MONEY MARKET.

crease of business occur, and any consequent demand for the extension of paper- act has as yet only been used to the extent of between twenty and twenty-one millions, the amount of the present issues. Should, however, any large in- issues arise, such demand will be entirely supplied by the Bank of England, not at all surprised at the demand for Bank Stock.

which thus is placed in a much more favourable position than any of its compe- titors, and may reasonably anticipate a great increase of profit. Hence we are• in the rate of discount, which is now about 2 per cent, instead of as last week the amount of bullion in the Bank; gold being continually sent over from about 14 per cent. The improvement of the exchanges is operating to increase crease the circulation by three millions beyond the sum of these two regu- lating amounts. The average circulation of the Bank of England during could be carried to between twenty-eight and twenty-nine millions, and in ex- treme cases to thirty-one or thirty-two millions. The power conferred by the been taken from the rest to make up the sum requisite to provide for that re- duced rate of dividend. The recent act for regulating the issue of bank-notes will operate to increase largely the profits of the Bank of England. In accord- ance with its provisions, the circulation of Country Bank notes is to be limited due from the Government, with power under certain circumstances to in- the first three months of the present year was between twenty-one and twenty- been under twenty-two millions. By the new act, however, the circulation to the amount of the average circulation of each bank of issue for the twelve weeks ending the 7th April; while the circulation of the notes of the Bank of England is to be regulated by the amount of bullion in store and of the debt two millions; and had the same law applied to that establishment as to the since Wednesday the price for Money has fluctuated between 99/1 and 99*, and for Account between 99i and sq. alteration in the mode of making up the accounts) the dividend of 3i per cent upon the stock for the current half-year, has been entirely provided for out of the profits, and a sum of 8,8001. added to the rest or accumulated balance. This invading the rest to snake up the sum necessary to pay the higher rate ; and even since the reduction to 7 per cent, small sums have on several occasions continued or sustained, some sales of stock for Money having occurred ; and and 201i to 207 and 207i, at which price it is quoted today. This improve- ment is partly owing to the flourishing state of the Bank's affairs, disclosed at is a very favourable state of things; for it will be remembered, that the reduc- tion of the dividend from 8 to 7 per cent arose from the continued necessity of reached sq, and for Account 100. This improvement has not, however, been the meeting yesterday ; when it appeared, that (allowances being made for the day being l per cent higher than on Monday, the price for Money Laving advance in the pnce of the Government Funds took place; Consols on Tues- Bank Stock ; which since our last report has risen 6 per cent—viz. from 201

Money is rather more in demand; and a trifling improvement has occurred The most remarkable circumstance of the week is the great improvement in On the intelligence of the arrangement between France and Morocco, an Banks of issue, the extreme limit of its future circulation would have

STOCK EXCHANGE, FRIDAY AFTERNOON.

Paris.

Nothing of importance has occurred in the Foreign Funds, the fluctuations of which have not been very important. Dutch Stock, and the other Northern European Bonds, are without any material change. A reaction has occurred in Mexican Bonds; which have risen nearly 1 per cent from the lowest recent prices. The intelligence received by the last West Indian mail produced an improvement of nearly 1 per cent. in Columbian ex-Venezuela ; which has not, however, been supported. Spanish Stock, which was steady till yesterday, haw since declined i per cent; the Ministerial difficulties at Madrid operating against the value of the Bonds. The principal speculative business, however, is almost entirely confined to the Railway Shares. Two important new lines have made their appearance— the Northumberland and Berwick, and the Portsmouth direct : the former was at I/. per share premium, but has fallen to par; and the latter, after being at about If premium, has fallen to about IL premium. Several other new schemes are in agitation; scarcely a day passing which does not give birth to one or more. Some of the more important lines are declining under the influ- ence of threatened opposition : Birmingham are quoted today as low as 214, a decline of nearly 15/. from the quotations of two or three weeks ago; Great W estern are at 145—which is also about 81. below the point to which the price rose upon the recent remarkable improvement.

