MONEY MARKET.

STOCK EXCHANGE, FRIDAY AFTERNOON.

The notice issued yesterday of the intention of the Bank Directors to raise the rate of discount to 44 per cent., has produced an unfavourable effect upon the Money Market ; and Consols have fallen # per cent. in consequence. It is understood that this measure has been forced upon the Directors by the declin- ing state of the exchanges, and their consequent anxiety to provide against the anticipated result of an increase of the exportation of gold—the sleepless bugbear of their imaginations. Of the necessity of this measure we do not feel caller upon to speak ; and can only regret that it should be in the power of any irre- sponsible set of men (however respectable) to cause the inconveniences which these continual alterations in the value of capital must create. The conse- quence of this measure has been an anxiety on the part of capitalists to provide themselves with money, in case a demand for it should occur ; and as Govern- ment Securities are those upon which it is more easily raised, a supply of Con- sols has been thrown on the market, and the price for Account is nowper cent. higher than the quotation for money. The premium of Exchequer Stills has also declined about 3s.

In the Foreign Market, both Spanish and Portuguese Securities have been depressed ; the former nearly 3 and the latter about 2 per cent. The causes to which we have repeatedly alluded as operating unfavourably upon Spanish Stock, still exist ; and it is to them that this decline is to be referred.

The fall in Portuguese has arisen partly from the sympathy which always exists between this stock and the Spanish, and partly front the success which has attended the expedition of the Carlist General GOMEZ ; who, by having penetrated into Gallicia, will be enabled to afford support to the Miguelites of the neighbouring Pe, euguese province Tras los Moutes, who may, it is feared, break out jet., rebellion against the Government.

The European Continental Stocks have continued steady notwithstanding the decline of Consols ; and there does not appear any disposition among the holders to sell.

A few small parcels of Dutch Stock have been brought to market ; but the sales of this or any other Securities have not been extensive. The South American Stocks arc generally about 1 per cent. lower ; but this fall occurred without any business having been done. The Mining Shares are neglected. The Railway Shares have entirely re- covered from the panic of last week, and do not seem at all affected as vet by the increase in the rate of interest. Great Western are about 71., Southamp. ton 31., and London and Birmingham Si. higher titan last week : the market also is healthy, and considerable business has been transacted during the last

few days. SATURDAY, TWELVE O'CLOCK.

The Consol Market has improved 6 per cent. : there does not appear any disposition among the Stockholders to sell Stock. Exchequer Bills are at the same premium as yesterday. Spanish Stock has improved, notwithstanding a decline of 4 per cent. on the Bourse at Paris on Thursday, later intelligence having been received from that capital of the defeat of the Cailist division in Gallicia. The Active Stock opened at 374, and soon reached sq, but has since receded, and is now 37A 38. Portuguese Bonds have also improved; the Three per Cents. having been at 494, and the Five per Cents. at 79 ; but are now lower, the Three per Cents. being 484, and the Five per Cents. 74. The market for Railway Shares continues to maintain its improved condi- tion; the following are the prices most current. London and Birmingham 61 63; Great Western 16 17; Greenwich 4 5; Southampton 8 14; North Midland 2 4 ; Leeds and Manchester 14 16 ; Manchester South Union, 12; Brighton 54 64 ; South Eastern 4 14; Colonial Bank 1 2, prem.

SATURDAY. FOUR O'CLOCK.

Consols close itper cent. lower than in the morning. The Spanish Active Stock has been as high as 383, but did not maintain that price long ; and is now 484. Among the other rumours of the afternoon, is one which has gained some credence, to the effect that the last advices from Madrid state that the return of M. MENDIZABAL to the post of Finance Minister is anticipated. We are not inclined to put any faith in this report, which has doubtless origi- nated from the circumstance of its having become known that the ex-Minister US been returned to the Second Chamber as one of the Procuradores for

Madrid. The other current Stocks continue

any variation in Railway Shares.

3 per Ceut. Consols 901

Ditto for Account 91 New 34 per Cent Anus 99} India Stock 258* pm.

Bank Stock 2194 Excluvier Bills 9 11 Belgian 5 per Cents 1034 f

13razilian 5 per Cents 871 8 Danish 3 per Cents. 76k 7

unaltered; and we cannot

Dutch 24 per Cents

French 3 per Cents Mexican 5 per Cents. Portuguese 3 per Cents.

Do. Regency 5 per Cent Russian,1822. 5 per Cent

Spanish, 1834, 5 per Cent. Ditto, Deferred Ditto, Passive

notice

33g f id f 1104 11 481 I 111