MONEY MARKET.

STOCK EXCHANGE, FRIDAY AFTERNOON.

The improvement in the English Funds at the close of last week has been succeeded by a reaction, arising principally from a demand for money ; but this is now alleviated, through the return of the surplus deposits on the French and Turkish Loans. Consols have fluctuated from 91 to sla. Today there has been very little doing, and they leave off at 91k 1, for both Money and the Account. Bank Stock has improved. An instalment of 10 per cent on the new Loan of 16,000,000/. was paid on Tuesday, making the amount called up 60 per cent. As this payment and the deposit on the new Turkish Loan have now been arranged, it is considered likely that the market will rally. The Corn-market has been fiat. In Paris money will probably con- tinue scarce as the bullion in the Bank of France is again diminishing : this has caused a slight depression on the Bourse. The rates of exchange at most of the Continental cities show firmness. The specie received this week has been 100,000/. from New York, and 5000/. from Lisbon. From recent advices large supplies of gold may soon be expected from Australia.

In the Foreign Market, Belgian and Buenos Ayres are 1 better, and Peru- vian Three per Cents 1 lower. The principal attraction has been the New Turkish Four per Cent Loan. The tenders two in number, were opened at the Bank of England on Monday ; being those of Messrs. Palmer, Mackillop, and Co., who offered 100/. lls, for every 1001. bond ; and Messrs. N. M. Rothschild and Sons, who tendered 102/. 12s. 6d.: the latter, being the most favourable, was accepted. The loan for 5,000,000/. would on these terms represent 5,131,2,50/. It was subsequently stated that the payment of the premium shall be left to the last instalment, on January 2oth, which will now be 12/. 128. 6d. instead of 10/. Some alarm existed among the specu- lators when it transpired that the loan had been taken as high as 1021; and the Scrip, which had previously stood at 3i premium, declined, from numerous sales, to : it has since rallied, and after several changes is today 2k I. The public are now more in favour of the Loan ; and on comparing it with the prices of Console, Exchequer Bonds, and other Government Securities, it is thought the terms of the contract are not too high ; and it is understood that insurance companies and other establish- ments have been buying. At the present rate of money, the intervals be- tween the payments are estimated at 1/. is. per cent ; making the net price at which the Loan is taken 101/. lie. 6d., and the interest 31. 18s. 6d. As a security, and with the additional guarantees of France and Turkey, it is thought equal to Consols ; and also that the right of trustees to select it for investment could be legally established. On Tuesday, Messrs. Palmer and Co. commenced returning the 10 per cent deposits, and Messrs. Rothschild the surplus deposits. The allotments were in the proportion of 20 per cent of the amounts applied for, except where very large sums were solicited ; they were then subject to a greater deduction. The Loan having been taken at a high rate, was considered in favour of the Six per Cent Stock, and it advanced to 95k: it is now lower, being 931 4. Railways have been dull, and the few operations have been chiefly specu- (ative. Great Western has become steadier, and is now 56/ ; being 108. higher than last week. London and North-Western is 1/. 15s. lower. Great Northern has fallen 108.; Lancashire and Yorkshire, and Midland, 158. French Shares have declined from 10s. to 11.

SATURDAY, TWELVE O'CLOCK.

The English Funds are steady this morning at the prices of yesterday. Consols for both Money and the Account are 914 t. Exchequer Bills 13 17. The bullion return by the Bank of England shows a decrease of 168,317/.

In Foreign Stocks, Sardinian is 1 lower ; Turkish Stock is 934 4, and the Scrip 2 1 premium. Railways continue very inactive-Caledonian, 631; Great Western, 66k ; London, Brighton, and South Coast, 99; South Wales, 31t.

3 per Cent Consols 91 Danish 3 per Cents 83 6 Ditl,o for Account 91 4 Dutch 21 per Cents 64 6 3 per Cent Reduced 91 2 Ditto 4 per Cents 95 7 New 3 per Cents 92

Mexican 3 per Cents

211 2 Long Annuities 4 Peruvian 41 per Cents 81 3 Bank Stock 215 16 Ditto 3 per Cents 58 60 Exchequer Bills 13 17 Portuguese 4 per Cents 43 5 India Stock 230 3 Russian 5 per Cents 100 2 Austrian 5 per Cents 81 3 Ditto 41 per Cents 89 91.

Brazilian 5 per Cents 101 3 Spanish 3 per Cents 371 8 Belgian 41 per Cents 94 6 Ditto Deferred.. Itij 19 Chilian 6 per Cents 103 5 Sardinian 5 per Cents 85 7 Danish 5 per Cents 103 5 Swedish 4 per Cents 87 90

BANK. OF ENGLAND.

