9 JULY 1836, Page 10



The fluctuation of Consols can hardly have exceeded A per cent. The market bas not been so buoyant as it was last week, but the business has been unim- portant. The Dividends due on the 5th instant are now in course of payment, money has consequently become very abundant. l'rivate transfers can be effected in all the Stocks which were previously closed for the Dividends.

The quarterly return of the revenue, published on the 6th, is very satis- factory. The usual notice has been issued by the Lords of the Treasury, stating the surplus of income over expenditure for the year ending 5th April 1836 as 1,376,306/. 12s. ; and that, consequently, the fourth part of that sum, or 344,076/. 13s., will be applied to the reduction of the Debt during the present quarter ; of which there will be Applied to the purchase of Stock £44,076 13 Exchequer Bills made out pur- suant to 6th William IV. cap. 2 300,000 0 £344,076 13

The amount to be applied in a like manner in the ensiling quarter, will be much greater, as the surplus of income over expenditure for the year ending the 5th July is more than 2,000,000/. ; which will give upwards of 500,000/. as available for the purposes of the Sinking Fund during the period between the 10th of October next and the 5th of January 1837. The only subject of remark in the accounts connected with the finances, is the increase in the charge for Terminable Annuities; from which it is evident, that the low rate of inte- rest afforded by the Government Securities has forced capitalists to seek a better return for their money, by the conversion of Stock Into Annuities : a process by which, although the annual charge is increased, the total extinction of a portion of the Debt is certainly provided for. The success of the Joint Stock Banks in Lancashire and the North of England has led to the more general adoption of that system of banking. Several of the Country indivi- dual banking establishments in the West of England have merged into, or rather have become converted into, Joint Stock Banks. At Liverpool and Manchester also, the same process is going on; and we have little doubt that as the system in question becomes more generally known, the business of banking will be entirely absorbed by such companies, as, however great the individual wealth of a private banker may be, he cannot offer to his customers the same guarantee of security as a large body proprietors with an extensive capital. The Spanish Stock has been heavy, with very little (lining: our quotations to-day are nearly 1 per cent. below those of last week. The continued inaction of Connova has again given rise to sinister rumours, while the reports indus- triously propagated of the commencement of negotiations with Dan Cantos are denied from authority.

The Portuguese Bond.: ace at lower prices. The Scrip of the new Loan has

been done in-day premium. The Dutch and other European Stocks are firm. The Russian have itn- proved in price, and continue in steady demand. The Bonds of the old Greek Loans are lower ; the demand recently crested here having been supplied by Bonds sent both from Holland and France.

The Railway Shares are neglected : the transactions in them have been quite unimportant.

SATURD1T, FOUR tictocw The Consol Market is steady, with scarcely any transactions of iinpor.. tance. In the Foreign Market, Spanish Stock is heavy at ahnost nominal quotations. Portuguese Bonds have declined about 1 per cent. ; but we be- lieve that this depression is traceable entirely to the state of the market, and not to any political cause.

The Railway Shares are quite neglected ; the following are the prices of those mast current. Brighton 9-1 10; Great Western 21 23; Blackwall ; London Junction A preps.; Greenwich 5 6. 3 per Cent. Consols ..... ex.dir.91/ f Ditto for Account, 'I'd I New 34 per 14UL Anus 991

India Stock 2564 Bank Stock — Exchequer Bills Its. 141.

Belgian 5 per Cents 1024 3 Brazilian 5 per Cents 87t 8 Dards!' 3 per Cents. 764 t Dutch 24 per Cents NI •

French 3 pet Cents

Mexican 5 per Cents. 34 35 Portuguese 3 per Cents. 504 51 Itegeuey b per Cent. 904 81

Russian, MI. 5 per Cent.., 1104 111 Spanish, 1834. Spec Cent 411 Ditto, Deferred 194

Ditto, Passive 124 1