MONEY MARKET.

STOCK EXCHANGE, FRIDAY AFTERNOON.

The statement of the revenue of the Unitedliingdom for the quarter ending the 10th instant was published on Tuesday, and has disappointed the general expectation of a favourable return. It was anticipated that the large amount received for Corn-duties and Property Tax on the July Dividends, would have shown in excess over the corresponding quarter of last year ; and when it be- came known that, with the addition afforded by the large extra revenue from these sources, the quarter's receipt did not come up to that of the October quarter of 1841, the expression of regret and surprise was universal. Under the operation of this feeling, the prices of the Funds declined ; and on Tuesday morning were a per cent below the closing quotations of the previous day. The depression did not, however, long continue ; as prices recovered again towards the close of the day ; and though the reaction was checked by the sale of 100,000/. on Wednesday morning, the price has since further improved, and is now at * per cent above the closing price of Saturday last. The settlement of the Consol Account occurred yesterday; but as the speculative transactions have not been extensive, their arrangement did not occasion any fluctuation. Money being in great abundance, the "continuation," or premium paid for carrying over Stock to the 24th November, was only per cent ; and as a de- mand existed for Stock in consequence of large amounts being taken off the market, the price advanced to the extent above noticed. The Dividends of the various Stocks, which became due on the 10th instant, are now in course of payment, and the books of all of them are open for private transfer. During the period for which they have been closed, Reduced Three per Cents have risen per cent ; and the Reduced Three-and-a-half per Cents only ; the expected reduction of this latter Stock evidently operating unfavourably upon its price. Bank Stock has been stationary, and Long Annuities have risen about 1 per cent; as will be seen from the following comparative statement—

Price at the closing the books, with Dividend.

Bank Stock Reduced Three per Cents 93} Cents 1684 Do. Three-sad-half per 101i

Long Annuities . 121

Present Price, Equivalents to a without Di- quotation with vidend. 16198020t:11 Dividend of 168} 16% 91 102} 124 121

The premium upon Exchequer Bills has risen, and is now 55s. to 57s. for both varieties of bills. It seems strange that bills bearing 20. per day should- not be worth more than those bearing 2d.; but there are an few of the former in the market, that the business has been of necessity confined to those at 2d. per day, which have thus been forced up to a level with their more valuable- congeners. The discussion as to the retrenchment of the banking-hours still continues, but nothing has been elicited worthy of notice. The merchants have generally given a sort of sanction to the principle of closing at the earlier hour, by altering the time at which they meet on foreign post-days upon the Royal Exchange. The former practice was to meet at Half-past Two, and. close at Four; but custom has lately postponed the meeting till nearly Four o'clock : it is now determined that from and after next Tuesday, the old time of meeting, Three o'clock, shall be resorted to. In the Foreign Market, the business has been on the usually limited scale. Mexican Bonds gave way yesterday to 34; but rallied again this morning, on the receipt of intelligence of the arrival of a remittance of 18,000 dollars on account of the Dividends: the price has been as high as 33, but it again gave way in the course of the afternoon to 32i; Colombian, and the other South- American, are without any variation of importance. There is a slight im- provement in Dutch Two-and-a half per Cents, but no large transactions have occurred. The other Foreign Bonds are generally the same. A demand has occurred for Portuguese Stock generally ; and an improvement of from h to 1 per cent has taken place in the price of most of the current varieties. This rise was in anticipation and partly the result of a meeting of the Bondholders; held on Tuesday last, and convened by the Committee to consider the pro- priety of recommending the general adoption of the terms proposed by the Go- vernment at Lisbon for the conversion of the various descriptions of Portu- guese Stock under the decree of 2d November 1840: the recommendation of' the Committee was adopted, and resolutions passed recommending the Bond- holders to accede to the proposed terms. The amount of Old Stock at present converted, as appears from a return to the 5th instant, published by the Finan- cial Agency, is 5,516,632/. 5s.

