29 JANUARY 1848, Page 8

MONEY MARKET.

STOCK EXCHANGE, FRIDAY AFTERNOON.

The Bank Directors, at the usual weekly meeting held yesterday, determined to reduce their maximum rate of discount to 4 per cent. This step has been long expected, and has been induced by the cheapness of money. The rate of discount in Lombard Street has for some Jays ranged from 3 to 4 per cent; and unless the Bank Directors had made a reduction to a similar average they would have been compelled to keep a large portion of their capital unemployed. The advance in the value of Public Securities, arising from the improved state of the money-mar- ket, has been mainly confined to the English Funds. The Government Securities have advanced about 14 per cent; the highest price of Consols having been 894, which was reached this morning; a trifling decline afterwards occurred, and the closing quotation is 894 for Money and 894 for Account. The purchases for Money have been extensive, chiefly on account of the bankers both of town and country, who are compelled to this mode of employing their capital in the absence of demand for discount; the stagnation of trade generally being such that scarcely any demand for money occurs. Capital is thus forced into the Funds. So great has been the demand for Consols, that for some days Stock commanded as high a price for Money as for the Account (2411 February); but the high price has operated to produce a supply, and today there is a difference of 1-16th. Bank Stock still continues advancing, and has today reached 202. India Stock is about 3 per cent higher, and is quoted at 242. The premium of Exchequer Bills has advanced 8s., and 34s. to 36s. In the Foreign Market, the investments in the Dividend-paying Stocks have been rather on the increase, and prices generally advancing. Portuguese Five per Cents 1824 have been done at 80; Dutch Four per Cents, at 854; Chilian, at 9L The Peninsular Stocks are also in demand; Portuguese Four per Cents. having reached 264; Spanish Active, 224; and Spanish Three per Cents, 324,— these last, however, receded about 4 per cent ih the course of the day. The im- provement in Spanish Stock is connected with a revived report that another con- version of the over-due Coupons of the Active Stock is to be effected, and that the decree authorizing it may be expected in a few days. Peruvian Bonds con- tinue to advance. The Railway Shares are, with few exceptions, nearly as they were last week. Since our last report, some of the principal advanced from 11. to 21. per share; but this improvement was not supported, and prices are nearly as on Saturdays The torpor of this interest is the more remarkable, as, in the present state of the money-market, it can hardly be anticipated that there will be any difficulty in re- newing the debentures now arriving at maturity. Indeed, it is understood that one of the companies now decline to renew debentures bearing 5 per cent interest, for a longer term than three years, instead of doing so for five or seven jrears, as formerly. We believe, however, that all classes of capitalists were so hampered by their railway investments during the late pressure, that the disinclination to this particular security is very general. The French Shares have not attracted much attention: those chiefly dealt in have been the Paris and Lyons and North- ern of France, which are today at an advance of about 10s. per share.

The accounts of the Bank of England, for the week ending January 22d,_ exhibit when compared with those of the preceding week the following result:3—

BANKING DEPARTMENT. Increase. Decrease.

Notes issued aieNs Bunion 352,810

This week. • Last week.

Total Bullion in both Departments 13,176,812 12,823,602 Actual Circulation 19,111,880 19,094,600

SATURDAY, TWELVE O'CLOCK.

The Bank Broker has been a buyer of Long Annuities at 9 1-16. This opera- tion has given a firmness to the Stock Market, which is generally i per cent higher than yesterday. With the exception of the transaction above recorded, the business of the morning has been unimportant. Exchequer Bills are 33s. to 36s. premium. In the Foreign Market, most of the current varieties are at yesterday's prices. The Railway Shares are firmer; the following are the principal bargains as yet recorded: East Anglian, 12; Eastern Counties, 164; Great Northern, 5; Great, Western, 103; Ditto, Quarter-shares, 194; Ditto, Fifth-shares, 234; Ditto, New,. 171., 104; Lancaster and Carlisle, Thirds, 114; South- western, 544; Midland, 115 16 144; Ditto, 40/. Shares, 444; Ditto, 501. Shares, 134 4; North Stafford- shire, 104 4; Oxford, Worcester, and Wolverhampton, 204; South-eastern and Dover, No. 1, 204; York and Newcastle Extension, No. 2, Newcastle and Ber- wick, 13.

3 per Cent Consols 891 4

Danish 3 per Cents

83 5 Ditto for Account 894 Dutch 24 per Cents 544 3 per Cent Reduced

894 4

Ditto 4 per Cents

851 i 33 per Cents

904 91 Mexican 5 per Cents 1896 ... 184 Long Annuities 9 1-16 New Granada 194 20e Bank Stock 202 Portuguese N.4 perCents 1892 26 7 Exchequer Bills 33 6 prem. Portuguese Old 1824 78 80 India Stock 242 Russian 5 per Cents ' 108 10ff Brazilian 5 per Cents 83 5 Spanish (Active) 5 per Cents 21 2 Belgian 44 per Cents 89 91 Ditto 3 per Cents 1842

314 *

Buenos Ayres

Venezuela 38 40

Chillan 6 per Cents

90 2

Rest £5,917

Public Deposits

252,232 Other Deposits 98,682

Seven-day and other Bills • 1,302

Government Securities, Including Dead-weight..

261,312

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Other Securities

i ----, 744,573.

Notes unissued 294,985

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Actual Circulation 17,280

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IOWA DEPARTMENT.