MONEY MARKET.
STOCK EXCRANGE, FRIPIT AFTERNOON.
The tendency of the Government Funds to advance, which we noticed last week, has continued with but it very slight cheek, given yesterday upon the receipt of the intelligence from China. The state of the revenue, although not unsatisfactory lvhen the commercial difficulties amidst which it has been col- lected are considered, does not admit of any uppropriation to the Sinking-fund, there being a considerable deficiency of income as compared with expenditure. The high price of the Funds, under these circumstances, is extraordinary, especially when the rate of interest is considered; and can only be refereed to the fact of a continued absorption of the Debt for permanent investments. In August last, when the Chancellor of' the Exchequer funded 4,000,000/. of Ex- chequer Bills, the price of Three per Cent. Consols was 924, and we find in January that the whole of that new creation of Stock has been absorbed ; and in the face of a deficient revenue and a high rate of interest for money, the price of Stock is the same as it was before the funding. This absorption of the whole amount fended has been effected without any assistance front the Sinking-fund, (which lute been totally inoperative during the whole time,) and solely by public investment. .Mottev has become so abundant during the last few days, that the rate of comtnerciid discount may be quoted at from 5 to 5i per cent. Consequently, as yesterday was the day appointed for the weekly meeting of the Bank Directors, it was generally reported that a notice would be issued reducing the rate of discount to 5 per cent.; but the ineetiog sepa- rated without coming to any such determination. If money should (mitinne as plentiful as it now is, we have no doubt that this report will be revived upon every recurring Thursday until the alteration does really take place ; but as we believe that it will be some time first, the spreaders of reports will have ample occupation. Large amounts of specie have been received by the Bank ; and it is even said that on one day lately upwards of 1,000,000/ in gold was brought in. The advices received yesterday from India are so far satisfactory : the termi- nation of the war in Cabul has given an impulse to commerce, which had languished previously ; and the orders for manufactured goods received in con- sequence have been very extensive. Consols for Account were as high as 92a, but fell yesterday to 92, upon the occasion of a sale of 80,000/. by an influential broker. The Chinese genee has produced but little effect upon the market; and the price is to-day' 924 A. The settlement of the Account is fixed for the 13th; and it was anti. cipated that the speculators for the fall would experience considerable difficulty in delivering the stock sold; but the sale above referred 'to, in conjunction with the operations of a large speculator, have removed that fear, and the market is not quite so firm. The near approach of the period (17th March) at which a large amount of Exchequer Bills will become receivable at per for payments into the Exchequer, has attracted attention to these securities ; and as the prevailing opinion appears to be, that some measure either of the nature of a funding, or an increase of the rate of interest now paid upon them, will be speedily adopted, they have improved materially, and are to-day at a prem. of' 12s.
In the Foreign Market, a depression in Holland has effected the Dutch Two-and-a-halt' per Cents., which have fallen about per cent., and are to-day at 314. Mexican Bonds have risen about 2 per cent.; it being reported that the payment of the dividend due in April next upon the converted stock is certain. Columbian and the other South American are also slightly in demand. By the Lisbon mail, received on Monday, the substance of the intended Royal speech to be delivered to the Cortes is stated to have arrived. ; and as it is there said that the dispute with England on the subject of the Slave-trade is at an end—that the revenue is improving—that the Government intends during the present session of the Cortes to put all the creditors of the nation upon au equal footing, and not in future to pay the home debt to the prejudice ot the foreign creditors—the speculators have eagerly bought Portuguese Bonds ; which have risen nearly 2 per cent. This improvement in Portuguese Stock, in conjunction with the reported illness of CABRERA, has given an ins. pulse to Spanish Bonds ; and the Active Stock has been to-day at 25k. The same anxiety whirls a short time ago was felt for the arrival of the British Queen steamer, is now expressed for that of the Liverpool. This vessel was to lute left New York on the 14th December, but might perhaps have been detained till the 20th, and in either case is much out of time : 5 guineas per cent. has been given to insure her at Lloyd's to-day. We are much in ar. rear with respect to intelligence from the United States ; not having yet re- ceived the President's message, which has hitherto always strived between Christmas-day and the let of January.
SATURPAV, TWELVE O'CLANOL
The Consol Market is not quite so firm, though the price is nominally the same. £1,000 Exchequer Bills are 98. to 118. prem., small ones are 108. to 12s, and India Bonds 2s. prem. In the Foreign Market, with the exception of Spanish and Portuguese securities, prices are nearly the same. These two arc rather lower ; Portuguese :Five per Cents. being 35b 6, and the Three per Cents. 24A 4. It is stated on the authority of a letter from the correspondent of the Chronicle at Madrid, that Messrs. ARDOIN have given up the disputed Bonds to the Spanish Government, and the fear that they may be brought to market has depressed the Active Stock from 25 A (the closing price of last night) to 244 4. The usual monthly statement of the liabilities and assets of the Bank of England has appeared : as compared with the last statement, it exhibits a diminution of 366,000/. under the head of circulation, while there is an increase in all the other items, the deposits being augmented by 1,184,000/, the securities by 140,000/, and the bullion by 557,000/.
3 per Cent. Consols Ditto tor Account ( Braxilian 5 per Cents
713401 421
921 I Belgian 5 per Cents 3 per Cent. WIWI:tat 915 5 Columbian 6 per Cents. 1824 245 55 31 per Cent. Ditto 991 5 Danish 3 per Cents. 75 6 New 35 per Cents 991 Dutch 25 per Cents 515 25 Datil: Stud: Exchequer Bills
India Stunk for Account 9 11 pm. Ditto 3 per Cents 2545 Portuguese Regency Spur Cts 31512556131 20 ,I.
Russian 5 per Cents. Spanish (Active) 245 5
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