MONEY MARKEY.

STOCK Erni...nos, FRIDAY AFTERNOON. The English Funds have experienced considerable fluctuation; frequently rising and falling 1 or 4 per cent in the course of one day. The general result of the week's operations has been to establish an advance of nearlyper cent in the closing prices of today as compared with those of Saturday. The sales have ge- nerally been of u speculative character, while the purchases have been real. Two or three afternoons, the market, which had been very firm during the earlier part of the day, hasgiven way under the effect produced by extensive sales made by parties connected with the French expresses. The depression occasioned by these sales has generally continued during the day; to be counteracted by the operations of the next morning, when the continued investments of the public have given a better tone to the market and caused an improvement. The character of the business in the English Funds has undergone a complete change: instead of the transactions both of sale and purchase being large and unfrequent, a very great quantity of business now occurs for money; the public availing themselves of the present low prices to invest. The individual transactions are not extensive, but the quantity of Stock absorbed in this way has been of sufficient importance to support the market against the extensive speculative sales that have occurred. It would also appear that the mania for speculation has considerably abated; and that much capital, which before the recent depression in shares would have been devoted to Railways, is now seeking the safer course of investment in the Public Funds. A decided change has takenplace in the value of money. The late

i

cris has materially shaken the credit of many commercial houses, who, from their successful connexion with railway enterprises, were during the fever of specula- tion in first-rate credit and had an almost unlimited command of cash. The fall in Shares has operated very prejudicially to these parties: not only does their credit suffer, but their means are cramped, from the utter impossibility of realizing money to any large extent upon any of the new selieme.s. With the utter annihilation of almost all the new schemes, and nearly total cessation of speculation in them, a much sounder system of business appears to have arisen in the Stock Exchange; and money, which was formerly in great demand at most extraordinary rates of in- terest, is now quite abundant there. The Shares of the various Joint-stock Banks are all lower; chiefly inconse- quence of the depression of Shares generally, but also from a belief that is now becoming pretty general, that many of these establishments, especially the pro- vincial ones, have made large advances upon Railway Shares.

The Foreign Funds have not been materially affected. The improvement we noticed in our last report as having occurred in Spanish Active has continued; and this stock has reached 294, the Three per Cents at the same time being 384. For some time the difference between these two Stocks was about 12 per cent, the Three per Cents generally being about so much higher than the Active Stock: it is now only about 9 per cent; it will therefore be seen that the Active have recently improved about 3 per cent more than the Three per Cents.

The Railway Shares are without any important change. Some of the older and better lines appear to be sought as investments; and the prices of them, though fluctuating, have been well supported, and in some instances advanced. Scrip Shares, except in a very few instances, are nearly as unsaleable as ever, and pro- jectors seem to give up the concoction of new projects.

The Foreign Shares are without any material change. The settlement of the long-pending account in those of the Constituted North of France is progres- sing; and under its operation, the price, which has been as high as 144, and was recently between 11 and 12, has fallen to 94 and 94 premium. The " conces- sion" of all the French lines for which bills were obtained in the last session will take place before the next meeting of the Chamber of Deputies, which is fixed for the 27th December. Several amalgamations will doubtless be effected among the competing companies before that period arrives; and some speculation may be expected to occur in the Shares: but no symptoms of a revival of that spirit as yet appear, and the markets are almost in a state of torpor.

SATURDAY, TWELVE O'CLOCK.

Very little business has occurred this morning in either the English or Foreign Stocks. The English Funds are rather firmer, and the Foreign without any change. The transactions in Railway Shares have as yet been confined to the following, and there is nothing in them calling for particular remark. Cambridge and Lincoln, 44; Eastern Counties, 204; Great North of England (new), 496; Birmingham, 218; Do. A shares, 214; Brighton, 614 604; Croydon, 214; York, 44; Manchester and Birmingham. 75; Midland, 143 5; Do. new, 224; South-eastern and Dovr, 36; Do. new, 4; Boulogne and Amiens, 94 4; Constituted North of France 444; Paris and Strasburg (Companie de rEst), 24.

SATCRDAT, Two o'CLOCK.

The English Stock Market is much firmer; closing at a full advance of 4 per cent upon the morning's prices. Consols for Money have been done at 964, and some bargains have occurred for Account after two o'clock, at 964. The last price was consequently 964 4 both for Money and Account. The business transacted has been almost entirely confined to Three-per-cent Consols; of which several pur- chases have been effected, principally by speculators who had sold stock in an- ticipation of a fall, but whom the altered appearance of the market now induces to close their accounts. No transactions at the higher prices have occurred in the

i other English Stocks; the quotations of which are all nominally higher, in con- sequence of the improvement in Consols. The Foreign Funds are generally firmer, without the occurrence of any large transactions.

3 per Cent Consols ..... • .. 964 4 Columbian ex Venezuela ... 16 17 Ditto for Account 9134 4 Danish 3 per Cents e6 7

3 per Cent Reduced 954 4 Dutch 24 per Cents 591 604 31 per Cents 974 4 Ditto 4 per Cents 934 44 Long Annuities 104 Mexican 5 per Cents 10 1 Bank Stock 203 Ditto Deferred 16 17 Exchequer Bills Prem. 25 7 Portuguese New 5 p. Cis. 1841 57 9

India Stock 262 Ditto 4 per Cents 1845 57 9

Brazilian 5 per Cents 81 83 Russian 5 per Cents .ex div. 111 13 Belgiyn 44 per Cents 93 95 Spanish (Active) 5 per Cents 284 94 Chilidn 6 per Cents 95 97 Ditto 3 per Cents 1842 384

The better class of Railway Shares are advancing; but the New Scrip is still in abeyance. We subjoin a list of the principal bargains. Share. Paid. Business done. 25 Cambridge and Lincoln ti, 44 at

Average Eastern Counties 14 16 204 1 25 Eastern Counties, New 4 16 74

100 Great North of England 100 214 5 ' 40 Great North of England, New 515 494 100 Great Western 80 1 4

50 Great Western, Half-shares 50 85 ,

20 Great Western, Fifth-shares 20 164 174

Stock London and Birmingham 100 218 15 19 •

95 London and Birmingham, Quarters 2 25 5 50 London and Brighton so 014 foi ak -

nate.

Average London and Croydon Average London and South-western

Paid.

13.15.9 41.6.10

Business done. 75'7# 1l

50 London and York 24 4: 1 40 Manchester and Birmingham 40 70

Stoat Midland

100 143 5 36 40 Midland, New 6 221 11

Stock Mid and, Birmingham, and Derby

100 112 50 North Rent and Dover Meet. 24 31 ' antrage South-eastern and Dover

Ti. 3.4

36 50 South-eastern and Dover, New, No. 3 24 4 50 York and Catliale

2#

31 25 York and Carlisle Scarborough Branch 25 59

FOREIGN RAILWAYS.

20 Boulogne and Amiens 8

9: I

20 Dutch-Rhenish 5

20 Great Northern of France, Constituted 4 141 14 20 Orleans and Bordeaxt 6 111 20 Palle and Orleans 20

45- — Paris and Strasbourg (Comps de VE.4)

2 21

90 Tours and Nantes (Lfekres)

2 2