MONEY MARKET.

STOCK EXCHANGE, FRIDAY APTERNOON.

The increasing belief entertained in Paris of a favourable termination of the approaching conferences, and in consequence an improvement of about 11 per cent in I rench Stocks, together with more conciliatory accounts from New York, led to considerable purchases in our market, where great acti- vity has been displayed, and without much interruption the Funds advanced 1 per cent : they would probably have been higher were it not for the in- convenience experienced from the continued pressure for money, 7 per cent having been paid for short loans on Government Securities. Yesterday, Consols reached 921; and this was maintained until the afternoon, when there was a reaction of 1 per cent, through a report that the Chancellor of the Exchequer contemplated a funding of Exchequer Bills to the extent of nine millions. Nothing of an official nature transpired until some little time after the opening of * market this morning• when a copy of a letter addressed to the Governor and Deputy-Governor of the Bank of England, written from Downing Street last evening, was posted at the Stock Exchange, inviting the attendence`ottapithh* at the Treasury on Monday next at one o'clock, to contract for a loan for the public service ; when information regarding the amount and Sme and manner of the bidding would be named, and the conditions upon which offers will be received for funding a portion of Exchequer Bills now out- standing will then be communicated. The excitement since has been very great, and Consols have been as low as 90 ; from which there has been only a alight reaction : they close at sok I, and 901 1 for Account. Exchequer Bills have improved 3s. since the publication of the above notice.

Money commands high rates in many of the Continental cities, but there is a favourable tendency in all' the rates of exchange. At Vienna, the Funds have advanced nearly 11 per cent. A report of the operations of the Bank of France for the year 1855 has been issued ; and although it has had to contend with the pressure of the times and exorbitant charge for discount, no bad debt has been incurred. The Corn-market continues dull.

In Foreign Stocks there has been less doing; but, with the exception of a decline of 1 in Peruvian Four-and-a-half per Cents, they exhibited firm- ness until today. Austrian had been 2 and Turkish Six per Cents I better ; today they are flatter in several instances.

Railways did not respond to the recent buoyant feeling in the English Funds ; but this was in some measure accounted for from the attention required in preparation for the Account arranged yesterday. In some cases shares were sold in preference to paying heavily for continuation : taking the latter as being now affixed to the value of the Shares, they presented yesterday on the average little change compared with last week, but today the leading descriptions have declined 11. in most cases. London and North- Western are now 100 1. French Shares have fallen today from 10s. to 15s.

SATIIRDAY, TWELVE O'CLOCK.

The English Funds opened higher this morning, but they have since fallen, and Consols for Money are now 90 6, and for Account 901 1. Ex- chequer Bills 4 discount to par. The bullion return by the Bank of Eng- land shows a decrease of 92,1571. In Foreign Stocks, Sardinian is 1 lower, being now 88 90. Railways, which were better at the commencement of business, have slightly receded—Caledonian, 651; Great Western, 56 ; Lon- don and Blackwell, 7; London and North-Western, 1001; Manchester, Sheffield, and Lincoln, 241 ; North-Eastern—Berwick, 751. 3 per Cent Consols 90 i Dutch 24 per Cents 64 6 Ditto for Account 90 I Ditto 4 per Cents 95 7 3 per Cent Reduced 90 I Mexican 3 per Cents 201 I

New 3 per Cents 91 ■ Peruvian 4i per Cents 79 81

Long Annuities 3 Ditto 3 per Cents 55 7

Bank Stock 21 15 Portuguese 4 per Cents 47 9 Exchequer Bills 4 dis. par, Russian 5 per Cents 104 6 India Stock 223 5 Ditto 44 per Cents 92 4 Austrian 5 per Cents 87 90 ; Spanish 3 per Cents

Brazilian 5 per Cents 101 3 Ditto Deferred 242 Belgian 44 per Cents 95 7 i Sardinian 5 per Cents 88 90

Milian 6 per Cents 102 4 Swedish 4 per Cents 87 90

Danish 5 per Cents 102 4 Turitish 6 per Cents 92 Danish 3 per Cents 82 5 Ditto 4 per Cents Guaranteed 991 100

RAILWAY ARRANGEMENTS.

