MONEY MARKET.

STOCK EXCHANGE, FRIDAY AFTERNOON.

The rumours of a reduction of the French Army have produced a favourable impression upon the prices of our Funds, and the quotations of today are from

to lj per cent higher than those of last week for all the current varieties. Exchequer Bills have also improved, and from 27 are today quoted as high as 33 prem. Money has been in very great demand in the Foreign Stock Exchange; and this has of course had a temporary effect upon its value in the English Market, where for one or two days it was scarce ; but as the general plenty of it among the Bankers and other capitalists is such that it is easily obtainable upon the security of English Stock, the pressure was but temporary. Yester- day Was settling-day in the Foreign Market ; and high rates of interest were given for loans upon Spanish, Mexican, Columbian, Portuguese, and other Foreign Stocks, which are entirely repudiated as securities by the more careful class of our capitalists, and can hardly be considered as such by any but those connected with the Stock Exchange. There is, however, generally so great an abundance of money, that it is believed that the Bank of England will soon be compelled to reduce their rate of discount to 4 per cent. The business of the Foreign Market has been chiefly confined to transac- tions in Mexican, Columbian, Spanish, and Portuguese Bonds, all which are at a greater or less degree of improvement today from recent prices. The expectation of a large arrival of dollars for the Mexican Dividends was not realized; the Lyra packet having only brought 2,500 dollars; but as it is un- derstood that a large amount was accumulated in Mexico waiting for a con- ducta, the price, which gave way about per cent upon the arrival of the packet, has since improved to a greater extent than the decline ; the quota- tion today being 404 ex-dividend, which is equal to a quotation with divi- dend of 43 to 4. The payment of the Dividend commenced today at Messrs. Lizannes : it is necessary that all the over-due Coupons, nine in number, including that for the 1st April, should be sent in, in order to the receipt of the Dividend due this day. No Dividend will be paid upon those Bonds from which any of the previous Coupons have been detached. The Dividend which will become due upon the Converted Portuguese Fire per Cents in July next, has been advertised today. From the tenor of the notice, it would appear that it will only be paid upon such Bonds as are now converted, or may be so before July, and not as on previous occasions, rateably upon the other Portuguese Bonds. There has been an improvement of nearly 3 per cent in Por- tuguese Stock, in consequence of the next dividend being thus secured. Spanish Active Stock has been depressed ; speculation having taken a new turn, and being almost entirely devoted to the New Three per Cent Stock, into which the over-due Dividends of the now existing Five per Cents are to be converted. Thisprice of this embryo stock (for none is yet actually in existence) has risen from 204 to 25 ; while that of the Active Stock has declined, but has improved again, and is to day about the same as it was last week. Supposing that the whole of the Coupons eligible for conversion into Three per Cents should be so converted, the addition thus made to the Foreign Debt of Spain will be about ten millions ; and it is certainly one of the unexplainable mysteries of specu- lation, that the present value of Three per Cent Stock should be greater than that of a Five per Cent Bond of the same country. The letters from Amster- dam received this morning note the intended issue of 7,000,000 guilders of Five per Cent Stock, equal to a capital of from 500,000/. to 600,000L It is stated that this issue of Stock is for the completion of the railways, but it is believed that its real purpose is to provide for the Dividends which will become due in July. There has not, however, been any decline in the value of Dutch Stock in our market.

There has been of late some demand for some of the neglected Mining Shares. Imperial Brazilian have within the last fortnight improved from 8/. to 101. per Share ; and Bolanos Scrip has been in demand at 6 and 64. The trans- actions, have, however, been but limited. The Railway Shares are generally in fair demand, but the transactions have not been sufficiently important to require particular remark.

SATURDAY, TWELVE O'CLOCK.

Consols for Money have been done at 904, and for Account at 904; but the Market is now lower, and the price is 90 for.Money,:while for the Account it is 90 to 4. Exchequer Bills are higher, viz. 32s. to 34s. prem.

In the Foreign Market prices are generally the same. Spanish New Three per Cents are not quite so much in demand, and have been done at 244, a fall of nearly 1 per cent from the highest price. There has been a demand for Brighton Shares, arising from the large amount of the toll taken this week, which has been 2,800/., or nearly double the usual

average for some time past. The price has risen 11., and is now 364 4. Black- wall Shares have likewise improved from 11/. 12s. 6d. to 121. 7s. 6d. per Share; the arrangements for conveying goods upon this line having been completed and the traffic commenced. The other transactions have been, South Western, 594 ; Midland Counties, 794 ; South-eastern, 254. While Union Australian Bank Shares have been done at 29, and New ditto at 224.

3 per Cent. Consols Ditto for Account

3 per Cent Reduced

90 90 4 shut Columbian 6 per Cents Danish 3 per Cents Dutch 24 per Cents 27 * 80 81 52 4 34. per Cent Ditto shut

Mexican 5 per Cents Comet .40 4 ex Lt.

New 34 per Cents

991 4

Portuguese. Regency 5 perCts. 36 * Bank Stock shut Ditto New 5 per Cents 1841. 29* 30* Exchequer Bills 32 4 pm. Ditto 3 per Cents 21 * Italia Stock shut Russian 5 per Cents 113 114 Brazilian 5 per Cents ..ex div. 66 7 Spanish (Active) 264 4 Belgian 5 per Cents 103 4

The quarterly average of the liabilities and assets of the Bank of England exhibits, as compared with the last, an increase of 183,0001. in the amount of the Circulation, of 438,0001. in the amount of the Bullion, while the Deposits have diminished 297,000/., and the Securities 113,000/. The difference between the quarterly and monthly average, given in our last, is less than usual. The average of the quarterly circulation is 16,952,0001., and that of the monthly 16,894,000/., while the quarterly average of the bullion is 6,125,0001., and the monthly 6,281,000/. The encouraging feature in these accounts is the conti- nued increase of the bullion, the amount of which is greater than at any period since April 1839.