THE MONEY MARKET.
STOCK EXCHANGE, FRIDAY EVENING.--A considerable improvement has taken place in the value of Consols since our last report, making in the whole, an advance of nearly one and a half per cent. since the termina- tion of last account. Various causes have been assigned for this ; and among others, the prospect of a favourable termination of the dispute between Russia and Turkey : but we incline to think with those who at- tribute the rise in a great measure to a scarcity of Stock for immediate transfer. Whether this scarcity be owing to an increased demand, or a short supply, on the part of the public, or whether it be not owing to the artifices of certain capitalists speculating for a rise in the Funds, we cannot pretend to say. But the fact of a scarcity of Stock is certain, and if it should continue, will undoubtedly lead to a further rise of price. If it be a bona fide scarcity, the rise may be expected to be gradual, and per- haps permanent ; but we are still unable to comprehend how a scarcity of Stock can co-exist for any length of time with an acknowledged scarcity of money, and a progressive drain of gold for export ; and we know of no other solution of the difficulty than that of supposing the scarcity of Stock purely artificial. If artificial only, the good folks who have created it, will be benevolent enough to supply the market from their present hoards when tempted to do so by higher prices; and in that event the Funds may be expected to fall more rapidly than they have risen. It would seem presumptuous in us to argue upon our old hypothesis when facts appear so much against us • yet in spite of the late rise in Stock, we cannot avoid apprehensions of difficulty aslthe ter- mination of the small note circulation approaches. The heavy Stocks have advanced since our last, but not in the same ratio as Consols. Ex chequer Bills and India Bonds have fluctuated a little, and are now at nearly the price of Saturday last. The Stock Exchange was closed to- day as a holiday, but some of the dealers assembled on the Royal Ex- change; where, however, little or no business was transacted.
In the Foreign Market, although the business done has not been to any great amount, yet the fluctuations have been considerable. On Wednes- day, Portuguese Bonds fell to 52, and were even done at 515, owing, how- . ever, merely to the fall of a quantity of Stock which had been previously bought on speculation. The price has since risen to about 525. Russian Stock is still firm at 97 ; Spanish, on the other hand, seems fast descend- ing to the tomb of the Capulets, being now scarcely worth 91. per 1001. bond : their low price, however, may again tempt speculation one of these days. Some considerable sales of Colombian Stock having been attempted (not accomplished) yesterday afternoon, a sort of panic terror seized the minds of other holders of those bonds, and the price fell in a
very short space from 215 to To-day, however, the sellers seem to have repented, as some of them have been trying to repurchase, without success, at 20. Mexican Stock also fell, chiefly fromsympathy (an absurd but literal fact), to 302, but have recovered a little to-day. Brazil Shares are higher-since our last; but those of the Mexican Associations are generally lower, owing to apprehensions excited by the political state of the country, and also to further drafts for money on some of them. SATURDAY, ONE O'CLOCK.--Consols, 874 to 4. There is very little bu- siness doing in either house.
Bank Stock, di v.8 per Cent. 212, 2114, 2124 Colombian,
3 per Cent. Reduced, 88 875 Ditto, 1824, 6 per Cent. 194 20 :3 per Cent. Consols, 874 4 Danish, 3 per Cent. 64 35 per Cent. 1818, 961 Greek 5 per Cent. 15 16 34 per Cent. Reduced, 965 97 Mexican 5 per Cent New 4 per Cents. 1822. 1015, 1025 Ditto 6 per Cent. 302, 31 4 per Cents. 1826, 105-5 Neapolitan 5 per Cent. Long Annuities, (which expire 5th Jan. Peruvian, 6 per Cent. 1800) 20 1-16 Portuguese, 5 per Cent. 5212 India Stock, die. 104 per Cent. 2385 Prussian, South Sea Stock, div. 34 perCent. Russian, 965 974 India Bonds, (4 per Cent. until March, Spanish, 9 94
1829, thereafter 3 perCent.) 67 68 SHARES. Exchequer Bills, (interest 2d. per Cent. Anglo-Mexican,
per Diem,) 68 67 68 Brazilian, Imperial, ConSols for the '26th Feb. Real Del Monte,
FORF.ION FUNDS. Rolanos,
Austrian Bonds, 5 per cent. Colombian,
Brazilian Bonds, 5 per cent. 634 631 United Mexican,
aa Ayres 6 Cent. 4:14 464
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