14 SEPTEMBER 1839, Page 11

MONEY MARKET.

The arrival of several small parcels of gold front Paris, and the persuasion that the foreign exchanges have improvol to such an extent as to render any large ixportalion of bullion tbr the Iv-cut impossible, coupled with a belief that the Bank Directors would reduce the rate of discount at the usual weekly. Meeting en Thursday, produced a OA cid( d improvement in the value of every dtscr:ptioli of Stock ; and Consols for Account were dune as lii;./11 as I) the price for Money being at the sante time 91;!. The anticipations upon the sub- ject of a rcduction of discount, however, not having been realized, the market has given way about per cent. : it cold limes firm, the yublie (as is usually the caw) having bought a large quantity of Stock for investment at the low rates at which it has been current within the last fortnight. A con,ideralde portion of the Scrip of the last funding, more than 3,0140,1:011/., has been paid up and converted into Stuck. An idea trim this circumstance may tinned of the very large investments that have been lately made in Consols, as the jobbers and ,h.roers can only have been imineol to p.ly up such an amount, by the demand occasioned by investments, the discount allowed upon (lit Exche- quer Bills being only half the current rate of interest obtainable upon other

Securities. Time Exchequer Bills still continue ; and, after being at 98., are to-day as low as .5s. prem.; the pressure for money operating anfivour- ably upon tlase Securities. The current rate of discount continues still at

6 per et ; but for the last two or three days, there has lam more readiness to employ money than fur some time previously. The variations of the Corn-market are now looked to with censideralde anxicty ; anti it is generally believed that as the wheat of the present year will be but a very bad sample, and fetch but a low price, an effect will he produced on the average, and the price which regulates the duty be considerably lowered by the operation of the low-conditioned corn of the present year upon the market. Large quantities of foreign wheat have already been taken out of Loud, and entered for home consumption at the present duty of 6s. St/. per !porter; the holders tearing that a fall of prices will increase the duty. There is also a general belief that in the course of the autumn the importation of foreign wheat will be very considerable; and this opinion has operated this afternoon very unfavourably upon the foreign exchanges, which have fallen from h to per cent. as compared with the rates of last post. This decline is the more remarkable, as it was generally expected that an improvement, in- stead of a decline, would have occurred. The prospect of another large im- portation of Corn and consequent drain of bullion, appears to have alarmed our merchants, and most of the current rates have suffered the decline noted above. The Stock Market has participated in the depression, having given way h per cent. justprevious to the close of business; Consols closing at 91 h for Money, and 91i g for Account. The European Continental Stocks generally have not fluctuated materially ; nor has the business in them been extensive. Spanish Stock has, however, been much in request ; and the highest price of to-day has been 44 per cent. above the quotation of last Saturday. The mar- ket has been subject to many fluctuations, &c. but its general course has been upward, as the improvement noted above shows. The rise from 274., the lowest, to 291, the highest price of the day, has been occasioned by the revival of a report that has been current since Wednesday morning, (though until now discredited,) of the d...1.,etion of CABRERA. The state of affairs in the l'eoin,ola has set all the speculators to work ; and the business transacted in the Spanish and Portuguese Bonds has been very similar to that done in 1834. and 15:15. There appears every probability, if the destruction of the Carlists lie achieved, of an enormous rise in the value of Spanish Stock. Portugueso Securities have participated in the improvement which has affected Scgu.ti Stockin so marked a degree. The Five per Cent. Bonds, which u,•re y,..tei day at 32,, have been to-day at 35:1; and the Three per Cents., whitil W.'re at 221-, have been as high as We are not aware that any intelligenve has been received from Lisbon to which this improvement may be traced, but are inclined to refer it entirely to the revived spirit of speculation, which the favourable t urn of Spanish affairs has called into action.

The Columbian and South American Stocks e-enerelly are again ill vogue ; and, as has almost always been the ease with nn.tely speculative stocks, felt the effect of the great improvement in Spanish Bonds. Speculation is, however, kept very much in cheek, by the demand for money : mid if the present ap- pearances of the et :---ation of the recent pre-sari should continue, we have little doubt that the speculation in the South American would be as great as it has lately been in Spanish Securities.

sere:m.1r. Twzi.vz

The Consol Market opened heavily, and the price has been as low as 91 for Money and 81 sellers the Account. Sums 111011CV purchases have, however, given firninefss to the market, and the price may be quoted an ,t11 per cent. higher than cut the commencement. Exchequer Bills still cold e hutey, the premium being Ss. In the Foreign Illarket, Spanish, Port tii:,acse, and South American Sticks are all advancing, :cud the speculation in them continues. Spanish Stock opened at 29, vac done at 2.4. has since been 294 for Money and 294 for the end of tic month, but has given wiry, and is now 29? Portuguese Stock Las about 1 per cent. front the dosing prices of last afternoon ; thus realizing the 14best prices at which it stood yesterday. South American S.,•ettrities Lave also.imp"0..-cd about 1 pct. cent.; 'Columbian being 341 ; Buenos Ayr.st 21 ; 20f,; cud Chiliati. 36.

The other Foreign Funds are out material alteration.

1.11•RnAr, FOI-It O'CLOCK.

The Consol Market closes; per rent. lower than id the morning; the price for Money being 911i and that fur Accnuti t 1.1;; 1,. Exellequer Bills are louver, being 3s. Ss. prem. In the For, ::411 ilf.ar!,.et, the SpaCisl: Bonds have been as low as but rallied just ulrfnre et,.,. ■.f I,:1-:!e■!.s, and close at 29,', I for Money, and 294 for the tifith init.. The long-, x peeled Commissitmer ap- pointed for the conversion of the Colombian t:ebt urrived by the Siildons packet from '....■euv York. South American Securities of all kinds are at im- proved prices ; Columbian being91:31.4t.2( 4; (;titian :353;. 13ucnos Ayres 20 22 and Peruvian 20 to 21. Ditto for Accettnt 91i I lanidi 3 per Cents 75 6 3 per Cent. Retired.. hate}, 2/ per C■uds 54f

slud

N..w per Cent. Auras 05; 0

halals Stock Ditto 3 per (lolls

Ditto Build' 6 pt. 5 per cent—. Li9A-

Ilrarilian 5 per Celtic

Port liv.Tuey 5 per Cis 551

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