MONEY MARKET.

STOCK EXCHANGE, FRIDAY AFTERNOON.

The variation in the price of Consols has not exceeded 1 per cent ; the ex- treme quotations having been 951 and 964. The closing puce this afternoon is 95i 96 both for Money and Account. From the smallness of the fluctua- tions, it will be inferred that the transactions have been unimportant. Some influential buyers have occasionally appeared in the market, but their opera- tions have failed to impart any permanent stimulus to it. It would hence appear that large amounts of Stock are still held on speculation, which the holders are ready to take advantage of every favourable opportunity to realize.

large and influential purchase has occurred in Long Annuities at the rate of 8 3-16ths for every 11. annuity : equivalent to an investment of money, for the term that these securities have to run-91 years--at rather better than 3 per cent. Money is extremely abundant, and the rate of discount and for loans at short periods continues the same-from 2 to 21 per cent.

Yesterday morning the Madrid Gazette of the 19th instant wasreceived, containing the scheme for the consolidation of the Spanish Debt, proposed by the Commission whose appointment we noticed a fortnight ago. By this scheme, which is of a very comprehensive character, it is proposed to convert all the numerous varieties of Spanish Debt, both foreign and do- meetie, with the exception of those contracted by treaty with Foreign Go- vernments and the Three per Cent Stock now ourrent in this country, into a Three per Cent Stock like that now our at Madrid, and at present aunount- ing to about 30,000,000/. sterling. A considerable reduction of capital of the existing varieties of stock will be the consequence of this proposed conver- sion, which if efibeted will raise the total amount of domestic Three per Cent Stook to about 56,000,000/. sterling. The only portions of the scheme that interest the English Bondholders are those relating to the Active and Passive Debt. It is proposed to convert the capital of the present Five per Cent Active Stock into one-third of its nominal value of Three per Cent Stock, the dividend upon which will be payable only at Madrid. The over- due dividends of the Active Stock are to be likewise converted into.the same ' description of Stock, at one-fifth of their nominal value so that the pre. sent holder of Active Five per Cent would be entitled to receive-for every 1001. capital, 331. 68. 8d., and for the 50 per cent of over-due dividends, 104 -in all, 431. 6s. 8d., of a Three per Cent Stook, the dividend of which would be payable in Madrid only. The Passive Stock is considered by the. Com- mission as equal in value to 361 per cent of Active ; and this is proposed to be converted into Three per Cent Stock, upon the same terms as the Active Stock-namely, at one-third of its nominal amount. Every holder of 1001: Passive Stock will therefore receive 121. 3e. 4i1. Stoek of the same de- , seription as that into which the Active will be converted. The plan ' was received with indignant contempt, and there seems no reason to doubt that at any general meeting of the Bondholders that may be called to consider of its adoption it will beignominiously. rejected. Its effect upon the value of the Active Stock has been disastrous; the Bonds having fallen from 181 to 161, closing this afternoon rather more firmly-at 161 I. The Passive Stock has not been affected. The Three per Cents are lower, having fallen about 1 per cent. We may add, that taking the value of the domestic Three per Cents at 30, the present. prioe of the stock in Madrid, and supposing the proposed conversion to be effected, the value of Active Stock is 13, and of Passive 31 per cent.

The variation in price of the other Stooks usually murent in the Foreign Market has been trifling, and the transactions unimportant. We may note, however, a continuance of the demand for the Scrip and Stock of the new Russian and Danish Loans, but with only a trifling improvement in price. Mexican Bonds have continued without material change. The Peruvian and other South American Stocks are also steady. An influential buyer has given increased firmness to Portuguese Four per Cent Stock, which has reached 84.

The principal Railway event of the week has been the meeting of the Great Western proprietors, held yesterday to sanction the raising of an addi- tional amount of capital, to the extent of 3,500,0001., fax the purpose of come pleting some branch railways, the fulfilling of contracts already entered into for the purchase of others, and the paying off some portion of the other liabilities of the Company.. The plan originating with the Directors was adopted. It proposes to raise the sum in debentures bearing 4} per cent in- terest, giving the holders the option of exchanging each debentures at par for stock of the Great Western Company at any period before April 1857 ; after that time, the Great Western Company to have the power of paying off the debentures at par with twelve months' notice. The Shares of the Great Western have fluctuated- between 49 and 53, and close this afternoon at about 51. With this exception, the fluctuations in Railway Shares have been uns important, and the quotations today are nearly the same as those of last. week.

tilsrorenax TWELVE O'CLOCK.

