6 SEPTEMBER 1834, Page 10



The principal feature in the English Money Market since our last, has been an extensive sale of Exchequer Bills, which was at first stated to be on account of the Bank of England ; the Directors of which were, it was supposed, alarmed at the continued drain of specie for Portugal, and took this method of counteract- ing its effects. The sale in question is, however, now understood to have been made for the Scotch Banking Companies, who were desirous to provide for the demand for gold likely to arise from the shock given to public confidence by the failure of two banking establishments in Edinburgh, one of which occurred about two months ago, and the other within these few days. The exportation of gold to Lisbon, during the week, has been about 250,000/. By advices received this morning from that city to the 25th ultimo, we understand that the Ministry still persevered in the plan to alter the monetary system, which had, however, been declared not to extend to contracts entered into before the promulgation of the decree for calling in the paper money ; but fur all other purposes gold was to be considered the only legal tender after the 1st of this month. The Spanish and Portuguese Bonds have been the chief objects of attraction ; and the fluctuations in then) have been very extensive. The market for Spanish Securities has evinced great firmness; and the price has continued to improve during the whole week, the highest quotation having been 494, which occurred to-day : a report of the defeat of General ROM. has since produced a decline, and after being at 44* the closing price is 4S g. The improvement is attri- buted to the disposition evinced by the Cortes to acknowledge in full the Bonds of the loans contracted by them, and to repudiate either entirely or in a very great degree those of the loans contracted since 1823. The impulse !Alicia has been given to the Bonds to-day has arisen from its becoming known that the memorial agreed to at the meeting of the Cortes Bondholders, and forwarded t'aiough the Foreign Office to Madrid, has been favourably received by the Spanish Government. The more sanguine of the holders of spzir.;st, Stuckregret the proposition which it contains, of converting half the Debt into au Active and half into a Passive Stock ; as they consider that the only impedi- ment to an unconditional recognition, is the intimation of their readiness to concur in such an arrangement. The market for the Portuguese Regency Bands has been very much agitated by the tenor of advices received yesterday from Lisbon. An impression was created that the present Alinistry were not likely to remain long in office : some extensive sales of the Bonds consequently took place, and the price declined from 601 to 77Z : to-day, however, the in- telligence to which we have before referred, has been received, and the com- plexion of the Market is completely altered ; the price, which at the commence- ment of business was 79k, has risen rapidly to 821, and after fluctuating between 81 and 82, closed at 81i. Some transactions have occurred in Brazilian Stock, which has been de- pressed in consequence of an extensive sale, caused, as it is stated, by au insur- rectionary movement in the province of Rio Grande. The price was uu Wednesday as low as 741 ; but has since recovered, and is now 761 77. By the last advice, from Columbia, we find that the question of the apportionment of the Debt is still undecided. The Congress of New Grenada had adjourned till January next ; till which time, even it the Commission appointed to proceed to the apportionment should conclude their labours, no legislative sanction can be given to them. Both iu that province and in Venezuela, revenues specially pledged Mr the payment of the Dividends had been appropriated to other objects; and the remonstrances of the Agents for the Bondholders at both the capitals of these provinces, on the misappropriation, had been unheeded. The price of the Bonds of the Republic Las not, however, declined ; as the hopes of the holders and speculators are buoyed up by the belief that the recognition of the Mlle- pentlence of these countries by the Spanish Government will give increased value to their Securities. We tear that this event will do little in accelerating the payment of the over-due Dividends. Tire advices from Mexico represent the country as Laving nearly submitted to SANTA ANNA; but as the remittance of the dividends is still delayed, the price of the Stuck remains the same.


The only transactions which have occurred this morning have been in Por- tuguese and Spanish Bonds, both of which are at higher prices than yesterday. s:panish Stock has been as high as 494, and is now 481 49; while Portuguese Bonds are at the highest quotation of the day, viz. 811 82.


Spanish Stock closes rather higher, viz. 492 1. Portuguese Regency Bonds have continued firm at 82 all the afternoon. Consols have likewise improved 6 per cent. and are 90i 1.

3 per Cent. Consols Ditto for Account

901 I 901 i

New 3* per Cent. Annuities. 9Si Bank Stock —

India Stuck

— Exchequer Bills 30 32 Belgian 5 per Cents. 98* Brazilian 5 per Cents 774 t Danish 3 per Cents ... — Dutch 21 per Cents

French 3 per Cents.

50* i

- Greek Comnium, 5 per Cents .

— Mexican 6 per Ceints 39* 40 Portuguese 6 per Cents


Do. Regency Stock,5 per Cent. 82k

Prussian (1818) 5 per Cent .. -

Russian (1822)5 per Cent... 103 *

Spanish (1821)5 per Cent...

49# *