The half-yearly statement of the London and North-Western Company shows that 33,159,9831. had been received on Capital Account to the 31st December ; the total expenditure has been 32,360,306/. ; leaving a baler: oe of 799,6761. The revenue receipts for the half-year were 1,588,459/., and the working expenses 609,9761.leaving a profit of 978,4831. After a variety of deductions for interest on loans and debentures, Parliamentary expenses, payments to other railways, &c., there is a balance of 690,222/. • which is 58,8421. more than at the same period of 1854. The sum of 56,d661. is de- ducted for the renewal of rails, leaving 633,5661.: to this is added 6950/, the balance from the last account, making the available sum 640,5161. This will pay a dividend at the rate of 51 percent per annum on the Consolidated Stock, dividends on various minor shares, and leave a balance to be carried forward of 48,612/.

The report of the Special Committee on the affairs of the Great Western Railway Company, appointed by the Directors in August 1855, states that in the next half-year most of the remaining liabilities will fall upon the current revenue, through the opening of the Wilts, Somerset, and Wey- mouth line, and the Uxbridge and Henley branches ; and that a consider- able traffic may be expected ; that the general receipts are improving steadily and continuously ; that the proposed arrangements regarding coal- traffic will produce an additional income of from 60,000/. to 80,0001. per annum ; and strong hopes are entertained that when the causes of the pre- sent depression have beon removed, the property will be rendered valuable and intrinsically secure. In the report of the Directors it is stated that the traffic of the past half-year, in comparison with the same period in 1864, shows an increase in the net earnings of 54,400/. on the Great Western, and of 15,1601. on the Shrewsbury lines ; total 69,5601. The Directors propose a dividend at the rate of 21 per cent per annum ; leaving a balance of 16,1601.

[At the meeting, yesterday, it was stated that the amount available for dividend would really have yielded nearly 3 per cent. There was some but very partial objection to the large expenditure instigated by engineers, and to a proposal for encouraging an allied coal company, newly projected. The proceedings began with a practical and conciliatory speech from Mr. Wal- pole, the Chairman ; a spirit of frankness and conscientious prudence per.- varied the conduct of the directors ; and they had the distinctly-expressed support of the great bulk of the shareholders present.] The report of the Directors of the Midland Company exhibits an increase of traffic for the past half-year amounting to 35,1041. over the same period of 18.54. The sum available for dividend is 256,367/. ; it will be at the rate of 34 per cent per annum on the Consolidated Stock. The total revenue for the half-year was 819,1391.; and 377,922/. was expended in working-the lines.

The London and Blackwell Company will declare a dividend of 38. 6d. per share for the half-year. The dividends to be declared at the half-yearly meeting of the North- Eastern will be upon Berwick at the rate of .0per cent per annum, York and North Midland 31 per cent per annum. Dividends will be paid on all the Leeds Northern Preference Shares, and carry a balance of 65,000/. to the permanent way fund. The half-yearly meeting of the London and South-Western Company was held on Thursday. During the past half-year, the gross receipts bad shown an increase of 57,786/. over the same period of 1854 ; and the working ex- penses had only increased by 12,973/. The receipts of the Bristol and Exeter Company .for the last half-yearhave been 176,293/. ; the expenditure 81,627/. ; -leaving a balance of 94,766/. There is a disposable balance of 64,094/. for ordinary dividends.

The Lancashire and Yorkshire Company will recommend a dividend for the half-year at the rate of 41 per cent per annum.

The proprietors of the South Sea Company held their final meeting as a corporation on Thursday. There is to be another distribution of 6 per cent on the original amount of stock, making a total of 1201. for every 100/. stock. The sum of 44,0001. is to be transferred to trustees to meet any claims that may arise : any surplus from this, after the lapse of a certain time, will be divided among the proprietors.

The Directors of the City Bank have resolved that the first issue of new shares shall be 1500 in number; the nominal value 100/., with 501. paid-up, and a premium of 81. The premium will be applied to a guarantee-fund.

The Joint-Stock Banks in the Midland districts are holding their half- yearly meetings. They are prosperous : even those that suffered by the failure of manufacturing firms appear to have got well over their losses.

