MONEY MARKET.
STOCK EXCHANGE, FRIDAY AFTERNOON.
The scarcity of money, which we have lately had occasion to allude to so often, has increased materially this week. The extraordinary pressure was in a great degree occasioned by the occurrence of the settlement of the Foreign and English Accounts, the one on Tuesday, and the other on Wednesday ; on both of which days, the rate of interest obtained for money was much larger than usual. On Tuesday, interest at the rate of 14 per cent, per annum, was obtained for loans upon the security of Spanish Stock ; on Wednesday, 5 per ena. was in many Instances given upon Consols. The second payment upon the West IndianIndemnity Loan falls due to-day ; hut as more than half the Loan has been paid up in full, it does not press so heavily as it otherwise would have done. A very large portion of the Loan—upwards of two millions—was yesterday paid up ; it being of importance that the payment should be made before the second instalment became due, otherwise the discount upon that in- stalment would be lost to the payer-up, and the differenee of profit thus oc- casioned would be between A and ft per cent. The price of Consols has, however, improved under all these circumstances.
Among the other enterprises for the improvement of communication, is one for a canal to join the rivers Danube and Mayne. The King of Bavaria has 6:yen his sanction to the work ; and it has in consequence been determined to construct the proposed canal from the Danube near Kelheim to the Mayne at I Bamberg. This work will be 108 miles long, and the estimated cost is 8,540,000 florins-712,000/. sterling. It it ptoposed to raise a capital of 10,000,000 of florins, or &13,3331. in 20,000 shares of 500 florins (411. las. 4d.) each : of these 5000 have been taken by the Bavarian Government, 7000 by subscriber; in Germany, and the remaining 8000 are offered to the English capitalists by the house of HOTHSCHILDS, in its capacity of agent to the Bava- rian Government. Such is the anxiety manifested by capitalists to participate in any of the undertakings of that house, that the applications for shares have been very numerous.
The Railroad Shares are neatly at our last prices; the Greenwich have, however, declined about W. Every day seems to give birth to some scheme of this kind ; and the ingenuity of projectors keeps pace with the spirit of specu- lation in the public. In the Foreign Markets, Spanish Stock has evinced a tendency to decline ; not iii consequence of any disastrous political intelligence front the Peninsula, but on account of the near approach of the period at which the conversion of the Cortes Bonds must be effected. By the law authorizing the conversion of the Cortes Debt, the time for presenting these Bonds for conversion was limited to one year ; and as that period will expire on the 10th November next, all the speculative transactions which have been so long going on in these Stocks, must be closed before that period; and the necessity to sell, thus imposed upon a considerable number of minor operators, has caused a considerable heaviness in the market.
The intelligence from Para produced a momentary effect upon Brazilian Stack; but the Bonds soon recovered the depression which had been occa- sioned, and are to-clay without any fluctuation. The European Continental Stocks have continued without much variation; as have the South American Securities ; but all sorts of Stock have been in some degree depressed by the scarcity of money which has existed.
SATURDAY, TWELVE O'CLOCK.
The Consul Market has improved Ath per cent. in the course of the morn- ing. Some influential purchases of Dutch ;21 per Cents, have caused an im- provement in that stock of inure than per cent. For some time past these securities have been improving in the Continental market ; but the pressure of money here for the last few days has kept the market down. The large amount of the West Indian Loan already paid has enforced upon the Bank of England the necessity of a liberal dispersion of capital (which would otherwise be lying uselessly idle) by the way of loans ; and money has become more abundant both yesterday and to-day. Spanish Stock has recovered from the pressure to which it was yesterday subject ; and after being at 443, is now 44i. The intelligence from the Peninsula, received this morning, is of a very favourable character ; to which, in addition to the improved state of money, the improvement in Spanish Stock mar be referred .
SATURDAY, VOUS. O'CLOCK.
Consols close at the morning's price, viz. Dli a. Some very considerable sales have been effected in Spanish Stock; which at one period had depressed the market to 481 ; it has, however, since rallied, and is now 441. Dutch Stock has improved ; the 21 per Cents. being 54T, 55k. Portuguese Regency Bonds and the 3 per Cent. Stock are firm at the morning's quotations. Money is more abundant than yesterday. The amount advanced by the Bank of Eng- land upon the security of Stock, &c. is stated at more than six millions.
Ditto for Account 914 9 I Dutch 24 r Cents 544 55 3 rem- Cent. Consols " per 3 per Cents New 34 per Cent. Annuities 994 Greek, 1825. 5 per Cents — Bank Stock 209 Mexicau 6 per Cents. 38* 14 16 pm. Portuguese 3 per Cents 571 584 Do. Regency 5 per Cent 884 1024 34 Russian, 1822, 5 per Cent 1074 t
se:termer Bills Oninium Belgian Spec Cents
Brazilian 5 per Cents. ex. div 844 85 I Spanish. 1821. 5 per Cent.. 44* Danish 3 per Cents 764 I Ditto New Scrip 5 Cent. ..
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