MONEY MARKET.

STOCK EXCHANGE, FRIDAY AFTERNOON.

The transactions of the week have been of a very unimportant oharaoter; the fluctuation of Consols not having exceeded per cent, the closing price thisisf- ternoon (83k 84) being to that extent below the quotations of Saturday last. Ex- chequer Bills continued depressed, from the effect of the sales of the Bank Broker, noticed in part of our last impression, and said to have been on account of the Em- peror of Russia: yesterday the premium was as low as 308.; today it has ad- vanced to 36s. Money continues very abundant; the rate on calls in Lombard Street is 2 per cent. In the Stock Exchange it is also in request, upon the se- curity of English Stock, at about the same price. Consols are consequently more abundant than they had been for some time. The business of the Foreign Market has been almost insignificant. An up- ward impulse was given to Spanish Stock by the report of an intended conversion of the over-due Dividends of the Active Bonds, and of arrangements with. the Bank of San Fernando for the payment of the Dividend upon the Three per Cents, which will become due on the 30th instant. The improvement, which was not to the extent of more than 1 per cent, has not been supported, and prioes have fallen back to the whole extent of the rise. Mexican Bonds have fallen about per cent; the last advices from the United States being that there is but little chalice of the acceptance of the treaty of peace by the Mexican Govern- ment. Nothing new has transpired upon the subject of the now over-due Divi- dend upon New Granada Stock.

Some of the Railway Companies have been driven to adopt a course which it has long been tbreseen they would be at last compelled to,—namely, to create Preference Shares instead of Debentures. About three weeks ago, the Eastern Counties raised nearly 700,0001.; the Brighton have now the sanction of their proprietary to raise nearly 500,0001, and the Lancashire and Yorkshire more than 1,000,0001., in the same way. In every case the Preference Shares are to bear an interest of 6 per cent: they have been allotted rateably among the proprietors, and either have been or will be subscribed fur to the full extent required. The necessity thus imposed upon the companies alluded to is a strong indication of the disfavour in which Railway Debentures are now held. It would appear probable that this is but the commencement of a very extensive system; as, if Railway Directors cannot raise money at a lower rate than 6 per cent, when, as at present, the current rate of discount is only from 2 to a per cent, it can hardly be supposed that they will ever be able to do so: m which, ease it is clear that the conversion of the whole of the existing Railway De- benture debt into Preference Shares is only a question of time. 'fhe share- holders iu these companies must therefore anticipate that the charge fur in- terest upon loans or mortgages will be continually upon the increase fur some time to come, and that the present or an increased rate of dividend can only be supported by a large augmentation of traffic. The decline upon the larger class of Shares since lest week has varied from 31. to 41.; while upon the smaller va- rieties it has ranged from 11. to 21. The transactions have not been extensive; and the decline has been occasioned more by the pressure of small amounts of shares upon limited markets than by any general disposition to sell. There is no change or business of importance in the French SWIMS.

The accounts of the Bank of England, for the week ending the 27th May, exhibit when compared with those of the preceding week the following results-

BANK1Nki DEPARTMENT. Increase. Decrease.

50.099 54,125 105.797 283,445

Last week.

13.379,219 18,095,400

NATI:MEAT. TWELVE O'CLOCK.

There is no change in the prices, or any business of moment, in either the English or Foreign Funds: the quotations of which are nominally the same as yesterday. The Market for Railway Shares is without change; the following Wag the only bargains as yet recorded: Bristol and Exeter, 57i; Eastern Coun- ties, 14i j; Great Western, Quarter-shares, 15i.

834 4 Danish 3 per Cents 834 4 Dutch 24 per Cents 42 3

824 4 Ditto 4 per Cents. 62 3

834 4 hie:glean 5 per Cents 1846 15 4 84 New Grenada 114 124 191 3 Portuguese N.4 per Cents 1842 164 174 30 36 prem• Portuguese Old 1824-ex. div 64 67

Russian 5 per Cents 86 9 Spanish (Active) 5 per Cents 12 4

Ditto 3 per Cents 1842 22 3 Venezuela 17 20 Rest Public Deposits Other Deposits Seven-day and other Bilis Government Securities, including Dead-weight Other Securities Notes unissued Actual Circulation Issoz DEPLITMENT.

Notes issued Bullion Total Bullion in both Departments Actual Circulation 448,853 6,124 37,585 365,645 82,200 135,520

This week.

13,519,739 17,811,955 3 per cent Consols Ditto for Account 3 per Cent Reduced 34 per Cents Long Annuities BankStock Exchequer Bills India Stock Brazilian 5 per Cents Belgian 44 per Cents Buenos Ayres Chill= 6 per Cents 67 70 58 62 78 82