20 DECEMBER 1856, Page 11

MONEY MARKET.

STOCK EXCELADOE, FRIDAY AFTERNOON.

The Bank Directors yesterday reduced the rate of discount from 6i to 6 per cent. This has given great satisfaction in the City, particularly as the announcement was little expected : it had been rather anticipated that at the usual weekly meeting yesterday a return to the old rate of 7 per cent would have been resolved upon. The market for English Securities had been dull since the opening on Monday, owing to the continued depression on the Paris Bourse; French Three per Cents having declined 2 per cent since the early part of the month. A gradual fall took place in Consols, from 94 to 93f, sellers ; although the transactions have been of small amount. Better prices from Paris, and the reduction of the Bank minimum rate of interest, caused an advance yesterday of nearly a half per cent : the high price however, was not long supported, and the market left off at 93/ I. Rank 'Stock has been done today at 217f. Exchequer Bills are from 38. to 48. lower, and close at 28. to 58. lower. Money has been in active demand all the week, both at the Bank and in Lombard Street. Rates of interest and contango ruled high during the settlement of the half-monthly account on Monday and Tuesday. The shipment of specie by the steamer Indus, it is expected, will reach the sum of 450,000/. or 500,0001., nearly all in silver ; an amount considerably larger than was expected a few days ago. Consols close dull this afternoon at 93k, sellers. Foreign Stocks continue inactive, and prices are without material altera- tion. The Turkish Six per Cents have fluctuated daily about to per cent: they are now quoted 1 per cent higher than on Wednesday laat-951 1. The New Four per Cent Stock has been in better demand, and is firm at 102k ; Spanish Three per Cents, 421 ; Ditto Deferred, 241 j; Ditto Certificates, 51 sh. In the Railway Share Market operations have been limited. A general decline took place at the beginning of the week, at a range of 5s. to 208. per share. Prices have since recovered, consequent upon the improved ap- pearance of the money-market ; and quotations are again better than at the close of last week. The chief business has been in Great Western, at an advance of ; Lancashire and Yorkshire, 58.; Caledonian, 158.; South- Eastern and Dover, 108. Bristol and Exeter have fallen 1/. An average amount of business has been done in Foreign Railways, and prices may be said to rule at a slightly higher figure. Quotations had been previously influenced by the prevailing dullness' but the market after- wards recovered a firmer tone, in sympathy with the improved state of Stocks all round. Yesterday, on the ParisBourse, a fall of U. per share had taken place in nearly all descriptions of shares ; but upon the telegraphic intelligence of the reduction of the Bank of England rate of discount, Stocks instantaneously advanced to previous prices. Paris and Lyons are quoted at 54+ ; Luxembourg, 5f ; Northern of France, 371 ; Namur and Liege, 71 8; Central of France, 4+ premium.

In the Canadian Share Market, Grand Trunks have improved 158. per share, the present quotation being 12k 1. There is no demand for the New Preferential Bonds. Great Western dull at 24/ f.

SATURDAY, TWXLVE O'CLOCK.

.The Bank return of last night shows an increase in the stock of bullion of 206,328/. After regular hours yesterday Consols advanced to 94, buyers, in anticipation of a good Bank return. The transactions are few in the Eriglish Market. Consols are firm at 94 k. The Railway Markets are steady at about previous rates. The Lombardo-Venetian Railway Company has announced a payment in London and Paris of 3 francs 75 centimes per share, being six months' interest at the rate of 5 per cent per annum.

SATURDAY, ONE O'CLOCK.

The English Funds have been firm all the morning at the opening prices, but business is dull. With the exception of Turkish Six per Cents, which are blower, Foreign Securities are without alteration. Railway Shares are steady, with prices a shade higher. Grand Trunk of Canada Shares have been in demand at improved prices. The following are the latest operations—East Anglian, 19; Eastern Counties 9+; Edinburgh, Perth, and Dundee, 364; Great Northern, 884; Great Western, 694; Lan- cashire and Yorkshire, 97f ; London, Brighton, and South Coast, 1121; London and North-Western, 105k ; London and South-Western, 107; Manchester, Sheffield, and Lincolnshire, 34; North British, 40; Ox- ford, Worcester, and Wolverhampton, 281 ; South-Eastern, 74; Great Northern 5 per Cent Scrip, Redeemable at 5 per Cent Prem., 63; Great Western 5 per Cent Redeemable Preference 101' Midland Consoli- dated Bristol and Birmingham, 6 per Cent, 137f; Bombay, Baroda, and Central India, Guaranteed 5 per Cent, 101 ; Grand Trunk of Canada A Issue, 121, Joint Stock Banks—Ottoman Bank, 134; Union of Lon- don, 28.

