MONEY MARKET.
STOCK EXcRANGE, FRIDAY AFTERNOON.
The English Funds have been depressed, in the almost total absence of any de- scription of business; partly on account of the threatening aspect of the weather, and consequent unfavourable anticipations regarding the harvest, but chiefly be- came of the prevalent mania for Railway speculation, which has diverted nearly all the capital applicable for either permanent or temporary investment into this channel, and left the Government Securities neglected. Consols for money have been as low as 981: but the market has shown a firmer aspect this afternoon, and the dosing price is 98a 4. Money continues abundant, and is easily obtainable upon the deposit of English Stock, and the security of good bills at 2 to 3 per cent.
In the Foreign Market,some fluctuation has occurred in Mexican Bonds, as a consequence of the last American intelligence respecting the annexation of Texas to the United States: the price fell about 1 per cent upon the first promulgation of the news, but it has since slightly improved. A decline of nearly 2 per cent has occurred in Brazilian Bonds, which were offered today at 89: the Brazilian Minister's protest against the provisions of our new Slave-trade Act is assigned as the cause. Old Portuguese Bonds of the Loan of 1824, which are iu effect a Brazilian security, have also been depressed; and though yesterday at 86, have been today at 83. Only a few bargains have occurred in either of the, two stocks, and the business transacted at the extreme quotations has been but triflffig. The otherToreign Stocks are without any material change, and the tratiMctions in them have been unimportant.
'The Railway Share Market has been greatly iisitated, and a large amount of business has occurred in many of the minor varieties. South Midland continue in request, and have risen to 4A premium. Rugby have improved nearly 21. per share, namely to 1 premium, in consequence of the Birmingham Company having brsmght out a new line to shorten the distance to Warwielc,—ealled, we believe, the Hampden Valley—from somewhere in the neighbourhood of Tring, by Bicester, to Warwick, With a branch to Oxford. The disappointed Rugby Shareholders are to be allowed to exchange their shares for those of this hue; and hence the improvement in Rugby. London and York continue in demand. Considerable fluctuation has occurred in the Croydon Shares; which declined nearly 31. when the House of Lords determined to admit the opposition of the South-western Com- pany to the Direct Portsmouth Ike. Them Shares have also fallen betweer21.
The exposure of the malepractices of Railwayspeculatere, afforded by the publi- cation of the evidence taken before the Dublin and Galway Committee, has pro- duced an amendment of one of the Standing -Orders of the House of Commons, in- creasing the amount required ass preliminary deposit froziethe promotersof every Railway scheme from Si. to 101. per cent upon the nominal amount of capital. This is in fact but a return to the old order of things: it is not long since the cautionary deposit was altered from 10 to 5 per cent; and this resumption of the former practice is a step, though a short one, in the right way. As long as the law relating to joint-stock companies remains as it is, no men of Imp capital will ever appear as the first subscribers to a railway company. As the law now stands, every individual subscriber to a railway or other company is liable forth° whole debts of that company; and it is easy to suppose that where the expenses of an unsuccessful Parliamentary contest have exhausted the original subscription, some wealthy shareholder might be left tobeter the burden of the whole surplus expenditure, with the doubtful remedy of recovering it of his lees wealthy asso- ciates. If the law were altered and each individual shareholder rendered liable for his portion of the preliminary- expenses only, there would be no objection on the part of capitalists to take the initiative in these enterprises; and the practices complained of (which have been common to every railway) would cease. The business in Foreign Railway Shares has been extensive. Those of the Luxemburg have been in considerable demand, in consequence of the Messrs. Rothschild having taken a large interest in the company; and though the shares are not yet allotted, they have been extensively dealt in at. between 4 and 14 premium, and are today about 1 premium. An impulse has been given to the Shares of the Great North of France (Lafitte's), and Lafitte's Paris and Lyons, in consequence of the reported junction of Messrs. Rothschild with the promoters of these lines; and it is believed that the union thus formed will be auffieieMly powerful to bear down all opposition.
SATURDAY, TWELVE O'CI.00E.
Consols are nearly 1 per cent lower this morning than yesterday; with, how- ever, but few transactions. No material change has occurred in the Foreign Funds. There is still a disposition to sell Brazilian 'Bonds, without as yet the occurrence of any bargains; the price is therefore nominal.
The business in Railway Shares has as yet been confined to the following: Armagh, Port Rush, and Coleraine, 1; Birmingham and Gloucester, 135; Caledonian, 101; Cambridge and Lincoln, 21; Dublin and Belfast Junction, 8; East Union Extension, 34; Great Southern and Western, 211; Lancaster and Carlisle, 56; Brighton, 791 A; London and York, -61 4; Lynn and Ely, 61; Manchester and Birmingham, 644; Midland, 176 84; Newcastle and Derwidr, 21; North British, New, 8a; Oxford and Worcester, 71; Rugby, Worcester, and Tring, 24 1; Shrewsbury, Dudley, and Wolverhampton, 4j; Trent Valley,18; Great North of France, (Lafitte's,) 6A ; Louvain and Jemeppe, 51. SATURDAY, Two o'ctocz.' I The English Funds close at an advance of A per cent upon our morning's prices. The Foreign Funds are unchanged. The business in..kivay Shares has not been so important as usual. The following bargains have however occurred since the morning: Eastern Counties, 201; Ely and Bedford, 24 1; Great North of England, New, (SOLO 324; Lancaster and Carlisle, 554; Blackwell, 114 ; Brighton, 80; Croydon, 24A 254; Ditto, New, 2; South-western, 80; Ditto, New, 131 ; London and York, 61 ; Lynn and Ely, 64 7; Manchester and Leeds, 196; Ditto and Birmingham, 644; Birmingham and Derby, 136; Newcastle and Berwick, 21; North British, 281 1; Ditto, New, 844 ; North Wales, 34; South-eastern and Dover, 451; South Wales, AI; Boulogne and Amiens, 11 104; Great North of France, (Lafitte's,) 54 61; Paris and Lyons, (Lafitte's,) 34; Ditto, (Ganneron's,) 24; East Indian, 4; Dutch Rhenish, 81 4.
3 per Cent Consols 981 4 Columbian ex Venezuela 171 18
Ditto for Account 284 t Danish 3 per Cents 88 9
3 per Cent Reduced• • ..... 991 Dutch 21 per Cents..ex div 621 31 per Cents 1021 Ditto 4 per Coats 994 Long Annuities 11 7-16 MexicanS per Ceuta 364
Bank Stock 210 11 Ditto Deferred 201 i Exchequer Bills Pron. 51 2 Portuguese New 5 p. Ctn. 1841 644 54
India Stock 272 3 Ditto 4 per Cents 1845.. • ... 64 5 Brazilian 5 per Cents 88 9 Russian aper Cents 1171 181
Belgian 41 per Cents 100 1 Spanish (Active) 5 per cents eel 7
Milian 6 per Cents 100 2 Ditto 3 per Cents 1842 371 8
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