MONEY MARKET.
Steen ED:MANGE, FRIDAY AFTERNOON.
The Funds are not quite so firm as they were last week. An uneasy "feeling prevails on the subject of Ireland, which is rather increased by the preparations of the Government ; every post bringing an account of the for- tification of barracks, and other indications of preparation for a struggle. The price of Consols advanced on Monday and Tuesday; but on the morn- ing of Tuesday, the Bank broker sold largely, and the market receded : the decline has since been carried still farther, and our quotations today are from to 1, per cent below those of Saturday. Money, however, still continues very abundant; being easily obtainable on discount at from l to 2 per cent. The premium of Exchequer Bills has slightly improved.
In the Foreign Market, the chance of the payment of the Mexican Dividends has been the chief subject of interest, and has given rise to considerable fluctu- ation in the Bonds : the last report is that the agents, Messrs. LIZARD' and Co., have determined to pay to the extent the funds in hand will allow, and to offer the Bondholders 75 per cent upon the amount of the dividend due on the lst October, with the understanding that the remaining 25 per cent is to be paid out of the first remittances received : the Bonds, which fell suddenly from 37 to 35i, have since recovered to 36. Portuguese Con- verted Bonds have advanced 16 per cent. Although there does not appear to be any immediate probability of the conclusion of the tariff, considerable efforts are made by parties interested in the Portuguese finance to keep up the price of this stock, by purchasing large amounts of it with bor- rowed capital • and as money is very abundant, they are thus enabled to clear the market of stock and maintain its value. Spanish Stock has not fluctuated to any extent ; the price still keeping up, notwithstanding the unfavourable ap- pearance of affairs in the Peninsula. The same cause is operating here as upon the Portuguese Bonds—the facility with which money can be rinsed upon any thing that has the appearance of a security enabling the speculator to obtain advances upon his stock, and thus by creating an artificial scarcity, cause an im- provement. Brazilian Bonds expenenced a decline of 2 per cent, but have since recovered their old prices. The Brazilian Bonds of 1843 have been in great request, and have reached 72; being an advance of 7 per cent since the first appearance of the Stock in the market. This quotation is only applicable to the 100/. Bonds, which are almost the only ones in demand, most of the put. 'chases being on Dutch account : the larger description of Bonds, viz. 1,0001. and 5001., must be quoted at least 5 per cent lower.
No transactions of importance have occurred in Railway Shares. By the quotations in the Stock List it would appeaar that Birmingham had ex- perienced a decline; but it is not so: the present price is 208 to 210; and when the Shares recently stood at 225 to 230, the purchaser at that price bought the right to a new issue of Quarter-Shares. As the Old Shares are now sold without that right at 108 and 110, and the New Shares, which arose out of it, are sold at 20 and 21. the present quotation is really a mark of improvement, and not, as it spears to be, of decline.
SATuRDRY, TWELVE o'cLoCii.
Up to this moment not a single bargain is recorded in the Official List as having occurred in the English Funds : the prices are consequently nominally the same as yesterday.
The business of the Foreign Market has been entirely confined to Mexican Bonds; which, in consequence of the communication of Messrs. LIZAREI upon the subject of the dividend, have fallen 2 per cent, and after being at 33i, are now 33i 4. The most unsatisfactory part of this communica- tion is that announcing the increase in the amount of the Bonds. The amount now in circulation is 5,500,000!.: by the statement of those gentle- men in December last, the amount was stated at 5,254,500/.: if the issue of Bonds has been confined to what was necessary for the withdrawal of the Old Stock, it would not have exceeded 4,623,968/. It would, how- ever, :appear, that the Government had always contemplated this excessive issue ; for Messrs. ',FERROL state in their letter to the Committee of the Stock Exchange, dated 23d November 1842, that 5,500,000/. was the amount of stock delivered by M. DE ITURBIDE, the Mexican Minister in this country at the time when the conversion of the Old Bonds took place. It is stated that the over-issue of Stock, (which, by the way, must at one time or other have been sold by the agents,) has been made to cover charges of commission and other expenses connected with the conversion. This is entirely a question between the agents and the Government ; but the irregularity of the pro- ceeding must tend to shake the confidence of the Bondholders in the security of the -Stock.
SAIVEnvy, Two O'CLOCK. The English Funds are heavy, Consols for Money having been done at 944 ; but not a single bargain is recorded as having occurred for the Account.
In the Foreign Market, Mexican Bonds have been the only attraction ; and after some fluctuation, close at 33i. The other Foreign Funds are the same. We have to notice the following business in Railway Shares : Birmingham and Derby, Eighth Shares, 21 ; Eastern Counties, 8i ; Great Western, Half Shares, 63; South-western, 65-1 ; Croydon, 12; Northern and Eastern, Scrip, 176; Paris and Rouen, 286 i 28; Rouen and Havre, 5; South-eastern, Scrip, 21/.
Spec Cent Consols 941 f ' Chilian Deferred 39 41
Ditto for Account 941 1 Colombian 6 per Cents, 1.524. 25/ t 3 per Cent Reduced shut Danish 3 per Cenhs 86 7 8t per Cent Ditto. shut Dutch 21 per Cents 521 3i New as per Cents 1011 2 Ditto 5 per Cents ...... .... 101 i Bank Stock for Account Mexican 5 per Gents °mad . 331 I- Exchequer Bills Prem. 59 63 Portuguese New 5p. Cts.1841 431 41. India Stock — Russian 5 per Cents 114 116
Brazilian Spec Cents 735 Spanish (Active) 5 per Cents. 26 *
Belgians per Gents 104 5 Ditto 3 per Cents 1812 18 1 Chaim 6 per Cents .......... sa 100
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