MONEY MARKET.
STOCK EXCHANGE. FRIDAY AFTERNOON.
The buoyant appearance exhibited by the market during the last week has continued during the present; and the general result of the operations has been to produce an improvement of 1 per cent in the prices of the Public Securities : Consols for Account, which fell on Monday to 93, having been today quoted at 94; and Reduced Three per Cents, which were at 931, have also today reached 944. The Reduced Three-and-a-half per Cents have, how- ever, remained nearly stationary, having only fluctuated between 1014 and 1011. The large transactions of the week have not been numerous ; not more than three or four extensive operations having occurred. The rise in price has been chiefly the result of the continued investments by the public, aided by the purchases of several speculators for the fall, who have been induced by the altered appearance of the market to close their accounts, and in so doing have driven up the price nearly as rapidly as their sales forced it down. The market receded a little this afternoon from the highest quotation; Consols for Account having declined to 931, and closing at 931 /. The new Exchequer Bills, bearing interest at the rate of lid. per diem, made their appearance in the market on Monday, and were quoted at 46s. and 48s. premium ; the price of those bearing 11d, being at the same time 54s. to 56s. premium. Both have since slightly improved ; those at lid. being today 56s. to 58s. premium, and those at lid. 48s. to 50s. premium. Bank Stock has recovered again, and is today 180; while India Stock is quoted in the Official List of this morning at 2661 for Money; a bargain having occurred by special transfer, although the books are shut.
In the Foreign Market, business has been chiefly confined to Dutch and Spanish Stock. The former, in consequence of the improvement of the prices in Holland, and consequent cessation of sales of imported stock in our market, has risen from to 1 per cent ; this improvement, however, being almost en- tirely confined to the Two-and-a-half per Cent Bonds, the Five per Cents not having risen to any extent. Spanish Three per Cent Steck, which was on Saturday last at 25i, has risen 2 per cent, and has today been quoted at 27/. The Active Stock has not improved in so great a degree ; the highest price today having been little more than I per cent above our last quotations. It would appear that the disastrous reports of last week, to the effect of which the decline was to be attributed, were much exaggerated. Prices, however, gave way slightly before the close of business today ; and the last quotation of Three per Cents may be stated at 274 ; while the Active Stock closed at .194 1. Nothing has occurred in the other Foreign Bonds worthy of remark; neither has the improvement in the English Funds (as is usually the case) even any marked impulse to prices. Tile general appearance of the Railway Share Market is more favourable than it was last week, and prices have in many instances undergone a slight improvement. Brighton Shares are among those which have risen the most ; the complete change of the direction having induced purchases. As the pre- sent Directors are known to be favourable to the proposed consolidation of the three lines—the Croydon, Brighton, South-eastern and Dover—the shares of the other two lines have experienced a slight demand in consequence. At the recent meeting of the Shareholders of the Brighton Railway Company, held for the election of Directors, all proxies were refused, and the voting confined to those shareholders who happened to be personally present. This course was adopted in consequence of the opinion of eminent counsel having been taken as SATURDAY, TWELVE O'CLOCK. The English Funds are firmer this morning ; Consols for Account having reached 94/, and are now qnoted at 94 to A. Reduced Three per Cents are 944 to/. • Reduced Three-and-a-half per Cents are immoveable ; the weight of Stock still pressing upon the market preventing any improvement. Exche- quer Bills are the same.
In the Foreign Market, few transactions have occurred in Dutch Stock, but without occasioning any fluctuation. Spanish Stock has receded about per cent ; the Three per Cents being 27/ 4, and the Active 191 4. The market was heavy at these quotations ; but a purchase of 30,0001. drawn Deferred Bands, (said to be in consequence of an order received direct from Barcelona,) has given a better tone to it. The other Foreign Funds are without material variation.
The business of the Railway Share-market has been confined to the follow- ing—Brighton, 344 ; Birmingham, 2131- 13; Manchester and Leeds, 79k. SATURDAY, Two o'cLont. The English Funds close at a slight advance, the price of Consols for Account being 94/ 4; although no bargain has yet occurred at 944. Reduced Three-and-a-half per Cents have also advanced, and been done at 1011. The business of the afternoon has not been extensive: the improvement just noticed is entirely referrible to the purchases of speculators, who, having sold Stock in anticipation of a fall, have been closing their accounts. The only variation in the Foreign Market is a slight improvement in Spanish Stock, which closes at an advance of A per cent ; the Three per cents being 2741, and the Active 1941.
The following transactions have occurred in Shares, in addition to those given in the morning. Mining—Del Monte, Unregistered, 4/ 4. Railways— Eastern Counties, 91 Greet-mid:, 4 ; South-western, 644; North Midland, 70; South-eastern and Dover, 2411.
MALF.PAST Two O'CLOCK. The price of Consols gave way slightly after the close of business, in conse- quence of a sale by an influential party; the last quotation for account being
9411-.
3 per Cent Consuls shot Chilian Deferred 35 6 Ditto for Account 941 1 Colombian 6 per Cents,1824. 23 4 3 per Ceut Reduced 943 5 Danish 3 per Cents 85 6 31 per Cent Ditto. 1014 3 Dutch 21 per Cents 543 554 New 31 per Cents .. that Ditto 5 per Cents 100 4 Bank Stock for Account 179 80 Mexican 5 per Cents Gonad . 284 4 Exchequer Bills prom 48 56 Portuguese New 5 p. Cts.1841 41 4 India Stock shut Russian h per Cents 113 14 Itiazilian 5 per Ceuta
71 3
Spanish (Active) 5 per Cents.
194 f
Belgian 5 per Cents 1024 31 Ditto 3 per Cents 1842 271 4 Cialian 6 per Cents . 92 94
The monthly statement of the weekly average of the liabilities and assets of the Bank of England for the three months ending the 17th instant, exhibits, as compared with the last return, a diminution in the amount of the circula- tion of 332,0001., in that of the deposits of 659,000/., while the securities have decreased 1,092,000/., and the amount of bullion has been augmented by 181,0001. As compared with the corresponding period of last year, there is an increase of 2,726,000/. in the amount of the circulation, and of 4,150,000/. in that of the bullion ; the amount of the circulation on the 18th June 1842 being 17,795,000/. against 19,521,000/. as stated in the present return, and that of bullion last year being 7,320,000/. against 11,472,000/. at present in store : the increase in the circulation since last year is consequently very nearly 16 per cent, while that of the bullion has been about 55 per cent, the amount at present in store being larger than at any period during the last five years. to the necessity of each proxy-paper being stamped : for it had*Ivintpi-s mined that such paper, being of the nature of a power of attorney, is subject fo a stamp, and cannot otherwise legally be acted upon. It has hitherto been the practice to receive proxies upon unstamped paper ; and this custom, of many years existence, has received the sanction of Parliament, by the recognition of the mode of voting by proxy in all the Acts which have been passed for the establishment of Railway Companies. If, therefore, this legal opinion of the necessity of stamped proxies be sustained, the control of distant and non- resident shareholders over the affairs of public companies will be rendered much more difficult, or perhaps materially curtailed.
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