MONEY MARKET.

1;10C:b. EXCHAN1115. VIllitAT A 1,TEKNOON.

'the Congol l'aarket has not been subject to any fluctuation, notwithstanding that the settlement of the Account for February occurred on Wednesday. The recent absorption of Money Stock operated favourably upon the set- tlement; and the Account was (to use the technical phrase) corned over at a rate of interest not exceeding 2i per cent. per annum. The Spanish Securities lave been very much agitated. Reports of the inefficient state of the auxiliary force have been freely circulated : these produced several extensive sales, and the quantity of Stock brought to market on Monday afternoon oceasioned a panic, accompanied by a sudden fall in the Active Stock of 5 per cent. The sickness of the Legion has, however, turned out to tw greatly exaggerated ; and other reports which were then current, as to the refusal of the London agents of the Government at Madrid to accept bills drawn upon them, totally unfounded ; and the tendency of the market has since been upwards, the highest ;nice of to-day being 2/. per cent. above t re lowest price of Monday. The Passive Stock has maintained itself better than either the Active or De- ferfhd, as it is still believed that the holders will receive some benefit from the nancial plans of M. MENDIZABAL, which it is expected will soon be given to the rablic. The price of Spanish Securities has been well maintained in all the Foreign Markets ; and their further depression here has been chiefly prevented by the purchases fur Foreign Account, which have occurred during the last few days.

The other European Stocks are neatly at our last prices, and are generally in demand ; but the business transacted in them has been unimportant. The measure adopted by the House of Commons with regard to the Bills now pending for the Railway Companies has not produced any great effect upon those enterprises which are likely to be affected by it. Indeed, the proposed regula- tions are in favour of those undertakings which are likely to be of really public utility ; and if their effect should be to diminish the enormous cost which has hitherto attended the obtaining of Acts of this nature, a great benefit will be conferred upon capitalists, and upon the country in general. The Parliamentary expenses of the Liverpool and Manchester Railway Company were more than 10 per cent. upon the amount of the subscribed capital ; and in the other Rail- way Companies have been proportionably large. Any change of system by which such expenses can be lessened, must be a benefit. It is generally believed by persons unacquainted with the affair, that theRailway speculations are now car- ried on as recklessly as those of the Mining Companies of 1825; but the reverse is the fact. The speculations of 1825 were entered into by persons generally without means, and were mostly in the nature of time bargains ; the Shares at that time being purchased for distant periods, by those who had not the means of paying for them : but the transactions of this period are all bond

f ide ; the great majority of the business being for money, and few of the Shares of the Companies on which the largest deposit has been paid and the heaviest premium is given, being in the market. The experience of the Vice- President of the Board of Trade as a merchant during the disastrous period of the panic, must naturally lead him to look upon any recurrence of such a state of things with horror. But if the Bank of England will not (as they did at that time) tamper with the currency, and thus force even the most pru- dent to over-trade in some degree, the reply of the French merchants to TURGOT, who offered them protection, may be repeated on this occasion- " Let vs alone."

The Shares not affected by the Parliamentary resolutions, generally are at improved prices since our last; but are not quoted to-day so high as they have been. The Shares of the two rival Brighton Companies have been those which have attracted the most attention : those of Stephenson's Line were sud- denly elevated yesterday in consequence of its being reported that Rennie's Company had forfeited their chance of a bill by a non-compliance with the Standing Orders of the House of Commons; but as this report is unfounded, Rennie's have since improved about 11. 10s., while Stephenson's have declined more than 51. from the highest quotation. The others have all fluctuated in a greater or less degree; but there has not been any thing in the transactions to call for particular remark.

The books of various Stocks, the Dividend of which becomes due in April, will close on the following days—

Bank Stock 3 per Cent. Reduced 34 per Cent. Reduced Annuities 34 per Cent. Reduced Annuities, 1813 Long Annuitios Annuities fbr Terms of Years Old South Sea Annuities East India Stuck

SATURDAY, TWELVE. O'CLOCK.

Birmingham 75; Southampton 8 9 prem. of the Railway Shares. Brighton 91 10 ; Ditto, Rennie 23 u ; Blackwell An improvement has occurred in Dutch Stock ; the 24 per Cents. are at 551 and the 5 per Cents. have been as high as 104 The following are the quotations Commercial 11 3; Greenwich 91 10/ ; Great Western 22 24; London and which is at present from 3 to 1 per cent. above the closing price of yesterday. Spanish Stock in Paris, has given great firmness to the price of Spanish Stock,

The debate in the House of Commons and an improvement in the price of

SATURDAY. FOUR O'CLOCK.

The English Funds continue unmoved, closing at the morning's prices. The Spanish Securities are a shade lower than the highest quotation of the day. Dutch Stuck is firm at the improvement of the morning : the 21 per Cents. being 55 ti 561, and the 5 per Cents. 104 The Railway Share Market has confirmed unmoved during the whole of the afternoon, and the closing prices are generally those of our mornine. quotations.

OPEN. PEN.

March 3 April 14

— 3 — 21

4 — 21 — 4 — 15 — 2 — IS — 2 — 18 - 4 —20 — 3 — 14 3 -or Cent. Consols.... Ditto for Account New • 34 per Cent. Annuities India Stock .... Batik Stock

Excliegner Bills . Belgian 5 per Cents ...,

Brazilian 5 per Cents.

bluish 3 per Cents. 914 I 91; 2 — — — 20 22pr. 103 4 874 764 74

Dutch 2; per Cents French 3 per Cents Mexican 6 per Cents.

Portuguese 3 per Cents Do. Regency 5 per Cent

Russian, 1822,5 per Cent Spanish, 1834.5 per Cent Ditto, Deferred Ditto, l'assive

55; 64 — .t 5:11 3 83 4 1104 11 46: 4 t3i,i il 154 1