MONEY MARKET.
STOCK EXCHANGE, rarear Arrkatfoorr.
The English Funds have been in a drooping state, and the general tendency of the market downwards. The business transacted has not been important, nor have the fluctuations been extensive: but prices have gradually declined until the closing quotations of today, the lowest since Saturday, mark a difference of nearly 1 per cent, the last price of Consols being 965 1. The premium of Exchequer Bills has also fallen, to 15; owing, it has been surmised, to the Government hav- ing continued the interest upon the new bills to be issued next month at lid per diem, instead of increasing it to lid. as was anticipated. We do not believe that any general expectation existed of an increase in the rate of interest, and are con- vinced that sufficient reason for the heaviness of these securities may be found in the demand for money, which is operating to produce lower prices in every de- scription of Government and other investment. The current rate of interest for loans upon the best class of security is from 3 to 35 per cent, the higher being the more general. This demand may, we think, he entirely. referred to the state of the railway speculation; which, notwithstanding the various checks it has re- ceived, is still vigorous; the number of bills now going forward in Parliament with the prospect of passing, being such as to render a large demand for money inevitable. Under these circumstances, capitalists of all kinds are becoming cau- tious, in the expectation of this increased demand. The aspect of commercial affairs is very unsatisfactory; every description of produce and merchandise being difficult of sale at remunerating prices; while as an instance of the state of credit, groundless reports of the failure of large establishments are not unfrequeut. The meeting of the Mexican Bondholders to consider the proposition of the Government for the rearrangement of the Deferred Debt, took place on Monday last, according to advertisement. After a very stormy discussion, the proposition was (as we had anticipated) rejected, we may almost add contemptuously. The agents of the Government have since come forward with better terms, and their propositions have been met by others from the principal opponents of the late measure. The proposition now tinder discussion, and likely to be adopted, is for a reduction of about 124 per cent in the capital of the Active Stock; while the Deferred Stock is to be immediately converted into Active at a reduction of about 35 per cent. Thus, without increasing the nominal amount of the Mexican debt, more than 2,000,0001. of Active Stock will be placed at the disposal of the Government. It is proposed by the sale of this stock to extinguish the mortgage now existing upon the tobacco-revenue in Mexico; which revenue, in its unen- cumbered state, is to be assigned in perpetuity to agents appointed by the Bond- holders, and appropriated to the payment of the future dividends; for which it is amply sufficient. Mexican Active Stock declined about 1 per cent, when the result of the meet- ing became known, and has since continued without any permanent indication of advance. Deferred Bonds are about 5 per cent higher. The other Foreign Bonds are generally without the occurrence of any important business. Spanish Five per Cents and Deferred Stock underwent their urinal depression in anticipation of the drawing of the lottery to determine the numbers of those Deferred Bonds which are to become Active in accordance with the terms upon which the former Stock was created in 1834. The Three per Cents have been but slightly affected, though in common with all the other Stocks they are heavy.
The continued progress of new Railway Bills has operated prejudicially upon the value of all the existing Shares; which are in every case lower than last week. It seems now evident that the course of railway legislation will end in the passing more bills than can possibly be carried out without occasioning /se- vere pecuniary pressure; and as a consequence, the holders of all sorts of Shares are inclined to sell, while new purchasers are few. Scrip of every kind is de- pressed. The chief incident of the week has been a fall of the South Midland., occasioned by a decision of a Committee against this line and in favour of its competitor, the Leicester and Bedford: when the decision of the Committee be- came known this morning, the Scrip, which has recently been at between 1 and 2 premium, fell to a discount, and has since continued depressed; while the Scrip of the Leicester and Bedford improved but slightly. The business transacted in the French and other Foreign Railways has been unimportant, and prices nearly the same as our last, with a downward tendency.
SATURDAY, TWELVE O'CLOCK.
The English Funds are firmer this morning: the first price of Consols for Mo- ney was 965; since which the quotation has reached 965, and is now 961 This is not the result of any extensive operation, but the consequence of the ter- mination of a series of sales by an influential broker; who for the last day or two ha's supplied the market at a certain price, and who has declared that an amount of 40,0001. sold this morning completes his order. The Foreign Funds, and Shares are unchanged. We have to notice the following bargains in the latter, by which it will be seen that the quotations are nearly as yesterday: Buckinghamshire, par; Cambridge and Oxford, 5; Direct Manchester (Rastrick's), 3e; Direct Northern, li; Dublin and Galway, 3; Eastern Counties, 23; Ditto, York Ex- tension, li ; Great Southern and Western (Ireland), 23; Great 'Western, Quarter Shares, 165; Leicester and Birmingham, 15 premium: South-western, New 28, London and York, 25; Manchester and Leeds, Fifths, 124; Preston and Wyre, 304; Scottish Midland, 65; Dutch Rhenish, 73.
SATURDAY, TWO O'CLOCK.
The English Funds close at the morning's quotations. In the Foreign Market, the only variation is in Mexican Bonds; of which the Active Stock is lower, and the Deferred higher; the former being last quoted at 31 to 82, while the Deferred have been done at 173, and close at 175 3. The Railway Share Market is nearly in the same state. We subjoin a list of the bargains since the morning. Aberdeen, 4} 3 4; Bristol and Exeter, 84; Caledonian 103 i 11; Ditto, Half-shares, 14; Eastern Counties, 23 24; Ditto, New, 63 7; Edinburgh and Glasgow, Half-shares, 175; Great Western, 143; Ditto, Quarter-shares, 163 i; London and Binning- ham 226; Ditto, Thirds, 62; London and Croydon, 214; London and Green- wich, 95; London and South-western, 79; Midland, 1485 50 149; Ditto, New, 303 15 304 ; Scottish Midland, 65; South-eastern and Dover, New, No. 4, 24 Boulogne and Amiens,12; Dutch-Rhenish, 73 #; Namur and Liege, 4; Paris and Lyons, Constituted, 65 3; Paris and Rouen, 394.
3 per Cent Consols 961 1 Columbian ex Venezuela .. 16 17 Ditto for Account 961 1 Danish 3 per Cents 874 83
3 per Cent Reduced 951 I Dutch 24 per Cents 591 4 31 per Cents 97/ 1 Ditto 4 per Cents 911 24
Long Annuities 10 1-16 I Mexican 5 per Cents 31 32 Bank Stock 206 54 Ditto Deferred 173 4
Exchequer Bills prem. 17 22 Portuguese New 5 p. C ts. 1841 563 7
India Stock 267 Ditto 4 per Cents 1545 563 7 Brazilian 5 per Cents 81 3 Russian 5 per Cents 109 111 Belgian 44 per Cents 96 97 Spanish (Active) 5 per Cents 244 Chilian 6 per Cents 95 97 Ditto 3 per Cents 1842 374
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