5

Spanish Active has improved, in consequence of a rise in the price of the local stock at Madrid : the price here has been as high on two occasions as 21/, but has given way, and closes at 211 1.

The Railway ,hares are generally more in demand. Brighton have been at 38/ per Share, equal to 11/ discount, but have since given way again.

SATURDAY, TWELYR o'cLoeR

The usual statement of the liabilities and assets of the Bank of England has been published : as compared with the last, it exhibits a falling-off in every

item; Circulation being diminished by 320,000/., the Deposits by 144,000!., the Scurities by 301,0001., and the Bullion by 222,0001. The latter item has been on the decline since July last, and since that period has fallen from 5,170,000/. to its present amount of 4,491,000/. It is, however, considerably greater than it was at the corresponding period of last year, when, in the return of 10th November, it was stated at 3,729,0001. In the return of November 1839 the amount was 2,545,0001. The circulation is in a more healthy state at present than on the two other occasions, being now 17,272,000/. against an amount of bullion of 4,491,0001. ; while in November 1890 it was 16,798,000/. against an amount of bullion of 3,729,0001., and in November 1839 it was 17,235,000/. and the bullion only 2,545,000/.

There has been but little business doing this morning, and prices are gene- rally the same as yesterday. in the Foreign Market, the only variation has been in Spanish Active, which after being at 21/, is now 21* /.

The Railway Shares are generally the same : London and Birmingham be- ing 66 to 68prem.; Great Western, 14 to 15 prem.; South Western, 52/ 3/, Croydon, 11/ 12; and Brighton, ni per Share.

2,716,450 .3,283,550 0 0 900,000 863,000 1,000,000

37,000 0 0

957,200 542,800 0 0 Making the amount of Old Stock outstanding 7,771.050 0 0 To which must be added the New Stock now issued, viz 3,358450 0 0 Certificates, ditto 21,573 19 5

Six per Cents. 1833. Original amount

Redeemed 811,800

Converted 1841 51,200 Five per Cents. Original amount

Redeemed 137,800 Converted 1841 319,400

All bills examined by me have been. as you are aware, returned to the patties on the following day.

•• I have the honour to be, gentlemen, your most obedient servant, (Signed) •• Mosvrsocz."

It will be seen from this letter, that the amount of Exchequer Bills out-

standing before the funding was 19,489,150/., viz. Stamped and examined In the hands of the paymasters Unstamped bills in circulation £15,865,300 2,131,300 1,492,550 1,592,300 — 4:3,007.700 0 0 900,000 900,000 0 0 6,000,000

SATURDAY, FOUR O'CLOCK.

Scarcely any business of importance has occurred during the afternoon, and the closing prices are generally the same as those of the morning. Spanish Ac- tive Stock, however, has advanced : and after being quoted at 214 for the next Account, closes at 21i i for Monday, and 21/, buyers, for the 30th instant. The Railway Shares are the same.

3 per Cent. Consols b91 Columbian 6 per Cents ..... 19* 4

Ditto for Account b91 I Danish 3 per Cents 781 90

3 per Cent. Reduced .. ...... S84 Dutch tsrer Cents 51* 4 3,/ per Cent. Ditto 971 8 Mexican S per Cents. Coustl. 25* t New 30 per Cents 294 4 Portuguese Regency S per Cis. 294 30

Bank Stuck 164 5 Ditto New 5 per Cents. 1841.. 254 4 Exchequer Bills ... 10 12 pm. Ditto 3 per Cents 18 India Stock 245 Russian 5 per Cents..... ... 112 13 Brazilian 5 per Cents 57 8 Spanish (Active) 211 i Belgian 5 per Cents DA* 1