MONEY MARKET.

STOCK EXCHANGE, FRIDAY AFTERNOON.

The intelligence brought by the overland mail on Monday produced a favourable effect upon the price of the English Funds; Consols for Money having advanced 1 per cent, viz. to 944 1, which quotation was well maintained during the settlement of the Consol Account yesterday, and till this morning, when the market gave way, under the pressure of some extensive sales of Re- duced Three-and-a-half per Cents and Consols for Money, and has since fallen 1 per cent, closing at 941 4 for Money and 941 95 for the January Account. Bank Stock has risen, and, after being at 1721, is today at 171/. India Stock has also risen about 5 per cent ; and, after being at 267, is today 266. The premium upon Exchequer Bills is the same, and has been during the whole week at 56s. to 58s. premium. The question of the reduction of the New and Re- duced Three-aud-a-half per Cents seems to have fallen into a temporary oblivion, and scarcely any rumour upon the subject has been current during the week. The Stocks themselves have advanced, though not in the same proportion as the Three per Cent Stock

The news from the East has given a decided impulse to all descriptions of manufactured goods ; the advance in some varieties having been as much as 50 per cent. Tea has of course declined; but the Sugar and Coffee markets, which have been depressed, are recovering.

We some time since noticed the fact of extensive sales of Mexican Bonds having been made, and the belief that these operations were on account of a firm engaged in the corn-trade, who were obliged to make sacrifices to meet the losses sustained by the great depreciation in prices during the autumn. The firm alluded to, however, ultimately supended payment ; and at the usual in- vestigation of their affairs in these cases, it appeared that they never had any transactions in Mexican Stock : so that it was quite clear that the suspicious sales must have had some other origin. Various rumours were current as to the cause of these large transactions ; but they ultimately resulted in a report that the sale3 were made on the behalf of the Mexican Government, whose agents were stated to have taken advantage of the recent conversion of the Bonds to put into circulat:ou an excessive amount of new Stock. Application Was made to Messrs. LIZARD' and Co. the agents of the Mexican Government, to ascertain the amount of New Mexican Stock actually issued by them in exchange for the old Bonds ; but these gentlemen declined to give any infor- mation. It was, however, ascertained that the Bonds of the various series were numbered consecutively from No. 1 upwards ; and it was also ascer- tained from Messrs. Banitso, the late agents of the Government, that, according to the terms of the conversion of Mexican Bonds in 1837, the amount of Active and Deferred Stock in circulation ought not to exceed 4,623,689/, of each description of Stock. On examining the numbers cf Bonds current in the market, it appeared that, according to a rough calcu- lation, the amount of Active Stock in circulation was about 5,200,000/i or about 600,C3/. more than ought to have been issued in exchange for the old Bonds, known to have been in circelation at the time of the conver- sion. Upon this circumstance becoming known to the Committee of the Stock Exchange, they addressed a letter to Messrs..Lizertnr, calling their attention to the reports in circulation, and begging those gentlemen to state, for general anformation, the amount of Mexican Stock actually in circulation. To this a reply was received on Wednesday afternoon, treating the demand as one of an unpreceden‘ed nature, and one which they (Messrs. LIZARD!) could not comply with, unless they had the permission of the Mexican Government ; adding at the same tirre, that upon the subject of Mexican Stock all their pre- vious communications had hitherto been with the Committee of South Ameri- can Bondholders. The Committee of Bondholders then addressed a similar request to Messrs. LIZARDI, who replied, in a letter which was communicated to the Stock Exchange just before the close of business this afternoon. The substance of this communication is, that as agents of the Mexican Go- vernment, Messrs. LIZARD! and Co. are authorized to issue New Five per Cent Stock to the extent of 5,400,000L ; but that as yet they have only issued Bonds to the extent of 5,2C3,00/. They also state, that the amount of old Stock to be converted was only, as already stated, about 4,60,00/. ; and that the excess of New Stock issued iota provide for the payment of their commis • aton upon the conversion aid other charges. This communication has taken those acquainted with Mexican finance by surprise ; as, in accordance with the decree for the conversion of the Old Bonds, the issue of the New Stock ought to have been strictly limited to the amount of Old Stock ht circulation. It is therefore supposed, that some other decree has been issued by the Government, with which the Bondholders generally are unacquainted. The effect of this discussion upon Mexican Stock has been very disastrous : the price, which in the early part of the week was 34, fell on Tuesday to 33; and again on Wednesday, when Messrs. LIZARDI'S reply to the letter of the Stock Exchange Committee was received, to 31/. The decline continued till this morning ; when the price had fallen as low as 284, from which point a rally occurred ; and upon the communication of Messrs. LIZARDI'S let- ter with the statement of the amount of Bonds actually in circulation, it rose to 301; which may be considered as the closing quotation. It is to be re- gretted, that when the Committee of South American Bondholders, in con- junction with the agents of the Mexican Government, settled the form of the Bonds of the new issue, they omitted to state in the body of the Bond itself, as is usually the case, the actual amount of Stock composing the loan, and the amounts and numbers of the Bonds issued. All discussion as to the amount of the loan would then have been prevented, and the Government would not have been able to exceed the recognized issue without immediate discovery.