SATURDAY, TWELVE O'CLOCK.

The English Funds are at an improvement ofi per cent; Consols for Money having been done at 99,71, and for Account at 100. The only business occur- ring in the Foreign Market has been in Mexican Bonds, which were at one time 1 per cent above the closing price of yesterday, being quoted as high as 374: the price has, however, since slightly declined, and is now sr* it. This movement has been occasioned by the appearance of an advertisement noti- fying the payment of the dividend due in April last (and still unpaid) at the offices of the agents, Messrs. LIzaton and Co., on or after 1st October next. The business in Railway Shares has been of the usual general character, se will be seen by the following record of bargains actually occurring : Birming- ham and Gloucester, 101 ; Bristol and Gloucester, 48 9 7/I ; Dublin and Cashel, 101; Eastern Counties, New, 121 13; Edinburgh and Glasgow, 64; Great Western, 146; Ditto, Balf-shares, 87 ; Lancaster and Carlisle, 6i t; Brighton, 47; Greenwich, ; Manchester and Birmingham, 50; Midland, Stock, 107; Ditto and Derby and Birmingham, 76; North British, 51; Nor- wich and Brandon, 151; York, (direct,) 4i i; Rouen and Havre, 19. The Newcastle and Berwick are about par, it being reported that the whole number of shares has not been subscribed for. The new lines are generally heavy, and not in the same demand as yesterday. SATURDAY, Two o'cioca.

The English Funds are unchanged ; and the same may be said of the Foreign Market. The business in Railway Shares has not been extensive but we have the following bargains to notice—the heavier and important Shares showing a downward tendency, and speculation seeming confined to the new and smaller lines : Bristol and Gloucester, New, 25 ; Dublin and Cashel,

Ilf ; Great Western, 145 ; Ditto, Half-Shares, ; Leeds and Bradford, 19 ;

Blackwell, ; Greenwich, 10k South-western, 75 74 ; Ditto, Eighth-

Shares, 2* ; Croydon, 151 1614 ; Manchester and Leeds, 122 ; Northern and Eastern, 57* ; South-eastern and Dover, Zffili ; Paris and Orleans, 38* ; Orleans, Tours, and Bourdemix, If f ; Boulogne and Amiens, 21 f ; Lynn and Ely, ; South Devon, 9 8} 91* ; Dublin and Belfast, 5i; ; Portsmouth, (direct,) 4 1 premium ; Newcastle and Berwick, par to i premium. United diezioan idionag, 81. London and Westminster Bank, 24. 4,per Cent Consols

Ditto for Account

&per Cent Reduced,

994 1 991 100 ghat Colombian ex Venezuela. :..

Danish 3 per Cents Dutch 24 per Cents 144 89 90 69i 1 34 per Ceut Ditto ..............

shut Ditto 5 per Cents 1004 1 New 34 per Cents ......

shut 'Mexican 5 per Cents . . 374 Bank Stock

206 8 Ditto Deferred 154 16 Ifacliequer Bills India Stock Brazilian 5 per Cents prom. 74 6 284 5 88 89 Portuguese New 5 p.Cts.1841 Russian 5 per Cents...ex d Spanish (Active) 5 per Cents

46 7

118 19 344 Belgian 5 per Cents

103 4 Ditto 3 per Cents 1842 23t Cbilian 6 per Cents

102 4 Venezuela Active

40 42 The last weekly accounts of the Issue-department of the Bank of England stow an increase in Bank-notes of 149,5851., and an equal increase of bullion. The actual circulation, however, had really decreased by 295,610/. ; the amount of notes in the Banking-department having increased 445,195/., and having consequently absorbed the increase in the Issue-department and 295,6101. of the previously existing circulation. By a similar set-off in the two sides of the account, the amount of bullion is also 11,289/. less than it was.