MONEY MARKET.

STOCK EXCHANGE, FRIDAY AFTERNOON.

The financial proceedings of the week have afforded an instructive comment upon the recent measure of the Bank Directors, by which the rate of discount was increased from 4 to 4i per cent. During the last few days, 3it per cent. Reduced Stock has been done at par ; and we think this fact alone must demonstrate the unnecessary haste of the Directors in resorting to the expe- dient alluded to.

It may not be amiss to refer here to the continual exaggerations in regard the export of gold. We had been led to believe that a considerable quantity., the precious metals had left the country for the United States, where an opera- tion exactly similar to the one conducted so successfully here in 1820, is now going un, viz. the replacing a paper circulation by a metallic one ; but it appears from authentic accounts now received, that the whole of the anticipated importation into the United States, up to the end of August, is estimated at 7,200,000 dollars, or about 1,400,0001. ; a sum which, even though it should be eutirely supplied by this country, could hardly tinder present circunistauces have had even a trifling effect upon our circulatior.

The Consul Market advanced about par cent. on last week's quotations during Tuesday and Wednesday, and on those days the scarcity of all descrip- tions of Stock was so great, that the dealers found much difficulty in providing for the demand. A considerable quantity of Stock hag since been brought to market, in consequence of some extensive sales by the agent for the Scotch Banks; and the price has declined. Money continues very abundant ; and there is no difficulty of obtaining it, on good securities, at from 3i to 4 per cent. In the Foreign Market, Spanish Stock has fluctuated between 37i and 39. The Portuguese Bonds have fluctuated but slightly.

The other European Continental Stocks continue steady, within a little of previous prices. By late advices from Amsterdam, we are informed that the Russian Government is about to negotiate a Three per Cent. Loan for the pur- pose of paying off its Six per Cent. stock, which is current only in Holland ; but this intended operation has not led to any material change in our Russian Five per Cent. Stock.

The South American Stocks are depressed; but as there is very little busi- ness, the prices can hardly be considered more than nominal.

The Railway Shares are recovering from the late panic; and those of the Loudon and Birmingham areonearly as high as ever.

SATURDAY. TwELTE o'cto 1L;

We have nothing of importance to notice here this morning : prices of all sorts of Stock are the same as yesterday, with very little doing. Railway Shares continue the same, as will be seen by the following prices. Birmingham and London 69 71 ; Great Western 18 19; Greenwich 4 5 ; Southampton 2 3 ; Brighton 7i; Leeds and Manchester 1819; South Eastern 14 2,} ; Manchester South Union 2 3.

SATURDAY. FOUR o'cLocK.

A speeies of panic has occurred in the Money Market this afternoon. Con. sole close at 90,{ 91; which is * per cent. below the morning quotations. The decline has been more serious in Spanish Stock, which is now more than lk per cent. below the opening price. Portuguese Securities have also fallen in like propel tion. The only other Foreign Stock which has been at all affected, is the Dutch, which is i per cent. lower. This depression has occurred with- out any important intelligence either political or otherwise having transpired ; but (strange as it may seem) is attributed solely to reports which have reached the City or the serious illness of Mr. RoTHSCIHLD at Frankfort ; the specu- lators in Spanish and Portuguese Stocks believing that the seclusion of that gentleman from active business for any length of time, may operate disadvan- tageously upon the credit of those Governments with which some of his gigantic financial enterprises have been undertaken.

3 per Cent. Consols Ditto for Account 901 91 Danish 3 per Cents.

Dutch 21 per Cents

761 it 551 I 3 per Cent. Reduced

911 Mexican 6 per Cents 321 33 New 31 per Cent Anus 991 4 Portuguese Regency 5 p. Cts. 771 78 India Stock 2591 Ditto 3 per Cent. 473 1 Bank Stock — Ditto 5 per limits 1836 Set ip. 4 1 pm.

' Exchequer Bills

9 I I pm. Prussian (1818)5 per Cect ..

Belgian 5 per Cents 103/ 1 Russian (1822) 5 per Cent .. 1101 111/ Brazilian 5 per Cents

874 8

Spanish (1835) 5 per Cent... 361 1