MONEY MARKET.
STOCK EXCHANGE, FRIDAY AFTERNOON.
The opinion of the public seems to have undergone a change with respect to the value of the Three-and-s-half per Cents as affected by the proposed reduc- tion. At the beginning of the week, there was evidently a run in favour of the Three-and-a-half per Cents; and that Stock advanced, while Consols expe- rienced a trifling decline. During the last two days, however, the Consols have been advancing, and the Three-and-a-half per Cents declining : the latter Stock, which on Tuesday was 1024, while Consols were 985, has since been as low as 102, Consols having in the mean time risen to 981. The Three-and-a- half per cents have, however, recovered again; and the closing prices of the two Stocks today are—Consols, 984 4; New Three-and-a-half per Cents, 102* I. Repeating, then, our calculation of last week, we find the value of 100 New Three-and-a-half per Cents, reduced into its elements, to be as follows—. Cousols at 981 .2 H..
Value of the annuity of 5/. per annum for 1
rest at the rate of per cent per annum 418 Add for excess of dividend now due mum 1001. Ditto to be received on the Three.and-a-hale with Three and-a-half per Cents bee" 122 6 next tct..,;(2- 5 0 £101 2 8 But 1001. New Three-and-a-half per Cents can now be sold iu the market for 1021. 5s. : leaving 1/. 2s. 4d. as the market-value of the guarantee against the reduction of the existing Three-and-a-half below Three per Cents till 1853. In our calculation of last Saturday, we omitted to notice the excess of dividend to be received in October on the Three-and-a-half per Ceuta as compared with Consols, because we did not think it fairly entered into the calculation ; but as it seems to be generally considered that it ought to be taken into account, we have now done so.
The business transacted during the week has not been of an extensive character ; the most important operations having been those of the Go Vern ment- broker, who has purchased extensively on account of the Commissioners for reduction of the National Debt, in consequence of some very large sums having been recently laid out in Life Annuities. All monies so received are directed by the Act to be laid out in the purchase of Stuck ; and it is the general practice with the purchasers of Life Annuities to transfer Stock instead of passing money ; but in this case the money was paid, and the investment by the Go- vernment-broker rendered necessary. Bank Stock has risen to 1984, and India Stuck is today quoted at 285. Exchequer Bills are slowly rising ; the premium today being 72 to 73. Money continues as abundant as ever in the commer- cial world ; but in the Stock Exchange there was a demand for it today on the occurrence of the settlement of the Foreign. account. The only complaint we hear against the plan of reduction of the Three-and- half per Cents is the shortness of the time allowed for the expression of dissent. The number of holders of New Three-and-a-half per Cents is between 80,000 and 90,000, and those of the Reduced Three-and-a-half per Cents about 34,000; and as it is necessary that the Stock in the name of every holder should be checked as to amount and description by the Bank-clerks before the formal notice of dissent can be received, it is contended, that as the operation in each case would occupy several minutes, it is not possible that the dissent of any very great number of Stockholders can be received within the time allowed. The holders of the Reduced Three-and-a-half per Cents also complain, that the notice of reduction has been given at a period when the books of that Stuck are closed ; and as they will remain so till the 6th of April, it will be im- possible for them, if so inclined, to sell their Stock for Money before the period for expressing dissent has elapsed. It appears that the time allowed on the present occasion fur the expression of dissent as to the New and Reduced Three-and-a-half per Cents, (twelve clear days,) is the same as was granted on the reduction of the Five per Cents and Four per cents : but it is contended, that from the magnitude of the present operation as compared with those re- ferred to, a longer time ought to have been allowed. At present, however, the Bank-clerks have not had the slightest occasion to exert themselves, as not a single notice of dissent has yet been received. The operations of the Foreign Market have not been of any remarkable cha- racter. The example of England is in course of imitation by Hull did and Belgium, both which countries are about to reduce the interest on their Debts. The holders of French Five per Cents are becoming uneasy, and evidently an- ticipate that they will soon be compelled to submit to a reduction of interest, which they have so long dreaded, and which the Government, with a view to conciliate the support of the middle classes, who form the bulk of the Stock- holders, is so anxious to avoid. One of the Paris journals of Wednesday re- marks in a tone of desponding wonder upon the ease with which the English Chancellor of the Exchequer has effected the reduction of an amount of debt equal to the whole of that of France. With these prospects before us, it is clear that the value of our Three per Cent Stock must undergo a gradual increase even beyond the present high price. Dutch Stock had improved 5 per cent above our last quotations ; but declined about 5 per cent on Thursday morning, in consequence of a similar depression in Holland ; it, however, closes about 1 per , cent above our last prices. Some fluctuation has occurred in the other Foreign Bonds; but nothing worthy of notice has occurred ; the prices of most descrip- tions being today within 5 per cent of our last.
