THE MONEY MARKET.
STOCK EXCHANGE, FRIDAY EYENING.—The favourable aspect which our Stock Market wore during last week, has been materially altered, and prices have given way in the whole nearly one per cent. This change, too, has occurred In the face of an adequate supply of money, and also of some scarcity of Stock for present transfer ; so that it may be inferred that the fall might have been more considerable but for the continued and counteracting force of unemployed capital. Several .causes have concurred to cast considerable gloom over our Markets. The first of these is the disappointment of the hopes which many had begun to entertain of the King's immediate convalescence. The next, and most important, is the apparently Increasing difficulties of the French Ministry; and the fall of the French Funds, which has obliged our City politicians to look with au anxious eye to Paris. There has besides been a fall in the value of all the Foreign Funds in the other Continental markets, where, and more particularly at Frankfort, speculation having been carried too far, credit had become bad, and money consequently scarce and at a high rate of interest. It was of course to be expected that all, or indeed any one of those causes, would have operated prejudicially here ; but so long as the policy of our Own Government shall continue so decidedly pacific as we trust it now is, money, Which cannot be better employed in any other way, will be sure to find its way to the Stock Exchange, and ultimately support prices at their present or perhaps a higher level.
The last price of Consols, on Saturday last, was 93* to a for Money. On Monday the Market opened at 02* to 93; and by Tuesday morning, the price had fallen to 92/ to *. It has since risen to 92* for Money, and 93 for the opening in July.
The heavy Stocks maintain their ground tolerably well, and Exchequer Bills and India Bonds are as high as they were last week.
In the Foreign Market all has been confusion and dismay among the Greeks. We have certainly done our part in cautioning the buyers of these Bonds at such prices Ps 50; but so long as the price was against our arguments, nobody, we dare say, listened to them. When our report of last week was written, the price was about 43 or 44; and to-day it is somewhere about 31. The immediate cause of the fall is of course the abdication of Prince Leopold ; but if the price had not been prepos- terously high before, there would have been no such depression now. The same parties who desired to have a King in Greece, and who offered the Crown to Leopold, are not to be supposed to have their desires extinguished by his refusal—a Crown Seldom goes a-begging, and some other candidate will soon be found : but if Leopold Were to recant and offer to go to Greece to-morrow, still we say, what man in his senses would give 00I. or 55/. per cent, for the securities of such a country ?
A fall in the valise of one description of Bonds, frequently acts, as it were by sympathy, upon those of another ; and the fall of Greek would have probably made other markets dull, but that has been done by other causes. All the South American Bonds are flat to recent buyers. The Dutch have had enough, we suppose ; and the lever of their purchases having ceased to act, the different Bonds seem to be gradu. ally sinking again towards the old piOnt. Vine, Mexican, from 40, is down to 36; Colombian, from 27, to 24; Peruvian, Prom 26, to 22, and so on. Even Brazilian, the crack Stock, is gone down from 74 to 72*, and would not surprise us by a more con. siderable fall. Spanish alone stood its ground amidst the general gloom, and onWed. nesday even rose to 194; but yesterday morning, news having arrived of the failure of a great speculator at Paris, the price fell one per cent., and is now somewhere about 184.
Russian and Danish Stocks have given way each nearly 2 per cent.; not front any business that appears to have been transacted in them here, but solely owing to the fall in their value abroad.
ln Shares we have only one remark to make, but that is a general one—all the Mining Shares have given way a little in price, probably from the sympathy we have already spoken of.
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