MONEY MARKET.
STOCK EXCHANGE, FRIDAT EVENING.
THE demand for money has been very slack throughout the week, and the rate of discount for the best short payment has occasionally been
as low as 2 per cent. At the Bank the applications have been very limited, and there is some expectation that the minimum will again have to be lowered shortly. On the Stock Exchange the supply of money continues abundant, and loans on Government Securities can be obtained at 1 per cent. A Moorish loan of 501,2001., Five per Cent Stock at 85, was an- nounced on Monday, the dividends to be secured by a portion of the Customs, and payable through her Majesty's Government. Subscrip- tions at once poured in„ and in the course of two or three days ten times the amount required was applied for. The quotations on the Stock Exchange commenced at about 2 premium, but an almost imme- diate advance took place to 5 to 6, which is the present price. The 426,000/ raised by Morocco in this mode is intended to fulfil the re- maining obligation to Spain for the surrender of Tetuan.
The Funds have been rather dull throughout the week, chiefly from realizations on the late rise. In some quarters it is also feared that further causes of dispute may arise between England and the United States, Consols closed this evening at 93k, 934, both for money and account, showing a reaction of an eighth from last Friday. Other Government securities have been rather fiat, Exchequer Bills having especially fallen. India Five per Cents were also lower in the early part of the week, but have since recovered, and left off to-day at 105i, 104. The principal movement in Foreign stocks has been a rise in Turkish Six per Cents of 1858, the supply in the hands of the dealers being very scanty. Mexican has likewise improved. Spanish descriptions have been in demand, particularly the Certificates. There has not been much doing in British railway shares, and prices remain without material alteration. The tendency however has gene- rally been rather unfavourable, except as regards Lancashire and York- shire. To-day, however, the market showed an improved tone. Colonial and foreign rescriptions have exhibited increased buoyancy, Indian guaranteed stocks and Brazilian shares having been chiefly bought. American securities have generally receded. Colonial Government Debentures have not altogether maintained the late advance In the Miscellaneous Market, Joint-Stock Bank Shares have been principally in demand, owing to the favourable half-yearly meetings which have just taken place.
The imports of specie this week includes 64,000/. from America, 86,000/. from the West Indies, 40,000/. from Matamoras; and some small amounts of silver from the Continent. The exports com- prise 302,950/. to Bombay, 50,0001. to Ralik' and Government account, and 12,400/. to the West Indies..
About 20001. in gold was taken from the Bank to-day, probably for exportation to the Fast.
A Company has been started called the East India Cotton Agency, with a capital of 500,0001., and some good Indian names on its direc- tion. It intends to employ European agency and capital in collecting and cleaning Indian cotton.
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