MONEY MARKET.
STOCK EXCHANGE, FRIDAY EVENING.
The prices of all descriptions of Stock are lower than at the close of last week. This decline is partly attributable to the increased uncertainty in the political relations of the European powers, produced by the affairs of the East, and is in some degree the consequence of what may be called (as compared with the abundance of the last six months) a scarcity of money. The rate of interest for short periods has risen within a few days from two and three to four or five per cent. This state of things will probably continue until the payment of the Dividends, which become due on the 10th April.
Consols for the Account have declined throughout the week ; the lowest price has been Skil, and that at which they closed to-day 87i. Exchequer Bills have been firm, and are to-day 46s. to 48s. prem.
India Stock has been in great demand ever since the publication of the official correspondence between the Government and the Directors on the subject of the renewal of the Charter. The proposed arrangement seems to give general sa- tisfaction, except to sonic of the thick-and-thin partisans of existing abuses ; and if we are to judge front the price of the Stock, the proprietors, who are in in fact the Company, seem satisfied with it. The price of the Stock on Mon- day was 209 to 211; on Tuesday morning, when the Government plan was generally known, the market opened at 212, and soon reached 223; the price has since been as low as 217, and closes at 217 to 218. If the l0 per cent, annuity and redemption fund had been chargeable on time revenues of Great Britain instead of on the territorial revenues of India, the present price must be considered as disproportionately how; but the scanty information as to the charges already existing on the Indian revenue will not allow us to venture any thing like an opinion as to the value of the proprietary stock of the Company with reference to the new circumstances under which it is to be regulated.
Although every arrival from abroad previous to yesterday brought intelligence of the fall of Dutch Stock in the various Continental markets, investments to a great extent have supported the market here against the large quantity of Stock that has been thrown on it by the agents of foreign houses. The price has been as low as 453, and closes to-day at 461 a. Belgian Stock, which was on Monday at 88, closes to-day at 87.
Danish Stock is steady at 731, but the circumstances already alluded to have caused Russian Bonds to decline to 1021 3 ; at which price very little business has been done, although several attempts were made to effect sales. Greek Stock has been in demand, and reached 391; but has been since lower, the last price of to-day being sn 381. Mexican Bonds are also lower,—namely, 361 1. Brazilian Bonds, which have been as low as 611, have improved, and are to- day at 63.
Spanish Stock has fluctuated materially both here and in Paris. On Monday, the price was as high as 21a, but SOOR declined to 203 g ; on Thursday, the Stock was as low as 19, and to-day a slight improvement has taken place, and the price is IN g. In Paris, the Cortes Bonds rose to 20, but on Tuesday had declined to 154 ; the price on Wednesday was 16.
Portuguese Bonds have been steady, and no transactions of importance have taken place. Regency Scrip has not improved ; although, we are happy to say, the latest intelligence from Oporto is very favourable. The settlement of the Foreign Account took place to-day, and was chiefly remarkable for the great scarcity of money : the minor speculators found great difficulty in carrying over their accounts ; so that many forced sales of Stock took place ; but the immediate pressure having been removed, most descriptions of Foreign closed at higher quotations.
We have not witnessed so great a demand for money since the memorable panic in 1825.
SATURDAY. ONE O'CLOCK.
Very little business has been transacted this morning. Consols have scarcely varied since ten o'clock. India Stock has been at 219, and is now 2171 21S1. In the Foreign Market, Belgian Bonds are nominally higher ; but, with the ex- ception of Portuguese Bonds and Scrip, almost all the other Stocks are at yes- terday's prices. The intelligence from Oporto hiss produced an improvement in Portuguese Securities ; the Stock is quoted at 51 to 52, and the Scrip at 5 to 41 discount. SATURDAY. FOUR &Croce.
Nothing worthy of remark has occurred here since one o'clock. Consols for Account close at 873 1. India Stock is 2171 2181, and Bank Stock 200 201. The prices of the Foreign Stocks have not vaied since the morning.
Previous page
