MONEY MARKET.
STOCK EXCIIA1401, FRIDAY Ai rani; 00N, The Bank Directors yesterday reduced the rate of discount from 31 to 3 per cent ; this measure had been fully anticipated, and therefore created no surprise ; its effect upon the Money Market was unimportant, as a still greater reduction was in some quarters not unlooked-for. The aspect of affairs on the Stock Exchange continues gradually to improve, and a re- covery from the effects of the late unneeessarstcrisis becoming more percep- tible. The public do not cease to invest in small amounts in the English Funds, by which means a shortness of stock is naturally produced, and a consequent rise in quotations. From the last figure on Saturday last the extreme advance in Consols has been 1 per cent. The market opened on Monday, 921 934, and with a good business doing steadily rose to 931 ; since when they have been alternating 931 93/ and 931 94, marking 94 for both Money and Account. Stock being so very scarce, the price for Money is about k 4 per cent higher than for Time. The events of the week have likewise been considered of a favourable character, the news on Monday of the success of the Allies at Magenta assisting materially to create the firm- ness noticed that day. The Queen's speech was also favourably received, the Market again advancing immediately upon its publication. The debate in the House of Commons has not at present affected the Funds adversely ; indeed in the Stock Exchange there seems to be little or no anxiety with regard to the result. Exchequer Bills, 21 2.5 ; Bank Stock, 219 222. Pur- chases by the Broker for the Court of Chancery have likewise helped to maintain the existing firmness of tone. Consols for Money, 934 944; and for July, 93/ 94. Reduced and Now Three per Cents, 92193.
In the Foreign Market business has not been inactive, and prices have
improved all round ; Mexican, 17i 18/ ; Venezuela, 39 ; Grenada Ac- tive, 16 17, and Spanish, 41 411 ; all show an advance of 1 per cent. Sar- dinian Stock has risen as much as 6 per cent, and Victor Emmanuel, 3 per cent upon the late victories. In other things the improvement is from to 1 per cent; Peruvian, Four-and-a-half per Cent, 84 85; Peruvian, Three per Cent, firm, at 64 6.5 ; Buenos Ayres. 74 76; Ditto, Three per Cent, 17 18 ; Turkish, Six per Cent, good, at 68 70; and for the New, 67 60 ; Chilian, Six per Cent, 99 101.
The dealings in the Railway Share Market have been very limited ; the
course of prices has, however, continued its upward movement, owing to further purchases on the part of the public, which have not been met by corresponding honfi fide sales. Caledonian shares, 89 391, 1 per centhigher. Midland, 98 984 ; Birmingham, 89 891, both 11 per cent better ; Leeds, 14 per cent, closing, 884 88}; Manchester, Sheffield, and Lincoln, 341 353; London and Brighton, 109 110 ; South-Eastern, 191 19/ ; Great Northern, 99 100; Great Western, 53; 541 ; Oxford, Worcester, and Wolverhamp- ton, 141 15/ ; South Wales, 59 61. The Foreign Share Market, influenced by the favourable reports of the progress of the Allies has advanced during the week, particularly in the case of. French and the Lombardo-Venetian shares, the quotation for the latter being 2 If dia. Northern of France, 361 361; Great Luxembourg, 53 6D ; Sambre and Mouse, 5 51 ; Namur and Liege, 7 8 ; East Indian, 100 101 • Great Western of Canada, 144 141. The market for Joint Stock Banks has this week shown considerable firmness in anticipation of the approaching dividends ; the amount of business doing, however, is as yet limited.
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