An Account, pursuant to the Act 7th and 6th Victoria,cap. 32, for the week ending on Saturday, the lEth day of Aug. 1835. ISSUE DEPARTMENT.

Notesissued £29,306,690 Government Debt C11,015,100

Other Securities 2,964,900 Gold Coin and Bullion 15,306,690 Silver Bullion £37,593,008 £37,593,000 • Including Exchequer, Savings Banks, Commissioners of National Debt, it Dividend A.ccia.

RAILWAY ARRANGEMENTS.

The report of the Directors of the Midland Company states that the traf- fic for the past half-year exhibits an increase of 17,426/. compared with the same period in 1854. Including the balance of last account, the total re- ceipts were 750,160/. : the expenses were 642,1361.; leaving 208,023f. for dividend, which will be at the rate of 31 per cent per annum. The expenses of the half-year have largely increased, owing to the additional amount of debenture debt at a higher rate of interest, cost of minerals, &c. At the half-yearly meeting at Derby on Wednesday, it was stated that the company continue in close alliance with the London and North-Western, the Great Northern, Lancashire and Yorkshire, and other great companies. The Great Northern Company in their report show that the gross earnings of the last half-year were 508,756/. ; being an increase of 38,813/. over the same period last year. The balance of revenue was 230,952/. ; an improve- ment of 43471. 'Through an addition to the mortgage debt of 205,764/., and higher interest on the whole debt, the amount available for general dividend is reduced : at the corresponding period last year, the sum available was 67,3141., or 12,566/. more than on this occasion. The net balance is 54,748/. Is. 10d.; and the Directors propose a dividend of 21- per cent per annum, being U. 2s. 6d. on the original Stock, and 2/. 58. on the B Stock; leaving 6531. 3s. 4d. to be carried to the next account. The property is be- lieved to be in a sound and healthy position. The Bristol and Exeter accounts exhibit the revenue receipts for the half- year ending 30th June to have been 162,437/.; expenses, 81,5451.; leaving a balance of 70,8921.: to this is added 8377/. balance of last account, 41921. dividends on investments in other companies, and 1066/. interest from bankers;. total 84,527/. Deducting interest on Loans and Preference Shares, 20001. on account of Devon and Dorset Bill, and 1781/. rental of Somerset Central Railway, there is a disposable balance of 46,477/.; which will pay a dividend of 2} per cent for the half-year, and leave a balance of 1477/. The half- yearly meeting was held on Thursday at Bristol : the report was agreed to, and a resolution passed authorizing the Directors to lease the extensions of the Somerset Central Railway-from Glastonbury to Wells, and from High- bridge to Burnham.

At the half-yearly meeting of the Hull and Selby Company, on Saturday, a dividend was declared of 21. 98. 6d. on the 50/. shares, 1/. 4s. 9d. on the 25/. shares, and 12s. 41d. on the 12/. 108. shares; carrying over about 338/.

The Directors of the South-Eastern, at the half-yearly meeting on the 30th instant, will recommend a dividend of 8s. 6d. per 30/. stock, being at the rate of 2/. 16s. 8d. per cent per annum.

The Bank of London commenced business on Wednesday, at the chief office in the City,-at the "Hall of Commerce,"-and at the West-end branch at the corner of West Strand and Duncannon Street.

The Royal British Bank will be admitted to the Clearing-house on Mon- day next.

Yet another London joint-stock bank is projected-the " Metropolitan " ; capital 500,000/. Peculiar advantages are to be afforded by the bank to tradesmen, according to the prospeetue.

A "Great Northern Cemetery Company" is in course of formation,-art act of Parliament having been obtained by the projectors. One hundred and sixty acres of land have been secured for the cemetery near the Colney Hatch station of the Great Northern Railway. The capital is to be 150,0001.

Among the undertakings which it is proposed to bring within the Limited Liability Act is Price's Candle Company ; and it is intended to increase the capital to 750,000/.

A railway is projected from Aberdeen to Peterhead. The line will pass through the property of the Earl of Aberdeen, who takes a deep interest in the scheme.

The Times calls attention to the case of Mr. Edward Oliver, of Liverpoof, who failed for a million sterling, many months ago. At that period the Times doubted the favourable reports circulated of a balance when all credi- tors were paid, and its doubts were angrily rebutted by those who had the management of the concern : it now asserts that the whole affair is in a bad way, and that from 28. 6d. to 4s. in the pound is all that the creditors will get.

The reports from the manufacturing districts continue to be of a favour- able character, denoting a steady improvement.

It is computed that the hop-duty this year will amount to 300,0001., said to be a larger sum than was ever paid in one year.

