MONEY MARKET.
STOCK REMAIN:II. FRIDAY AFTERNOON.
The anxiety for the arrival of the American intelligence was gratified yester- day by the delivery of the letters and papers brought by the Britannia, one of the mail steam-boats, which left New York on the 16th March, five days later than the President. The anticipations as to the character of the intelligence to which we alluded in our last report have been completely realized; and though we do not hear of the release of Mr. APLEon, there can be little doubt that this question between the two Governments will be amicably settled The prices of the English Funds have consequently risen materially ; the quotations of today being / per cent. above those of last week. Consols have been done today for Money at 891, while for Account the price has reached 90; thus marking an improvement of / per cent. from the prices of last Saturday, and of per cent. from those of Wednesday afternoon, when the closing quota- tion was 89/. From the number of investments, the market has been firm and improving during the whole of yesterday and today : it closes at 89/ for Money, and 89/ 90 for Account. The premium upon Exchequer Bills has improved, and has today been as high as Ils. premium. India Bonds have also recovered from their longdepression ; and from 20s. discount, the price at which they stood a little while ago, are today at 2s. premium ; thus indicating a rise of 22s. Bank Stock is quoted at 272/, and India Stock at 250, both fur Account. New Three-and-a-half per Cents. (the only one of the Heavy Stocks open for Money business,) have improved nearly 1 per cent., and are today at 98g. The commercial intelligence from the United States does not mark any im- provemeut in the Money-market at New York ; the prices of Bank Shares and State Stocks continuing the same as at the last advices. There is, however, still a disposition for investment in American Securities among our capitalists`; and the prices of Bank Shares (the only current variety) may be quoted at 5/. 15s.
The improvement of the English Funds has given quite a new complexion to
the markets for all description of Foreign Securities ; and a very marked im- pulse has been given to all the Non-dividend Stocks. The South American and Mexican have improved more than 1 per cent.; while Spanish Active, which had previously declined a per cent., has recovered its original quotation.
Portuguese Securities have been the objects of much speculation during the
week. On Monday, a meeting of the Bondholders was held at the London Tavern; where it was unanimously resolved that the terms proposed for the conversion of the existing Stock by the decree of the 2d November last should be rejected ; and from what then passed it is clear that the Bondholders present expected to be assisted in obtaining better conditions by the powerful agency of the Portuguese Government. Much confusion has been created by these pro- ceedings; as the Financial Agency of the Portuguese Government had pre- viously been led to believe, by many persons who were active at the meeting, that they would convert the stock they held on the terms proposed, and had consequently prepared a large amount of new Bonds. A. large quantity of stock has also been sent over from abroad for the purpose of conversion ; and the agents of the foreign holders are in doubt as to whether they should convert the stock or await the chance of better terms. The decision of the meeting appeared to he mainly influenced by the persuasion' that the Committee of the Stock Exchange had refused to admit the new Stock to quotation in the official list published by their authority : but it will not be out of place here to state, that the subject has not yet been submitted to their de- cision; and, without assuming how they may dispose of it when before them, we may remark that the law of exclusion only applies to new loans raised by states the dividendsupon whose existing debts are in arrear, and that as the stock to be created by the conversion of the existing Portuguese Bonds is merely an old debt under a new form, it will most probably be admitted to quotation, upon the same principles that guided the Committee in the case of the ish Loan in 1834, and recently in that of the Mexican and Columbian Stocks. The agitation of the question, however, has improved the value of Portuguese Bonds ; of which the Five per Cents. have been during the week at 34, and, after receding to 33, have again recovered, and have today been at 341. The Three per Cents, have also improved to 20/ lo A notice appeared yesterday from the Agency advertising the dividend that will become due upon the con- verted Stock in July next : M. BRITO, the head of it, has also addressed a letter to the Committee of the Stock Exchange, stating that the converted Bonds will participate in any amelioration that may be made by the Portu- guese Government in the terms of the existing decree. The new Stock is no- minally quoted at 20 to 3, but we are not aware that any transaction has occurred in it.
The Northern European Stocks have all improved from / to 1 per cent. ; but the transactions in them have not been important. The Railway Shares have also risen,generally ; and the improvement in some of the varieties has been as great as 31. per Share. The business has, how- ever, been chiefly confined to Brighton and Great Western ; which at the close of today's business were firm at the recent advance.
SATURDAY, TWELVE o'Cromr.
There is not much business this morning, and the English Funds arc not quite so firm. Consols for Money have been done at 893, and though there have been buyers for the Account during the whole morning at 89/, the quo- tation has never reached 90. Bank Stock has been done at 173, being an un- provetnent of 3 per cent. upon yesterday's price. Exchequer Bills are 9s. to lls. premium. The business of the Foreign Market has been chiefly confined to the Mexican and South American Securities, which, however, have not varied from the quotations of yesterday. The other Foreign Funds are without variation, at the prices of yesterday. There have been some consider- able transactions in Brighton Railway Shares, at an advance of more than 1/. upon yesterday's prices; and the price has been, as high as 3i discount for the 30th instant, while for Money the price is 33.
SATURDAY, Foes O'CLOCK.
The usual monthly statement of the liabilities and assets of the Bank of England has been published : as compared with the last, the circulation has increased 165,0001., the securities 397,0004 the bullion 263,000/. ; while the deposits have been diminished by 355,000/. ; the amount of bullion is larger than it has been since the 15th of September last, and is within 3,0001. of what it was at the corresponding period of last year, when it was 4,336,0001. against the present amount of 4,339,0001. Bank Stock has been done at 173, an advance of 3 per cent ; Consols close at the morning's price : at one period there were buyers at 90 for Account ; but as 20,0001. were then sold, and the jobbers were all eager sellers, the market has receded again ; at four o'clock the quotations were 893, 90. India Stock is quoted at 252, an advance of 2 per cent.. The Foreign Funds are all without material variation or business of importance : the quotations of the morning were generally well supported at the close. The Railway Shares are the same, as the following prices of some of the chief will testify. Great Western 27/ 8 prem. ; Birmingham, 66 8 prem.; Croydon, 1313 per Share; South-Western, 553 6 per Share; Brighton, 31 to 33 dis. 3 per Cent. Consols 89% i Belgian Spec Cents. 100 1 Ditto for Account ... (buyers) 899 Columbian 6 per Cents 231 f ' 3 per Cent. Redneed shut Danish 3 per Cents Tit til 31 per Cent. Ditto shut Dutch 2* per Cents 519 9 New 31 per Cents 984 9 Mexican 5 per Cents. Cons& 314 * Bank Stuck, for Account 173 Portuguese Regency b per Cts. 349 1 Exchequer Bills ..... 9 11 pm. Ditto 3 per Ceuta 20k 1 udia Stock abut Russian a per Cents 1119 139 Braxilian 5 per Cents.ex. div. 669 99 Spanish (Active) 231 *
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