MONEY MARKET.

STOCK EXCHANGE, FRIDAY AFTERNOON.

The causes to which we alluded in our last report continued to operate to the depression of the Money-market during the early part of the week. Monday being the 1st May, was kept as a close holyday ; but on Tuesday the market was heavy, and prices declined; to rally again upon the arrival of the overland Indian mail. The improvement thus produced was not of long con- tinuance; and on Wednesday morning an extensive sale by the Chancery Broker produced a further decline ; Consols for Money being quoted as low as 924, thus marking a depression of nearly 1 per Cent fromthe highest recent quotations. Money also became scarce, and the rate of interest increased from 1 to 2 to 3 per cent. During yesterday and today, the quantity of Stock thrown upon the market has been in a great degree absorbed ; money has become more plentiful, and prices have improved. A demand for money will, it is expected, occur on Tuesday next, as there will be a large delivery of Stock on that day. The favourable character of the Indian intelligence produced a rise in India Stock ; which was yesterday done at 2480 and is today marked 248. The premium upon Exchequer Bills contr.- nues the same. In our last number we combated, as visionary, the fears en- tertained in several well-informed quarters that the reduction of the Bank rate of discount would lead to consequences similar to those produced by the same proceeding in 1825, and occasion a panic. It would appear that the alarm was mainly occasioned by its having become known that the Bank of England had. advanced money by way of loan to one of the Railway Companies; and as this proceeding is certainly analogous to the loans upon mortgage in 1825, %bids were held to be the chief cause of the panic, it was argued that the same re- sult must necessary follow on the present occasion. The alarmists, however, have totally forgotten that the amount advanced in 1825 upon mortgage was 1,300,000L, while that lent upon Railway Debentures now is only 400,0001. The feeling of the public with respect to speculation of all kinds is of a much more sober cast now than at the period referred to ; and our remarks upon the of the Stock Market have received a striking confitmation from the pro- ceedings in the Foreign Market during this week. So far from there having been any disposition to over-speculation, a feeling of a very different kind ap- pears to predominate, and almost every description of Foreign Stock is lower than at our last quotations, though the markets abroad have all been well sup- ported. If further proof than the decline of prices were required, it would be found in the indifference with which the intelligence of the approaching capi- talization of the Belgian portion of the Dutch debt was yesterday received; when, although the report of the approaching conclusion of this long-pending negotiation caused a considerable improvement in the price of Dutch 'f wo-and.- a-half per Cents in the home market, it was without the slightest effect upon those securities here. Now, had any such incentive to speculation been sup- plied in 1825, the price would have been forced up instantly by large specula- tive purchases.

The few transactions in the Foreign Market have been (as before statecp.at a considerable reduction of price. The decline in the Peninsular Securities has been about 1 per cent ; that of Mexican, from 2 to 3 per cent ; and the South American from II to 1 per cent. The only assignable cause for any oue of these depressions (other than the indisposition of the public for Foreign Securities) is to be found in the recent.arrival from New York, having brought intelligence confirming the occurrence of hostilities between the Mexicans and Texans; to which the decline in that Stock may be referred.

Nothing worthy of remark has occurred in the Railway Share-market if we except a demand for South-eastern and Dover Shares, occasioned by a report that the French Government had entered into a contract with the Messrs.. ROTHSCHILD for the completion of a railway from Paris to Lisle, which, by diverting the traffic from Southampton to Havre to this shortest channel, will tend to increase the value of .these shares. The old shares have been as high. as 32 and the new as 4/. prem., both are since about U. lower.

SATURDAY, TWELVE O'CLoca.

There has been but little business doing, and the prices of the English Funds generally are the same. Exchequer Bills have fallen, and after being at 36s. prem., are now 36s. to 38s.

We cannot quote any material variation in the price of Foreign Stocks : the Non-Dividend ones are heavy, at the closing prices of yesterday.

The transactions in Railway Shares have been as follows: Cheltenham and Great Western 164; Edinburgh and Glasgow, 55; Manchester and Leeds, 87; South-eastern, 744.

SATURDAY, FOUR O'CLOCK.

A sale of 20,000/. Consols for Account has depressed the market, which closes 4 per cent lower than in the morning. The only change in the Foreign Market has been in Mexican and Columbian; the former have improved to 33 to 4, and the latter to 266.

The following transactions have occurred in the Share-market since the morning. Railways—Great North of England, 864; Great Western, 93: Brighton, 364 3; Ditto Loan Notes, 12; London and Greenwich, 54; South- western, 634; Manchester and Birmingham, 29 283; South-eastern and Dover (New Shares) 74 74. Banks—Australasian, 504; Colonial, 264; National

Provincial of England, 354.

3 per Cent. Consols

928 4 Columbian 6 per Ceres..... 261 1 Ditto for Account 92* * Danish 3 per Cents

SO 81

3 per Cent Reduced

911 a

Dutch 24 per Cents 53 * 34 per Cent Ditto 99* I Mexican 5 per Cents Consd . 33 * New 34 per Cents

1001 i Portuguese Regency 5 perets.

27 * Bank Stuck 168 Ditto New 5 per Cents 184!. 31 * Exchequer Bills 36 38 pm. Ditto 3 per Ceuts 22 * India Stock 247 11

Russian 6 per Cents

113 114

Brazilian 5 per Cents

66 7

:Vaunt' (Active) 5 per Cents 231. i

Belgian Spec Cents .... 1034 4

Ditto Spec Cent. 1312 VA 3