MONEY MARKET.

STOCK EXCHANGE, FRIDAY APTIERNOON.

The.terms of the new French Loan of 750,000,000 francs were published on Monday. It is optional, as in the former loan for 20,000,000/., at the commencement of the year, to take Four-and-a-half per Cents or Three per Cents. On the last occasion the Four-and-a-half :per Cents were issued at 89f. 7c. net, and the Three per Cents at 63f. 17c. ; they will now be issued at 89f. 46c. and 63f. 27c. respectively ; and taking the present quotations in Paris, as the Funds have been improving, the profit is now rather more than 81 per cent. The arrangement of the instalments, which will extend over a period of nearly twenty months, has been well received. Messrs. N. M. Rothschild and Sons, and Messrs. Baring, have opened lists; they will re- ceive applications for the loan until Thursday the 26th instant, which must be accompanied by a deposit of 10 per cent upon the amount required. It is not expected that any large portion of the loan will be obtained on this side, and the quotation of the French rate of exchange being firmer strengthens this impression ; but the applications, it is thought, are likely to be very numerous, as on the last occasion. The price has already reached 3 premium in our market. Subscriptions will be open in Paris from the 18th to the 29th instant.

The bullion returne of the Bank of France for the past month are again very unfavourable, showing a diminution of 3,340,0001., and a total decrease during the last three or four months of more than 5,000,0001. This will explain the late depression in.the rate of exchange. There have been very few variations in our. Funds. Consols have ranged from 90# to 91k, and are today 91k for both Money and Account.

On Wednesday, the India House issued the twelve months notice required on such occasions of a resolution of the Directors to lower the rate of interest on India Bonds from 4 to 3} per cent. The reduction will therefore date from the 21st July 1856. Holders agreeing to the reduction must state the same by the 21st of January next, or they run the liability of being paid off. The measure has been latterly anticipated, and it is favourable to 'the money- market. The discount-houses have given notice of a reduction in their rate for money at call from 21 to 2*. The arrivals of gold and specie have been 180,0001. from New York, and 152,6001. from Australia. Gold is in demand for exportation ; 71,1001. has been sent to the Pacific, and 40,3601. to Ca- diz, Lisbon, 8ze.

In Foreign Stocks, Turkish and Peruvian have had considerable attrac- tion; the former are in great favour with the public, owing to the guarantee offered by England and France to the new loan, and have improved 6 per cent. On Wednesday they were done as high ae 92g; and the stock, which in January was at 6 discount, is now 12 premium : it is today 91i 2. Peru- vian has advanced about 6 per cent, because the Minister of-that country in London has advertised some proposals from his Government respecting the debt here and part of the domestic debt lately attempted to be thrown on our

market. Regarding the former, it is stated that the annual sinking-fund is to be increased from 2 per cent to 4, on the Four-and-a-half, and from 1 to 2} on the Three per Cents, it being inferred that the holders will waive further demands on the proceeds of guano sold here. Venezuelais 3, Rue nos.Ayrcts 2, Dutch Four per Cents and Portuguese 1, and Mexican f higher.

Railways have presented very little activity, and on the whole have been languid. Bristol and Exeter, and London and North-Western have de- clined 11., Midland, 10s., and Lancashire and Yorkshire, 5s. In London and South-Western there has been an improvement of 10s. French Shares have been firm, and are 5.9. to 1/. higher, including Eastern of France, Paris and Rouen, Rouen and Havre, and Western of France.

SATURDAY. TWELVE O'CLOCK.

The English Funds are without alteration this morning; Consols are steady at 91 k for both Money and the Account. Exchequer Bills 22 6. The bullion return by the Bank of England shows a further decrease of 265,170/. In Foreign Stocks, Spanish is rather higher; Turkish has been done at 91i f. Railways continue to decline—Great Western, 66f ; Lancashire and York- shire, 81; London and Blaokwall, 7k; London and North-Western, 98f ; Midland, 70}; North British, 30}; North Staffordshire, llf ; South Wales, 81

SATURDAY. ONZ O'CLOCK.

The English Funds have been A lower since the morning, but have rallied slightly ; Consols, after being at 90f, leave off at 901 1. Exchequer Bills have fallen 3, and close 19 22. Omnium has been done at 41, Annuities April 1885 16 15-16 ff, Exchequer Bonds 101 1001. In Foreign Stocks, Chilian is I better, being now 103 5. Turkish has declined I, owing to realizing profits upon the late rapid advance ; it has been done at 91 for Money and 91* f 901 for Account. Buenos Ayres, 67 ; Spanish Committee: Certificates, 41 1; Venezuela, 29f. Railways are further depressed ; sales -in anticipation of the various Directors' reports about to be issued being the principal cause—Caledonian, 63k; East Anglian, 14f ; Eastern Counties, 12; Great Northern, 91 • Ditto A. Stock, 69 ; Great Western, 66 ; Lancashire and Yorkshire, 80k ; London and Blackwell, 7k; London and North-Western, 98}; London and south- Western, 86*; Midland, 70 ; North British, 30-1 ; North-Eastern—York, 49}; North Staffordshire, 11f ; Scottish Midland, 69*; South-Eastern, 61; South Wales 31 ; Vale of Reath, 19k ; Wilts and Somerset, 93 ; Aberdeen, No. 2 7 per 'Cent, 101; Antwerp and Rotterdam, 9}; Dutch Rbeniah, 9i ; Indian ndian Extension, 13f ; Great Western of Canada, 21f ; Madras, 21k. Mine—United Mexican, 3f. Banks—London and Westminster, 49}; On- ental, 40. Miscellaneous—Australian Agricultural, 29 ; Canada, 121.

3 per Cent Consols

Ditto for Account 3 per Cent Reduced 90, 90 1 1 1 Danish 3 per Cents Dutch 21 per Cents Ditto 4 per Cents 81 62 95 4 4 7 New 3 per Cents 9 41 Mexican 3 per Cents 21f 21 Long Annuities 4

Peruvian 44 per Cents

77 9

Bank Stock

214 15

Ditto 3 per Cents

35 7

Exchequer Bills

19 22 Portuguese 4 per Cents 43 5

India Stock

230

Russian 5 per Cents 19 101.

Austrian 5 per Cents,.......

82 4 Ditto 41 per Cents 99 90

Brazilian 5 per Cents

100 2 Spanish 3 per Cents 37

Belgian 4i per Cents

93 5 Ditto Deferred 19 1 Chilian 6 per Cents ...... 103 5 Sardinian 5 per Cents 85

Danish 5 per Cents 102 4 Swedish 4 per Cents 87 90