15 APRIL 1837, Page 12



The settlement of the Consol Account for April, which occurred on Wed. nesday, has invested the proceedings of the week at the Stock Exchange with some slight degree of interest. The scarcity of Stock, upon which we have frequently had occasion to remark, ex'sted on that occasion ; and the dealers found such difficulty in supplying the demand, that the price at one time during the day was higher for Money than the Account. This state of things has since been rather aggravated than relieved ; and to-day, Stock for money is full I; per cent, higher than it is for time. It has been considered remarkable, that while money is so scarce in the commode] win Id, it should be so plentiful at the Stock Exchange: but this circumstance itself furnishes an instructive commentary upon the present low state of mercantile credit; a. the scarcity of Sank is principally occasioned by the reinvestment by capi- talists of the sums which the high rate of interest upon commercial advances had induced them to withdraw from the FUMIS and employ in discounting bills. It is easy to obtain money at a very low rate of interest upon Stock, and to realize a large profit by employing it in discount ; but the commercial embarrassments of the last three months have rendered the hazard of appro- priating capital in this way so great, that the most prudent and sagacious of the monied interest have abandoned it for the present, and, by taking their Stock out of the market, have occasioned the scarcity alluded to. The difficulties of the American mercantile interest are still the absorbing subject of conversation; and on the refusal of the Bank of England to afford any assistance to the Liverpool merchants becoming known yesterday afternoon, a decline of per cent. occurred in the mice of Console; but the market has evinced its elasti- city by reaching this morning its previous quetation. The prevalence of northerly and easterly winds, by retat ding the al rival of the New York packets, adds materially to the commercial pressure. Intelligence ( by express) has, however, been received to-day, of the orrival of two of them at Liverpool: their letters will be in course of delivery to-morrow. In the Foreign Market, the transactions have been extremely unimportant. The principal fluctuations have occurred in Spanish and Portuguese Bonds. The price of Spanish Active gave way yesterday about per cent., after having been till then supported here in the absence of almost all business, by the firm- ness of the Paris market : but as the price then declined more than 1 per cent. on Tuesday, our market was not able to maintain itself any further. We re- gret to find that the opinion we hot week expressed as to the improbability of the payment of the Spanish Treasury Bills, due on the 1st May next, has been so soon realized : it appears that M. MFNDIZABAL has declared in his place in the Cortes, that he is without the means of paying the interest of either domestic or foreign debt; and the Treasury Bonds, (or rather the over-due Coupons convertible into Treasury Bonds,) which in the course of last week were 51, are now at 37.

Portuguese Bonds have declined more than I per cent. ; but we are not aware of any political cause for this depression, as we are without any late intelligence feotn Lisbon.

The Railway Share Market still continues depressed ; and there does not ap- pear any immediate chance of improvement.

Intelligence from the Gong° Sot.° Mines to the 28th January last, has been received by the Imperial Brazilian Mining Company, bringing the result of eighteen days' operations in the Mines ; the produce of which was nearly 138 pounds of gold—in one day 45 pounds were produced. The Shares of this Company have consequently risen from 18/. to 23/. The other Brazilian Shares are also in request


The Consol Market exhibits an improvement of h per cent., the price both for Money and the Account being 99P, 4. Excheipiet Bills remain the same. The Foreign Stocks also are without variation. The anticipations which were indulged of remittances of bullion by the two American packets, the arrival of which at Liverpool we noticed yesterday, have not been realized, as the two vessels in question have brought none of the precious metals: their letters and papers are to the 9th ult. The exchange at New York was 108i, but had been 109 the day before the packet sailed. 'flee Railway Shares are very heavy — London and Birmingham 22 to 24 prem. ; Great. Western 1 to 2 prem. ; Greenwich 1 di, to par ; Southamptoa IS dis.

The Imperial Brazilian Mining Shares are 22 to 24.

SATURDAY, Foun O'CLOCK, The Consols have declined 4 per cent., and close at 914 a both for Money and the Account. The Foreign Stocks are without any variation. Great Western Railway Shares are heavy, and have been done in the course of the afternoon at par. The other varieties are nominally at the morning's prices. Although the American packets just arrived have not brought any bullion, con- siderable remittances in bills upon Paris, Havre, and Antwerp, have been re- ceived by them ; which, in the present state of the American mercantile interest, has afforded great relief. Money is from the low state of commercial credit very plentiful, and bills of a first-rate character are easily discountable at 4 per cent. 3 per Cent. Consols Ws 5 Danish 3 per Cents. 72 73 paw or ACCl/lItit 904 4 Dutch 24 per Cents 53

3 per Cent. Reduced 891 tes O. Mexican b per Cott 24

New 34 per Cent Auns ex.div Utli 4 Portuguese Regency 5 p. Cts tes 7

Bank Stock Ditto 3 per Cent. 29* 30

India stuck Ditto Spec Cents 1838 Scrip. 404 511 Exchequer Bills 35 40pm. Pi USSiall (1819) 5 per Cect -- Belgian 5 liter Cents 1014 a Russian (11.422) Slier Cent ... 1074 8 Brazilian 5 per Cents 935 41 Spanish (1835) 5 per Cent... sat I