MONEY MARKET.
STOCK EXCHANGE, FRIDAY AFTERNOON.
Timm has not been much demand for money this week, notwithstand- ing the approach of-the end of the quarter, but to-day the inquiry has been rather more active. The best short bills on Wednesday could be negotiated at 21 per cent., but to-day little business has been done under 3. On the Stock Exchange the rate for loans on Government securities has advanced to 3f per cent.
The Bank of France yesterday announced a rise in their rate of dis- count from 5 to 5 per cent. This movement has been caused by the heavy drain on the resources of that establishment to pay for corn. For the present, however, the purchases of grain in our markets for slupment to France have ceased. The alteration in the Paris rate will tend to prevent any further fall in the value of money on this side, as its effect will probably be to divert a portion of the large supply of capital now offering in our market towards employment in foreign channels.
The Funds have been heavy this week, owing to large sales for money. Consols have declined about a half per cent., the closing quotations this afternoon being 93* to k for immediate delivery, and 4 to ll for the account, while at one period they were even lower. The market remains with a dull tendency, the dealers being generally over-supplied with stock.
India Five per Cents have also been flat, the quotation on Wednes- day having been 103k to k, but a partial recovery has since taken place to 103} toe. An instalment of 20 per cent. fell due on the new issue on Tuesday, when further amounts of stock were paid up in full, making a total of 3,200,0001. out of the original 5,000,0001. There has been a good deal of excitement this week in Mexican on the publication in a contemporary of the alleged bases of the proposed intervention of England, France, and Spain in the affairs of Me:deo. Some wide fluctuations have taken place in the price, and the result is a rise of nearly 4 per cent., the final quotation this afternoon being 27 to 271. Buenos Ayres Bonds have also been in demand, and the market generally has shown more animation. Railway Stocks have experienced increased depression this week on the apprehension of reduced traffic from the stagnation in trade caused by the American crisis. Hitherto, however, the receipts have been fairly maintained. Midland and Lancashire and Yorkshire have been especially heavy. Colonial descriptions are also weaker, but remain with little busi- ness. Foreign railways continued generally steady, but a further rise in Brazilian shares has not been maintained. American securities are flatter.
In the Miscellaneous Market there has been some demand for joint- stock bank shares, particularly London and Westminster.
The arrivals of specie this week comprise the Swiftsure, from Mel- bourne, with 205,000/. ; the Sultan, from Lisbon, with 11,2161. ; and some large amounts of gold and silver from the Continent. The ex- ports have been moderate, the chief shipment being 110,3801. by the Elora for Alexandria and Bombay. The Commercial Union Fire Assurance Company commence business to-morrow (Saturday). The Directors, in issuing their tariff for London mercantile business, state that it has been adjusted on the principle of classification, thus adopting the plan that each class of goods should be charged a premium proportionate to its risk. Another new and valuable feature in the undertaking is that at the expiration of five years a per-eentage of profits on premiums paid will be return- able to insurers. Mr. Henry Thomson has been appointed manager .
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