There was but a slight change in the French Funds yesterday, the Five per Cents closing 5 centimes lower, and the Three per Cents at the price of Thursday. There was a disposition to sell Stock here this morning; the first price of Consols for Money and Account was 95k ; of Reduced Three per Cents, 941. The market is now rather firmer, Consols being- 9496, Reduced Three per Cents, 94 5. There is no material change in the prices of the Foreign Stocks. It is understood that the Committee of Spanish Bond- holders forwarded last night to.the authorities at Madndstrong representations, setting forth the injustice that would be inflicted upon the holders. of Spanish Stock by the proposed conversion, and the utter hopelessness of its acceaccept- anceby them. The transactions in the Railway Shares are as yet unim- portant. Great Western are, however, in rather better demand. The fol- lowing are the only bargains yet recorded-Great Westeni 511 1 ; Leeds. and Bradford, 89 ; Reading, Guildford, and Reigate, 15; York and North Midland, 141.

SATURDAY Two o'Ccocx.

Consols close at the morning's quotation-94 96 both for Money and the Account. In the course of the forenoon, the price has been as low as 951 ; but the market rallied just before the close of business, as already stated, to

the morning's quotation. The transactions have been unimportant. There is no material variation of prices in the Foreign Market : Spanish Stock, however, closes more firmly. The following are the principal bar- gains recorded. Foreign Stocks-Benos Ayres, 52'; Danish Scrip, 41 pre- mium; Peruvian (Active), 701; Ditto Deferred, 291; Russian Four-and-a- half per Cent Stock, 951 ; Spanish Active, 161 i 1; Ditto Three per Cents, 361 1; Venezuela Deferred, 12. Shares : Mining-Simtr'ago de Cuba, 121 ; United Mexican, 51 i 5 1. Peninsular and Oriental Steam Navigation, 791-1.. The Railway Shares are generally- heavy; but Great Western are at a slight improvement upon yesterday's prices. The following are the principal bargains since the morning-Aberdeen 9 BI; Caledonian, 71 7 ; Ditto Pre- ference, 51 : Eastern Counties, 7; Edinburgh and Glasgow, 261; Great Northern, 41; Great Southern andNestern, (Ireland,) 28 ; Great Western, 511 j 11; Linden., Brighton, andSouth Coast, 7818; London and Greene wick, 101 ; London and North-western, 101 1001; Ditto New Quarter- shares, 101 10; Ditto Fifths, 11; Ditto 101. Shares, M. and B. C., P ; Lon, don and South-western, 68; Midland, 3201 ;. Ditto 501. Shares, 21.; ; NorthStafibrdshirc, 71 1; Scottish Central, 11 1 ; South-eastern an Dover, 12/ 131; York, Newcastle, and Berwick, 1111.; York and North 3fidland, 141 1 1 1 ; Ditto Preference, 61 1. 3 per Cent Consuls 951 6 Danish 3 Cents 69 71 Ditto for Account 95 6 Dutch 26 per Cents 55 5 Ditto 4 per Cents 8

6

3 per Cent Reduced 94 . Si per Cents 97 4 Mexican 5 per Cents 1846 ...

Long Annuities... ....... 131, 3-18 Perlman 0. per Cents .7 1 . Bank Stock 205 7 Portuguese 4 per Cents 1842. 32 4 Exchequer Bills 68 70 Portuguese 5 per Cents 1824. 84 6 India Stock 266 Mission 5 per Cents 106 8

Brazilian 5 per Cents 86 8 Spanish (Active) 5 per Cents. 104

Belgian 44 per Cents 88 90 Ditto 3 par Cents 1842 ...... 864. t Cliffian 6 per Cents 96 8 Venezuela 33 5 Danish 5 per Cents 94 6