6 DECEMBER 1845, Page 9



The English Funds were improving, and during the early part of the week prices had advanced; Consols for Money having reached 95, and for Account 951. A change for the worse was produced on Wednesday, by an extensive sale of Exchequer Bills; the Bank-broker being the operator. The gloom thus occa- sioned has been heightened by the startling announcement that appeared yester- day in the Times, stating that an immediate alteration would take place in the Corn-law. This intelligence was at first disbelieved; but before the afternoon it was scarcely doubted, and it is now the universally received opinion that some great change of the kindwill take place. Of the effect of this change upon the stock in the coffers of the Bank, and necessitates the adoption of measures by together. Thus the merchant is either enabled to obtain bills as remittances to the cargo frequently entailing large losses upon the importers. Thus, when the average is 73$. the duty is Is.; but:let the average fall to 69s. and the duty rises to tries where it has been purchased, remits bullion in payment, and thus lessens the which as money becomes scarcer the rate of interest and that of exchange is raised pay for his corn, or bullion is again attracted to this country from abroad. It consequently, the importations, that under a better system would have been quietly and gradually made; all occur together, one week's delay in the arrival of will be seen that a great portion of the evil here alluded to arises from the endeavour of all the merchants concerned in the importation of corn, so to arrange the importation of their cargoes as to have them ready for clearance in one of our ports when the average shall be at the highest and the duty the lowest, and that fall of the exchange through the demand for bills to pay for the corn in the coun- a la-ge importation of grain and consequent drain of gold must have occurred, so change may tend to render the importation of less consequence than it would have fluctuations of the market, tends to concentrate all the operations of the importers within a very short period of time; and as the corn thus simultaneously purchased abroad must be as quickly paid for, the merchant, to guard against loss from the thing seems to indicate the general belief in the approaching change. must before the maturity of the next crop buy largely of some description of food or another to supply the wants of nature, the range of the present measure in a monetary point of view is not so great as would at first appear: for as without it there is little chance that the expected action upon the currency will be much in- creased by the admission of foreign grain duty-free into our ports. Nay, the been under the present system. The operation of the sliding scale, by making the period at which foreign corn is admisiable for consumption depend upon the Money-market there does not appear to be any difference of opinion: its temporary investments -have occurred this afternoon, the quotation has risen to 18s. The Foreign Exchanges are all from 1 to 1 per cent lower this afternoon, and every- consequence will be so far to increase the value of money, and limit the Bank way about 1 per cent, and the closing quotations today are the lowest of the week. The premiums of Exchequer Bills declined as low as 108; but as several issues in order to provide for the drain of gold which may be expected to ensue when importation of grain commences. The prices of English Stock have given

As, however, it is now abundantly evident that the people of this country 62.; so that not only does the merchan tlose 4s. in the price, but is mulcted 5s. in the duty—in fact losing 9s. by a fall of 4s. It is, therefore, of vast importance to clear the cargo when the average is 738.; and every exertion is made to have the corn ready for such clearance. Under a system of free importation, or very low fixed duty, all these inconveniences will disappear: the importations of foreign grain will be more equalized than at present, and there will not be that tempta- tion in the shape of a great saving in duty to hurry the despatch and clearance of cargoes. Grain will also become a staple of export from various foreign coun- tries to our own; and the anxieties of statists, Bank Directors, and capitalists, lest a drain of gold should occur, will be forgotten. The variations in the Foreign Funds have been unimportant.

The amended state of the market for the better class of English Shares still continues, and the prices had up to yesterday advanced from 3/. to Si. upon those of last week. With the change in the English Funds they have again given way, but close this afternoon at a trifling advance. Some demand has occurred for a few of the Scrip Shares, and many of them which had been quite forgotten have been saleable at par or a small premium. York Shares have been as high as 14 premium; and speculation, or rather business in them, seems to be reviving. The only change of importance in the Foreign Shares is an advance of nearly 21. in those of the Constituted Northern Railway of France. There is scarcely any symptom of revival in the others. SAITSDAY, TWELVE O'CLOCK.

The business transacted in the English Funds this morning has been quite trifling; the market is, however, a shade firmer than at the close of bnsiness yesterday. Exchequer Bills are the same, viz. 16s. to 188. premium. No change or business of importance in the Foreign Funds. The Railway Shares are gene- rally rather better; and business has occurred in the following varieties, the quo- tations in some instances being in advance of those of yesterday. The only material change in the Foreign Shares is an advance of ii. in Constituted Northern of France; which appears to be the only one extensively affected by the advance in Paris on Thursday. Birminghamand Gloucester, 124; Eastern Counties, 201; Great North of England, 205; Great Western, 147; South Western, 74; London and York, 4; Manchester and Birmingham, 70; Midland, 140; Ditto, New, 18; Dutch-Rhenish, 74; Constituted Northern of France, 1343; Boulogne and Amiens, 84.


The English Funds close at an advance of 4 per cent upon the morning's quotation; Consols for Money having been at 944 for Money, and 95 for Account. The only change in the Foreign Market is in Mexican Stock; of which the Active Stock has declined to 291, and the Deferred to 161. The others are the same.

3 per Cent Consols .....

Ditto for Account - • . 941 f 941 5 Columbian ex Venezuela ...

Danish 3 per Cents

5 87

816 4

3 per Cent Reduced

934 i

Dutch 21 per Cents 591 34 per Cents

951 f Ditto 4 per Cents

Long Annuities 10 7-16 9-16 Mexican 5 per Cents

631101 29155

Bank Stock

2001 202 Ditto Deferred

Exchequer Bills Prem. 18 20 Portuguese New 5p. Cts. 1841 57 9 India Stock

Ditto 4 per Cents 1845 Prem. 57 9 Brazilian 1 per Cents

80 81 Russian 5 per Cents .ex. div• 1111 112 Belgian 41 per Cents

95 6

Spanish (Active) 5 per Cents

28 4 Chilian 6 per Cents

95 7 Ditto 3 per Cents 1842 371 81

The Railway Share Markets continue firm; and we have to notice the oc- currence of the following bargains in addition to those given in the morning.

Share. Paid. Business done.

100 Birmingham and Gloucester 100 124 2

Average Eastern Counties

14 16 201 20 25 Eastern Counties, New 4 16 54 64 100 Great North of England 100


100 Great Western 80 147 50 Great Western, hall-shares 50 85 Stock London and Birmingham 100 213 12

Average London and Blackwell 16.13-4

84 50 London and Brighton 50

604 1 Average London and South-western

41.6.10 74 50 London and York

Mock Midland, Birmingham, and Derby


100 4 34 70 1

50 North Kent and Dover Direct

21 21 f 25 Scottish Central 21 121 13 25 Scottish Midland 11 If 50 South-eastern and Dover, New, No. I 12 14 50 York and North Midland 50 101 25 York and Scarborough Branch


50 FOREIGN Rait.w.sts.

20 Boulogne and Amiens 8

8484 20 Bordeaux, Toulouse, and Cette (Espeleie's)

2 It 20 Dutch-Rhenish



20 Great Northern of France. Constituted

5 131 134

20 Great Paris and Lyons

2 2

20 Orleans and Bordeaux

6 101 4 10

20 Paris and Lyons (Witte's)


218 20 Paris and Lyons (Ganneron's)

3 3

20 Paris and Strasbourg (Ganneron's)



— Finis and Strasbourg (Compe de L'Est)

2 2

20 Tours and Nantes (Maaessie's)

4 41

— West Flanders .