MONEY MARKET.
STOCK EXCHANOR, FRIDAY AFTERNOON.
The public were made acquainted on Monday last with the particulars and conditions of the new Loan of 16,000,0001. The tenders to be opened at the Treasury today ; and it was understood from the first no bidding for lees than the entire amount would be received. For every 1001. subscribed in Money the contractors are to receive 1001. Three per Cent Consolidated An- nuities—are in fact to take a Three per Cent loan at par ; but, in considera- tion of Console being about 10 per cent below par, the difference is to be made up by a terminable annuity for thirty years ending on the 5th of April 1885. The biddings to be in the latter. The interest on Console to commence from the 6th of January last, and the terminable annuity from the 5th of April instant. A deposit of 101. per cent to be paid on the 24th instant; and the subse- quent payments to be made at the following periods-161. per cent on May 22d, 101. on June 19th, 151. on July 17th, and the remainder in 101. calls, due August 21st, September 18th, October pith, November 20th, December 18th. For each instalment after the deposit, a proportional amount of Stock will be created for the contributors ; but none will be delivered for the de- posit until the final instalment, when the terminable annuity also will be credited to the proprietors. There will be no discount for payment of calla in advance, but Stock will be created forthwith for any party paying the instalments in full. The following tender by Messrs. Rothschild and Sons was the only one presented at the Treasury this morning ; and it was ac- cepted by Lord Palmerston and the Chancellor of the Exchequer on behalf of the Government.
"London, Aprff 20, 1855.
" Sir—In conformity with the public notice issued by the Treasury, we have the honour of submitting the following offer for the loan of sixteen millions. We agree to take the whole of the 16,000,0001. Three per Cent Consolidated Annuities, with divi- dend from the 5th of January last, at par, payable in instalments at the periods stated in the said notice, upon receiving for each 1419/. an annuity of fourteen and aizpence- say 14a. 6d.—terminable in thirty years, to commence from the 5th instant, payable half-yearly. And we are accordingly ready to pay the required deposit upon the same.
" We are, Sir, your obedient servants, N. M. Harmonium min SONS. "To the Right Honourable the Chancellor of the Exchequer."
At the meeting at the Treasury on Monday, some answers were returned by the Chancellor of the Exchequer in reply to questions, which have af- forded general satisfaction. Amongst these may be named, that the Govern- ment would discontinue the sales of Savings-banks Stock during the pay- ment of the instalments, except for meeting the demands of those banks ; and that there will be no funding of Exchequer Bills. After the meeting on Monday, Messrs. Rothschild issued a notice, to the effect that they would receive applications for the loan up to yesterday afternoon ; and that these must be accompanied with a deposit of 10 per cent. Confidence in that firm, as being able to form a proper estimate of the price to be paid at the present critical period, is believed to have produced a full amount of subscribers, and among them many eminent persons in the City, who have been in con- sultation with Messrs. Rothschild. The instalments being in easy. amount!, and extending to December, are not likely to cause any serious inconveni- ence after the first effect has subsided. The Funds have been naturally very fluctuating this week, arising from heavy sales connected with the Loan. Yesterday, Consols left off at 901 ; and today they were done as low at 89f, closing at 891 for Money and Account. The opinion is that they are too high in proportion to the Loan. The Omnium has been already done at vi premium, and leaves off today at 14 I. The New Annuities have been done at 161. Owing to the biddings for the Loan having been fixed for ten o'clock, business at the Stock Exchange commenced this morning at that hour, instead of eleven.
The returns of the Bank of France for the past month show that the rapid increase of bullion noticed of late has been checked by the altered rate of ex- change. A reduction of 330,0001. has occurred. The gold and specie arri- vals this week have comprised 73,350/. from Australia, 155,0001. from-the West Indies, 330,0001. from New York. The Peninsular and Oriental steamer Euxine will take out specie amounting to 125,900/. With this ex- ception, the exports have been light. Foreign Stocks have been heavy, and a decline of I per cent has taken place in Dutch, Portuguese, and Russian. Turkish has been in favour, and has improved 11. Railways have been rather firm, considering the state of other markets, and latterly have exhibited a tendency to improvement. Several descriptions are at last week's rates.
SATURDAY, TWRLYE O'CLOCK.
The interpretation of the Budget brought forward last night has caused a decline in the Funds of ; Consols being now 891 1 for Money, and for Ac- count 891 1. Exchequer Bills 5 10. The Omnium is lower ; it has been done at 1 and at / premium. The bullion return by the Bank of England again exhibits a decrease-66,1661. Foreign Stocks present no alteration. Turkish is 74j 5. Railways are very quiet ; the only bargains have been in London and North-western at 981, and in Great Western—Birmingham. Guaranteed Stock at 721. SATURDAY, Two recioca.
The English Funds have improved 1 since the morning ; which advance has been well maintained, Consols leaving off firm at 894 90 for Money and Account. Exchequer Bills 4 8. The Omnium is a little better, it has been done at 1 4 11 1 prem. New Annuities are marked at 161. In Foreign Stocks the only alteration is in Turkish, which is higher ; the bargains have been at 7434 54. Railways have been rather dull, and the transactions very limited—Cale- donian, 591 ; Great Western, 64; London, Brighton, and South Coast, 99; London and North-Western, 981; Ditto Fifths, 151 ; London and South- Western, 821; Midland, 691; North-Eastern—Berwick, 71; Scottish Central, 981; South-Eastern, 61; South Wales, 274; London and Brighton New Guaranteed 5 per Cent, 114; North British, 1001; North- Eastern—Berwick 4 per Cent Preference, 92 ; Antwerp and Rotterdam, 74; East Indian, 23f ; Ditto Extension, 121; Sambre and Meuse, 8; Scinde, 1 prem. Mines—Brazilian Imperial Cocaes and Cuiaba, 24; Ditto St. John del Rey, 311; United Mexican, 71. Joint Steck Bank—Auritralasian, 801. Miscellaneous—Crystal Palace, 3i ; Peninsular and Oriental Steam, 61}; Ditto New, 111; Royal Mail Steam, 67.
3 per Cent Consols 891 90 Danish 3 per Cents 81 4 Ditto for Account 89 90 Dutch 21 per Cents 61 3 3 per Cent Reduced 881 1 Ditto 4 per Cents 90 2 New 3 per Cents 89 1 Mexican 3 per Cents 201 1 Long Annuities 31 Peruvian 41 per Cents 69 71 Bank Stock 210 12
Ditto 3 per Cents
48 50 Exchequer Bills 4 8 Portuguese 4 per Cents 41 3 India Stock 228 30 Russian 5 per Cents 98 109 Austrian 5 per Ceuts7 84 7 Ditto 41 per Cents 89 90 Brazilian 5 per Cents 98 100 Spanish 3 per Cents
50-44
Belgian 41 per Cents ..... 93 5 Ditto Deferred 184 Chilian 6 per Cents 100 2 Sardinian 5 per Cents 86 9 Danish 5 per Cents 101 3 Swedish 4 per Cent, 86 9
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