The speculation in Shares seems to have received a check; and prices gene- rally are lower than last week. Nothing of particular moment has occurred in these securities ; and the present decline may be attributed to the increased demand for money now existing among the speculating public generally. Several new schentss are talked of; but there does not appear to be any extra- ordinary anxiety to subscribe for them ; and unless a new enterprise be con- nected with an already thriving trunk-line, it does not appear to find favour with the public.
SATURDAY. Two o'cs.orie.
The English Funds close at the morning's quotation : Consols for Money have been done at 983, a very small amount of Stock having been purchased at that price ; the closing quotation is, however, 985 4, both for Money and Ac- count. In the Foreign Market, prices are generally flatter, without the occur- rence of any business of importance : Spanish Bonds are lower, the Active closing at 244 3, and the Three per Cents at 354 4. The others are without any transactions of importance. The transactions in Railways have been of an extensive character, and gene- rally prices have advanced. We have to notice the following bargains in addi- tion to those given in the morning: Birmingham and Derby, Thirds, 194; Ditto, Eighths, 44; Bristol and Gloucester, 443; Chester and Holyhead, 64; Eastern Counties, 11-i 4 4; Ditto, Extension, 1 premium ; Edinburgh and Glasgow, 64 35 ; Ditto, Quarter-Shares, Registered, 16 ; Gravesend, Rochester, and Chatham, li ; Great North of England, 994 ; Great Vt rater'', Half- • Shares, 704; Harrogate and Rnareshorough, 34; Hull and Selby, 59 605; Brighton, 444; Northern and Eastern, 374; Paris and Orleans; 344 5 ; DIM • and Rouen, 344; South-eastern and Dover, 354; West London and Thames Extension, 34 ; York and North Midland, 122. 3 per Cent Consuls 881 4 : Chaim' Deferred 51 3 Ditto for Account 98} 1 1 Columbian ex Venezuela ... 141 15 3 per Cent Reduced shut I Danish 3 per Cents b7 9 31 per Cent Ditto. shut Dutch 21 per Gems 5ii I New 30 per Cents 102; i I Ditto 5 per Cents .......... MS 2 think Stock 197 9 Mexican 5 per Cents CUIllili . 35t 6 Exchequer Bills prem. 71 73 l'intuguese New 5 p. Cts. 1E34 I 46i 7} India Stock 2051 60 Russian 5 per Cents . es div 1,5 117 Brazilian 5 per Cents 80 82 I Spanish (Active)bper Cents. 241 i Belgian 5 per Cents 104 5 Ditto 3 uer Ceuta 1642 sbi 4 Chown 6 per Cents 103 5
SATURDAY, TWF.LVE O'CLOCK.
The English Funds are without any material change: the market is, how- ever, heavy at the existing quotations; and there appears a disposition to throw New Three-and-a-half per Cents upon it. In the Foreign Market, the only variation occurring is in Spanish Stock, in which the reported political disturbance at Madrid has caused a decline of per cent.
The following are the only transactions as yet noticeable in Railway Shares: Eastern Counties, 114; Great North of England, 915; Brighton, 44; Croy- don, 165 ; Lancaster and Carlisle, 74 ; Manchester and Leeds, 1155 ; Ditto, New, 495 ; Norwich and Brandon, 7 ; York and North Midland, 1224 34; Ditto, Scarborough Branch, 195 20.
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