MONEY MARKET.

STOCK EXCHANGE, FRIDAY AFTERNOON.

A sort of upward panic occurred on Monday and Tuesday; many of the spe- culators who had recently sold largely seemed to be influenced by a simultaneous desire to purchase. Some very large buying of Consols consequently took place; and the price advanced nearly 1 per cent, the highest quotation reached being 88g. A sudden reaction of more than 1 per cent occurred on Wednesday; when, in consequence of a decline of 8 per cent in the French Five per Cents, and 2 per cent in the Three per Cents, in Paris on Tuesday, Consols gave way more than 1 per cent, and fell to 87g. The market has since been gradually improving; and at the close this afternoon the price of Consols was 881 b for Account, being with- in b per cent of the highest price. Money is as abundant as ever; the rate of dis- count still ranging between 2 and 2b per cent.

The Foreign Market has been in a more active state than usual. Almost every description of stock usually current has advanced, but the Peruvian and other Non-dividend Stocks have been the chief objects of attraction. The plan proposed by the Peruvian Government for the consolidation of the debt and its over-due in- terest was made public in the course of the day, as follows.

The capital of the debt to remain the same, and to be converted Into a Four per Cent Stock; the first dividend upon which to become due on the let December 1849. For two years the dividend to be at the rate of 4 per cent ; then to be increased at the rate of per cent annually, until it reach 6 per cent, at which rate it is to be permanent. The 138 per cent of over-due Coupons to be converted, at the rate of 75 per cent, into a Deferred Stock ; to be unproductive till 1854; then to bear an interest of 1 per cent, to increase by 1 per cent annually until the limit of 3 per cent be reached, at which rate the dividend to be permanent. The present holder of Peruvian Stock, should these terms be assented to by the Bondholders, will therefore he entitled to £100—Four per Cent Stock ; the first dividend, to become due on the 1st December 1849 ; thence to increase per cent annually, up to 6 per cent, and thenceforward to be permanent.

£103 10s.—Deferred Stock ; dividend at the rate of I per cent per annum, to com- mence in 1854, to increase 1 per cent annually, up to 3 per cent,:and thenceforward to be permanent. Half the proceeds of the guano contract are hypothetlited as a fund to provide for the payment of the interest ; and any excess that may arise during the next five years is to be applied to the purchase and cancelment of the Active Stock. At the end of five years, a sinking fund of I per cent is to be established In order to the gradual absorp- tion of the whole debt.

The Stock had been rising during the whole week; in the coarse of yesterday it reached 45. This morning, before the details of the plan were known, it was done at 54; but has since been as low as 46, and closes at 47 to 49. The improve- ment in this Stock has attracted attention to the other Non-dividend Bonds: Equador, Venezuela, and Buenos Ayres, have all been inquired after at improved quotations. Spanish Stock has also advanced; both the Five per Cents and Three per Cents being about i per cent higher than last week. Portuguese Bonds are likewise firmer. An arrival of dollars on account of the Mexican dividends has given an impulse to the Stock; and in the course of the morning the price ad- vanced to 23b. The Railway Share Market was in a state of great activity on Monday and Tuesday; the advance in prices being then general and considerable. A reaction occurred on Wednesday, consequent upon the decline of the English Funds. A better feeling, however, has been apparent since yesterday; and the result of the week's business has been to establish the closing quotations of today rather in advance of those of last Saturday. The French Shares are still objects of attraction, and have experienced some fluctuation: they are rather in advance of our last prices. The accounts of the Bank of England for the week ending the 16th December exhibit, when compared with those of the preceding week, the following results— BANKING DEPARTMENT. Increase. Decrease.

Rest £2,437

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Public Deposits 847,441

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Other Lep...sits

£318,317 Seven-day and other Bills

37,920 Government Securities, including Dead-weight —

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Other Securities 1,059

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Notes unissued 524,690 — Actual Circulation

226,300 Danz DEPARTMENT.

Notes Issued

248,390

Bullion 266,282

Dr& week.

Last week.

Total Bullion in both Departments 14,789,872 14,523,590 Actual Circulation 16,735,715 16,962,015

SATURDAY, TWELVE otthecx.

The English Stock Market is not so firm as yesterday afternoon, the business transacted being unimportant and the appearance heavy : Consols are 881 for Account. In the Foreign Market there appears the same disposition for specula- tion in the Non-dividend Stocks as has already been noticed. Peruvian are ra- ther lower, being nominally 46 to 48; Equador, Venezuela, and New Grenada, are inquired for at rather improved prices; as also are Mexican, which are quoted at 231 24. The Northern European and better class of Continental Stocks are firm, without the occurrence of much business. The transactions in the Railway Market are unimportant; the following being the only bargains as yet recorded: Caledonian, 211; Ditto, Preference, 74 b; Eastern Counties, Pre- ference, 111; North-western, 123; Ditto, Fifths, 6i; Ditto, 101. Shares, M. and B., C, 3; Midland, 82i; Oxford, Worcester, and Wolverhampton, 231; York, Newcastle, and Berwick, 28 7b ; Ditto, Original N. and B., 26b; Great North of England, Purchase, 7b; East and West Riding Extension, 251.

a per Cent Consols shut Danish 3 per Cents 66 9 Ditto for Account 884 Dutch 21 per Cents 48 9

3 per Cent Reduced

881 1 Ditto 4 per Cents 74 4

as per Cents

881 Mexican 5 per Cents 1846... 231 4 Long Annuities 8f 11-16 New Grenada 13 14 Bank Stock 190 2 1'ortngueseN.4 per Cents1842 25 26

Exchequer Bills

37 42 pm. Portuguese Old 1824 68 70 India Stock shut Russian 5 per Cents 1011 3} Brazilian 5 per Cents 74 6 Spanish (Active) 5 per Cents 13 f Belgian 41 per Cents 72 4 Ditto 3 per Cents 1842 27 4 Buenos A,yres 23 5 Venezuela 19 21

Chili= 6 per Cents

86 8