6 MARCH 1852, Page 9



The chief financial occurrence of the week has been the reduction of the rate of discount by the Bank of France from 4 to 3 per cent. This measure, which seems to have been forced upon the Bank by the Government, comes very opportunely for those parties who are interested in the new lines of

railway about to be forma. It cannot fail of giving increased currency to Shares, which, however high they may be in present estimation, were con- sidered as liable to much prospective depreciation by the necessity of the construction of lines from which no remunerating profit can be expected. The policy of the measure may, however, be questioned. The gamb- ling on the Bourse at Paris, since the commencement of the new golden age under the auspices of the autocratic President, has been excessive, and this measure will tend to increase the national phrensy. The English Funds have improved about / per cent ; the closing price of Console being 971 4. This advance took place before the reduction in the rate of discount in Paris was known ; by which our market has not been affected in the slightest degree. The books of the various Stocks whose divi- dends fall due in April, will close in the course of next week, and money business in them will cease till the 6th of April. Today the biddings for the Loans for the Colonies of British Guiana and Trinidad were received at the Treasury. The Stock created is to bear 4 per cent interest, under the guarantee of the Imperial Government ; and is redeemable at par in 1870. There were only two competitors, the Economic and Atlas Life Offices ; the former bidding 1091. 12s. 9d., and the latter 1054 per cent : the contract was consequently adjudged to the Economic. The price paid is equivalent to in- vesting the money for the whole period at about 34 per cent. In the Foreign Market, the Stock most affected by the French measure has been Sardinian ; which advanced about 1 per cent in consequence of pur- chases on French account. Russian Bonds are rather firmer ; but no material change has occurred in the other Northern European Securities. Spanish Active Stock had advanced to 251, while the New Three per Cent Deferred Stock rose to 194: both, however, are from to per cent lower. There has been an extraordinary demand for the certificates issued by the Committee for the confiscated portion of the Coupons of the Active Steel. These docu- ments were for some time current at 1 per cent ; they speedily rose to 11 and 11; and suddenly, in consequence of the large purchases of an influential spe- culator, to 4. The market has since become flatter, and the closing price this afternoon is about 21. Speculation in the non-dividend South American Secu- rities has received a check ; Grenada Deferred Stock being today about 2 per cent lower than they were a few days ago. All the other varieties have also de- clined. The schemes of colonization, and for the construction of public works, spoken of for these regions, have but one drawback—the climate will preclude the employment of British or any kind of European labour. Mexi- can Bonds continue steady. Negotiations are in progress with Messrs. Bo- rings for the discount of the sum payable by the Mexican Government in May next, arising out of the Californian indemnity. The Committee of Bondholders, however, demur to the charge for commission-.-21 per cent. The question is to be submitted to the Bondholders at a meeting called for Wednesday next; when, in the event of the terms being accepted, it is be- lieved that money will be speedily divided. The whole amount receivable will be about 41 per cent in addition to the dividend of 14 per cent, making in all 6 per cent.

All the French Railway Shares are in demand ; the advance upon the price of the most important being from 11. to 21. They were much sought after this morning; but in the course of the afternoon prices gave way about

five shillings a share, upon a report of telegraphic intelligence of a decline in Paris this morning. The English Share Market has been steady, with a slight tendency to improvement. The shares of the Guaranteed and Pre- ference lines still continue scarce, and investment is steadily determined to- wards this class of security.


The English Funds opened at the closing quotations of yesterday, at which the market may now be considered firm. A decline occurred in the French Funds yesterday, the closing price of the Five per Cents being 106.10; there is, consequently, no improvement in the French Shares, which are rather heavier, with little doing. The Foreign Funds generally also exhibit less buoyancy, although no material change in prices has occurred. Railway Shares, on the contrary, are rather firmer ; the following are the princi* transactions—Bristol and Exeter, 861; Caledonian, 164 4; East Lanca- shire, 164; Great Western 861 1 ; Lancashire and Yorkshire, 694; London and North.-western, 117 1161 ; Midland, 5844; South-eastern, 204.

Sextranax Two o'CLocw.

The English Funds close at the morning's quotation, without the transac- tion of any business of importance. In the absence of any telegraphic news from Paris, the Foreign Funds are heavy, with, however a general bu- siness going on. The following are the principal ,:transactions—Buenos Ayres, 59; Chilian Three per Cents, 70; Equador, 5 4 1 ; Grenada, 224; Ditto Deferred, 91 4; Mexican, 334 4 324; Peruvian, 1031; Ditto Deferred, 55 64 ; Portuguese Five per Cents 1841 344; Ditto Three; per Cents, 334; Russian Four-and-a-half per Cents, 1021% Spanish Active 25; Ditto Three per Cent Deferred, 18/ 194; Ditto Committee Certificates, 3; Venezuela, 421 1 42, Ditto Deferred, 181; Austrian Five per Cents, 77. The Railway Shares are firm, and in some cases the prices at which busi- ness has been done is in advance of previous quotations. The following tire the principal bargains recorded—Bristol and Exeter, 861 71; Caledonian, 161 / ; Eastern Counties, 71 1 ; Great Northern, 18/: 19; Great Southern and Western, (Ireland,) 354; Great Western, 861 4 4 ; Lancashire and Yorkshire, 691 I; London, Brighton, and South Coast, 94; London and North-western, 117 161 174; London and South-western, 854; Norfolk, 271 27; South-eastern, 204; Central of France, (Orleans and Vierzon,) 22; East Indian, 211; Orleans and Bordeaux, 104; Paris and Strasbourg, 2044 20.

8 per Cent Consols 971 Dutch 24 per Cents 69 60

Ditto for Account 974 Ditto 4 per Cents 92 3

3 per Cent Reduced 98A Mexican 5 per Cents 1846... 321 at

34 per Cents 991 Peruvian 6 per Cents 1034 44 Long Annuities 7 - 6 4 Portuguese 4 per Cents 1842. 834 44 Bank Stock — Portuguese 5 per Cents 1824. 94 7 Exchequer Bills 61 64 pin Russian 5 per Cents 111 13 ex d. India Stock — Ditto 44 per Cents 102 3 Brazilian 5 per Cents 97 9 Spanish Active 5 per Cents.. 241 4 Belgian 44 per Cents 91 3 Ditto 3 per Cents 1842 41 Chili= 6 per Cents 105 7 Ditto Deferred 3 per Cents 1851 1 I 94 Danish 5 per Cents 1014 24 ex d. Sardinian Bonds 894 904 Ditto 3 per Cents 75 7