The attention of the dealers and brokers has been so absorbed by the cir- cumstances connected with Mexican Stock, that the business in the other de- scriptians of Foreign Bonds has been quite unimportant. Portuguese Bonds are lower; as are Colombian. The intelligence of the disturbance at Barcelona, received on Monday morning, caused a decline of 11 per cent in Spanish Stock; which, however, rallied on Wednesday, when the news was discredited: it, how- ever, fell again yesterday, to the full extent of the recent reaction ; but rose this afternoon, and the following may be quoted as the closing prices—viz. Three per Cents, 221 1; Active, 174 18; thus marking a decline of 1 per cent upon the closing quotations of Saturday last.

SATURDAY, FOUR &CLOCK. The impulse given to business generally by the new relations with China has caused a demand for money ; and the English Funds are consequently lower. Exchequer Bills, after being at 54s., close at 54s. 56s. premium. Con- sols have been done at 94/ for Money and 95 for Account ; and there were buyers at both prices at the close. In the Foreign Market, Mexican Bonds, after being at 311, close at 31. Spanish Stock has improved still further; closing at 18 1 for the Five per Cents, and 221 for the Three per Cents. The others are without material variation.

The following transactions have occurred in Shares, in addition to those noticed in the morning : Banks—Australasian, 524; Union of London, 94 10 : Railways—Eastern Counties, 94; ditto, New, 101) 114; Edinburgh and Glas- gow, 484' Great North of England, 58; Great 'Western, 85 851; New ditto, 62 621; ditto, Fifths, 81; Brighton, 351 ; Birmingham' 185 ; South- western, 60 604 ; Paris and Rouen, 24; South-eastern and Dover, Scrip, 181 1 1 ; York and North Midland, 921; ditto, New, 374.

3 per Cent. Consols 941 # Ditto for Account 951 3 per Cent Reduced 941 31 per Cent Ditto 1001 4

New 31 per Ceuta 1011 it

Bank Stock 1711

Exchequer Bills, 248... prem 54 6

Ditto 29. do. 54 6

India Stock 266 7

Brazilian 5 per Cents 65 1

Belgian 5 per Cents 102 f 1 Columbian 6 pe. Coats—. Danish 3 per Cedta Dutch 21 per Lents IMexican 5 per Gelds Consd

Portuguese Regency 5 perCts Ditto New 5 per Cents 1841 Ditto 3 per Coots....

1 Russian 2 per Cents Spanish (Active) 5 per Ceuta

(Ex Coupons) Ditto 3 per Cents 1842 21 83 521 3 301 11. 37f 314 214 2/

112 113 171 18

221 1

The monthly average of the circulation of the United Kingdom, for the four weeks ending 12th November, exhibits, as compared with the last statement, an increase in the aggregate circulation of 1,072,751/., under the following heads—

Bank of England £601,000 Joint Stock Banks, England 132,425 Chartered and Joint Stock Banks, Scotland 148,070 Bank of Ireland 122,050 Private and Joint Stock Banks 124,045 Making the total increase 1,127,590 From this must be deducted a decrease in the cir- culation of Private Banks in England of 54,849 Making the total increase in the circulation 1,072,741

The bullion has been augmented by 106,000/.; the present amount being 9,907,000/., against an amount on 15th October of 9,801,000/. As compared with the return of the corresponding period of last year, there is an increase in the gross ciroulation of 4,824,197/., and in that of the bullion of 4,689,000/.

SATURDAY, TWELVE O'CLOCK.

The English Funds are firmer this morning, and have improved 1 per cent in consequence of a large purchase for Money by the Bank-broker, and one for Account by an influential ',operator ; the price of Consols for Money being 944 4, and for Account, 95/1. Exchequer Bills are 55s. to 57s. premien). In the Foreign Market, prices are generally the same ; with the exception of Mexican Bonds, which have improved to 31 to 4, and Spanish, of which the Active are 171 18, and Three per Cents, 221 4. The following transactions have occurred in Railway Shares : Edinburgh and Glasgow, 481 ; Great Western, 85/ ; ditto, New, 62; Birmingham, New, 324; South-eastern and Dover, 231.