MONEY MARKET. &roes Rio:mamas. FRIDAY Arms:coon.

The tendency to depression in Government Securities continued unchecked throughout the first portion of the week. The report was renewed that the Bank was selling Stock; the demand for discounts was unabated ; it became known that further large sums had been taken for exportation, and an in-

stalment of 10 per cent upon the new Loan of 16,000,000/. had to be met on Tuesday. Our Funds also sympathized with the heaviness on the French market, where an excess of speculation had previously prevailed, and a drain of gold had been allowed to proceed without any measure by the Bank of France to prevent it until now. Yesterday it transpired that the Bank of France had raised its rate of discount to 5 per cent. From the present state of the exchanges and shipments for the Army, this occasioned no sur- prise, particularly as the returns for the past month were very unfa- vourable, and showed a diminution in specie of 2,000,000/.1 with the exception of a slight improvement in the preceding return through the payments on the Loan, there had been a steady decline for the last five months, amounting since the drain commenced to 6,000,000/. The probable effect of this higher rate of discount will be a further drain of gold from this side, and will, it is thought, influence the Bank of England to increase their rate to a similar point. Consols have fluctuated from 901 to 894. Yesterday, when it transpired that the Bank of England had made no further alteration in the rate of discount, they rallied to 90f. Today they are about the same for Money, but the price for Account is lower, being 90k 1. Some features calculated to support the market have occurred during the week,—namely, an improvement in the Continental exchanges, the more encouraging prospects of the war, symptoms of flatness in the Corn-market, arrivals of specie, and a knowledge that sums amount- ing to nearly a million may shortly be expected from Australia. Exchequer Bills have fallen Si. through the pressure of sales by bankers and others.

The half-yearly Court of Bank Stock Proprietors was held yesterday, and a dividend of 4 per cent clear of income-tax was declared. The profits for six months to the 31st August had been 587,032/. ; the " rest" with this amount included was 3,605,1701.; after paying the dividend it will be 3,023,050/. The Governor alluded to the intended opening of the West-end branch, where business will commence on the 1st October. The rate of exchange at New York is less favourable for this country. Only 74,000/. was received by the last packet ; the other arrivals have com- prised 373,000/. from the West Indies, 73,5241. from Australia, and 8000/. from Africa. Among the exports, 486,050/., chiefly silver, has been sent to Alexandria and India, and 42,215/. to Oporto, Cadiz, &c. Foreign Securities have been unfavourably affected by sales. Russian Four-and-a-half per Cents have fallen 3; and the Five per Cents, Peruvian, Sardinian, and N'enezuela, 1. Turkish Stock is 1, and the New Scrip 1 lower ; the latter is now at a small discount.

In Railways, sales were pressed early in the week, and there were no signs of a favourable reaction till Wednesday, when some buoyancy was created from purchases ; and this continued up to last evening. London and North- Western recovered to 92f 3: today it is 10s. lower. Other Shares are also flatter; and on the average prices show little change compared with those of last week. French Shares are weaker, from a preponderance of sales. Paris and Lyons has fallen 1/. Si. Eastern of France, Northern of France, Paris and Orleans, and Western of France, 1/.

SATURDAY, TWELVE O'CLOCK.

A further large decrease in the bullion return by the Bank of England, amounting to 518,921/., caused the English Funds to open 4 lower this morning ; they have since recovered, and Consols for Money are now 90 b, and for Account 90f 4. Exchequer Bills par to 4 premium. In Foreign Stocks there is no activity. Turkish Stock is dull at 901 11, and the new Scrip discount to par. In Railways, several transactions have been made, without alteration in prices—Caledonian, 611 ; Great Southern and Western (Ire- land), 1001 ; Great Western, 561; London and Blackwell, 64; London and North-Western, 921 ; London and South-Western, 83; Midland, 66; North-Eastern—Berwick, 70; North Staffordshire, 10f.

SATURDAY, ONE o'CLocic.

The English Funds have been stationary since the morning, and there has been very little doing; Consols for Money are 90 4, and for Aeoount 901 4. Exchequer Bills par 4 prem. In Foreign Stocks there is nothing of importance to refer to ; Grenada Deferred has been done at 64, Spanish Pas- sive 41, Turkish 901 1, Ditto new Scrip 4 dis. par. Railways still show a disposition to decline, but are only slightly lower than the morningquotations—Ambergate, Notts, Boston, and Eastern Junc- tion, 4; Caledonian, 614; Eastern Counties 94; East Lancashire 704; Edinburgh and Glasgow, 50f ; Great Northern, 86f Ditto A StoCk, 70; Great Southern and Western, (Ireland,) 101; Great Western, 66k;. Lanca- shire and Yorkshire 761., ; London and Blackwell, 64; London and North- Western, 92; Ditto Eighths, lf ; London and South-Western, 83k; Midland, 66; North British, 26; North-Eastern—Berwick, 69k; Ditto Ex- tenaion, 12k; Ditto G. N. E. Purchase, 88; Ditto Leeds, 121 ; Ditto York, 46k; North Staffordshire, 104; South-Eastern, 57f. Preference Shares— Eastern Counties Extension 5 per Cent No. 1, ; Great Northern 6 per Cent, Redeemable at 10 per Cent Prem., 107; Ditto 41 per Cent, Redeemable at 10 per Cent Prem., 1004; Lancashire and Yorkshire 6 per Cent Stock, 136; North-Eastern—Berwick 4 per Cent Preference, 91; Antwerp and Rotter- dam, 9; Eastern of France, 351; East Indian Extension, Ilf ; Grand Trunk of Canada, A Issue, ; Great Central of France, 144; Great Western of Canada, 244; Ditto New, 74; Great Luxembourg Constituted Shares, 34; Madras Guaranteed New o per Cent, 114; Paris and Lyons, 444; Western of France, 30. Joint Stock Banks—City, 66; London, 63; London and Country, 39; Oriental Bank Corporation' 421 • Union of Australia, 701. Miscellaneous—Australian Royal Mail, 4; Canada, 176; Canada Government 6 per Cent January and July, 1121; Crystal Palace, 2/ • General Screw Steam Skipping Company, 144; Scottish Australian Investment, It; Van Diemen's Land, 141, 3 per Cent Consols 901 Ditto for Account 90/ 1 3 per Cent Reduced shut

