MONEY MARKET.
&OCR EXC1LANGE, FRIDAY AFTERNOON. OWING to the increased ease in the Money Market, the directors of the Bank of England yesterday lowered their rate of discount from 4* to 4 per cent. The measure had been generally anticipated, and hence produced no material effect on the markets. In Lombard- street the terms are still below the Bank, 311 to f being the usual charge for the best paper. The Discount houses have lowered their allowance on deposits to 3 per cent, for money at call, and 3+ with seven days' notice; and the Joint-Stock Banks to a uniform rate of 3 per cent. For sums below 50W., however, the London and Westminster only give 2 per cent.
The fineness of the weather and the abundance ot money has caused another rise in Consols, but it has not been fully maintained. The day before yesterday the price for money was 92, *, but a reaction has since taken place to 94 f, or about f per cent, higher than last week. The new settlement is fixed for the 10th of October, and the latest transactions for that date have been at 93.
Indian Five per Cent. Scrip has been in renewed demand, and,.at one time experienced another advance of 1* per cent., beinA quoted 104*, I; but to-day the tendency is slightly less favourable. The final price was 104, , and of the old Stock, 1031 *. The principal feature in the Foreign Market has been a heavy fall in Mexicans on the very unsatisfactory athices from Mexico, from which only a partial rally has taken place. Yesterday, the quotation was so low as 20*, 21*, but this afternoon it recovered to 21*, 1. Turkish Six per Cents., after marking 69, left off at 69+, f. Sardinian and Peruvian Bonds have been the firmest descriptions in this de- partment.
Railway stocks have experienced a general rise, the traffic returns continuing favourable, notwithstanding the depression in trade. This result is attributable to the fineness of the weather stimulating the passenger traffic, and thus affording a marked contrast to the badness of the season last l'car. Caledonian and Midland have been chiefly in request. In the Colonial Market, Indian guaranteed descriptions con- tinue firm. Foreign shares are generally steady ; Great Luxembourg especially showing a rise. American securities have been only par- tially affected by the second defeat of the Federalists. The new Mercantile Fire Insurance shares have receded to * to 11 premium, and the Commercial Union to * to + premium. The arrivals of specie this week comprise the Shannon from the West Indies with 365,0001., and a few small sums from the West Coast of Africa, the Peninsula, &c. The shipments include 50,013/. to Bombay, and 88,0001. to America, it is believed on French account.
Previous page
