25 SEPTEMBER 1847, Page 8



The market has been in a better state during the last few days than for some time. Happily we have no failures of importance to record; for though some in- solvencies have occurred in Lancashire, and one in London, they have not been of magnitude. At their meeting yesterday, the Bank Directors determined to ex- tend the term of discount, and to relax the rule restricting their operations to bills having only sixty days to ran; resolving to discount bills having ninety days to run at a higher than the present minimum rate of 5i per cent. Consols have ex- perienced an improvement, and were at one time * per cent in advance of the lowest quotation of last week. A downward reaction of about 6 per cent occur- red; but since the determination of the Bank Directors already alluded to became known, the market has become firmer, and the closing price is 86* 4, being the highest of the week.

The business of the Foreign Market has been very unimportant; and though a trifling impulse was given to some of the more current Stocks by the improve- ment of Consols, no large revival of business or symptom of permanent activity can be remarked. The quotations today are nearly the same as those of last week, and in some cases below them.

The Railway Shares are generally within a trifle of the prices given on Saturday. In one sense the proceedings of the last few days are remarkable, as being the first for some time during which this market has been in a quiet state and prices have maintained themselves. If proof of the reckless nature of the recent railway speculations were wanted, it might be found in the proceedings of certain Liverpool gentlemen. In the course of yesterday, a deputation from the Stock Exchange of Liverpool bad interviews with the Directors of most of the principal Railway Companies, to urge upon them the propriety of suspending the works now in progress, in order to relieve the pressure upon the money-market occasioned by the continual recurrence of calls upon the new shares. This was in plain.English confessing that the Liverpool speculators had involved themselves deeper, in railways than is compatible with prudence, and asking the whole of the companies to assist them to get rid of their superabundant shares at a profit, or rather at a diminished loss. It has always been asserted by well-informed persons that much of the recent railway speculation was baseless: this has been as confidently denied by the large mass of speculators and those portions of the press interested in railways: now, bad the holders of shares gene- rally been real investors, their anxiety would be for the completion of the lines in- stead of their delay, as until completed no return can be received for the capital invested. Something of this sort was hinted to the Liverpool deputation in the reply of Mr. Ricardo, Chairman of the North Staffordshire Railway.


The accounts of the Bank of England for the week ending Saturday last ex- hibit, as compared with those of the previous week, the following results: an in- crease in the following items—public deposits, 583,3961.; other deposits, 204,0801.; other securities, 937,1021.; seven-day and other bills, 2,2701. There is a decrease in the notes issued of 101,7351.; and in the notes in reserve

in the banking department of 193,6351. The actual circulation has however, increased 91,9001; while the bullion is diminished by 34,5821; the actual amount of the latter is 8,880,490/, against an amount last week of 8,915,0721.; and the actual circulation is 17,932,4651., against an amount last week of 17,840,5651. There is no change in the prices or business of im- portance occurring either in the English or Foreign Funds. The Railway Shares are also generally at yesterday's prices • the following are the principal bargains recorded: Eastern Counties, 174; Exeter, Yeovil, and Dorchester, 16; Great Nor- thern, 14; Great Western, Half-shares, 60; Ditto, Quarter-shares, 174; Ditto, Fifth- shares,124; Lancashire and Yorkshire, Quarter-shares,:14; Ditto, Fifth-shares, 84; West Riding Union, 11 dia.; Brighton, Guaranteed late Croydon Thirds, 84; North- western, 106; Ditto, New Quarter-shares, 10* 6; Midland, 1156; Ditto, 401 Shares, 436; Ditto, Birmingham and Derby, 88; Newcastle and Berwick, New, 74; North British, 264 4; Ditto, Quarter-shares; 5; North Staffordshire, 94; Oxford, Worcester, and Wolverhampton, 124; South-eastern and Dover, 814 i; Ditto, Ditto, No. 3, 106; Ditto, Ditto, Preference, 101; Dutch Rhenish, n; Orleans and Bourdeaux, 34. SATURDAY, Two O'CLOCK. The English Funds were firm in the course of the morning, and the price of Consols for Account reached 866. An influential seller has since appeared, and the market has given way again; the price for Money being 866, while for Ac- count there are sellers at 86*. It is understood that an express has been received with the Paris prices of yesterday; and that the closing quotation of the Three per Cents, was 75.45, being 30 cents lower than Thursday's. The business in Foreign Funds has been unimportant. There was a disposition to improvement in the Share Market in the morning, but it proved only temporary We We can only add the following to our list of Railway transactions: Birminghamand Oxford Junction, 206; Caledonian, 29i; Chester and Holyhead, 176; Eastern Counties, 174; Great North of England, 228 6; Great Western, 103; Ditto, Half-shares, 60; Ditto, Quarter-shares, 174; Ditto, New, 86; London, Brighton, and South Coast, 45i; London and North-western, 160 4; Ditto, 41. Shares, M. and B. 616; Manchester and Leeds, 876; Oxford, Worcester, and Wolverhampton, 136; South- eastern and Dover, 316; York and Newcastle, 344; Boulogne and Amiens, 134; Paris and Strasbourg, 24; Tours and Nantes, 2.

3 per Cent Consols 861 Danish 3 per Cents 82 4 Ditto for Account ....Sellers 861 Dutch 21 per Cents 534 41

3 per Cent Reduced Ditto 4 per Cents. 351 61 31 per Cents Mexican 5 per Cents 1846.. • 184 Isk

Long Annuities New Grenada 18 19 Bank Stock Ditto 4 per Cents 1845 23 5 Exchequer Bills 4 8 pm. Peruvian 33 5 India Stock Russian 5 per Cents 105 7 Brazilian 5 per Cents 80 2 Spanish (Active) 5 per Centa 194

Belgian 41 per Cents 90 2 Ditto 3 per Cents 1842 281 9. Buenos Ayres 6 per Cent.... 35 8 Venezuela 35 2

Chilian 6 per Cents 90 2