MONEY MARKET.

STOCK EXCHANGE, FRIDAY AFTERNOON.

The monied interest were taken by surprise on Monday morning by the ap- pearance of the following notice from the Chancellor of the Exchequer, ex- pressive of his willingness to fund 4,000,000/. of Exchequer Bills. " Treasury Chambers, Saturday Night, 10th August 1839. been determined by the Viscount bielboorne and the Chancellor atilt. " !,It.'ecr.Lnn':i 1.et to the improval or Parliament, that a funding of four millions or fxsetia4-T'lisiil'si 'in Three per. Ci..ta. Consolidated Annuities shall kik"! notice is, hereby hen, that all persons %Om 1n.17, la, disarms or 401411,1%1ml; tor the totaling ol the sahig amount of roar tuillious of 1:xi:louver Bills now ontstanding, dated in the f March and June last, charged on Aids and Supplies, may deliver in pro- earths ' I:sealed tenders on 'Friday the 16th instant, at the 'freasiiry Chambers. at ten ic,;0„".1%-nof the forenoon, containing the terms on which they are waling to enter into

the reposed mutes. " It us proposed that the Contractors shall deliver up the Exibequer Bills to be hauled by the following instalments, viz. A deposit of 201. p,:r cent. On the execution of the contract on the 16th August ; 201 per cent. on or before 2jth September; 201. per cent, on or Main, 8th November ; 201. per cent. on or belbre 21011 Deecniber; 20/. per rent. on or before 31st January 1810.

"It is farproposed that the Exchequer Bills shall be funded in Three per ther P t Cuusolidutetl Ault t0 , tl I, • interest on such Three per Celt:. Consolidated

Annuities to commence from the 5th July

"Subscribers completin; their whole payment on or before the 2tt Janoury 1810, win be entitled to the first half•yearly dividend on the said Consolidated Annuities, at the rah Jnuu 1840.

"Subscribers not paying up the last instolment on or before the 12,l January 1810, will lie entitled to a year's dividend on the Three per Cent. Consolidated Annuities, at the Ai holy 1840.

"Subscaers will he allowed to pity Exchequer Bills in advance, and to receive the interest upou the ammust of Exelnucter Bills for the liras instalment from the dale of the Bills up to the 1601 An4ust, null upon the amount of the Bills for each subsequent instalment from the date of the Bills up to the day when the histaimcm would have

become due. "Scrip receipts will be issued by the Bank in the usual manner.

• ' Tile pal jeS must state the aremint of Exehequer Bills proposed to be subscribed awm, and also the amount of stock in Three per Cont. Consolidated Annuities, ‘,1,44, they aro willing to receive fur every 100/. such Exchequer Bills.

"On the morning of the b.ddiu i, the Chancellor or the Exels .4pwr will lily on the

table, previously to opemil CAr a sealed pip,,r c l,tliuiu; anD■mt of SW, that the Visemcd M,dhourne and the r of the Ei.cheipier would fe..1 that they should be instilled in acceding to mid in the event of the amouia or Sloe% asked fur in the several tenders exceeding the amount specified in the scaled paper, the sealed paper would in such case be opened, and the amount or Stork in it do. dared."

More information being required by those who intended to become bidders, Messrs. ROTHSCHILD addressed a letter to the Chancellor of the Exclw;ner, requesting to be informed whether the tenders might be made for a portion of the entire. sum ; or if the whole suns was not subscribed for, whether the tenders for a part would be entertained ; and whether, it' different loans were offered by different parties, all the subscribers would be admitted on the same terms, if their proposals were above the minimum determined upon by Ministers. 311. SHUSH RICE replied, That separate tenders for part of the four millions would be received, the SUMS not being less than 500,000/. in Exchequer Bills : that tenders for the whole Suns, or any less anmunt, would be entertained, provided no tender were less than 300,000/. Toot the Treasury would give prethrence successively to the tenders [Move the price in the scaled paper, and that if the amount tendered exceeded the four millions, the excess would be struck off the least advantageous offer. The time of paying the deposit was postponed from the Ifitit to the 20th.