As the dispute which has so long existed between the Portuguese Govern- ment and a portion of the Bondholders may now be considered at an end, and

a general conversion of the outstanding portions of the Old Stock will probably take place immediately, we subjoin for the information of the Bondholders the 3d and 5th articles of the decree of November 1840, one declaring the amount of New Stock to be given in exchange for the Old, and the other the dividends to be paid upon the New Stock- " earrici.x III.—The creation and issue of the New Five per Cent Stock will be strictly limited to the amount of the Debt which may be offered for conversion, and calculated as follows ;-691. 15s. for every 1001. Three per Cent Bonds with the Coupons annexed; and in like manner. 1161- 5s. for every 1001. Five per Cent Bond. 1391. 10s. for every 100/. Six per Cent Bond, and 106/. 9s. 2d. for every 1001. in Debentures; besides tie fraction of the interest corresponding to the month of December next. which is to be added thereto in the conversion of the Five and Six per Cent Bonds, and of the Debentures issued for dividends of the same description, as the interest of the new Stock begins from the 1st January 184L " ARTICLE V.—The interest of the New Stock will be payable half-yearly on the 1st January and 1st July of cacti year: the first dividend to become due en the 1st July 1841. This payment will be made at the rate of 21 per cent per annum during the four years from January 1841 to December 1844; of Three per Cent from 1895 to 1818; of Four per cent from 1849 to 1852; of Five per cent in the following eight years from 1853 to 1860; and of six per cent from 1861, as long as may be necessary for the inte- gral reimbursement of the part of the interest unpaid during the first twelve years, which will end in 1852, returning afterwards to the rate of five per cent until the Stock shall be completely redeemed."

The various descriptions of Railway Shares are without any material varia- tion. The prices of some of them are a little lower : Birmingham, and the more important varieties, being, however, in more demand, and prices showing a disposition to improve. Another warning to the Shareholders in Joint Stock Banks has just oc- curred, in the disappearance of Mr. BURDERIN, the manager of the Bank of Manchester. It appears that the management of this concern bas been a miniature edition of that of the Bank of the United States, and that a large portion of its capital-700,000/.—has been lost in bad debts, carelessly or fraudulently contracted with the friends or connexions of those to whom the management of its affairs have been intrusted. The liability of institutions of this kind to similar frauds is one of the most distressing circumstances con- nected with them ; and while it must tend to depreciate generally the value of their shares as investments for money, is continually presenting fearful in- stances of the positive dishonesty of large classes of our commercial com-

SATURDAY. TWELVE o'Ciecx..

The ConsotlVfarket is firmer this morning ; the price for Money having again reached 93i and being now quoted 93a while that for Account is 93i a. This equalization between the price for Money and that for Account is an indicatioft of the demand for Money Stock, and generally the precursor of an improve- ment.

In the Foreign Market, Mexican Bonds are rather firmer than yesterday, the present price being 321 ; the other Foreign Stocks are at yesterday's prices, without any sign of business. The transactions in Railway Shares have, as yet, been confined to the fol- lowing: Edinburgh and Glasgow, 45k; Manchester and Birmingham, 20; North Midland, (Thirds,) 14.

SATURDAY, FOUR O'CLOCN.

The English Funds close at the morning's quotations.

In the Foreign Market, we have to notice a slight improvement in Spanish Three per Cent Stock, which has been done at 21. The others are without

variation.

The only change among the the Railway Shares is in Brighton and South- eastern and Dover : the former close at 37, the recent improvement having in-

munity.

duced speculative sales, of which the near approach of the Account-day is forcing an arrangement : the closing of the latter is 22i 3 for the Old Shares, 31 3 discount for the New Scrip. 3 rr Cent. Consols 931 2 Ditto for Account 934 9 3 per Cita Reduced 924 9

34 per Cent Ditto 100 1

New 31 per Cents 101 1

Bank Stock 1651 6

Ezchever Bills, 244. .. prem. 55 7 Ditto 24 do. 557

ladle Stock 249 50 Brazilian 5 per Cents 63 4

Belgian 5 per Cents 102 3

Columbian 6 pa. Casts Danish 3 per Cedts „ Dutch 24 per Gents Mexican 0 per Cents Coned Portuguese Regency 5 per Cts

Ditto New 5 per Cents 1841 Ditto 3 per Cents

Russian 5 per Cents Spanish (Active) 5 per Cents ex Coupons

Ditto 3 per Cents 1842 201 1 823 521 321 37

211 22 112 113 16 201 1