THE MErnoroms LOCAL MANAGEMENT Acr.-This measure may be divided into two parts for the purposes of description ; the machinery, and its functions. The basis of the managing bodies is a general con- stituency of the ratepayers. All persons rated to the poor at 40/. per annum are eligible for the office of Vestrymen ; but where the 40/. ratepayers form only one-sixth of the whole number assessed, then 25/. ratepayers are eligible. The ratepayers will have power to elect Vestrymen in pro- portion to their numbers : thus, where the ratepayers do not exceed. £29,506,690 grs,sos,os)

EARRING DEPARTMENT.

£14.553.000 Government Securities (inclu- 3,369,731 ding Dead Weight Annuity). £12,810.164 8,407,799 Other Securities 11,913,066 12.250,406 Notes 9,229,530 Gold and Sliver Coin ...... 610,288 Proprietors Capital Rest

Public Deposits.

Other Deposits Seven Day and other Bills '1,012,113

1000, they will elect eighteen representatives; if they exceed 1000, twenty-four ; if 2000, thirty-six; the number advancing in a progression of 12 to the 1000. Where a parish exceeds 2000 ratepayers, it will be divided into wards of 500. The census is the basis of the first arrange- ment, and will form the guide in future. Certain larger parishes will pos- sess a distinct Local Board or Government; the smaller parishes will be grouped into "districts," each group forming a Board. All the existing parishes, whether under Hobhouse's Act or not, will come under the new Act in November next. One-third of the members of these Local Boards, decided by lot, will retire annually, and be replaced at fresh elections ; retiring members to be eligible for reelection. Placed over these local bodies will be a central authority, to be called "the Metropolitan Board of Works " ; and which will be composed of three members elected by the City Corporation, two members to be sent from each of the larger parishes in schedule A, one member from each of the smaller parishes in that schedule, and one member from each district in schedule B. The members of the central body are placed under the same law as the local authorities, and are to determine by lot the third part which is to retire in 1867, 1858, and 1859. The Board will elect its own chairman ; who will have a salary of not less than 1500/. nor more than 20001. a year. Books, minutes of proceedings, and accounts, are to be carefully kept by the local bodies and the Central Board.

The Local Boards will have full and complete jurisdiction over all the sewers within their districts ; power to make new ones ; and to drain, cleanse, cover or fill up all ponds or open ditches likely to be prejudicial to the public health. Each Local Board will act as surveyor of the high- ways within its own territory, and grant or Withhold permission to break up the public streets and cause them to be speedily closed. They will have the control of the watering of the streets; the keeping of the foot- ways clean ; the control of scavengering, which will include snow, ice, and the refuse of trades ; and on them will devolve the functions Of the Paving Boards, with power to erect posts, fences or rails for the protec- tion of foot-passengers. They are also empowered to appoint a medical Officer of Health for each district, whose duties will be similar to those of Mr. John Simon and an Inspector of Nuisances.

The Central Board has jurisdiction over the main sewers of the whole of the Metropolis, including those of the City ; and its business will be to exe- cute the vast works essential to the thorough drainage of the area covered by "London," without filling the Thames with pollution. It will have power to make new streets or widen old ones • and full power to raise money for the purposes of the act. It will also have considerable control over the Local Boards in certain cases.

Tun LBUTED LIABILITY Acr.—This measure consists of seventeen clauses, and provides for the liability of the members of joint-stock com- panies being limited to the full value of the shares subscribed for. As- surance companies are excepted, and the act does not extend to Scot- 'land. The shares must not be of a less nominal value than ten pounds each. Various conditions must be complied with before limited liability can be secured. The deed of settlement must be signed by not fewer than twenty-five shareholders, holding shares to the amount of three- fourths of the nominal capital of the company, and upon which not less than twenty per cent has been paid up. Precautions are taken that the public may be made aware that limited liability attaches to the com- panies. The word "limited" forms the last word in the com- pany's name ; it must be painted over the places where they carry on business, must be engraven on their seals, and ap- pear upon all their advertisements. Penalties are incurred for ne- glect of these details. Every increase in the nominal capital must be registered ; and directors paying a dividend with a knowledge that the company is insolvent are jointly and severally liable for all the debts then existing and for such as may be contracted so long as they continue in office, provided the amount does not exceed the amount of the dividend so paid. When three-fourths of the subscribed capital stock

has been lost, the company must forthwith be wound up. Existing corn- .panies may, with the consent of three-fourths of their shareholders pos- sessing three-fourths of the capita], have limited liability by complying with certain conditions, such as remodelling their deeds of settlement, conforming to the stipulation as to the value of the shares, and having their affairs audited by a person appointed by the Board of Trade, who shall report upon the question of solvency. Companies constituted under private acts of Parliament may secure the benefit of the act by comply- ing with the like conditions.