The Bank of Bengal has declared a dividend at the rate of 20 per cent per annum.

At the meeting of the Peel River Land and Mineral Company, on Mon- day, the report of the Directors was adopted : there is no dividend for the half-year, but the undertaking is pronounced to be in a sound state.

The week has produced several new companies.

The Alliance Bank is a French and English scheme, with a head office at Paris, and branches at London and Constantinople. It will be under the French law. Capital, 800,0001., in 201. shares ; deposit Si. There are fourteen Directors, eight of whom are English.

The National Diacount Company (Limited) is to have a capital of 1,000,0001., with power to increase it to 2,000,000/. The company will discount bills and make loans on good security : the means to do this will consist of the paid-up capital and deposits to be received at interest : the company will not act as bankers.

The Ottoman Bank is a scheme for developing the resources of Turkey and our commerce with her by means of English capital employed in bank- ing. Proposed capital, 500,000/., with power to increase to 2,000,000/. Mr. Layard M.P. is the Chairman ; supported by Mr. Cummins, Chairman of the Union Bank of Australia, and by several London bankers and a banker of Vienna.

The Fairfield Candle Company—with a capital of 160,0001., under the Limited Liability Act—propose to carry on and extend the operations of the British Sperm Candle Company, at Bow.

The Great Yarmouth Fishery Company is intended for carrying on the fishing at that station with increased means. Capital, 30,0001.

In consequence of a disagreement, the Midland, North-Western, and Manchester, Sheffield, and Lincolnshire Railways, and the Great Northern Railway, have entered on a ruinous competition for the traffic to the Northern towns to which they all have access. What will the shareholders say to these figureal—first-class fare from London to Peterborough, 3s. ; to Nottingham 6s. ; to Leeds and York 168. ; and so on for intermediate towns.

The French Clipper Company have made a gigantic purchase of steam- ships from the General Screw Steam Shipping Company—the Jason, In. diana, Golden Fleece, Calcutta, Argo, Queen of the South, Hydaspes, and Lady Jocelyn—for nearly 560,0001.

The Ceylon Government have stopped the issue of notes on .their ows account, and announced that notes of the Oriental Bank will be receivable at all the Government Cutcheries in their stead.

At a meeting of the creditors of Messrs. Scott Russell and Co., on Tues- day, it was resolved that the affairs of the firm shall be liquidated under inspection. The dividend will be between 10s. and 15s. in the pound. A dividend of Ls. 9d. in the pound is payable under the joint estate of Strahan and Co.

In the year 1855 the Bank of England purchased 8,241,1151. worth of bar- gold, and 69,2431. of foreign coin ; it sold 3,377,7631. worth of bar-gold, and 14218/. of foreign coin. The excess of payments on British gold coin was 8,504,8751., the excess of receipts 492,5641., and the amount received from the Mint 9,008,823/.

Andrew Jackson and Son, corn-merchants of Glasgow, have failed. Their liabilities are 70,0001. to 80,000/. it is said that two local banks are credi- tors for large sums advanced on bills.

The last American mail announced some commercial failures, at Philadel- phia, Springfield, and Chicago ; but the liabilities are not heavy. At the Colonial wool-sales now proceeding, the biddinp are very animat4 and prices are lid. to 2d. per pound higher than at the last sales. The to quantity to be offered is 40,000 bales.

Much dissatisfaction has been created by an unaccountable delay in the issue of the Board of Trade returns of Trade and Navigation for January—it is now the middle of February.

The receipt of the news of negotiation at New York caused a stagnation in the grain and flour markets ; the dealers, as in Europe, pausing for further information before they operated largely.

The agents of corn-speculators in Rigs and St. Petersburg have been busy at Hamburg offering grain for delivery in the spring at very low prices ; but they will not agree to the demand of would-be purchasers, that a renewed blockade of Russian ports shall quash the contracts.

The total imports of Rio in 1855 were valued at 2,000,0001. ; exports, 490,000/.

There was a large increase in the quantity of sugar and coffee exported from Bahia in 1855 compared with the preceding year.