MONEY MARKET.
STOCK EXCHANGE, FRLDAT AFTERNOON.
Business in all departments of the Stock Exchange continues very dull and languid, a momentary activity being only apparent now and then there is now, however, a much better tone existing, and the Money Market in general is in a much healthier condition than for some weeks since. The fact of one large sum of 1,550,0001. having been returned to the Bank of England, and lately withdrawn by one firm, together with further arrivals of specie, and the absence of any adverse political news, have in a great mea- sure imparted the firmness to the market which has for some time past been gradually falling off. Purchases on the part of the public were also very numerous in the early part of the week ; and Consols which opened 944 on Monday, for May, improved until, yesterday, they were forced up to 95 954; a reaction, howevel, Bet in towards the afternoon upon various monetary reports, and today the markets are heavy, but with scarcely a bar- gain of importance taking place. Consols have been 944 95 and 945 945 all day, closing at the latter quotation. It appears that, for the unissued por- tion (1,078,000/) of the 2,650,0001. Victoria Debentures, applied for on Tuesday last, tenders were received amounting to 1,451,9001.: the Market quotation is now 1055 1051; Bank Stock closes 223 225; Reduced and New Three per Cents, 93/ 934; Exchequer Bills, 8 11. Money has been in good supply, and at easier rates. The Foreign Market has shown great inactivity all the week, prices in most cases being merely nominal. Mexican remains steady at 215 215; Peruvian Four-and-a-half per Cent, 91 92; Ditto Three per Cent 69 70; Uribarren Peruvian, 82 83 ; and the Dollar Bands, 80 82; Buenos Ayres rather firmer, at 8587; and for the Three per Cents, 24 25; Venezuela stationary, 26 27; Grenada Active, 14 15 ; Ditto Deferred, 41 6; Sardinian, 84 86 and Victor Emmanuel, 94 95. Turkish Stocks have improved, the Old -vox per Cents being 761 77, and the New Ditto, 615 614. Investments have likewise takewise taken place in Spanish, the quotations advancing to 461 475; Russian Three per Cents quiet, 66 655; Portuguese, 4344. Today there is an almost complete absence of business in Foreign Stocks. Railway shares have been rather more active, but prices do not show any material alterations ; a good deal of business has been negotiated, and quotations have undergone a fluctuation daily of from 5 to 4 per cent. Great Western closes, 69 691 ; London and North Western, 995 995; Lon- don and South-Western, 92 24; Midland good, 1155 1165; and Lancashire and Yorkshire, 1045 1055; Caledonian Stock, 91 915, after having been firmer. North British, 61 614; Berwick, 655 66; London and Brighton is quoted 1/. higher, leaving off, 113 114; South-Eastern and Dover, 871 871 ; North Stafford, In 144; Manchester, Shefileld, and Lincoln, 41/ 42.5. Great Northern has been dealt in extensively, but closes heavy, 1144 1144. The Traffic Returns are, generally speaking, very favourable. Indian Shares remain unchanged; the upward movement is stayed by the reported issue of East Indian Railway Debentures to take place shortly. Bombay and Baroda, 97 98; Madras, 98 99; Great Indian Peninsula, 995 par ; East Indian, 101i 102. The French Share Market has been, and continues exceedingly dull, prices remain steady, but the week has been one of quiet; Paris and Stras- bourg, 2,5 26; Northern of France, 38 385; Paris and Lyons, 37 374; Lom- bardo-Venetian, 14 14. Prices from Paris are telegraphed' steady." The quotation of the New Turkey Bank is now 144 dia., being a slight improve- ment.
It is interesting to watch the growth of the railway system throughout the civilized world. It is like watching the gradual formation of frost tracery on a lake ; the network forming in apparently disconnected fragments, which are joined by branches that suddenly shoot out in the midst. The latest instance of this sudden development is the formation of the "Portuguese Railways' Royal Company," prospectuses of which have within the week, been issued in Lisbon, Madrid, Paris, and London. The company is con- stituted to complete the formation of two lines, one from Lisbon to Oporto, and the other from Lisbon to Badajoz, on the Spanish frontier. The former unites the metropolis of Portugal with the wine district, the latter unites the Metropolis and great harbours of Portugal with the railway system of Spain, and thus forms the junction between the South of Europe and the Atlantic Ocean, with its Western com- merce. The bankers of London are If. de Vaux and Co. ; the contractor is the great Spanish capitalist, Salamanca. Every shareholder will, from the commencement of the year, receive a dividend on the shares; the contractor undertaking to work the lines partially until they are completed at his own risk, paying a species of rental on the use of the lines. The Portuguese Government not only gives a subvention, but has undertaken the formation of new roads, in order to facilitate the traffics of the line. The shares are of 20/. each, to the number of 70,000. This development of the Railway system must inevitably have two great effects: in the first place, it imparts a new efficiency to all the resources and apparatus of commerce ; and, in the second place, it imparts to the great body of society an influence and stake in the public administration, which must tend by degrees, but by no slow degrees, to operate as a powerful and peaceful operative against the ex- clusive administration of despotic Governments.
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