14 AUGUST 1847, Page 12

MONEY MARKET.

STOCK EXCHANGE, FELDAT AFTERNOON.

The week commenced gloomily. Several very heavy failures occurred, chiefly of houses in the corn trade; and the general distrust thus occasioned produced a decline in the prices of the Public Securities. Exchequer Bills fell again to 5s. discount, and Consols for Money to 865—for Account, to 864. It was expected that the Bank Directors would increase their minimum rate of discount to 6 per cent: for a short time money was very difficult to be had, and everything seemed tending to a panic. A change, however, speedily occurred. Exchequer Bills advanced to par, and have since fluctuated between that point and a small premium. Consols in two days advanced about 1 per cent; money began to flow in its usual channels; and discounts; upon short bills have been easily effected at the Bank rate of 55 per cent, and upon paper of longer date at 6 per cent. The meeting of the Bank Directors yesterday passed off without any rise in the rate of discount; and though the prices of Public Securities have gone back 5 per cent from the highest point, the week doses under much more favourable appearances than it commenced. Neverthe- less, the pressure upon the mercantile community has been very severe; and we speak considerably within the mark in rating the liabilities of the houses that have declared their insolvency since our last report at upwards of 1,000,0001.

In the Foreign Market, the low prices have operated to produce a larger amount of business than usual; but as there has been a general disposition to sell stock, the tendeecy has still been downwards. The Dutch and other European Bonds, which have been but slightly dealt in, have fallen in the smallest degree. Mexican Stock has experienced some fluctuation, and was at one time nearly 15 per cent below our last quotations, but has since improved slightly. The intelligence from the Peninsula has, from its unfavourable character, induced sales of Por- tuguese Stock; under the operation of which the price has given way between 1 and 2 per cent, and the market continues heavy at the low prices. The trans- actions in Spanish Stock have been so few that the quotations can scarcely be considered more than nominal.

The tendency to decline in the Railway Shares still continues; and some of the greater lines have given the first symptoms of a reflex of that continuous tide of prosperity upon which they have so long been triumphantly floated. Thus, the dividend upon the Brighton Shares, for the half-year just ended, has been reduced from 34 per cent to 2 per cent, or from 7 to 4 per cent per annum. Upon the London

and North-western from 5 to 45 per cent, or from 10 to 9 per cent per annum. The dividend upon the Eastern Counties Shares is continued at the old rate of 10s. pet-- share of 201.or 5 per cent per annum: but to do this, the company has been com- pelled to neglect the interests of the holders of the York Extension Shares, and mulct them of the half-year's interest due upon that class of shares. A strenuous attempt was made at the meeting yesterday to obtain some present payment of interest for these shares; but it was successfully resisted by the chairman and the majority of the proprietors. The plea for non-payment is, that by a recent act of Parliament payment of interest cannot be made out of capital; and as there are no profits arising from the lines constructed with the particular portion of the Eastern Counties capital represented by these shares, no interest can le- gally be claimed upon them. Against this the shareholders urge the agreement of the Eastern Counties Company to pay 4 per cent until, under certain condi- tions, these unfortunate shares should become portions of the general stock of the company. Perhaps the key to the mystery will be found in the fact, that the nett profits of the half-year are only 106,1301.; barely sufficient to continue the old dividend upon 212,736 shares. The plea for all these reductions is in all eases the same—namely, the opening of collateral lines, and consequent increase of ex- penses, while the new traffic still remains only partially developed. These results have long been anticipated by all who have given attention to the Railway system as administered in the reckless spirit of monopoly which has characterized it for the last three years. As might be inferred, the decline in dividends has pro- duced a corresponding decline in the price of the shares. Brighton have fallen today as low as 495—a decline of about 21.; North-western are quoted today at 165 and 1655—a decline of about 5/.; and Eastern Counties, after having advanced about 108. per share, are today nearly at the same quotations as on Sa- turday. The Foreign Shares are all heavy, without any transactions of importance. An occasional impulse is not unfrequently given to them from .purchases induced by an improvement in the Paris market; but it is only transitory, and there seems no disposition to a revival of speculation.

