THE MONEY MARKET.

STOCK EXCHANGE, FRIDAY EVENING.—In more than one of OUT late reports, we have alluded to some extensive operations for a rise in the Funds, which have been carried on for some time past through the me- dium chiefly of one eminent broker. We hinted also that they seemed to be rather against the general feeling of the dealers ; who were more dis- posed to anticipate a decline than otherwise, as the sales of stock on the part of the public had lately appeared to exceed the purchases. Last week, however, the operations in question had created an artificial scarcity of stock ; and they appeared moreover to be so .powerful and determined, that the dealers began to distrust their former Judgment, and to buy back the stock which they had sold at an early stage of the ac- count in anticipation of a fall. ' This of course assisted the operations which it was before desired to counteract ; and Consols, which in the early part of last week were sold at 86i, had on Tuesday last advanced to 87}, with a very firm aspect, and even the promise of a further rise. Here there was some pause ; and on Wednesday the efforts of the buyers having slackened a little, the opposite party took courage, and before the close of that day, their operations had forced down the price to 87. The original prepossessions of the dealers in favour of a decline now began to return ; and the predominance of sales over purchases has caused the

price of Consols to fall yesterday to 861, and to-day to 861. Before the close of the market, however, a slight reaction occurred, and the last price this evening was 861, buyers.

This will be found a tolerably correct account of the transactions of the week, as they appeared to a cursory or superficial glance. We suspect, however, that there has been a more important cause for the fall of to- day, in the growing scarcity of money, of late slightly felt, but within these few days become so considerable as to affect the price of Exche- quer Bills; which, as we have often before observed, should always be looked to in estimating its abundance or scarcity. The price of these Bills, which were last week at 77s. premium, had fallen to-day to 65s. premium. Indeed, the payments into the Exchequer, and other obvious causes, always create a temporary scarcity of money towards the end of the year; but this year the scarcity seems to have occurred earlier. Several unusual circumstances have added to it. The Provincial Bank of Ireland has found it necessary to make preparations against a run upon their Branches, and has withdrawn a very considerable sum of money from London for that purpose. The large corn importations have occasioned corresponding remittances to the Continent. The recent failures in Glasgow, of which exaggerated accounts at first appeared, have excited some distrust here, and a proportionate difficulty in obtaining discounts. But whatever the causes may be, the fact of a scarcity of money is cer- bin ; and if that scarcity should increase, or eVen continue as it is for a few weeks longer, it will undoubtedly occasion a further fall in the prices of the Funds.

The heavy Stocks have given way, but not quite to the extent of Consols.

New 4 per Cents. which were on Tuesday at 103, are now 1021. 4 per Cents. 1826 . . 103f, 31 per Cents. 941 In the Foreign market there have been considerable changes in the value of some of the Bonds, but no great amount of business has been one.

Colombian Bonds, which were last week as low as 181, had advanced on Tuesday to 22f. The Government, it seems, has agreed to farm cer- tain duties, and to order the produce to be paid, as it accrues, to any agent whom the Bondholders may authorize to receive it, in aid of their dividends. The Jamaica mail which arrived to-day, has also brought some further, and, it is said, more favourable, intelligence on this subject. But " hope deferred ma.keth the heart sick ;" we remember the time when half the measure of such news would have caused a rise of 20 per Cent. in such securities ; but the additional intelligepce of to-day has had no effect whatever. Peruvian Bonds are also dearer since last week (say 18 to 19), from sympathy, no doubt, (we are serious) with their brethren of Colom- bia, for there has been no news whatever to affect them otherwise. Russian Bonds were done at 95 on Tuesday ; to-day they were about 941. But this Stock seems destined to defy rational calculation : about this time last year, the price of it fell to 84, upon the bare apprehension of a war between Turkey and the Allied powers ; now Russia is engaged in a separate, unsuccessful, and probably protracted war with Turkey, and the Stock is at 94! Portuguese are at about 54i. The second dividend is due on the 1st proximo, but not payable ; at least there is yet no word of it. The apathy of the Bondholders is surprising.

Spanish Bonds have returned to the cave of their slumbers, at about IN, there to remain until they again become the apt object of another speculation for a rise of one per Cent. one of these days, as they pro- bably will.

While so nfany fluctuations occur in our own and other Funds, the gradual and regular increase in the value of the French Rentes is re- markable. There is now little more than 10 per Cent. between the value of the French and English 3 per Cents ! A year or two back, the English three per Cents and the French five per Cents used to pace pretty regu- larly together.

There is not much to remark respecting Shares. There have been no fluctuations in the prices of any but those of the Brazil Imperial Associa- tion, which advanced to-day about 10/. per share on the receipt of favourable news by the mail. They had previously been declining in value.

SATURDAY, ONE o'CLocK.—The market has been tranquil this morning, and prices have rather improved. Consols opened at 86/, buyers; and are now 861, buyers. Exchequer Bills are not better, but rather worse, having been dwae at .04. There is no business whatever Bt'tlie Mean nitirket, In Shares, the only observation we ha:ye to make is, that the rise in Brazil, yesterday has been fully maintained.

3 per Cent. Consuls, 864 to i Colombian, 1824,6 per Cents. 21i

341w Cent. Reduced, 851 L Danish 3 per Cents. 62 to *

& per, Cent. Recluced, 941 to f Gree/c 5 per Cents. 17 to 18 ew 4 per Cents. 102/ to # Mexican 5 per Cents. 4 per Cents. 1826, - Ditto 6 per Cents. 344 to i Long Annuities, 198-16 toi Neapolitan 5 per Cents. 80 India Stock, div. 10i per Cent. 241 Peruvian 6 per Cents. 18 to 19

Bank, dlv. 8 per Cent. 209, 2084 Portuguese 5 per Cents. 541 to 2

74s. Prem. to 95

Exchequer Bills, 2d. per Diem. 65, 66, sHARES. 64s. Prem. Anglo-Mexican, Consols for Acct. 27th Nov. 86f, Buyers Brazil, Imperial, 641. to 661.

Ditto, 2Ist.Jan. 861 to i Ditto, National, 111.

FOREIGN FUNDS, Colombian, 171. 10s. Brazilian 5 per Cents. 634 to g Del Monte, 1701. 1651.

Buenos Ayres 6 per Cents. 474 to fii United Mexican, 151. 10s. to 16/. 10s.

FOUR o'cLocx.—Consols have been at 862 buyers for this account, and have also been done at 871 for the opening in January. The closing price, however, is lower; viz. 86*, sellers for this account, and 861 buyers for January.