MONEY MARKET.

STOOK EXCHANGE, FR:DAV AFTERNOON.

The last monthly statement of the liabilities and assets of the Bank of

England may lie called a statement of dimiaation, for every item is con- siderably less than previously. The circulation is diminished by 334,000/., the deposit; by 248,000/., the securities by 997,000/., and the bullion by 291,000/ The decrease in the amount of the circulation is remarkable, as at this period of the year there is generally a lame increase under that head, consequent upon the payment of' the Dividends : it is therefore clear that great exertions have been tnade by the Directors to counteract the increase that would other • wise have taken place in the circulation by the addition of between 4,000,000/. and 5,000,000/. to it, such being the amount of the Dividends usually paid in Oetober. In the present critical state of the exchanges, the uncounteracted issue of so mindi paper must have led to a large exportation of bullion. The advices from Holland, received in the early part of the week, were very posi- tive, as to the fact of a further issue of Dutch Stock being in contemplation; and it was then stated that one of the first measures of the States-General would be a decree authorizing the creation of 20,000,000 guilders in Two-and- a-half per cent. Stock. The speech of the King, however, at the opening of the session, does not make any allusion to this operation ; but it is confidently. asserted that it will take place. It was believed that this circumstance, in conjunction with a reported loan for Belgium, would have induced the Bank Directors to take some more stringent measures of contraction ; and it was asserted yesterday, that a notice from the Bank would appear in the course of the day, limiting its future discounts to bills having only sixty days to run, in- stead of discounting bills of ninety days, as at present : but no such notice has appeared.

3Ioney has become much more abundant, both in the commercial world and at the Stock Exchange; and the price of the Public Securities has conse- quently improved ; most of the current varieties having fluctuated. between and ;I: per cent., and being to-day at the highest quotation of the week.

India Stock has improved, and was yesterday as Light as 247*, being an ad- vance of 2 per cent. Batik Stock, which has advanced in nearly the sante pro- portion, was yesterday at 17N, and is to-dav at 180. Exchequer Bills are also rather higher ; and were done to .day at 1 discount. In the Foreign Market, some considerable transactions have have occurred

in Dutch Two-and-half Inc Cents. : the price in the early part of the week was 52, but the market has improved h per cent., in consequence of the doubt thrown upon the fact of a new loan behig in agitation : it is, however, not :inn at the advance. The other Northern. European Stocks are without material variation.

Brazilian is heavy, with little doing. A bargain has been effected in the Stock of the last loan at 671, being 4 per cent, below the current price of tlie old Stock. The other Smtli Americans are steady without any business of importance. The approaching conversion of Mexican Stock has given Some firmness to that security ; and though there is no great improvement in the price, the Stock appears to be in demand.

The plan proposed by the Portuguese Government for the arrangement of

its Foreign Debt, has been the subject of' much fminnulversion. It is as follows: to exchange the whole of the Bonds now current for a Six per Cent. Stock,, at the rate of 834 per cent, for the Five per Cent Bonds, amid 50 per cent. fur the Three per Cents.; to pay for it given time only 3 per cent, or onc-half of the annual interest upon such Six per Cent. Stork; and to convert the inte- rest at present over-due, as well as such arrears as may accrue by the payment of only half the dividend upon the proposed new Stock into a Deferred Stock, to bear interest at some time to be hereafter deter- mined upon. The proceeds of' the Tobacco contract, which will be cleared of all its encumbrances at the end of this year, producing a nett revenue of 290,000/. per annum, is to be specially mortgaged for the payment of the Three per Cents. immediately receivable upon the proposed new Stork. This fund has, how- ever, been twice hypothecated already—once in the general mortgage of all the revenues of Portugal to the subscribers to the loans already existing, and again specially to the subscribers to the loan of 1837, technically called the ',tobacco Bonds. There seems, therefore, little inducement held out to the holders of the Bonds by tide arrangement ; the only advantage offered by which—viz. the mortgage of the Tobacco contract they already possess. Spanish Stock declined during the previous part of the week, and the Active Bonds were yesterday as low as 294 : it was then reported that a treaty had been concluded with Don CARLOS, and this in conjunction with Lord CLA.- RENDON'S appointment to office, produced MI improvement to 291. That quo- tation has mint, however, been supported ; and, after being at 294e the market closes at 29i.

SATURDAY, TWELVE o'Cr,ocu. A sale of 70,000 Console for Account at 901 has depressed the price, and. though the market opened at 901 91, the quotation is now 90i E. Exchequer Bills are the same. In the Foreign Market, the only variatiou that has oc- curred has been in Spanish Stock, which has improved 4 per cent. upon time closing price of yesterday. Columbian and Mexican are both at 321, and Pe- ruvian at 17 19. There is very little business doing, and our quotations of many of the Foreign Stocks are merely nominal.

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- SATURDAY. FOUR O'CLOCK.

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e The Consolmorket closes more firmly than in the Morning; the price. for Account being soi 91. There have been but few transactions in the English V ends during the afternoon. The Portuguese Stocks have been in demand; some speculative purchases having occurred in anticipation of favourable intel- ligence arriving from Lisbon on Monday by the mail. The Five per Cents. are IKA for the current account, and have been done at 37i for the middle of No- vember; the Three per Cents. are 25*; and the Five per Cents. 1837, 3. Spanish Stock has also improved, and the last quotation of Active Bonds is 80A j. • The other Foreign Funds are rather firmer at our morning's prices.

Brazilian 5 per Cents Danish 3 per Ceuta Dutch 2+ per Cents 71+ 21 73 4 531 I Portuguese Regency 5 per Cts 361

7

Ditto 8 per Cents 241 5 Russian (1822) 5 per Cent—. 110i 1111 Spanish (1835) &per Cent 301

Deferred Stuck Passive Ditto 143 * 71 I

. 3 per Cent. Consols 001 +

Ditto for Accrunt 901 -I. 3 per Cent. Reduced 831. i New 31 per Cent. Anus 984 i Banl; Stock 1791 India Stock Ditto Bonds — 3 1 dis. . Exchequer Bills

Belgian 5 per Cents. 1034