MONEY MARKET.
solos Exciftxof:, Fairmv arm-amass The funding has been the chief topic of conversation during the week ; and the slow progress that hits been made in it shows the close lairga;ii that the Chancellor of the Exchequer has made foe the with the monied interest. The conduct of the Chancellor in this allair had been exposed to many sevsre, and we think unjust strictures ; for though the objections to the details of the measure which we stated in our last report still exist, there can be little doubt that the conversion of Exchequer Bills into Stock has been ell'ected upon ex- traordinarily advantageous terms for the Government. If the offer of Messrs. RoTnscli MD, flue only one made for the whole 4,000,0MS, bad been accepted, a creation of 4,135,000 Three per Cent. Consols would have been requisite to withdraw the proposed amount of 4,000,000L of Exchequer Bills; but the Chancellor has been enabled to withdraw that amount of bills at the cost of an issue of a much smaller quantity of Stock ; as will he apparent by the ful- lowing comparison. Three per Cent. Consols. Exchequer Bills-4,000,000/. funded at the rote of 110/. 17s. 6d. Three per Cent, Consols fin. every 1001.
Exchequer Bill-
£1,435,000 0 0 11,,r Cent. Consols 500,0001. funded by the Bank of Eng- land at the rate of 109/. 5s. 10s. Three per
Cent. Consols per 100/
Exchequer Bills £516,518 6 8 3,50(1,0001. funded at the rate of 110/ Three per Cent. Consols for every 100!. Exchequer Bills 3,850,000 0 0 1,000,000/. of Exchequer Bills have therefore been funded at the cost of .04,396,518 6 8 in fits-our of the present arrangement as compared with the terms offered by Messrs. Rternscinihn. Thus leaving n balance of 038,451 13 4 From this amount of ....08,451 13 4
4; being the difference that arises
must be deducted 7,826 13 from fundiug 500,000/. ant the Bank price of 109/. 5s. 10,!, instead of at the Messrs. Roaaiscismns' of 1111/, 17. 6.d.
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