14 AUGUST 1841, Page 10



The gloomy weather, the decline in the Exchanges, and the occurrence or some sales of Stock by the broker of the Equitable Assurance, have all com- bined to depress the Money-market. On Wednesday, the prices of all the current varieties were from # to per cent. below the highest prices of the week : a reaction, however, occurred yesterday ; and the quotations at the close of business marked a recovery of nearly per cent. The market has been again heavy today, but has recovered, and closes as yesterday. The fol- lowing have been the highest and lowest quotations : Bank Stock has been at 169, since 1671, and is today 168 and 1671; Reduced Three per Cents. have fallen from 90; to 891, and are today 891; while Consols for Money have fallen from 89* to 84, and are today 84 1; and Consols for Account have been done at 89; and 84, and close today at 891. The decline in the Three- and-a-half per Cent. Stocks has not exceeded 1 per cent. India Stock has been steady at 248 ; and Exchequer Bills at 14s. to 16s. premium. Money has become scarcer, and was very much in demand in the Stock Exchange this afternoon. The Exchanges are slightly lower than last week : the prevalent opinion among well-informed persons appears to be that this decline must con- tinue for some time ; as, whatever may be the state of the weather, a large importation of foreign corn must take place. The corn-speculators are san- guine of a rise in price sufficient to admit intended importations at Is. duty. The advocates of the sliding-scale will be bard pushed for arguments in its de- fence, if, as is anticipated, the 900,000 quarters of tbreign wheat which will probably be imported in the course of the year, be admitted under its operation at a duty of Is. instead of at the proposed duty of 8s. In the former case, only 45,000/. will be paid as duty ; while, had the Ministerial measure been carried, the duty receivable would have amounted to 360,000/. The country will therefore lose a revenue of 315,000/.

In the Foreign Market the transactions in the Dividend-paying European Stocks have not been extensive, neither has there been much fluctuation. The Mexican and South American have declined about ; per cent., and are heavy at the low prices. Spanish Active has also fallen, but to a greater degree. The market was firm at 19; and 20 ; but as every arrival from Madrid has brought information of a decline of the Local Stock, several extensive sales have been niade, which have depressed the Stock : it has consequently declined to 19/, and afterwards rallied to 19*, to decline again however, and to close today at the lowest quotation for some time, viz. 14 1 There is a very prevalent opinion that the Government of ESPARTERO will be much embarrassed by the intrigues of Queen CHRISTINA and Louts PHILIPPE; whose conjunction is considered ominous for the peace of Spain and the interest of the Bondholders. Portu- guese Bonds had improved; and there was a slight demand for the Three per Cents. and the New Five per Cents., several small purchases having been made of both for Money : some of the latter description of Stock had been bought to be sent to Holland. The prices have, however, again given way, and may today be quoted as last week.

The tolls upon the Brighton and Blackwall Railway have been improving htely ; and the markets for these Shares have been well supported, at prices within a shade of those given last week. This is remarkable, as they generally decline with any fall in the English Funds.

In our last report we noticed the proceedings of a Joint-Stock Bank at Manchester, and felt ourselves called upon to draw the attention of the share- holders of other Joint-Stock Banks to the necessity of a careful supervision of the conduct of the directors and managers of such institutions. During the present week, an instance of similar mismanagement has been made public in the case of Marylebone Bank, of which a meeting of the shareholders has been recently held. From the accounts then submitted, it appears that a loss of 19,000k has been incurred, whereof 16,0001. was due by the Manager of the Bank upon an overdrawn account. It also appeared that there had been gross frauds committed by the Directors in the appropriation of shares; as shares had been issued to Directors upon the understanding that they were only to be paid up in case of the success of the establishment, and the consequent realization of a premium upon such shares by the parties, who were, as far the bank is concerned, only quasi holders, but who appeared to the public as bond fide partners ; while in case of non-success and consequent de- cline the shares were to be cancelled. We forbear giving the names of these Directors and their Manager, as they are too well known for the unfortunate sufferers by their delinquency to need such information ; and our present ob- ject is simply to illustrate the necessity of extreme vigilance on the part of all shareholders in Joint-Stock Banks, and at the same time to point out the great danger incurred by entering into partnership with nameless persons, of whom it is impossible to know any thing. SATURDAY. TWELVE o'Ctoex. The market is much in the same state as yesterday, without much business or any sign of improvement : the opening price of Consols was 89* 1 for Money, and 891; for Account, and the quotations are the same at this moment, not a single fluctuation having occurred. Bank Stock is 167; 8, and India Stock 248, the only quotation of the week. Exchequer Bills also continue as they have been all the week, viz. 14s. to 16s. premium. In the Foreign Market, Mexican and Columbian are rather firmer; Spanish Active Bonds have also

improved, and are quoted at 191 The Railway Shares are the same.


Very little business has occurred during the afternoon, and the closing quotations are the same as in the morning. India Stock has been done at 247 for Account, which is 1 per cent. below the price of the week. In the Foreign Market, the certainty of the payment of the dividend due 15th September next upon the Chilian Bonds, has caused an inquiry for that Stock ; and the price has risen to 67, closing at 65 to 67. The other South American are also firmer, and have generally advanced about * per cent. ; as have Mexican. Spanish Active Bonds have improved, and close at 19; 1; the others are without variation. Though the business transacted in the Non-Dividend Stocks has not been extensive, the various markets have assumed a better tone, and are firmer than they have been. Railway Shares are also slightly better ; the current varieties being in demand at prices at which there were sellers in

the morning.

3 per Cent. Consols Ditto for Account 8 per Cent. Reduced 34 per Cent. Ditto

New 34 per Ceuta

Bank Stock

Exchequer Bills .......

India Stock Brazilian 5 per Cents

Belgian 5 per Cents 894 891 4 81/ g 981 I 984 -r 1671- 8 14 16pm 248 67

102 3 Columbian 6 per Cents Danish 3 per Ceuta Dutch 24 per Cents Mexican 5 per Cents. Coned

Portuguese Regency a per Cts Ditto New b per Cents. 1841

Ditto 3 per Ceuta Russian 5 per Ceuta..... Spanish (Active) 20 784 94 51/ 24 234 294 30 23* In 181 114 191