MONEY MARKET.

STOCK EXCHANGE, FRIDAY AFTERNOON.

The reduction of the rate of discount, which we have before noticed as form- ing one of the staple reports or every Thursday's City gossip, has at length taken place : at their usual weekly meeting of yesterday, the Bank Directors determined upon the issue of the following notice. " Bank af linglaial.—At It Court of Directors held January fat 1940, Resolved, That lie rate or interest ott bills a exchange and notes discounted at the Bank of England be fire per cent. front this ,I.ty."

Opinions are of course divided upon the policy of tide reduction ; and if we are to argue upon the state of the affairs of the Bank from the published ac- counts alone, we should be led to the conclusion that the Directors have not been premature in its adoption. By ,be last publication of the quarterly ave- rages of the liabilities and assets of the Bank, we find that its circulation is 16,366,0001. against an amount of bullion of 3,454,000/. ; but as the average last taken applies to the quarter at which the amount of bullion was at the lowest, the actual amount in the coffers of the Bank at the time of the publi- cation of the report may folly be assumed at somewhere about 5,000,000/. ; and if, as is generally believed, there has since been an addition of upwards of 1,000,000/. to that amount, the sum of bullion may now be taken at 6,000,0001.; while at the same time it is understood that the debt of 2,000,0001. to the Bank of France has been in a great degree liquidated. In consequence of the above notice, discounts, which were previously from 56 to 6 per cent., are to-clay from 4 to 41, with an anxiety for the employment of money at these rates. All the Public Securities have undergone an improvement. Consols, and all the English Funds, advanced yesterday afternoon per cent., and are im- proving to-day ; the following having been the quotations for money,—Consols, 911 ; Reduced Three per Cents., 92; Ditto Three-and-a-half per Cents., 100; New Three-and-a.half per Cents., 991; Bank Stock, 1794; India Stock, 250. Just previous to the close of business, the market gave way A per cent., in con- sequence of the exchanges having shown symptoms of decline. A sudden turn, however, occurred ; and before the end of 'Change, the rates on Paris, Hamburg, and Amsterdam, were at an improvement of per cent. upon those of last post. This alteration did not become known until after the Stock Ex* change had closed, and consequently did not produce any effect upon the prices of the Funds. The Foreign Funds are generally better; and there has been considerable demand for Russian and Danish Stock, at an advance of 1 per cent. upon our last prices ; Russian Bonds having been done at 114, the highest price at which they have stood since the last Dividend. The rise in these Stocks has ibllowed a corresponding improvement in the Continental markets, where money has ibe some time been extremely plentiful. The high price of Russian Stock is the more surprising as there is an intention on the part of the Russian Government to raise a large loan in Holland. The loan is intended to he in a Three per Cent. Stock, but the details of the measure have not transpired.

The last advices from Lisbon have had an unfavourable impression upon

Portuguese Securities ; and at one time the current prices were per cent. below those of last week : an improvement took place in the course of yester- day, and they were to-day 4 per cent, in advance of the lowest quotation ; but, in common with all the other Stocks, they are lower this afternoon. Spanish Stock became depressed from the want of stimulus from the Penin- sula, (our communications being interrupted by the boisterous weather,) and the pressure of a large quantity of Money Stock upon the market, by which the price of Active Stock was forced down to 251 : a slight improvement yes- terday raised it to 24 11; in the course of the afternoon it rose to 26, and closed at 25i 6. This morning the price has been as high as 26:1, but that quotation was not supported; and the closing price is 256 k. The surmise that we last week hazarded as to the cause of the improvement in Columbian Stock turns out to he correct; it appears that the Committee of Bondholders have submitted a plan for the arrangement of their claims to the agents of the Republics; and it was in anticipation of its reception being imme- diately promulgated that the late rise in the price of the Bonds occurred. A few days ago the Committee were informed that a further delay was required for the consideration of the plan; and the Bonds, which were at 28, have been SS low as 26k : they rose yesterday afternoon, and, after being to-day at 27?i, close at 27.

Brazilian Bonds are in demand about 1 per cent. above our last quotations : this improvement is merely occasioned by a scarcity of Stock, and not by any favourable intelligence from Brazils—indeed there has been no arrival of late.

The Railway Shares all improved suddenly yesterday afternoon, and arc to- day in demand at considerably advanced prices.

SATURDAY, TWELVE O'CLOCK.

At the commencement of business symptoms of heaviness were evinced, hut the transactions effected were few and unimportant. A purchase of Exchequer Bills nt 20s. prem., however, gave a better tone to the market, and Reduced Three-and-a-half per Cents. were clone ut 994, and have since been quoted at 100. The other Government Funds are consequently firmer, though Consuls for Account are still sellers at 91a. In the Foreign Market, the Northern European Stocks are at yesterday's prices. We have, however, to notice a slight improvement in Portuguese Bonds, of which the Five per Cents. are quoted at 34*, and the Three per Cents. at 23,11- i. Columbian and. Mexican are also firmer; the former being at 27, and the latter at 294 4. The revived report of CABRERA'S death, in conjunction with an improvement (to 27) in the price of Spanish Bonds in Paris on Thursday, has caused a ris.: of 6 per cent., and the Active Stock, which closed yesterday at 9512 g, has been as high as 26k, and is now 26A.

3 per Cent. Consuls 01 Brazilian 5 per Cent 751 64

Ditto Mr A,,,,unt ',..)R -.! Belgian 5 per Pent: 102 3

3 per Cent. Reamed 91i -,1 Colombian 6 per ('elite. 1024 271

31 per Cent. Ditto 997; 100 Datikli 3 per (7ents 75!: 6 New 3} per Cents 99,1 i Datch .1 per Cents 5''-t 4 Dents Stuck 179 80 IN ■rt tigue,e Itegemy 5 per Cis 341 Exchequer Bills 18 20 pm. Ditto 3 per Ceuta 234 4.

India Stock fur Account 250 lid 114

Itu,sian 5 per Cents

Spanis,11 (Active) 261