MONEY MARKET.

STOCK EXCHANGE, FRTDAT AFTERNOON.

The great measure of fiscal reform proposed by Sir Robert Peel has produced but little effect upon the Funds. The first impression was unfavourable, and prices declined; but the market has since raffled, and,. after fluctuating se- veral times about per cent, closes this afternoon rather in advance of our last quotations. This firmness is mainly owing to the continued purchases on ac- count of the Sinking-fund and Savings Banks, which absorb from 100,000/. to 150,0001. Stock weekly. Without this support, prices must have declined, as a large quantity of Stock has recently been thrown upon the market; and today interest at the rate of 4 per cent was given for loans upon the security of English Stock, the usual rate till recently having been from 2 to 3 per cent. The premium of Exchequer Bills has recovered; some of the Railway deposits having, _after

their progress through the office of the Accountant-General of the Court of Chancery, been reinvested in this security. The fluctuations during the last three weeks have been from 28s. to 10s, premium, and again up to 293.; small bills (100/.) are quoted today at 30s. This variation in the market is entirely attributed to the sale of such Exchequer Bills as had been purchased with the Railway deposits, in expectation that the Government would acquiesce in some arrangement by which the Exchequer Bills and Stock bought by the Companies would be received as cash in making the deposits re- vised by law: but that accommodation was found incompatible with the pro- visions of the law regulating Joint Stock Companies. The market, therefore, was first depressed by the simultaneous sale of all descriptions of Stock, and afterwards improved by their reinvestment. Though this inconvenience has arisen from the refusal of the Government to interfere, and though that refusal has been cavilled at by parties interested, it has generally been approved, as having stopped a great deal of pernicious gambling. The money now paid into the Court of Chancery will, for the most part, be the deposits upon schemes that are really intended to be carried out: the investments, and consequent resales when the bills are obtained, or the deposits otherwise set free, will be compara- tively small.

The amount of bills presented for discount at the Bank has been unusually heavy, and there seems no immediate prospect of a reduction in the rate of interest.

The transactions in the Foreign Funds have been on the usually limited scale. Prices generally are heavy; Spanish Stock excepted, which has today advanced about 4 per cent.

The settlement of the Stock and Share Account was effected today, and was characterized by a greater pressure for money than has occurred for some time: the rate of interest given for loans upon the security of Foreign Stocks and Shares has been considerably higher than on the 15th instant.

A very important decision in the Court of Excheq. er, as to the legality of

dealings in the Scrip of Companies which have not already been constituted by act of Parliament—in which the legality of such transactions was unanimously affirmed by all the Judges of the Court—was pronounced in the course of the week. Its effects have already been felt in the endeavours made by many unprin- cipled speculators (who, believing such claims illegal, had hitherto set their creditors at defiance) to effect compromises of or otherwise settle the claims against them; and its ultimate result will doubtless be the recovery of very large sums which have till now been considered lost. The appointment of the Committee upon Railways has given a severe blow to

the Scrip of most of the new lines; all varieties of which are lower than last week. Some slight impulse has been given to the better class of Shares, in con- sequence of the prospect thus opened of the destruction of so many new com- petitors; but the business transacted has not been important.

No material change has occurred either in the French or Belgian Shares; and but little speculation or business has taken place in either.

SATURDAY, TWELVE oTzocx•

The business in Stocks and Shares has as yet been unimportant; prices gene-

rally are rather firmer than yesterday. The following are the only transactions we can at present report in Railway Shares: Edinburgh and Glasgow, 761; South-western, 78i; London and York, 4* 4; Manchester and Leeds,136; Man- chester and Birmingham, 79; South Midland, 2* premium.

SATURDAY, Two O'CLOCK.

A severe pressure for money has occurred during the afternoon, in consequence of a large sale of Exchequer Bills: the premium has consequently declined about 5s., namely, from 29s. to 248.1 closing at 24s. to 268. The English Funds are also slightly lower • the closing quotations being * per cent below those of the morning. No material change or business of importance has occurred in the Foreign Market; where the few transactions occurring were sales. The various markets are consequently heavy at current prices.

3 per Cent Consols ..... • 941 I Columbian ex Venezuela ... 161 171 Ditto for Account 941 Danish 3 per Cents 87 89 3 per Cent Reduced 951 3 Dutch 21 per Cents 974 1 Ditto 4 per Cents 101 5-16 Mexican 5 per Cents 207 6 Ditto Deferred Prem. 24 26 255 7 81 3 978

144 21 21 4 31 174 54

£37,811,492 017,611,491

• InelodingExcheqner, Savings Banks,Commissionenof NationalDebt&Dividend Al:comas. Notes issued

£26,525,025 BANKING DEPARTMENT.

Proprietors' Capital 414,553,000 Government Securities (In- Neat 3,356,690 eluding Dead weightAllinnty)£13,137,047

Public Deposits. 4,464,806 Other Securities 18,381.010

Other Deposits 14,500.608 Notes 5,418,380 Seven Day and other Bills ... . 1,028,389 Gold and Silver Coin 877,033

£28,523,025

BANK OF ENGLAND. An Account, pursuant to the Act 7th and 8th Victoria, cap. 32, for the week ending on Saturday the 24th day of January 1848. ISSUE DEPAETMENT.

.C20,325,025 Government Debt ...... .... Z11,015,100 1

Other Securities 2.984,900

Gold Coin and Bullion 10,974,471 Silver Bullion 1,530,554

We have to notice the occurrence of e following bargains since the morning.

Share. Paid. Business done.

100 Bristol and Exeter 70 87

50 Direct Manchester (Remington's) 21 Direct Manchester (Rastrick's) 54 Li 1 Average Eastern Counties 14 16 224 24

100 Great Western 85 168 70 50 Great Western, Half-shares 50 94 5

Mod: London and Birmingham 100 228 30

. 50 London and Brighton 50 681 9

Average London and Croydon 13.15.9 224 3 Average London and Greenwich 12.15 10 Average London and South-western 41.6.10 781 9

50 London find York 21 4/ 1 100 Manchester and Leeds. 76 136 1 40 Manchester and Birmingham 40 79 8

Block Midland 100 154 1

50 Portsmouth Direct 21 3

Average South-eastern and Dover 324.4 383 9

FOREIGN RAILWAYS.

20 Great :Northern of France, Constituted 5,

20 Lyons and Avignon 2 20 Luxembourg 4 20 Namur and Liege 4 20 Orleans and Vlerzon 10 20 Sambre and Meuse 6 31 per Cents Long Annuities Bank Stock Exchequer Bills India Stock Brazilian 5 per Cents Belgian 41 per Cents Chilian 6 per Cents 591 60 94 5

301 4

16 17 Portuguese New 5 p. Cts. 1841 59 61 Ditto 4 per Cents 1845 Prem. 59 61 Russian 5 per Cents .ex div• 112 114 Spanish (Active) 5 per Cents 28 98 100 Ditto 3 per Cents 1842 381

The business in Shares has been general, without any great change in. prices.