New 3 per Cents shut Long Annuities shut Bank Stock shut Exchequer Bills par 4 pm India Stock 228 30 Austrian 5 per Cents 80 2 Brazilian 5 per Cents 101 3

Belgian 44 per Cents 94 6

Chilian Spec Cents 103 5

Vanish 5 per Cents 101 5

RAILWAY ARRANGParr7Y6.

The report of the Directors of the Aberdeen Railway states that the gross receipts for the half-year ending the 31st July were 66,9921.; the expendi- ture 26,994?.; leaving 29,998/. to meet 13,3511. interest on debentures, and 6047/. Arbroath and Forfar rent : there is then a surplus of 10,6001.; and with the addition of 2511. from the last account, the disposable sum is 10,861?.; out of which the dividend on the 6 per cent Preference Stock (83001.) will be payable „on the 11th November next, and will leave a ha- lance of 2551/. for the next account. The total increase compared with the corresponding period of last year is 70191. The amount for dividend has been nearly doubled during the year, and the expenditure reduced. Friendly relations respecting traffic are maintained between this company and the Scottish Midland. The termination of the working arrangement with the Scottish Central Company on the 31st August last has led to an

Danish 3 per Cents 83 6 Dutch 21 per Cents 64 6 Ditto 4 per Cents 95 7 Mexican 3 per Cents

2844 Peruvian 44 per Cents

76 8 Ditto 3 per Cents 57 9 Portuguese 4 per Cents 43 5 Russian 5 per Cents 97 9 Ditto 41 per Cents 86 8 Spanish 3 per Cents 38 4 Ditto Deferred 191 4

Sardinian 5 per Cents

84 6

Swedish 4 per Cent,

87 90

agreement between the Aberdeen and Scottish Midland Companies for art amalgamation ; each company to bear its own liabilities out of its pro- portion of the divisible fund, after deducting working expenses and other charges against revenue. The proportions fixed are 70 per cent to the Aberdeen, and 30 per cent to the Scottish Midland. The agreement is submitted for the approval of the shareholders. Until the passing of the act, the traffic of both lines will be arranged by a joint Committee oil four Directors from each board. An agreement is proposed with the Dundee and Arbroath Railway Company : the Aberdeen and Scottish Midland Com- panies to lease the Dundee and Arbroath line at a guaranteed rent of 34 per cent for the first two years on a capital of 200,000/., the rent to increase I per cent (5000 every two years until it reached 4f per cent, the rate in perpetuity; and the leasing companies to pay the dividend on 66,666/. Guaranteed Five per Cent Stock, and current interest on the Debenture debt.. It is believed the revenue after May next will be sufficient to pay the divi- dend on the 7 per Cent Preference Stock, and it is proposed that the arrears on that stock due May 1st 1856 be consolidated into 31 per cent Preference Stock, in the manner adopted with the Six per Cents. At the half-yearly meeting at Radley's hotel, on Wednesday,—Mr. A. Pirie in the chair,— resolutions were passed adopting the report, declaring a dividend of 6 per cent per annum on the Six per Cent Preference Stock, and giving the Direc- tors authority to issue deferred dividend-warrants to holders of the Seven per Cent Stock.

The Edinburgh and Glasgow Company's report shows a decrease in, passengers' receipts amounting to 16,541/. : this is owing to a reduction of fares, rendered necessary by the Caledonian Company running ex- press-trains between Edinburgh and Glasgow over their line of fifty- nine miles at very low rates-18. first-class, and 6d. third-class. These rates do not cover working-expenses, but the Directors are obliged to make reductions to prevent the abstraction of traffic from the shorter line. The percentage of working expenses has risen from 37 per cent on the receipts to above 50 per cent. Offers hitherto un- successful have been made to the Caledonian Company for free competition to all places at equal rates, or division of traffic by an impartial arbitration. The revenue for the half-year has been 22,225/., to which it is proposed to add 5507/. from the rest ; and after allowing for sundry charges, and 4000/. credited to the heavy expense incurred in renewal of the permanent way, and 5500/. to meet a possible claim of the Stirling and Dunfermline Company, a dividend is recommended at the rate of 2 per cent per annum. The half- yearly meeting took place on Tuesday, at Glasgow ; and Mr. Peter Black- burn was chairman. The report was adopted. The report of the Caledonian Railway Company states that the result of the half-year's operations exhibits a balance of 60,8451.; and after payment of a dividend on the original Preference Shares and new issue, a balance re- mains (including 28661. from last account) of 46,676?.; from which a divi- dend is proposed at the rate of 3 per cent per annum' leaving 879/. The traffic for the half-year ending 31st July last amounted to 286,861/.; for the same time last year, 275,067?.; increase, 10,794/.