MONEY MARKET.
STOCK EXCHANGE, FRIDAT AFTERNOON.
THE principal event that has taken place in the Money Market this week has been the conclusion of an arrangement between the Bank of France and Messrs. Rothschild and five other houses for a loan to the former of 2,000,000/. This will be effected by the Bank of France drawing for a million on Messrs. Rothschild, and for another million on Barings. Before the three months elapse when the bills become due, it is hoped that the Bank will have collected resources sufficient to have enabled her to get over the present pressure. In the mean while, it appears certain that a further rise in the rate of discount, the legitimate method of meeting such a conjuncture as the present, has been indefinitely postponed.
In the London Discount Market the demand for money has latterly increased, partly in anticipation of the above loan of two millions to the Bank of France, and partly from the increased pressure on the Stock Exchange. The rate for the best bills is now little under the Bank terms of 3f per cent. On the Stock Exchange loans on Govern- ment Securities are in request at 3f per cent. Consols were fairly maintained until the last day or two, when a decline has taken place, chiefly in consequence of the arrangement with the. Bank of France being expected to cause more tightness in our money market. The price for money last week was 921 93, and a decline took place yesterday to 921 t, and a further reduction followed this afternoon to 921 1 For November the final quota- tion was 92i, The monthly settlement was arranged on Thursday, and showed that the public confined to sell stock. The Indian Five per Cent. Loan, on the other hand, has been in de- mand for investment, and the price at one period marked 103i. A par- tial relapse then occurred to 1031 f. The chief fluctuation in Foreign Stocks have been in Mexican, which declined on the publication of Lord Russell's letter, but afterwards improved on the preparations for intervention by the Spanish Govern- ment. Turkish Six per Cents have been rather dull until this after- noon, when an improvement took place in the new stock on the satisfactory result of a meeting of the bondholders for the nomination of a committee to enter into direct communication with the Ottoman Government, the principal object being to secure a punctual trans- mission of the revenue appropriated to meet this loan. Spanish and Russian bonds have been rather more in demand.
The traffic returns being generally igood, the Railway Market has been well supported, Great Northern n particular showing an advance. There has not been much business doing, but more disposition has been shown to effect operations for a rise rather than a fall. The fine weather has hitherto been a favourable feature from the impulse it has given to the pleasure traffic
In Colonial descriptions, Great Western of Canada Shares improved. In the foreign market there has been a decline, followed by a recovery in Great Luxembourg. The principal feature in the Miscellaneous market has been a rather better demand for Mining Shares. Joint-Stock Banks have also been more inquired for. There have been no arrivals of specie this week of any importance. The exports comprise 60,0001. to the Cape of Good Hope, 25,000/. to Lisbon, 13,2501. to Brazil, and 6,462/. to New York.
Previous page
