MONEY MARKET.
STOCK EXCHANGE, nunav APTIERNOON.
The English Funds have improved about per cent since our last report ; Consols closing this afternoon for Money at 100i while for Account there were buyers at 100i : in the course of the day the quotation had reached 100/. The only operations of importance during the week have been some extensive purchases by the Government-broker, of Three-and-a-Half per Cent Stocks, at about 2 per cent above the then current price of Console. Bank Stock has experienced a further improvement of 2 per cent, and has been done at 211 for Account and 2101 for Money.
The books of the various Stocks, the Dividends upon which become due on the 10th instant, will open for private transfer on Friday next, the 11th. The various descriptions of Three-and-a half per Cent Stocks will henceforth become converted into one stock hearing interest at the rate of 3% per cent; and the holders of the existing New Three-and-a-helf per Cents will receive three months' dividend upon the amount of their stock ; which dividend will, in accordance with the provisions of the act regulating the reduction, be paid without any deduction for Income-tax. The dividends upon the New Three-and-a-quarter per Cents will in future be paid in April and October. Money is not quite no much in demand in the Stock Exchange as it was last week ; but the rate of commercial discount for first-rate bills is still from 2 to 2i per cent. The business of the Foreign Market, though not very extensive, has been generally at better prices, though there does not appear to he the same spirit of speculation that we last week noticed. The Northern European Stocks are all in demand, in consequence of the firmness of the English Funds, Dutch Bonds especially have acquired an increased value, from the fact of a no- tice having appeared from the Dutch Finance Minister relating to the contem- plated reduction of 27,000,000 guilders Five per Cents. All holders of Dutch Five per Cents who are willing to submit to the reduction, will, upon giving notice to the Minister between the 7th and 26th instant, be allowed to exchange the Five per Cents for Four per Cents at 96i, receiving the balance in cash : on the 27th October, the Minister will proceed to determine by lot- tery the numbers of the remaining Bonds which are to be paid off; and the holders of such Bonds as may then be drawn will be allowed to exchange them for Four per Cents at 97, receiving the balance in cash. This exchange will not be completed till the end of November; and as the Four per Cents to be issued will bear interest from the 1st October, the holders of the drawn Five per Cents will receive interest on that stock for two months, and be charged with a like interest upon the Four per Cent Stock, into which their Five per Cent Bonds will be converted ; thus receiving 1 per cent interest for two months, or about 3s. 9d. per cent. The Minister has the right to terminate the period fixed for giving notice for the exchange of the Five per Cents before the 26th October ; but it will not in any case be extended beyond two o'clock on that day. While on the subject of conversions, it may be as well to state, that the whole of the Belgian Five per Cent debt will become converted into Four- and a-half per Cents on the let November next. Owing to the competition of the foreign houses of agency, the Bonds will be exchanged in London at a cost of per cent to the holders. Portuguese Converted Bonds have improved, and have been several times done at 50. The last arrival from Lisbon brings accounts of financial improve- ments and reductions of expenditure, which have produced a favourable effect upon the price of the Stock. The announcement of the conclusion of a com- mercial treaty with the Brazils appears to have been premature, and to have been occasioned by the promulgation of a decree at Rio Janeiro announcing an alteration in the Customhouse-duties there, which it is expected will tend to increase the revenue. The stock maintains its price; being quoted today at 97 to ex dividend—equivalent to a previous quotation with dividend of 90. Spanish Three per Cent Stock has experienced an advance of per cent ; the Five per Cents are also higher ; but the greatest advance has occurred in the Deferred Stock, which has been quoted as high as 14. South American are without material change : Mexican are at a slight advance. The Railway Shares are without any change of importance ; the business transacted not having been such as to call for remark. A. fierce competition will take place in Paris on the 10th instant, to which day the business has been deferred, for the lease of the Orleans, Tours, and Bordeaux Railway. Messrs. ROTHSCHILD have given notice of their intention to compete for it ; and, though there are only 15,000 shares, in two days applications to the extent of 100,000 had been made. There are five companies competing for the line, and 2/. per share premium is already offered for the shares of the successful com- pany. A. sale of Illinois Bonds, part of the bankrupt estate of Messrs. WRIGHT the bankers, occurred today. The Bonds were put up at the Auction•mart by public auction ; and only one bid being made, were sold at the first and only price offered, viz. 18. The price obtained would have been higher but that doubts were entertained whether the Bonds themselves had not been declared invalid by the State, in consequence of some fraud in their issue.
SATURDAY. TWELVE o'CLOCK.
The English Funds are firm at yesterday's prices, with but little doing. In the Foreign Market, most of the current varieties are inquired after at the prices of yesterday, and in some cases at trifling improvement; the business trans- acted is, however, unimportant. No change of moment has occurred in Railway Shares, as will be seen by the following list of this morning's bargains : Birmingham and Gloucester, 106; Bristol and Exeter, 76; Ditto and Gloucester, 46i; Chester and Holy- head, 8; Dublin and Cashel, lig ; Great Western, Half-shares, 87.11; Black- well, si; Midland, 110i; Ditto and Derby and Birmingham, 8O; Newcastle and Darlington Junction, 47k; York and North Midland, 106; Ditto and SATURDAY, Two o'cr.ocx- The English Funds close firmly at the morning's prices, with little doing. Consols have been done at 1001 for Money. The Foreign Funds exhibit little variation. Spanish Stock has fallen about per cent for the Three per Cents, and * for the Active. The Deferred Stock is in demand at 14i. The Railway Share Market has been active, especially in regard to the newer and the French Shares ; and some considerable bargains have occurred : Bristol and Exeter, 78k; Caledonia, 411 ; Chester and Holyhead, 7i ; Eastern Counties, 13j; Lancaster and Carlisle, 9-1 ; Brighton, 47; Midland, 110; North British, 6; South-eastern and Dover, 40 39k; Ditto, New. 13 12i ; 'York and North Midland, 105i ; Lynn and Ely, 48- I; South Devon, 8i ; Dublin and Belfast, 4i ; Kendal and Windermere, 36.
3 per Cent Consols 1001 1 Colombian ex Venezuela.... 144 1 Ditto for Account 1001 Danish 3 per Cents 87* 81 3 per Cent Reduced shut Dutch 24 per Cents 6;14 34 per Ceut Ditto Ditto 5 per Cents.... ex die. 984 New 34 per Cents shut shut Mexican 5 per Cents 351 Bank Stock 211 104 Ditto Deferred I 151 16 Exchequer Bills prem. 74 6 Portuguese New 5 p.Cts.1841 49 50 India Stuck Russian 5 per Cents.. .ex cl. 118 19
Brazilian 5 per Cents 864 74 Spanish (Active) 5 per Ceuta 234 4
Belgian 5 tel Cents 109 5 Ditto 3 per Cents 1942 35 Chilian 6 per Cents...ex div. 101 3 Venezuela Active 41 13 EAST INDIA SHIPPING.
iilearborough, 34; Ditto and Selby, Scrip, 3611; London and York Direct, 4 ; Kendal and Windermere, 31.
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