In accordance with the above notice, several of the intending bidders attended at the Treasury Chambers this morning, when the thllowing tenders were given iii-

lot, One on the part of the Bank of England offering to take 109/. Ss. V. Three per Cent. Consols for every 100/. Exchequer Bills ; one on the put of Messrs. ROTHSCHILD, for 110/. 17s. 6d. Three per Cent Consols for every 100/. Exchequer Bills ; and one on the part of the Commercial Bank of Scotland, offering to take 111/. Three per Cent. Consols for every 100!. Exchequer Bills. 01 these the only one accepted was that of the Bank of Englaml,

which was only to the extent of 500,000/. The minimum of the Chancellor of the Exchequerwas ii: ed at 110. By the contract thus concluded, the Battle have purchased the amount of Consols in question at about 913 per cost., as will appear by the following statement-

Dr.

Cr.

To 1,0001. Exchequer Bill £1,000 0 0 liy 1,012/. lls. 84. at 91;....:£1,001 0 2 l're.minni 12 per emit 6 0 0 Discount upon the payment. 6 2 6 Bale 1 2 8

£1,007 2 8

.£1 007 2 8

It has always beets usual on occasions of this nature to give the bidders the option of subscribing money in lieu of Exchequer Bills, but such, as will be seen by the Chancellor of the Exchequer's last communieati4m, was not the case on the present ()evasion ; the object of the proceeding evidently being to relieve the pressure under which the market for Exchequer Bills has so long laboured. In adopting tins course it is generally thought that the Chaswellor has not acted wisely ; as if he had allowed a sithscriPtion in money at a certain premium, he would Irate funded more advantageously. Under the terms of the notice, any bidder unposse:eell of the requisite amount of Exchequer Bills, will have to buy them in the market at every period when an instalment be- comes due; and au the premium will be enhanced by the demand thus created, the bidder must secure Idinself by more advantageous terms of contract witli the Government,-in otlwr wools, obtaining a liteger amount Qf Stock in ex- change for his Exchequer Bill, than if the operation had been cleared of this contingency by the acceptance of money in lieu of Exchequer Bills. The effect upon the Exclielmor Bill market would also have been more certain ; its, if' we suppose that the Clinneellin.of the Exchequer had taken 100/. 15s. or 101/. money, SATURDAY, TwELVV. o'Cr.ocK.

This morning the following notice has appeared, by which it will lie seen the Government is ready to take subscriptions for the remaining 3,500,0001. at 110. Consols are consequently A lower, hying 91r1 .;} for Account ; and Exche- quer Bills have improved to 16s. prem. Nothing is doing its Foreign Funds, and the prices are nominally the same as yesterday.

". Treasmy Chambers, lath August 1839. " A contraet leming Urea entered into, subject to the confirmation of Parliament, between the Lords or th, Treasury and the Bank of England, Ibr converting 500,0001. of Exchequer Bills into Three per cont. cmisols, at the rate of 1091, 5:. 101. fur every 100/. Exchequer Bills; :old the muk.illit .t. etpital stuck propose 1 to bet alien [given] by lice Majesty's 51overtintent being 110/. of said capital stock for every 100/. Esielniquer hills: all persons ii,i,:iroiK of vonverting Exchequer Bills dated in the mouths of 711areli and Jane 1.1.1, and chlirged upon alas and supplies at the ride of WO/. Exche- quer Bill for tii..ry 110/. Sioek as an.resaiil, may deliver sealed I el lei s at the Bank of England, specifying the .anti; for which they intend to s aiscril,e, accompanied by ,,,,,ii.,,,Ipire,,I; „ini,,ini,ig Exell.•qinir Bills eqmil fun (1,1,...,1( iti..-0 p •r crust. " Whenever the proposals St, 111:1■11. S11:111 il,110111it tin 3,L1.10,00,,I., OW list will he closed; but (subjeet to this emnlition) proposals sits' be tendered 115 aforesaid, from nine o'clock a. In. lilt out' 1,. no. on Monday 11101 instant, and till Friday 23.1 inclusive."

3 pee Cont. Cnriols Ditto for Ace, eta 3 per Cent. Reduced.. New 81 per Cent. Aims 911 I 91:: 1 9'i 9e 1 Brazilian 5 per Cent • Danish 3 per Gents Dutch 21 per Cents Portuguese Regency Slier Cis 18 75 6 541 f 291 i Bank Stoch -- Ditto 3 per Cents 181 191 Lolls Stock -- Iticisian (1822) 5iier Cold.- 114 Ditto Howl -- Spanish (1835) 5 per Cent.... 191 t Exeitetplet. 111113 16 pm. lleferred Stock 81 1

Belgian. 5 per Cents

1021 3

Passive Ditto

41 1