19 FEBRUARY 1842, Page 12



The current varieties of English Stock were depressed at the beginning of the week, but have since recovered, and are today k per cent above the lowed quotations, and about I in advance of the prices of last Saturday. Redaced Three per.Cents, which had fallen to 89k, have been today 90. Consols for Money were at 88k, but have advanced today to 981 ; while the price for Ac- count has improved from 89 to 89a. The near approach of the settling-day (24th instant) having caused all difference between the quotation for Money and for Account to disappear, Reduced Three per Cents had fallen to 99k, but are today 99k; while New Three-and-a-half per Cents have advanced from 981 to 98a The premiumlupon Exchequer Bills Ws risen from 20a to 25s , and is today 23s. to 25s. prem. Bank Stock has risen from 168 to 170; and India Stock, which has been as low as 245, and was yesterday 247, has today ad- vanced to 248 and 249. The decline of the English Funds in the early part of the week was attributable to the belief that sonic Ministerial embarrassment might arise out of the Corn question, and the improvement of the last few days is referable to the dissipation of this feeling. The rise in India Stock is due to the more perfect information upon the affairs of the East furnished by offi- cial accounts, which has counteracted the alarm occasioned by exaggerated reports.

The publication of the Report of the Commissioners of Exchequer Bill In- quiry has fully borne out the previous rumours as to the character of its con- tents ; and public attention has been further aroused to the grossly negligent manner in which the business of the Exchequer Bill Office has hitherto been carried on, by the evidence given today by Lord MONTEAGLE in the cause of the " Bank of England versus Tomkins." The defendant is one of the brokers employed by Mr. DE REIMER!, the agent of RAPALLO, to borrow money of the Bank of England to the extent of 8,000/. upon the security of Exchequer Bills, which are among those the Government pronounce forged : the Bank have brought an action to recover of the borrower the sum so advanced. Lord MONTEAGLE was examined to prove the forgery of the bills; and he explained the mode of conducting the business of the Exchequer Bill Office, to the same purport as he had done before the Commissioners of Inquiry. He stated that there were five checks for securing the validity of the bills,—the paper specially made for printing bills upon ; the sealing or stamping with the Exchequer stamp ; the numbering; the peculiar mode of cutting the bills out of the books in which they are put up, similar to banker's checks, to the number of 500; and the signature, either by the Controller or his deputy. The bills in question are valid with the exception of the signature which is stated by Lord MONTEAGLE not to be his, and it is disowned by Mr. PERCEYAL his deputy. It also apppears that the chief clerk, Mr. E. B Shunt, was trusted with the entire superintendence of all the previous processes; that he had (with the exception of signing the bills, performed by the (jon- troller or his deputy) complete control over their production in all its various stages, without any kind of supervision. While the whole business has hitherto been so negligently conducted, the only wonder is that frauds to a much greater extent have not been of frequent occurrence. The verdict in the action was given for the plaintiff; but it is not thought that this circumstance can in any degree affect the claims of Mr. Tomxtrs, or the other holders of these forged bills, to payment by the Government. The claim to reimbursement is founded upon the negligence of the officers of the Exchequer Bill Office, and must rest upon the acknowledged maxim, that when one of two innocent parties is to suffer from the dishonesty of a third, the loss is to be borne by that one whose conduct has been marked by carelessness, or who has not in legal phrase used due diligence. The two parties in the present me are the holders of the bills and the public; and it is abundantly evident that no precaution on the part of the former could have prevented the loss in question while the public, by their officers appointed to regulate the issue of Exchequer Bills, have been guilty of most gross negligence. The transactions in the Foreign Market have been chiefly confined to Mexi- can and South American Stock. Mexican Bonds have experienced an extra- ordinary rise ; and, after being at 36, fell to 34k ; to rally speedily again to the former price, and close this afternoon at 35 to k. Columbian have advanced to 23, closing today at 221; and Peruvian have been done at in. The Mexican Bonds have improved in consequence of the certainty that a dividend of 2k per cent will be paid in April, and the belief that from the settled state of the country the future dividends will be regularly paid : while the intelligence re- ceived on Saturday of the destruction of the rebel force before Carthagena has given an impulse to Columbian. Brazilian are without material variation. Dutch Two-and-a-half per Cents are more in demand, and are today at an improvement of k per cent upon our last prices : the business transacted has not been important ; the demand has been steady, but inconsiderable. Portu- guese Stock has recovered about 4 from the fall it experienced at the close of business on Saturday, and which was noticed in a part of our last impression closing today at the prices of Saturday morning. The only feature during the week in this market has been the continuance of a slight demand for the newly-converted Stock. The funds necessary to pay the dividend upon the intended conversion of the over-due Coupons of Spanish Active Stock, are understood to be provided by the assistance of Messrs. ROTHSCHILD: the Stock consequently advanced on Monday to 25; upon a report of the appear- ance of CABRERA in Paris, and in consequence of the supposed want of cordi- ality with which Sir ROBERT PEEL spoke of the present Government at Madrid on Tuesday evening, it fell to 241; and, after again reaching 241, the Bonds close today at 241 1.