The accounts of the Bank of England for the week ending Saturday last indi- cate but slight changes as compared with those of the preceding week. The ar- ticles exhibiting an increase are—the rest, 96,5251.; public deposits, 1,066,7971.; GO-. vernment securities, 26,9401.; other securities, 578,0461., notes issued, 171,5701. There is a decrease in the following items—private deposits, 430,7341.; seven-day and other bills, 2,5421.; notes issued, 32,2801. The aggregate stock of bullion IS 78,4301. less than last week; the present amount in store being 9,252,8201. against 9,331,2501. by the last return. The English Funds opened firmly; Consols for Account being first done at 875. The price has since given way; and the present quotation is 875 5 for the present Account, and there are buyers at 875 for October. The only change in the Foreign Market is a trifling decline in the nominal quotations of Spanish Stock.. The Railway Shares are generally without material variation from the closing quotations of yesterday. The following are the principal bargains: Ambergate, Notts, and Boston, 15; Caledonian, 325; Eastern Counties, 195; Ditto, York Extension, 65; East Lancashire, New, 85; East Lincolnshire, 105; Great Western, 109; Ditto, Fifths, 25; Ditto, New 171., 95; London and Brighton, 495; North- western, 165 6; South-western, 625; Ditto, Scrip 501., 5; Midland, 119; Newcastle and Berwick, New' 85 5; Norfolk, 119; North British, Thirds, 25; North Staffordshire, 95; South-eastern and Dover, New 101., 55; York and Newcastle, 365; Ditto, Extension, 145; Ditto, Preference, 115; York and

North Midland, 805. .

SATUBDAT, TWO O'CLOCK.

Upon the first intelligence of the arrival of the American packet, a report pre- vailed that the Exchange in New York had undergone a farther decline and Con- sols for Account fell to 87. It however now appears that the Exchange con- tinued the same, viz. 55 premium. The English Stock Market has consequently improved again, and closes at the morning's quotation-' Consols being 875 for Money, and 875 5 for Account. Some addition to the usual quantity of business has occurred in the Foreign Market; the intelligence of negotiations for peace between Mexico and the United States having given an upward impulse to Mexi- can Stock, which from 18 has been done at 185, the Stock continued rising till the close of business; when the last quotation was 185 to 195. We have to notice an improvement in some of the Railway Shares during the afternoon; the general tendency of the Market is still however downwards. The following are the prin- cipal bargains since the morning: Caledonian, 321-4 4; Eastern Counties, 18/; East Lancashire, 18; Great Western, 109; Ditto, Half-shares, 66; Ditto, New, L 85; -London and Blackwell, 65; London and Greenwich, 50 4945; London and North-western, 166 45 8 166; London and South-western, 625 1; Midland, • 119 18; Newcastle and Berwick, 265 7 65; North Stafforshire, 95 $ ' - Bou- . logne and Amiens, 135; Datch-Rhenish, 254; Lyons and Avignon, 3; Northem

of France, 115. . •

3 per Cent Consols

87 4 Danish 3 per Cents: 85 7 Dittofor Account

137/ I

Dutch 24 per Cents

56 4 3 per Cent Reduced

871 f

Ditto 4 per Cents 89 4 34 per Cents 894 4 Mexican 5 per Cents • • .1846 181 194 Long Annuities 9 1-16 New Grenada

19 4

Bank Stock

1954 64

Portuguese .New 5 p. Cts. 1841 284 304 Exchequer Bills I dls. 6 pm. Peruvian 33 5 India Stock

Russian 5 per Cents 110 112 Brazilian 5 per Cents 83 5 Spanish (Active) 5 per Cents 204 1 Belgian 44 per Cents 92 4 Ditto 3 per Cents 1842 304 1 Buenos Ayres 6 per Cent ... 37 9 Venezuela 38 40 Chilian G per Cents 913

SATUILDAY, TWELVE O'CLOCE.