MONEY MARKET.
STOCK EXCRANGE, FRIDAY FYRNINO.
On Monday the anticipations of the speedy dissolution of the Ministry, to which we referred last week, continued unabated, and several sales of Stock took place ; so that Consols for the Account were depressed as low as 887, : but the proceedings in the House of Lords on Monday night restored confidence, and on Tuesday Consols for Account were at sq. The price has since been as high as 901 ; bus. has declined to-day, and was at the close of business 904 4.
India Stock has fluctuated between 2444 and 247A, and closes at 2464 2474. The lowest of. Bank Stock is 2014, and the highest 205, while 2034 2044 may be considered as the cloying price.
The plan of the Chancellor of the Exchequer to induce (by the offer of a trifling bonus) the conversion of Stock into Terminable Annuiti,s, has been the subject of much discussion; and though some of the holders of the Annuities created by the act of 1830 consider 'themselves aggrieved by the proposed exten- sion of the operation of that act, capitalists generally regard the measure as wise and salutary; for it has long been quite evident, that the repayment of the enor- mous amount of our public debt can never be accomplished, and that its extinc- tion can only be provided for by measures of a character similar to the present. It has long been known, that an annuity for the term of 100 years is equal in value to an annuity of the same amount in perpetuity ; and if the holders of any considerable amount of Stock can be induced to convert the stuns they at pre- sent possess into a terminable stock, the relief to the country at the end of the term will be the total extinction of the amount s° converted. The National Debt is of comparatively recent growth : the total amount in the year 17139 was only 46 millions, and 1735, 132. If the debt then contracted had been in Ter- minable Annuities, nearly the whole of the first sum would have been now ex- tinguished, and every succeeding year, as it became the last of a century, would-have removed some further portion of our present burden; so that by 1875, en r present debt might have been reduced by 176 millions, or nearly one fourth tf its nominal amount. We are not yet in possession of the details of the proposed measure; but the principles on which it rests must he considered as sound, and its operation presents the only rational mode of effectually reducing the 715 millions of debt at present existing.
The Foreign Funds were not so much affected in the early part of the week as Consols, and have not risen again in like proportion. The prices of Dutch, Russian, and Danish, are well maintained in the various Continental markets, and the disposition far investment in these securities here still continues. The fluctuation in Dutch 24 per Cents. has been between 431 and 49:1, and the closing price this afternoon 494 4.
In consequence of some remittances having been received from Bahia, on ac- count of the Brazilian Dividends, the price of that Stock has been as high as 681. We have also received more detailed accounts of the recent insurrection iu "Minas Gerais;" and as the movement appears to have been more important than was at first believed, the Stock has declined to 674, and closes at 674 68. Belgian Bonds have been as low as 90,1, and have to-day been at 92-the demand for that Stock both here and on the Continent still continues. A meeting of the Columbian Bondholders was held on Wednesday; when a. plan similar to the one recently adopted in Mexico was submitted to them, and adopted, for provid- ing for the accruing and over-due Dividends on the Stock of the Republic. It was also stated that the several states into which the Republic has become di- vided, had agreed amongst themselves as to the apportionment of the debt, and were unanimous in their anxiety to do justice to the Bondholders. Under these favourable circumstances, the Stock, which was at 23, has improved to 244, and is now 244 4. Portuguese Bonds and Regency Scrip have scarcely varied during the week : the former is 594 60, and the latter 2.1 2 die. Spanish Stock has slightly improved on last week's price, but the transactions in it are quite unimportant ; the last quotation is l94
SATURDAY, TWELVE O'CLOCK.
It was at first believed in the City that the course adopted by the Ministry last night in the House of Commons with respect to the Irish Church Bill, would, by removing one of the chief grounds of Conservative opposition, and this lessening the chance of a collision between the two Houses, enable the Govern- ment to live through the anticipated crisis ; and Consols for Account were as high as 904: some sales have since been effected; and the general opinion now seems to be, that the proverb of " between two stools" is about to be realized, and that nothing will be gained by this vacillation. The present price of Consols for Account is 9044. Exchequer Bills are rather lower, having been at 47 prem.: the price is now 49 50. We have no price of India Stock. Bank Stock is quoted 2034. The Foreign Stocks generally are nearly at yesterday's prices; with the exception of Dutch Bonds, which are a shade higher. We have also
to notice a trifling improvement in Spanish Bonds, which are quoted at 19 ; but the transactions of the morning have been on a very limited scale.
SATURDAY, FOUR O'CLOCK.
Consols for Account have improveda per cent. on the morning's quotation, and are 90),- ii. Foreign Stocks are nearly at the morning's prices. The after- noon has been passed in great inactivity. The following are the closing prices. 3 per cent. Consuls - Belgian 5 per Cents.912 92 Mexican 6 per Cents...36 Ditto tor Account 902 2 Brazilian 5 p. Cts. 654 Portuguese 5 p. Cts. 59* 60 New 32 p. Cent. Ann. - Danish 3 per Cents-732 4 Do. Rescue!, l.4c.5p.Ct. 21 2
Bank stock 2032 Dutch 21 per Cents. 49, 2 Prussian(181S)5 p.Ct. India Stock French 3 per Cents. - Russ. (1822) 5p.Ct. 1042
Exchequer Bills 50 51 Greek (1825)5 p.Cts. - Spanish(1821) 5 p.Ct. 192 I
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