The transactions in the Railway Shares have not been important. The ap- portionment of the Brighton Quarter-shares has taken place; and they have been as high as 1/. per Share premium, but are now about 10s.


The English Funds were in demand at the commencement ; and prices ge- nerally were at one period at k per cent advance upon the dosing quotations of last night. There were buyers at 891 of Consols for Account, and New Three- and-a-half per Cents were done at 98i. The market, has however, flattened again, and Consols for Money and the Account are 894 4; while New Three- and-a-half per Cents, after being at 981, are 981 4. The premium upon Ex- chequer Bills is the same. Bank Stock is quoted at 170; and India Stock ia nominally at yesterday's prices. The transactions in the Foreign Market have been very few; and, with the exception of Spanish Active, we cannot notice any change in the prices of the current varieties. This latter stock is lower, in consequence of a trifling decline both at Paris and Madrid ; the opening price was 241 1, but it has declined to 24k a, without any transaction of importance. The business in Railway Shares has been so trifling that we can only quote the two following transactions—Birmingham and Gloucester, 61# : Pans and Rouen, 141. The speculation in Brighton Shares seems to be dying away : the nominal quotations are-36 to k per Share; Ditto ex Loan-notes, 35# 6; Loan-notes, # premium.

8.truaner. Fotra o'Cuicx.

With the exception of New Three-and-a-half per Cents, which have been done at 98i, and close # above our morning's price, viz. at 981 k, all the English Funds remain ae in the morning. Exchequer Bills are the same.

The only variation ia Fgreign Funds -has occurred ia.Spowdeli and Poe- - tuguese Bonds. The latter have been momentarily depressed by the in- telligence just received of the complete success of the Chartist movement in Portugal. The Five per Cents have been as low as 31i i but as the business transacted was quite unimportant, the market recovered, and it closes at the morning's quotations. Spanish Active has declined, and after being at 241, closes at 241 i. The other Foreign Funds are without variation. The transactions in the Railway Shares since the morning have been as follows— Great Western, 84; New Ditto, 60; Brighton, 35i i ; North Midland, 69k; Ditto Thirds, 14; Paris and Rouen, 14i. We have also to notice the follow- ing business in Bank Shares—British North American, 38*; London Joint Stock, 12i ; Union Australian, 29i.

3 per Cent. Consols Ditto for Account

891 I

3 per Cent Reduced 891 90 3+ per Cent Ditto 991 4 New 34 per Cents 981 ; Bank Stock 170 691 Exchequer Bills 2325pm.

India Stock 248 9 Brazilian 5 per Cents 65 6 Belgian 5 per Cents 1024 31 The usual monthly statement of the circulation for the four weeks ending the 5th instant appeared in the Gazette of last night; and as compared with the previous return, it exhibits a considerable increase, with the exception of that of Scotland. The total amount is £34,739,421 Against an amount on 8th January of 33,605,013 Showing an increase of 1,134,408. The increase is almost entirely in the circulation of the Bank of England ; which exceeds that of the last return by 1,109,000 The increase on the other portion of the English circulation is 81,039 That on the Irish .---,c 91,562 1,281,601 While the decrease on the Scotch circulation is 147,193 Total increase, as before stated 1,134,408 Almost entirely confined to the circulation of the Bank of England ; mainly attributable to the issue of money for the Dividends, and not, as we would fain have hoped, to any increase in the general trade of the country. Columbian 6 per Cents 221 3 Danish 3 per Cents 8It Wi• Dutch 24 per Cents 52 1 Mexican 5 per Cents. Gonad 35 4

Portuguese Regency 5 perCts 32 i

Ditto New 5 per Cents 1841 27 4 Ditto 3 per Cents 19 4 Russian 6 per Cents 1151 61. Spanish (Active) 34 4