MONEY MARKET.
STOCK EXCHANGE, FRIDAY AFTERNOON. YESTERDAY, at the weekly Court of the Bank Directors, an advance in the minimum rate of discount was resolved upon, viz., from 7 to 8 per cent. This measure, although partially expected, upon the whole created great sur- prise in the City, and up to the present has been received with dissatisfac- tion, the general opinion being that the advance was not called for, not- withstanding the continued increase in the demand for money. The effect upon Consols was a decline of more thani per cent, from the highest point of the day. Railway Shares were more severely affected, ands considerable fall took place all round. Business, however, has since become very languid, although a recovery of 1 per cent, from yesterday in Consols has been established. There has been a very active inquiry for loans in and out of the Stock Exchange at full rates, but quotations were, nevertheless, well supported up to the Bank alteration yesterday. Consols opened on Monday at a rise of * per cent, 921 921, and continued firm at those figures throughout the day. On Wednesday the market exhibited great buoy- ancy, supported by higher prices from Paris, and at one moment there were buyers at 921; in the afternoon, owing to a variety of adverse political rumours, a relapse to 9* occurred, followed yesterday by an additional fall of per cent., and marking 91*. To-day the tone of things is better, and transactions have taken place at 92*.
The Bank of Belgium reduced its rate of discount on Tuesday from 5 to 4 per cent. Very little business has been done in the Scrip of the New Indian Loan, and the fluctuations have been only of a moderate character ; the final quotation this afternoon is 1001 100k; Bank Stock has improved during the week from 4 to 5 per cent; closing 235 238. India Five per Cent Stock, 1001 1001; Reduced and New Three per Cents, 911 911-; Consols—Money, 911 91/ ; Account, 92 92*. The market for Foreign Secu- rities has shown firmness considering the state of the markets around A recovery in Turkish stocks from the lowest figures has taken place, and the latest are for the Old Six per Cents, 70 70k; and for the New, 56 561; Russian Five per Cents, 103 105; Ditto Three per Cents, 601 611; Victor Emmanuel, 93 94; Sardinian, 81 82; Peruvian Four and a Half per Cents, 97 98, Ditto Three per Cents, 73 74; Ditto Uribarren, 80 82; Ditto the Dollar Bonds. 78 80; Buenos Ayres, 92 94; Buenos Ayres Three per Cents, 281 29k; Venezuela, 21 22; Ditto One and a Half per Cent, 11 12 ; Grenada Active, 15 16; Ditto Deferred, 51 6; Mexican Bonds are about 1 per cent better upon the expectations of the country settling down to a more peaceful state ; the closing price 241 24k; Brazilian, 95 96; Spanish Certificates are nearly 1 per cent higher, upon the supposition that active measures are being taken by certain influential parties for bringing about a settlement with the Spanish Government. The final quotation this afternoon is 61 61, the Deferred, 40* 40/ ; and the Three per Cents,
48 481.
Foreign Railway Shares have been dull and heavy, with a decline in most instances. Business, however, has been limited, Lombards, Venetian, 111 dia. ; Northern of France, 381; Paris and Strasbourg, 23 23*; Paris and Lyons, 36 37; India, 20 21; Luxembourg, 61 6/ ; and -Sambre and Meuse, 81.
English Railways have experienced some considerable variations through- out the week, but the markets assume a much better appearance at the close to-day, and a slight improvement has occurred all round. Midland Stock leaves off 1321 1321; Great Western, 70 70k; London and North- Western, 991 991; London and South-Western, 931 94: Lancashire and Yorkshire, 1121 1121; Caledonian, 971 981 ; London and Brighton, 1131 114k; Great Northern, 111 112; Great Northern, A stock, 104 105; North Stafford, 141 141; Manchester, Sheffield, and Lincoln, 51 51f ; London and Blackwell, 62 64; Eastern Counties Shares have declined to 491 50, in consequence of the low figure of the coming dividend. East India Stock, 98 99 ; Great Indian Peninsula, 95 96; Ocean Marine Insurance Shares, 21 21 ex-div.; Thames and Mersey, 1 1*. In Miscellaneous Stock and Shares only a moderate business has been negotiated, and values are generally lower.
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