14 DECEMBER 1844, Page 9



At the commencement of the week the English Funds improved about per cent, and Consols for Account were as high as 1001. A large speculative sale hat driven them down to 100; and for the last three days the fluctuation has beet between 100 and 1001. But the most remarkable feature is the comparative discredit into which the Three-and-a-quarter per Cent Stock has fallen. At various periods since October, when the change took place, this Stock has been from 2} to 31 per cent above the price of Reduced Three per Cents; and as the value of the Annuity of 5s. per cent per annum for ten years (which Con- stitutes the difference between the two Stocks) is 21 per cent, the excess of difference above that amount in the value of the Three-and-a-quarter per Cent as compared with the Three per Cent Stock, is the value per cent attached by opinion to the guarantee against its reduction below 3 per cent till after 1884: It would have been fair to suppose, that in proportion to the price of Stock the value of this guarantee would have improved: but the contrary appears tube the case ; for the difference between the two Stocks has for some time not ex- ceeded 21 per cent ; thus leaving, after deducting the value of the distia- guisbing annuity, only about per cent as the value of the guarantee against • present instalment was 25.50; abut that will be liable to variation at the the English subscribers in addition to the price : the cost of that portion sub- Brothers; whose offer was 83.95. The loan was consequently adjudged to bonus of rather more than 2 per cent on the price. The loan therefore costs 3 per cent is allowed upon anticipatory payments; which is equivalent to a the French subscribers 823, and the English participators 833. As soon as the result became known, the Scrip was in demand at 13 premium; and after- tion has since continued at about 2 premium. The exchange fixed for the scribed for in London is consequently 853. The first deposit of 10 per cent, and the commission, making in all 103 per cent, was made on Wednesday ; the rest is to be paid in eighteen monthly instalments of 5 per cent, commencing on the 10th March next and ending on the 10th August 1846. A discount of wards rose to 23, which has hitherto been the culminating point, as the quota- iodation, instead of from I to 1 per cent as formerly. Only one pro- bas been determined that Three per Cent Stock is the only fund in which With other varieties. Bank Stock has improved in price, sad is quoted at 209. There is no change in the premium of Exchequer Bills. Money, although oc- Loan, competed for in that city on the previous day. The result was known by pigeon-express early in the afternoon ; when it appeared that the bidding contractors at the rate of 843 per cent. The only other competing list was that of Messrs. HOTTINGUSR of Paris, in conjunction with Messrs. BARING Messrs. Roroscumns. These gentlemen charge a commission of 3 per cent to by a decision of the Court of Chancery in the early part of the year, it hence an extraordinary demand is occasioned for Three per Cent as compared casionally in demand at the Stock Exchange, still continues abundant for com- rnercial purposes; and the rate of discount for first-class bills is 23 per cent. cipated arrival of intelligence from Paris with the adjudication of the French of Messrs. ROTHSCHILDS had been accepted, and that they had become the bable reason has been adduced for this change,—namely, the fad that trustees and executors can legally invest the sums committed to their care :

Great interest was created on Tuesday in the Foreign Market, by the anti- maturity of every instalment. Great satisfaction was experienced at Lloyd's yesterday, by the arrival

Isf the Avon West Indian mail-steamer, with the extraordinarily large freight of 2,000,000 dollars ; whereof 240,000 are on account of the Mexi-

can Dividend. Some :alarm had been felt for this vessel, as she was known to be so heavily laden ; and the premium of insurance, which in ordinary cases varies from 25s. to 30s. per cent, rose to 5/. per cent ; at which rate a large amount was underwritten only about an hour before

the intelligence of her arrival was received. The announcement of so large a remittance on the behalf of the dividends gave a momentary impulse to liferican Stock; and the market both for Active and Deferred closed yesterday afternoon at an advance of about 3 per cent : this morning, however, prices went back when it became known that the amount shipped was no greater than that left behind by the last packet, in consequence of the boisterous weather, which rendered it unsafe to put the treasure on board ; and a further decline has taken place this afternoon, upon the occurrence of sales of an influential character; the closing quotations being nearly 1 per cent lower than those realized at the close of business yesterday. Spanish Stock has been very fa- vourably affected ; the Three per Cents having, upon the appearance of an ad- Vertisement announcing the payment of the next dividend, risen to 373; but the closing price is 373-3. The Five per Cents Active have remained nearly Stationary. The Northern European Stocks continue to improve, without the occurrence of any transactions of importance. The Scrip of the New Belgian Two-and.a-half per Cent Loan is also advancing, and has been done at 13 prem. Portuguese Converted Stock continues in demand, and has reached 573. Columbian ex Venezuela are rather lower.

No material change has occurred in the Railway Shares. The advance no- ticed last week as having occurred in many of the more important lines is gene- rally maintained ; and in some few instances a still further rise has taken place. Nothing has occurred to demand particular notice either in these or any of the newer undertakings. The French Shares are without any material change.


So little business has occurred this morning, that up to the present time the only bargain recorded in the official list is one in Exchequer Bills, at 56s. pre- mium. All the English Stocks are therefore nominally at yesterday's prices. In the Foreign, the only change is in Spanish and Mexican Stock ; in both which the few transactions occurring have been at a slight depreciation on yesterday's quotations. The Railway business has been confined to the following bargains : Eastern Counties, 133; Great North of England,123; Great Western, 147; Brighton, 50; South-western, 813; Manchester and Birmingham, 513; Midland, 110; Newcastle and Darlington Junction, 603; Norwich and Brandon, 13; South- eastern and Dover, 39 83; Yarmouth and Norwich, 25 ; York and North Mid- land and Selby, Scrip, 66; Ditto, Extension, Ili; Boulogne and Amiens,


There is no material change in either English or Foreign Stocks, and prices close nearly as in the morning. The business in Railway Shares has been pretty general ; as may be seen by the following list of bargains that have oc- curred in addition to those given in the morning. It will be observed that South-western are lower, having been done at 80 ; but with that exception the prices of the more important -lines are generally improving : Bristol and Exeter, 703 ; Great Southern and Western, 83 ; Eastern Counties, 133 ; Grand Junction, Half-shares, 1123 3 ; Great North of England, 1233 ; Great Ditto, -Western Fifth-shares, 133 3 ; Birmingham, 222 ; Ditto, New Shares, 38 ; Western, 263 6 27 ; Greenwich Preference, 223 ; South-western, SO ; Manchester and Leeds, 120 ; Ditto, Half-shares, 50 ; Manchester and Birmingham, 513 3 ; Strasburg and Basle, 113 ; Paris and Strasburg, 2 ; -Boulogne and Amiens, 5.

3 per Cent Consols Datto for Account Z per Cent Reduced 34 per Cents .

Long Annuities

Bank Stock for Acct.

Exchequer Bills prem India Stock Brazilian 5 per Cents . .. Belgian 44 per Cents .... ..... .Chilian 6 per Cents • .

1021 3

shut I 100 5 4

991 I

125 64 209 56 8 shut 885 94 102 3 100 2 Colombian ex Venezuela ...

I Danish 3 per Cents

Dutch 2I per Cents

Ditto 5 per Cents Ditto 4 per Cents Mexican 5 per Cents Consd

Ditto Deferred Portuguese New 5p. Cts.1841

Russian 5 per Cents . Spanish (Active) 5per Cents, Ditto 3 per Cents 1842

144 4 89 90 634 44 99* 4 971 84 365 1 16* I 561 74 118 20 244 il. 374