MONEY MARKET.
STOCK EXCHANGE, FRIDAY AFTERNOON.
TEE demand for money during the week has been very trifling, and, as was generally expected, the Bank of England reduced their rate of
discount yesterday from 6 to 5 per cent. In the general market good bills can be negotiated at a fraction below the Bank. On the Stock Exchange loans are rather more in request, owing to sales of Stock for money. The Joint-Stock banks have lowered their allowance on deposits to 4 per cent., the London and Westminster, however, giving only 3 per cent, for sums below 500/. The discount houses have also reduced their terms to 4 per cent. for money at call, and 41 with ;seven days' notice.
Owing to the fineness of the weather, and the good accounts of the growing crops, the funds have shown a firmer tendency; but any improvement is checked by realizations for investment in other securities. The Bank have also been selling Stock, and it is stated that some of the large insurance offices have been effecting sales to meet the losses by the great fire. Consols, however, are now more than a quarter per cent. higher than last week. The only feature in Foreign Stocks is the continued rise in Turkish Six per Cents of 1858. Peruvian Bonds have been in more demand, while Mexican is rather flat.
The dividends announced on some of the principal British Railway Stocks being considered unsatisfactory, prices have generally declined, Great Northern being prominently affected. In the Foreign Market there is a rise in Lombardo-Venetian. Some rather large purchases have also latterly taken place of Erie preference shares. American Railway Securities are, in most cases, quoted rather better, while Canadian remain dull.
The shipments of specie to America continue comparatively small, about 88,000/. only having been sent this week, partly to the United States and partly to Canada. The arrivals comprise 245,000/. from the West Indies, and 124,0004 from Russia.
Consols for Account, 6th August, 904, 904; India Five per Cents, New, 1004, 1094; Brazilian Five per Cents., 981, 994; Mexican, 22 224; Spanish, 481, 184; Turkish Six per Cents?, 1854, 79, 7 Turkish Six per Cents, 185_ ,8 69, 694' Russian Three per Cents, 614; London and North-Western, 93, 93k; Midland, 1214, 1224; Lancashire and Yorkshire, 111, 1114; Great Western, 704, 71; South Western, 95, 96; South-Eastern, 814, 814; .Great Northern, 1064 1014; Caledonian, 100, 1004; Eastern Counties, 49, 50; East- Indian, 99, 100 ; Grand Trunk of Canada, 18,19; Lombardo-Vene- tian, 4,4 p.m; Illinois Central, 364, 354 us.
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