MONEY A/ A RKET.
STOVE Cacti...NOV, FRIDAY AFTIRNOON.
The English Stock Market has continued steady at prices varying little Iron those given in our last ; the attention of the speculators being almost entirely absorbed by the Foreign Funds. The meeting of the Bank Proprietary, which occurred yesterday, has been the only event of the week which could be con sidered of interest to the English Stockholder ; and was itself remarkable for a relaxation of that system of impenetrable mystery in which the affairs of thi. powerful corporation have been so long involved. Frina questions put by sone of the prole h:tors to the Gev:rner, it appears that a sum of I0,000/. has been taken from the rest or balance, to in she up a deficiency of that amount in the profits of the last six months, to enable the Directors to declare the trual half yearly divihend of 4 lea cent. 01,1111:111$ vary as to the expediency of this tea sure ; many deeming it desirable to divide only the actual profits of the period, while not a few cogent arguments have been urged in favour of preventing the fluctuation of the of the Company's Stock by the payment of a uniform rate of dividend. {ire have not spate to canvass the various opinions utter el on this occasion ; butt believe that the majority of the stockholders are convinced of tie expediency of the course adopted, from the fail that up to this moment the pi ice or Bank Stock remains nominally at the quatation of yesterday, viz. ; :tad that not a single bargain has to-day been elhmted in it. Indeed, wit. n tv,, look at the p. ospects of the corporation, and find that although the amount paid anntrAy hy Government f tr the management of the Debt has been reduced by 64.004- their profits have only fallen off ROW., we can see no valid reason (con-aler.ng at the same time the large increase which is annually taking place in th d posit accounts) for supp,sitig that they will not he enabled to main- tain the rate of dividend which they now afford their proprietary. The market for Spanish Stied: 11.14 been very much agitated, and the improve- ment in it has hem consider able. The closing price of Bowls was on Saturday 64, i`, and the highest price of the week has been OA. A depression front that point has, howevi r, recurred ; and after baing at 64!j, the florets close this afternoon at HA?. The rise which occurred in these Securities has been pain cipally produced by the extensive purchases of Passive, anti Deferred Stock, which were made early in the week. These operations were, we believe, induced by a misvonception of a communication which had been made by M. TomENO. the Spanish Moister of Finance, to M. Dr. Ilu :r, the French Secretary of State for Foreign Affairs. About two years before the death of FE rinISZa Nn, a conversion of about five millions of the Corti s Bonds was effected on the following t,rms,—viz. that the boldcr should reeeive one- firth of the nominal capital in the :I per Gant. Stock then current, and paying interest and four-fifths in a Deferred Stock, the ultimate redemption of which into Active Stock was thrown over a period of forty years. From the state of the Spanish Stock market at that peril d, the sum already stated-.---fire 7hilliOnS of Cortes Bonds— was converted into a capital of one million Active Stack and four millions of Deferred ; and as the regulations of the Etedish Stock Exchange would not permit the negotiation of either of these new Securities, into which a poi tion of the Cortes Bends had merged in London, the traffic in these Stocks was confined to the Foreign Markets, :Ind principally effected on the lionise at Paris. When the altered position of the present Govern- ment of Spain anowed it to offer to the holders of Cortes Bonds the terms upon which the conversion of these s:murities is about to take place, the holders of the Deferred portion of the previous conversion of Curtes Bonds— known in the Paris Market by the title of les ehfiri A's—conceived a hope of in- teresting the Government of Spain in-their favour ; anti upon the representa- tion of a large number of the holders of these securities, M. De H1GNY was induced to press their claims upon the Spanish Government. The answer of M. TORENO, in which he proposed to convert four-ninths of this Deferred Stock into Active Stock, was supposed to refer to the whole of the Passive Stock created by the proposed conversion of the mass of the Cortes Debts; and hence the great rise which has recently taken place in this description of Stock, and a consequent improvement in the price of the Cortes Bonds. With the dissipa- tion of this illusion, a reaction has taken place ; the effect of which upon the Castes Bonds has been already stated, and which produced a decline in the Pas-
sive Stock of 2 per cent., viz. from to 171. The price of the Passive Stock is, however, higher to-day, viz. leq.
In the other Foreign Stocks, prices are nearly the same as at the end of last we he ; with the exception of Brazilian, which has been depressed by the intel- ligence of an insurrectionary movement at Para. An impulse has been given to the Shares of the Vnited Mexican Company by the intelligence recently received of the death of the Marquis DE RAY As, the vexi.t", us partner and litigant with the Company for the last lea years : the Sh: r s, which were at 21, are now 711 8. The other Mining Shares at our last pr.c 21.
SATURDAY, TWELVE O'cr.00K.
The English Stock Market continues steady, with the exception of Bank Stock, the nominal price of which is ::_)22 to 2-23, although we cannot find that any bargain has heen effected lower than '22;31. Spanish Stock and Scrip are at yesterday's prices. Portuguese Bonds are higher, having been at 95, and are now 911 95. The rise which occurred in these Securities after the usual hours of business yester.lty (anti which was not consequently remarked upon by us), was, we understand, produced by sonic arrangements now in progress for liquidating the 6 per Cent. Loan by an issue of a new 3 per Cent., though we are unable to state what are the terms of the proposed operation. Mexican Stock has risen, in consequence of the peaceful tenor of the last advices front that country, and has communicated an impulse to the other South American Stocks, which are all of them at higher prices than yesterday. 3 p r Cent. Consuls 921 1 Dutch 24 per Cents 56} 0.
I I •• for Account 92} i French 3 per Cents -
New 31 per Cent. Annuities 104 (beef(, 18.13.5 per Cents -
Bank Stock for Account .... 222 225 Mexican 6 per Cents. 44}
I mita Stock ntr Account .... — Portuguese 5 per Cents 9-1, 95 Exchequer Bills 39 40 Do.liegencyScrip,5perrent '
Belgian 5 per Cents 1031 3k Russian, IS22, 5 per Cent... 1094
Brazilian 5 per Cents 1.9} Spanish, 1521, 5 per Cent... 651 i. Danisli3 per Ceuta.. 78k Ditto New Scrip ::C t
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