ONEY MARKE T.

SToca EXCICANGE, FRIDAY AFTERNOON. The general topic of discussion during the week has been the arrangement said to be concluded hetiveen the Bank of France and that of England for effecting a turn in the exchanges, and catisin, a cessation of the drain of bullion here. The arrangement is positively stated to be to the following effect, viz, that the Bank of France have undertaken to discount the drafts of Messrs. BARING upon seine of the commercial houses of Paris, to the extent of 2,000,000/. sterling'; Messrs. BARING acting in the transaction as the re- cognized agents of tiw Bank of England, who will thus be enabled to produce the same effect upon the rate of exchange between London and Paris, as if they had received the amount ill question in bullion from the latter city ; and its effect must be to cause a general improvement in the rates of all the foreign exchanges. In our last report we were induced to discredit the proba- bility of such an arrangement being contemplated, upon the grounds that the Bank were making sacrifices to contract their circulation' with the view of operating upon the rates of exchange, which we inferred they would not have done had there been any chance of their obtaining the power which this arrangement will give them : but we should have remembered that common sense never takes its seat at the board of any corporate body, and has been long absent from that of the Bank of England. The usual weekly meeting of the Bank Directors yesterday gave rise to the Customary rumours of their intention to raise the rote of discount ; and " the wolf" made its appearance at last, in the shape of the following notice, by which it will be seen that the rate of discount has been increased to G per cent.

" Bank of England.

" At a Court of Direct ,. <. held 1st August 1839,- " Resolved, That the La, of interest on bills of exchange and notes discounted be 6 per cent. per minion front this day."

The effect of this notice upon the Government Funds has been but trifling; though Consols for Account gave way ?-; per cent, yesterday upon its promul- gation, the market has to day recovered its lost ground. Exchequer Bills, however, have felt its operation very severely ; the premium upon these securi- ties, which was yesterday lih4, icing to-day 5s. Mink Stock has also felt the effect of the difficulties by which the establishment is surrounded, and has been to-day done as low as 182—a decline of 4 per cent. from the prices of last week. India Stock is lower, having been done at 252 ; partly from the pressure of money, and partly rrorn the ;Int ieipation that the expenses of the war will affect the fund charged with the payment of the dividend.

Money is not much iu demand in the Stock Exchange ; bat we understand that the holders of bills, either drawn or accepted by any of the .Toint Stock Banks, find great difficulty hi discounting thew, the Bank of England having

determined to refuse discounting any such ; and we arc informed that a bill drawn upon one of the first-rate London Bankers by a Northern Joint Stock Bank was discounted at the rate oi's per cent. per annum. In the Foreign Market, the Northern European Securi. its have been flat, but have improved to-day. The Portuguese Fonds have fallen materially., the last Ames from Lisbon having brought intelligence of the dissolution of the Cortes without having made the contemplated provision for the liquidation of the over-due Dividends : the Five per Cent. Stock has ffillen from 34 to 31, and the Three per Cents. 11:oin 22 to 20. Spanish Securities have not fluc- tuated extensively : the nutrket is firm at current unotations. South Ameri- can Securities are generally t4teatty. 11,11: fallen about 1 per cent, but are firm at the lower quotation.

The Railway Shares are all depressed. 54:rT2311,17, TwyLvv. o'eLoca.

The English_ Ponds arc rather firmer this morning ; Console for Account having been done at 92i. Exchequer 11111s have been at its. prem., but a large sale has depressed the market, and the price is now from Is. to 7s. prem. In the Foreign Market, the little linsine,s that has been doing has been at slightly improved prices from yesterday, but the transactions are very unim- portant.

:3 per Cent. Consols Ditto for Account

3 per Cent. R. tilticed..

New 34 per Cent. Anns

Ilank SUM: India Stock Ditto Bonds Exchequer Bills Belgian 5 per Cents

1.1) 21 22

921 5- 9

2 189 5

252

5 7 on. 103t

Brazilian 5 per Cents ...... nani.th ti per Cents

Dutch 3m. per Colts Portuguese Itt-geney 5per Ohs Ditto 3 per Cents

Russian (1822) 5 per Cent

Spanish (1835) 5 per Cent, ,

1 l.-ferred Stock

Passive I ■itto

761. 9 75 6 51% 54

315 195 204 114 115 194 g 8k

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