3 per Cent Consols Ditto for Account 3 per Cent Reduced New 3 per Cents Long Annuities Bank Stook Exchequer Bills India Stock Austriair5 per Cents Brazilian 5 per Cents Belgian 41 per Cents Chillan 6 per Cents Danish 5 per Cents Ditto 3 per Cents shut 94 1 94 944 2 13-11 216 18 2 5 shut 86 9 99 101 95 7 103.5 102 4 83 5 Dutch 24 per Cents Ditto 4 per Cents Mexican 3 per Cents Peruvian 41 per Cents Ditto 3 per Cents Portuguese 8 per Cents 1853 Russian 5 per Cents Ditto 44 per Cents Spanish 3 per Cents Ditto Deferred Sardinian 5 per Cents Swedish 4 per Cents Turkish 6 per Cents Ditto 4 per Cents Guaranteed

64 6 95 7 211 2 768 54 6 44 6 106 8 95 7 424 3 241 I 88 90 837 95

10

BANK OP ENGLAND. An Account, pursuant to the Act 7th and 8th Victoria, cap. 32, for the week ending onSaturday, the 13th day of Dec. 1836. Inns DEPARTMENT.

Notes issued £24,525,993 Government Debt £11,013,100 Other Securities 11,459,900 Gold Coin and Bullion 10,030,995 Silver Bullion £24,523,993 £24,525,995

Proprietors' Capital 414,353;0110 Government Securities (lads- Rest ding Dead Weight Annuity). tiosto,ssi Public Deposita' 131,431141 Other Securities - 10,828,728

Other Deposita VMS Notes 5,823,185

Seven Days and other Bills., , , : t 4191 Gold and Silver Coin 641,591 '41.6,9-1-4,811 L33,994,311

• Including Exchequer, Saving-Banks, Commissioners of National Debt, & Dividend Accts.

Recently, rumours have been set afloat, " insidiously " and malioiously, it is said, respecting the position of the Commercial Bank of London ; and something like a "run" upon it resulted. On Tuesday, a special meeting of the proprietors was held to elect a Director in the place of Mr. Edward Oxenford, resigned : Mr. H. Taylor was elected. The proprietors had ex- pected some explanation regarding the condition of the ; and Mr. Mark Hunter, the Chairman, in answer to questions, made a number: Of statements. It is untrue that the bank has suffered largely by the faikre of Fox Henderson, and Co.—it holds none of their bills; it is untrue that the bah applied for aid to Jones Loyd and Co. ; it is untrue that it asked aid of the Bank of England—at the time the rumour was circulated the bank had 120_ ,0001. in the Bank of England ; the assets of the bank do not com- prise Westminster Bonds ; advances are not made to Directors except as an ordinary matter of business, by discounting commercial bills, with collateral security. The only debt from an officer of the bank is 501. advanced to a clerk. Mr. Oxenford owes 3000/., secured, The Board hold one-sixth of the capital. The business is conducted on sound banking principles ; and any shareholder may inspect the securities held by the bank for their in- vestments. These explanations were well received ; and the two Directors most recently appointed, Mr. Cayley M.P. and Mr. Price, bore testimony to the excellent way in which the bank has been managed. Since the inju- rious rumours were set afloat, the shareholders and Directors have well sup- ported the bank—the Chairman himself increased his deposit by 30,000/. It was stated, in answer to a further question that the bank is fully secured for its advances to the estate of Mare and Co. Votes of confidence and thanks were passed to the Chairman, Directors, and Manager.

The Bank of Ireland has declared a dividend of 41 per cent for the last half-year.

The Kidderminster Bank suspended payment on Saturday. The bank was nominally that of "Messrs. Farley, Turner, and Co.," but only Mr. Abraham Turner carried it on of late, and his death led to the suspensien of business. It is believed that the notee in circulation amount to between 70130/. and 8000/. The general liabilities are supposed to be 70,000/., and there seems to be no doubt that Mr. Turner was insolvent when he died, though to what extent is not yet known. The stoppage was a very heavy blow to Kidderminster, causing a lack of money on the Saturday even for the pay- ment of workmen's wages.

Mr. A. Kelly, formerly with Sanderson and Co., and Mr. G. Brightwer, lately clerk to Overend and Co., have been appointed manager and sub- manager of the London Discount Company, which commenced business on Thursday.