MONEY MARKET.

STOCK EXCHANGE, FRIDAY AFTERNOON.

The transactions in the English Funds have not been important, and the re- sult of the week's business has been to establish the same closing quotations as those of our last report. Some slight oscillations have occurred; and upon the receipt of the American intelligence yesterday, an impulse was given to the market; which soon, however, passed away—so little of a speculative character is attached to the business. Money has been on several occasions in demand at an interest of 3 and 4 per cent upon the security of English Stock and Exchequer Bills. The premium of Exchequer Bills may be quoted lower, having been at 20e. There seems to be a pressure of every description of securities in the market; which will not be relieved until the settlement of the Cresol Account on the 28th. * In the Foreign Market, attention has been principally directed to Mexican Bonds; which have risen about 1 per cent, the last packet having brought a pro- position from the Government for an arrangement of the claims of the holders of Deferred Bonds. These Bonds to the extent of about 4,800,0004 arising out of the conversion of the Mexican Debt effected in 1827, will bear interest from the 1st October 1847 at the rate of 5 per cent, and the first dividend will become &us upon them on the 1st April 1848. It is _proposed to obtain the sanction of the Bondholders to the creation of a new Six per Cent Stock, to the extent of 4,650,0001., which is to bear interest immediately, and to receive the present De- ferred Stock in exchange for such new Six per Cent Stock, at the rate of 40 per cent The absorption of the whole of the Deferred Debt, with the addition of 500,000 Debentures to be likewise cancelled by the issue of the new loan, will absorb about 2,400,000 of 4,650,0001., which it is proposed to create. The balance of 2,250,000/. is to be sold to the greatest advantage; and out of the funds so realized, three i half-yearly dividends upon the stock are to be provided and funded, and the surplus s to he applied to the general purposes of the Government. A meeting of the Bondholders has been called for Monday; when this proposition is to be submitted to them,—with, we should imagine, but slender chance of its adoption: for it is, in plain English, asking the holders of the Deferred Debt to make a present to the Republic of 60 per cent of the amount of stock held by them, while they are generously allowed to retain 34 per cent under the name of dividends.

The Share Market has not been in a state of such activity as at the commence-

ment of last week, and prices have experienced some reaction All the more important Shares are lower, and of the Scrip many varieties have again become unsaleable. The new act does not appear to work so exclusively for the breaking up of new schemes as was expected. The opponents of the measure forgot that while those parties who were opposed to any scheme may insure its abandonment by becoming the holders by purchase of a preponderating portion of the Scrip, the same course is open to those who are anxious for its continuance. Both assen- ters and dissenters have availed themselves of this privilege pretty extensively, and a temporary value was thus given to many varieties of Scrip. The power thus obtained has frequently been used to determine that a scheme of which the abandonment was considered certain shall be carried on. When, however, any meeting of Scripholders, have determined to go on with the railway in which they are interested, instead of breaking it up, the invariable result has been a decline in the market price of the Scrip.

The French Shares have been and continue much depressed, especially those

of the Paris and Lyons line. The decline is ascribed partly to the settlement of the speculative account in them, which occurred on Monday last, and partly to the failure of a large French speculative holder. This untoward event caused quite a panic in Paris, where the price fell on Wednesday to 37 francs 50 cents premium. By means of pigeon expresses, this fact was known here at the Opening of business yesterday: a _rush was made to sell, and the price fell to 14 premium. Apurchase of about 1,000 shares gave a momentary firmness to the market; but prices again declined, and continue without any improvement.

SATURDAY, TWELVE O'CLOCK.

We cannot notice any change in the English Funds. The only variation in

the Foreign Market is in Mexican Bonds; which are slightly firmer, being quoted at 324 334. The Railway Share business has as yet been unimportant, and we can only notice the following transactions: Manchester, Buxton, and Matlock, 10 premium; Midland, New, 334; North Staffordshire, 44 4; Oxford, Worcester, and Wolverhampton, 9; Scottish Midland, 8; South Midland, 14 premium; Paris and Lyons, Constituted, 64.

864 i 961 i Columbian ex Venezuela ..

Danish 3 per Cents 16

87

17 9 664 i Dutch 21 per Cents 621 1 974 i Ditto 4 per Cents 914

4

10 3-16 Mexican 5 per Cents 321 33 2041 51 Ditto Deferred 16 17 20 4 Portuguese New 5 p.Cts.1811 56 8 264 Ditto 4 per Ceuta 1545 56 8 81 3 Russian 5 per Cents 109 111

96 97

Spanish (Active) 5 per Cents 241 5

91 97

Ditto 3 per Cents 1842 361 7

SATURDAY, TWO ream/.

The English Funds close at the morning's quotations, without the occurrence of any business of importance. In the Foreign Market, the only variation is in Mexican Bonds; which are rather lower, and, after being at 324, close at 324 33. The transactions in Railway Shares have been of varied character, but no general change in prices has occurred. The business in Foreign Shares has been of a very limited character, and prices are without material change: Bristol and Exeter, 854; Caledonian, 121; Eastern Counties, 2484; Ditto, New, 74 pre- mium; Ditto, York Extension 4; Edinburgh and Glasgow, Half-shares, 19; Great Western, 151; Ditto, Half-shares, 89; Hull and Selby, Half-shares, 28; London and Birmingham, 2284; Ditto, Fifths, 25; Midland, 154; Ditto, New, 334; Scottish Central, 164 4; Ditto Midland, 8; South-eastern and Dover, 404 40; Namur and Liege,44; Paris find Lyons Constituted, 64 4 7; Tours and

Nantes Constituted 54. 3 per Cent Consols Ditto for Account 3 per Cent Reduced 31 per Cents Long Annuities Bank Stock Exchequer Bills prem. India Stock Brazilian 5 per Cents Belgian 44 per Cents Chilton 6 per Cents