MONEY MARKET.
STOCK EXCHANGE, FRIDAY ArrERNOON,
The Money Market has been irregular, through the apprehension created by the efflux of bullion on account of the Bank of France. On Monday, the Bank of France raised the rate of discount from 31 to 4k per coat; this movement Was followed by the Bank of England, advancing the next day to 5 per cent. This rate being insufficient to arrest the expert, the directors again advanced yesterday L per cent., so that the present uuni- mum is now 6 per cent. These various movements caused the market to be unsettled all the week, but today it has been a little steadier; the demand, however, is still active.
The fluctuations of the week in the quotations Of English Stocks have been frequent and sharp, between 93k and 93 in Consols. The first price on Monday was 931 93k, yesterday, 93 93k; but after the announcement of the rise in the -
Bank rate, improved to 93k 931, with a firm market. Today quotations
hive been still higher, there being for a moment buyers at 93. A reaction has since set in, and the last figure is 931. India Stock. 223 224, and the 5 per cents, 103/ 103k; Bank Stock marks today 233 and 2351. The Foreign Market has been, tolerably active all the week, and prices have varied a good deal every day, closing this afternoon with few excep- tions at a decline upon last week. Mexican is fully 1 per cent lower, leaving off 21i 211; Peruvian 94 95 ; Ditto Four-and-a-half per Cent Dribarren Bonds' 81 83; and the Dollar Bonds, 81 83; Peruvian Three per Cent, 73 74; Buenos Ayres, 91 96; Ditto Three per Cent, 29 30; Gre- nada Active, 15 16; Ditto Deferred, 51 6; Venezuela Three per Cent, 211 221; Ditto One-and-a-half per Cent, 11 12; Spanish, 49 41; Ditto Deferred, 401 41; and the Certificates, 5,t 6; Turkish Bonds, on the other hand, have been in demand, closing at a considerable improvement, the Old Six per Cent, 72 721; and the New Ditto, 571 58; Sardinian, 86 87; Victor Emmanuel, 96 97; both good markets ; Russian, 106 106. A large amount of business has been transacted in the Railway Share Market, and quotations have undergone some violent changes ; a good deal of this was attributable to the state of the Account, the settling of which terminated yesterday ; but certainly the chief cause was the recent Bank measures. Midland fell to 130, but today the price is 130f 1311, being a fall of nearly 4 per cent ; Great Western, 711 72 ; London and North- Western, 991 99f ; London and South-Western, 931 941; Lancashire and Yorkshire, 114a 114k; Caledonian Stock has been actively dealt in, closing 93 93%; London and Brighton, 1131 114%; South-Eastern and Dover, S31 841 ; Great Northern, Ill 113, the A, 1-10 112 ; Manchester, Sheffield, and Lincoln, 451 46; North British, 621 621; Berwick, 101 1011. During the settling, Contangos were moderate. Great Western of Canada, 11/ 11; Grand Trunk has risen 3 per cent, and is now 23 231. Not very much has been doing in the French Share Market, but prices have been firm. Paris and Lyons, 351 30; Paris and Strasbourg, 24 24%; Sambre and Meuse, -51 6; Luxembourg, 6f 64 ; Lombardo-Venetian have varied about 1 per cent, finally closing 1 dis. ex div. ; Madras, 941 955. The market has been rather agitated all day, but closes steady.
On Tuesday the Bank of England raised the rate of discount from 41 to 5 per cent ; the cause of this step was the withdrawal of 300,000/. in bullion for account of the Bank of France, and an intimation that 300,000/. more would be required. The demand for discount was only moderate ; on the Stock Exchange the rate for loans remained at 21 per cent.
The Bank of France suddenly raised its rate of discount on Monday, to the same point as the Bank of England. Thursday is the usual day for a rise. The drain of bullion in France has amounted to nearly four millions sterling in two months.
On Wednesday, it transpired that the contract of the Bank of France with the London bullion brokers was for a million, not half a million, as stated on Tuesday. The demand for discount on Wednesday was very large. The discount houses and joint-stock banks raised their rate of interest to 4 per cent for money at call, and the discount houses to 41 per cent with seven days notice. The London and Westminster Bank only gives 3 per cent for sums below 500/.
On Thursday the Court of Directors of the Bank raised the rate of dis- count to 6 per cent; the discount-houses raised their rates from 4 to 41 per cent for money on call, and from 41 to 5 per cent for deposits with seven days' notice. The London and Westminster Bank has decided, exception- ally, not to give more than 41 above 600/., and 31 below that sum.
The last advices say that a part of the car and wood of the Great Western Trunk Railway of Canada have been seized by the Sheriff under an execution for a small debt, it is expected that the Provincial Parliament will shortly have a proposition from the Canadian Ministry.
The Mitre Insurance Company has got into Chancery under a winding-up order ; it was adjudicated in bankruptcy only a few week ago. Mr. Harding is appointed interim official manager.
James Herbert Smith, of Bermondsey, leather factor, appeared to pass his examination, on Friday week, at the Court of Bankruptcy. An ad- journment was ordered to investigate the balance-sheet, which showed that in December, 1858, the bankrupt had a surplus of 15,159/. ; he now owes 121,803/. to unsecured creditors ; 4713/. to creditors holding security ; be is liable on bills receivable for 85,377/. The total assets are 52,8851. The profit is 39,6411.; trade expenses, 25,814/. ; interest, 18,0361.; house and personal expenses, 38801.; losses, 94,6691., of which 87,172/. were by bad debts. The purchases were 435,2061. ; sales, 472,5761.
Assignees were chosen for the estates of Davies and Company, the Shore- ditch bankers, on Monday. A majority of 3500/. voted for Messrs. Jeremiah Long, William Eastwick, Jeremiah Death, and Francis Searle, who were ap- pointed. Messrs. Linklaters and Hackwood are the solicitors.
The estate of Messrs. Evans, builders, with assets 24,911/. to pay 41,424/. debts, is to be wound up by arrangement, provided the assignees of the largest creditors, Davies and Co., give their consent, which they hare asked ten days to decide on.
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