MONEY MARKET.
Ex,trartaE. FainAv arreiteoost.
The scarcity of money has not in any degree ■Iiminished ; rather, indeed, the pressure during the last few days seems to have incieasell. This state of things is in a great degree attributable to the reluctance which the large discount brokers evince to the tranwaction if bu■iness. It has long been the custom for these capitalists to take large ht11114 on luau from the Bank at low rates of in- terest, and reap a proportionate advantage from the employment cif it by dis- counting the bills of traders of less known credit, at a higher rate ; thus taking, in effect, a percentage for the guarantee they afforded tie the Bank for the safe employment of its capital. The state of commeicial affairs is, however, at pre- sent such, that more than one large eatabliehinent of this nature has determined to restiict itself to the employment of its own capital ; and hence its discount customers are forced to seek elsewhere for that accommodation which its extensive agency in the employment of the capital of others has hitherto enabled it to afford them. A great temporary demand is tiler, fore created for money, while this change in the mode of its employment is going on. The following notice was y elate-day issuell from the Bank- " The Governor amid Company of the Hank of F.oelaiiit do hereby give notice. that the advances in pursuance or their notice to the 1.4 in-tant, on bills of exchange not having more than 95 days to run, will be exieude,I to 'Mos not having more than six mouths to run ; such a.hances to In• repai■lou or below 15 i, July next, with interest it the rate of livelier rent. per annum. and to be for sums not less than 2,0001. " Hank of England. t9m Ii June 1837."
A large class of bills—namely, most of those drawn from India and China— are thus rendered available to their holders; amid the accommodation which this relaxation of the rule, by which no bill which had longer than three months to run was ever discounted, or taken as security by the Bunk, must be a material aid to the holders if such paper. It is also expected that the toes, sure now passing through Parliament for the furtIter pattial repeal of the Usury laws as far as regards bills of twelve months' date, will afford great assistance to the merchants generally, as henceforward a person holding bills of this date can always be sure of getting them discounted, however scarce money may be at the tulle; whereas, while an unrestricted rate of discount was only legally obtainable upon bills of three menthe' date, the capitalist of course employed his tesources in discounting them at a high rate of interest, and money could only be obtained on longer dated bills by an evasion of the law. Cesium's have been as high as 921 for Account; but, at that price, some heavy sales occurred ; and the quotation is to day per cent. lower. Very little has, however, been doing in either Foreign or English Funds The Spanish Bonds have been comparatively steamy, and the transactions in them few. The settlement of the Account, which occurred to-day, has how- ever, caused the market to droop. Some little anxiety was expressed about the payment of the dividend upon the Portuguese Three per Cents., which becomes due to-mot row, and was nut advertised till to-day; but the price of the Stock did not decline during the uncertainty. Time South Arne' lean Stocks are also higher, Columbia especially, in conse- quence of the intelligence recently received of the progress making by the republics in the apportionment of the debt. There has been some activity in the market for Dutch Securities; and large supplies of the New (or, as it is called for distinction. Indian) Five per Cent. Loan have this week been received from ['offend. The prices of these eecuri- ties have, however, been well supported ; and Dutch Stock still seems to be favourite investment with many of our capitalists, notwithetanding the continual increase of the amount of the debt, by recent loans. The whole amount of the Debt of Holland, bearing interest, is 92,750.000/. • which, at the exchange of 12 guilders per pound sterling, is equal to 1,111,300,000 guilders,—an amount of debt greater in proportion to the population than that of any other state ha the world.
The Railway Shares are also in great demand. London and Birmingham were more than 5/. per share higher; and the price has maintained itself mu-day in the face of the resolution of the proprietors to create 6500 new shares. The various Brighton lines are also in request; as are the shares of the Croydon, to which the hope of a bill fur the Brighton scheme being obtained before the dissolution of Parliament, has to-day given increased curtency.
SATIlIDAT, TWELVR
The transactions of the morning have been very trifling, and almost entirely confined to the Railway Shares; of which all the low-priced varieties, have hee3 in considerable demand, especiaily the Brighton and Croydon : the latter, which were yesterday at 3 des , have been done to day at par. Clituly'e, Ste- phenson's, Rennie's, and Gibbs's, have also improved ; as has the South Eastern (Oxted), which, from being unsaleable, has been done at par. The following are the quotations of some of those shares which have been most cur- rent during the morning. London and Birmingham 60 prem. ; Great Wester& 12 to 13 prem. ; Southampton 15 di.. ; Greenwich 5 4 die.; Ctoydon par
to 1 prem. Brighton (Stephenson's) Ditto (Cundy's) 178. 64. to IL; Ditto (Gibbs's) 15s. to IL, per share. Spanish tuguese Three per Cents. are quoted without has not been much doing in them. 4/. ; Ditto (Oxted) 21. to 2/. 10s. ; (Rennes) 21. 15s. to 3/. ; Ditto Stock is higher, viz. 221 23. Por- the dividend at 27 to ; but there 3 per Cent. Consols shut Ditto for Account 92* *
Spur Cent. Reduced
New a* per Cent. Anna 901 i shut Vault Stuck — India Stuck shot Ditto Bonds 32 5 pm Exchequer Rills 32 4pm Belgian 5 per Cents 1001 I Brazilian 5 per Cents. 84 Dutch 2* per Cents 52 ex.d.
Daniell Portuguese Regency 5 p. Cts 73 431 1 Ditto 3 per Cent 274 ex.d.
Russian( l822)5 per Cent... Ws* Spanish ( l835) 5 per Cent... 22t 3 Defeired Stuck 84 Passive Ditto 54 i
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