14 FEBRUARY 1835, Page 8


The English Money Market has been eel y steedy since our last, aeil the fluctuations in Consols have been unimportata. Notwithstanding the supposed withdrawal of Bank-notes to which we alluded in our last, money still continues abundant ; though its effects in producing an improvement in the price of Public Securities have been entirely confined to the Foreign Bond.. Spaei si Stock and Scrip hive both risen in the face of disccuraging aceetnits from Spain, and a decline of price in the French market. The Stock hes be n as high as 57a, and the Scrip 41 prem. Much of the demand for Oaths Pamda has arisen from the extensive purchases which continue to be 1111114! iii the Passive Stock, about to be create:I by the conversion of those Securities. The term passive is applied to that third portion of the capital of the Bonds which by the recent arrangement ceaws to hear interest from Ist November last, and will speedily be exchanged for a stock not beating interest, but which will he called into existence as an active stock in proportion as the actual debt new bearing interest shall be redeemed by the operation of a fixed shaking-fund. The period at which it is calculated the whole of this Passive Stock will become Active, is estimated at forty years; and the price, which a short time ago was 1116, has within the last few days tisen to It. As every improvement of 1 per cent. in the Passive Stock is equal to a tise of one. thild per e'en. in the Cones Bonds, (which, in their present state, consist if two-thieds Active, and of one-third Passive Stock), it is evident that a demaad such AS we have referred to cannot exist without improviog the price of the Corns Bonds : hence th y have risen proportionally more than the Scrip, am' must continue to do so while this state of things contintres. The Portu- guese Bonds have maintained their last quotations ; anal fi icrim the steadineei with which they have remained, within about .1 per cent. of the pr sent prim, for the last fortnight, it may be inferred that the peaent value has been given to them by artifieial means. Dutch, Russian, Deli:a:el, and D inisit Stocks, are all in demand at prices higher than our lust; indeed, both 111.1.,i311 and Datalell Bonds, seem to be nearly absothed by the cc pitalist s, us the fleating amount of the former is comparatively very small, and tile latter rarely make their appearance in the mat it. The art ival of the loog-expected intelligence from Columbia, of some slight ptogrese having been made in ereang- ing the basis to be followed in the apportioning of the Debt, has revived the drooping spirit of speculation in South American Securities; and Columbian Bonds are now 3.i ; as hide may be considered as the highest quotation they have reached for some time. The other South American Stocks are generally firmer, at the nominal quotations, and some have slightly improved. In the Share Market, Del Monte have been as low as 30/. ; and the other descriptions are in demand at higher prices. Saute of the recent undertakings have received a cheek, and ale limn te la below the prices at which they have been previously current. SATntn,IV, TWELVE (7.CIA."1:.

The English Stock Market continues steady; the only thictuatioa which bee occurred this morning has been in the Foreign Bonds. Spanish and Portuguese Bonds have both beet' depressed, the former to 56, and the latter tel 91 T ; but have since recovered, and the price of Spanish is att present 57i, i. :nal Perm- guese trdi. The demand for Columbian Bonds still continues, and the price is at present 061. 37. The other South American Stocks are at yesterday's quotations. a per Cent. Consols 92k ; Dutch 2/ per Cents. aal 0 Dine fur Account 921 1 French 3 per ('units — New 3/ per Cent. Annuities 991 Z Greek, 1833.5 per Cents —

Bank Stock Mexican 0 per Cents. 421

India Stock . 959} Portuguese 5 per Cents 92 } E xclartiner Bill • 39 10 Do Regency serip,5 per Cent relian B i,er 01114 i ot I Russian. I522, 5 eer lent... 11"0-1 100 IttaziPatt 5 per Cents b5I 1 Spanish. 1521, Slier tent .. 57k i Danish 3 per Cents.. — Ditto New Scrip 4/ *