STOCK EXCHANGE. FRIDAY AFTERNOON: The following notice was yesterday issued from the Bank. It will be seen that it is, as usual, cautiously worded, to provide for the possible contingency of an augmentation of the rate of discount-
" The Governor and Company of the Bank of England are ready until further notice to receive applications for loans, upon the deposit of approved Bills of Exchange uot having more than six months to run, Exchequer Bills, and East India Bonds; such loans to be repaid on or before the 14th January next, with interest at the rate of 5 per. cent, per annum, and to be for sums of not less than 2,0081. each.
" Bank of England, 25th November 1841."
The following supplementary notice has since been issued-
- Bank of England, 25th November:
" In every case of an advance by the Bank of England pursuant to the notice dated this day, a promissory note will be required, whether such advance be upon Bills of Exchange, Exchequer Bills, or India Bonds."
It has hitherto been usual only to require a promissory note when advances were made upon hills of exchange : the state of the circulation of Exchequer Bills has rendered the present caution necessary. Money has not been quite so much in demand during the last few days. The prices of the Public Funds have improved, and the quotations of yesterday and today are as high as any that have yet been reached. Consols for Money have been done at 89.1, and New Three-and-a-half per Cents. at 99i. These prices have not, however, been supported during the whole of today ; the market having given way at one period 1 per cent., in consequence of the pressure of Money Stock upon it; it has since improved, and the closing price of Consols for Account is 89g 4.
The settlement of the Consol Account occurred yesterday ; and although the "continuation " (or premium paid by the speculators to the capitalists for carrying over Stock to the January Account) was equal to from 4 to 5 per cent, per annum upon the money employed, it will be seen that the price im- proved. The premium upon Exchequer Bills continues the same, viz. from 83. to 10s. It would appear from this, that these securities are not in the same estimation as before the discovery of the great fraud ; for, notwithstanding the recent improvement in the price of the Government Funds, Exchequer Bills have remained quite stationary. On the 22d September, when the price of Consols for Money was the same as today, viz. 891, the premium upon Ex- chequer Bills was 14s. to 16s.; and on the 1 Ith October, when Consols had fallen to 87g, the premium upon Exchequer Bills was still 12s. 14s. Since this latter period, while Consols have improved 2 per cent., Exchequer Bills have declined 4s., although by the operation of the funding nearly 2,500,000/. of the bills have been annihilated and converted into Stock. Under ordinary circum- stances, it is clear that the premium upon Exchequer Bills would have im- proved at least to the price of September last, when the quantity afloat was 2,500,000/. greater than at present ; and we can only account for the present low price upon the supposition already indicated. Both India and Bank. Stock are today at lower quotations ; the former had advanced to 249, but is today at 248; while the latter, which had reached 165, has fallen to 164.
The business of the Foreign Market has been chiefly confined to Spanish and Portuguese Stock ; both of which are nearly 2 per cent. higher. The former have been forced up to 201 by some large purchases for Money, made upon account of parties who are understood to have entered into some arrange- ment with the Government of Madrid, for the consolidation of the overdue Coupons of the Active Stock. On one occasion 50,000/. Exchequer Bills, and on another a large amount of Consols, were sold, and the produce invested in Spanish Active. These operations, in conjunction with the rise in the Stock in Paris and Madrid—the price in the former capital having reached 241, and in the latter 291—have caused the improvement above noticed. A large sale yesterday depressed the price to 231; and after being this morning at 24, and falling to 231, the closing quotation is 231. The business transacted in Por- tuguese Bonds has not been extensive ; but as the market has been for some time very limited, the price of the Regency Five per Cents, has been as high as 30, and the Three per Cents. as 191; while the Five per Cents. 1841 have been at 28: the prices are nominally rather lower today. The South Ame- rican Funds are also about 1 per cent, higher than last week ; but there have not been any transactions of importance. Mexican are also about 1 per cent, above our last prices. The European Continental Stocks are firm, with but little business doing. The transactions in Railway Shares have been few : Brighton had improved to 371 per Share, but have since given way about 1/.
The market was firm at the commencement of business, and the price of Consols for Money was as high as 891. The Bank Broker has, however, since sold Stock largely, and a decline of per cent, has occurred in nearly every de- scription of Stock. Consols for Money have been done at 89; the price is now 881 9; while for Account the price has declined from 89#, buyers, to 891 1. We have no business in Bank or India Stock, and our prices of these securi- ties are consequently nominal. In the Foreign Market, Spanish Active Stock has been at 231, and has since declined to 23/, the present price being 231 #. The other Foreign Bonds are generally heavy, at yesterday's quotations, in consequence of the decline of the English Funds ; but no transactions of importance have occurred. The actual business in Railway Shares has been confined to a bargain ill New Blackwall, at 5/. 4s. 2d. per Share; some in London and Birmingham, at 761 7 premium; Quarter-shares ditto, at 22/.; and North Midland, at 32/. per Share: the others are at yesterday's prices.
The market is rather firmer, and closes within per cent, of the highest price of the day; Consols for Money being 89 to A, while for Account there are buyers at 89g. Exchequer Bills are the same. Ii the Foreign Market, an advance has taken place in Dutch Two-and-a-half per Cents., which have been done at 52% for the current Account, and 521 for the 16th December. Portu- guese Bonds had given war, but have recovered again, in consequence of a purchase of the Regency hive per Cents. at 32t1 for 16th December; and all descriptions of this Stuck close at the morning quotations. Spanish Active has also advanced I per cent. Most of the dealers sold Stock in the morning when the English Funds fell, in expectation of a decline; but as no Stock has been brought to market during the afternoon, there was a general disposition to buy just previous to the close of business, and the price has improved, closing at 23; 24. -There has not been any business or material change in the prices of the Railway Shares, which may be generally quoted as closing at the morn-
3 per Cent. Consols Ditto for Account 3 per Cent. Reduced 3} per Cent Ditto
New :34 per Cents
Bank Stock Exchequer Bills ... .
Br..silian 5 per Cents
Belgian 5per Cents
881 9 894* nt 8 971 I 081 9 164 5 8 10 pm 247 9 57i 8 100 1
Columbian 6 per Conte .....
Danish 3 per Cents
Hatch 24 per Cents
Mexican 5 per Cents. Comul Portuguese Regency b per Cts Ditto New 5 per Cents. 1841 Ditto 3 per Cents
Russian 5 per Cents .....
78i 94 511 24 25 } 324 3 274 8 194 4 113} 144 234 4