MONEY MARKET.
STOCK EINEIANGE, FRIDAY AFTERNOON.
A gloom bas been thrown over the market by the intelligence received of the proceedings of the Frquch authorities at Tahiti ; and although there does not exist the slightest alarm as to the ultimate result of the affair, still its oc- currence has given an opportunity to the speculators for the fall, and to a cer- tain extent shaken confidence. A large sale of Stock occurred a few days ago, and by its delivery the market both yesterday and today has been depressed. The result of the week's operations has been to establish a decline of about 1 per cent ; the closing price of Consols being to that extent below the highest price of the week. The market exhibited a slight degree of firmness just pre- vious to the close, but no material advance in price occurred. The business transacted has been on a very limited scale; not more than one or two bargains of importance having occurred. Bank Stock has fallen about per cent; and, from 200,4, is today quoted at 1994. Ac the South Sea meeting held on Wednesday, the Directors successfully resisted a proposition of some of the proprietors to break up the Company. The existence of this establishment as a separate body seems almost an ab- surdity; the whole duty of the Directors and their officers being the payment of the dividends upon and general management of the Company's stock. From the nature of the proprietary, most of the stock is held by trustees under marriage and other settlements, and transfers of it occur very rarely ; the busi- ness consequently is very trifling, and the duty of the officers may be said to be almost entirely confined to the payment of the dividends to the proprietors,— giving to them with one hand what they receive from the Government with the other. There seems, therefore, no reason why the Company should not be dissolved, and the management of the debt transferred to the Bank of Eng- land, who are willing to undertake it for 3.0001. per annum, the amount paid under that head by Government. The proprietors would thus be saved 6,0001. annually; and would, after providing liberally for their old servants, be enabled to divide (as is calculated) a bonus of 5 per cent upon the nominal amount of the capital. The Stock, however, is rising in price, and was yesterday dune at 116.
In the Foreign Market, the bnisnees has not been very extensive. The prices of Mexican and South American Bonds generally are well supported. Portu- guese Bonds are depressed, in consequence of the character of the recent intelli- gence from Lisbon : they were heavy on Tuesday at 43/, but are rather firmer today. Spanish Stock has fluctuated but slightly ; and in the absence of bu- siness, the market appears heavy. The Northern Bonds, and also the Dutch Securities, are without any material variation.
The Railway Shares generally are in demand. The directors of the various lines are beginning to find out that they have a common interest ; and the incorporation of contiguous and adjoining undertakings appears to be in progress. One instance of this kind has occurred in the junction of the Midland Counties with the North Midland and Birmingham and Derby : a great improvement in the Shares of the former has taken place in consequence. It is understood that an arrange- ment is in progress between the Birmingham and Grand Junction Companies, by which a considerable reduction of fares will occur ; and it is hoped that this will prevent the formation of the projected line from London to Ynrk. Both these Shares are at an advance. The summer traffic has increased the re- ceipts upon almost all the lines ; and from this cause there is a general ad- vance in prices. The French lines have not been the subject of any fluctua- tion: the prices are stagnant in Paris, in consequence of the receipts of the principal lines having been lessened by the occurrence of very had weather. SATURDAY, TWELVE &MUM The business of the morning has as yet been quite trifling, scarcely anything having occurred in either the Foreign or English Funds. The transactions in Railway Shares have, however, been general and exten- sive; as will be seen by the following citation of bargains actually occurring. Birmingham and Gloucester, 1121 1131; Dublin and Cashel, 51 ; Eastern Counties, 12; Lancaster and Carlisle, 44; Birmingham, 2321; South-western, 89 84; Croydon, 19/ ; Ditto, Scrip, 191; Midland Counties and Birmingham and Derby, 109; Newcastle and Darlington Junction, 411 41; Norwich and Brandon, 141; South-eastern and Dover, 381; York and North Midland, Ill ; Ditto, Scarborough Branch, 241; Yarmouth and Norwich, 311. SATURDAY, Two o'ctocu.
The business of the aftern000n has been as unimportant as that of the morning. The English Funds, however, close rather more firmly, and there are buyers of Consols at 994 for Account. The Foreign Funds are without alteration.
The business in Shares has been extensive; as will be seen by the following list of transactions actually occurring, which are additions to our previous report. Railways—Birmingham and Gloucester, 114; Dublin and Cashel, 6 ; Eastern Counties, 121; Ditto, New. 134 ; Edinburgh and Glasgow, 65; Great Western, 1391; Ditto, Half-Shares, 841 4. Ditto, Fifths, 251; Bir- mingham, 233; Ditto, Quarter-Shares, 271; B1eckwelt, 74 j: Greenwich, Preference, 201 2l ; South-western, 88; Ditto, Eighths, 34 ; Manchester and Leeds, Half-Shares, 51; Ditto, Quarter-Shares, 9i; Ditto and Birmingham, 551; Midland Counties and Birmingham and Derby, 110 81; North British, 14 1 / • Northern and Eastern, 60; South-eastern and Dover, 381; Thames and Medway, 94 10; Yarmouth and Norwich, 311 2; Paris and Orleans, 384 4; Ditto and Rouen, 384 ; Orleans and Bordeaux, 21: Asturian Mining, 7: Banks—Australasia, 501; Colonial, 131; London and West- minster, 26i. It will be seen, that with one or two exceptions all these quo- tations show an improvement.
3 per Cent Consols 991 Colombian ex Venezuela ... 131 14 Ditto for Account, 991 Danish 3 per Cents......,., 884 94 3 per Cent Reduced 1001 Dutelt 24 per Cents 614 31 per Cent Ditto. 1021.1 Ditto 5 per Cents ...... 101
New 34 per Cents
1011 1 Mexican 5 per Cents Count. 36 Bank Stock 1991 2004 Dila Deferred 151 6 Exchequer Bills prem. 76 8 Portuguese New 5 p. Cts.1841 434 44 India Stock 285 Russian 5 per Cents 1194 204 Brazilian 5 per Cents 834 44 Spanish (Active) 5 per Cents. 331 Belgian 5 per Gents 1034 44
Ditto 3 tier Cents 1812
22* * Chilian 6 per Cents ...... 101 6 Venezuela Active 41 43
The usual monthly statement of the average circulation of the United King- dom for the four weeks ending 20th July exhibits, as compared with the last, the trifling increase of 2,085/. only. There is an increase of 814,000/. in the issues of the Bank of England, occasioned by the large sums paid for the July Dividends ; but this increase is counterbalanced by a decline of corresponding extent in the local circulation ; thus leaving the average nearly the same as it was last month. The bullion in store in the Bank of England has also suffered a diminution of 413,000!.; which, as well as the increase of the circulation, has been occasioned by the payment of the July Dividends. The amount at present in store, 15,485,000/., will probably be further increased ; as, from the present state of the foreign exchanges, the flow of the precious metals must be to, not from, England. Should the harvest fall short in quantity or quality, a demand for foreign corn may profitably carry off some of the large and inert roam of bullion now in store.
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